The document provides an agenda and details for the Germany Forum 2016 real estate conference taking place in Frankfurt on February 11-12. The conference will bring together industry leaders from both Germany and abroad to discuss trends in the German commercial real estate market, including future growth prospects, residential sector opportunities, debt financing, and new development. Panel sessions will focus on topics such as the role of non-bank lenders, challenges in sourcing debt, and investor confidence in the German market. Networking activities include roundtable discussions and keynote presentations on partnering in Germany and the commercial real estate outlook.

1. GERMANY FORUM 2016
www.recapitalnews.com/germanyforum
Hear from industry leaders including:
11-12 February | Villa Kennedy, Frankfurt
Elke Birk
Principal
DRC Capital
Roberto Carrera
European Head of
Financing
LaSalle Investment
Management
Gunther Deutsch
Managing Director &
Head of Investments
Cornerstone Real
Estate Advisers
Rochus Ebert
Head of Structured
Real Estate Finance
Germany
SEB
Frank Jeschke
Head of Portfolio
Management CREF
Landesbank Baden-
Wüerttemberg
Andreas Segal
Chief Financial Officer
Deutsche Wohnen
EARLY BIRD DISCOUNT
book by Friday 11 December

2. www.recapitalnews.com/germanyforum
AGENDA | DAY ONE: THURSDAY 11 FEBRUARY
8.20 Registration & coffee
9.00 REC Welcome
9.10 Opening comments from the Chair
Alexander Fischbaum, Founder & Lead Advisor, AF
Advisory
9.20 Keynote address
The German economy and its impact on CRE
9.50 Opening panel session
Germany: future growth prospects of a two-tier
market
• Domestic vs foreign demand for real estate investments
• Evaluating and managing risk within the perceived
safe haven
• The question of liquidity: generating returns in smaller
regional markets
• The availability and cost of debt across sectors and
regions
• Where are we in the real estate cycle? Are lenders
becoming more cautious?
Bernd Bechheim, Head of Asset Management &
Transactions, Continental Europe, Aberdeen Asset
Management Deutschland
Gunther Deutsch, Managing Director & Head of
Investments, Cornerstone Real Estate Advisers
Juergen Helm, Director, Head of Real Estate Germany,
HSBC Trinkaus & Burkhardt
Andreas Segal, Chief Financial Officer, Deutsche Wohnen
10.35 Coffee & networking
11.05 Panel session
Debt funds: the role of non-banks in real estate
financing
• Raising capital: what debt funds are out there?
• Do mezzanine funds still make sense in this market
given how returns have compressed?
• Risk vs return expectations: are real estate loans a
good alternative to corporate and government bonds?
• How is regulation impacting debt funds? AIFMD
implementation/ Basel III
• Deal flow and performance: challenges debt fund
managers face
Elke Birk, Principal, DRC Capital
11.50 Panel session
New opportunities in the residential sector
• Where are the current and future hotspots across
Germany?
• Expected returns in comparison to other asset classes
• Mietpreisbremse (cap on rent increase) and its
influence on your investment decisions
• Lenders’ willingness to finance residential projects
• Government’s involvement: is there a framework in
place to facilitate development?
Nikolai Dëus-von Homeyer, Managing Director, NAS
Invest
Marcus Eilers, Head of Residential Asset Management,
Round Hill Capital
Thomas Meyer, Chief Executive Officer, WERTGRUND
Immobilien
Christian Windfuhr, Chief Executive Officer, Grand City
Properties
12.40 Lunch
13.40 Roundtable sessions
A series of interactive roundtable discussions will allow you
to learn and debate with attendees to get to the heart of the
issues affecting the real estate community.
Roundtable one - NPLs
• Where are the distressed opportunities in Europe?
• Buying NPLs and portfolios of NPLs
• Securing finance to buy NPLs
• What are the best strategies: fix and sell, or long
term hold?
Roundtable two - CMBS
• Is CMBS relevant in the financing of European real
estate debt today?
• Are there assets and jurisdictions that are best suited
for a CMBS?
• Predictions for issuance volumes in 2016
14.40 Coffee & networking
15.10 Data presentation
German commercial real estate market outlook
15.45 Panel session
Germany’s finance market: fierce competition,
low margins and strategies for finding value
• Risks and ‘no-go’ geographical zones and assets: can
everything with a strong sponsor and a sensible
business plan be financed now? Where is debt pricing
and where is it heading?
• Challenges ahead: from regulation to interest rate
hikes. What do lenders want to see in structures to
future-proof today’s loans?
• Germany’s senior syndication market
• Challenges and opportunities for international banks
in Germany
• Going abroad: are German banks looking outside
home borders for profit?
Rochus Ebert, Head of Structured Real Estate Finance
Germany, SEB
Frank Jeschke, Head of Portfolio Management CREF,
Landesbank Baden-Württemberg
Norbert Kellner, Head of Debt Capital Markets & Sales
Management, Helaba
Raimund Frühmorgen, Managing Director, UniCredit Bank
Helmut Mühlhofer, Head of Debt & Capital Markets,
Allianz Real Estate
Alexander Saur, General Manager, Natixis
Pfandbriefbank

3. www.recapitalnews.com/germanyforum
AGENDA | DAY TWO: FRIDAY 12 FEBRUARY
16.30 Closing keynote interview
Entering the German real estate market: finding the
right partner
• Do investors today have different requirements
regarding their local partners?
• What role does the local partner play?
• Setting up funds and partners in Germany: challenges
and opportunities
17.00 Cocktail reception
8.40 Coffee & networking
9.10 Welcome from the Chair
Alexander Fischbaum, Founder & Lead Advisor, AF
Advisory
9.20 Panel session
Borrowers’ perspective on sourcing debt
• What are the biggest changes that have been seen in
terms of sourcing finance in the last 12 months
• Development financing/ refinancing/ acquisition
financing: current requirements for loans
• Relationship lending: does it really exist or is lending
purely transaction driven? What are the key
characteristics to look for in a lender
• Managing leverage, deciding how much debt to take
and diversifying funding sources
• Banks vs alternative forms of financing: which do
borrowers prefer and what are the pros and cons of each
Roberto Carrera, European Head of Financing, LaSalle
Investment Management
Hugh Fraser, Director, M7 Real Estate
Fabian John, Head of Corporate Finance, IVG Immobilien
Barkha Mehmedagic, Head of Group Finance & Treasury,
Commerz Real
10.05 Panel session
Investor confidence in Germany
• Arrival of long-term foreign capital: what assets/ risk
profiles are investors after? Will the momentum continue?
• Return expectations and competition levels: Germany vs
UK vs France
• Yield compression: is there still scope for a further fall in
the near future?
• Performance of secondary and tertiary markets
• Student housing, medical service centres, elderly homes:
opportunities in alterative sectors
Rodney Bysh, Joint Chief Executive Officer, Cording Real
Estate Group
Udo Stöckl, Managing Director & Principal, Avison Young
10.50 Presentation
Lending against operating assets: underwriting and
structuring considerations
11.15 Coffee & networking
11.40 Panel session
Starting new developments in Germany: is the
timing right?
• Development opportunities across German cities/
sectors
• ‘Mega-schemes’: who is doing them and how are they
being funded?
• Who is lending on development projects and on what
terms? What do developers need to be able to convince
lenders to back them?
• Construction financing: pre-let or speculative? Achieving
a higher yield in today’s competitive market
• The role of alternative lenders and the use of mezzanine
debt in development projects
12.30 Closing keynote interview
13.00 Lunch & close of conference
Great opportunity to meet
up with senior real estate
professionals. Perfect mix of panel
discussions and networking time.
Frank Jeschke, Head of Portfolio Management CREF,
Landesbank Baden-Württemberg
VENUE INFORMATION
Villa Kennedy
Villa Kennedy is set in the exclusive neighbourhood of
Sachsenhausen, just off the Main River. Once a grand family home,
Villa Kennedy is now the embodiment of a modern Frankfurt. Villa
Kennedy is a short stroll from Museum Embankment and a mere
10-minute drive from the airport.
Address: Kennedyallee 70 60596 Frankfurt, Germany
Tel: +49 69 7171 20

4. www.recapitalnews.com/germanyforum
REASONS TO ATTEND
Co-sponsor:
TO DISCUSS SPONSORSHIP OPPORTUNITIES CONTACT:
Jane Popova | Senior Conference Producer, Real Estate Events – EMEA T: + 44 (0)20 7566 5475 E: jane.p@peimedia.com
Discover borrowers’ perspective on sourcing debt
Understand how borrowers manage leverage, decide on how much debt to take and diversify
funding sources. We will explore what matters to investors when it comes to choosing which
lender to work with and what type of financing they prefer.1
Understand the current lending landscape
Hear from German and international lenders as they discuss debt pricing, senior syndication and
strategies for finding value in an overly competitive real estate market. Discuss potential
challenges that lie ahead and discover what lenders can do to future-proof today’s loans.2
Network with the most influential industry figures
Real Estate Capital Germany Forum has the connections and industry reach to help you get
ahead for 2016 and beyond. Interact, catch up with colleagues and make new connections
during our open roundtables, networking breaks and on stage panel debates.3
REC Germany is a great conference bringing together classic debt capital with the new
alternative world of financing. For us, a pioneer in this business, it’s a must-attend.
Curth Flatow, Managing Partner, Flatow Advisory Partners

5. www.recapitalnews.com/germanyforum
Bernd Bechheim
Head of Asset Management
& Transactions, Continental
Europe
Aberdeen Asset
Management Deutschland
Elke Birk
Principal
DRC Capital
Rodney Bysh
Joint Chief Executive
Officer
Cording Real Estate
Group
Roberto Carrera
European Head of
Financing
LaSalle Investment
Management
Nikolai Dëus-von
Homeyer
Managing Director
NAS Invest
Gunther Deutsch
Managing Director &
Head of Investments
Cornerstone Real Estate
Advisers
Rochus Ebert
Head of Structured Real
Estate Finance Germany
SEB
Marcus Eilers
Head of Residential
Asset Management
Round Hill Capital
Alexander Fischbaum
Founder & Lead Advisor
AF Advisory
Hugh Fraser
Director
M7 Real Estate
Raimund Frühmorgen
Managing Director
UniCredit Bank
Juergen Helm
Director, Head of Real
Estate Germany
HSBC Trinkaus &
Burkhardt
Frank Jeschke
Head of Portfolio
Management CREF
Landesbank Baden-
Wüerttemberg
Norbert Kellner
Head of Debt Capital
Markets & Sales
Management
Helaba
Thomas Meyer
Chief Executive Officer
WERTGRUND
Immobilien
Helmut Mühlhofer
Head of Debt & Capital
Markets
Allianz Real Estate
Alexander Saur
General Manager
Natixis Pfandbriefbank
Andreas Segal
Chief Financial Officer
Deutsche Wohnen
Udo Stöckl
Managing Director
& Principal
Avison Young
Christian Windfuhr
Chief Executive Officer
Grand City Properties
Barkha Mehmedagic
Head of Group Finance
& Treasury
Commerz Real
SPEAKERS INCLUDE:

6. Cancellation policy: please visit the website for full details www.recapitalnews.com/terms-conditions
If you’re an institutional investor you may be eligible for a complimentary pass. Email jane.p@peimedia.com for further details
Full rate after
Friday 11 December
Early bird prices valid until
Friday 11 December
Pricing options
One delegate £1,995£1,495
Further discounts apply for extra delegates. Call for more details: +44 (0)20 7566 5445
Two delegates £3,990£2,990
Three delegates £5,785£4,485
Save
£500
£1,000
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SECURE YOUR PLACE TODAY:
ATTENDING
COMPANIES FROM
2015 INCLUDED:
• Aareal Bank
• Allianz Real Estate
• Apollo Global Management
• Avison Young
• AXA Real Estate
• Berlin Hyp
• BNP Paribas
• Bruton Capital
• Caerus Debt Investments
• Capita Asset Services
• Cerberus Deutschland
• Chenavari Investment Managers
• Commerz Real
• Debt Exchange Inc
• DekaBank Deutsche Girozentrale
• Deutsche Asset and Wealth Management
• Deutsche Bank
• Deutsche Hypo
• Deutsche Pfandbriefbank
• Deutsche Wohnen
• DRC Capital
• ECE Projektmanagement
• Grand City Properties
• GreenOak
• Helaba
• HSBC Trinkaus & Burkhardt
• ING Bank
• Investa Holding
• IVG Immobilien
• Landesbank Baden-Wurttemberg
• LaSalle Investment Management
• M&G Investment Management
• Macquarie Bank
• Muenchener Hypothekenbank
• Natixis Pfandbriefbank
• PAMERA Cornerstone Real Estate Advisers
• Round Hill Capital
• UniCredit Bank
• Varde Partners Europe
• Westgrund