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CAPITALISING ON DOMESTIC AND CROSS-BORDER REAL ESTATE INVESTMENT TRUSTS Tuesday, 26 April 2005 • 8.30am – 6.00pm | Meritus Mandarin, Singapore Who Should Attend Customised Training Programmes • Property Developers • Commercial Property Owners • Institutional Investors Need to develop entire teams? All our conferences • Real Estate Fund Managers • Real Estate Investment Bankers and seminars can be developed into customised • Heads of Property Research • Heads of Real Estate Finance • Real Estate Lawyers programmes to meet your organisation’s specific • Corporate Counsel • Property Managers • Real Estate Investment Managers needs. For more information on in-house training, • Fund Managers please contact Verona at +65 6349 0136. Conference Programme LATEST TAX DEVELOPMENTS AFFECTING REITS • The Australian experience • Update on the recent Budget announcements and their implications • Domestic vs cross-border REITs: Is the latter necessarily more risky? – Waiver of stamp duty • The argument for cross border REITs – Removal of qualifying conditions relating to tax transparency • Realising a successful dual listing – Reduction in withholding tax rate • Issues to consider when acquiring foreign assets • Tax transparency and its signiﬁcance to REITs Philip Pearce, Portfolio Manager, • Examining the tax incentives for owning a property through a REIT ASCENDAS-MGM FUNDS MANAGEMENT LTD rather than through a company (Manager of Ascendas REIT) • REITs vs. alternative property investment vehicles: Which is more tax-efﬁcient? OVERVIEW OF INDIAN REITS AND ITS • The road ahead: Other tax incentives to increase Singapore’s USEFULNESS attractiveness • Indian REITs Leonard Ong, Director, – Existing framework for real estate investment schemes in India KPMG TAX SERVICES – The push to develop a vibrant Indian REIT market – Changes required in Indian regulation/taxation to make it NAVIGATING THE LEGAL AND REGULATORY conducive and attractive to have REITs REGIME IN SINGAPORE • Is a Singapore REIT of Indian property viable? • Structuring a REIT in Singapore: Key legal and regulatory Leena Pinsler, Head, South Asia Practice, RAJAH & TANN considerations • Compliance with SFA and SGX-ST Rules FINANCING GROWTH IN REITS • Roles and responsibilities of trustee, trust manager and property • Why growth is a key driver of REIT investor demand manager: Resolving conﬂicts of duties • Regulatory constraints imposed on REIT ﬁnancing Rachel Eng, Partner, WONGPARTNERSHIP • Sources of capital and how to access them effectively • The arbitrage between the physical real estate and equity capital REIT CASE STUDY markets Yung Yu Ming, Fund Manager, ARA ASSET MANAGEMENT • Why REITs rarely sell properties (SINGAPORE) LIMITED (Manager of Fortune REIT) • Key concerns and conﬂicts in fund raising Michael Smith, Executive Director and Head of Real Estate-Asia, EXAMINING REGIONAL MARKETS AND THEIR UBS INVESTMENT BANK MODELS • Looking at the latest regulatory and tax developments in Malaysia PERSPECTIVES ON REIT VALUATION • Established regional markets: Japan and Korea METHODOLOGIES • Emerging markets: Thailand, China, India, Taiwan, Indonesia • Key valuation methodologies for REITs: What works, what doesn’t, • An Australian perspective why and when – Development and operation of listed property trusts • Key processes involved in S&P’s methodology – What’s the next step? • Key issues to consider • Differences between the regional models and Singapore’s model and – Lease structures the bearing on investors – Sector growth outlook Peter Mitchell, Senior Foreign Legal Advisor, – Yield enhancement structures COLIN NG & PARTNERS – M&As – Discount rate construction CHALLENGES IN CROSS-BORDER REITS • Reasons for choosing this methodology • Examining key underwriting and structuring issues Lai Yeu Huan, CFA, Associate Director, • Executing cross-border investments into REITs STANDARD & POOR’S ASIA-PACIFIC EQUITY • Current examples RESEARCH SERVICES Secure Your Interest Now! Call 6349 0136 About The Presenters Yung Yu Ming, Fund Manager, Leena Pinsler, Head, South Asia Practice, ARA ASSET MANAGEMENT (SINGAPORE) LIMITED RAJAH & TANN (Manager of Fortune REIT) Leena Pinsler joined Rajah & Tann in 2005 to head its South Asia Practice. She is also Yung Yu Ming is the Fund Manager of the Manager. He has 10 years of experience in an adjunct Associate Professor with the National University of Singapore teaching Indian the investment industry in the Asia Paciﬁc region including Australia, Singapore, Hong foreign investment laws. Leena has extensive experience in corporate ﬁnance, banking Kong, Malaysia, Philippines and Thailand from 1995 to 2003. His most recent role was and securities and continues to practise in those areas. On the corporate ﬁnance side, as Associate Director with UBS Warburg, Singapore, from 2000 to 2002, in the area of she has worked with investment banks and corporations in relation to the ﬂoatation and mergers and acquisitions involving real estate companies in Asia. privatisation of companies in Singapore, capital reduction, restructuring of groups of companies, corporate acquisition and disposals. His previous appointment was as Assistant Vice President of Real Estate from 1999 to 2000 with the Government of Singapore Investment Corporation, where he was involved in She undertook the development of the India Desk of Drew & Napier since 1994 and managing real estate entities and real estate investments in the Asia-Australia region. has been involved in several India-related investments in addition to other cross-border investments into countries such as Thailand and Indonesia. Philip Pearce, Portfolio Manager, Lai Yeu Huan, CFA, Associate Director, ASCENDAS-MGM FUNDS MANAGEMENT LTD STANDARD & POOR’S ASIA-PACIFIC EQUITY (Manager of Ascendas REIT) Philip Pearce is responsible for the day-to-day operations of the A-REIT portfolio. He is RESEARCH SERVICES Lai Yeu Huan is an Associate Director with Standard & Poor’s Asia-Paciﬁc Equity directly responsible for identifying and evaluating potential acquisitions or divestments Research Services (S&P AER), based in Singapore. His coverage consists primarily of with a view to enhancing value to A-REIT’s unit holders. He recommends and analyses Asian property companies, with a principal focus on businesses operating in Hong Kong, potential asset enhancement initiatives, develops ﬁnancial models for evaluating potential China and Singapore. He has co-authored benchmark valuation reports on Singapore-listed acquisitions and benchmarks A-REIT against comparative indices and products. In REITs, and is a key analyst responsible for the development and application of S&P AER’s addition he oversees the asset management of A-REIT portfolio. REITs valuation methodology. Prior to joining S&P, Yeu Huan was the Chief Financial Philip has many years of experience in property funds management as well as property Ofﬁcer of a technology start-up in the chemicals space, where he was responsible for valuation in Australia. Prior to joining Ascendas-MGM Funds Management he was at raising venture capital. He has also held several positions in equity research at banks and AMP Hendersons Global Investors where he was responsible for the AMP Industrial Trust. stockbroking ﬁrms, primarily covering companies in the ﬁnancials sector. He is a CFA In this role he was involved in evaluating acquisition opportunities, investor relationships charterholder and graduated with honours from the London School of Economics and management and trust forecasting. Political Science with a Bachelor of Science (Economics) degree. Philip holds a Bachelor of Commerce from the University of Western Sydney, in Australia, and has completed various other postgraduate courses in valuation and ﬁnance. He is a Michael Smith, Executive Director and Head of Real Estate-Asia, member of the Australian Securities Institute and the Australian Property Institute. UBS INVESTMENT BANK Michael Smith is an Executive Director and Head of Real Estate Investment Banking Peter Mitchell, Senior Foreign Legal Advisor, in Asia for UBS Investment Bank. He has 9 years experience in all facets of real estate investment banking, particularly in the area of REITs where he has worked in Australia, COLIN NG & PARTNERS Singapore, Korea, Taiwan, Japan and Hong Kong. Before joining CNP as a senior foreign legal advisor in February 2004, Peter Mitchell was a senior partner in one of Australia’s largest law ﬁrms. He has had over 20 years’ Michael is a member of the Hong Kong Securities and Futures Commissions REIT experience in Australia and Asia and has been based in Singapore for 5 years. Taskforce and adviser to REIT regulators in Taiwan, Malaysia and Korea. He is also an advisor to MAS, Singapore Stock Exchange and MOF on issues dealing with REITs Peter’s practice focuses on the corporate area, having been involved in a wide range (including participating in the recent MAS REIT consultation process). He has assisted of foreign investment, M&A transactions and development projects in many countries MAS and Singapore Stock Exchange in the review and issue of the regulations governing throughout the region, including Australia, Singapore, Malaysia, Taiwan, Korea, Indonesia, the establishment of REITs in Singapore and was also involved in negotiations with IRAS, Thailand and China. One particular area of expertise is REITs and listed property which led to the granting of tax transparency for Singapore REITs. trusts (LPTs), where he has extensive experience in transactions and the formulation of regulations. Rachel Eng, Partner, WONGPARTNERSHIP Leonard Ong, Director, Rachel Eng heads the Capital Markets and Finance Practice Group. Her main areas of KPMG TAX SERVICES practice are equity, corporate ﬁnance and commercial transactions, including equity issues, Leonard Ong is a Director with KPMG Tax Services. He has more than 10 years of mergers and acquisitions, securities, fund management and cross border joint ventures. experience in corporate taxation and has advised numerous clients from a wide range of She is also involved in the initial public offerings of companies in Singapore, including industries. He has also advised on a number of REITs that are now listed in Singapore, and companies with investments in the PRC and co-heads the China Practice. She is also a is currently advising on others to be listed in due course. Director of Clifford Chance Wong Pte Ltd, the Singapore joint venture law ﬁrm between Leonard has represented numerous clients in applying to and liaising with IRAS, Clifford Chance and WONGPARTNERSHIP. the Singapore Ministry of Finance, the Singapore Economic Development Board, IE Rachel was admitted to the Singapore Bar in 1992 and admitted as a Solicitor in England Singapore and MAS for tax incentives and concessions, tax rulings and clariﬁcations. and Wales in 2001. Rachel also holds a Certiﬁed Diploma in Accounting and Finance from the Chartered Association of Certiﬁed Accountants (UK). Registration Form YES! I would like to register for: Capitalising on Domestic and Cross-Border Real Estate Investment Trusts PRICE PAYMENT OPTIONS Seminar S$590 + 5% GST Charge to my LexisNexis account: $ Register 3 or more and get 10% off Account No.: Signature: DELEGATE DETAILS Pay by Cheque: $ Please post a crossed cheque payable to LexisNexis DELEGATE 1 Mr / Ms / Mrs / Dr Name Charge to my LexisNexis account: $ Please charge to my Mastercard Visa Position Card No Email Phone Name of Cardholder Fax Company Postal Address Your Privacy: If you do not wish to receive promotional information from LexisNexis, Signature Expiry Date please tick. HOW TO REGISTER: CANCELLATIONS & SUBSTITUTIONS 1. Payment must be made 5 days within receipt of invoice. Please send your completed registration form details by: 2. You may substitute delegates at any time at no extra cost. 3. 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