This event is supported by Cushman & Wakefield

Real estate was originally seen as a separate investment asset class to equity and fixed income in portfolio construction. Real estate was meant to provide diversification and uncorrelated returns to the other asset classes. The immediate past has put that assumption into question with under-performance, increased operating risk and higher cost of capital.

Can real estate survive as a distinct asset class or will it be absorbed into the real assets and private equity envelope? In the competition for capital, doing so will fundamentally change the nature of the industry and the required human capital. Perhaps it has already happened, and what will the real estate industry and the competing strategies, including real assets and private equity, do to adapt?

Aref Lahham (MBA 90D) is Founder and Managing Director of Orion. He acts as Orion’s Chief Executive Officer, setting the strategy and leading the Orion Fund’s acquisition team. He has been responsible for over €5.0 billion of property acquisitions throughout Europe. Aref has 34 years of real estate investment and development experience in the US and Europe. He has served on the board of French public quoted company Société Foncière Lyonnaise as well as on the investment committee of a Bulgari sponsored private equity fund called Opera.

Krysto Nikolic is a Senior Managing Director and Global Head of Real Estate at ICG. ICG Real Estate manages ~$7 billion of capital across a range of equity and credit strategies. Prior to joining ICG, he was Head of European Real Estate at Starwood Capital Group, where he served on its Global Investment and Operating Committees. Previously, Krysto was a Partner at TPG, and his early career was spent at Apollo Real Estate (now Ares) and Goldman Sachs International. Krysto has led over $14 billion of real estate acquisitions and served on the Board of Directors of multiple portfolio companies and real estate platforms. He holds an MA from Cambridge University.

Andrea Orlandi (MBA 98J), was until recently Managing Director and part of the Global Leadership Team at CPP Investments which is a C$550 billion global investment management organisation. He was Head of the Europe and India real estate business and one of the regional heads responsible for the global C$50 billion real estate program and a member of the Real Estate and Real Assets Investment Committee. Additionally, Andrea was a Supervisory Board Member of Unibail-Rodamco-Westfield and Board member of Citycon, the largest Nordic shopping centre company, and an Advisory Council Member of the €12 billion Prologis European Logistics Fund.

James Piper is a Partner based in London and a member of TPG Real Estate’s Global Investment Committee and TPG Europe’s Executive Committee. Prior to joining TPG, he was a Partner in the Real Estate Group at Ares Management, where he spent 12 years, before which he was a member of the European Mergers & Acquisitions Group at Credit Suisse. He has a Master’s degree in Physics from the University of Cambridge, where he graduated with First Class Honours. He is also a trustee and Honorary Treasurer of the Royal Trinity Hospice, a charity providing care and support for those with life-limiting conditions in London.

Moderator: Valentina Shegoyan (MBA 10J) is the Founding Partner of OPREIM, a new real estate venture bringing private equity and venture capital into the property sector backing emerging real estate asset managers and incubating real estate platforms where value can be added through active management. Before launching this business Valentina spent 20 years in real estate private equity, investment banking and venture capital working in the past for businesses such as Stonehage Fleming, MGPA Limited, UBS Investment Bank, and Second Century Ventures.

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