Rogier Quirijns Senior Vice President, Portfolio Manager London

Rogier Quirijns Rogier Quirijns Senior Vice President

REITs help the banking system as access to public equity allows the deleveraging of the financial sector, Rogier Quirijns, Portfolio Manager and Head of European Research for US-based specialist global real estate securities investment manager Cohen & Steers, said in a presentation at the meeting. He added that the most efficient market restructurings are done through fresh equity and debt-restructurings rather than selling the debt at a discount to the growing number of loan investors and funds circling the Spanish real estate market. Spanish banks have made EUR 80 billion in provisions for their toxic real estate assets and bad loans. REITs are also positive for government revenues because as real estate is de-leveraged more taxable income becomes available and investors pay tax on dividends. Quirijns said that alongside the difficulties in the Spanish commercial property market, REITs might also be able to unlock the country's structural housing mortgage problems. Residential REITs in the US attract large institutional investor capital flows looking for steady returns. Spanish residential mortgages differ from the situation in the United States as they are 're-coursed', meaning the debt is attached to the individual borrower rather than the underlying property as in the US - the source of the infamous 'jingle mail', when home owners return their keys to lenders if they can no longer afford the mortgage. But Quirijns said it should be possible to create a Spanish residential REIT structure that allowed for this difference. Rogier Quirijns, Portfolio Manager and Head of European Research for Cohen & Steers concluded: "REITs can be a terrific avenue to facilitate the 'Great Deleveraging' in Europe generally and to get Spain's economy and investment market, in particular, back on track.

Rogier Quirijns Cohen & Steers

Rogier Quirijns | Company | Cohen & Steers Share this page by Email Send me a copy Separate multiples with commas Rogier Quirijns Senior Vice President Rogier Quirijns Rogier Quirijns Rogier Quirijns, Senior Vice President, is a portfolio manager and a senior analyst overseeing the firm's European real estate securities research effort. He also covers listed real estate companies in the United Kingdom and France. He has 13 years of investment experience. Prior to joining Cohen & Steers in 2008, Mr. Quirijns was a senior real estate equity analyst with ABN AMRO in Amsterdam, where his coverage included France, Scandinavia and the Benelux region. Previously, he was a direct real estate portfolio manager with Equity Estate and an analyst within the real estate corporate finance team at Arthur Andersen. Mr. Quirijns holds a degree in business economics from the University of Amsterdam. He is based in London.