Hammerson CEO David Atkins appointed EPRA Chairman, says listed property sector plays vital role in economic recovery
London, September 01 - David Atkins, Chief Executive Officer of UK property company Hammerson, has been appointed as Chairman of the European Public Real Estate Association (EPRA). Speaking at the industry body’s annual conference on Thursday, he said that the key role listed property firms play in European economies, mean they are vital to a sustainable economic recovery.
David Atkins, Chairman of EPRA said: “Property lies at the heart of the real economy – through the delivery and financing of real estate, providing significant investment in the regeneration of major cities across Europe and facilitating employment and business growth. Listed real estate is the most liquid and transparent way of accessing this market and it is vital that EPRA and the industry work closely with government and regulators in finding solutions that contribute to a sound and sustainable economic recovery.”
Atkins (45) takes over as EPRA Chairman for two years from Guillaume Poitrinal, CEO of Europe’s largest listed real estate company Unibail-Rodamco. He was appointed as Hammerson’s Chief Executive in October, 2009, after previously working as UK MD for the company.
Philip Charls, CEO of EPRA said: “I would like to thank Guillaume for providing me with fantastic support over the past two years and welcome David Atkins as our new Chairman. EPRA certainly has a full agenda ahead in attracting more investor capital flows into the industry and boosting growth in European real estate stocks. The quoted sector in Europe is proportionally a smaller part of the overall property investment market than in any of the other major regions of the world. That is our target to change.”
In addition to the appointment of David Atkins, there have been a number of other changes to EPRA’s Executive Board and Board of Directors detailed below:
David Atkins, Hammerson (new Chairman)
Patrick Kanters, APG (joining)
David Sleath, Segro (joining)
John Carrafiell, Green Oak (leaving)
Ian Coull, Segro (leaving)
Serge Fautre, Cofinimmo (leaving)
Board of Directors
Olivier Piani, Allianz (joining),
Charles Saiag, BNP Paribas (joining)
Ulrich Höller, DIC Asset AG (joining)
Chris Turner, Thames River Capital (leaving)
Patrick Kanters, APG (leaving)
EPRA has voiced alarm at an unexpected proposal by Germany’s Supervisory Authority BaFin to include domestic REITs within the scope of the EU’s AIFMD. The potential classification of listed real estate companies as part of the 'fund' sector is of most concern.
"If implemented, it would be detrimental to the future growth of the German listed property sector, the efficiency of the broader domestic real estate industry and hit the wider economy." EPRA.
Assets under management of real estate securities funds grew 68% to USD 250 billion from 2007 to 2012. Real estate securities funds increased 39% to 677 in the same period. Why? “Above-average dividend yields and secure long-term cashflows generated by listed real estate companies." Convincing new research evidence suggests that having listed real estate in a portfolio can also improve returns and diversify risk.
We look at the wave of new REIT legislation taking shape in Europe, and consider how the German listed property sector could well double in size over the coming two years. The predicament faced by savers is explore, and the how 'listed' can fit their needs. How could regulation generate new REIT waves in European corporate real estate? What is current thinking on the cost and transparency of listed investment allocations?
AIFMD regulatory clarity for real estate welcomed
EPRA has broadly welcomed the approach taken by ESMA in its recent consultation covering key concepts of the AIFM Directive. Our strong view is that listed property companies and REITs are commercial operating businesses, not funds, and should therefore fall outside of the scope of the AIFMD.
Europe's financial crisis bears parallels to US 1990's Savings & Loans - possible listed RE role in solution
Europe’s financial crisis has some striking similarities to the US Saving & Loan real estate debt problems of the early 1990s, and a major contribution to its solution may similarly lie in repackaging distressed property assets into attractive listed vehicles for investors - EPRA reseach suggests.
European REITs satisfy thirst for dividend yields
High investor demand for dividend yield, against a background of weak equity markets and ultra-low interest rates, can be met by income flows from European listed property companies and particularly REITs, new EPRA research shows.
Dividend yields from the sector have remained consistently above equities and bond yields over the past five years.
Real estate equities’ performance outshines non-listed options for investors in Germany
The lack of a large, dynamic, listed corporate real estate sector in Germany, comparable with neighbouring economies, appears to have curtailed investor returns over the long-term by limiting their property investment options. EPRA findings conclude that the restrictions on the development of a vibrant listed German real estate sector appear to have cost investors dearly in terms of long-term property investment performance.More >>
EPRA in drive to improve sustainability reporting for European listed real estate sector.
EPRA has launched Best Practice Recommendations for Sustainability Reporting in the listed property sector, as it aims to drive up standards in this crucial area and replicate successes already delivered via the EPRA BPR financial reporting.More >>
Listed property sector plays vital role in economic recovery says new EPRA chairman.
David Atkins, CEO of UK property company Hammerson, has been appointed as Chairman of the European Public Real Estate Association. Speaking at the industry body’s annual conference (Sept 2011), he said that the key role listed property firms play in European economies, mean they are vital to a sustainable economic recovery.More >>