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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).
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