Reading Real Estate Foundation debt forum a sell-out
Release Date 09 February 2011
The Reading Real Estate Foundation (RREF) secured three leading figures from the real estate industry to debate the hot topic of ‘debt' at the charity's first Breakfast Forum of 2011.
Simon Boadle, Head of Debt Advisory and Partner in Corporate Finance at PWC, Stephen Eighteen, Head of Non-Core Real Estate at RBS, and Mark Collins, Managing Director of Solutions, Corporate Real Estate Business Support Unit, Lloyds Banking Group, discussed how they believe the banks will make progress during the next phase of the property cycle. Representing the view of lenders and advisors, the speakers presented a stable but still tough view of the debt market.
Simon Boadle said: "The outlook is mixed because, despite the banks having addressed many of the current challenges, there is still a shortage of debt to replace the existing loans which come to an end over the next few years."
Stephen Eighteen gave the audience an insight into RBS's strategy, saying: "RBS has a clear strategy to reduce its balance sheet by 2013 and that drives most of our decisions. We continue to work with borrowers to arrive at the most advantageous consensual solution."
Bryan Laxton, CEO UK at Cushman & Wakefield, and a trustee of RREF, encouraged a high quality and lively debate, which was played out to a full-house of 150 guests at Hogan Lovells' offices on Holborn Viaduct, London, on 7 February.
Bryan said: "The banks have clearly identified the issues they currently face and have formulated strategies for each loan. Although a consensual approach is preferred, they might force the pace with an unco-operative borrower and use the receivership option if necessary. The size of the outstanding loan books will ensure the importance of the banks in the property markets in the next few years."
Recent Reading graduate, William Noy, now at Allsop, said the event was a key date in many a young surveyor's diary due to the profile of the speakers and the networking opportunities presented:
"The forum provided a fascinating insight into how the banks approach property and the expectations of the market over the next couple of years. Of particular interest were the complexities which can influence the banks' decisions and the future sources of debt."
Notes for Editors:
The Reading Real Estate Foundation (RREF) is a registered charity and has been set up to provide support for real estate and planning education at the University of Reading. It was incorporated on 4 January 2002 as a company limited by guarantee. On 1 August 2009, RREF and the University of Reading forged a closer relationship whereby many of the running costs of the charity were taken over by the University, allowing all funds raised by RREF to be directed solely to its projects.
Its objectives are to strengthen the links between the School of Real Estate & Planning at the University of Reading and its graduates through the creation and management of an active and engaged alumni association; to help support and develop the quality of real estate education at the University of Reading; and to help maintain its position and raise awareness worldwide as a centre of excellence for real estate education and research.
Funds have been allocated by RREF for the following purposes:
- Provision of bursaries and hardship grants to students
- Annual real estate careers fair and a series of evening lectures
- Professional mentoring programme for students
- Allocation of grants to recognise teaching and research excellence
- Employability and outreach projects
For further information, please contact: Nicole Gillham, Executive Director of RREF, on tel. 0118 3784193 or email@example.com