MIPIM 2012 NEWS 1

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DAY Tuesday 6 March 2012 ADVERTISEMENT

RUSSIAN WELCOME

Moscow Mayor Sergey Sobyanin highlights MIPIM as global showcase See page 8

BUILDING INNOVATION

Technology is changing the face of the workplace See page 18

DOUBLE DECKER

MIPIM Qatar Pavilion to host urban summit See page 36

COUNTRY OF HONOUR

German funds put safety first See page 65

www.mipim.com

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04 Msheireb milestone; Tokyo incentives; Moscow Calling; Rockspring shops in Poland; Industrial & Logistics; Building Innovation; Lyon challenges Paris; Qatar takes centre stage; Yoo’s resi lifestyle; CBRE stays Strong; and more...

e Schedul e

nc Confeare me m progr P38

the real estate world in 2012 61 Four guest editors share their market insights

features 65 Germany is MIPIM 2012 Country Of Honour

69 Building Innovation — can the corporate office affect staff motivation and retention?

73 Hotels, Tourism & Leisure — operators need flexible formats to survive

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The official MIPIM daily newspaper Tuesday 6 March 2012

73 The MIPIM News team is located in the Palais des Festivals ,EVEL s !ISLE

Director of Publications Paul Zilk Director of Communications Mike Williams EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Reporters Ben Cooper, Mark Faithfull, Tony Hazell, Mark Moore, Steve McCormack, Anika Michalowska Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof reader Debbie Lincoln Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Veronique Duthille, Marie Moinier, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Georges Auclaire, Olivier Houeix, Michel Johner Editorial Management Boutique Editions.

PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Co-ordinators Nour Ezzedeen, Emilie Lambert, Amrane Lamiri Production Assistant, Cannes Office Eric Laurent Printer Riccobono Imprimeurs, Le Muy (France).

Published by Reed MIDEM, BP 572, 11 rue du Colonel Pierre Avia, 75726 Paris Cedex 15, France. Contents © 2012, Reed MIDEM Market Publications, Publication registered 1st quarter 2012. Printed on FSC certified paper

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Milestone for Msheireb

FRANCE

SHEIREB Properties reached a significant landmark in its Àagship 0sheireE 'oZntoZn 'oha proMect Zith the recent aZard of a 4R En m

contract for the constrXction of Phase B &arillion 4atar plc and 4atar BXilding &ompan\ acting in a Moint YentXre Zill Xndertake the Zorks that comprise EXildings inclXding the coXntr\Âśs Âżrst 0andarin 2riental Hotel tZo ofÂżce EXildings Zith retail Xnits and residential EXildings proYiding a total of apartments Eng Issa 0 $l 0ohannadi &E2 of 0sheireE Properties said Âł:ith the aZarding of this contract the amEitioXs plans for oXr capitalÂśs regeneration moYe closer to

M Paris makes a stand

PARIS JOINS FORCES WITH NORMANDY THE FRENCH capital has embraced Normandy as part of a wider marketing drive for the Ile-de-France region.

Eeing fXll\ realised :hat Ze are EXilding here is more than a collection of EXildings ² it is a Zhole commXnit\ one Zhich Zill Ee fXll\ aligned Zith 4atarœs 1ational 9ision for a sXstainaEle coXntr\ ´ 7he &arillion 4atar BXilding &ompan\ &4B& Moint YentXre Zill deliYer the proMect to the highest enYironmental standards Zith the aim of achieYing a ³PlatinXm to *old´ rating Xnder the /EE' *reen BXilding Rating s\stem of the 8S *reen BXilding &oXncil 0sheireE 'oZntoZn 'oha Zill reYiYe hectares in the old commercial heart of the cit\ Elending traditional 4atari heritage and aesthetics Zith modern technolog\ &onstrXction Eegan in -anXar\ Zith phased completion schedXled EetZeen and

The change in strategy comes six years after the economic development boards in Caen, Rouen and Le Havre joined forces at MIPIM. They adopted an innovative and pioneering approach to regional marketing and took on the Normandy Avenue brand name.

Now the three Norman cities — still under the Normandy Avenue brand name — have decided to widen their partnership approach towards the Ile-de-France region and to be part of the Grand Paris Region Pavilion.

The presence of Normandy Avenue in the Grand Paris Region Pavilion is a symbol of how concrete the development of the Seine axis has become.

Country Of Honour status underlines Germanyâ&#x20AC;&#x2122;s economic resilience *ER0$1< is the &oXntr\ 2f HonoXr at this \earÂśs 0IPI0 proYiding the focXs for an oXtstanding programme of eYents ÂłBXo\ed E\ the strongest econom\ in the eXro]one *erman\ has Eeen particXlarl\ resilient in the

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cXrrent economic climate ´ said 0IPI0 director )ilippo Rean ³:e ZoXld like to acknoZledge this performance E\ pa\ing triEXte to the e[pertise and knoZhoZ of *erman professionals operating across the entire real

The model of Doha features prominently in the Qatar pavilion

estate sector $s lo\al 0IP0 attendees for man\ \ears *erman inYestors also participate actiYel\ in gloEalising the sector as some of the most d\namic pla\ers aZa\ from their home tXrf ´ Ref lecting this trend, leading *erman inYestment companies and ¿nancial institXtions Zill Ee Zelcomed to &annes *erman cities are also Zell represented this \ear, Zith Berlin, 'Xsseldorf, 0Xnich and StXttgart among those highlighting their continXing EXsiness attractiYeness

0eanZhile, a series of conferences Zill reYieZ the Eest inYestments in the coXntr\ and shoZcase sXccess stories inYolYing priYate pXElic co-operation *erman knoZledge of sXstainaEle constrXction Zill also Ee highlighted in the neZ BXilding InnoYation PaYilion )inall\, *erman proMects Zill Ee celeErated Zith a special categor\ in the 0IPI0 $Zards and tonightâ&#x20AC;&#x2122;s opening cocktail party Zill Ering a decidedly *erman Ă&#x20AC;aYoXr to the &arlton Hotel

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neWs Invitation to Tokyo BUSY programme has been arranged for MIPIM by the Tok yo Met ropo litan Government aimed at promoting the city to businesses looking for a foothold in Asia.

Millions of dollars have been invested in schemes to make Tokyo more inviting to multinational companies, including the creation of a Special Zone for Asian Headquarters.

As part of the scheme, a series of custom-made districts in Tokyo for companies to take their ¿rst steps into the region has been put in place.

As well as physical space these offer a host of incentives such as

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ta[ and ¿scal support and light regulation designed to ease the transition.

Tokyo Metropolitan Government senior director for policies Shigeru Watanabe said: “We worked out various strategies in order to make Tokyo more inviting. We have lots of new redevelopments, new buildings and incentives. Tokyo is one of the world’s biggest cities and it has a very large potential.”

Presentations are taking place every day from 11.00 to 12.00 and from 15.00 to 16.00 by the Tokyo Metropolitan Government, a series of private companies and the Japanese External Trade Organisation (JETRO).

Also being showcased is a string of new builds and improvement schemes in Tokyo.

The Tokyo Metropolitan Government is keen to highlight the Japanese capital as a key strategic location in Asia, a ¿ercely competitive region that includes Singapore and Hong Kong.

It says that among the bene¿ts of Tokyo as a city for an Asian headquarters are its high standards of security, excellent transport facilities, well-connected location and strong reputation as a centre of culture, science and business.

Tokyo Metropolitan Government senior director for policies Shigeru Watanabe

EUROPEAN REVENUE

Two-speed year for hotels W Hotel, London sold for €233m

ALMOST 6.8bn ($9bn) was invested in hotel property in

the five leading European countries last year continuing the recovery that began in 2010.

But it was a year of two halves for France, Germany, Italy, Spain and the UK, according to BNP Paribas Real Estate.

In the ¿rst half of 2011 investment volumes grew by more than 80% compared with the same period the year before. But in the second half — and especially the last quarter — levels were 31% lower than in 2010.

There was an overall increase in revenue per available room ranging from 3.5% to 8.9%.

The UK accounted for 49% of all investment, totalling

€3.3bn — up by 13%.

Among the most noteworthy transactions were the sale of the W Hotel for €233m and the sale of the Holiday Inn Mayfair for €181m.

London continued to boast the highest occupancy rate in Europe at 84.4% at the end of 2011, something that will continue in 2012 with the Olympics in town.

In France hotel investment was over €1.8bn in 2011, a 3% drop compared with 2010. But France is still one of the most dynamic markets in Europe.

In Germany the market was weak in the second half following a flying start with € 52m in the ¿rst half of the year.

Spain remained sluggish and Italy was very quiet.

Three towers are the Symbol of Istanbul

Three towers working as one: the Symbol in Esenyurt, Istanbul

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DEVELOPED by Karden, part of the large KRD Group, the Symbol is a triple-tower of¿ce, retail and residential complex located in the Esenyurt district of Istanbul.

Set in a fast-growing area, Symbol Istanbul’s dramatic architectural expression and facilities demonstrate and give reference to the area’s design future. The three tower blocks of 34, 38 and 42

storeys rise above the horizontal commercial unit. The 6,800-sq m roof of this unit is designed as the recreation area.

The of¿ce, residential, and commercial units aim to provide its users with high quality lifestyle.

On the lower Àoors, 4 commercial units are designed for both residents and the neighbourhood.

There are 1,242 apartments with

facilities including kindergarten, swimming pools, ¿tness, tennis, squash and cinema. Working, shopping, health and beauty, fun, art and sports units are designed to form a microcosm. The wellbalanced synergy of the buildings with a variety of different functions is designed to increase a sense of belonging within the community.

Come and visit us at MIPIM: stand Espace Riviera, R33.07

Based in Germany, our business is global.

Our investment focus? Prime real estate.

Does your real estate portfolio contain interesting properties in prime locations? Then why not come and talk to one of the top German investors? With managed real estate assets totalling some Euro 22 billion and a portfolio containing more than 449 properties in 25 countries across 5 continents, Deka Immobilien are the people you should be talking to.

Deka Immobilien GmbH www.deka-immobilien.de

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neWs IN BRIEF

GERMANY ‘STRONG AFTER CRISIS’ THE PRESIDENT of ZIA, the German Property Federation, said this year’s MIPIM will highlight the strong demand for real estate of all classes, across Germany.

ZIA president Dr Andreas Mattner said: “MIPIM, in combination with Germany’s Country Of Honour status, is attracting additional attention to our country. This will provide some tailwind for the German real estate economy.”

ZIA and Immobilien Zeitung ran a survey at the start of the year which found that the German real estate industry — where prices and rents are surging — had emerged strongly from the crisis. The report said that this was a broad-based rise, extending to rural and other areas, and not just the major cities.

It said the price increases were not symptomatic of a bubble, but mapped supply and demand.

SINO-SPANISH PARTNERSHIP SPANISH fashion giant Cortefiel has entered into a partnership with a UKChinese joint venture to kick-start a major drive into China.

Grupo Cortefiel, which owns various brands including Pedro del Hierro and Springfield, has plans to break into the Chinese market this autumn and is researching locations for stand-alone stores and shop-in-shops to be placed in shopping centres and department stores.

It has joined forces with ScarVic Retail Management, a joint venture between UK fund Scarborough Group and AVIC Trading, an offshoot of the Chinese state-owned company AVIC Group which owns the Rainbow department store chain.

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Mayor of Moscow sets out vision of the future for Russian capital OSCOW mayor Sergey Sobyanin has stressed the importance of this year’s MIPIM to the Russian delegation and has emphasised the key role the event plays in helping the Russian economy.

Looking ahead to the presentations, round tables and business meetings that Moscow will be hosting during the week, Sobyanin said: “For modern cities and particularly for large megalopolises such as Moscow, the construction and real estate arena is one of most important elements of sustainable development.

During recent years the real estate market in Moscow has been showing solid growth and high pro¿tability. According to many rating studies, the Russian capital is in a secure position, among forty of the most successfully developing world megalopolises in terms of attractiveness for living and for real-estate investment.”

Sobyanin also stressed the importance of balancing realestate growth with sustainable planning and he said that after a period of active growth in the city, the time had come to “create the conditions for less impetuous but more effective and stable advancement”.

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As a result, in the recentlyadopted ¿ve-year development programme for Moscow, compliance with environmental standards and preservation of the city’s historic heritage have been seen as priorities.

“At MIPIM, Moscow will present the latest investment projects, host round tables that will include participation from representatives from the Government of Moscow, plus experts and businesspeople at the Moscow stand,” he said. “The guidelines for investment, town planning and infrastructure development

in Moscow and opportunities for interaction between the Moscow authorities and business will be considered in the form of seven panel discussions.”

Moscow will also host an international investment conference under the banner Moscow Calling, which will include participation from the Moscow authorities, representatives of international businesses and French public institutions. Prospects for Moscow’s economy and issues relating to doing business in the Russian capital will also be discussed during the conference.

Mayor of Moscow Sergey Sobyanin

Presenting Russian luxury in Cannes LEADING Russian developer Donstroy presents two new projects at MIPIM — the elite clubhouse Smolensky De Luxe and the premium class residential complex Dolina Setun.

Dolina Setun is a stylish and luxurious complex with a total area of 110,000 sq m. The building is being built in a prestigious residential district of Western Moscow. Light and bright buildings are created in hazy, natural shades; facades are covered with genuine travertine and

decorated with garish ornamentation in an Art Deco style.

The Smolensky De Luxe clubhouse with a total area of 34,000 sq m is being built in the heart of Moscow, close to the famous Ministry of Foreign Affairs tower.

The facade is decorated with ¿ne stone carvings, emphasising the texture of the natural material.

The top Àoor, offering panoramic views of the city, features penthouses with spacious terraces and ¿replaces.

Dolina Setun: stylish and luxurious

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neWs MANCHESTER’S RELIANCE ON SCIENCE THE UK Government’s £50m ($79.3m) investment towards finding unique applications for graphene — the world’s thinnest material — is the focus of the Manchester At MIPIM Partnership’s first stand event at MIPIM this morning.

The presentation, called The Appliance Of Science, follows news that the UK’s research and development hub for graphene will be based at The University of Manchester.

The science and innovation theme continues this afternoon with a Fostering Innovation presentation

by Chris Oglesby of Bruntwood and Michael Ingall of Allied London.

It will look at examples of developments in Manchester in which governments, universities, hospitals and developers have created environments that nurture innovation.

INVITATION TO CATALONIA THE GOVERNMENT of Catalonia is using MIPIM as a platform to promote Barcelona as an ideal location for international businesses.

It is presenting the Barcelona Catalonia initiative jointly with the Barcelona City Council and the Catalan Land Institute (Incasol), showcasing a number of initiatives designed to boost the local economy and appeal to international investors.

A number of senior figures from the region are present on the stand, including Damia Calvet, secretary of territory for the Catalan government; and Josep Anton Grau, director of the Catalan Land Institute.

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Skolkovo City to be hub of Russia’s hi-tech revolution N AMBITIOUS city project to rival Silicon Valley is under way in Russia.

The Skolkovo City development, a major new urban environment, is being built with the most modern technology at its core and a brief to deliver world-class science, research and hi-tech innovation.

Scheduled to complete in 2015, it will include a university and numerous educational institutions, a technopark, apartments, a convention centre, various scienti¿c facilities and laboratories, and retail and public spaces.

Once fully populated, Skolkovo City will be home to some 45,000 people.

Leading the marketing for the development is the Skolkovo Innovation Centre, which is showcasing the project at MIPIM. It is also seeking potential development partners to take the

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The vision for Skolkovo, Russia’s answer to Silicon Valley

scheme forward to completion.

Skolkovo is part of a drive by the Russian government to become a world centre for new technology and to initiate a revolution similar to the one that gave birth to Silicon Valley in California at the beginning of the dot.com boom.

The government is also aiming

to make Skolkovo one of the world’s most sustainable cities, with a target of 50% of the energy it consumes to come from sustainable sources. Certain buildings have been designed to generate more energy than they consume, and vehicles with internal-combustion engines will be banned.

Clean bill of health for Montreal A MAJOR new health district will open in Montreal, Canada as part of an urban-planning development to build on the city’s Centre Hospitalier de l’Universite de Montreal (CHUM), which is the largest French-language teaching hospital in North America.

The 82,000-sq m project includes two eight-storey buildings, two

four-storey buildings, and also one 12-level construction, which will provide a bespoke environment for healthcare, life science and medical-technology companies.

The CHUM Research Centre will open its doors in 2013, while the new CHUM teaching hospital will be inaugurated in 2016.

The project is being run by the

Health check: the nine-year CHUM project will transform Montreal’s health provision

Collectif Sante Montreal, a consortium consisting of Innisfree Canada, Obrascon Huarte Lain and Laing O’Rourke Corporation. Its mission is to design, build, ¿nance and maintain the future CHUM. Two separate project construction phases will take place over a nine-year period, which started in 2011.

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Alfa Centrum strengthens Rockspring’s CEE portfolio Property bubble: the Soapworks in Salford, Manchester

CARLYLE DELIVERS FIRST PHASE OF SOAPWORKS THE CARLYLE Group and its joint-venture partners Nikal and Abstract Securities have completed the first phase of Soapworks, the former Colgate-Palmolive site in Salford, Manchester, UK. The Boilerhouse comprises 1,858 sq m of grade-A office space over four floors, offering contemporary office space within the building’s historic fabric. Upon completion of the entire scheme, the wider redevelopment will boast more than 37,161 sq m of office, retail and leisure space, and 1,200 on-site car-parking spaces. It will be one of the most diverse commercial offerings within Salford Quays.

BEST OF SWEDISH STYLE

Kevin Muscat: committed to CEE

REFLECTED IN KREJAREN KREJAREN is a mixed-use property located in the traditional area of Ostermalm, Sweden.

The green building-certified development, which contains 12,000 sq m of retail, office and residential properties, features three floors of commercial space, an underground floor connected to the subway station and apartments on the roof.

The design by Equator Stockholm features a cube with a facade in layers of black-and-white glass. The motif changes over the course of the day, disappearing completely in some lighting conditions and sometimes reflecting its surroundings with stark clarity.

Green is beautiful: the Krejaren project in Sweden

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OCKSPRING Property Invest- in Warsaw, a well-known of¿ce building ment Managers has acquired the in the heart of the Polish capital’s CBD; Alfa Centrum shopping centre, and Olympia Shopping Centre in Brno in located in the heart of Olsztyn, the Czech Republic, which was acquired Poland from Arka Property Funds. in a joint venture. Both these assets were The acquisition — made acquired on behalf on behalf of a separate of separate account account client — was ¿clients. nanced by German bank Kevin Muscat, asHelaba Landesbank Hessistant director of sen-Thu r ingen, which Rockspring, said: acted as sole arranger, “Alfa Cent r u m’s lender and agent. acquisition repreComprising 25,000 sq m sents Rockspring’s of retail space, Alfa Cenability to identify tr um’s tenants include best-in-class real H&M, Reser ved, New Kevin Muscat, est ate which, i n Yorker and a Helios ciline with our apnema. Situated adjacent Rockspring proach to investto the Kolobrzeska crossment th roughout roads with Chlopska, the Europe, will deliver centre attracts high footfall and has excel- the potential for both income and capital lent transport links. growth to our investors, underpinned by a The transaction follows a number of pur- stable cash Àow from acquisition.” chases by Rockspring in Central and Eas- Knight Frank acted for Rockspring in the tern Europe over recent months, including acquisition. Balmain Asset Management the Atrium International Business Center has been appointed as the asset manager.

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neWs Industrial & Logistics

CITYPOINT9 GAINS POWER SOURCE

Calais Premier offers UK super-gateway to Europe

CUSHMAN & Wakefield has successfully represented the landlord ConvergenCE in the lease negotiations with Power Source Energy Components for 500 sq m in Budapest’s Citypoint9 Warehouse and Business Center.

SEGRO OFFLOADS £80M PORTFOLIO

Segro’s Bilton Bracknell building

SEGRO, one of the leading European owner-managers and developers of industrial property, has sold a portfolio of five UK industrial estates to two property funds managed

by Ignis Asset Management for £80.2m ($127.2m).

The five estates that make up the portfolio are Trilogy, Fareham; Southern Cross Distribution Park, Southampton; Emersons Green, Bristol; Gatwick Gate, Crawley; and Motor Park, Portsmouth.

The sale comes as part of Segro’s new strategy to focus its UK multi-let industrial portfolio on London and the South East, and this disposal marks a positive step forward in the execution of these plans.

The five multi-let industrial estates in the portfolio provide a total lettable space of 74,734 sq m. The portfolio is currently fully let and has a weighted average unexpired lease term of 6.75 years to earliest expiry. The sale price represents a net initial yield of 6.3% or 7.0%, including the benefit of rent top-ups and guarantees.

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Big but low on energy: the projected motorway-rail distribution centre at Calais Premier

HE CALAIS Premier site is a major logistics project slated for the north of Paris, led by DCB International in partnership with the Calais Promotion development agency and designed by Lyon-based architects Soho Aurea.

Conceived as the continental gateway for the UK and located between Calais Port and the Chan-

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nel Tunnel, Calais Premier will be the first integrated motorway-railway hub capable of discharging a 500-metre train in 10 minutes.

The initial 220,000-sq m phase will involve the construction of two lowenergy consumption logistics buildings, plus 50,000 sq m of industrial parks and 11,000 sq m of of¿ce space. The ¿rst building is planned for 2013.

Logistics moves to the fore WITH its first-ever dedicated Logistics Pavilion and a focused confe-

rence programme, the industrial and logistics real-estate sectors are enjoying maximum exposure at MIPIM. “Industrial and logistics real estate is attracting more and more interest from industry professionals,” said MIPIM’s director Filippo Rean.

“This is why MIPIM 2012 is highlighting this growth business area.”

To identify emerging trends, MIPIM is staging a series of conferences scheduled for the ¿rst three days of the market.

Key speakers include Philip Dunne, president of ProLogis Europe; Ranald Hahn, managing director of GSE; and Rob Wilkinson, chief investment of¿cer at AEW Europe.

This year’s MIPIM Awards also reÀect the logistics industry with the introduction of a new category. The finalists include Distribution Park Dutra designed by Dupre Arquitetura (Brazil); Lavoisier, represented

by ASSAR Architects (Belgium); and the McLaren Production Centre, designed by Foster & Partners (UK).

For more information, visit the Industrial & Logistics Lounge on level 01, aisle 02.25 Daily cocktail open to all from 17.00

Budapest’s Citypoint9 Warehouse and Business Center

Citypoint9 — located on Gubacsi road, between the city centre and the M0 highway — offers a long-term rental solution for companies looking for a combination of office, showroom, warehouse or production area.

Power Source, which is to establish its headquarters in Budapest, signed a lease agreement for 358 sq m of storage and 139 sq m of office space. The decision to move to Budapest was reinforced by the location and the high standards of services and facilities offered by the business park.

Power Source is a global industrial distributor of fasteners, and electronic, machine and fabricated components for the power-generation market.

The US company is a new entrant to the Hungarian market.

Bahrain’s Leading Investment Location Bahrain Bay is the City’s innovative new waterside extension to the central financial district and the flagship development of Bahrain. Partnering with global world-class developers, hotels and occupiers, we are committed to delivering this leading mixed-use development to the highest of standards.

Visit us at MIPIM – Stand R32.03 Riviera Hall www.bahrainbay.com twitter.com/bahrainbay

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neWs Building Innovation

FLEXIBLE FUTURE FOR OFFICES

New headquarters wins award for sustainability

NEW TECHNOLOGY will continue to drive change in the way people work and the amount of office space they need, according to Jones Lang LaSalle (JLL).

Rafael Vinoly’s The Jazz At Lincoln Center complex in New York

SOUND ADVICE A FIRST-time MIPIM visitor is aiming to raise industry awareness of the importance of acoustics in building design. The Walters-Storyk Design Group (WSDG) has already worked with architects like Rafael Vinoly on the Jazz At Lincoln Center complex in New York and on Philippe Starck’s Faena Hotel in Buenos Aires.

“As leaders in the field of internal room acoustics, electro-acoustic design, and audio/ visual system design and integration we carry an important message to MIPIM 2012 attendees,” partner Sergio Molho said. “Acoustics are often an afterthought in building design and construction. Our experience has proven the earlier we are engaged on a project the more effective we can be in developing realistic, cost-effective, technically optimised solutions to the myriad of potential sound-related problems.”

WSDG’s multi-national team has collaborated on over 3,000 world-class projects. Their credentials include the Novartis Campus Master Auditorium in Basel with Frank Gehry; the Grand Hotel Dolder in Zurich with Norman Foster; Banco Macro in Buenos Aires with Cesar Pelli; the Airside Terminal at Zurich Airport with Nicholas Grimshaw and the CADMGAuditorium in Belo Horizonte, Brazil with Oscar Niemeyer.

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Award winner: Siemens’ Middle East HQ in Abu Dhabi

iemens’ Middle East headquarters in Abu Dhabi in the United Arab Emirates will be presented with the prestigious MIPIM Architectural Review Future Of¿ce Award this week in recognition of its low carbon credentials.

Designed by architects Sheppard Robson, the 20,000-sq m HQ in Masdar City is expected to set a new standard for sustainable of¿ce buildings in the Middle East.

Construction is scheduled to be completed by the end of 2012.

It is anticipated that it will be the ¿rst building of its kind in the region to achieve LEED Platinum status, which is one of the authoritative global benchmarks for sustainability in real estate.

The development’s ef¿cient and compact form has been devised by Siemens Real Estate and the architect, to use fewer materials

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and produce fewer carbon emissions than conventional buildings.

Key features include the facade which is conceived as a box within a box: an inner highlyinsulated, airtight facade designed to reduce thermal conductivity, and a lightweight aluminium external shading system that minimises solar gain while maximising daylight.

Meanwhile 4,500-sq m Àoors have been designed to cut the building materials used by 60% yet provide maximum Àexibility for of¿ce space planning.

The awards judges said: “This is a thorough investigation of the design of large Àoorplate space in an extreme climate, with a well explained proposition emerging.

The ambition for a LEED Platinum rating means the project will be followed by many designers and clients with great interest.”

Now in their 10th year, the awards celebrate innovation in architecture. Siemens and Sheppard Robson will receive the award at a ceremony on Wednesday.

MIPIM highlights innovation LAUNCHING this year, the MIPIM Building Innovation programme will place buildings centre stage by showcasing pioneering initiatives that enhance the value of real estate.

“To ensure a better return on their assets, investors today need to consider more than the purely ¿nancial management of their real estate holdings. The challenge is

to increase the pro¿tability of a building by focusing on both its intrinsic qualities – functionality, ease of use, sustainability — and overall ef¿ciency management,” said MIPIM director, Filippo Rean.

The Building Innovation pavilion will feature contributions from organisations such as Siemens, Lafarge, Icade and ventilation specialist, Flakt Woods.

For more information, visit the Building Innovation pavilion on level 01, aisle 02.04 Daily cocktail opened to all from 17.00

In its latest research JLL suggests that flexible space has become “the new normal” for corporate occupiers across Europe, while investors and developers aim to future-proof offices as far as possible.

The firm predicts that technological advances over the coming decade will include changes in electricity supply allowing completely wireless provision in offices.

Green technology is improving energy efficiency all the time while cloud computing is removing the need for costly fixed server space and support teams.

Bill Page, JLL’s EMEA research director, said: “Although the days of cubicles, cellular offices and being able to smoke at your desk are long gone, the office will remain an integral part of commerce.

Developments such as cloud computing, tablets and smart phones are impacting overall space requirements in office buildings, but offices won’t vanish at all as the need for collaborative space will increase.”

JLL believes the pace of change is not going to be as rapid as many commentators have predicted. The upfront cost of new technology is holding some occupiers back and there are concerns about reliability, security and data protection.

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neWs KEYNOTE SPEAKERS MIPIM delegates will have a unique opportunity to hear the views of a top institutional investor and an internationally respected analyst in a keynote address on Wednesday afternoon.

Jean-Michel Six, chief economist for Europe at Standard & Poor’s and Bernhard Berg, managing director of IVH Institutional Funds will share their thoughts and tips.

Filippo Rean, director of MIPIM, said: “For investors and developers, the main handicap is lack of visibility in the marketplace.

“By combining an external take on the economy with international expertise in real estate investment, we can provide concrete answers for the entire range of real estate professionals.”

PRAGUE FASHION OUTLET SALE COMMERCIAL property consultancy GVA is advising TK Developments and LMS Outlets on the sale of a fashion outlet site outside Prague.

The UK firm has been appointed to find potential investors for the scheme, the Fashion Arena Outlet Centre, 25 minutes to the east of Prague, which it has valued at 76.5m. It contains 109 units over a lettable area of 25,125 sq m.

Redevelopment is on track for Utrecht Central Station N I NT ENSI V E ref u rbish ment of Utrecht Central Station will redevelop it into a contemporary public transport terminal, while at the same time Hoog Catharijne shopping centre will be modernised, a new library will be built, and the old Vredenburg music centre is to be transformed into a Music Palace.

At the west of the station a new casino, a cinema complex and a hotel will be constructed, and water will again Àow in the Catharijnesingel canal.

Stationspein West will be extended and a square with of¿ces, restaurants, shopping and entertainment will be created, including 250,000 sq m of offices within the Utrecht Station Area and 25,000 sq m outside the station. About 19,000 sq m of retail space will be added to the Hoog Catharijne shopping centre.

New of¿ces for Rabobank were created last year, while the

A

ments will be completed between 2015 and 2018.The development is being carried out by the city of Utrecht and its partners NS Real Estate, ProRail (OV-terminal) and Corio (Hoog Catharijne).

On the waterfront: The multi-phase Utrecht project will include reinstating the canal

Manchester’s Airport City takes off

Among the brands already occupying the outlet are Next, Mango, Adidas, Nike and Tommy Hilfiger.

GVA chief executive Rob Bould said: “This is an outstanding investment opportunity given the country’s robust economic performance indicators and the nature of the Prague market which differs significantly from the rest of the Czech market”.

Off to a flying start: Airport City in Manchester, UK

20

Music Palace will open in 2013, the council offices will open in 2014, retail will be phased between 2013 and 2015 and the station terminal will be completed in 2016. Residential ele-

UK CHANCELLOR of the Exchequer, George Osborne, recently unveiled plans for the 659m ( 1.1bn) development of Airport City in Manchester.

The city will be the ¿rst of its kind in the UK. The 60-ha regeneration scheme will deliver over 464,515 sq m of new high-quality business premises.

The detailed masterplan created

by Manchester Airports Group (MAG), sets out a vision to transform Manchester Airport from a transport hub into an international business destination in its own right. When it becomes fully operational in April this year, it is estimated that the wider 116-ha Manchester Enterprise Zone will create up to 20,000 new jobs over the next 15 years.

Welcome to

the Tokyo Sushi Party!! on March 7th at 5:30PM~

Shigeru WATANABE

Takahiko RAIJO

Senior Director for Policies

Manager

Headquarters of the Governor of Tokyo

Mori Building Co., Ltd.

Miwako DATE

Chihiro ADACHI

Executive Managing Director

Project Leader

Mori Trust Co., Ltd.

Mitsui Fudosan Co., Ltd.

President

Mori Kanko Trust Co., Ltd.

Tatsuo NISHIMOTO

Yasuo TAKU

Deputy General Manager Area Planning Office Commercial Asset Development Department

Exective Officer Deputy Head of International Business Division

Sumitomo Realty & Development Co., Ltd.

Mitsubishi Estate Co., Ltd.

Alexandre GIRAUD

Yoshihiko KANAI

Overseas Sales Department, Advisor

Director of External Relations

Tokyu Livable, Inc.

Japan External Trade Organization (JETRO)

Be sure to attend the Tokyo Conference!

Tokyo's Special Zone for Asian Headquarters Headquarters of the Governor of Tokyo

Mori's Business Activities and Projects in Tokyo Mori Building

Mori Trustâ&#x20AC;&#x2122;s development policy and what our BCP is Mori Trust

Nihonbashi Revitalization Project ~Proceeding to Create While Retaining and Reviving~ Mitsui Fudosan

Sustainable Premier Place Making: Marunouchi Redevelopment Mitsubishi Estate

Overview of our business and new deveropment projects Sumitomo Realty & Development

The Tokyu Group Urban Vision: Entertainment City, Shibuya Tokyu Group

JETRO's Support and Services JETRO

Tue. March 6th

11:00AM - 12:00PM / 3:00PM - 4:00PM

Wed. March 7th

11:00AM - 12:00PM / 3:00PM - 4:00PM

Thu. March 8th

11:00AM - 12:00PM / 3:00PM - 4:00PM

mipim

neWs

La Part-Dieu projet, Lyon

Standard Life’s Svitlana Gubri

STANDARD LIFE AFFIRMS REAL ESTATE APPEAL GLOBAL fund manager Standard Life Investments has announced that its Global REIT Focus Fund (SICAV) has delivered a 101.2% return to investors over the last three years, beating its peer group mean return by 30.5% over the period.

As the best performing Global REIT Fund out of 49 peers over a three-year period, according to Morningstar Europe, the Standard Life Investments Global REIT Focus Fund has consistently outperformed over three and six months and one, two and three years.

Fund manager Svitlana Gubri said: “As we look forward, continued global economic recovery and progress towards resolution of the European sovereign debt crisis bodes well for global real estate. Real estate continues to offer investors attractive yields compared to alternative investment vehicles. The fund is well positioned to take advantage of the strength of real estate in the core prime locations, and better quality assets in supply constrained markets.”

Launched in January 2007, the Standard Life Investments Global REIT Focus Fund is a liquid real estate fund aimed at both UK institutional and retail investors. It invests primarily in REITs or securities and companies primarily engaged in real estate activities on a global basis.

24

Plans for regeneration will put Lyon in second place to Paris TOP-LEVEL delegation from Lyon is at MIPIM to promote the French city as a major business alternative to Paris.

Lyon’s La Part-Dieu is the leading French business district second to Paris-La Defense. More than 2,200 companies with their 40,000 employees occupy close to one million sq m and demand for of¿ce is steady. With the district close to saturation in 2007, it was decided to de¿ne an innovative planning strategy by renovating and developing La Part-Dieu

A

into a lifestyle district.

“As a key event in the urban development and real estate industry calendar, MIPIM is the perfect place to launch projects, negotiate and sign deals,” said Gerard Collomb, president of Greater Lyon, who is behind this new model of city regeneration and who will be presenting the La Part-Dieu development project in Cannes on Wednesday at 14:30. “We want to make La Part-Dieu a “great metropolitan hub competing even with Paris”.

Lyon Par t-Dieu will have 650,000 sq m of additional of¿ce

space — a 60% increase to a total of 1.5 million sq m. New innovative of¿ce buildings will be completed between 2013 and 2016, including Incity Tower, Sky 56, Silex 1, and Better Environment Building. The Part-Dieu shopping mall, the biggest city-centre shopping mall in Europe, will be regenerated and a hanging garden will be placed on Les Halles building, while streets around the railway station will be redesigned to create more sympathetic surroundings. An international railway station will be built beneath the existing TGV railway station.

NAI First signs on to Oslo scheme

Gardermoen Business Park

BERGMOEN has appointed real estate ¿rm NAI First Partners to oversee the marketing and leasing of its Gardermoen Business Park project in South East Norway, it was announced this week.

The Norwegian developer has instructed Oslo-based NAI First Partners, part of the internatio-

nal NAI Global group, to implement a leasing strategy for the scheme, which is in construction on a 100-hectare site ¿ve minutes from Oslo Airport.

Once completed it will be made up of some 800,000 sq m of mixed-use space, to include of¿ce, commercial and logistics real estate.

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mipim

neWs RE-INVEST EXAMINES FUTURE OF FUNDS

The penthouse of One Hyde Park was sold for a UK record £140m ($221m)

MIPIM today launches RE-Invest, a summit that brings together leading institutional property investors from around the world.

Around 40 investors from pension funds, sovereign wealth funds and insurance companies will take part in the event, including GIC from Singapore, Teacher Retirement System of Texas in the US, MN Services from the Netherlands, the Swedish National Pension Fund AP1 and the Dutch Railway Pension Fund SPF. The central theme will be the future of fund management and whether there is a need for a new model.

Filippo Rean, director of MIPIM, said: “For the first time at MIPIM, a wideranging event will enable international institutional investors to meet and discuss the issues that are specific to them.”

Among the 60 conferences scheduled at MIPIM this year, many will examine investment-related issues.

These include several that will look in detail at opportunities in Asia.

PROFIT UP FOR BNP PARIBAS BNP PARIBAS Real Estate has announced a strong set of results for 2011, with turnover up 6% to €658 m ($868m) and an 11% rise in operating profit to €156m.

The results buck the challenging market conditions and, while BNP Paribas Real Estate predicts that 2012 will be a more complex year, it remains confident that the increasingly strong relationship between the various real-estate businesses and parent bank BNP Paribas will reinforce its market position.

26

Strong revival pushes London property values to record high ONDON’s prime residential property market is enjoying a boom that has pushed prices to a record high.

Prices for prime central London property have risen 11.6% over the past 12 months, according to Knight Frank. In February alone, the increase was 0.7%. Prices have risen 43% from their post-Lehman collapse low-point in March 2009 and are 8.9% higher than their previous peak in March 2008.

Liam Bailey, Knight Frank’s head of residential research, said: “This has been a very strong upturn.

The rationale for the revival has

L

been well rehearsed: weak pound, plus capital Àight, plus rising global wealth, minus thin supply, equals rampant price inÀation.

“A careful examination of transactional market data con¿rms that the process seems set to deliver further growth, at least in the short term.”

In January and February Italian purchasers became the biggest foreign-purchaser group, accounting for 8% of all buys, replacing the Russians, who have held this position for several years.

The number of potential buyers registering has risen by 15% in the past year while, in the £5m-

plus ($7.9m) bracket, there has been a 26% increase.

While supply is 10% higher, it is not keeping pace with demand.

However, the £5m-plus sector supply — up 34% over the past year — is beginning to run ahead of demand.

Strong demand has pushed up sales volumes (measured as sold subject to contract) by 85% over the year. This is feeding through to exchanges, which are up by 43% year on year.

“We forecast last October that prime central London prices would rise by 5% in 2012,” Bailey said.

Five-star performance from RTKL T H E I N T E R N AT I O N A L Property Awards, held in Dubai at the end of last year, saw the multi-professional global design firm RTKL honoured for two mixed-use projects: the Sandton City project in Johannesburg and the Baraya development in Qatar.

Sandton City, which received a five-star award for Best Mixed Use Architecture in Africa, is a scheme to revitalise the popular Johannesburg landmark. The sixphase programme, driven by Liberty Life Properties, will add 14,000 sq m of new retail, of¿ce and residential

space, providing shelter and shade.

Once completed, Sandton City will cover 310,000 sq m.

One Liberty Tower is on track to be the tallest building in Africa, as well as South Africa’s first ecological tall building. An innovative amenity deck will provide public space beneath a rippling architectural veil that connects to the other buildings in the project, Scheduled to open in 2014, Baraya was designed by RTKL and developed by Barwa Al-Doha. It will provide 330,000 sq m of retail, hospitality and entertainment space in

a pedestrian-friendly, sustainable area in the old city of Doha. The development received a commendation at the Awards.

Sandton City: winner of the 2011 International Property Award for Best Mixed Use Architecture in Africa

mipim

neWs French rugby set to choose from pitches HE FRENCH Rugby Federation (FFR) will this June select the site for its new stadium, to be completed by 2017. Among the finalists is the Thiais Orly Rugby project supported by the cities of Thiais, Orly, Rungis and Chevilly-Larue, Val de Marne region and Orly Rungis-Seine Amont regional authorities. The many urban and economic challenges facing the project are presented at MIPIM. Located close to Orly airport and bene¿ting from good transport links, the Thiais Orly Rugby project involves a stadium with a 15-ha urban park, retail, offices, housing, restaurants

T

and a congress centre. The plan also includes a Cite de la Gastronomie, reÀecting the region’s culinary reputation as home to Rungis, the world’s largest foodmarket. The stadium itself will have a capacity of 82,000 seats, 5,000 further VIP seats, 120 coach parking places and 3,600 car parking places. “Sports surroundings should always be integrated within the urban fabric.

A sport stadium should live 12 months a year and be a place to celebrate where sportsmen and sportswomen could mix with business people and artists,” said Christian de Portzamparc, the architect in charge of the project.

France and India

Urban projects on show REAL estate professionals will be able to examine some of the best plans for cities and urban neighbourhoods from around the world at MIPIM this year. These large-scale designs will be brought together and showcased in a single collection at the market.

The projects include: Europa City, France

s %UROPA #ITY &RANCE

This is a cultural zone comprising circus space, concert halls, art exhibition space, plus eating outlets and residences. The 80-ha project will be a new hub for economic, social and cultural growth situated in the northeast of Greater Paris. The developer is Groupe Auchan and the scheme is masterplanned by Immochan.

Primanti, India

s 0RIMANTI )NDIA

Primanti is a new residential district in Gurgaon, southeast of New Delhi. Designed

by Kohn Pedersen Fox and developed by Tata Housing Development, it will create 1,060 housing units spread over a series of distinct areas including parks and urban spaces.

The Thiais Orly Rubgy project near Paris

Nicaragua resort plans revised GRUPO Mariana, the Nicaragua-based company developing the Seaside Mariana oceanfront community, has revamped its masterplan to focus on six individual neighbourhoods set on 380 ha with over one mile of

28

pristine Pacific Ocean beach.

The community now includes low-rise condominiums, town homes and private bungalows in addition to the individual home sites and golf villas featured in the original plan. Still

an integral part of Seaside Mariana is a Jack Nicklaus signature golf course, El Madrono, and Plumeria, a spa and health club.

Future plans for growth of the Seaside Mariana oceanfront

community also include a recently announced franchise agreement with Wyndham Hotels and Resorts for a $30m ( 22.7m) 330-room resort and casino within the community’s town centre.

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Looking ahead.

Germany Country of Honour 2012 WE WOULD LIKE TO THANK OUR SUPPORTERS:

MIPIM速 is a registered trademark of Reed MIDEM. All rights reserved.

6-9 MARCH

2 01 2 Cannes

Palais des Festivals w w w. m i p i m . c o m

CONTACT: Claudia Roehl - +49 30-280 18 555 - mipim@runze-casper.de

Š Yuri Arcurs

City of Munich

mipim

neWs Basel bank reforms to bear fruit for Rowan

Aldwych House, London

HE BASEL III regulations are forcing banks to bring more property assets to the market, according to specialist asset manager Rowan Asset Management. In Germany, Rowan is looking for income-based opportunities, likely to be through working alongside banks to help them manage assets.

Founder and chief executive Nick Jacobs said: “I believe the outlook for German property remains strong, however it is presently held back by uncertainty surrounding the Euro and lack of new credit. However, this might change if new investors, particularly those from the Far East, enter the market.”

Rowan has also just completed a debt re¿nancing on one its Ger-

T

man retail portfolios allocating €9m ($11.9m) for investors. It also completed a B note purchase of its debt.

And in the UK Rowan recently bought Aldwych House, in the heart of London’s Midtown district, for $120m, in partnership with GI Partners and Taurus.

Jacobs said: “This increasing concentration on London-based assets is driven by the improving strength and resilience of London as a global city especially when compared to its European counterparts, and greater liquidity in this market.”

Rowan also continues to see good value in UK assets outside of London, and it is is presently looking to structure a £150m fund holding a large number of regional assets.

Banks sell off loans to cut property exposure CBRE expects to see banks across Europe continue to sell packages of commercial real estate loans in 2012 as lenders start to streamline the process for reducing their exposure to property.

32

In 2011, CBRE recorded the completion of more than 20 loan sales

by European banks, representing over €20bn ($26bn) of real estate debt. At least a further €13bn has also been placed on the market.

PUERTO VENECIA

Inditex endorses Puerto Venecia EUROFUND Investments Zaragoza, a joint venture between British Land and Orion Capital Managers, has signed a deal with Spanish fashion giant Inditex to trade all of its brands from 6,500 sq m of space within the 127,276-sq m second phase of Europe’s largest retail and leisure destination; Puerto Venecia in Zaragoza, Spain.

The total amount of space let or under offer at Puerto Venecia’s second phase, which is scheduled to open in autumn 2012, has now reached 75% by Àoor area.

Spanish department store El Corte Ingles and Primark have committed to anchor the fashion mall with 39,000 sq m and 6,534 sq m stores.

Other pre-lets include Desigual in 1,280 sq m, H&M

in 1,953 sq m and Mango in 446 sq m.

The leisure area will comprise restaurants, cafes and bars centred around a 10,000-sq m canal and lake with a 4,300-sq m Cinesa cinema, family entertainment centre, games and a host of leisure attractions.

Stephen Smith, chief investment of¿cer for British Land, said: “This is a tremendous commitment by one of the world’s biggest fashion retailers and demonstrates Inditex’s high level of con¿dence in both the fundamentals of this landmark regional scheme and in our ability to successfully deliver and operate it.”

Letting agents for the scheme are Cushman & Wakefield and CBRE.

PuertoVenecia2_HD.JPG

CBRE’s debt advisory team itself saw a threefold increase in loan sale mandates across Europe last year, with the majority of instructions originating in the UK and Ireland. And it expects more lending institutions across Europe, Middle East and Africa to reduce their exposure via this method in 2012.

Natale Giostra, head of UK & EMEA debt advisory at CBRE, said: “Banks now recognise that, in many cases, loan sales are the most effective way of dimi-

nishing their balance sheet leverage and exposure to real estate.

In 2011 we saw this reÀected in an increasing number of loans brought to the market by a wide variety of institutions. We expect loans sales in EMEA this year to reach at least the same levels as 2012. Loan sales are a quicker solution for banks than asset level work outs and buyers generally have teams in place with demonstrable expertise in successfully completing asset level work outs.”

mipim

neWs IDEC Patrice Lafargue, CEO of the IDEC Group

KwaZulu-Natal plays key role in South Africa growth WAZULU-Natal has emerged as a major contributor to South Africa’s growing economy. Its favourable business environment has made the province a sound investment destination for investors from around the world.

With two of Africa’s busiest ports, and worldclass road and rail infrastructure, it is a global gateway for trade into Southern Africa and to the world.

KwaZulu-Natal offers investors low land and building costs. Its strategic location and advanced property development sector ensure a competitive edge for both local and foreign investors.

There are opportunities in developments

K GROUP IDEC HAS FULL MIPIM AGENDA “WE TESTED MIPIM several years ago with one stand, and decided it is time for us to be back this year as we want to highlight the group’s new ambitions and major projects,” said Patrice Lafargue, CEO of the IDEC Group. Created 10 years ago, IDEC is now a company involved in all aspects of the real estate industries. It works as developer, investor, contractor and its portfolio goes from logistics to retail as well as residential or office buildings.

of hotels, of¿ce parks, holiday apartments, game reserves, residential estates, shopping centres, beach resorts, rehabilitation of small towns, theme parks and mixed-use structures.

Trade & Investment KZN, the government’s provincial trade and investment promotion agency, is mandated to facilitate these opportunities on behalf of community, private and government owners.

It offers investors comprehensive support including reliable information on sound investment opportunities and infrastructure; facilitation of joint ventures and business links between small and big businesses; and assistance with applications for business permits.

“IDEC is increasingly developing its business in the residential and retail real estate sectors. We want to reduce the weight of logistics as a percentage of our activity but not in value, and increase the share of residential and retail real estate projects,” Lafargue added.

Among the retail real estate projects developed by IDEC and highlighted at MIPIM is the 30,000-sq m L’Arena shopping centre in Angers, another in Bourges and one in the Essonnes region. A major residential and mixed-use project also at MIPIM is the 180,000-sq m Parc de Wissous mixed-use programme, including logistics, office space and hotels, which is due to open early in 2013.

The project on the Deauville peninsula in Normandy with 200 apartments will be delivered within the next two years.

“We also have international ambitions since we accompany the investment projects of our clients,” said Lafargue, who is also using MIPIM to launch a new real estate internet tool called investironline. com.

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KwaZulu-Natal is home to two of Africa’s busiest ports

Russian investment breaks records RUSSIA saw record commercial real estate investment volumes in 2011, according to CBRE. During the year, transactions grew to €4.55bn ($6bn), which was double the €2.28bn in 2010 and 1.5 times higher than in 2008, the previous record year.

There were 43 investment deals last year compared

to 27 in 2010 and 50 in 2008. The average deal size was approximately €105.6m, which compares with an average deal size of €71m in 2008.

Director of research Christopher Peters said: “For the first time in a few years, retail attracted the largest interest from investors, driven by the Galleria

shopping centre transaction for a reported €840m in December. Foreign investors became significantly more active than in previous years, though domestic investors have accounted for the majority of the market since the onset of the financial crisis. Yields in all sectors fell compared with 12 months ago.”

International site with high return

Sources: AWA 2011, AGOF Internet Facts 2011-09

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neWs MIPIM pavilion hosts

Qatar Urban Forum ATAR is centre stage at this year’s MIPIM, occupying a landmark national pavilion outside the Palais — which is not only a ¿rst for the country but is also the ¿rst such double-height structure seen at MIPIM. The Qatar Pavilion, organised

by Msheireb Properties, Qatari Diar, and Lusail Real Estate Development Company, will also be the venue for the inaugural Qatar Urban Forum, a new platform that aims to address the most pressing issues surrounding urban development. The Forum will also demonstrate Qatar’s commitment to establishing itself as a thought leader in sustainable development.

The chosen theme for the Forum will be Sustainable Architecture

Q

36

And Urban Development. Invited speakers include the British architect Lord Rogers; RIBA president Angela Brady; Malaysian architect Ken Yeang, best known for advancing green design; and Italian architect Massimiliano Fuksas.

Eng. Issa M. Al Mohannadi, CEO of Msheireb Properties, said: “Qatar Pavilion is one of the very ¿rst national pavilions to be staged at MIPIM, and we look forward to further awareness of brand Qatar on the real estate international platform.

“The presence of Msheireb Properties last year attracted thousands of visitors who were impressed by the company’s architectural vision for a future Doha. This year we aim to share the signi¿cant progress we have made over the past year with all

those participating at MIPIM. Given the pioneering work we are currently undertaking in this field, we believe that we have a significant contribution to make in terms of sharing our knowledge and experience with the industry.”

mipim

prologis.com

Montpellier showcases major urban projects HE AUTHORITIES of Montpellier are at MIPIM to present major projects that will shape the future of the city by 2020.

One of the key schemes is De Montpellier a la mer — designed

by French urbanist Bernard Reichen and winner of the national EcoCite label for urban sustainability. The mixed-use project extends to 2,500 ha, and sustainable use of water will introduce a new relationship between the city and nature, working on a more eco-friendly approach to movement, energy and the every day life of inhabitants.

The new business district close to the TGV railway station is another ambitious development to be unveiled at a showcase event on Wednesday morning.

The Gare TGV district is located partly in the city of Montpellier territory, partly in the nearby city of Lattes and covers

© Reichen & Robert Associés

T

an area of 350 ha, of which 200 ha is planned for construction.

The new railway station is planned to be delivered in 2017 to coincide with the enlargement of the autoroute A9 which will transform the autoroute into an urban boulevard serving the Odysseum district in the north and the Gare TGV district in the south. In the future, the business district will become a third major hub for the city of Montpellier with more than 300,000 sq m of of¿ce space as well as 4,000 to 5,000 residential units plus retail, entertainment and hotel facilities. Montpellier Agglomeration is investing €100m ($131.98m) in the project over ¿ve years (€8.5m in 2012) which will cost a total of €2bn. Three candidates have been selected

by Montpellier Agglomeration to work on the project: Kees Christiaanse, Christian de Portzamparc and Daniel Libeskind.

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With strategic logistics sites worldwide, you can rely on us to provide the facility you need in the place you want to be.

© Reichen & Robert Associés

Prologis is a leading provider of distribution buildings with over 55 million square metres owned and under management in 22 countries on four continents.

Your Y o our local partner to global trade Artist impressions of De Montpellier a la mer

37

MIPIM CONFERENCES & EVENTS Germany Country of Honour

Territories’ opportunities

Cities, Infrastructure & Sports

Finance & Investment Investors’ Programme

Industrial & logistics

Hotel, Tourism & Leisure

Focus by sectors

Events

Building Innovation

TUESDAY 6 MARCH 8.30 10.00

Japan Breakfast Real Estate Investment Opportunities in Times of Crisis - Are there lessons to be learned from Japan’s financial crisis in 1997/98?

By invitation only

13.00 14.30 14.00 17.00

Investors’ Lunch MAJESTIC HOTEL

By invitation only Sponsored by IDeA FIMIT and Zorlu

HTL Presentations “Tourism and leisure projects” HTL LOUNGE

MAJESTIC HOTEL

RE-Invest - The MIPIM real estate investors’ Summit “What is the future of fund management and is there a need for a new model?”

9.30 12.30

By invitation only, followed by lunch In partnership with IPE, KPMG and Financial Times VERRIÈRE CALIFORNIE

First Timers’ meeting Followed by a coffee break

AUDITORIUM K

Asia: Business hub of choice

10.00 11.00

Co-organiser: fDi Intelligence HOBAN

10.00 11.00

Turkey’s REIT sector: an iceberg in Europe Co-organiser: Reidin

AUDITORIUM A

14.30 15.00

AUDITORIUM A

14.30 15.30 14.30 15.30 14.30 15.30

More to come from Poland’s investment market Co-organiser: CiJ - Sponsored by Cushman & Wakefield

HOBAN

UK: still the favourite destination for international investors?

Co-organiser: IPD

LE CORBUSIER

Challenges facing medium size European cities Co-organiser: Property EU

GAUDI

The USA in 2012 a perfect storm of investment factors

15.00 16.00

AUDITORIUM A

Markets, malls and main streets - where is the future of European retail investment?

10.00 11.00

Co organiser: IPD

LE CORBUSIER

10.00 France: how to refurbish the existing stock?

11.00 GAUDI Co-organiser: Les Echos 10.30 12.00 11.00 13.00 11.00 15.30

PISANO

Building Innovation: Case studies & dialogues between...

HTL Presentations “Tourism and leisure projects” HTL LOUNGE

Qatar Urban Forum Sustainability, Energy and Green Development QATAR PAVILION, PALM HALL

PISANO

17.00 18.00

PISANO

15.00 16.00

VIP LOUNGE

16.00 17.00

Industrial & Logistics Cocktail

Investors’ Power Meetings: Indirect investment Pre-registration required

German local authorities: cooperation models with investors and private partners AUDITORIUM A

Co-organiser: ZIA

CEE investment: where is the finance coming from and under what conditions?

Co-organiser: Europa Property

HOBAN

China: investment diversification

11.30 12.30

Co-organiser: Cushman & Wakefield HOBAN

11.30 12.30

Industrial & Logistics pitching sessions Southern Europe

15.00 17.00

16.00 17.00

Co-organiser: Real Capital Analytics

Russian real estate market in 2012: highlights and forecasts AUDITORIUM A

Co-organiser: Vedomosti

Trends and evolution of the logistics real estate market

11.30 12.30

GAUDI

Co-organiser: SITL EUROPE and afilog

12.30 13.00

GAUDI

Link-In Industrial & Logistics “Meet the key players”

16.00 17.00 16.00 17.00

Are we too broke for sustainability?

LE CORBUSIER

Co-organiser: BPF

Surviving in a challenging climate: getting to grips with investment risks GAUDI

Co-organiser: IPD

Investors’ Power Meetings: Direct investment

16.30 17.30

VIP LOUNGE

Pre-registration required

17.00 18.00

HTL LOUNGE

Hotel, Tourism & Leisure Cocktail reception

Asia Lunch By invitation only

12.30 14.30

Sponsored by:

City of Chongqing

19.30

CARLTON HOTEL

MIPIM Opening Cocktail

MAJESTIC BEACH

Green topics are marked by the Reed MIDEM Going Green® Logo

Access to MIPIM 2012 conferences is free of charge for all registered delegates, within the limit of space available.

Programme as of 2nd March 2012. All information contained in this programme may be subject to change.

MIPIM® is a registered trademark of Reed MIDEM - All rights reserved.

10.00 11.00

2012: London’s year of opportunity Keynote address by Sir Edward Lister, Chief of Staff and Deputy Mayor of London, Greater London Authority

CLIENT CONFERENCES & EVENTS QATAR URBAN FORUM « SUSTAINABILITY, ENERGY AND GREEN DEVELOPMENTS » Organiser: Msheireb Properties

10.00 > 12.00 I Stand R31.23

PETIT DÉJEUNER D’ACCUEIL Organiser: Marseille Métropole

10.30 > 12.30 I Stand H4.18

START IN THE TRADE FAIR DAY: STUTTGART BRUNCH Organiser: Stuttgart

15.00 > 15.30 I Agora room, Level 01 – Aisle 01

RUSSIAN RETAIL PROPERTY DEVELOPERS – ON THE BRINK OF CHANGE? Organiser: Regions Group

15.00 > 15.45 I Stand 21.14 / 23.11 / 25.07

COCKTAIL – SMART CHOICE Organiser: City of Helsinki

15.30 > 16.00 I Agora room, Level 01 – Aisle 01

COCKTAIL - RUSSIAN RETAIL PROPERTY DEVELOPERS ON THE BRINK OF CHANGE?

10.45 > 11.00 I Stand B1.00

Organiser : Regions Development

THE APPLIANCE OF SCIENCE

15.00 > 16.00 I Stand R33.24

Organiser: Manchester

TOKYO, THE BUSINESS PORTAL OF ASIA

11.00 > 12.00 I Stand 12.16

Organiser: Tokyo Metropolitan Government

BC «FELICITA» IN HISTORICAL PLACE OF SAINTPETERSBURG Organiser: FELICITA LLC

11.00 > 12.00 I Agora room, Level 01 - Aisle 01

THE EUROASIAN CROSSROADS: PRESENTATION OF INVESTMENT PROJECT « CONSTRUCTION OF A TRANSPORT AND LOGISTICS CENTER IN ASTRAKHAN (RUSSIA) » Organiser: The Astrakhan City Administration

11.00 > 12.00 I Stand R33.24

TOKYO, THE BUSINESS PORTAL OF ASIA Organiser: Tokyo Metropolitan Government

11.30 > 12.00 I Stand R33.07

OFFICIAL OPENING OF THE JOINT STAND WITHIN THE SCOPE OF “GERMANY COUNTRY OF HONOR 2012” Organiser: Frankfurt RheinMain

12.00 > 13.00 I Agora room, Level 01 - Aisle 01

VTB ARENA’S PRESENTATION Organiser: VTB ARENA

13.00 > 14.00 I Agora room, Level 01 - Aisle 01

INNOVATIVE ENGINEERING SOLUTIONS FOR RUSSIAN URBAN ANDTRANSPORT INFRASTRUCTURE DEVELOPMENT Organiser: EcoProg Ltd.

13.00 > 14.30 I Gray d’Albion Hotel, Salon Quatre Saisons

BUSINESS LUNCH POLAND - CITY OF LODZ By invitation only - Organiser: The City of Lodz

14.00 > 17.00 I Auditorium G, Level 3

NEW MARKETS, NEW SOLUTIONS, NEW GLOBAL INVESTORS Organiser: FIABCI

14.00 > 17.00 I Sea Breeze, stand RB.01

SERIES OF PRESENTATIONS : « THE SKOLKOVO INVESTMENT MARATHON ». CONSECUTIVE PRESENTATION BY ODAS DIRECTORS OF ALL THE PLANNING AREAS OF THE INNOVATION CENTRE.

15.45 > 16.00 I Stand B1.00

FOSTERING INNOVATION Organiser: Manchester

16.00 > 16.45 I Stand 21.14 / 23.11 / 25.07

COCKTAIL - SMART LIVING AND BUSINESS Organiser: City of Espoo

16.00 > 17.00 I Agora room, Level 01 – Aisle 01

SUSTAINABLE ENTREPRENEURSHIP IN REAL ESTATE: A CHALLENGING OPPORTUNITY Organiser: Flanders Ghent development group

16.30 > 17.30 I Stand H4.28

HAPPY HOUR Organiser: Berlin

17.00 > 17.20 I Stand H4.18

THE «MILANEO» - A MAIN CONTRIBUTION TO THE NEW EUROPE CITY QUARTER OF STUTTGART Organiser: Stuttgart

17.00 > 18.00 I Stand 21.14 / 23.11 / 25.07

COCKTAIL - HOME OF THE HELSINKI AIRPORT CONNECTING EAST AND WEST Organiser: City of Vantaa

17.00 > 18.00 I Agora room, Level 01 - Aisle 01

ULIANOVSK REGION’S PRESENTATION Organiser: Ulianovsk Region

17.00 > 18.00 I Stand R31.23

LE STADE VÉLODROME ET SON PROJET URBAIN Organiser : Marseille Métropole

17.00 > 18.30 I Stand H4.18

END OF THE TRADE FAIR DAY IN THE SETTING SUN: STUTTGART SUNDOWNER Organiser: Stuttgart

17.40 > 18.00 I Stand H4.18

STUTTGART – DYNAMIC. INNOVATIVE. SUSTAINABLE

Organiser: SKOLKOVO

Organiser: Stuttgart

14.30 > 15.30 I Auditorium J, Level 4

18.00 > 19.00 I Agora room, Level 01 - Aisle 01

INVESTMENTS 2012: KEEPING THE PAGE OF GROWTH. WHAT LIES AHEAD FOR THE RUSSIAN REAL ESTATE MARKET?

BC «FELICITA» IN HISTORICAL PLACE OF SAINT-PETERSBURG Organiser: FELICITA LLC

By invitation only - Organiser: The Moscow Times

15.00 > 15.30 I Stand H4.28

21.30 > 02.00 I JW Marriott Hotel

WELCOME

CEEQA@MIPIM

Organiser: Berlin

By invitation only - Organiser: CEEQA

MIPIM® is a registered trademark of Reed MIDEM - All rights reserved.

9.00 > 19.00 I PALM HALL, Stand Palm.01

neWs INTELLIGENT THINKING UK PROPERTY specialist GL Hearn has chosen MIPIM to unveil its new Combined Intelligence strategy. This new approach follows a year of research and investment in new services. It brings together the company’s specialist skills to offer practical solutions that unlock opportunities to deliver better results.

The focus of Combined Intelligence seeks to challenge the ‘silo’ approach to service provision and to encourage small, multi-disciplinary teams to think of clients’ specific requirements in a wider commercial context. The ethos is based on considering the life cycle of property with the understanding that consultants can become involved at any point in that cycle.

GL Hearn also co-sponsors a breakfast on Wednesday with the British Property Federation and Reed MIDEM UK.

40

All together now for key Czech cites and regions H E T H R EE biggest Czech cities — Prague, Brno and Ostrava — are again taking a joint stand at MIPIM after their successful joint debut at last year’s event. The region of Moravia-Silesia is also present in Cannes.

In addition, multinational investors and developers — including CTP, Multi Development and RPG Real Estate — are co-exhibiting at the Czech cities and regions’ stand.

The delegation from the Czech Republic is showcasing a wide variety of projects, including the Ostrava Science and Technology Park, and the International Clinical Research Center (FNUSA – ICRC) and the Central European Institute of Technology

T

(CEITEC) which is in Brno.

The IT4Innovations project, which aims to create an IT research infrastructure in the Moravian–Silesian region, is also on the agenda.

Other highlights include a panel discussion entitled The Czech Republic: The Dynamic Hub Of Central Europe, which will examine the country’s potential to become the regional centre for development projects with higher added value, such as innovation centres for science, research, biotechnology, biomedicine and the information technologies.

The infrastructure of the Czech Republic is developing rapidly in order to meet the gowing needs of these and future projects.

URBAN REVAMP FOR SAO PAULO AN AREA in the heart of Brazil’s Sao Paulo city centre covering 50 ha is the stage for an innovative urban-renewal initiative.

The development is planned by the Sao Paulo Municipality in alliance with the Nova Luz Consortium — a group composed of local and international organisations and the community.

The Nova Luz Project aims to redesign an economically important part of city in a sustainable way. This will involve renovating historic buildings and constructing new homes, offices and shops. Public spaces will be transformed with new green and leisure areas.

The public bid for the urban concession will open in the second half of 2012. The implementation of the project is scheduled to begin in the first half of 2013.

mipim

Yoo breathes new lifestyle into resi E SELL lifestyles. The design and the brand are the catalysts.”

It’s a statement you might hear from a marketing consultant, fashion designer or luxury carmaker. But John Hitchcox is a property man through and through. He is the founder of Yoo, the branding and design ¿rm for the residential property world that works with developers to help them take their buildings well beyond bricks and mortar.

“If you look at the hotel industry, it’s rife with brands,” Hitchcox added. “We’ve taken that model and the concept of working with designers all around the world.”

With projects in 38 countries and a growing presence in the emerging markets, Yoo’s is clearly a concept that travels well.

The latest example is a joint ven-

“W

ture in Berlin with Peach Property Group. The project — Yoo Berlin — is all about lifestyles.

The new apartment block is the vision of Berlin designer Eike Becker, who set out to marry the historic splendour of his city with its new artistic vibrancy.

When it came to the interior, he looked to Yoo to carry on the vision. The result is a modern residential space in a 10-storey buil-

Yoo founder John Hitchcox (left) and Philippe Starck

ding on Berlin’s trendy riverfront.

Not only does it ooze style, but it serves an important function: Berlin is trying to encourage the thousands of young but afÀuent professionals who are Àocking to Europe’s coolest city to become homeowners.

Yoo Berlin is a sign that developers need to sell the right lifestyle if they are going to get the right buyers.

But it’s not just about attracting the right customers — developers can make their investment go further if they can make a brand out of their property.

Hitchcox said: “The popularity of Yoo isn’t just down to the design or the aspirational nature of having a brand attached to your development. It’s also about the cash value Yoo adds to a developer’s sale prices.

Our expertise is in working with

developers to realise that value through every step of the branding, design and marketing process.”

Yoo is looking to the emerging markets of India and China next, where property demands are huge — as is the appetite for aspirational brands. Sanjay Dutt, chief executive of Jones Lang LaSalle India, said that, in India, branding is about the bottom line: “Luxury developers can get between a 15%-25% value uplift with branding. It has to be highly aspirational with superior ¿nishes, design and exclusivity.”

With its own brand now well established, Yoo is now searching for new opportunities. Hitchcox and the team are at MIPIM to meet partners who understand that lifestyle sells and to source the next wave of projects to receive the Yoo treatment.

41

mipim

neWs BORDEAUX ON THE FAST TRACK FOR REGENERATION BORDEAUX, in SouthWest France, is pinning its hopes of regeneration on the arrival of the TGV high-speed rail link to Paris in 2017. The new line will mean the French capital is just two hours away. Two major new projects — Bordeaux Euratlantique and Bastide Niel — are positioning themselves to take advantage of the expected boost to the region’s economy.

Located to the south of the city centre, on both banks of the River Garonne, Bordeaux Euratlantique covers an area of 738 ha around Saint-Jean railway station. Homes for almost 30,000 new inhabitants are set to be created there, plus 25,000 to 30,000 new jobs, 40,000 sq m of retail space, 400,000 sq m of offices and 50 ha of parks and gardens. Operations are due to begin in 2015.

The Bastide Niel development zone is near Bordeaux city centre and offers huge development potential with its 30 ha of former barracks and rail marshalling yards.

Around 3,000 homes will be built, of which 55% will be social housing, along with 25,000 sq m of office space, 30,000 sq m of shops and 15,000 sq m of production space.

Construction begins this year.

Bourdeaux is at MIPIM for the 12th consecutive year and a 3D modelling tool on its stand will give visitors an insight into the many projects under way or upcoming in the Bordeaux urban area.

TVK’s masterplan for the Garonne Eiffel district of Bourdeaux

42

Urban development

Croydon back on track

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RESEARCH from Corestate Capital and EBS REMI has identified the full extent of the European market for distressed real estate debt, and the researchers estimate the European market for non-performing loans is €750bn ($988bn) with as much as €250bn in Germany alone.

Ralph Winter, founder and chairman of Corestate Capital, said: “The time of pretending and extending seems to be over because banks are starting to realise that dealing with distressed debt is not one of their core competencies.

The market for this so called ‘non-core’ debt, together with non-performing loans and the underlying real estate collateral, offer experienced investors tremendous potential. The problem will take years to solve, but the process is under way.”

Croydon is connected, capable and confident

HE LONDON suburb of Croydon has been starved of development activity in recent years as the ¿nancial crisis delayed its ambitious regeneration plans, but now there is tangible evidence of new activity.

A wave of new construction is under way on a number of key sites including a pedestrian bridge that will link East Croydon railway station with the town centre, a new public service delivery hub and a major new 45-storey development of new homes and leisure facilities at Saffron Square. And at MIPIM a consortium of private developers is demonstrating how Croydon is “connected, capable and con¿dent” to potential investors.

Huge investment has been pledged for the town’s two major shopping centres with West¿eld bidding to transform the Whitgift Centre and Hammerson unveiling plans to extend the Centrale retail development.

Lawrence Hutchings, Hammerson

BANKS FACE UP TO DEBT CRISIS

managing director of UK retail, said: “We have a long-term vision for retail in the town and our repositioning of Centrale is the ¿rst step in putting Croydon ¿rmly back in the top 10 of UK retail destinations.

“There is a strong retailer demand for well designed, modern retail space and our scheme offers a unique opportunity to bring new names to the town and create vibrant retail space.”

Croydon Council has also demonstrated its commitment to the regeneration of the town by granting planning permission for several landmark developments including: Stanhope Schroder’s scheme for Ruskin Square featuring 100,000 sq m of of¿ces, apartments and leisure facilities; Menta’s mixed-use scheme for Cherry Orchard Road featuring the UK’s tallest residential building and Guildhouse Rosepride’s 55-storey tower of of¿ces and apartments at One Lansdowne Road, designed by architect Piers Gough.

GREEN CAMPUS VITALI Group is developing Italy’s first LEED-certified campus at Peschiera Borromeo, near Linate airport. A turning point for the construction of sustainable buildings in Italy, the offices and laboratories on the campus are supported by restaurants, bars, conference rooms and an auditorium, trails and jogging paths, a fitness centre and spa, sports fields, recreational areas, mini-market, and even a nursery and kindergarten on site.

The Innovation Campus is located in a green area near the Idroscalo Park and the Parco Agricolo Sud Milano. Vitali says it is born from the idea of wanting to create a high-efficiency office complex, which can host companies that share principles in the culture of innovation, technology and new ways of working.

Corporate end users’ changing demands and how the real estate sector can take advantage of these trends Wednesday 7 March 2012 14.30 – 15.30 Gaudi Room, Level 1, Palais des Festivals, Cannes

Corporate occupiers, as demand-drivers for commercial and industrial real estate development and management, are central to the economic success of cities and countries. But these businesses are also significant ‘end users’ for real estate professionals.

Speakers Julian Lyon, Manager of European Real Estate, General Motors

It is therefore important for the profession to understand the dynamic, evolving challenges and opportunities occupiers face in ensuring they are located in prime space for their businesses. Only by doing so can service providers respond and lead with best practice and innovation.

Hugh Kelly, Ph.D., C.R.E., Clinical Associate Professor of Real Estate, NYU Schack Institute of Real Estate

An international panel of experts will debate the changing trends affecting corporate occupiers and the impact of these for real estate service providers.

Nicole Escue, Vice President, Morgan Stanley

Moderator See Lian Ong FRICS RICS President 2011-2012

Visit the RICS stand in the Riviera Hall, stand reference R29.32 RICS members can use the stand for meetings or just to catch up and take stock before the next round of engagements.

mipim

neWs NEW WELCOME TO CITY OF DUISBURG A STUNNING new development in the German city of Duisburg will greet visitors arriving on the A59 motorway.

The development will connect the central station area with Konigstrasse, creating a link to the shopping facilities of the city and to its historic district.

A jury unanimously decided in favour of the draft submitted by the KLA kiparlandschaftsarchitekten Duisburg/Milan office in a competition between five landscape architecture offices.

A new station forecourt will be an important part of the development known as Duisburger Freiheit (Duisburg Freedom).

The forecourt will have eight themed centres including a media centre providing information on Duisburg and local public transport, and a zoo area designed by the Duisburg Zoo.

Coventry city centre scheme set to boost retail spending OV E N T RY Cit y Council will showcase plans for a major redevelopment of part of the city centre at MIPIM. It is unveiling plans for the £300m ($475m) mixed-use scheme with the hope of attracting potential developers.

The ambitious project is aimed at injecting new life into the south side of Coventry city centre and boosting shopper spend. Coventry’s shopping offer lags considerably behind similar cities, standing 49th in the retail rankings by spend despite being the 11th largest city by population.

The development plans drawn up by international architects Benoy for Coventry City Council in-

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clude a major new anchor store, a 1,200 space car park, apartments, a hotel and a cinema complex.

Coventry City Council assistant director for city centre and development services, David Cockroft, said: “The current scheme has been refined following discussions with several developers to ascertain its viability and appeal to developers.

“We believe what we have produced will be of major interest to potential partners. We will be using our showcase event at MIPIM to present our plans to a range of developers.”

The council has appointed Drivers Jonas Deloitte to progress the plans and to assist it in ¿nding the right development partners.

Major redevelopment plans for Coventry city centre

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personnel and business processes. In of fice buildings, airpor ts, hospitals, data centers or life science companies – the systematic integration of all aspects of building technology in an interconnected, overall solution transforms four walls into a high-performance building ensuring a higher return on investment – throughout the lifetime of the building.

Answers for infrastructure.

44

mipim

neWs RENOVA-STROY SETS OUT STALL RUSSIA’s Renova-StroyGroup is at MIPIM to present a set of mixed-use and residential schemes. The real-estate group controls 20 million sq m of real estate around Russia.

Landmark projects include the Akademichesky district of Yekaterinburg, which is the largest development project in Europe, covering 1,300 ha and including 9 million sq m of residential.

The resort complex at Sochi, the site of the 2014 Winter Olympic Games, sits within the larger development.

International hotel operator Rezidor will manage the project, which will include 3,600 rooms over 180,000 sq m.

The group is also actively developing projects in the Yaroslavl and Moscow regions and planning large-scale residential and commercial construction programmes in Morskoy Fasad and Petrovsky.

Business Birmingham’s Big City Plan aims to ‘excite and attract investors’ USINESS Birmingham is to unveil a wave of new investment and regeneration projects, including a series of ¿nancial injections into its transport infrastructure.

The investments in the pipeline will overhaul large areas of the city centre and bring a raft of new opportunities aimed at encouraging businesses and boosting the economy. New enterprise zones will be brought in, as well as a series of ‘industry clusters’ to promote businesses and support new ventures in Birmingham.

Members of Business Birmingham — the partnership between Birmingham City Council and a raft of private investors, led by Marketing Birmingham — will showcase the developments in the pipeline at MIPIM. The projects are part of the Big

B

EOS Generali / Microsoft France & Europe HQ | Paris, France

City Plan for Birmingham, which includes one of the biggest pipeline schemes in the city, the Icknield Port Loop.

Leader of Birmingham City Council Mike Whitby said: “There is a formidable amount of activity happening in Birmingham right now to excite and attract investors: the most ambitious multi-billionpound package of transport investment the city has ever seen, the creation of Europe’s largest public library, and the UK’s only major city centre enterprise zone, which is driving forward some of the country’s most exciting regeneration schemes.”

Business Birmingham will also be unveiling plans for a total overhaul of the city’s transport network.

Over the next five years, £1.3bn ($2.05 bn) will be invested in a wave of improvements and new

additions to air, rail, bus and road transport in Birmingham.

Nearly half of this money will go into the new Gateway redevelopment of New Street Railway station, and £127m will be spent improving the tram network in the centre of Birmingham.

The city will also benefit from a £65m runway extension at Birmingham Airport that will allow non-stop Àights to South America, California and the Far East.

“There is a formidable amount of activity happening in Birmingham” Mike Whitby

Visit us on stand 18.01

FIND US AT Q LEVEL 01 .18 Q BOOTH 14

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45

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at your ďŹ nger tips

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neWs MUNICH THIRD BEHIND PARIS AND LONDON MUNICH enjoys one of Europe’s most resilient office markets, according to new research to be unveiled on the Munich stand. With a total stock of 22.45 million sq m, Munich is the biggest office location in Germany and the third-largest in Europe after Paris and London.

Some 860,000 sq m of office space changed hands in Munich in 2011, a year-on-year increase of 47%, and the vacancy rate declined to 7.1% as rents grew to reach nearly €30 per sq m per month by the year end.

Work gets under way on urban centre at Schwabinger Tor O N S T RU C T I O N work for one of the most innovative projects in Munich — the Schwabinger Tor district — is to begin in 2012.

The Jost Hurler Group is paving the way for a new urban centre combining living, working, shopping and leisure in a visionary architectural concept.

Schwabinger Tor will comprise homes, of¿ces, cafes, restaurants and shops, a ¿ve-star-plus hotel and a cultural element.

A total of nine buildings will create open squares and alleys that reÀect the ambient charm of old Schwabing. The individual buildings are being designed by a team of architects, including: Munich’s 03 Architekten; Max Dudler from Switzerland; Danish ¿rm Schmidt

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Hammer Lassen; Hild und K; as well as Austrian-based ATP Architekten & Ingenieure.

Schwabinger Tor is being designed to high environmental standards. The entire area will be car-free, with all transport and

logistics channelled via three underground floors extending below the area. In addition, energy in the district will be generated using environmentally friendly and sustainable technologies where possible.

Schwabinger Tor: High environmental standards

An unprecedented and unmissable business opportunity for property owners.

Visit us at stand no: R30.30 www.regus.co.uk/property

47

La référence

Immoweek.fr Find us

Retrouvez-nous

Booth 13.30 Stand 13.30

© Immoweek 2012 - conception graphique : Alexandre André

de l’actualité

mipim

neWs City residential prices are up despite economic pressures

IN BRIEF

DWIRE SUPPORTS DUTCH INITIATIVE THE GATEWAY Netherlands initiative, which began at MIPIM 2011, has won the support of DWIRE, an association of around 500 women real estate professionals in the Netherlands.

Hong Kong: out on its own

AVILLS’ world cities residential property index grew by 1% in the second half of last year despite many housing markets cooling. Rents rose faster than capital values, climbing 2.3%.

The survey of 10 major cities showed prices in traditional locations such as London, New York and Paris holding up well.

But new world markets such as Singapore, Shanghai and Hong Kong that were booming six

S

months ago have slowed markedly.

House prices in some new economies of Asia and the Indian sub-continent had grown by between 90% and 155% since December 2005. Price falls over the past six months have been concentrated in the eastern hemisphere, occurring in Hong Kong, Sydney and Tokyo. Paris rents have taken over from London as the most expensive. Paris, New York, London and Hong Kong all have good occupier

demand, Savills’ report said.

High-end property targeted by billionaires showed resilience across the globe growing in value by 3.6% in the second half of last year.

On values Hong Kong remains out on its own with the average unit value coming in at twice the level of London. Savills put this down to the weight of money pushing into the city and the limit on the amount of land available.

Belview boosts Brussels Euro district THE 24-storey Belview, developed by the Allfin–BPI joint venture and designed by A2RC Architects and Jaspers-Eyers Architects, is set to provide Brussels with an integrated mixeduse ensemble located right in the heart of the European district.

Replacing a vacant lot, Belview is scheduled for completion at the end of 2014 and will be located next to Leopold Park, in between the European Parliament and the European Commission. Belview will offer a relatively modest amount of of¿ce space — 5,300 sq m — in a strategic location to cater for the requirements of ¿rms that need to be close to the nerve centre of Europe. Together with its 29,000 sq m residential and retail elements, the high-rise ensemble will contribute to the plans of the Brussels authorities

DWIRE is backing the initiative this year at MIPIM as an “excellent business opportunity” for its members. Gateway Netherlands gives Dutch property professionals a platform to showcase their expertise, projects and networks, and it will be organising conferences with high-level speakers to further support the image of the Dutch real estate market overseas.

INVESTEC TAKES ON JJ HOMES PROPERTY Management company JJ Homes has been appointed by investment firm Investec to manage block properties in an effort to preserve and enhance its brand.

JJ Homes has grown 10-fold in the past five years and now manages 5,000 properties in central London and the surrounding areas. The firm is actively engaged with British Land, BNP Paribas, Grainger and Taylor Wimpey, having been brought in to provide bespoke, professional property management.

Belview tower in Brussels

to make the European district a vibrant place for both living and working.

On completion Belview will become the tallest project in the Brussels European district.

All JJ Homes employees have an equity share in the company, which claims it offers clients a “personal tailored service”.

49

mipim

neWs

Logistics is a key investment area for DREAM

JAPANESE DREAM EXPANDS FUNDING TOKYO-based Diamond Realty Management (DREAM) has closed seven private real estate funds and will be presenting its debt and financing vehicles at MIPIM this week.

A wholly-owned subsidiary of Mitsubishi Corporation, DREAM’s fund placements include one mezzanine debt fund and its financing covers both local and global institutional investors. Assets under management have reached more than ¥400bn ($5bn) across a variety of asset classes including retail, logistics, residential, office, industrial assets and mezzanine debt.

Galleria Shopping Centre in St Petersburg was bought by Morgan Stanley

America targets Europe Global research shows non-European investors are looking to European property with US and Canadian buyers the driving force in the cross-border market ORTH American investors accounted for almost a third of all cross-border purchases of European commercial property last year giving a vital boost to investment activity. This came as Germans retrenched to their own market, cutting their share of cross-border investment from 24% in 2009/10 to just 12% in 2011.

Research from global property adviser CBRE shows non-European buyers were a growing inÀuence in the rise of commercial real estate investment activity to €118bn ($155bn) last year.

This was a 7% increase on the €110bn in 2010.

Property investors from outside Europe accounted for more than 17% of total European investment in 2011 compared with 13% in 2010. North American investors are now responsible for 30% of all cross-border purchases compared with 21% in 2010. More than €9bn came from the US and a further €2bn from Canada.

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This included Morgan Stanley’s purchase of Galleria Shopping Centre in St Petersburg in the ¿nal quarter of the year for around €840m. North American investment activity is spread across several European markets although the UK took the largest share.

Canadian investment is driven by its cashrich pension funds and limited opportunities in the domestic market. Capital Àowing from the US is more diverse and more opportunistic in nature. However, US pension funds are becoming more aggressive.

Jonathan Hull, EMEA head of capital markets, CBRE, said: “Canada’s five largest pension funds alone control over half a trillion dollars in combined assets — the equivalent of the entire Swiss economy.”

Although non-European capital is of growing importance, European investors still account for the majority of cross-border property investment activity across the region.

DREAM leverages the extensive industry knowledge of Mitsubishi Corporation, the largest trading and investment company in Japan, along with the background of its senior team.

BRUSSELS SKYLIGHT RESIDENTS of Brussels will enjoy a new type of open-air retail and leisure experience when the Just Under The Sky complex opens in 2014.

Developed by Equilis and designed by architect Art & Build, the scheme is part of the Canalside redevelopment project. It will provide 40,000 sq m of retail space on a four-hectare former industrial site close to the centre of the city.

The six-building, two-level complex gets its name from the lightweight transparent roofing, which is a main feature. Construction is scheduled to start at the end of 2012.

Just Under The Sky, Brussels

51

neWs LOCAL BUYERS TARGET DUBAI THE DUBAI residential real estate market is now more secure and transparent, enticing investment back to the city, according to Cluttons. The agent has seen an upward trend of local buyers looking to invest in a property market that many analysts believe is at the bottom.

Driving the revival is a return to property financing by the banks. In 2008, nearly 70% of lenders withdrew from this type of finance. Now 95% of those lenders have returned to the market.

But Cluttons notes that the Dubai market is still plagued by oversupply and with a fragmented market, there is obvious demand in certain areas over others, giving rise to the term ‘selective stabilisation’.

52

NAI Global plans strategic growth NDEPENDENT commercial real estate ¿rm network NAI Global has been acquired by C-III Capital Partners (C-III) to create a new, integrated commercial property services company.

The company is now targeting strategic growth opportunities in key locations, according to NAI Global CEO Jeffrey Finn, and NAI Global has already added 15 new members since last year’s MIPIM, including NAI Haywards (UK), NAI REA Caucasus (Georgia), NAI Curzon (China), NAI Sure Shot Suggestions (India), NAI Nguyen Alliance Corporation (Vietnam), NAI Peru Rosecorp (Peru), NAI Dominicana (Dominican Republic), and NAI Bahamas, with the remaining additional members in the US. Since the acquisition by C-III,

I

NAI Global has added two further members in Europe — NAI Romania and NAI Lintrup & Norgart in Denmark, taking its network to 350 of¿ces in more than 55 countries with approaching 30m sq m of commercial space under management and $45bn (€34bn) in annual transactions. There are plans to develop through investment in strategic locations, including New York, London, Singapore and other primary global business centres.

Paul Danks, senior vice-president, corporate solutions EMEA at NAI Global, said: “NAI Global, with the substantial backing it now has through its partnership with C-III, will be unique in the market, operating at a strategic, advisory and delivery level, and offering more services than traditional property consultants.”

NAI’s Jeffrey Finn: Growth through strategic locations

mipim

Strong hand on the tiller at CBRE I K E ST RONG , chai r man, CEO and president of CBRE in Europe, Middle East and Africa, is one of life’s optimists.

And he is determined to counter the negative sentiment that is in danger of derailing the property industry’s recovery.

“There’s been a huge number of issues to work through,” he said, “but the world’s not stopped.” He pointed out that something like $115bn (€87bn) of real estate was traded across EMEA in 2011, slightly up on 2010, but 50% up on 2009. “Globally, Asia’s growing strongly and the US returned to growth at the end of 2011. If there’s a problem, it’s in Europe,” he said.

And he believes that even in Europe the conditions are there for a sustainable recovery. “There’s a lack of debt, but a huge amount

M

of equity in the market,” he said.

“If you ignore the exuberance of 2006/7 and look over the past decade there was a pretty constant level of equity committed to European real estate. If anything, that’s marginally increased. A normalised market has good levels of equity and sensible levels of debt, and we’re heading back to that.”

But he does concede that at the moment investment activity is concentrated at the prime end of the market. “There’s a focus on the best quality and best located real estate, and that’s seen a progressive recovery. But anything else is yet to see any recovery, and values are still under pressure,” he said. “Opportunities to reposition secondary property have been hampered by a lack of availability and a lack of debt.”

And that process won’t begin

until the banks start to trade out their distressed real estate loans which for some will mean crystallising losses. “There’s no sign of that happening yet,” he said.

Of course, no property market can function without occupiers, and here Strong sees the same “bifurcated” market.

“Occupiers want to be in the best property in the best locations,” he said. “For example the picture in prime shopping centres doesn’t reÀect what’s going on in secondary high streets.”

He said the problem is that the supply of prime space is exceptionally low, especially for city centre of¿ces, and opportunities to create more are drying up.

“Across EMEA we’ve typically seen between 3% and 5% stock replacement annually. Last year it was just 0.7% and it’s been at that level for several years.”

Mike Strong, chairman, CEO and president of CBRE in EMEA

Freeing that logjam is a challenge not only to developers and funders, but also to politicians, Strong believes. “The majority of real estate is still in use but some is falling into disrepair. That needs a national and local political response to enable change of use,” he said.

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mipim

neWs Turkey joins the elite N EW re p or t by consultant Amberlamb on Turkey’s economic and political indicators ¿nds that the Turkish real estate market is closing in on the top ¿ve in the European markets in relation to capital earnings.

Commenting on the findings, IsÕl Dincer, general manager of TSKB Real Estate Appraisal said: “As one of the fastest growing regions in the real estate sector, Turkey is attracting increasing interest by virtue of its geographical location, young and rapidly growing population, economic appeal, and the convenience provided by new legislation and regulations.”

The new regulations are aimed at facilitating property purchases by foreigners in Turkey, Dincer

A

said. “Once the current draft being discussed becomes a law, even the citizens of countries which do not allow the Turkish citizens to acquire any property in their countries, will earn the right to acquire property in Turkey.”

The Turkish Ministry of Environment and Urban Planning, and the Ministry of Finance, will decide on the countries whose citizens will have the right to acquire property, according to Dincer. “Also the limit on foreigners’ property acquisition will also be increased from 2.5 ha to 60 ha.”

Between 2003 and 2011, 82,000 sq m of land was sold to foreigners, and foreign companies obtained the operating rights for 150,000 sq km of mining sites, for a period of either 29 or 49 years.

Isil Dincer, general manager of TSKB Real Estate Appraisal

Italian investment kick-starts €400m Caesar Fund AXA REAL Estate Investment Managers has launched a pan-European property fund that could hit €400m ($528m) when fully invested.

The Caesar Fund has raised

an initial €118m from Italian institutional investors but is aiming to raise €200m.

The fund, which will run for nine years, aims to achieve an average annual dividend of

Hotels set new standards

Twin towers draw hotel operators to Shanghai KPF’s twin-tower scheme for Shanghai

SHANGHAI’s stock of international-grade hotel space

has been boosted by the construction of a 62,000sq m twin-tower development designed by KPF and housing the Langham Xintiandi and the Andaz Shanghai hotels.

Developed by the Shanghai Li Xing Hotel Company, The Langham Xintiandi and Andaz Shanghai Hotels set a new standard for modern, high-rise buildings in historic urban districts, This innovative, luxury development responds sensitively to the district’s low-rise architectural fabric and provides visitors with a variety of retail and entertainment options in addition to the full gamut of amenities expected by international travellers.

The two ¿ve-star hotels are located between the busy Huai Hai Zhong Road retail

5.5% on invested capital and an internal rate of return of 9%.

The fund will be managed by AXA REIM in Italy. AXA IM Italia and AXA Real Estate will jointly work in the second phase of the placement.

The equity has been raised from Italian institutional investors including pension funds and insurance companies, as well as AXA Group companies and AXA Real Estate’s clients.

corridor and the Xintiandi district, which draws international visitors and locals to its high-end boutiques, restaurants, outdoor cafes, lively nightclubs, and diverse cultural venues.

The 357-room Langham Xintiandi caters to business travellers with meeting rooms, atrium lounge, and dining options from around the globe, while the 309room Andaz Shanghai appeals to leisure travellers through its resort-style amenities, such as a rooftop wedding chapel and nightclub. Both stand over 100m tall with 24-m podiums that contain hotel function spaces such as lobby and conference areas. The curved walls of the towers and unconventional wall treatments create distinctive window con¿gurations that produce a variety of city views for guests.

This institutional fund will target investment in core office properties in the Euro zone and the UK. This is the second regulated product managed by the AXA REIM team. The first was the Core Italian Properties Fund, another institutional fund that is fully invested in Italian office, retail and logistics properties. In the last three financial years this has generated an annual dividend of between 5% and 5.5% on capital invested.

55

mipim

neWs Black Pearl will shine in Brussels’ business centre SERIES of chaotic obsolete of¿ce buildings in the heart of Brussels’ central business district (CBD) are to be replaced by a new of¿ce scheme called Black Pearl.

The building will have a curvilinear corner to contrast with the angular plan of the CBD and the adjacent box-like 1970s buildings. At the same time, the black granite frame of Black Pearl will contrast with the transparency of the facade in general.

This Immobel development, designed by architect Art & Build, will have a landscaped garden providing a pleasant amenity for of¿ce staff and a peaceful oasis for the neighbourhood in an otherwise densely built city block.

The eight-storey 11,462 sq m Black Pearl has an underground garage providing room for 55 bikes and 55 car parking spaces, 30 of which are specially designed to accommodate electric vehicles.

At ground level a multi-purpose event area is connected to the garden together with the three useable landscaped rooftop terraces. It will be possible to create three mini-atria and duplex suites allowing tenants to personalise their of¿ces.

A

Black Pearl is planned for Brussels’ central business district

Savills’ Marcus Lemli

SAVILLS GETS NEW INVESTMENT HEAD INTERNATIONAL real estate advisor Savills has appointed Marcus Lemli as head of investment for its European operations.

Lemli will be based at Savills’ Grosvenor Hill office in London.

Black Pearl will be one of the first buildings in the CBD to achieve a BREEAM Excellent rating under the 2009 version of BREAAM Europe Commercial. Sustainable features include

geothermy, triple glazing, green roofs and a rainwater basin in the basement.

Construction will start next May and the completion is expected for December 2013.

Munich celebrates buoyant market THE BAVARIAN capital Munich is attending this year’s event in collaboration with 29 partners

The Hofstatt site on Sendlinger Strasse, a service and retail project, including around 80 apartments

from the property industry to promote the city as an international real estate destination and a place to do business.

The City of Munich has been coming to Cannes for 17 years. In a series of forums, experts will be on hand to discuss the challenges and opportunities that lie ahead for the real estate industry.

Key topics will include the outlook for Munich as a property market, the innovative financing models of the future, the economic impact of the Schwa-

binger Tor urban development project and the prospects for real estate development at Munich Airport.

Munich is the biggest of¿ce location in Germany and the thirdlargest in Europe (after Paris and London). Some 860,000 sq m of office space changed hands in Munich in 2011, a year-on-year increase of 47%. Forecasts expect the current buoyant mood to continue with up to 700,000 sq m of of¿ce space expected to change hands in 2012.

Lemli originally worked for Savills Spain and joins after six years at Jones Lang LaSalle in Germany, where he was head of the capital markets and leasing business. At Savills he will work alongside Borja Sierra, CEO of Savills Europe, to strengthen the firm’s European investment platform.

Sierra said: “Marcus will drive our investment business forward bringing together teams from Europe to take advantage of cross-border opportunities both within this continent and our wider global business. We have seen appetite from US opportunity funds and Asian buyers as well as European players.”

Lemli added: “I look forward to leading this area of the business to focus on providing the highest level of service for Savills’ clients and its wider reach to Asia in particular is extremely important as these investors continue to drive demand across the world.”

57

Setting the agenda for Commercial Real Estate Worldwide:

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mipim

neWs

Hines UK’s Ross Blair

HINES SET TO GROW UK INVESTMENT

Hamburg’s vast HafenCity docklands redevelopment

Positive outlook for Hamburg’s HafenCity docks development HE SIGNS for Hamburg’s HafenCity docks redevelopment in 2012 are positive after the slowing inÀuence of the downturn in 2008.

HafenCity is experiencing particular dynamism, as indicated by major lease deals and intense demand for sites, as well as the arrival of large concerns such as The Spiegel Group. At the same time, the amount of vacant of¿ce space has contracted strongly.

The conditions essential to HafenCity’s long-term successful development have been

T

put in place. The completion of the three northern neighbourhoods now links HafenCity, the Speicherstadt and the existing city centre. Just one site development is still outstanding.

Important measures for the future of eastern HafenCity were finalised in 2011. The reworking of the masterplan has been approved and the planning and design concept for Baakenhafen has been de¿ned. Baakenhafen will be the largest HafenCity neighbourhood development so far. A range of infrastructure projects in 2012 and 2013 will

pave the way for new locations in the eastern part of HafenCity.

Ju rgen Br u ns-Berentelg, chief executive of HafenCity Hamburg, hails the dynamism of this growth. “The high degree of urbanity and vitality, differentiated interlinking of public spaces and high sustainability standards for infrastructure and buildings are attracting both people and businesses,” he said. “HafenCity’s 1,800 residents, around 8,500 local employees and 300 businesses — as well as tens of thousands of visitors every year — are making it an urban place.”

Germany a ‘safe haven’ for investment GERMAN asset management service provider Corpus Sireo is set for a busy week, with Germany as Country Of Honour at MIPIM 2012.

Corpus Sireo Asset Management’s chief executive Ingo Hartlief said: “International investors with German assets have recently started to take an increased interest in transaction management services. They are

seeking the support of asset managers with a high-key acquisition and sales record not just in Germany’s class-A cities, but in remote locations marked by high potential, too.”

Given the turbulence caused by the sovereign debt crisis and the rating of European partners, Germany with its intact AAA market status is becoming increasingly attractive for

investors from abroad. “In the quest for safety, real estate as an investment class will keep gaining in signi¿cance. With this in mind, investors have shifted their focus to Germany,” Hartlief said. Accordingly Corpus Sireo expects to see plenty of opportunities to contract new asset management commissions and to enter into co-investment partnerships at MIPIM.

HINES, the US-based international real estate firm, has announced plans to double its UK portfolio to around 400,000 sq m under management over the next two to three years and is using MIPIM as a platform to explore joint-venture opportunities with third-party investors.

The company plans to spend up to £1bn ($1.6bn) on UK real estate, particularly focusing on office and mixed-use investment and asset management opportunities in London and key regional cities such as Manchester, Birmingham and Glasgow.

Ross Blair, managing director of the firm’s UK operations, will be spearheading the company’s UK delegation at this year’s event. His recent appointment reflects a re-positioning of Hines UK’s business model, with greater emphasis being placed on investment and asset management, alongside its development business.

“MIPIM provides a unique environment for our business to build existing relationships and establish new contacts,” Blair said. “This year is particularly significant for us given the re-positioning of the UK business, and the event gives us an invaluable platform from which to get our message across to a truly global audience.”

59

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the real estate world in 2012

mipim

16 editors-in-chief give us their vision in the MIPIM News MIPIM is a gathering point for the real estate media as editors look

today

to take the pulse of the world’s

6 March 2012

property markets. MIPIM News asked 16 leading editors for their

s !SIA 0ROPERTY

forecasts for the year ahead.

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Mark Cooper Editor www.asiapropertypublishing.com Hong Kong

Sandra Roumi Editor in Chief www.businessimmo.com France

7HERE DO YOU EXPECT PRIME RENTS AND YIELDS TO BE AT THE END OF 2012?

It will vary considerably by market and sector in Asia. Hong Kong and Singapore of¿ce rents will fall and yields rise. Tokyo of¿ce rents look likely to rise but yield compression will be minimal. Emerging markets like Jakarta will see strong rental growth and yield compression in all sectors.

7HICH SECTORS AND LOCATIONS DO YOU EXPECT TO OUTPERFORM IN AND WHY

Indonesia will continue to grow in all sectors, driven by the resource economy. The retail sector, particularly in Greater China, will continue to be strong, as the middle class gets bigger and more wealthy.

Most of Asia is undersupplied with modern logistics space, which bodes well for the sector.

0ICK ONE NEW TREND YOU THINK WILL IMPACT REAL ESTATE IN

What happens in Asian real estate this year will be more about governments than markets. China’s residential market seems to cause widespread concern outside Asia; it is always either too hot or too cold However, in a year where there is a change of senior ¿gures within the ruling communist party, the government will do everything it can to maintain stability, and China’s state has more levers to work on the economy than any other. In Hong Kong, the release of more land by the government and — crucially — land in smaller parcels, will generate more residential development, which should have a moderating effect on house prices in the long term. The continued deregulation of the Indonesian economy will have a marked effect on real estate while in the Philippines, how the market develops in 2012 will be largely dependent on whether REIT legislation can be tuned to suit the market.

7HERE DO YOU EXPECT PRIME RENTS AND YIELDS TO BE AT THE END OF

In 2012 the business property market will cultivate its schizophrenic character. On one hand, a prime market will continue to excite covetous looks from investors with prices increasing automatically and yields falling. On the other hand, a non-existent secondary market where transactions are not made and references are cruelly lacking. Rents will follow the same movement.

7HICH SECTORS AND LOCATIONS DO YOU EXPECT TO OUTPERFORM IN AND WHY

The central business district in Paris and the future spots of Grand Paris will, in future, be the locations preferred by users and then investors. The central business district (QCA) will retain its world capital role alongside New York, London and Shanghai. The future Grand Paris also presents a low cost alternative for traditional business locations in Paris.

0ICK ONE NEW TREND YOU THINK WILL IMPACT REAL ESTATE IN

Financing will be the leading subject in 2012. Banks, confronted by the consequences of sovereign debts and Basel 3 requirements, will be less inclined to lend and will stiffen their conditions. To such an extent that the question of alternative sources of ¿nance is seriously being posed. Insurers could also play a key role in the new order for property ¿nance. Equity players, these investors are in marching order to take over from the bankers.

61

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the real estate world in 2012

mipim

16 editors-in-chief give us their vision in the MIPIM News CRE IMPRESS MEDIA

ESTATES GAZETTE

Tatyana Lomakina Editor in Chief www.cre.ru Russia

Damian Wild Editor www.estatesgazette.com UK

7HERE DO YOU EXPECT PRIME RENTS AND YIELDS TO BE AT THE END OF

High rental rates can now be found on the Moscow of¿ce market. In the premium segment they reach $1,200-1,400 per sq m per year. The expected undersupply of of¿ce space in the centre of the capital city, caused by the ban on construction of new business centres here, will further push up the rental rates — by 5% a year, on average.

7HICH SECTORS AND LOCATIONS DO YOU EXPECT TO OUTPERFORM IN AND WHY

The retail real estate segment looks interesting and not only in Moscow and Saint Petersburg, but also in the regions where nothing obstructs the development of new shopping malls and where competition between retailers for potential buyers is not so tough. Another promising segment is the development of logistics projects in the Moscow area, both speculative and build-to-suit. Demand grows faster than the rates of new storage space delivery; hence the undersupply on the market.

0ICK ONE NEW TREND YOU THINK WILL IMPACT REAL ESTATE IN

Retail real estate developers will be active in smaller cities (with population below half a million people), where almost no professional retail projects were developed before, and this is a rather interesting new trend. Developers will be followed by retailers whose activity in the smaller cities of Russia keeps mounting. Therefore demand on the part of retail chains for retail projects in smaller cities will be very high.

In Moscow developers are sitting on the sidelines in view of the possible expansion of the city boundaries, and this is another interesting trend. In 2011, the city authorities decided to enlarge the territory of Moscow at the expense of several inhabited localities in the Moscow region. Although it will allegedly be possible to build more than 100 million square metres on the new territories, the plans have not been speci¿ed in detail so far. Because the rules of the game are uncertain and the opportunities of attracting project ¿nancing are limited, there will be very few announcements about the construction of new commercial real estate projects and the supply growth rates will be slowing down.

7HERE DO YOU EXPECT PRIME RENTS AND YIELDS TO BE AT THE END OF

While some forecasters see rising rents in next year, the second half of 2012 would have to be unexpectedly positive for to deliver signi¿cant movement. Prime of¿ce rents in London’s West End rose 9% in 2011 to £92.50 per sq ft. In the City they Àattened at £55.00. It’s hard to see much movement in 2012. Could prime yields in the City come in to 5%" It’s not impossible. In the West End 4% looks achievable.

7HICH SECTORS AND LOCATIONS DO YOU EXPECT TO OUTPERFORM IN AND WHY

In the UK London will pull further away from the rest of the country.

And in London the West End will continue to shine. The Olympic effect will not manifest itself in hard numbers this year, but it’s vital the Games are successful and are seen to be successful for recovery to speed up in 2013.

0ICK ONE NEW TREND YOU THINK WILL IMPACT REAL ESTATE IN

As well as the Olympic effect — and the Eurozone threat — a retail shake-out will dominate 2012.

From disappointing results from Next to the administration of D2 Jeans, these are tough times. More administrations will follow and more retailers will, like Clinton Cards, review portfolios.

More attention than ever will be paid to retailer results and more comparisons drawn between virtual and real world performance. How do the rates of growth between online and real world compare — and how will lines between the two blur" The scale of change likely to play out on the high street is breathtaking.

Up to 25% of existing high street and shopping centre leases are due to expire by 2013 and 50% by 2015, according to Jones Lang LaSalle.

Could 30% of UK shopping space be obsolete by 2020 as some have mooted" It’s not impossible.

Retail is a sector where a decisive, widespread and irreversible shakeout looms.

63

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mipim

feature GERMANY

Safety first for German funds The resilience of the German economy underpins the attractiveness of the German property market, with steady occupier demand for office and retail properties, writes Anika Michelowska

ccording to the latest Investment Climate Index Survey conducted between December 2011 and January 2012

by Union Investment, 49% of the 167 property investors surveyed in Germany, France and the UK are convinced that the German property market will actually emerge stronger from the current cycle.

Just 3% believe that the Euro crisis will result in a signi¿cant weakening of the German market.

However, the survey shows that Marcus Lemli, the property investment climate in Jones Lang LaSalle the three major European markets deteriorated, although to different extents: in Germany the decline in the Climate Index dropped by -4.6 points, while it reached -7.7 points in France and -5.3 points in the UK. After recording a consistently positive trend since 2009, is the German property market still at its best as uncertainty about the future is weighing down markets which are currently in good health? “Although momentum has slowed, the German property market remains in good shape. But Germany isn’t an island — the turmoil caused by the Euro crisis has contributed to many German investors lowering their expectations and approaching the next twelve months with due caution,” says Olaf Janssen, head of property research at Union Investment.

The last few months of 2011 saw investor sentiment take a turn for the worse. This was reÀected across all asset classes, with real estate and Germany’s Openended Funds (GOEFs) being no exception. Indeed, the German Open-ended Funds have displayed quite a mixed picture ever since the collapse of Lehman Brothers. If some, like Union Investment, Deka, Reef, Unilmmo : Europa, Commerz Real, SEB and Wertgrundare are still very active, others have been facing problems as investors pulled out.

While some are supposed to open again, others are still struggling. Marcus Lemli, head of leasing and investment at Jones Lang LaSalle Germany, sees the German property funds market as a very dual market. “Those funds which have a large and diversi¿ed portfolio are

A

The successful funds continue to be opened, to provide stable and secure investment

OK, those that have a large number of institutional investors are more fragile because they can withdraw very quickly,” says Lemli, who adds: “The successful funds continue to be opened, to provide stable and secure investment and to manage the portfolio, selling in some markets, buying in others.”

Small funds, especially specialised funds, are clearly looking to sell property across a range of markets.

According to JLL, equity-strong investors are continuing to increase their holdings. Dominant investors in 2011 were insurers and pension funds, which invested either directly or indirectly via

Hamburger Meile

65

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THE TREND: 35% of EMEA retailers are targeting Russia for expansion**.

THE EVENT: 8,000 key international retail real estate leaders will gather at MAPIC to share strategies and regional insights, strike deals and forge partnerships.

Join leading international retailers, investors, developers and industry leaders at MAPIC 2012 to locate prime retail sites and explore investment opportunities in new territories.

See Russia in the spotlight, and don’t miss the opportunity to expand your business!

1,300 international retail brands looking to expand into new markets HOLLISTER - ADIDAS - GERRY WEBER - GOLDEN LADY - ETAM - STARBUCKS COFFEE - G-STAR RAW - APPLE - JD SPORTS FASHION PLC - TRIUMPH INTERNATIONAL AB - GEOX - ASICS - MONTBLANC - REEBOK - FNAC - SUBWAY - ABERCROMBIE & FITCH - BNP PARIBAS - KRISPY KREME DOUGHNUTS - AUNTIE ANNE’S PRETZELS - DONJON BIJOUX - ORIGINAL PENGUIN - THE PEACOCK GROUP FOCUS BRANDS - VICTORINOX...

85 Russian brands & retailers BERINGOV PROLIV - CASTORAMA RUSSIA - COFFEMANIA - DETSKY MIR - ELDORADO - HENDERSON - ILE DE BEAUTE - KARO FILM - KIRA PLASTININA - KINOMAX - LEROY MERLIN VOSTOK - M.VIDEO - NEW LOOK - OGGI / ODJI - OKEY GROUP - PANDORA -RE:STORE RETAIL GROUP - RIVE GAUCHE - ROSINTER RESTAURANTS - SEDMOY CONTINENT - SNEZHNAYA KOROLEVA - SPORTMASTER - STARYK HOTTABYCH...

Over 500 Russian delegates from 232 companies (+61%) in 2011

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ATRIUM REAL ESTATE RUSSIA - COLLIERS INTERNATIONAL RUSSIA - FINSTROY HOLDING - GARANT-INVEST GROUP - IKEA SHOPPING CENTERS RUSSIA & CIS - JONES LANG LASALLE RUSSIA KNIGHT FRANK - MAGAZIN MAGAZINOV/CBRE - PATERO DEVELOPMENT - REGIONS GROUP - ROSEVRODEVELOPMENT - RUSSIAN COUNCIL OF SHOPPING CENTERS - SBERBANK RUSSIA - TASHIR DEVELOPMENT - TEN DEVELOPMENT - VICTOR & CO...

Contact us now to take part FRANCE Reed MIDEM B.P. 572 - 11 rue du Colonel Pierre Avia 75726 Paris cedex 15 Edward Jervis edward.jervis@reedmidem.com Phone: +33 (0) 1 41 90 45 85

RUSSIA GSO Nikitsky pereulok, 5 125009 Moscow, Russian Federation Phone: +7 495 981 09 90 Fax: +7 495 981 09 70 Elizaveta Lavrishina klas@gso.ru Fabrice Rosi gso@gso.ru

*Cushman & Wakefield Research, 2011 **CBRE, How active are retailers in EMEA, 2011

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sion, with “return” the main motive for 43%. As compared to French and UK investors, German investors appear even more security-oriented than traditionally.

According to Cushman & Wake¿eld, German Closedend Funds are carefully looking at the risk pro¿le of markets and focusing on liquidity. They are targetting core stable markets and core property products.

Germany, France and the UK are among the mature markets they are focusing on, mainly in capital cities such as London, Paris and Brussels, and they are quite active in Eastern Europe mainly in Poland. “But they are also looking at the Americas and Asia,” adds Martin Braun, head of Cushman & Wake¿eld Germany’s Capital Markets Group.

Active funds are looking at of¿ce buildings, in sustainable locations, with premium tenants, and they are also looking more at retail. “They are looking for security and ask for more guarantees, but they only pay for the lease and not for the vacant shops,” says Jan Eijkemans of MAB Development.

As an example he points to the Bigshops Parkboulevard retail park in Rotterdam-West, which MAB Development Nederland and Dutch developer Dura Vermeer Vastgoed sold last December to Deka Immobilien. And some special funds are now willing to look at hotels. “The money has to go somewhere,” concludes Eijkemans.

© Credit: Jurgen Matern

special funds and closed funds — pushed by the two largest transactions: the €584m ($783) sale of Deutsche Bank’s headquarters and the €254m Hamburger Meile sale. In addition, private investors were particularly active buyers of smaller lot sizes of up to €10m. “This picture will see little change in 2012,” says Lemli.

However, last October, according to CBRE, the GOEFs sector saw close to €10m of net disinvestment. “Liquidation announcements by AXA Immoselect and DEGI International left the industry puzzled over the future,” says Iryna Pylypchuk, associate director of EMEA research and consulting at CBRE. “Most sales in London have now taken place, but there are still a few to go,” she adds. “France is next — predominantly Paris of¿ces. By book value these account for 20% of those GOEFs that are either closed to redemptions or liquidating, so the expectation is to see more asset sales in Paris.”

The economic uncertainty in large parts of Europe has inÀuenced the investment motives of European property investors. For 55% of the German property investors surveyed in the Investment Climate Survey, “security” is now the most important investment motive, with “return” (28%) and “liquidity” lagging well behind. Six months ago, security was the principal factor for 33% of German investors when taking an investment deci-

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Deutsche Bank sold its Frankfurt HQ to DWS Investments for €584m

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E N I Z A G A M E P REURO REPORTING TOMORROW’S STORIES TODAY. REUROPE’S COVER STORIES FEATURE THE BEST MINDS IN EUROPEAN REAL ESTATE, WHOSE STRATEGIES ARE DEFINING THE INDUSTRY’S FUTURE. WITH EXCLUSIVE RESEARCH CONTENT, TRENDS, ANALYSIS AND ALL THE LOCAL AND INTERNATIONAL NEWS, REUROPE IS ALL YOU NEED TO RIDE THE UPCYCLE IN 2012.

WHO KNOWS? YOU MIGHT EVEN BE TOMORROW’S COVER STORY. WWW.REUROPE.COM VISIT US AT STAND 12.21 FIND ME AT MIPIM TO DISCOVER HOW TO PUBLICISE YOUR BUSINESS IN REUROPE MAGAZINE. TARA SCHLENER, CTOR MARKETING DIRE

TEL. +39 327 2335647 TARA.SCHLENER@REUROPE.COM

REUROPE IS A BRAND OF

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feature BUILDING INNOVATION

Property drives productivity The slowdown has seen a drop in demand for property, but choosing the right building can still improve a company’s reputation — and productivity discovers Doug Morrison OODMAN, the global commercial and industrial property group, has found that ¿rst impressions of a workplace still count among prospective employees. In a survey of 1,000 UK workers, two thirds say the look of the place is important while half say they take ¿ve minutes or less to decide if they like a company or not.

Once employed, it’s the simple things that count. Two thirds of of¿ce workers say that all they need to stay loyal to a company is heating and lighting that suits them. And at a time when the pressure is on employees to prove their worth, top of the list of employee demands to be able to work more effectively is an up-todate computer.

Jim Johnston, managing director of Goodman UK Business Parks, says the survey supports the group’s own experience with its customers and that “the workplace has a signi¿cant impact on employee well-being and productivity”.

Johnston adds: “Levels of customer satisfaction and loyalty — measured through our retention and void space rates — point to the effectiveness of the work environment, and the physical workplace is increasingly becoming a decisive factor in terms of recruiting, retaining and motivating the best people.”

Goodman’s survey follows a landmark UK study carried out last year by leading workplace consultant Leesman for the British Institute of Facilities Management.

Leesman found that nearly two thirds of UK organisations were actively trying to reduce the of¿ce property they occupy by increasing the number of employees per sq m. Yet as the study also revealed, higher of¿ce densities do not necessarily equate to greater ef¿ciency or productivity.

Though “each square metre of the workplace is having to work harder”, the BIFM said the more enlightened occupiers were encouran ging remote and flexible Goodman’s Jim Johnsto

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working for their staff.

Across Eu rope, CBRE has found that companies are allocating as much as 40% of their of¿ce portfolios to f lexible working, acknowledging the changing patterns of employment and the increasing importance of having a mobile workforce. Technology PLP’s MIPIM Award-winning design for the N+ building in China has made this possible but, according to Ben Munn, CBRE’s head of workplace strategies, there has been an important shift away from the old belief that productive work can only take place from within the physical of¿ce.

“One of the important things for most of the clients we work for is the engagement of their employees and the support for them in doing what they do,” says Munn.

“I think generally it’s accepted within businesses that a happy or engaged employee is the most productive employee.”

This does not mean the death of the of¿ce but certainly the need for a more enlightened approach to making the best use of people and buildings. And around the world it is the occupiers — rather than developers — who lead the thinking on workplace productivity, according to Lee Polisano, president a founding partner of international design ¿rm PLP Architecture. “Occupiers are more demanding now than ever before,” he says.

“Good environmental credentials and performance is now an essential ingredient. Most large occupiers continue to innovate in the use of workspace, often far ahead of what agents and developers believe about the market today.”

Polisano adds: “A loss of productivity through a poor workplace or workplace design and speci¿cation will

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An interior at Goodmanâ&#x20AC;&#x2122;s Arlington Business Park in Reading, UK

have a far greater impact on a business then cost-cutting or austerity measures.â&#x20AC;?

The idea of Ă&#x20AC;exible working is hardly new. Hot-desking was the catchphrase a decade ago. Some of the more progressive companies have long since claimed to put their employeesâ&#x20AC;&#x2122; comfort Âżrst in the belief that an increase in productivity will follow. One of the more notable examples is Microsoft, whose head ofÂżce in the Netherlands, the Outlook building next to Schiphol Airport, opened several years ago as a means of Microsoft adopting new ways of working. There are areas set aside for undisturbed working but no-one has his or her own ofÂżce. The property is regarded today more as a meeting space than a traditional ofÂżce building, and Microsoft has claimed that this environment has fostered greater productivity.

In similar vein, another technology group, Californiabased Plantronics, is currently rolling out its so-called Smarter OfÂżce programme across its European sites following the successful redesign of its UK headquarters in Swindon. A large proportion of Plantronicsâ&#x20AC;&#x2122; workforce is on the move at any one time and so the programme reĂ&#x20AC;ects the need for Ă&#x20AC;exible working practices and the apparent productivity beneÂżts of Plantronicsâ&#x20AC;&#x2122;s technology â&#x20AC;&#x201D; the group is a global leader in hands-free headsets for telephones. There are no Âżxed line phones in a Plantronics ofÂżce.

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Plantronics is advised by Leesman, whose managing director Tim Oldman, says: â&#x20AC;&#x153;Work is a thing you do, not a place you go.â&#x20AC;? That may sound glib but Oldman surveyed every employee in all of Plantronicsâ&#x20AC;&#x2122; ofÂżces across Europe, the Middle East and Africa to assess how each building contributed to the groupâ&#x20AC;&#x2122;s business needs. Each organisation â&#x20AC;&#x153;has its own DNAâ&#x20AC;?, which he insists should entail a much greater depth of analysis on the workplace than is currently the norm.

But then again, architects and developers are more often than not designing and building speculatively, not least PLP, which has won a MIPIM Future Projects Award for its 660,000 sq m N masterplan for the Chinese city of Ningbo.

Polisano claims prospective occupiersâ&#x20AC;&#x2122; productivity is uppermost in an architectâ&#x20AC;&#x2122;s mind even in the most speculative of projects. â&#x20AC;&#x153;Providing a degree of spatial variety within new speculative buildings is a must these days,â&#x20AC;? he says. â&#x20AC;&#x153;Organisations are well past the days when every single employee works in a similar manner or performs a similar task.â&#x20AC;?

Polisano adds: â&#x20AC;&#x153;Spatial variety, combined with â&#x20AC;&#x2DC;designed inâ&#x20AC;&#x2122; opportunities for employees to interact by chance and informally, will increase productivity, encourage the exchange of ideas and help to raise the level on innovation within organisations.â&#x20AC;?

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If your hotel is located outside Cannes, check out the free shuttle service.

Available to all delegates from 08:00-00:00

Schedules are available in hotels and at various points in the Palais des Festivals Shuttle hotline: +33(0) 4 92 99 87 51 The worldâ&#x20AC;&#x2122;s property market

mipim

feature HOTELS, TOURISM & LEISURE

Flexible formats drive hotels in hard times With their ability to tailor their product to a diverse and fast-changing customer base, hotels were one of the few bright spots in the 2011 property market, writes Steve Killick O ONE ever said it was going to be easy.

As the longest economic downturn since the 1930s grinds inexorably on throughout Europe it is hard to ¿nd many reasons for optimism in the property business. Yet sectors of the hotels market in 2011 saw some slim shafts of light shining through although it is still far too early to talk of that most hackneyed form of growth, ‘the green shoots of recovery’.

Hotels have a number of options when times get tough: the simplest being to appeal to such startlingly wealthy customers that recession is barely going to dent their ¿scal wherewithal and they will visit come what may for the stunning opulence of their surroundings and the magni¿cence of the service they receive.

There have certainly been cases such as this during 2011 but another and more common way to pull in trade is to have suf¿cient Àexibility to offer discounted deals and a suf¿ciently strong brand to retain the loyalty of guests. Which is why the last 12 months have seen the middle market battered, bruised but still standing while the top-of-the-range hotels and those providing budget offers have done surprisingly well.

“The trouble in the UK,” says Jonathan Hubbard, CEO of Jones Lang LaSalle’s UK and northern European hotel division, “is that we are not a nation of hagglers,

N

otherwise we would be putting hotel operators a lot more on their mettle before it comes to agreeing to pay full quoted room rates.”

Hubbard points to the fact that dealing direct with hotels can deliver a far better deal for the transient overnight guest than going through third party websites because the latter charges a hefty commission.

He says: “Things have changed over the last 10 years with hotels realising they have to be more Àexible. The current market has only reinforced that with increasing promotions of discount deals, loyalty cards and just small things like a room rate including a full breakfast whereas once that would have been charged on top.”

Loyalty cards can be good news for both hotelier and guest as the hotel organisation gets a greater insight into what its customer base wants while the customer sees tangible rewards in the form of room upgrades.

Marriott Rewards, Starwood Preferred Guest and Hilton Honours are all loyalty cards that are extensively used by their guests and have helped keep business rolling during hard times in the congested mid market range.

Building Àexibility into occupiable space is a lot more dif¿cult although the likes of Hilton have created it in a number of its hotels where suites can be created to room guests either side of a central lounge and dining

Doubletree Amsterdam

73

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Bullet Investments’ 10 Trinity Square is set to be the first luxury hotel in the City of London

area which includes cooking facilities, dishwasher and fridge.

This has the added advantage that visitors can cater for themselves if they want to save on the price of a hotel or a restaurant meal out. By the simple locking of a door the module can be changed back to an individual bedroom as necessary.

So how is the market holding up in the face of discounting and deal cutting? JLL has forecast a continuing struggle in the Eurozone battling against its debt mountain on the medium to long term although the key tourist cities, such as London and Paris, will continue to enjoy keen interest.

“It looks like business as before,” says Hubbard. With the hotel investment market throughout EMEA hitting $10.5bn (€7.8bn) during 2011, transactions are hardly grinding to as standstill although Hubbard points out that much investment will be driven by debt restructuring as banks take a stronger stance and more hotels are forced into receivership with the number of distressed assets likely to increase.

Yet for all the problems the hotel market remains remarkably robust with Hilton looking to roll out its Doubletree brand with 2012 openings in Manchester, Leeds, London SW1 and EC3. In mainland Europe Doubletree will be trading in Zagreb, Croatia; Lodz, Poland; Kazan, Russia; Malataya and Istanbul, Turkey; and in Piolesti and Sighisoara in Romania by the end of the year.

“If the location is right there are no shortage of potential takers,” says Stephen Richardson, EMEA head of hospitality valuations at Cushman & Wake¿eld. Richardson points to big London deals such as the $130m lease deal at the Crown Estate’s Cafe Royal in Regent Street, W1; Starwood’s upmarket W hotel opening in

Leicester Square, W1, and Corinthia moving into the former British Government building on the corner of Whitehall and Northumberland Avenue, SW1.

“At this end of the market there is still going to be activity,” says Richardson, “especially given the lead in time involved in securing planning, funding and negotiating the terms of occupation. But even when that is sorted out there are still a lot of people who want to stay in luxury hotels and can afford it.”

Richardson also points to the other end of the spectrum and the budget sector of hotels who are more often that not prepared to take a commercial lease on a property rather than try and negotiate a management contract which can scupper funding in this precarious market.

He says: “One only has to look back 15 years and the budget sector provided very little in terms of amenity.

They were as bare as bedamned. Now there is TV, payper-view and telephone and the likes of Yotel, Travelodge and Premier are all moving to a town near you.”

“They are perfect for the transient overnight traveller on a budget,” says Richardson, “which is why we have seen Yotel opening in Schiphol, Amsterdam and London’s Heathrow and Gatwick airports.”

The budget chains also have helped by keeping provincial markets ticking over according to Julian Kemp, director at CBRE’s EMEA hotel division. “Otherwise the leisure market outside London and Edinburgh in the UK is really suffering,” he adds, “with the conference and banqueting sectors being really squeezed.

The budgets have delivered a highly pro¿table business market and, with the London Olympics almost upon us, they should be doing brisk business.”

So the next 12 months will still see deals to be had for operators and guests alike. And some discounted deals to be had by both.

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The first ECE fund: it’s all about shopping.

The “ECE European Prime Shopping Centre Fund” is ECE’s first real estate fund – with capital commitments of 775 million euros, it’s built on solid foundations and already a success. The fund primarily acquires existing shopping centers with value creation potential, but also invests in modernizations and revitalizations. Currently represented in the fund’s portfolio: Stern-Center in Potsdam (Germany), Olympia in Brno (Czech Republic), Galeria Kaskada in Szczecin (Poland), Linden-Center in Berlin (Germany), City-Passage in Bielefeld (Germany), and Megalò Shopping Center in Chieti (Italy).

Shopping | Office | Traffic | Industries ECE Projektmanagement G.m.b.H. & Co. KG Heegbarg 30, 22391 Hamburg, Germany Phone: +49 (0)40 60606-0, Fax: +49 (0)40 60606-6230 www.ece.com, info@ece.com

at Visit us 1 6.0 Stand 1