Mipim 2014 news 3 by RX REAL ESTATE SHOWS

mipim nEWs 速

DAY

Thursday 13 March 2014

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TECH HUB FOR PARIS

La Halle Freyssinet reborn

GREEK CONFIDENCE

Investment activity returns

ISTANBUL INVESTMENT

$3bn of foreign capital

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www.mipim.com

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CONTENTS

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NEWS 4R ussia’s Silicon Valley

10 AEW: European expansion

AFEX, the French Association of Architects Overseas, held their Grand Prix de l’AFEX awards ceremony at MIPIM last night

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14 Cities’ housing challenge

The Carlton hotel was the venue for the MIPIM Jubilee Concert, sponsored by Emaar with Amundi as partner, featuring players from the Radio France Philharmonic Orchestra

The official MIPIM daily newspaper Thursday 13 March 2014

The MIPIM News team is located in the Palais des Festivals / Level 5 Editorial Contact: mipimeditor@gmail.com

Director of Publications Paul Zilk Director of Communication Mike Williams EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Reporters Ben Cooper, Mark Faithfull, Steve McCormack, Mark Moore, Liz Morrell, Paul Strohm Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof Reader Debbie Lincoln Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Veronique Duthille, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Olivier Houeix, Michel Johner, Yohann Mortier Editorial Management Boutique Editions. PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Manager Amrane Lamiri Publishing Co-ordinators Nour Ezzedeen, Emilie Lambert Production Assistant, Cannes Office Eric Laurent Printer Riccobono Imprimeurs, Le Muy (France). Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNE-BILLANCOURT (FRANCE), VAT number FR91 662 003 557.

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NEWS

Russia gives itself 10 years to replicate Silicon Valley

F&T Group China’s Catherine Lee

SUZHOU LOOKS TO INTERNATIONAL INVESTMENT US-CHINESE developer F&T Group is at MIPIM to showcase its World Trade Center development in Chinese tourist city Suzhou and to attract international investment for the ambitious mixed-use, harbourfront project. The company, which is also building a World Trade Center in Nanjing, due for completion next year, is aiming to raise $300m (€216m) for the first phase of the scheme, having already secured financial commitments from domestic investors. “As a company with offices and experience in the US and China, we have already partnered with JP Morgan Real Estate, which invested in our Nanjing project,” F&T Group China managing director Catherine Lee said. “For this next project we are also very keen to bring in more international investors.” The one million sq m Taihu Harbour City scheme in Suzhou, which will have a World Trade Center at its heart, includes 0.5 million sq m of residential space, plus offices, hotels, retail and leisure, with a harbour setting. The city already draws Chinese visitors as a holiday destination and is famous for its Classical Gardens. Shanghai is around 30 minutes away by train. “This project is really about place making, which is why it will include many different elements and will be a unique destination,” Lee said. “Suzhou is an affluent and well managed city and we believe it provides great growth potential and a very strong long term investment.”

USSIA is creating its own Silicon Valley on the outskirts of Moscow in a government-sponsored initiative that will provide the 400 ha project with 2.5 million sq m of mixed-use property. The Skolkovo scheme is aimed at the technology sector and R&D activities in a bid to rival the Californian version. “We don’t have 60 years, so we have given ourselves just 10 years to produce the same results at Skolkovo,” said Anton Lakovenko, CEO of LLC UDAS Skolkovo. The infrastructure for the site has already been installed following a two-year project. Lakovenko said that construction has started on the most important elements of the site’s ecosystem required to foster innovation. Among these is the Skoltech university, which has been conceived in conjunction with the Massachusetts Institute of Technology (MIT). The first 130,000 sq m phase will be completed in 2015. A 90,000 sq m technology park is also under construction and will provide space for start-up companies receiving grants from the Skolkovo Foundation. There is also ample space for R&D, for which information technology company Cisco has signed, IBM and SAP are about to sign, and Microsoft is in discussions.

Elsewhere, Sberbank will build another 120,000 sq m technopark aimed at its own clients, along with a data centre that will have a 38 mW power requirement. In terms of transport, Lakovenko said, the project would follow “the European model, not the Russian or US version of commuting. In Europe, people rely more heavily on public transport.” Moscow’s ‘red train’, renowned because it is faster and more efficient than other lines, will serve the project from 2015. Apartments built at Skolkovo will be rented and will only be available for people who are employed at the scheme.

Hyatt in search of new locations HOTEL group Hyatt is looking for sites in Barcelona, Madrid, Rome, Copenhagen and Frankfurt as it attempts to “complete its representation” across Western Europe, according to Peter Norman, senior vice-president, acquisitions and development, Hyatt Interna-

City development plans are key to Hyatt International’s expansion strategy said the hotel group’s Peter Norman

LLC UDAS Skolkovo’s Anton Lakovenko: Skolkovo infrastructure already installed

tional. The company is also looking at further opportunities in Russia, and Norman said that while St Petersburg remained a priority, a number of the Millioniki cities were potentially attractive locations. “Clearly these cities are very large by European standards and we certainly see opportunities there,” he said. Norman added that the group had been looking for a site for its Park Hyatt flagship brand in London “for a long time” but had been unable to secure a suitable Knightsbridge area location. At MIPIM in part to look at city developments, Norman said that understanding city planning and objectives was crucial for Hyatt International. “For us it’s vital to know how cities are developing, what projects are under way or planned, and to then examine these at microlevel. We do a tremendous amount of due diligence before we choose a location.”

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06.03.2014 14:31:49

mipim

NEWS TOURISM BRINGS OPPORTUNITIES IN ARGENTINA

Old railway station to become new technology hub for Paris

A Norberto Pereyra: “growth in the tourism sector”

ARGENTINA’S Ministry of Tourism is back at MIPIM for the third time following its earlier success in marketing the country as a prime location for investing in leisure-related real estate projects. According to Norberto Pereyra: “There are many opportunities in our country, driven by the growth in the tourism sector. We need facilities developed across the board including hotels, residential and mixed-use developments.” By law, tourism has been declared an activity of national interest in Argentina that is essential to the country’s development. Government initiatives to support investment in this field will ensure a steady supply of real estate opportunities into the future. Pereyra believes there is strong demand for hotel accommodation along the huge country’s network of roads, plus opportunities for new business-class hotels.

N EXCITING redevelopment project to convert a unique early-1920s railway station in the centre of Paris into an ultra-modern tech hub has been unveiled at MIPIM. Situated in the 13th arrondisement of Paris, the derelict former logistics transport building will be converted to provide space for 1,000 tech startups and budding entrepreneurs. It will have a floorspace of 33,000 sq m and comprise mainly offices with some catering. Lead by world-renowned architects Wilmotte & Associates, the La Halle Freyssinet redevelopment project is being funded almost entirely by French entrepreneur Xavier Niel. Construction work on the ambitious project will begin in September this year and is set for completion in 2016. It has an estimated overall cost of €170m. Niel has said that he wants to create the largest ‘digital city’

Wilmotte & Associates’ Jean-Michel Wilmotte: ‘This is part of history’

in Europe to stimulate economic and technological activity in the French capital. Speaking to MIPIM News, JeanMichel Wilmotte, founder of Wilmotte & Associates, said: “This is part of history; it’s a place full of memories. This is a project in one place with one man and one architect.” La Halle Freyssinet launched at MIPIM as part of the Grand Paris Project, a long-term plan to expand and develop the capital.

Also being showcased to the international market is the Les Halles project, a major development in the centre of Paris above the Metro station of the same name. Once construction is complete, estimated for the end of 2016, the underground station will be capped by a new shopping mall, public garden space, an updated RER station and an iconic canopy roof which developer UnibailRodamco says will become a new feature of the cityscape of Paris.

HEALTHCARE A GROWING BUSINESS HEALTHCARE property is emerging as an attractive new asset class, and a workshop at 14.30 in the Orange Room will explore the new opportunities initiatives such as Obamacare are creating. Italian construction federation ANCE will present a case study on the development of a new hospital at Vimercante, Italy.

PROPERTY luminaries and key policymakers gathered to discuss some of the big issues facing European real estate under the banner Masterminds Europe. Among the challenges they identified was the need for public and private sectors to work together to ensure the continent stays competitive.

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mipim

NEWS

Major deals herald return of confidence in Greek market

I Pradera Italy’s Roberto Limetti: “a huge amount of money to spend”

TOO MUCH, TOO SOON IN SPAIN AND ITALY? THE HUGE enthusiasm triggered by the improving fortunes of Spain and Italy in the last few weeks may be a case of too much, too soon, according to Roberto Limetti, managing director of retail property fund and asset manager Pradera Italy. “The issue is that there are lots of investors with a huge amount of money to spend because they are not able to spend it in their usual markets,” Limetti said, referring in particular to US investors. Limetti, who is in Cannes to look for third-party mandates for fund and asset management, added: “Everybody says they want to look at these markets. It is easy to say. But if half of them invest, there will be a huge boost.” However, he said that while there are considerable amounts of equity in the market, banks are still not lending. “But in two months’ time, it might be different again,” he added. Limetti also stressed that the markets in Spain and Italy are distinctly different from each other. While the emphasis in Spain is on prime shopping centres, in Italy prime high-street retail is the focus, although few owners of those assets are prepared to sell. “That has helped secondary though, and investors are starting to look at best secondary or secondary prime,” Limetti said.

NVESTOR confidence in the Greek real estate market is returning, boosted by several major deals — including the country’s largest-ever sale, which was agreed at the start of the year. This is the view of Aristotelis Karytinos, general manager of real estate at the National Bank of Greece, speaking this week in Cannes. “We have recently seen two major deals worth over e1bn, which represent two important ‘votes for Greece’ by the international real estate sector,” he said. “This is the best way for foreign investors to express confidence in Greece — by committing significant sums in order to make money as the economy recovers.” The first deal saw Invel Real Estate Partners acquire a 66% stake in NBG Pangaea REIC from the National Bank of Greece for approximately e653m. Pangaea, Greece’s largest REIC, owns and manages a portfolio of 269 commercial real estate properties. This comprises nearly all of National Bank of Greece’s branches, as well as the main offices used by the bank. The second deal was the e400m sale of the

National Bank of Greece’s Aristotelis Karytinos: “two important ‘votes for Greece’”

Astir Palace complex to a consortium of overseas investors. The 75-acre (30 ha) upmarket coastal resort on a peninsula near Athens currently has three hotels. Under the agreement, the new owner will be able to develop part of the site as exclusive villas.

Pact signed for Kiev Business Harbour A NUMBER of key partners signed an agreement at the Kiev City stand at MIPIM yesterday as the first step in developing the Kiev Business Harbour area to the north east of the Ukrainian capital. A team including the Kiev City State Administration, developer Eastgate, Baker McKenzie, Ernst & Young, JLL and Chapman Taylor were in attendance and will jointly take the primarily industrial and logistics project forward. “It is unusual to be able to develop a scheme like this in such a central location,” said Ro-

man Kachur, deputy director for Kiev’s Department of Economy and Investment. “The site is next to a large residential district and is ideal as a logistics hub and for high-tech industries. It is a unique place, with a large potential workforce.” Having signed the agreement, the concept for the 330 ha site is to be pushed forward by the team and finalised over the coming months. The project will be developed in phases. “We intend to bring in key occupiers who will act as an attraction for the following phases of development,” Kachur added.

Key partners signed an agreement for the Kiev Business Harbour yesterday

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10.30 AM

S T N E V E R OU Y A D O T R FO 3 1 Y A D S R U TH VISIT US!

COME AND HALL S IN R E L 6 .1 4 R BOOTH # L

PROJECT PRESENTATION: “FLORENCE A LEARNING HUB”

Stand Invest in Tuscany LR 4.16 Lerins Hall - a networking Tuscan cocktail will follow

2 PM

FROM RESORTS TO ALBERGHI DIFFUSI (WIDESPREAD HOTELS). INVESTMENT OPPORTUNITIES TUSCANY. FOCUS ON COLLE VAL D’ELSA. with Mr Iuri Bruni, Municipality of Colle Val d’Elsa - HTL pitching area | level 3

4 PM

LOGISTIC CENTER FOR TUSCANY “AMERIGO VESPUCCI S.P.A”, EUROPEAN PLATFORM IN THE HEART OF THE MEDITERRANEAN

with Mr Dino Fulceri, CEO Interporto Toscano Amerigo Vespucci S.p.A. - Logistics pitching area | level -1

4.30 PM

CASE STUDY: “INNOVATING TOURISM IN THE DIGITAL ERA: THE EXPERIENCE OF FLORENCE METROPOLITAN AREA”

with Mr Simone Tani, Municipality of Florence - Prof. Carlo Ratti, Director, MIT Senseable City Lab &amp; Partner, Carlo Ratti Associati, Prof. Mauro Mezzenzena, University Carlo Cattaneo (LIUC) - Green Room, MIPIM INNOVATION FORUM

CONTACT PERSON AT MIPIM: SILVIA POLEDRINI +39 335 6210557 - COMMUNICATION@INVESTINTUSCANY.COM Invest in Tuscany - Regione Toscana - Directorate General for Presidency - Regional policies for attracting inward investments Piazza Duomo, 10 - 50122 Florence - Italy - T +39 055 4384859 / +39 055 4382425 - F +39 055 4384135 - info@investintuscany.com - www.investintuscany.com

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NEWS ALKAS PUTS TURKEY ON THE MIPIM MAP

Alkas’ Yonca Akozer: “explaining more about Turkey to foreign investors”

MUCH of Turkey’s success at MIPIM — such as being named Country Of Honour for two consecutive years — is down to the organisers of the Turkish Pavilion, Alkas Group. Yonca Akozer, Alkas Group’s general manager, said: “MIPIM has been represented in Turkey by Alkas for the past six years. This year, there are 18 Turkish companies with stands and 450 Turkish delegates in total.” Akozer also noted that the number of heads of Turkish companies attending MIPIM “is growing every year”. But stands and delegate numbers are just one part of the Turkish story at MIPIM, Akozer added: “There is the vital conference programme too. At MIPIM this year, we organised 11 sessions on, by or about Turkey. Our target is to explain more about Turkey to foreign investors.”

AEW Europe set to expand platforms and geographies

UND manager AEW Europe is to rebalance its geographical investments and diversify some of its activities in an evolution of the business, according to new CEO Rob Wilkinson. Stressing that he did not want to “radically change the business model”, Wilkinson said that AEW would instead respond to its clients’ growing appetite for cross-border investment and new platforms. “Historically, we have been very strong in France and have a large base of French investors,” Wilkinson added. “However, many of those investors now wish to invest outside their domestic market. In addition, we have attracted new investors from beyond Europe, notably Australia and Asia.” Of the latter, Wilkinson said that, while Asian investors had initially focused on prime and coreplus properties, many were now prepared to look at opportunistic

AEW’s Rob Wilkinson: cross-border investment and new platforms

and value-added acquisitions. He added: “We are likely to make more investments in the UK and Germany. For the more opportunistic investors, we’ll be looking at acquisitions in Spain and Italy. We will also be active in the logistics sector, where we feel there is still some way to go in terms of growth.”

As part of its diversification, AEW has increased its holding of real estate debt in recent years. Wilkinson said the company was now considering additional property sectors such as hotels and healthcare. But he insisted the company would only invest “with experienced operators who know their markets well”.

BIG DEBATE, BIG QUESTION MIPIM’s set piece conference session for 2014 is The Big Debate, which takes place in the Grand Auditorium this morning. A panel led by futurist and economist Graeme Maxton will ask how the property world can adapt to increasingly rapid urbanisation and its associated economic and demographic change. MIT SENSEable City Laboratory’s Carlo Ratti, Emaar Properties’ Robert Booth and Macklowe Properties’ Harry Macklowe will attempt to discover if the real estate sector can transform such pressures into opportunities.

THE WORLD’s first road-legal, single-seater production car is on the Liverpool stand. Liverpool became home for the award-winning Briggs Automotive Company (BAC) Mono car last year. “Liverpool has a rich manufacturing history and we moved production to the city because the city is open to business, and has a large and deep pool of talent and skills,” said BAC project director Neill Briggs. Sean Beech, senior partner at the Liverpool office of Deloitte, who is leading the delegation to MIPIM, added: “It’s fantastic that MIPIM delegates will know that a car that is turning heads wherever it goes — whether on the road or on the track — is made in Liverpool.”

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Hals-Development presents its new Iskra-Park project On March 12, 2014, Hals-Development unveiled its new project - Iskra-Park, located at 35 Leningradsky Prospekt. IskraPark, a premium complex located on a 2.8-hectare area of land, is a quarter comprising nine buildings of various heights (from five to 20 stories) and functions, including apartments, offices, and infrastructural facilities. The complex’s inner courtyards feature modern recreational areas with small architectural forms, children’s zones, and sporting areas. In total, there are approximately 5,000 square meters of landscaped area. Altogether, the complex covers a 234,000 sq m area, 76,000 sq m of which are designated for apartments, 74,000 sq m for office space, 29,000 sq m for a research institute’s office building, and 55,000 sq m for underground parking capable of accommodating 1,400 vehicles. The expressive architectural design developed by the studio SPEECH will become a new dominating feature of Leningradsky Prospekt. The complex is being built at the site of the Iskra machine-building design bureau, whence the project received its name. “In the Iskra Park project, we continue to embody the company’s key principles of creating bright neighborhood facilities with developed infrastructure that are comfortable for life and work. The concept of all of our facilities is closely associated with the history of the location. The capital’s cultural heritage, coupled with advanced technology, creates a city-forming synergy, towards which our company actively strives,” noted Sergey Kalinin, the president of HalsDevelopment. Sergey Choban, managing partner of the SPEECH architectural bureau: “This project is a direct continuation of the European city tradition of forming a multipurpose neighborhood – an ensemble with certain houses of various heights. The contrast provided by the various heights is characteristic of Moscow architecture, and it is popular for precisely that reason. By combining various facades and diverse functions, including public space on the first floors, we create a modern interpretation of the Muscovite architectural tradition.” Several materials are to be used in decorating the buildings, including natural stone, bricks, glass, and aluminum. The dynamic combination of facades will blend the neighborhood organically into its environment.

At the entrance of the Palais des Festivales, visitors to the exhibition are greeted by retro Russian cars from the 1950s, next to which they can take photographs for later pick-up at stand #17.01.

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NEWS ROULOT TO GIVE HTL KEYNOTE PIERRE-Frederic Roulot, president and CEO of the Louvre Hotels Group, will present the HTL keynote this afternoon. Established in 1976, Louvre Hotels Group has been owned by Starwood Capital Group since 2005. In July 2009, it joined forces with the Golden Tulip Hospitality Group. The combined business is now a key player in the international hotel industry, with a portfolio of more than 1,100 hotels, representing a total capacity of over 90,000 rooms in 43 countries.

SPOTLIGHT ON ITALY IDEA FIMIT, Italy’s biggest asset management company with €9bn of assets under management, is sponsor of today’s Italian morning. Under the banner Italian Real Estate: New Supply, New Demand, the event will explore whether Italy’s new political climate and attractive property prices and a growing supply of investment properties is sufficient to draw new investors to the Italian market. IDeA FIMIT is already stepping up its commitment, having taken over the massive Santa Giulia project in Milan from Risanamento.

TOULOUSE SET FOR TAKE OFF TOULOUSE Montaudran Aerospace is on the historic Aeropostale base, birthplace of the French aeronautical industry. South of Toulouse city centre, the site has been earmarked for the development of a high-tech campus, built to high environmental standards. The scheme will comprise 355,000 sq m, of which 50,000 sq m will be dedicated to higher education and research, 190,000 sq m to support uses, 20,000 sq m to retail, 80,000 sq m to residential and 15,000 sq m to public facilities.

New MIPIM event reflects ‘size and appeal’ of Japanese market

HIS week has seen the announcement of a significant expansion for the MIPIM brand with the launch of MIPIM Japan. Joining sister events MIPIM, MIPIM Asia and MIPIM UK, the two-day event will take place in Tokyo in May 2015. Organiser Reed MIDEM said the event would be an international forum primarily focused on the Japanese real estate sector. It will include gold-standard conferences, panels and workshops, with numerous networking events and project showcases. Speaking this week in Cannes, Motoi Sasaki, vice-minister for land, infrastructure and Hokkaido development at the Japanese Ministry of Land, Infrastructure, Transport and Tourism, said: “The decision to hold the event reflects the size and appeal of the Japanese real estate market. I invite international property professionals to Japan to experience for themselves the attractiveness, efficiency and technological sophistication of our offering.” Filippo Rean, director of the MIPIM events portfolio, said:

“MIPIM Japan will bring together leaders from the Japanese real estate sector with international companies that are either interested in investing in Japan or who want to exhibit Asian projects that could be of interest to Japanese investors.”

Rean added: “Japan is a leader in the Asia-Pacific real estate sector and has been a pioneer in the use of new technology, sustainable building practices and well-managed urban development. We are honoured to bring MIPIM to Japan.”

Reed MIDEM’s Paul Zilk (left) with Japanese vice-minister Motoi Sasaki

‘Austerity fatigue’ slows investment

CRE’s Mary Fleischmann: “MIPIM is more relevant than ever”

GROWING “austerity fatigue” in Europe is stifling property investment, an international real estate economist has said. Speaking to MIPIM News, Hugh Kelly, Counselors of Real Estate’s (CRE) international chair and clinical professor of real estate at New York University, said that European economies were “suffering from low GDP and employment growth” and that recovery was being hampered as a result. Kelly said the mood of the markets globally was showing signs of improvement compared with three years ago, but that slow employment and eco-

nomic production was “holding back investment”. CRE’s president and CEO, Mary Fleischmann, who will address delegates tomorrow as part of the Wrap-Up session, added: “MIPIM is more relevant than ever, because our industry is now so international and that’s only going to increase.” CRE is an international alliance of real estate professionals from a range of disciplines. It provides networking and resource sharing opportunities for its 1,100 members, as well as academic literature, news and analysis on global property issues.

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Ferris™ AMC Drives Growth and Improves Client Service with New Technology Having the right information is critical to meeting client expectations. The co-founder of a leading investor services company tells how a single Web-based platform works for his business.

Ferris™ AMC was established in 2009 to provide accounting and management consultancy services to real estate private equity funds. Ferris™ AMC has extensive experience providing services that span the entire lifecycle of real estate funds, from set-up to liquidation including basic accounting and complex consolidations, which need to be compliant with IFRS, Luxembourg GAAP and INREV. Its client portfolio includes asset management companies that manage investment funds with an institutional investor base. Operational Challenges Ferris™ AMC clients expect accurate, complete and timely reports on their investments; satisfying this performance criterion, as well as complying with multiple local jurisdictions, is a key factor in maintaining the company’s

2011. We wanted a Web-based tool that gave our clients direct access for review purposes.”

requirements and develop creative solutions for the rollup process.”

Benefits from New Technology

New Platform Drives Growth

Yardi Investment Management produced immediate and significant improvements to Ferris™ AMC’s client service. For example, full automation of investment accounting and performance measurement greatly reduced Ferris™ AMC’s reporting cycle times. In addition, Ferris™ AMC has easy access to Webbased financial, portfolio, performance and revenue analytics that help identify investor’s exposure to various types of risk. “We have benefited at a number of levels with the Yardi solution. We have developed and enhanced our internal procedures instead of having to tailor them according to the restrictive capabilities of previous methods. Also, the standardisation

Regarding Ferris™ AMC’s strategy for growth, Ozdemir said, “We have always found Yardi to be an extremely reliable collaborator, providing high levels of support. Our plan is to further leverage Yardi Voyager to develop additional services going forward. Clients have challenging requirements and we do not expect these requirements to lessen”. Moreover, Ozdemir is convinced that Yardi Voyager can be easily configured to the different requirements of multiple clients. “This is a great platform for service providers from various operational perspectives. For asset management companies, the benefits of Yardi Voyager are even greater. They can bring property management, lease and associated reporting activity in multiple jurisdictions into a single platform. In addition, local accounting, including currency conversion, is available directly in the software. Last but not least, consolidation of financial accounts and client reporting comes with the additional benefit that it’s available in a Web-based interface which can be accessed 24/7. If leveraged properly, these advantages can significantly help asset managers streamline operations and develop competitive services for clients.”

“Quality, accuracy and timeliness of reports are key success factors for us. We cannot imagine delivering these via any other software.”

Sansal Ozdemir

Co-Founder - Ferris AMC - Accounting & Management Consultancy Sàrl

competitiveness. The company’s focus is centred on compliance within multiple local jurisdictions in order to achieve a high standard of quality with the reports they provide clients. Ferris™ AMC is also driven to ensure that it eliminates risk-prone, manual intervention while processing accounting information. “Clients legitimately require consistency of reporting among their SPVs,” said Sansal Ozdemir, co-founder of Ferris™ AMC. “As we examined our technology capabilities, we found that achieving our expected standard with multiple reporting tools was becoming problematic. It was one of the major considerations behind our decision to adopt Yardi Investment Management™ in

of reporting for multiple jurisdictions and the data transfer interface from Yardi Investment Management to the reporting tools of the client has increased efficiency in the reporting lifecycle,” Ozdemir said. “Moreover, since clients need to deliver financial information across all of their investments, the reporting needs to be accurate, extremely reliable and delivered in a very timely manner to meet regulatory reporting requirements. By using Yardi Investment Management instead of spreadsheets, we reduced by up to 50% the time needed to prepare reports for investors. Another great benefit is being able to tailor the account trees. We can make customisations and adjustments to meet local statutory

Maximise Value for Clients Ferris™ AMC’s proposition is to maximise the value they provide to their clients’ businesses through exemplary services. By selecting Yardi Voyager and Yardi Investment Management as its integrated fund accounting platform, Ferris™ AMC has surpassed business challenges with new operational efficiencies, a high level of services to clients and compliance with accounting standards. “The most critical factor for our success is to stay focused on our clients’ needs and remain competitive by delivering consistent, best-in-class client services through high quality, extremely accurate and timely reporting,” Ozdemir said.

To learn more visit: www.yardi.co.uk - www.yardi.nl - www.yardi.de

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NEWS TALLENTO ‘ACTS AS INVESTORS’ EYES’ IN BRAZIL BRAZILIAN engineering management company, Tallento, is at MIPIM for the first time this year to meet potential overseas clients. The company advises real estate investors coming to Brazil, providing support at all stages of the process from land acquisition to handing over the keys of a finished building. They are experts in the local rules and regulations and can source appropriate contractors and service providers for newcomers. The company also has over 5 million sq m of real estate under management, ranging from residential through offices, logistics and retail. Among its clients it counts Golden Tree Asset Management from New York, Spain’s Grupo Lar and Belgian real estate developer, Pylos. “Overseas investors are a growing part of our company’s business as Brazil attracts increasing attention from the international market, hence our presence here in Cannes,” said partner Hernani Varella. “Using our local knowledge we act as investors’ eyes in Brazil. We help our clients increase profitability by reducing their risk.”

Tallento’s Hernani Varella: valuable local knowledge

Cities urged to tackle the ‘scandal’ of poor-quality, high-cost housing

ITIES around Europe need to take action to put an end to the “scandalous situation where millions live in poor-quality or high-cost housing”, said Michel Sudarskis, secretary general of INTA. Sudarskis picked up the theme of housing at a session yesterday entitled Increasing Housing Supply And Funding In Hard Times, echoing the sentiments of London Mayor Boris Johnson who made a plea for more affordable housing in his address on the opening day of MIPIM. “As a starting point we have to look at the sheer number of people who are living in very difficult situations and who need affordable housing,” he said. “Because of high pricing, what we have is people being forced to move out of the centre of cities to the suburbs, with all the frustrations because these suburbs are not well enough served with facilities.” Sudarskis pointed to obstacles in providing affordable housing

INTA’s Michel Sudarskis: The short supply of affordable housing is a European-wide issue

stock, for example the bureaucratic and legal delays that slow development despite the urgent need for more homes and costs enforced by regulation and construction material increases. “Different cities are coming up with different solutions,” he said. “So in Moscow they are

selling state land to developers based on specific criteria set out by the city authorities, while in Scandinavia they are developing and managing affordable housing, using pricing modulation as an instrument to encourage people to move to certain areas of their cities.”

Sharing space is key to sustainability INGRID Nappi-Choulet, chair for real estate and sustainable development at Essec Business School, is to launch her new IBook, The City Of Tomorrow – New Ways Of Using And Sharing Real Estate at MIPIM today. Nappi-Choulet will present the findings from her multimedia workbook at Functional Diversity: Shared Buildings And Spaces — a morning session running from 10.00-11.00 in the Green Room at the MIPIM Innovation Forum today. Her findings include interviews with 20 high-profile experts including renowned French architect Jacques Ferrier. “We wanted to encourage people to think about what is a sustainable city,

how to densify the city and how to differently use the city by sharing spaces,” she said. “The main issue is sustainability in cities rather than smart cities, so we are looking at new ways of [achieving] sustainability which is more about economies of space.” The research also illustrates 30 examples of shared space in action in both France and the Netherlands. Her book will be available as a free dow n load a f ter the event via a QR Ingrid Nappi-Choulet presents her new code or at http:// book today at the Innovation Forum goo.gl/HFj77b

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NEWS MIPIM’S 25 YEARS DRIVES MARKET MIPIM Pioneer Tony Danaher believes MIPIM has been a catalyst for fundamental change in the real estate sector over the past 25 years. The communications strategist helped transfer the initial concept into reality after working on the launch of Canary Wharf and the Barcelona Olympics. “Before MIPIM real estate was very localised — everyone thought they knew everyone they needed to know,” he said, “but the MIPIM experience has driven home the fact that to advise properly you have to be global.” That, he said, has been one of the factors behind consolidation in the brokerage sector. “It’s underplayed but MIPIM has also been a forum for advocacy around issues like sustainability and energy security,” he added.

LOGISTICS BOOST ACROSS EUROPE LARGER lot sizes, compressed yields and low vacancy rates continue to drive the European logistics market forward, with the German, UK and CEE markets particularly strong, according to James Markby, head of industrial & logistics at CBRE. Markby also said that logistics real estate valuations are likely to rise, following yield compression of 25-50 basis points in the Czech Republic and Poland in recent weeks. “It’s a market where there are a lot of positive drivers, such as e-commerce and the improving economy, and very little bad news,” Markby said. Markby also pointed to the increasing sophistication of mega-shed users, some of which are now securing sites directly rather than waiting for development.

Istanbul overtakes European rivals as investment booms

Ibrahim Caglar, president of the Istanbul Chamber of Commerce

VER $3bn (€2.2bn) of foreign investment was made in Istanbul in 2013, according to Ibrahim Caglar, president of the Istanbul Chamber of Commerce. And over the past 10 years the city government has invested more than $30bn, with real es-

tate representing a major component of the total. “Istanbul is a world city. This is evidenced by the fact that there are currently about 22,000 foreign companies operating in the city,” Caglar said. He was speaking yesterday at a press conference at the Chamber’s stand on the theme Rising Istanbul.

The president also said it was becoming increasingly apparent to Turks that they were leaders in the world, not followers. He gave the example of Turkey’s construction industry. “There are 38 Turkish companies in the list of the world’s 250 biggest contractors.” The pace of new construction and the scale of regeneration in the city is immense, Caglar said. “Over the next 20 years one third of the present building stock in Istanbul will be renewed. This means the removal and rebuilding of 500,000 dwellings, as well as new infrastructure.” At the same time, he added, “170 new hotel projects with a total capacity of 50,000 beds are under development”. Caglar also said it was likely that, in terms of total investment, Istanbul had already overtaken Vienna, Madrid, Barcelona, Rome, Moscow and Amsterdam, and was catching up with London and Paris as the peak investment cities in Europe.

Fractional ownership deal signed LEISURE developer Kersewell has made an agreement at MIPIM’s Hotel and Leisure Lounge with OysterShare, a whollyowned subsidiary of the Fractional Ownership Consultancy (FOC), to provide fractional ownership opportunities to complement its existing direct sales network. Carl Henry Property is representing Kersewell, the developer of a golf and leisure development close to Edinburgh, comprising £350m (€418m) of lodges, hotel rooms and luxury country houses on a 196 ha site. OysterShare will organise the international affiliation with vacation exchange property specialist RCI, a division of Wyndam Worldwide, which has 6,300 affiliated resorts in over 100 coun-

tries. Carl Henry, CEO of Carl Henry Property, said: “This deal will make the Kersewell development a must-visit vacation

destination for world travellers due to the wide range of leisure activities set in unspoilt Scottish countryside.”

FOC director Nick Hannah (left) and Carl Henry, CEO of Carl Henry Property, shake on their Scottish leisure deal at MIPIM

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Mayor’s summit could lead to blueprint for urban policy

United Nations’ Arab Hoballah (left) and Quest Associates’ Peter Woodward

A WHITE paper to be published following yesterday’s MIPIM Mayors’ Think Tank, a closed-door session bringing together about 80 mayors and city leaders, could prove to be a vital handbook for future urban policy. “If we got together all of the ideas that we’ve heard this morning and applied them to one place we would have a fantastically vibrant and dynamic city,” said Peter Woodward, lead facilitator, process design and facilitation consultants Quest Associates, summing up the discussions. Launched in 2009, the Mayors’ Think Tank, is a summit that brings together both mayors and top political leaders to share their experience, thoughts and ideas on best-practice during a series of concurrent round tables. “All the ideas are out there, we just have to tap into them and MIPIM is a great place to do that because you can hear views of mayors from all over the world,” Woodward said. “Cities are a huge driver for the future and mayors are a huge driver for cities,” he added.

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Arab Hoballah, chief, sustainable consumption and production branch of the United Nations Environment Programme, agreed. He was leading one of the table discussions that looked at promoting resource efficiency at the city level. He said that mayors, as managers of cities, have an increased understanding of opportunities precipitated by the better use of resources. “Increasingly, mayors are managing cities as if they are companies and they look at the costs, benefits and risks, which is a useful approach”. He also said that some mayors have realised that resource efficiency is not just about saving money, it can be a force for generating income too. There are great opportunities to construct buildings that actually produce energy so that, in the future, cities themselves might become net energy suppliers rather than net consumers. He also referred to “mining the city” by recycling waste in all its forms to produce materials, energy, income and employment.

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AS A FORMER architect, the UK city of Bristol’s elected mayor George Ferguson understands well how important the built fabric of a city is to its future. However, he doesn’t believe in creating architectural icons, but says what’s vital is “quality of place”. Ferguson is at MIPIM this week to promote four English west-country areas under the auspices of the Local Enterprise Partnership centred on neighbouring cities Bristol & Bath. Ferguson contends that the area has the most attractive investment and property offer outside the UK’s South East. Bristol has an enterprise zone, Temple Quarter, where there is 70 ha of development land. “It is the only enterprise zone I know of that has got substantial speculative development happening,” Ferguson said. He added: “The big story is that it is a bloody attractive place to live and work.” Both Bristol and Bath each have two universities and a high concentration of PhD students and the high rate of student retention means that the area has an attractive pool of skills on which employers can draw. “If there is a ‘but’ it is that we have a huge need for investment in more homes and we need more affordable homes.”

George Ferguson: the vital thing is “quality of place”

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IN PICTURES

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Diagana heads Cannes solidarity run FORMER world 400m champion Stephane Diagana led the phalanx of runners along the Croisette in the inaugural FAPE-GDF SUEZ solidarity run under the banner Lend A Hand With Your Feet. The event raised €10,000 for FAPE — fondation agir pour l’emploi — which focuses on raising opportunities for the long-term unemployed through a solidarity network of GDF SUEZ employees. The prizes and cheque were presented by Denis Simonneau, member of the executive committee in charge of European and international relations at GDF SUEZ.

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NEWS Oncuoglu’s B199 mixed-use development

Paris growth to be driven by new transport infrastructure

T NEW LANDMARK FOR ISTANBUL LONG-standing MIPIM participant Oncuoglu + ACP is back in Cannes to promote its latest project, B199, a 74,500 sq m mixeduse development in Istanbul. Inspired by the urban landscape of the city, the project lies at the intersection of the Gultepe and Buyukdere districts. Although the building is a high-rise, it features open terraces on its upper floors and social spaces on the lower levels. Award-winning Oncuoglu works across a wide territory, including Turkey, Russia, Kazakhstan, Eastern Europe and the Middle East.

DUBAI PUTS CULTURE ON THE MAP LOCATED in the heart of downtown Dubai, the Opera District aims to become the arts and cultural hub of Dubai. At the centre of the new lifestyle district development is Dubai Opera House, a 2,000-seat multi-purpose performingarts centre. The Opera District will feature hotels, residential and serviced apartments, a retail plaza, restaurants, waterfront promenades, recreational spaces and parks. The design of Dubai Opera is rooted in Dubai’s maritime history, with the Arabian dhow serving as the inspiration for the architectural design.

HE HEAD of Paris’s urban development agency has described multi-billion-euro plans to extend the French capital with new housing and business districts and bring in long-term improvements to its transport links. Speaking to MIPIM News, Damien Robert, director-general of l’Etablissement Public D’Amenagement (EPA) Plaine de France, said that new transport infrastructure plans for Paris were “guiding real estate development” on the outskirts of the city. He added: “We want to promote the Grand Paris plans to the international market. There is potential for residential development and commercial development.” Robert said that future development to the north and east of Paris was greatly needed, in particular the new circle line that has been proposed for the Paris Metro. “Paris has suffered because there’s never been a circle line,” he added. Robert also pointed to two key developments from EPA’s portfolio of opportunities: the Triangle de Gonesse and the Eco-quartier de Louvres. The long-term Triangle de Gonesse development will create a new district of Paris sitting between the city centre and Charles de Gaulle airport to the north-

EPA’s Damien Robert: Grand Paris plans promoted to international markets

east. This will include the ambitious Europa City project, a €2bn mixed-use scheme being led by retail group Auchan, which will deliver new retail, leisure and cultural space. EPA is also overseeing the Ecoquartier de Louvres development, which responds to the housing shortage in and around the capital. This will provide 3,300 new

residential units along with new roads and infrastructure outside the centre of Paris. Robert said both these projects were based partly on the need to maximise the potential of Charles de Gaulle airport — the second busiest in Europe — and provide a much-needed link between the airport and central Paris.

CYCLE2CANNES participants take a well-deserved break after their long and gruelling bike ride to Cannes. The annual MIPIM Cycle2Cannes event brings real estate professionals together to raise money for various charities, including the UK children’s charity Coram. This year’s cyclists were greeted by London mayor Boris Johnson at the finishing line outside the Palais des Festivals.

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NEWS

Peel Group set to drive logistics sector in the north of England Arthur Lovitt

LAW FIRM GIVES BACKING TO FIRST MIPIM UK ARTHUR Lovitt, partner and head of real estate at law firm Pinsent Masons is looking forward to MIPIM UK. “Pinsent Masons has attended MIPIM in Cannes over many years and we continually view it as a great opportunity for our international team to network with clients around the globe,” he said. And it is this that prompted the firm to sign up as platinum sponsor of MIPIM UK. “We were excited to hear about the inaugural UK event later this year,” he said. “In having the largest real estate legal team in the UK across all three jurisdictions in eight locations we felt it would be fitting for us to support the event and demonstrate that we are seriously committed as a law firm to the real estate industry.” MIPIM UK 2014 takes place in London, October 15 - 17.

Matthew Fitton: Aiming to meet the new wave of logistics demand

K-BASED infrastructure, transport and property investor Peel Group launched Peel Logistics at MIPIM on Wednesday, a collaboration which creates a portfolio of logistics sites with a potential built investment value of £4bn (€4.7bn). Peel Land & Property’s property development manager Matthew Fitton explained that the initiative brings together 66 sites comprising 6,000 acres (2,428 ha) spread throughout the UK’s Midlands, North East,

North West and southern Scotland. The enterprise combines land assets from the Peel Group, Peel Ports and Harworth Estates, which has an alliance with Peel. Fitton said that many of the sites have full multi-modal transport potential. He said that Peel Logistics has been launched in response to increased demand for logistics space, in particular because of the increased demand from e-commerce companies. While enquiries have increased dramatically, Fitton said: “There is a shortage of grade-A accommodation in the UK, particularly in the North West, and there has been no meaningful speculative development since 2007.” Half of the 66 sites that Peel Logistics has are in the North West, “Peel’s heartland”, and half are port-centric. Mark Basnett, executive director of SuperPort at Liverpool City Region Enterprise Partnership, said at the launch that there are extensive changes affecting the logistics sector with different global drivers and many “destructive technologies in our sector”. “The great thing about destructive technologies is that they create opportunities and these are massive for the northern UK.” “Our mission is to deliver for the North West a much more efficient logistics framework — we want to put the ‘logic’ back into logistics,” Basnett said.

The new Davies Street building

DAVIS STREET BUILDING MAINTAINS LUXE SPIRIT A LANDMARK office and retail scheme has opened at 29-37 Davies Street, Central London, including 28,856 sq ft (2,680 sq m) of high specification office space along with a 64-metre frontage opposite Claridge’s Hotel. Grosvenor Estate and Stow appointed architect HOK to create a building reflecting the spirit and exclusivity of the neighbourhood. The project took a total of 18 months to construct to a budget of £18m; Parisian cashmere specialist Franck Namani opens its first UK store here in June 2014.

PRESIDENT of the Brussels Capital Region Rudi Vervoort, speaking at the official inauguration of the Belgian Pavilion on Tuesday evening. Developments from Brussels and other key Belgian regions including Flanders Ghent and Wallonia, are being showcased in the Pavilion this week.

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Thursday, 13 March

DAY 3

MIPIM HTL lounge is the platform for hospitality and property professio

nals

to conduct meetin and discuss new

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tourism real estate

> LEVEL 3

09:00-10:00 Hotel, Tourism & Leisure Breakfast New ways of working – the role of hotels and hoteling By invitation only Deep Design reception lounge – Level 3 Sponsor: Accor

10:00–11:00 Cities project presentations HTL pitching area – Level 3 10:00-10:10 // Summerside (Prince Edward Island Province) 10:10-10:20 // Hamilton (Ontario Province) 10:20-10:30 // Cardiff 10:30-11:00 // Networking break

14:00-18:00 Solution pitchings HTL pitching area – Level 3 14:00-14:30 // From resorts to alberghi diffusi (widespread hotels). Investment opportunities in the main cities in Tuscany Organiser: Invest in Tuscany

14:30-15:00 // The “Opera Hotel” a sustainable work, to win in a changed market Organiser: Simone Micheli Architect 15:00-15:30 // Russia & Italy Art Connection: the Hermitage Museum Official Hotel by Savio Interiors Organiser: Savio Interiors

15:30-16:00 // The unique location for your prestigious hotel and resort Organisers: Blue Line / Cannes France 16:00-16:30 // Dreaming an Italian Island at the gates of Venice Organiser: All Projects 16:30-17:00 // The Italian hotel assets: a program of restructuring, requalification and development for more than 500,000 rooms Organiser: ANCE 17:00-17:30 // Alzahara: Enjoy the culture, Feel the tradition, Explore the future, Live the dream Organiser: Al Zahara

15:45-16:00 HTL Keynote Address by Pierre-Frédéric Roulot, President & CEO, Louvre Hotels Group Blue Room – Level 3

16:00-17:00 Shaping the future of the luxury hotel industry Blue Room – Level 3 Co-organiser: JLL Hotels & Hospitality

17:00-18:30 Office & historical buildings to hotels conversions: buildings the success

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NEWS C&W report reveals mixed outlook for Latin America

NVESTMENT activity in Latin America fell 13% in 2013 to $5.7bn (€4.1bn) after a weak second half, according to research released at MIPIM yesterday by Cushman akefiel The firm’s International Investment Atlas 2014 shows that domestic investment rose 38% during 2013, but that foreign capital into the region fell to its lowest level for three years. Marcelo Costa Santos, C&W’s vice-president of capital markets in South America, said: “While Brazilian investment volumes fell by three quarters last year, Mexico emerged as a growth market for the region, with a surge of activity driven by new REIT vehicles and a strong performance in the industrial sector.

Demand has increased in some tier-two cities and there has been no let up in interest in core product, with prices pushed higher as competition remains strong.” Despite the mixed outlook for the region, the Brazilian delegation from C&W has stepped up its presence this year to include six senior property professionals. “This is a major venue for Brazil and we are e loring wa s of raising our rofile osta Santos said. He pointed out that there is a natural connection between Brazil and Europe, with over 1,000 major European companies already operating in the country. “This presents a major opportunity that needs to be exploited more fully,” he added.

AECOM SUPPORTS SLEW OF MAJOR TURKISH PROJECTS AECOM is working on some of the biggest projects in Turkey, according to Neslihan Aybar, director of Turkey operations for the global provider of technical and management support services. “We have been operating in Turkey since 1994,” Aybar said. “We were the first international technical consulting company in the country. We have offices in Istanbul and Ankara, totalling 70 people.” AECOM’s current projects include the Third Bosphorus Bridge, the Bilkent Integrated Health Campus, the AsyaPort container terminal and Bio Istanbul. For Bio Istanbul, AECOM is providing project, cost and programme management. “When complete, the campus will have world-leading pharmaceutical, medical technology and biomedical informatics companies, ensuring that Istanbul becomes the region’s main hub for biomedicine,” Aybar said. For the Third Bosphorus Bridge, now under way, Aybar said AECOM has been commissioned to undertake an environmental and social-impact assessment analysis of the northern Marmara motorway, including the bridge. Unlike the first two bridges, the Third Bosphorus Bridge will carry a rail line as well as a road.

C&W’s Marcelo Costa Santos: “Mexico emerged as a growth market”

Doncaster iPort scheme on target THE FIRST phase of the iPort Logistics Park near Doncaster in the UK could be open by as earl as the first uarter of as German developer Verdion moves ahead with ambitious plans for the multi-modal site. Having achieved planning permission, the project will house a number of mega-sheds, while plans also allow for some smaller units. Verdion’s European development director, John Clements, said the company was in “adance iscussions with ros ecti e first tenants. CEO Michael Hughes said he expected most of the tenants to be drawn from the retail, 3PL

and e-commerce sectors. “We have seen huge growth in retail requirements for logistics distribution centres, particularly mega-sheds,” he added. “In addition, iPort is close to Robin Hood Airport, has its own rail link and the construction of the road link to the site is well advanced.” In the outline plans — which Clements stresse are still e i le — units will range from 9,290 sq m to 111,483 sq m across a 337-acre (136 ha) site. “As a European company with recent projects in Germany and Denmark, we are aiming to bring the best of pan-European design to what is a agshi ro ect ughes sai

AECOM’s Neslihan Aybar: multifaceted advice

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NEWS Recovery markets see rising investor interest

HE NUMBER of investors viewing Spain as the most attractive market for commercial real estate acquisitions has increased substantially as investors consider moving up the risk curve in 2014, according to the latest research from global property advisor CBRE. Stronger sentiment in the European commercial real estate investment market was outlined in findings from CBRE’s 2014 European Real Estate Investor Intentions survey of 387 primarily Europe-based investors. Confidence in Western Europe is up sharply compared with last year, with the market prioritised by 71% of respondents as the most attractive global region for investment. There was a strong rise in the proportion (19%) of investors seeing Spain as most attractive for purchases in 2014, up from 6% in 2013. Madrid is now in second place to London as the most attractive city for investment, while investor appetite for opportunities in ‘recovery markets’ was further evidenced by the inclusion of Barcelona,

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Amsterdam and Dublin in the top 10. Speaking at the presentation of the results at the Majestic hotel in Cannes yesterday Peter Damesick, chairman, EMEA Research, CBRE, said: “The sharp increase in investor interest in Spain follows a strong proportionate rise in turnover in the Spanish investment market over the course of the past year, with sales totalling €5bn in 2013 overall, more than double the level in 2012. We’re seeing stronger interest in Europe’s periphery markets generally, plus more global investment, especially from the Middle East and Asia.” The UK regained its position in 2014 as the most attractive investment market, selected by 29% of investors. Germany was in second place with 21%, down from 35% in the 2013 survey when it was first choice. Meanwhile investor interest in the Netherlands and Italy was up sharply. Almost half of investors reported increased appetite for secondary property, with 65% seeing these as the most attractive assets outside the prime/core space.

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NEWS Earls Court seeks partners as project gets under way bitions came when work started on site earlier this year on the Seagrave Road phase of the scheme but Yardley cautioned: “This is such a big scheme — the biggest of its kind in Europe — that it’s going to take many years.” Yardley estimates the development costs at £4bn to £5bn (€5bn to €6bn) which is clearly too much for any one company. “We’re now in a position to have a conversation with co-investors,” he said. “We don’t need a partner for the early phases but we anticipate having a series of partners. For instance we’re working with the Kwok Family interests on Seagrave Road.” The existing outline planning consent envisages 1 million sq m of new floor space on the main site — not including the Seagrave Road and Empress State Building sites — which sets out the massing of the buildings and the road plan. The scheme will have a high street running through the middle which will not only serve residents but which will aim to draw visitors from further afield, and the buildings will be arranged around a series of garden squares. Designs are most advanced for the sites of the Earls Court 1 and 2 exhibition venues, which form the main gateway to the site. The final exhibitions will take place in December 2014 before demolition begins in December 2015. “London’s growing and we’ve got to find places for people to live. We’re in a position to deliver the scale and density that few other sites can achieve,” Yardley said. “It’s also about creating a place. Right now we’re working on what it will feel like. It’s intangible, but that’s what will give it longevity and create value.” Capco investment director Gary Yardley

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NE OF Europe’s most ambitious city centre regeneration schemes is about to become a reality, as developer Capital & Counties (Capco) breaks ground on the million-sq m Earls Court project. “This is the third time we’ve brought Earls Court to MIPIM and it’s moved on tremendously,” said Capco’s investment director Gary Yardley. “It’s been a big year since last MIPIM — we’ve got planning permission and signed a deal with Hammersmith & Fulham council to buy 22 acres (9 ha) of land as well as agreeing a deal with Transport for London for the Earl’s Court exhibition centre.” Tangible proof of Capco’s am-

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NEWS

USTRIAN real estate advisor UBM Realitatenentwicklung is at MIPIM to discuss detailed plans for a comprehensive project on Munich’s Leuchtenbergring, which includes the expansion of the 146-room angelo hotel, which opened in 2008. The hotel extension will add 130 rooms, bringing the total to 276,

as well as conference facilities and the enlargement of the restaurant. The wider area will benefit from new office and retail areas, with 12,500 sq m of offices and 8,500 sq m of retail to be put in place. The parking facilities will be expanded to 400 spaces. The overall complex, which will have an area of 46,000 sq m above and below ground, will be finalised by spring 2017.

084_DIE DEV_N1à3_PIM The angelo hotel in Munich: bigger and better

VOTE FOR GOLD! VOTE FOR KO -BOGEN!

Newham set to be ‘centre of regeneration’ in London

ELEGATES attending a working breakfast yesterday were introduced to the real estate development potential of the East London borough of Newham via a lively speech delivered by its mayor, Sir Robin Wales. Speaking at an event hosted by the London Chamber of Commerce and Industry and consulting engineers Crofton, Wales reminded the audience that Newham was the focus of the UK’s 2012 Olympic and Paralympic Games and predicted that the continuing transformation of the area would present major opportunities for years to come. “Newham will be the centre of regeneration in London for the next 20 years,” Wales said. He pointed out that the borough boasted an outstanding transport

Sir Robin Wales: “Newham is a fantastic place to invest in”

infrastructure coupled with land for development. He also touched on the need to address the lack of affordable housing for Londoners, explaining that an estimated 50,000 new homes alone are required every year just to cope with demand. “Newham is a fantastic place to invest in with lots of opportunities and we work in partnership with developers to provide a decent housing offer for our residents,” he added.

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NEWS Investment priorities changing as Chinese market develops

HE CHINA real estate market is undergoing change, according to John Stinson, executive managing director capital markets, Asia Pacific for Cushman & Wakefield. “Five years ago it was all about offices in Shanghai, then retail in tier-two cities, and then luxury malls,” he told delegates at the China — Is It Still The Investment Haven It Used To Be? panel session on Tuesday. Stinson spoke alongside Stanley Ching, senior managing director and head of real estate group at CITIC Capital Holdings, Goodwin Gaw, chairman and founder of Gaw Capital and Keith Griffiths, chairman of Aedas Group International. The huge investment in luxury

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malls in the last three to five years means that something different is now required, according to Stinson. “It has got to the point now where the big luxury brands like Louis Vuitton have multiples stores in cities like Shanghai where it has five,” he said. “There is a move by many luxury brands to rationalise their presence in other markets and increase their presence in China. But such proliferation of those brands means limited rental growth, so we will see more community-based retail coming through, with a high proliferation of mid-market brands such as H&M and Uniqlo,” he said. Cushman & Wakefield is currently tracking 75 million sq m of new supply in 30 major cities across China. “The number of

large malls coming through in the next three years is enormous, but when you get to the large mega malls it’s confusing for the customer. So you have to zone them — then if you do that what’s the point of building them in one spot?” Stinson said. “That’s what we feel will give rise to community-based malls in the future.” E-tailing is also set for huge take off, he said. “China is a really tech-savvy country and e-tailing has the potential to really gather pace there.” And logistics is also set for substantial growth in the country too, according to Stinson, particularly as the retail market continues to expand. “If you look at the top container ports around the world China has six of them,” he said.

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NEWS Startups demonstrate success of Canary Wharf accelerator

ELEBR ATI NG a successful first year of operation, Canary Wharf’s Level39 accelerator has brought a selection of its most interesting incubator enterprises to Cannes to demonstrate their groundbreaking developments. Level39 is Europe’s largest accelerator space for finance, retail and ‘future-cities’ technologies companies. Occupying the entire Eric Van Der Kleij with a tablet29,000 sq ft 39th floor of the One controlled coffee machine Canada Square building in London’s Canary Wharf, it opened in eration of financial technology products and services. March 2013. The specially designed facil- Among the unusual products beity provides sophisticated office ing showcased for the first time and social spaces for small busi- in Cannes are a tablet-controlled nesses, incubators and accelera- coffee machine and a ‘flying’ tor programmes to create, test, street light. market and awards deliver the next gen- The initiative’s leader, Eric Van 181_RM Ceremony_N3_PIM

Der Kleij, explained that out of 500 companies that applied for places, 80 have already been selected, leading to the opening of additional High-Growth Space in the building ahead of schedule for those companies who have outgrown the Level39 facilities. Coming right up to date, the Canary Wharf Group announced yesterday that a graduate of Level39 had become its first home-grown tenant, signing a five-year lease on 2,259 sq ft (210 sq m) on the 34th floor of One Canada Square. The company, Pirean, is an identity and access management (IAM) provider, delivering secure access to on-premises, mobile or cloud-based applications for users’ employees, customers or partners.

RESURGENT IRISH INVESTMENT INVESTMENT turnover in Ireland could top €3bn this year following a resurgence in the market over the past year, according to Savills. Research released yesterday by the firm shows that 140 deals completed in 2013, worth almost €2bn and the highest volume in seven years. Domhnaill O’Sullivan, investment director at Savills Ireland, said: “At this point there are approximately €750m of transactions agreed, and an estimated pipeline of €600m coming to the market in the short term. A significant volume of stock is still waiting to be traded and if any of the banks holding large volumes of stock decide to de-leverage via large portfolio sales, we could see turnover reach record levels again by the end of the year.”

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NEWS Investment sought for major mixed-use scheme in Ghana

HOPE City’s architecture is based on traditional Ghanaian design 149_ALTAREA_N1a3_PIM

OPE City and Italian/ UK architect OBR Open Building Research are showcasing the masterplan for a new mixed-use hub in the Ghanaian capital Accra. HOPE — Home, Office, People, Environment — City will be a major mixed-use development, incorporating high-quality residential, business, leisure, retail, hospitality, educational, cultural and recreational uses. The 3 million sq m project will be constructed over 400 ha and will house more than 65,000 residents and create over 85,000 jobs. The scheme is the initiative of Roland Agambire, chairman of AGAMS Holdings and CEO of RLG Communications, in collaboration with the Government

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of Ghana and forms part of the national development policy aimed at transforming Ghana into a knowledge society. “HOPE City will be located midway between the new international airport and the city of Accra,” said HOPE City CEO Christopher Sims. “We are at MIPIM to talk to potential investors and occupants about the scheme. We hope to go on site early in 2015 with phase one, which will take three to four years to develop at a cost of around €300m. We are looking to raise 50%-60% of the equity from investors.” The first phase will include residential, retail and a hotel. A further five phases are proposed in a major project that will also include facilities related to the nearby airport scheme.

GERMANY’S SPACE RACE DEMAND for space in Germany remains high, driven partly by European retailers seeking to establish a foothold in the country’s prime markets, according to the BNP Paribas Retail Market Report 2014. Although hard economic conditions continued in 2013, retailer expansion and the limited supply meant prime centres were still in demand. The report predicts demand will continue and may increase in 2104, leading to a likely increase in rents. BNP Paribas Real Estate Retail Services managing director Christoph Scharf said that retailers, particularly luxury brands, are seeking new stores “to take advantage of the upturn forecast for Europe’s biggest economy in the next few years”.

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Hotel-Dieu InterContinental Marseille – Hotel Dieu Nominated at MIPIM Awards – Best Refurbished building g category g y Transforming an 18th century hospital so steeped in history into a superb 5-stars hotel was a real challenge. Everything noteworthy in the former Hotel-Dieu had to be restored, enhanced and preserved to transform it into an InterContinental Hotel ready to host international visitors for the opening of Marseilles, international capital for culture. Altarea Cogedim and AXA Real Estate made it possible respecting the highest international standards: 23,200 sqm were refurbished in a stylish and contemporary design. It has been amongst the first historical building to reach the highest environmental labels making Hotel-Dieu a unique place to stay in the heart of Provence.

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NEWS Views given on proposal for an EU-wide energy scheme

ELEGATES had the chance to shape future European Commission policy at an interactive session at the MIPIM Innovation Forum in the Green Room yesterday. Attendees at the session were asked to vote and share their views on the recast EPD Article 11 (9) which is proposing the adoption of a common European Union certification scheme for the energy performance of nonresidential buildings. The session was part of a wider interview process and study that the EU began two years ago into views on the proposal. The study is being carried out by Triple E Consulting in order to try to gain a good understanding of the current market for buildings certification schemes, the scope and position for a common EU certification scheme and the possible ways in which such a scheme could be implemented. Key stakeholders, comprising scheme operators, building owners, scheme users and finance providers, have been interviewed for the study with existing

schemes ranked according to their popularity. The study found that of the six energy schemes currently in operation LEED and BREEAM are the two most popular respectively. Sharing early results from the ongoing study Jacob Halcomb, senior consultant for Ecofys, said that property owners are currently choosing to use such schemes thanks to their international acceptance, while finance providers support them because of the perceived quality label it brings to such buildings. He added that the few that weren’t using energy schemes did so because of cost, and the perceived low value of the reliability of the data from such schemes. Unsurprisingly the study shows that owners are already struggling with existing energy efficiency targets and therefore the intention to introduce another scheme is challenging. Halcomb also said that owners are proposing that if a new scheme is introduced it should look at energy efficiency and environmental issues, while finance providers are just keen on the former.

The study has also found that participants are hoping for the integration of a voluntary scheme into something that already exists. “Our interviewees want to see it integrated because they have already begun their learning curve and have used such schemes for the last five or six years and don’t want to switch,” Halcomb said.

Jacob Halcomb encourages attendees to share their views in the Innovation Forum yesterday

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NEWS Honfleur Logistics Park links road, rail and river networks

RENCH developer Concerto is at MIPIM to talk to potential occupiers for Honfleur Logistics Park, which is France’s largest deep-water container port. Located near Le Havre on the English Channel, with an annual traffic of over 2.9 million TEU (twenty-foot equivalent units — a measure of container capacity), Honfleur aims to serve French and European customers with a focus on operational performance. The project consists of a 110,000 sq m warehouse on a 28 ha site that benefits from a special status: full ownership of the land in a port zone directly connected to both road, rail and river networks. Concerto has conceived the scheme as multitenant with value-added services optimising flow of goods both for import and export. These can be transported by rail, or by river — on barges on the Seine serving ports as far as Rouen, Paris and Nogent-sur-Seine in north-central France. OP IMMO Promo MIPIM_BAT2 24/01/14 environ15:00 Page1 091_GPE MONITEUR_N_PIM Fully integrated in its natural

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ment, the building will be LEED certified with high-quality construction standards and specific attention given to its design. Construction is scheduled for completion by the end of 2015.

BREEAM COMMUNITIES SCHEME ADOPTED BY MORE DEVELOPERS INVESTORS and developers are increasingly realising the benefits of wider integration of BREEAM in their projects, according to Simon Guy, marketing and communications sustainability director at BRE, which is exhibiting in the Innovation Forum at MIPIM this week. Guy said that increasingly people were looking at the adoption of BREEAM Communities, a planning vehicle introduced in 2012 by BRE which helps to measure and certify the environmental and economic sustainability of plans for large scale developments by integrating sustainable design into the masterplanning process. “It encourages community consultation and social cohesion and all the developers and investors want this. It’s about bringing it all together and working to the same sustainability goals,” Guy said. Earlier this week at MIPIM Belgian developer Bopro explained how it was adopting BREEAM Communities.

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25 YEARS OF MIPIM: ‘A good idea will always outsmart economic uncertainty’ IN THE property business, investors look at two key parameters — location and timing. On the scale of risk, the least we can say is that the first MIPIM, held in Cannes in 1990, looked more like a black swan than a core investment. Cannes is known worldwide for its film festival, but it cannot claim to be a vibrant economic hub. Yet Cannes worked its magic on real estate professionals from that very first event and is still going strong a quarter of a century on. The year 1990 was a high point in the property cycle. This meant that MIPIM launched at the worst possible time. It was the beginning of the major real estate crisis that drained funds from more than one bank and totally remodelled the landscape of what is now a fully-fledged property industry. So why has it been so successful? At the 10th anniversary in 1999, Thierry Renault, who was head of the real estate division at Reed MIDEM at the time, explained that what really drove MIPIM “was the globalisation of real estate investments that were just beginning at the time and were inevitably set to grow. As investors needed to diversify their investments both in terms of domain and geography, we tried to provide an answer for them by creating MIPIM.” Since then, the show dubbed ‘the global property market’, has become one of the must-attend showcases for any country or city that wants to highlight its Thierry Renault: responding to the ‘globalisation of real estate investments”

Jean-Francois Grazi, president of Business Immo

general economic attractiveness. One after the other, London, the Gulf countries, Russia, Turkey and now Grand Paris have come to Cannes to showcase their wares. Yes, real estate is still a cyclical economy and MIPIM is one of its best barometers. The event has already faced two crises. One, in the 1990s, was local and was solved by going international. The other was the global financial crisis of 2008 that forced local authorities to face up to the issues of urban and economic development. This has certainly been a growth driver for MIPIM. Which just goes to show that a good idea will always outsmart economic uncertainty. Happy birthday and long life to MIPIM.

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NEWS Foreign investors attracted to Turkey, ISPAT president says

N A KEYNOTE speech at MIPIM yesterday Mehmet Ilker Ayci, president of ISPAT, stressed that the longterm prospects for Turkey were extremely promising. ISPAT — the Investment Support and Promotion Agency in Turkey — is the government body that handles and looks after foreign investment into the country. “We support, act as first reference and contact point for foreign investors,” Ayci said. “We can help to guide them through all the intricacies of permissions, licences, legislation and planning requirements.” But Ayci also insisted the development legislation landscape was intended to be much smoother now because of legal changes designed to make it easer to pass through the various processes of development permission. Turkey is becoming more attractive to inward investment all the time, Ayci said. “Turkey is on course to become a regional hub for financial services, for trans-

Mehmet Ilker Ayci, president of ISPAT

port — such as air travel — and for tourism.” The pull of Turkey, and Istanbul is beginning to show, Ayci said. “Turkey is in sixth place in the world in terms of tourist volume, and 75 multinationals now have Istanbul as a regional head office. And over the past 10 years $30bn

(€21.6bn) has been invested in the real estate sector.” Ayci’s message was that the new Turkey is unrecognisable from the old. “The GDP has tripled in 10 years. There is political stability. Turkey is not a fragile country. It’s a very solid dependable place. A safe place for investment.”

Mega-projects under way in Ankara THE ANKARA Chamber of Commerce (ATO) now has 150,000 members, according the organisation’s president Salih Bezci. “But one of the main ways we help our local businesses is with

our 50 committees that look at, and report on, the various aspects of legislative and planning licensing that affect commercial life in Turkey’s capital city,” he said. Bezci points out that massive real

Salih Bezci, president of the Ankara Chamber of Commerce

estate operations in Turkey don’t just begin and end in Istanbul. Ankara has some seriously large projects under way now. Bezci gives the example of the Tema Park project. “This is a massive theme park three times larger than Disneyland Paris. On completion it will take up 3 million sq m.” As well as assisting its members, the Ankara Chamber of Commerce also puts on the annual Ankara Shopping Fest, which will be held for the third time in 2014. “This is a shopping festival held throughout the malls and streets of Ankara,” Bezci said. The month-long festival is scheduled for June this year. “It’ll be a celebration of shopping during the day with cultural and leisure activities at night.”

AFTERNOON TEA WITH MIPIM UK THE THIRD day of MIPIM 2014 will draw to a close with a British-themed afternoon tea party at the Majestic hotel at 16.00 today, alerting delegates to the first-ever MIPIM UK show later this year. To be held at London’s Olympia on October 15-17, 2014, MIPIM UK will be attended by more than 3,000 developers, investors and advisers and will be the UK’s first comprehensive property show. Keynote speakers for MIPIM UK include mayor for London Boris Johnson, housing minister Kris Hopkins and the chief executives of major property companies Land Securities, British Land and Hammerson, as well as housebuilders Barratt and Taylor Wimpey. Cities supporting the event include the City of London Corporation, Leeds, Nottingham, Liverpool and the Scottish Cities Alliance.

EMAAR PUTS SPOTLIGHT ON DUBAI EMAAR will be hosting presentations of two of its landmark projects on its stand from 15.00 today. Janus Rostock, from Atkins will be describing the creation of a cultural icon, the Dubai Opera, and George Efstathiou from Skidmore, Owings & Merrill will present the Burj Khalifa.

mipim

NEWS

House design should take into account the ageing population

Radim Rimanek said London offers big opportunities for HB Reavis while Turkey is also key for growth

HB REAVIS LOOKS TOWARD LONDON AND ISTANBUL SLOVAKIAN developer HB Reavis, which recently made its first acquisition in the London, is set to make its first Turkish investment by the end of the year, according to the company. Marcel Sedlak, who is responsible for the Poland, Slovakia and Turkey for HB Reavis, said that Istanbul offered huge opportunities particularly in the office market and as such the company established its local team there last month. “We believe in the fundamentals of the city,” he said. The company hopes to make its first acquisitions shortly. The company is also looking for further opportunities in London following its recent London Bridge acquisition, which the company is set to start developing immediately. “The rationale is that London is an attractive market that is extremely robust and deep,” said Rimanek, who is responsible for the UK, the Czech Republic and the Hungary markets for HB Reavis.

HE CHANGING needs of our ageing population and the rise in dementia have to be addressed by new housing models, says Ryder Architecture senior partner, Peter Buchan. With dementia cases set to more than double over next 30 years existing housing stock will not be able to cope with the changing needs of people who will live longer. “New accommodation models need to focus on self help and mutual support, infusing them with social meaning. There is no reason for people in the 21st century to become

isolated in their over-sized properties or left in institutional care homes stripped of dignity and identity,” he said. As an example, in central London, an existing community of some 250 residents aged

from 55 upwa rds is to be rehoused and the firm has been consulting over recent months to really understand what the replacement should be like, creating identity by clustering apar tments in groups with no corridors and naturally lit shared space. “We’re focusing on what residents can do. How they can support themselves. T he va lue of shared activity — food preparation, ga rdening and allotment clubs — Roof gardens are utilising the ground integral to a f lo or a nd ro of design that brings people gardens is pivotal to together this,” he said.

Paris investment growth brings major new deals PARIS is seeing a surge in real estate investment with two deals both in excess of €1bn set to go through this year. Fuelled partly by major interest from foreign investors, the French capital has been the setting of a tranche of large transactions and is likely to see more as 2014 progresses, international property consultancy JLL said. The largest deal to take place in Paris is the €1.7bn sale by Risanamento of its office portfolio in the French capital, to Chelsfield Partners and Olayan Group. Risanamento commited to the deal in January this year. JLL also pointed to deals including Loan Star’s acquisition in February of SPV holding’s Coeur Defense, and the €700m sale of the Beaugrenelle shopping centre in Paris. The Coeur Defense deal sees Lone Star take over the largest

and most expensive office site in Paris in a transaction rumoured to be worth €1.3bn. JLL said that elsewhere in Paris there are high levels of interest coming from Asian sovereign investors, across all sectors. Many of the opportunities in

Paris are part of the wider Grand Paris project, a long-term plan to stimulate economic growth in and around the city, and the launch next year of the new orbital transport network. The economy of Paris is estimated to grow at 2% per annum over the next six years.

SEMAPA’s managing director Jean-Francois Gueullette (centre) with delegates in the Paris Pavilion yesterday

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The 25 Restaurant & Beach Bar The newly refurbished Majestic Beach restaurant reopens its doors for MIPIM to become The 25 – Restaurant & Beach Bar, a premium space where registered participants can enjoy breakfasts, lunches and drinks by the beach.

Enjoy our special MIPIM25 menu ! The 25 Restaurant & Beach Bar Se En afro tra nt nc e

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Booming Bydgoszcz Having seven shopping centers already up and running successfully in Poland, our latest venture is now going to be realized in the thriving city of Bydgoszcz. Construction for Zielone Arkady will start in spring 2014, and the opening is scheduled for 2015. Around 200 specialist stores, cafĂŠs, and service providers will be presented on a leasable area of approximately 51,000 m2. The project investment volume of approximately 150 million euros is funded by ECE / the Otto family.

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

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