EPRA launches wide-ranging offensive

The European Public Real Estate Association (EPRA) is stepping up its efforts to promote the interests of the listed property sector through a number of initiatives.

EPRA has formed an alliance with the European Federation for Retirement Provisions (EFRP) to help it challenge EU proposals to copy and paste the Solvency II regime - which is set to be implemented into the insurance sector in 2013 - for the pension fund industry as well.

Solvency II is aimed at providing short-term protection for insurers, but pension funds typically have a long-term horizon so the situation is very different for them, EPRA CEO Philip Charls pointed out in an interview. ‘The EFRP is in fact an association of national associations and we are helping them with the technical aspects of the Solvency II legislation through meetings and workshops.’ EFRP represents a EUR 3.5 tln industry and 80 million members, he added: ‘Our work within this body provides us with a unique opportunity to promote real estate and educate national pension funds about the specifics of the industry.’

To further develop its investor outreach programme, EPRA has ‘borrowed’ Meredith Despins, an expert in this field from its US counterpart NAREIT, for a four-month stint from September. At NAREIT, Despins is active as vice president Investment Affairs & Investor Education. Charls: ‘There’s no sense in reinventing the wheel. Meredith is specialised in liaising with pension funds and can help us formulate a communication plan. The US has a lot of experience with the transition from a defined benefit to a defined contribution pension system. It is complex material but she can help us educate investors and communicate the message.’

In its bid to get the message across, EPRA is launching an advertising campaign in international media this autumn, starting with the Financial Times and Sunday Telegraph in the UK. ‘We plan to roll out the campaign to other countries in January,’ Charls said.