Lessons From the Real Estate Crash (Privcap video - free to watch)

April 11, 2012 - PRLog -- What did these seasoned veterans of the private real estate learn when a booming market turned into “a perfect storm?” Todd Henderson, Head of Americas for RREEF Real Estate, Sonny Kalsi, Founding Partner of GreenOak Real Estate, and Stephen Tomlinson, a Partner with Kirkland & Ellis, share anecdotes and analysis gleaned in the aftermath of the real estate crash.

“Hard Lessons From the Crash” is the second of a three-part discussion series on the state of US commercial real estate investing. The first segment is called “Deal Flow 2012.” Topics discussed include: When did these pros first realize something might be amiss at the top of the market, the dangerous mismatch between perceptions of value, a scary dinner party with a former US Treasury Secretary, the “negative alpha” of public-to-private real estate deals, the perils of letting financial markets dictate deal structures, over-complexity of capital structures, the need for operating talent over financial engineering talent, and what investors expect from today’s wizened real estate managers.

View the full video and register for free here - http://www.privcap.com/programs/93-hard-lessons-from-the-...

http://www.youtube.com/watch?v=iOqgJVrZ4mw



Participant Bios:

Sonny Kalsi
Founder & Managing Partner
GreenOak Real Estate Advisors

Sonny Kalsi is Founder and Managing Partner of GreenOak Real Estate. Sonny was, until early 2009, the Global Head of Morgan Stanley Real Estate Investing (MSREI) and President of the Morgan Stanley Real Estate Funds (MSREF). Prior to that, he was the Global Co-Head of MSREI. At its peak, MSREI had approximately $100Bn of AUM in 33 countries and 25 offices around the world with over 800 full time staff. The largest concentrations of asset holdings were in the US, UK, Germany, Japan and China. Prior to managing MSREI globally, Sonny helped to build its Asian business, spending nine years in Hong Kong and Tokyo. During his tenure, the team grew to over 300 professionals, with an operation that included Japan, China, India, South Korea, Australia and a number of other countries.

Stephen Tomlinson
Partner
Kirkland & Elis

Stephen Tomlinson is a partner in the real estate group in the New York office of Kirkland & Ellis LLP. Tomlinson's practice focuses on business transactions in the real estate and hospitality industries for real estate private equity sponsors, real estate investment trusts ("REITs"), institutional investors and real estate operating companies engaged in acquisitions and dispositions, operating company and multi-investor fund formations and investments, and restructurings relating to each of the foregoing. Tomlinson is resident in the Firm's New York office. Clients with whom Steve regularly works include Archstone, Irish Bank Resolution Corporation, LaSalle Investment Management, Inc., Morgan Stanley Alternative Investment Partners, Walton Street Capital, and GEM Realty Capital.
In November 2011, Tomlinson was named a Real Estate MVP by Law360 for his work on Anglo Irish Bank's sale of its $9.5 billion U.S. commercial property loan portfolio. Recommended by clients as a "standout lawyer who does a great job ... at the pinnacle of transaction deals," Tomlinson has been consistently recognized as one ofAmerica's Leading Lawyers for Business in Real Estate by Chambers USA and by Who's Who Legal in the Real Estate chapter. He has been recognized as an Illinois Super Lawyer since 2005 and was also named in New York Super Lawyers in 2011. He is recommended by the Practical Law Company in their Which Lawyer? guide for Real Estate in New York, and has been repeatedly named to the Legal 500 where he is recognized as 'a top practitioner in a range of niches'.

Todd Henderson
Head of Americas
RREEF Real Estate

Todd Henderson is the Head of RREEF Real Estate's Americas business. He is responsible for all facets of the direct real estate investment management business in the Americas.  As Head of RREEF Real Estate's Americas business, he also serves on the RREEF Real Estate Global Executive Committee. Prior to assuming this position, Mr. Henderson was the Chief Investment Officer for RREEF Real Estate's Americas business.  As the CIO, he was responsible for directing the investment strategy for RREEF Real Estate in the Americas. In his capacity as CIO, he served as Chairman of RREEF Real Estate's Americas Investment Committee and served on the America's Leadership Committee.  From June 2007-March 2009, Henderson was responsible for RREEF Real Estate's Value-Added and Development group where he directed a 16-person team managing a $4.5 billion portfolio for multiple clients.  While in this role, he formulated the strategy for restructuring the portfolio and the group in response to the global financial crisis.  In particular, he led the RREEF America III team in the restructuring of the fund. Henderson joined RREEF Real Estate in July 2003 as a Managing Director on the transaction team completing acquisitions totaling over $1 billion.  Before joining RREEF Real Estate, Henderson was a Director of Acquisitions for The J.E. Robert Company in Washington, D.C., where he was involved in the sourcing, executing and financing of over $6 billion of real estate transactions. He began his career at First Gibraltar Bank in 1991 in the "bad bank," restructuring and disposing of nonperforming real estate loans on behalf of the bank and the Resolution Trust Company (RTC).   He holds a BA from the University of North Texas and an MBA from The Wharton School, University of Pennsylvania.

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