Guest Speakers:				Find us
		Sotiris Tsolacos Director of European Research, PPR
		Hans Thomas Kessler Partner, SJ Berwin
		Matthew Webster Global Head of Real Estate Financing, HSBC
		Ioannis Ganos Investment Manager, Blue House Capital

Entry: RSVP to james@south40capital.com   

Notes:

At the time of writing, the stability of the European Union and in particular the longevity of the common currency is in question.  A quick resolution is unlikely.  Already high debt burdens placed on the PIIGS are causing a dramatic change in political leadership.  Financial models and forecasts cannot accurately predict the timing or the outcome of the fat tail events which appear to be highly probably in the current situation. 

This session aims to separate outcomes specifically for real estate, taking into account legal, political and economic scenarios. Questions will include but not be limited to:

		Mechanics of Unwinding: What happens to rent, payable in the common currency, should a member state revert back to its local currency?  Can the tenant still be expected to pay rent in the common currency?  Will debt convert in the same fashion as rent?  Will lease indexation provisions revert to local CPI or RPI?
		Tail Risk: Is the largest risk in the Euro Zone systemic and if so are there any efficient ways to hedge against the inherent tail risks?
		Carry Trade: A carry trade is the act of borrowing against an asset in a different currency to that which the asset is priced in.  The objective is to repay the debt at a more favourable FX rate as well as service the debt on a lower interest rate to a same currency loan.  Should the Euro be the default currency for the carry trade?  If so what methods? should be considered to execute such a trade given that most European banks are much more cautious about lending outside of the Euro Zone?