www.realestateforums.

com

December 2-4, 2014 Metro Toronto Convention Centre, South Building

Platinum Sponsors

Principal Sponsor

Gold Sponsors

THe Line up at Canadas Leading Real Estate Conference

CO-ChairS
Scott Hutcheson
Anna Kennedy

PRESENTERS
Scott Addison
Zelick Altman
Carl Bang
David Baxter
Lori-Ann Beausoleil
Ugo Bizzarri
Trevor Blakely
Bill Bolender
Sheila Botting

Michel Bouchard
David Bowden
Vince Brown
Lorne Burns
Tom Burns
Eric Carlson
Scott Chandler
David Chilton
Paul Chin
Don Clow
David Collyer
Michael Cooper
Peter Cuthbert
Eileen DiLeo
David Dulberg
Paul Dykeman

Graeme Eadie
Michael Emory
Amy Erixon
Paul Finkbeiner
Louis Forbes
Daniel Fournier
Philip Fraser
David Gerofsky
Charles Dana Gibson
Murray Goldman
Greg Guatto
Eileen Halpin-Tarrant
John Hayes
Rosanne Hill Blaisdell
Tim Hockey
Chris Holtved

National Green Sponsor

Blake Hutcheson
Colin Johnston
Bradley Jones
Mark Kenney
Brian Kingston
Adam Kosoy
Rob Kumer
Amanda Lang
Malcolm Leitch
Dianne Lemm
Kevin Leon
Jon Love
Kevin Lynch
John OBryan
Brian McCauley
Blair McCreadie

Brett Miller
Paul Morassutti
Mauro Pambianchi
Adam Paul
Mike Pelyk
Daniel Peritz
Andrew Phillips
Jawad Rathore
Tony Reale
Mark Rose
Toni Rossi
Dori Segal
Stephen Sender
Peter Senst
Ed Sonshine
Mark Stainer

Dynamic Multi-Display Sponsors

Benjamin Tal
Moray Tawse
Stephen Taylor
Antoinette Tummillo
Michael Turner
Blair Welch
Stephen Wetmore
Don White
Gary Whitelaw
Mark Whitmore
Ted Willcocks
Stephan Yau
Mark Zandi
Paul Zemla

Wifi Sponsor

Social Media Wall Sponsors

Lanyard Sponsor

e-Info USB Key Sponsors

Mints Sponsor

Pen Sponsor

Biographies Sponsor

TM

Charging Station Sponsor

Journal Sponsors

Wireless Survey Sponsors

Bottled Water Sponsor

Hand Cleanser Sponsor

Tote Bag Sponsors

Mobile Screen Cleaner Sponsor

Afternoon Refreshments Sponsors

Multimedia Sponsor

Corporate Sponsors

Post Notes Sponsors

Some of our featured Speakers

Growth vs. Capital Preservation Among Major Themes This Year

David Chilton

Graeme Eadie

Michael Emory

Daniel Fournier

Dragon on CBC TVs Dragons Den,

President & CEO,
Bestselling Author of The Wealthy Barber DREAM Unlimited Corp.

Michael Cooper

Senior Managing Director &

Global Head of Real Estate Investments,
Canada Pension Plan Investment Board

President & CEO,

Allied Properties REIT

Chairman & CEO,

Ivanho Cambridge

Blake Hutcheson

Amanda Lang

Jon Love

Kevin Lynch

Dori Segal

President & CEO,

Oxford Properties Group Inc.

Senior Business
Correspondent, CBC News

Managing Partner,
KingSett Capital

Vice Chairman,
BMO Financial Group

President & CEO,

First Capital Realty Inc.

Edward Sonshine

Benjamin Tal

Stephen Wetmore

Gary Whitelaw

Mark Zandi

Chief Executive Officer,

RioCan REIT

Deputy Chief Economist,

CIBC World Markets Inc.

Chief Executive Officer,

Canadian Tire Corporation

Chief Executive Officer,

Bentall Kennedy LP

Chief Economist,
Moodys Analytics

Conference Co-Chairs
Launched in 1992, and sold out for the past eight years, The Real Estate Forum in
Toronto is Canadas largest annual national conference on real estate investment and
management. Strengthen and broaden your insight and expertise in trends, opportunities,
issues, challenges and be party to strategies for success in todays commercial real
estate market.
Join over 2,350 of your peers as you listen to 100+ experts and investors intrinsic to the
success of this extremely relevant and impactful program. Ask questions, hear answers,
and take advantage of great networking opportunities at this very affordable two day event.

Scott Hutcheson

Anna Kennedy

Chairman & CEO,

Aspen Properties

Partner & CFO,

KingSett Capital

REAL ESTATE FORUM

7:00 a.m.

Wednesday, DECEMBER 3
The Outlook for the U.S. and Global Markets and
What It Means for Canada

REGISTRATION & CONTINENTAL BREAKFAST

Mark Zandi, Chief Economist, Moodys Analytics

8:00 a.m.

What are the CEOs of Canadian Companies and

Market Experts Saying?

Benjamin Tal, Deputy Chief Economist,

CIBC World Markets Inc.
Scott Addison, President, Eastern Canada,
Colliers International

OPENING REMARKS:
THE THEMES OF THIS YEARS FORUM

9:35 a.m.
CHANGING ECONOMIC, DEMOGRAPHIC AND SOCIAL
CURRENTS: THE EVOLVING CONTEXT FOR REAL
ESTATE IN CANADA

Conference Chairs:
Scott Hutcheson, Chairman & CEO, Aspen Properties
Anna Kennedy, Partner & CFO, KingSett Capital

8:10 a.m.
THE IMPORTANCE OF SUCCESSION PLANNING:
ALL TALK? NO ACTION?
LOOKING INSIDE THE MINDS OF THE NEXT
GENERATION RISING IN THE RANKS OF THE
FAMILYS REAL ESTATE BUSINESS

8:30 a.m.
WHAT IS THE OUTLOOK FOR CANADA, THE U.S.
AND GLOBAL ECONOMIES FOR 2015?
Another year has passed and there is still no clear consensus
on where geo-economic trends are heading. While it appears
that the U.S. economic recovery is accelerating, there are dark
clouds across EuroZone and some of the emerging markets.
All of this has implications for Canada as well. With a
national unemployment rate of 7% and a GDP forecast of 2%,
what does all of this mean for the strength and direction of
our domestic economy? This session will feature two leading
economists who will offer their insights and perspectives on
all of these trends and where they believe we are heading in
2015. They will analyze the major fundamentals in Canada,
the U.S. and global markets. What is the likely timing and
extent of interest rate hikes by the Fed? Will the BOC follow
instep? Will the bubble burst on Canadian housing and
condominium markets specifically?
Speaker Introductions:
David Bowden, President, Canada, Colliers International

WHERE IS DEMAND FOR REAL ESTATE HEADING?

WHAT WILL IT TAKE FOR THE CANADIAN ECONOMY
TO ACHIEVE MORE GROWTH?

The Key Fundamentals of the Canadian Economy

INTRODUCTION OF FORUM CHAIRS

Moray Tawse, Vice President, Mortgage Investments,

First National Financial LP

10:35 a.m.

Three profound currents will establish the context for real

estate development in Canada in the coming decades:
economic, demographic and social. These three currents
will combine to support strong ICI and residential real
estate markets in the coming years, but it will be a much
more diverse market than is generally anticipated. On the
economic side, real estate demand will emphasize logistics,
proximity and accessibility, and hence focusing of expansion
of urban economies. Demographically, demand will place
its emphasis on multi-unit residential properties. Socially,
demand will emphasize community and experiential contexts.
Combined, these currents will mean not only growth of
Canadas metropolitan areas, but their transformation as well.
This session will explore the real estate implications of the
confluence of these three currents. As Canada is its people,
the core of the presentation will be demographic, with the
economic and social dimensions layered on top.
Attendees will receive free digital access to research conducted
specifically for the Forum that analyzes the demographic
fundamentals that will shape Canada and its major markets
over the next 25 years, emphasizing the role that the big
generation will have in strengthening and changing housing
markets and future levels of other market activity.
Presenter:
David Baxter, Senior Advisor, Urban Futures is a highly
respected authority on the impact of demographics on the
North American and global landscape, the shifting nature of
work, and the process of urban and metropolitan change.

10:05 a.m.
MORNING REFRESHMENTS

Amanda Lang, Senior Business Correspondent,

CBC News, anchors the daily business evening news
program The Exchange with Amanda Lang. She has
interviewed thousands of corporate executives, experts
in all major markets, political leaders and economists in
Canada and abroad.
Where is the Energy Sector Heading?
Will the Issues with the Oil Sands and the
Pipelines Ever be Resolved?
David Collyer, Chief Executive Officer,
Canadian Association of Petroleum Producers
Is Canadian Business Becoming More Globally
Competitive? How are Our Industries Ranked in
Terms of Innovation and Productivity?
Hon. Kevin Lynch, Vice Chairman, BMO Financial Group,
a former economist and Clerk of the Privy Council and
Secretary to the Cabinet, Canadas most senior civil servant

11:30 a.m.
EMERGING TRENDS IN REAL ESTATE INVESTMENT
AND DEVELOPMENT: THE KEYSTONE RESULTS OF
THE 36TH ANNUAL SURVEY OF REAL ESTATE LEADERS

This session will examine the principal conclusions of one of

the oldest, most highly regarded annual industry outlooks for
the real estate and land use industry. The Emerging Trends
reports are created using interviews and survey responses
from hundreds of leading real estate experts, including
investors, developers, property company representatives,
lenders, brokers and consultants. This discussion will focus
primarily on the conclusions reached about the Canadian
market with some comparative examination of U.S. market
views. Topics covered will include capital flows, markets
to watch, a perspective on property types, what the panel
considers to be the best bets for 2015 and how this compares
with the results of the survey.
Moderator:
Lori-Ann Beausoleil, Partner, National Leader,
Canadian Real Estate Practice, PwC
Panel:
Michael Emory, President & CEO, Allied Properties REIT
Jon Love, Managing Partner, KingSett Capital
Gary Whitelaw, Chief Executive Officer, Bentall Kennedy LP

www.realestateforums.com

SESSION A2

12:35 p.m.

TECHNOLOGY IS TRANSFORMING THE REAL ESTATE

REQUIREMENTS OF END USERS: HOW DOES
THIS AFFECT OFFICE, RETAIL AND INDUSTRIAL
MARKETS? WHAT IS THE LONG TERM IMPACT FOR
LEASING AND PROPERTY INVESTMENTS?

LUNCHEON

LUNCHEON REFRESHMENTS

1:45 p.m.

Concurrent Sessions (Attend 1 of 2)

SESSION A1
CANADA VS. U.S. VS. OTHER GLOBAL MARKETS:
ASSESSING THE RISKS, CHALLENGES AND THE
BEST POTENTIAL OPPORTUNITIES

Real estate investment activity is widespread across tier one

countries, growing markets and many emerging markets.
This session will offer some clarity on strategic thinking,
investment opportunities and key trends in this global
environment. To what extent are pension funds, institutional
investors, and sovereign and opportunity funds increasing
their allocation for real estate assets? Is the key reason
safety vs. growth? In evaluating risk/return, is Europe still
all bad with the exception of London due to the state of its
economy? How much interest is there in Asia Pacific? Where
is the U.S. market on investors lists? Is Canada considered
overpriced? Which market is safer and positioned to provide
better returns? Investors are now more focused on major
cities around the world rather than prioritizing countries.
What are the top ten on their list? Looking ahead, what risks
and opportunities do they see increasing in 2015? Where
is the greatest potential growth likely to come from? Is
benchmarking your real estate performance a key priority?
What have been some of their successes and failures over
the past year?
Moderator:

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New technologies, processes and demands are dramatically

changing the way that business is conducted across North
America and indeed around the world. This big bang is
accelerating business decisions and profitability, and forcing
businesses to reassess their cost of operations and ultimately
their real estate decisions. In some cases, real estate can be
used as a catalyst to accelerate profitability and productivity,
while others focus on cost reduction. The end result is a
transformation of how space users look at their real estate
which ultimately affects demand and property investment
value, e.g. many office users are downsizing and demanding
enhanced technology, sustainability and functionality;
retail users are facing omnichannel demands; supply chain
advancements are driving improved warehouse distribution
centres. A panel of senior executives will discuss their
perspectives about the use and functionality of real estate in
their businesses and portfolios.

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Moderator:
Sheila Botting, Senior Practice Partner,
Client Cabinet & National Leader, Deloitte Real Estate
Panel:
Eileen DiLeo, Executive Vice President of Stores,
Hudsons Bay, and Lord and Taylor
Tim Hockey, Group Head, Canadian Banking,
Auto Finance, and Wealth Management, TD Bank Group;
President & CEO, TD Canada Trust
Toni Rossi, Executive Vice President & Group Head,
Real Estate & Lending, Infrastructure Ontario
Mark Whitmore, Toronto Managing Partner,
Canadian Marketplace Leader, Deloitte

3:00 p.m.
NETWORKING RECEPTION

Peter Senst, President, Canadian Capital Markets,

CBRE Limited

For BlackBerry, please visit

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Panel:
Principal Mobile App Sponsor

Carl Bang, President, Sun Life Investment Management Inc.

Graeme Eadie, Senior Managing Director &
Global Head of Real Estate Investments, CPP Investment Board

Dont Miss Out.

Charles Dana Gibson, Chief Investment Officer,

GLL Real Estate Partners GmbH

Sponsorship opportunities with outstanding corporate

exposure to Canadian Real Estate professionals available.

Brian Kingston, Senior Managing Partner &

Chief Investment Officer, Brookfield Property Group

For more details, connect with Frank Scalisi at

416-512-3815 or email frank.scalisi@informacanada.com

Supporting Mobile App Sponsors

REAL ESTATE FORUM

7:15 a.m.
REGISTRATION & CONTINENTAL BREAKFAST

Thursday, DECEMBER 4
Guest:

TOPIC B2

Stephen Wetmore, Chief Executive Officer,

Canadian Tire Corporation

THE APARTMENT MARKET CONTINUES TO BE HOT:

SOLID RETURNS, STRONG DEMAND, AND PURPOSE
BUILT RENTAL IS BACK

Interviewer:
John OBryan, Chairman, CBRE Limited
LIVESOLAR
CAPITAL

8:00 a.m.

9:30 a.m.

Concurrent Sessions (Attend 1 of 5)

SUMMARY OF DAY ONE AND THE FOCUS OF DAY TWO

TOPIC B1

Scott Hutcheson, Chairman & CEO, Aspen Properties

IS THE OFFICE MARKET FACING CHALLENGES

ACROSS CANADA DUE TO SOFT ECONOMIC
GROWTH, A REDUCTION IN MANY WORKPLACE
FOOTPRINTS AND THE IMPACT OF TOO MUCH
NEW DEVELOPMENT?

Anna Kennedy, Partner & CFO, KingSett Capital

8:10 a.m.
A TRULY UNIQUE PERSPECTIVE FROM
ONE OF THE DRAGONS

As someone who has experienced both tremendous success

and failure, David will humorously illustrate how a healthy
perspective can lead any executive to positive results, despite
what life throws at you. He will use examples from both his
professional and private life, including behind the scenes
stories from Dragons Den.
Speaker:
David Chilton, author of the all-time Canadian bestseller,
The Wealthy Barber, and one of CBCs Dragons on the
networks #1 hit show Dragons Den
Free autographed copies of Davids latest book,
The Wealthy Barber Returns, will be available to
500 attendees.

8:40 a.m.
WHAT TRENDS AND CHALLENGES DOES THE CEO
OF CANADAS LARGEST RETAILER SEE FOR 2015
AND BEYOND?

For many investors, the staple of any well-diversified real estate

portfolio today is still the multi-family market. Predictable
yields and strong cash flows make apartments one of the
most reliable property classes. Investor demand far outweighs
supply resulting in greater cap rate compression. What
direction are they likely to take in 2015? How can investors
make these record low cap rates work? How are occupancy
rates in major markets across the country? How much new
apartment construction is expected given the prices of assets?
In which cities? What are factors supporting the growing
interest in student housing? What challenges does the
apartment market face over the next few years?
Moderator:

Canadas overall office market of more than 500 million

square feet softened during the 12-month period ending at
mid-year 2014. Vacancy rates rose in 10 of 12 major markets
and nationally have almost reached 10%. What were the
major reasons for this trend when you consider that the
downtowns of our largest cities are witnessing the largest
surge in new development in about 25 years? What have
been the challenges to achieve more absorption? How have
the suburbs fared relative to the downtown cores? What are
owners of older legacy towers, B and C class properties doing
to try to compete against the attributes of the new higher
performance green certified buildings? How is the brick
and beam market performing? Will the migration of office
users from the suburbs to downtown in some cities continue?
Where are leasing volumes likely heading as tenants rethink
their workplaces and space requirements? What type of
leasing velocity and NERs are we likely to see in specific
markets across the country? Are leasing trends in step with
valuations and cap rates?

Brett Miller, President, JLL Canada

Panel:
Ugo Bizzarri, Founding Managing Director,
Portfolio Management and Investments,
Timbercreek Asset Management
Philip Fraser, President and CEO, Killam Properties Inc.
Mark Kenney, Chief Operating Officer, CAPREIT
Brian McCauley, President & COO, Concert Properties Ltd.

TOPIC B3
CITY BUILDING & NEW DEVELOPMENT:
WHAT IS DRIVING URBANIZATION ACROSS
CANADA? HOW LONG WILL IT CONTINUE?

Moderator:
Paul Morassutti, Executive Vice President &
Senior Managing Director, Valuation and Advisory Services,
CBRE Limited
Panel:

A very insightful conversation with the retiring chief executive

of Canadas largest retailer on his insights on the key trends
and challenges he sees facing our consumer and retail markets.
It is said that 90% of all Canadians live within a 15-minute
drive of a Canadian Tire store; that 9 out of 10 adult Canadians
shop at one at least twice a year; and that 40 percent of
Canadians shop at Canadian Tire every week. That doesnt
include Marks, The Forzani Group and PartSource which with
CT aggregately total some 1,700 retail and gasoline outlets
across the country.

Michel Bouchard, Co-Chief Operating Officer,

The Redbourne Group
Vince Brown, Chief Operating Officer,
Triovest Realty Advisors Inc.
Tom Burns, Executive Vice President & COO,
Allied Properties REIT
Michael Turner, Senior Vice President,
Real Estate Management, Oxford Properties Group Inc.
Ted Willcocks, Global Head of Asset Management,
Manulife Real Estate

Across Canada, there is an unprecedented amount of intensification activity and urban revitalization on a scale that has
not been seen for decades. A panel of diverse investors and
developers will provide their insights on what key economic,
demographic and social forces are responsible for the
renewal trends in our major cities, and what the implications
of these trends are for real estate investment and development
activity going forward. What type of innovative and unique
projects are emerging to create new forms of residential,
office, retail, and hotel uses? Are some of the projects a major
part of a companys growth strategy to renew their existing
portfolio and develop new properties rather than try to acquire
assets that are priced too high or simply not available on the
market? What proportion of projects are green buildings?
What are some examples of innovation that are being
implemented? Is there any signal on the horizon that these
trends will peak or are they likely to carry on for sometime?

www.realestateforums.com

Moderator:

TOPIC B5

Mark Rose, Chairman & CEO, Avison Young

ASSET MANAGEMENT STRATEGIES FOR OVER ONE

BILLION SQUARE FEET OF SPACE: FROM CREATING
GREATER VALUE TO PURSUING OPERATIONAL
EXCELLENCE

Panel:
Eric Carlson, Chief Executive Officer,
Anthem Properties Group Ltd.
Paul Finkbeiner, President, GWL Realty Advisors Inc.
David Gerofsky, Chief Executive Officer,
First Gulf Corporation
Murray Goldman, Founder, The Goldman Group
Jawad Rathore, President & CEO,
Fortress Real Developments
Topic B4
TRENDS FACING CAPITAL AND DEBT MARKETS IN
2015: THE REBIRTH OF CORPORATE REAL ESTATE
LENDING? HIGHER INTEREST RATES?

A wide ranging discussion will examine the availability of

public and private debt and equity for Canadian real estate
from the perspective of the capital markets, borrowers, banks
and mortgage originators. The participants will offer their
views from different points on the compass as they comment
on todays capital and credit market environment; what they
foresee in 2014 and beyond; what risks are emerging at this
time; and how they would favour deploying their capital. What
can you expect next year with respect to the cost, availability
and most accessible sources of capital? Will lenders be more
or less aggressive next year? What impact is the federal
government having on capital and the real estate market
generally? How challenging is asset valuation today? What
information is required from a valuation by management,
purchasers, vendors, shareholders, lenders, and the capital
markets? Since 2010, there has been a consistent question
being asked about when the BOC will increase interest rates.
What is the view of this panel as to when this many finally
happen? How quickly and far with rates then increase?
Moderator:

From REITs and pension fund advisors to private equity

funds and privately-owned companies, the range of asset
management practices, policies and strategies in todays
market can be quite considerable. A common challenge facing
all owners is how does a real estate entity grow in a market
where there are billions of square feet of aging buildings,
sparse investment opportunities, and increasing development
risk. One strategy is a stronger focus on creating greater value
from all existing assets. How do you accomplish this? How
can aging assets remain competitive in a market where there
has been an increasing amount of green buildings developed
in recent years? Can you maximize returns and the financial
potential of your property assets through value-added
programs, repositioning, operational excellence and superior
management expertise? Can you increase the value of B and
C class buildings while in turn providing greater value to your
tenants? Does this open new investment opportunities where
you can see a value that the seller may not?

Lorne Burns, National Industry Leader, Real Estate,

KPMG LLP
Paul Chin, Vice President, Real Estate Lending,
Loan Syndications and Capital Markets, Otra Capital
David Dulberg, Managing Director,
RBC Capital Markets Real Estate Group

Mike Pelyk, Retail Advisor, held senior positions with

Triovest, Oberfeld Snowcap, Oxford Properties Group and
Loblaws
Panel:
Eileen Halpin-Tarrant, Executive Vice President,
Oberfeld Snowcap
Bradley Jones, Vice President, National Retail Leasing,
Oxford Properties Group Inc.

Colin Johnston, President, Research, Valuation & Advisory,

Altus Group

Dianne Lemm, Principal, Partner Mall Services,

Northwest Atlantic (Canada) Inc.

Panel:

Mauro Pambianchi, Executive Vice President &

Chief Development Officer, SmartCentres

Zelick Altman, Managing Director, Canada,

LaSalle Investment Management

Stephan Yau, Vice President, National Leasing,

The Cadillac Fairview Corporation Limited

Peter Cuthbert, Senior Vice President, Investments,

Fiera Properties Limited

TOPIC C2

Malcolm Leitch, COO, Investment Management,

Bentall Kennedy (Canada) LP
Antoinette Tummillo, Executive Vice President,
Real Estate Management Services, Canada,
Colliers International

10:40 a.m.
Morning Refreshments

11:10 a.m.

Concurrent Sessions (Attend 1 of 5)

TOPIC C1
THE PRESSURES AND THE EVOLUTION OF THE
RETAIL MARKET: ARE WE APPROACHING A PERIOD
OF STRONG WINNERS AND WEAK LOSERS?

INDUSTRIAL REAL ESTATE MARKETS ACROSS

CANADA: HOW ARE THEY REALLY PERFORMING?
WHAT IS DRIVING THEIR GROWTH?

A strong case can be made that industrial real estate has been
on a strong comeback trail during 2014. This session will
examine major investment, leasing and development trends
in this property class across Canada today. To what extent can
it still be categorized as a tale of two submarkets comprised
of new modern warehousing buildings vs. older vintage
properties with marginal applications for many users? What
does the future hold for B and C class aging and out-dated
buildings? What are the greatest sources of demand for space
and in which markets? How are industrial tenant requirements
changing? How are landlords responding? Do rent levels now
support new development in most markets? To what extent
are there have and have not markets? What is needed in order
to move NERs much higher in Toronto and Montreal? How
strong is investor interest in industrial properties?
Moderator:

Louis Forbes, Chief Financial Officer, CT REIT

Moray Tawse, Vice President, Mortgage Investments,
First National Financial LP

Moderator:

Moderator:

Andrew Phillips, Managing Director & Head of Real Estate,

TD Securities Inc.
Panel:

We keep hearing about the U.S. and European retailers

circling Canada or announcing plans to open (or close)
stores here. Coupled with this is a range of views of how
much impact e-commerce is really having on the Canadian
retail market. Then there is the influx of mixed-use developments and inner city intensification. There appears to be a
widening gap occurring between strong malls with rising
sales and weaker malls with lower quality retailers, sales, and
less foot traffic. Some analysts are offering dire forecasts for
the future of older malls as changing demographics and buying
habits suck the life from aging and poorer quality properties.
Some owners have gotten the message and are selling lesserperforming properties. This session will examine these and
other trends and discuss the facts and fallacies pertaining to
the evolution of the Canadian retail real estate market.

No other real estate property class has attracted as much

attention as retail.

Mark Stainer, Senior Managing Director &

National Industrial Director, Cushman & Wakefield Ltd.

REAL ESTATE FORUM

Panel:
Bill Bolender, Vice President, Country Manager,
Prologis Canada
Paul Dykeman, Chief Executive Officer,
Summit Industrial Income REIT
John Hayes, Managing Director, Blackwood Partners Inc.
Chris Holtved, Senior Portfolio Manager, Real Estate,
Healthcare of Ontario Pension Plan
Adam Paul, Executive Vice President,
Investments & Leasing, CREIT
TOPIC C3
CAN INVESTMENT ACTIVITY BECOME ANY
STRONGER IN THE CANADIAN MARKET
NEXT YEAR OR HAS IT PEAKED?

Thursday, DECEMBER 4
Real estate is outperforming some asset classes by offering
investors steady and favourable yields at higher levels than
the fixed income market. A panel of senior executives from
a cross-section of organizations will discuss some of their
mandates and priorities for 2015. What are the differences
between the issues faced by a REIT vs. an institutional
investor vs. a private equity fund in pricing properties and
accessing capital at this time? Are pension funds able to
focus more on Class A assets while REITs focus on higher
yielding opportunities? What are your respective priorities
for the coming year? Which property classes will be most
favoured, in which markets, and why? What have been the
most significant challenges in order to buy or sell assets in
this market?

Stephen Sender, Managing Director Industry Head,

Real Estate, Global Investment Banking, Scotiabank

Trevor Blakely, Chief Executive Officer,

Forgestone Capital Management

Blair McCreadie, Head, Canadian Real Estate,

Standard Life Investments (Real Estate) Inc.
Paul Zemla, Chief Investment Officer,
Bentall Kennedy (Canada) LP
TOPIC C5
WHAT ARE ENTREPRENEURS DOING IN
TODAYS MARKET TO SUCCEED?

Don White, Executive Vice President,

National Investment Services, Winnipeg,
Colliers International

Given the strong investor sentiment in the Canadian market,

major opportunities have emerged for entrepreneurialism in
the real estate industry. They are found not only in the major
cities but in mid-markets as well. Entrepreneurs are
experienced at looking for innovation and accessing lower
priced capital. They are often privately owned firms or possibly
private equity funds. While they do not dismiss risk, they often
have the ability to see value and reward where many others
do not. How do they source debt and equity capital? What are
some examples of how they would consider structuring their
deals? What niches do they strategically focus on to find
the highest potential value opportunities that will provide
quality returns? What have been the most significant challenges
that they have had to endure? Given the present environment
in the Canadian economy and real estate market, how do they
see investment opportunities unfolding in the future?

TOPIC C4

Moderator:

THE COMPETITIVE DIFFERENCE BETWEEN REITs,

PRIVATE EQUITY FUNDS, LIFECOs AND PENSION
FUNDS AS INVESTORS: WHO HAS THE EDGE?

Adam Kosoy, Senior Managing Director, Capital Markets &

Investment Services, Canada, Colliers International

Panel:
Amy Erixon, Principal, Managing Director, Investments,
Avison Young
Rob Kumer, Partner, Investments, KingSett Capital
Tony Reale, Managing Director & Head, Property
Brokerage & Real Estate Advisory, BMO Capital Markets
Stephen Taylor, Vice President, Real Estate,
Healthcare of Ontario Pension Plan

Panel:
Greg Guatto, President & COO, Aspen Properties
In 2014, investment real estate has still been in favour with
Canadian capital markets.

Blair Welch, Partner, Slate Properties

12:30 p.m.
LUNCHEON

LUNCHEON REFRESHMENTS

1:35 p.m.
CLOSING ROUNDTABLE DISCUSSION: DO YOU
SEE GREATER RISK OR OPPORTUNITY IN 2015?
A TIME TO BE CAUTIOUS OR AGGRESSIVE?

Don Clow, President & CEO, Crombie REIT

Moderator:
Scott Chandler, President & CEO, Canada,
Cushman & Wakefield Ltd.

Daniel Peritz, Senior Vice President, Montreal & Ottawa,

Canderel Management Inc.

Moderator:

Panel:
A panel of investors will be joined by commercial brokers to
provide an extensive discussion on prospective buying and
selling trends for 2015. The story for the past year has been a
familiar one: a market imbalance where the amount of capital
trying to enter the market continues to greatly outnumber the
quality opportunities to do so. What have been the major reasons
for the continued strong growth in transaction activity and
investor interest? What will be required in order for this trend
to continue? Who will be the most active buyers? Who will
likely be the sellers? Which property classes will likely be
favoured by investors? Which markets will be top of mind?
What type of assets might be available next year? Where will
cap rates be trending for core assets? How are mid-markets
likely to fair vs. major cities?

Kevin Leon, President, Crestpoint Real Estate Investments Ltd.

Rosanne Hill Blaisdell, Managing Director,

Harvard Buildings Inc.

Given the broad range of issues that were raised during

the Real Estate Forum over the previous two days, a group
of senior real estate executives will offer the last word.
Representing a divergence of interests and viewpoints, the
panel will offer their insights on what risks and opportunities
lie ahead, and what courses of action would they suggest
accordingly. Are they chasing yield or momentum? Will
real estate continue to benefit from a flight to yield? How
high will interest rates likely rise in 2015 in the U.S. and
what impact will they have on the market? Will higher
rates in Canada follow? Will REITs be able to sustain their
strong performance? What will cause investors to head
for the sidelines? Where is the smart money going? Of
all the opportunities in todays market, what is the most
significant one? Are Canadian investors going to continue to
increase their global presence? Is 2015 a year to be bold or
conservative? Are there still solid development opportunities?
In which property classes and markets?
Moderators:
Scott Hutcheson, Chairman & CEO, Aspen Properties
Anna Kennedy, Partner & CFO, KingSett Capital
Panel:
Michael Cooper, President & CEO, Dream Unlimited Corp.
Daniel Fournier, Chairman & CEO, Ivanho Cambridge
Blake Hutcheson, President & CEO,
Oxford Properties Group Inc.
Dori Segal, President & CEO, First Capital Realty Inc.
Ed Sonshine, Chief Executive Officer, RioCan REIT

2:35 p.m.
Adjournment