Investment management BNP Paribas REIM Germany Innovative investment solutions for institutional investors
With BNP Paribas Real Estate, we are part of one of the largest and most effective real estate networks in Europe. As BNP Paribas REIM Germany, we will expand our successful business model in Germany and convince the market with our ideas, innovations and additional services. Reinhard Mattern, CEO BNP Paribas REIM Germany
INNOVATIVE Investment SOLUTIONS FOR INSTITUTIONAL INVESTORS BNP paribas Real Estate Group During the last few years, BNP Paribas Real Estate, a subsidiary of the financial group BNP Paribas, has established a comprehensive range of products and services for institutional investors throughout the whole of Europe under the name BNP Paribas Real Estate Investment Management (BNP Paribas REIM). BNP Paribas REIM Germany has added its strong position on the German market to this network. BNP Paribas Real Estate is one of the leading real estate service providers throughout Germany and the whole of Europe, with a presence in 37 countries and a worldwide network of associates and offers its customers comprehensive services in all real estate sectors as well as in every phase of the real estate cycle. BNP Paribas Real Estate is a subsidiary of BNP Paribas and part of the investment solutions business division. BNP PARIBAS REIM BNP Paribas Real Estate s asset and investment management activities for institutional and private clients in eight European countries are concentrated in the real estate investment management business line. BNP Paribas REIM manages investments in the asset classes office, retail, healthcare, logistics, hotels and residential in Europe and Asia. Investment Management CURRENT KEY FIGURES Evaluate Anticipate Optimise Maintain Advice Assist OUR CLIENTS Invest Let/Sell Maximise Manage TRANSACTION Build Develop Our six complementary business lines, a full range of expertise, covering the whole real estate life cycle Present in 8 countries Belgium, France, Germany, Italy, Netherlands, Luxembourg, United Kingdom and Spain About 22 bn assets under management More than 100,000 clients 2 3
BNP paribas Reim GErmany BNP Paribas REIM Germany is a real estate asset manager with a focus on indirect investments for institutional clients and a service provider for managed and administered products. The company can look back on nearly 60 years of success in the real estate fund business and is one of the market leaders in real estate special funds in Germany. YOUR PROFESSIONAL PARTNER As an investment management company (Kapitalverwaltungsgesellschaft; referred to hereafter by its German abbreviation KVG ), we stand for active and farsighted action. Competence and innovativeness are the hallmarks of our business policy. We have demonstrated our market expertise during the last few years with the introduction of real estate debt funds onto the German market and the opening up of new investment markets and asset classes. Especially when dealing with real estate investments geared to the long-term, know-how and the willingness to innovate are key qualities. Modern Real Estate Management Like any other asset class, real estate has to be actively and professionally managed with an eye to results. The demands made of a real estate investment company are identical with those in the stocks and bond sector. We have focussed our company with regard to set-up, investment process, research and strategy, financing, reporting and controlling in such a way that we are able to meet this challenge 100%. Our success proves that we are right. Our fund experts currently manage 13 real estate funds, two debt funds for institutional investors and three separate accounts as well as one open-ended public fund for private investors. Our professional fund management concentrates on achieving what the customer wants and jointly defined investment strategies. 14 real estate funds 2 debt funds 3 separate accounts more than 180 properties in 14 countries approx. 1.9 m sqm usable space 4.7 bn assets under management
INNOVATIVE Investment SOLUTIONS FOR INSTITUTIONAL INVESTORS INVESTMENT COUNTRIES Currently we are invested in 14 countries in Europe and Asia. also work together in tandem with tried and tested partners in We are able to use the whole BNP Paribas Group network but areas such as transactions or property management. Finland Sweden Netherlands United Kingdom Germany Poland Belgium Czech Republic France Japan Switzerland Italy Portugal Spain WIDE RANGE OF SERVICES In addition to classical German real estate special funds ac- other things Luxembourg vehicles, fund-of-funds, real estate cordind to Capital Investment Code (Kapitalanlagegesetzbuch debt funds, service and master KVG solutions or separate KAGB ), we also offer our clients a wide range of additional accounts. concepts in the field of real estate. This includes amongst Managed funds according to German and Luxembourg law Real estate funds Real estate debt funds Separate accounts Administered fund products Asset Management and Advisory Business Service KVG / Master fund platform (services for investors and asset managers) 4 5
REAL ESTATE FUNDS PROFITABLE SPECIAL FUND SOLUTIONS Real estate special funds are an attractive investment for professional and semi-professional investors. In comparison with open-ended public funds, they enjoy considerably more liberal framework conditions. Thus, with just a few exceptions, they do not have to comply with any legal investment limits and are required to fulfil fewer administrative obligations. This enables the investor and the investment management company (KVG) to carry out implement investment goals to the letter. INDIVIDUAL SOLUTIONS FOR YOUR INVESTMENT Luxembourg: FLEXIBLE, UNBUERAUCRATIC, SECURE BNP Paribas REIM Germany issues focussed subject-oriented special funds that are tailor-made for investors given their investment goals and risk appetite. A strict investment approach is pursued based on the results of a permanent risk-return analysis of the European real estate markets. USing ADVANTAGES OF SPECIAL FUNDS PROFESSIONALLY We also design tailor-made investment solutions according to Luxembourg law for our institutional investors, in addition to special funds complying with the German Investment Code. As part of this policy, we are able to call on our own longestablished skills as well as local expertise in Luxembourg. These products are not only of interest to German but also to foreign investors, because they are familiar with the legal environment and valuations are carried out in accordance with international standards. Real estate special funds according to German Capital Investment Code are an attractive investment for institutional investors such as insurance companies or pension funds/schemes. Compared with a direct investment, investors with special funds are highly flexible also internationally. They concentrate on their core business and keep administrative effort to a minimum. At the same time, a secure reserves cushion is accumulated enabling returns to be coordinated and, contrary to the direct investment, it is possible to use external financing. This yields a variety of advantages in structuring the investment, particularly in an international environment. BNP Paribas REIM Germany s client portfolio (%) Pension schemes Pension funds Insurance companies 3 3 Corporates 18 Banks 38 As securities, shares in special funds are easy to deal with. In the case of insurance companies, they form part of the security assets and are classified as part of the real estate quota. 38
INNOVATIVE Investment SOLUTIONS FOR INSTITUTIONAL INVESTORS DEBT FUNDS Innovative FUND CONCEPTS Real estate debt funds are a product innovation, developed by us in response to our investors requirements and that we, as the first real estate management company to do so, introduced onto the German market. AN ALTERNATIVE TO CLASSICAL REAL ESTATE INVESTMENTS A LINK BETWEEN REAL ESTATE AND CAPITAL MARKET EXPERTISE Real estate debt funds were developed as an alternative to classical indirect real estate investments. The fund acquires real estate loans in the commercial sector, whereby both securitised and unsecuritised loans are possible. Appropriate maturity and lending ceilings enable the risk-return profile of a real estate debt fund to be adjusted to the investor s requirements. The low correlation with other asset classes and stable cash flow make debt funds an attractive alternative. As a fund manager, BNP Paribas REIM Germany links many years of both real estate and capital market know-how in all areas of the company. Our real estate debt portfolio managers, who themselves have a long-established track record in financing commercial properties, can draw on this know-how. Our research department carries out the same analysis of loans backed by real estate as it does in the case of a direct real estate investment. The detailed knowledge obtained as a result of this process provides the investor with a high degree of security and therefore limits his risk. We have successfully established our market leadership in the real estate debt segment. We currently manage two real estate debt funds, both of which have a volume in the three-figure million Euro area. 6 7
Service / Master KVG COMPREHENSIVE SERVICES BNP Paribas REIM Germany offers both investors who manage their own real estate portfolio and also asset managers the administration of their properties or real estate assets in a fund as part of a Service or Master KVG mandate. Service KVG Master KVG Our Service KVG product range is directed towards German and international asset managers who are planning real estate funds. They can use our services without having to establish their own investment management company (KVG) according to the German law. The range of services offered is agreed individually together with the asset manager. But institutional investors who themselves operate as asset managers of their own assets can also use the Service KVG product range. They select the services they need from a building-block system. Based on the fund administration, additional modules, such as for example reporting or market research, can be added individually. We can also take over the tax and legal structuring of the investment, should this be desired. For institutional investors, the transfer of properties from the directly-held portfolio into a fund also presents an interesting opportunity. Under certain circumstances, even a transfer exempt from real estate transfer tax is possible as part of a roll-up fund. The Master KVG product range is intended for institutional investors who wish to concentrate their real estate assets into a master fund. In addition to properties and property companies, it is also possible to integrate, amongst other things, REITs, real estate shares, fund units and company shares or real estate derivatives and investments in PPP project companies as well as real estate loans. The advantages of a master fund include uniform reporting via BNP Paribas Germany, the chance to review individual subportfolios, the release of administrative resources and the use of several asset managers. Since BNP Paribas REIM Germany is also in possession of the German Federal Financial Supervisory Authority (BaFin) permit to manage special funds focussed on investments in securities and debt, it is possible to concentrate the most diverse real estate investments in one single fund. As a Service KVG, BNP Paribas REIM Germany has many years of experience in working together with asset managers and investors. Based on its outstanding IT-infrastructure, an ideal combination of different parties as well as compliance with all complex regulatory requirements can be ensured.
INNOVATIVE Investment SOLUTIONS FOR INSTITUTIONAL INVESTORS We are one of the leading service providers in the field of Service and Master KVGs. Our customers can select from our wide range of sources according to the building-block system. Reinhard Mattern, CEO BNP Paribas REIM Germany 8 9
SERVICES and Service Portfolio detailed MARKET ANALYSES OPTIMUM FUND ADMINISTRATION Our research department constantly analyses attractive locations, identifies real estate market cycles and opens up new markets. This enables the pre-conditions for professional fund management to be created and highly profitable properties to be filtered out of the multiplicity of possible options. STRATEGIC PORTFOLIO ANALYSIS Customers benefit from individual advice on strategy on issuing a new fund. Investment targets and required returns, the structure of the investment as well as opportunities to optimise the tax situation are developed together. We offer our customers a first-class service in the administration of funds. This is based on our IT system that is perfectly attuned to our business in tandem with our many years of experience in fund business. STRONG TRANSACTION MANAGEMENT Proximity to the markets and the various market players enables us to identify not only the ideal time to purchase properties but also interesting sales opportunities. This enables market cycles to be used in the investor s interests and the value of the whole portfolio and its return to be steadily increased. ACTIVE PORTFOLIO MANAGEMENT In portfolio management department, the investment strategy defined is implemented, constantly reviewed and optimised from the point of view of return and risk. Asset management Portfolio analysis Transaction management Portfolio management fund Fund set-up and administration Credit and liquidity management Market research Individual reporting
INNOVATIVE Investment SOLUTIONS FOR INSTITUTIONAL INVESTORS MODERN ASSET MANAGEMENT INDIVIDUAL REPORTING Our asset management team consisting of experts in the fields of administration, letting and engineering make regular visits to the property and monitor all processes from purchase through management right up to sale. Transparent (online) reporting tailored to the needs of the customer ensures comprehensive information adapted to the individual investor s system and reporting standards at all times. INTELLIGENT CASH MANAGEMENT Our experts are able to optimise the return on equity at both the property and the portfolio level through intelligent liquidity and credit management. established infrastructure with experienced employees and clearly defined processes Complete in-house value creation chain most modern IT platform in the real estate KVG area Comprehensive, tailor-made (online) reporting extended permit to manage properties, securities and debt Part of one of the most effective real estate networks in the whole of Europe but still with independence from other business lines ADVANTAGES AT A GLANCE Our expertise your advantage 10 11
BNP PARIBAS REAL ESTATE USA Canary Islands Hong Kong Singapore Investment Management BNP paribas Real Estate Investment Management BNP Paribas Real Estate Investment Management Germany Reinhard Mattern CEO Albrechtstraße 14 80636 Munich Germany Tel.: +49 89 12 173 166 reinhard.mattern@bnpparibas.com Tobias Bucher Product & Business Development Tel.: +49 89 12 173 219 tobias.bucher@bnpparibas.com Bianca Kraus Customer & Fund Relations Tel.: +49 89 12 173 318 bianca.kraus@bnpparibas.com BNP Paribas Real Estate Investment Management International BELGIum / LUXEmBoURG Dominique Moerenhout 44, avenue J.F. Kennedy 1855 Luxembourg Tel.: +352 26 26 06 33 dominique.moerenhout@bnpparibas.com FRANce Jacqueline Faisant, FRICS 167, quai de la bataille de Stalingrad 92867 Issy-les-Moulineaux Tel.: +33 1 55 65 26 42 jacqueline.faisant@bnpparibas.com Marc Sillon Tel.: +33 1 65 55 27 57 marc.sillon@bnpparibas.com ITALy Ivano Ilardo, MRICS Via Carlo Bo, 11 20143 Milan Tel.: +39 02 58 33 14 63 ivano.ilardo@bnpparibas.com Luca Saporiti Tel.: +39 02 58 33 14 75 luca.saporiti@bnpparibas.com Netherlands Rick Niemeijer Antonio Vivaldistraat 54 1083 HP Amsterdam Tel.: +31 20 305 97 20 rick.niemeijer@bnpparibas.com SPAiN Gonzalo Bueno María de Molina, 54 28006 Madrid Tel.: +34 914 36 55 31 gonzalo.bueno@bnpparibas.com United Kingdom Martin Francis 5 Aldermanbury Square London EC2V 8HR Tel.: +44 207 389 60 58 martin.francis@bnpparibas.com Publisher and copyright: BNP Paribas REIM Germany GmbH I Status: August 2015 Realisation: pander visuelle kommunikation, Muncih I Photographs: Front cover and page 2: Vicent Fillon www.reim.bnpparibas.de