Winning Strategies in Uncertain Times
9 IESE Real Estate Conclusions

See video

Real Estate: Winning Strategies in Uncertain Times

The sources of uncertainty are on the rise. New sources have joined those arising from the different paradigm shifts in progress: the digital, energy and sustainability transformations. This is happening in financial markets (inflation, interest rates, appraisals) and in society (new ways of working, shopping, spending free time, demographics, ESG requirements). Even geostrategy is once again a relevant factor in decision-making.

Regardless, we have to continue making decisions and coming up with strategies in which flexibility is always a guiding principle. But we must go further and take sides in terms of products, markets and financial strategies.

Being innovative is often not just an advantage, but a necessity, especially when the next step has been uncertain and unknown for generations.

The Industry Meeting will address all these sources of uncertainty. Through joint reflection with experts on each topic, we’ll outline possible scenarios in different segments of the real estate sector and discuss coherent and effective strategies for these uncertain times.

PROGRAM

January 26, 2023 – IESE Madrid Campus and live online

09:00-09:15	Opening • Prof. José Luis Suárez, Academic Director of the Meeting, IESE Business School • Santiago Aguirre, Chair, Savills • José Antonio Hernández Calvín, Chair, Tinsa Spain
09:20-10:10	ESG in Real Estate: Opportunities and Challenges In the world of real estate, sustainability, social impact and green building practices have historically taken a back seat to more pressing concerns such as costs and construction. But times are changing. In response to growing investor demand, the industry has expanded to include ESG criteria in its investment processes. This topic doesn’t affect only architects, engineers and developers, who are forced to think outside the box to make their buildings more energy efficient and reduce their carbon footprint. It’s also necessary to include criteria that have an impact on people and society in investment projects and portfolios. In other words, considerable progress is being made on “E” (environmental), but there is still a long way to go on “S” (social) and “G” (governance). In this session, we’ll discuss major opportunities and challenges in the world of ESG in real estate today. • Juan José Brugera, President, Colonial • Vanessa Gelado, Senior Managing Director and Country Head, Hines Spain • Juan Antonio Gómez-Pintado, Chairman, Vía Ágora • Raúl González, CEO EMEA, Grupo Barceló Moderator: Prof. Carles Vergara, IESE Business School
10:15-10:40	*Affordable Housing* • Steve Partridge, Director, Affordable Housing Consultancy, Savills London Moderator: Prof. Carles Vergara, IESE Business School
10:45-11:20	Coffee Break
11:30-12:20	Residential Real Estate: Situation and Trends In recent years, the housing sector has gone through several upheavals. The mortgage crisis, the economic recession and the current environment of inflation and rising interest rates have all made the real estate market more competitive than ever. To stay competitive in this new climate of uncertainty, investors and companies in the industry have had to come up with innovative strategies. This has led to trends based on interesting, forward-looking housing options. In this session, we’ll study the current situation and trends in the residential real estate sector. • Juan Manuel Acosta, Managing Director Southern Europe, Greystar • Juan Carlos Delrieu, Director of Strategy and Sustainability, Asociación Española de Banca (AEB) • Jorge Morán, Vice-Chair, La Finca and Vice-Chair, Castellana Properties • Carolina Roca, President, ASPRIMA Moderator: Belén Dávila, Key Account Director, Tinsa
12:30-13:20	Workshops (Information at the bottom of the page) The topics to be discussed are: 1. Real Estate Development and Build to Rent • David Martínez, CEO, AEDAS Homes Moderator: Prof. José Luis Suárez, IESE Business School 2. Valuation of Real Estate Assets in Times of Uncertainty • Juan Manuel Ortega, Chief Investment Officer, Colonial Moderator: Prof. Carles Vergara, IESE Business School
13:30-14:30	Lunch
14:45-16:05	Urban Planning with Today’s Demographics and Technology Macro-trends are always evolving, but several of them have overlapped or increased in intensity in recent years. Many of these trends affect the design of the city and how people live there, such as the necessary infrastructure and regulations. Trends that are already having an impact on people’s lives include digital and energy transformation, demographic change, immigration, working methods (remote working is here to stay), climate change and mobility, to mention just a few. With such far-reaching changes, it is a mistake to think that cities will continue to have a similar makeup or the same “life.” Urban planning and the real estate business will have to adapt to these changes.
14:45-15:10	Interview • Natalia Chueca, Teniente Alcalde Servicios Públicos y Movilidad, Ayuntamiento de Zaragoza Moderator: Prof. José Luis Suárez, IESE Business School
15:15-16:05	Panelists • Andreu Huguet, Business Development Group Director, DomusVi • Miguel Nigorra, Partner, Fifth Wall • José Antonio Ondiviela, Government Industry Advisor, Cities & Regions Digital Transformation, Microsoft Europe • Alicia Plana, Executive Director PPSRC (Public Private Sector Research Center) and PPP for Cities (Public Private Partnerships for Cities), IESE Business School Moderator: Prof. José Luis Suárez, IESE Business School
16:15-17:35	Capital Markets: Financing and Valuation of Real Estate Investments The flip side of rising interest rates is reduced liquidity. How will this impact the real estate sector? How can we obtain the financing we need for the projects we have in mind? In this session, we’ll discuss debt and equity capital flowing into investment funds, the main source of equity. Higher interest rates also mean lower prices (if not offset by income). How will this affect asset value? Is it a good time to buy / sell? Do we have to wait?
16:15-16:40	Online connection – Macro vision • Axel Christensen, Chief Investment Strategist for Latin America, BlackRock Moderator: Prof. Carles Vergara, IESE Business
16:45-17:35	Panelists • Roberto Cibeira, CEO, Pontegadea • Ismael Clemente, CEO, Merlin Properties • Cristina García-Peri, Founding Partner, Azora • Hermann F. Montenegro, CEO, AXA IM Real Assets Ibérica & Italy Moderator: Susana Rodríguez, Chief Commercial Officer, Savills
17:45	Closing

WORKSHOPS

On-campus participants will be distributed in two groups that will debate two topics of the program. When registering, you can indicate your workshop preference. The organization will assign participants to the groups in order of registration based on the capacity limit. The conclusions of each workshop group will be presented to all participants in the final phase of the workshop.