REALESTATE2006MEDIAPACK

34 IPE REAL ESTATE

Many pension fund managers are lookingto place a significant portion of theircapital into real estate assets in thesoutheast region of the US. The areasattracting the most attention are Atlanta

and the major cities of central and southern Florida.Job and population growth are the main driving forcesbehind the investment activity in these locations. Thesedrivers are making existing properties more attractiveand creating demand for the development of new ones.All four real estate sectors – office, industrial, retail andresidential – are attracting interest from the pensionfund investment community.

Atlanta is a market that is projected to show slow butsteady improvement over the next 12 months. Dr Rajeev Dhawan, director of the economic forecast-ing centre at Georgia State University, expects this tohappen in Atlanta over the next couple of years. Hepredicts that the city will gain more than 45,000 jobsnext year and another 44,000 in 2007. This compareswith 29,740 this year. He sees unemployment holdingsteady at 5% through to 2007. Values of existing resi-dential properties, he believes, should improve. This isbased on his predictions of housing and apartment per-mits falling slightly to 2007.

Atlanta has always been considered one of the bigfive major industrial markets in the country. It has theairport and road infrastructure in place that enablestenants to move products on a local, regional ornational basis. American Realty Advisors is looking toexpand its industrial operations in the market. The realestate manager currently own five buildings totalling323,000ft2 and this should be significantly increased bythe end of the year when the company completes atransaction near the airport.

American Realty will buy two existing warehouse/distribution buildings totaling 212,000ft2. One of thesebuildings offers 100,000ft2 and is vacant. It will beoccupied by one of the company’s existing tenantswhich is looking to expand. American Realty directorSteve Grant said: “This was a tenant-driven deal. Theytold us they needed to expand and asked us to look formore space in the airport sub-market.”

The purchase price was $13.3m (€11.1m)in an all-cash deal. American Realty will acquire the prop-erty for one of its separate-account pension fundclients. There is a third property in this deal. It is a72,000ft2 building which is under construction and

should be completed by April 2006.One of the bigger players in the Southeast is

Pramerica Real Estate Investors. The pension fundmanager estimates that it will deploy $500m-1bn inreal estate in the region on an annual basis. Overseeinginvestments in the US southeast is Dale Taysom, man-aging director and head of the transactions group. Hesaid the group was very active in Florida. Its maininterest is in condominiums, in retail from Publix-anchored centres to lifestyle properties, and industrial.

He likes the employment and population growth inthe so-called ‘Sunshine State’. He said: “Many of thetop-10 growth markets are in Florida and the zero stateincome tax is another plus.

“And many people like to live near water where theweather is warm.” The company is active in buyingexisting properties and investing in new developments.

Many real estate managers agree that Floridacould have some excellent investment opportuni-ties in residential properties over the next 12-18months. Many are predicting a fallout in the currentcondominium conversion craze. The end resultwould be that many units planned for condo conver-sion would come back to the buying community as

apartments. This would mean that a large number ofunits would be available with some of them happen-ing via foreclosures.

Prices on apartments would then be heading north,something that hasn’t occurred for the past few years.Cap rates could go up by as much as 50-100 basispoints. Some of the players going after these unitswould include the likes of BlackRock Realty, Pramer-ica and Clarion Partners.

There are some direct pension fund deals takingplace in Florida. One of the most recent transactionsinvolved the Sacramento County Employees Retire-ment System. The pension fund paid $34.5m to pur-chase the 148,591ft2 Weston Corporate Center inWeston. This property is located about 11 miles westof Fort Lauderdale. The deal represents the pensionfund’s first Florida office asset; it already owns aretail complex.

Jeff States, investment officer for SacramentoCounty, oversees the real estate programme for thefund. He said the fund had been looking for anasset in Florida for some time. “We needed anoffice building in Florida to round out our portfo-lio.” The cap rate on this deal was 7.98%. The yield

Georgia and Florida are the two majorbeneficiaries of real estate investment into the USsoutheast, according to journalist Jon Peterson

REGIONAL FOCUS: NORTH AMERICA

Capital flowsinto USsouthlands

IPE Real Estate is positioned on the interface of institutional investment and the real estate industry.It is designed to keep capital owners (pension funds, insurance companies, other plan sponsors, private equity investors) up-to-date with the rapid evolution of real estate as an asset class.

In terms of sophistication and investment choice, real estate is now converging with longer-established asset classes such as bonds and equities. This process requires an independent voice to explore the latest options and monitor the investment industry’s activities. To guarantee the magazine’s relevance, it is published in association with eight representative bodies located acrossEurope, North America and Asia.

● AFIRE (Association of Foreign Investors in Real Estate)

● BPF (British Property Federation)

● EPRA (European Public Real Estate Association)

● INREV (European Association for Investors in Non-listed Real

Estate Vehicles)

● IPF (Investment Property Forum)

● NAREIT (National Association of Real Estate Investment Trusts)

● PCA (Property Council of Australia)

● PREA (Pension Real Estate Association)

The magazine can also draw upon the unique experience of its sister title, Investment & PensionsEurope (IPE), which has been talking to - and about - European pension funds and insurancecompanies for the last nine years.

IPE Real Estate is published every two months and is supported by a weekly online news serviceat www.iperealestate.com

In association with

REGULAR FEATURES

NEWSCompanies, products, people andresearch from the world’s majorreal estate markets

INVESTOR INTERVIEWA capital owner discusses theassembly and management oftheir real estate portfolio

INVESTOR FORUMCapital owners discuss their reactions to a topical issue of the day

CITY PROFILEMacro- and micro-analysis of acity’s local real estate market

COUNTRY PROFILEMacro- and micro-analysis of anational real estate market

GUEST COLUMNISTSIndustry figures invited to air their views on subjects they feelstrongly about

EDITORIAL

Front cover: Rockefeller Center;a Tishman Speyer property

GEOGRAPHIC DISTRIBUTION

FEATURES SCHEDULE

REGION COPIES %

IPE Real Estate has created a unique circulation targeted at ‘Capital Owners’ internationally. Using the vast experience of its parent publication, Investment & Pensions Europe, the circulation is continually updated to give advertisers the best possiblereadership within the real estate investment market.

IPE Real Estate’s current audited Audit Bureau of Circulations (ABC) average net circulation is 11,176 (1 July 2004 – 30 June 2005).

The ABC was launched in 1931 in response to a demand from advertisers for independent verification of the claims made by theadvertising sales teams, and so providing further transparency for readers and advertisers.

The bi-monthly magazine will also be distributed extensively at leading real estate conferences and exhibitions internationally,providing advertisers with additional key readers throughout the year.

CIRCULATION

Europe 10395 92.60%Austria 228 2.03Belgium 414 3.69Central Europe 258 2.30Denmark 260 2.32Finland 233 2.08France 793 7.06Germany 1111 9.90Greece 29 0.26Iceland 56 0.50Ireland 270 2.41Italy 424 3.78Luxembourg 141 1.26Netherlands 1058 9.42Norway 190 1.69Portugal 168 1.50Spain 250 2.23Sweden 417 3.71Switzerland 777 6.92United Kingdom 3294 29.33Other European countries 24 0.21Rest of the World 831 7.40%North America 684 6.09Others 147 1.31Total circulation 11226 100%

City Country Regional Investor Direct Unlisted Listed Capital ISSUE Profile Profile Investor Forum Investment Funds Funds Instruments

Viewpoint

Jan/Feb Dubai Turkey Ireland Consultants N American European Asian REITs USA CMBS

retail fund of funds

Mar/Apr Milan Baltics Germany Liability Asian N American European Derivatives

matching offices core developers

May/June Warsaw India Iberia Fees and N American Secondary Australian European

benchmarking industrial markets LPTs debt

July/Aug Shanghai Germany Netherlands Why not European Opportunistic US Exchange traded

real estate? residential funds in Asia REITs funds (ETFs)

Sep/Oct New York Spain UK Cross-border Asian Multi-manager European European

and beyond logistics REITs CMBS

Nov/Dec London Japan Nordic Transparency European Offshore US developers US debt

leisure funds

INVESTING IN

30 ■ IPE REAL ESTATE

The commercial mortgage-backed securities(CMBS) market sees billions of euros-worthof bonds issued worldwide each year, all

backed by the rental income from commercial andresidential properties.

Debt securitisation is the process of convertingrental income into bonds or other interest-payingIOUs – the CMBS – which can be sold in the capi-tal markets. The investors who buy these bonds areinternational: pension funds, life insurers andbanking groups.

They are buying a bond which will pay theminterest for a specified period – usually between 10and 20 years – and at the end of that term they willget their capital back. There is a secondary marketwhere bonds can be subsequently traded.

It is debatable whether CMBS ought to be consid-ered a real estate investment, as most institutionalinvestors buy them through their fixed-incometeams. However, some real estate investors haveused them, often tactically, as part of a real estateportfolio. While their returns have different char-acteristics from real estate itself, they are backedby real estate and also offer liquidity.

While the interest payments on the bonds isbacked by the interest payments on real estateloans and therefore the underlying property assets,CMBS issuers convert the real estate returns –which have both fixed income and equity compo-nents – into bond returns, paying a fixed or floatingrate of interest.

The bond issuer divides up the risks and returnsfrom the real estate loans (which may be dependenton the performance of one or a number of proper-ties) and creates different tranches of bonds, eachwith a different credit rating and a different rate ofinterest.

For example, securitisation of a loan on a singleproperty could create three tranches of bonds. Thefirst may have an AAA credit rating and pay a lowcoupon, the second could a BBB rating but payhigher interest and the last might have a B ratingwith even higher interest. Naturally the investorsin the lowest rating tranche will make the mostmoney, but they run the highest risk of losing theirinvestment if the tenant of the building goes bust orsomething else goes wrong with the transaction.Unrated slices are the riskiest of all.

Investors in CMBS, often have little or no knowl-edge of real estate, or the buildings and leaseswhich back the bonds. Instead, credit rating agen-cies such as Moody’s and Standard & Poor’s assessthe deal structure and the properties in order togive the credit score.

In a typical securitisation, the mortgage origina-tor – often an investment bank such as MorganStanley – will set up a special-purpose vehicle(SPV) which pays an up-front sum to buy loan. Insome cases real estate owners securitise their properties directly – selling the assets to, or takinga loan on the assets from, the SPV that they havecreated.

This purchase releases cash which the SPV raisesby issuing bonds, which are secured on the build-ings. The rental income is used to pay the interestand amortise all or part of the principal over the lifeof the bonds.

If something goes wrong, and the rental income

Art of rent-powered bonds

Investors don’t need knowledge of the real estate market to takeadvantage of fixed-income offered by CMBS bonds, says Ashley Nield

REGULAR FEATURES

DIRECT PROPERTYDeals, trends, people andresearch in the original propertyasset class

UNLISTED FUNDSProducts, people and latest dealsin the private fund market

LISTED FUNDSReal estate on the world’s stockmarkets monitored and analysed

CAPITAL INSTRUMENTSExploring opportunities inexchange traded funds, deriva-tives, mortgage-backed securi-ties and debt

INDUSTRY DATA

CONFERENCE DIARY

EXPECTATIONS INDICATOR

The magazine is targeted at three demographic sectors: Capital Owners,Consultants and Service Providers. A full breakdown is shown below:

DEMOGRAPHICDISTRIBUTION

COMPANY TYPE COPIES %

The magazine will be distributed at many of the leading international real estate events. A sample of events with the applicable edition of IPE Real Estate:

● January/FebruaryAFIRE Winter Conference (New York) – 8/9 FebruaryPREA 2006 Spring Conference (San Francisco) – 8/9 March

● March/AprilMIPIM 2006 (Cannes) – 14/17 March Note: Over 2,000 copies sent!The British GRI 2006 (London) – 30 MarchINREV’s Second Annual Members’ Conference (Rome) – 27/28 AprilThe Deutsche GRI 2006 (Frankfurt) – 8/9 MayIPD European Property Investment Conference 2006 (Lisbon) – 11/12 May

● May/JuneIPE Real Estate Investor Forum & Awards (Amsterdam) – 1 JuneAFIRE European Conference (Frankfurt/Amsterdam) – 14/15 JuneThe China GRI (Beijing) – 22/23 June

● September/OctoberEPRA Annual Conference (Budapest) – 7/8 SeptemberThe European GRI Summit 2006 (Paris) – 11/12 SeptemberAFIRE Annual Membership Meeting (Boston) – 24/26 SeptemberEXPO Real 2005 (Munich) – 23/25 October Note: Over 2,000 copies sent!PREA’s 16th Annual Plan Sponsor Real Estate Conference (Washington) – 25/26 OctoberThe New Europe GRI 2005 – 7/ November

● November/DecemberIMN’s Seventh Annual European Real Estate Opportunity & Private Fund Investing Forum(London)

CONFERENCEDISTRIBUTION

Capital owners 8,016 71.40%Pension funds 4,085Charities, foundations, endowments, family offices 523Insurance companies 657Institutional real estate investors 2,282Public bodies involved in developments (incl. regional & local authorities) 225Banks (incl. commercial, regional & private) 246Pension fund consultants 856 7.63%Suppliers & providers of services 2,354 20.97%Investment managers 928Brokers, agents, advisers (incl. bankers) & appraisers 771Accountants 134Lawyers 246Rating agencies & Index providers 39Larger developers 95Associations & industry bodies 39Financial communications 19Total circulation 11,226 100%

PUBLISHINGSCHEDULE

ADVERTISING RATE CARD 2006

SPONSOR’S STATEMENT

Why Invest in Global Real Estate Securities?For global investors, securities are the best way to gain immediate exposure to real estate.

The increase in real estate investmenttrusts (REITs) and similar corporatestructures worldwide is fueling expan-sion of the property stock universe,

and their yield-oriented, tax-efficient structureis attracting healthy demand from investors.Global property securities provide competitivereturns, high income yields and excellent port-folio diversification. Because property stocksare underpinned by real estate assets, localmarket knowledge is essential for a successfulglobal investment strategy.

Global Real Estate Securities MarketIs ExpandingGlobal real estate securities have grown sub-stantially since 1990. The free float market cap-italization of the FTSE EPRA/NAREIT Indexhas grown from $130 bn at the start of 1990 to$565 bn as of June 2005.

The higher market capitalization of the globalreal estate securities market is substantiallyincreasing liquidity. Until recently, real estatesecurities in many countries were such a smallcomponent of their local stock markets, and sothinly traded that investors were reluctant tocommit substantial capital to them. As theirmarket capitalization has increased, so hasinstitutional investors’ willingness to take mean-ingful positions in them.

Global Real Estate Securities ImproveRisk-Adjusted Returns■ Returns are competitive with other assetclasses.Publicly-traded real estate operating compa-nies as measured by the UBS Global PropertyInvestors Index have outperformed globalstocks and government bonds, providing dou-ble-digit returns over one-, three-, five - and ten-year periods (exhibit 1). Real estate securities

have been among the strongest performingasset classes over the past year not just in theU.S., but also in the UK, France and Singapore.■ Real estate securities reduce portfolio risk.A substantial proportion of real estate securi-ties’ total return is derived from dividendincome, making global real estate securitiesreturns less volatile than other equities (exhibit 2). Income yields are generally above

5%, and historically higher in some countriesincluding the U.S. The combination of highincome and the potential for appreciation pro-vide real estate securities with a risk profilehigher than bonds but lower than other equities.■ Real estate securities provide valuableportfolio diversification.Modern portfolio theory demonstrates that theoptimum portfolio is comprised of assets thathave low correlations with one another. Globalreal estate securities behave differently thanother stocks and bonds, and the correlationshave fallen substantially since the mid-1990s(exhibit 3). Because they have a low correlation

with those other asset classes, real estatesecurities provide positive diversification benefits.

Total returns from global real estate securitieshave been favorable over the past decade.Notably, a substantial component of that totalreturn was provided by dividend income thatgenerated a steady stream of cash to investors,thereby reducing volatility.

Securities Provide Significant Advan-tages Versus Local SecuritiesThe concept of global investing in real estatesecurities is relatively new; until the lastdecade, most investors chose to focus on prop-erty securities in their home markets due to theperceived risk, unfamiliarity, and lack of appro-priate international investment vehicles. But avariety of factors have caused investors tocross borders. Currency and other perceivedrisks of international equities have historicallydeterred some investors, but the opportunity toinvest in higher yielding securities outside theirborders is becoming easier and moreaccepted.

Attractive yields are not the only reasoninvestors are increasingly comfortable withglobal securities. There are three significantadditional advantages to accessing global realestate markets:■ They provide better diversification thanindividual regions and countries.Real estate securities in individual countriestend to provide similar total returns over thelong-term, but perform differently over shorterperiods. For example, correlations betweenreal estate securities returns in the four largestmarkets – the US, UK, Japan and Australia –have been low since 1990. Low correlationsincrease the diversification benefits of a glob-ally diversified portfolio of real estate securities.■ The expansion of REIT legislation to newcountries is enhancing short-term returns.Legislation to create public REITs and similartax-efficient entities is expanding. This is impor-tant because real estate securities’ returnshave historically been higher in countries withREIT structures. Higher returns are due in partto REITs’ tax-efficient structures that allow themto pass more income on to investors than tax-

able operating companies.Public REIT structures have been recently

established in Japan, Hong Kong, Singapore,Taiwan, South Korea and France. Proposals tocreate REITs are under consideration in theUK, Germany, Italy and Spain. Assuming theseresult in new legislation, all of the G7 countries,and most of the Eurozone - around 80% of theworld’s economy - will have REITs in place.■ Increasing transparency is making morecountries attractive to institutionalinvestors.The REIT structure is advantageous forinvestors because it allows for tax-free incomedistributions. REITs also have a benefit that isnot as widely acknowledged, but arguablymore important: they increase transparencybecause their operations are subject to publicscrutiny. REITs are generally required to dis-close not just income and earnings, but also toreport transactions and property performancemeasures including average occupancy levels.They must also disclose conflicts of interestand establish corporate governance standards.

Local Market Knowledge Is Essentialto a Global Real Estate SecuritiesStrategyEquity market performance metrics are fairlyuniform across countries, but the tracking ofproperty market trends varies substantially.Throughout Asia, and in many European coun-tries, construction, tenant demand, occupancyand rent growth data are closely held by localcompanies. Local experts who use a combina-tion of proprietary data, in-house analysis andanecdotal evidence, understand their marketsfar better than do outsiders, making an on-the-ground presence essential to capitalize ontrends that drive the underlying performance ofreal estate securities.

Why Invest in Global Real EstateSecurities?Real estate securities provide immediateexposure to the $14trn global institutionalproperty market. They provide competitivereturns, high income yields and reduce port-folio risk. The addition of global real estatesecurities enhances the risk-adjusted returnsof a mixed-asset portfolio. Securities are pub-licly traded, so investors can quickly gainexposure to those geographic regions andreal estate sectors that possess the rightcombination of favorable market conditionsand attractive valuation levels. On-the-ground knowledge of local market trends, andglobal real estate securities expertise, isessential to identify these opportunities.

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Exhibit 1

Exhibit 2

Exhibit 3

This report was provided by CB Richard EllisGlobal Real Estate Securities.Contact: Steve Carroll at +1 410 244-3124 orscarroll@cbreinvestors.comContact: Jeremy Anagnos at +44 207 399 9631or janagnos@cbreinvestors.com

Sponsored StatementSponsored Statements are an ideal opportunity for companies to provide the readership of IPE Real Estate with promotional editorial, research or corporate profiles. Sponsors will alsoreceive 100 reprints for their own marketing purposes.

Service DirectoryThe Service Directory is a cost effective company listing which provides advertisers with a continuous presence within IPE Real Estate throughout the year. The Services Directory has the following sections: Accountants, Associations, Investment Managers, Lawyers, Real EstateAdvisers, Research Companies. (Additional categories will be considered.)

Real Estate Investment Managers 2006The Real Estate Investment Managers 2006 publication and searchable website provide investmentmanagers with a unique marketing service. Company profiles will be divided into the three regionsof North America, Europe and Asia, enabling international real estate investment managers to profile their regional product ranges and services offered. The format provides capital owners andconsultants with a detailed overview of individual investment managers to a uniform design.Published in September 2006.

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0 0 ■ I P E R E A L E S TAT E I N V E S T M E N T M A N A G E R S ■ 2 0 0 5

Address: One Curzon StreetCity: LondonCountry: EnglandPostcode: W1J 5HDE-mail: ******Web: www.curzonglobal.comTel: 020 7016 4800Fax: 020 7016 4700

Association/s: AFIRE, BPF, EPRA, INREV, IPF, NAREIT,PREA , PCA

Personnel: Ric Lewis - CEO and Senior PortfolioManager, rlewis@curzonglobal.com, 020 7016 4828Monica O’Neill - Director, Head of Client Services &Marketing, moneill@curzonglobal.com, 020 7016 4822Rob Reiskin - Managing Director, Head of Acquisitionsrreiskin@curzonglobal.com, 020 7016 4833Rui Tereso - Managing Director, Head of Portfolio & AssetManagementrtereso@curzonglobal.com 020 7016 4878Simon Martin - Executive Director, Head of Research &Strategy, smartin@curzonglobal.com, 020 7016 4800Robert Oosterkamp - REIT Portfolio Manager, AEWroosterkamp@aew.com, 020 7016 4806

PRODUCTS & SERVICES

CORPORATEDATA

TOTAL REAL ESTATEAUM (m)

TYPE OF CAPITAL OWNER CLIENTS

PERCENTAGE OF CAPITAL OWNER CLIENTS

Curzon Global Partners/ IXIS AEW Europe

Worldwide €2000

Asia €250

Europe €1250

North America €500

Family offices& trust 5%

Other captialowners 5%

Charities foundations andnon profit 5%

Insurance companies 20%

Pension assets60%

Focused exclusively on real estate, Curzon/IXIS has a proven track record of delivering on value-oriented strategies and targetedreturns on behalf of clients in separate accounts, open-ended funds, closed-end funds and REIT and REIT-like securities. Pleasecontact our Head of Marketing and Clients Services, Monica O’Neill for more details.

Nau malklara vojoj trinkis Kolorado. Tri sxipoj veturas. Londono gaj-nas naum alta auxtoj, sed multaj hundoj helpis la vere malrapida

radioj, kaj du stratoj gajnas tri bona arboj. Multaj birdoj promenos.Kvin telefonoj helpis la libroj, sed ses domoj mangxas Kwarko, kaj du

auxtoj promenos, sed tri eta arboj parolis, kaj nau tre malbona telefonojblinde skribas tri vere bona cxambroj. Multaj katoj veturas malbone. Tribieroj igxis kvin radioj. Tri telefonoj saltas, sed du sxipoj promenos.Kvar malklara arboj havas Denvero, kaj Kwarko acxetis Londono, sed dumalbona radioj mangxas ses libroj, kaj du hundoj promenos. Kvar stratojhelpis du tre belega radioj. Tri malbela stratoj acxetis la vere malaltaarbo.

Multaj tre rapida bieroj bele gajnas kvin bela domoj.Du telefonoj promenos, sed kvar flava bieroj vere malrapide helpis ses

telefonoj, kaj nau tre bona stratoj vere malbele skribas ses malbona aux-toj, sed tri arboj falis. La cxambro varme acxetis kvin tre bela sxipoj, kajses malpura hundoj saltas, sed multaj vojoj acxetis ses stratoj. Kwarkovere bone igxis nau malklara auxtoj.

Kvar malrapida bieroj skribas du malklara domoj, kaj nau telefonoj alisvarme. Multaj auxtoj veturas.

Nau bieroj promenos malbone, sed multaj birdoj havas nau arboj, kajKolorado pripensis multaj alta bieroj. Nau malklara cxambroj havas kvarstulta katoj. Denvero falis tre rapide, sed kvin bona kalkuliloj acxetis lalibro, kaj kvin malrapida katoj vere varme havas nau stratoj, sed Ludvikopromenos, kaj kvin tre rapida cxambroj malvarme pripensis Denvero.Nau domoj kuris vere malrapide. Kolorado parolis. Multaj alta bildojfalis, sed kvin klara bieroj batos tri radioj, kaj kvin tre rapida cxambroj

CORPORATE OVERVIEW

PRODUCTS SERVICES STYLESeparate account Acquisitions & development ❑ Core ❑Direct ❑ Financing advice ❑ Value added ❑Securities/REITs ❑ Performance management ❑ Opportunistic ❑ Fund of funds ❑ Portfolio Management ❑Pooled funds Property Management ❑Closed ❑ Rent reviews ❑Open ended ❑ Research and forecasting ❑

Valuations ❑

Advisory **%

Segregated **%

Pooled **%

Discretionary **%

(as of 26 May 2005) (as of 26 May 2005)(as of 26 May 2005)

A S S O C I A T I O N S

AFIRE

1300 Pennsylvannia Avenue, NW

Washington, DC 20004

US

James A Fetgatter – chief executiveTel: +1 202 312 1400Fax: +1 202 312 1401Email: jaf@afire.orgwww.afire.org

AFIRE is a non-profit association of internation-al real estate investors headquartered inWashington, DC. Founded in 1988 primarily byDutch pension funds the largely European mem-bership has a common interest in US real estate.The institutional investors themselves governand control the organisation

British Property Federation

1 Warwick Row, 7th Floor

London SW1E 5ER

UK

Helen McCarthy – director, PR andmembershipTel: +44 20 7828 0111Fax: +44 20 7834 3442Email: hmccarthy@bpf.org.ukwww.bpf.org.uk

The British Property Federation is the voice ofproperty in the UK, representing companies own-ing, managing and investing in property. Everyday BPF members are making key contributionsto the economic and social well-being of the UK

EPRA

Schiphol Boulevard 283

1118 BH Schiphol Airport

Netherlands

Nick van Ommen – CEOFraser Hughes – research directorLennie Stegeman – office managerTel: +31 20 405 3830Fax: +31 20 405 3840Email: info@epra.comwww.epra.com

The European Public Real Estate Association(EPRA) is a common interest group, establishedas a not-for-profit body under Dutch law inOctober 1999. EPRA has its offices in the WorldTrade Center at Schiphol Airport, Amsterdam.EPRA’s members include the majority of theleading real estate companies and investmentinstitutions in Europe. The active participation ofthe members’ senior executives ensures EPRA isa genuinely representative forum and policy-making body. The quality of membership is cru-cial to fulfilling the association’s mission

INREV

Strawinsklaan 631

1077 XX Amsterdam

Netherlands

Lisette van Doorn – chief executiveLiz Mey – office managerTel: +31 20 575 2260Fax: +31 20 575 2261Email: info@inrev.orgwww.inrev.org

INREV is the European Association for Investorsin Non-Listed Real Estate Vehicles. INREVoffers investors and others an exclusive platformto address common issues, including transparen-cy and accessibility, professionalism and bestpractice

Investment Property Forum

3 Cadogan Gate

London SW1X 0AS

UK

Amanda Keane – executive directorCharles Follows – research directorVivienne Wootten – assistant directorTel: +44 20 7334 3799Fax: +44 20 7334 3872Email: ipfoffice@ipf.org.ukwww.ipf.org.uk

The IPF is recognised as one of the leading prop-erty industry bodies in the UK. It comprises aninfluential network of senior professionals allactive in the investment market. The forum’smission is to improve the awareness, understand-ing and efficiency of property as an investment

Pension Real Estate Association

100 Pearl Street, 13th Floor

Hartford, CT 06103

US

Gail Haynes – presidentTel: +1 860 692 6341Fax:+1 860 692 6351Email: gail@prea.orgwww.prea.org

The Pension Real Estate Association (PREA) is anon-profit organisation founded in 1979 withmembers representing the full scope of partici-pants in the institutional real estate business,including pension funds, endowments/founda-tions, investment advisers/managers and serviceproviders. PREA’s mission is to serve its mem-bers through the sponsorship of objective forumsfor education, research initiatives, membershipinteraction and the exchange of information

Property Council of Australia

Property Council of Australia House

Level 1, 11 Barrack Street

Sydney NSW 2000, Australia

Peter Verwer – chief executive officerTel: +612 9033 1900Fax: +612 9033 1966Email: pverwer@nat.propertyoz.com.auwww.propertyoz.com.au

The Property Council represents the interests ofthe investment property and development sec-tors of Australia. It is the political and publicaffairs arm of this $A300 billion plus industry.In addition, it offers members a comprehensivemenu of research, professional development andnetworking services.

National Association of Real EstateInvestment Trusts

1875 I Street, NW

Suite 600, Washington, DC;

USA 20006

Steven A Wechsler – President and CEOTel:+202 739 9400Fax: +202 739 9401Email: info@nareit.comwww.investinreits.com

NAREIT is the representative voice for USREITs and publicly traded real estate companiesworldwide. Members are real estate investmenttrusts (REITs) and other businesses that own,operate and finance income-producing realestate, as well as those firms and individualswho advise, study and service those businesses.

SERVICES DIRECTORY

46 IPE REAL ESTATE

Real Estate InvestmentManagers

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Service Directory

RATES (AS AT NOV ‘05) 1X$ 3X$ 6X$

DisplayFull page 12,935 12,300 11,655Junior page 8,350 7,930 7,520Half page 7,810 7,405 7,020Quarter page 4,965 4,820 4,465Double page spread 25,895 24,600 23,300Half page spread 15,610 14,820 14,045

Outside back cover 16,530 15,695 14,880Inside front cover 15,610 14,820 14,045Inside back cover 14,055 13,340 12,645Sponsored StatementOne Page - 1200 words 10,630 10,100 9,570Two Pages - 2400 words 17,720 16,830 15,945Three Pages - 3600 words 23,030 21,880 20,730Service DirectoryPer annum 5,335Real Estate Investment Managers 2006Per annum/ geographic region 8,170Note: IPE reserves the right to update the rate card in line with fluctuations in the currency markets.

Issue Booking Materials Mailing 2006 Deadline Deadline Date

Jan/Feb 2006 12/28/05 01/06/05 01/13/05

Mar/Apr 2006 02/22/05 03/03/05 03/10/05

May/Jun 2006 04/26/05 05/05/05 05/12/05

Jul/Aug 2006 06/28/05 07/07/05 07/14/05

Sep/Oct 2006 08/23/05 09/01/05 09/08/05

Nov/Dec 2006 10/25/05 11/03/05 11/10/05

MECHANICALDATA

CONTACT DETAILS

■ AdvertisementMaterialAs an Acrobat PDF file optimised for press.Ensure that the OPI settings are turned off.Please make sure all files are CYMK. Do notsupply as RGB or any other colour format asno liability will be accepted for colour variation.

We also need a hard copy colour proof ortear sheet of the ad for identification andcopy approval.

As an Acrobat PDF file optimised for press.Ensure that the OPI settings are turned off. Textshould be sent as a Word file. Images/logos etc,should be sent as hi-resolution (300 dpi)images. These can be sent in the following for-mats: TIF, JPEG or EPS files. Please do not putany password or security setting on electronicfiles such as PDFs.

■ SponsoredStatementsText to be supplied in Microsoft Word onclearly labelled floppy disc, with a printoutfor checking and identification. Text can be e-mailed to rhis.edwards@ipe.com as anattachment with clear identification of thematerial in the body of the message. Copymight be edited to fit to length and/or con-form to the IPE Real Estate’s house style.

Pictures and illustrations can be supplied aseither colour prints/transparencies, or as hi-resolution electronic files in Photoshop orTIF/JPEG format (Mac), by e-mail torhis.edwards@ipe.com, or on Mac-formattedfloppy discs/zip discs.

■ Real EstateInvestment ManagersAll text and images to be loaded directly viathe profile form which is available onlinewith a step by step guide viawww.iperealestate.com and each profile entryis protected with an individual pass code –this is available on completed booking confirmation.

IPE International Publishers Limited320 Great Guildford House,

30 Great Guildford Street, London SE1 0HSTel: +44 (0) 20 7261 0666 Fax: +44 (0) 20 7928 3332

www.iperealestate.comwww.ipe.com PUBLICATION

EDITORIALAshley Nield IPE Real Estate Editor Tel: +44 20 7261 4623

Fax: +44 20 7928 3332ashley.nield@ipe.com

Fennell Betson IPE Real Estate Tel: +44 20 7261 4601Editorial Director Fax: +44 20 7928 3332

fennell.betson@ipe.com

ADVERTISINGRhis Edwards Sales Manager Tel: +44 20 7261 4606

Europe & Asia Fax: +44 20 7928 3332rhis.edwards@ipe.com

Shannon Calvin Karen Gleason Tel: +1 954 784 1290& Associates Fax: +1 954 784 5658(North America) scalvin@karengleason.com

Karen Gleason Karen Gleason Tel: +1 312 993 4111& Associates Fax: +1 312 494 7785(North America) kgleason@karengleason.com

Simon Butterworth Publisher Tel: +44 20 7261 4603Fax: +44 20 7928 3332simon.butterworth@ipe.com

Piers Diacre Publishing Director Tel: +44 20 7261 4608Fax: +44 20 7261 1666piers.diacre@ipe.com

CIRCULATION

Nick Kimmins Circulation Manager Tel: +44 20 7261 4604Fax: +44 20 7928 3332nick.kimmins@ipe.com

Emma Morgan-Jones Subscriptions Manager Tel: +44 20 7261 4617Fax: +44 20 7928 3332morgan.jones@ipe.com

DIMENSIONS (inches) HEIGHT WIDTH

Double page spread – type area 17 11 Double page spread – bleed 20 13 Double page spread – trim 19 13 Full page – type area 8 11 Full page – bleed 10 13 Full page – trim 9 13 Junior page (4 column format) 6 8Half page – horizontal 8 5 Quarter page – horizontal 8 2 Quarter page – vertical 4 5

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