MIPIM 2012 REVIEW

JUNE 2012

www.mipim.com The official MIPIM magazine

mipim

®

r eVieW LOGISTICS

BUILDING INNOVATION

Also inside:

locating the new logistics hotspots

Putting sustainability at the heart of design

SEE PAGE 30

SEE PAGE 33

• Turkey is MIPIM’s Country of Honour for 2013 • Mayors focus on infrastructure • Qatar think tank • Skolkovo challenges Silicon Valley.

NORDRHEIN-WESTFALEN

MORE THAN A PROMISE. The best addresses are to be found in NORDRHEIN-WESTFALEN | NRW (North

Rhine-Westphalia), Germany‘s No. 1 investment location. Situated at the center of Europe‘s largest markets, our attractive cities offer major location advantages. Excellent real estate and commercial zones are complemented by innovative architecture, outstanding connections and a high quality of life.

Interested? www.nrwinvest.com.

EDITORIAL

COntents i invision

4

i nEWS

6

MIPIM caught on camera. Four packed days of property events in Cannes

Filippo Rean Director of MIPIM & MIPIM Asia

W

ELCOME to the MIPIM 2012 Review.

I’d like to start by thanking every one of the 19,400 delegates for attending MIPIM 2012. With 83 countries represented and some 4,200 real estate investors in Cannes, MIPIM continues to develop as a truly international event where the top investment decision-makers meet with the people who matter in the property industry.

In 2012, MIPIM introduced a host of new initiatives and in 2013 we will be developing these further. I’m talking about RE-invest, the MIPIM Real Estate Institutional Investors Summit or the Building Innovation programme, which discussed and showcased some truly exciting projects involving innovative construction.

Ambitious sports events require ambitious development plans that go beyond simple stadiums to incorporate wider urban real estate and infrastructure strategies. The links between sports, urban planning and real estate will be developed in 2013 and beyond. As will another segment we highlighted this year, namely, industrial and logistics real estate.

Urban policy is often the motor that drives real estate development, which is why it is so important to have as many major international cities represented at MIPIM as possible. This year we saw major projects being promoted from Rome, Tokyo, Paris, Chongqing, London, Doha and New York, to name just a few of the cities present. In 2013, we aim to bring more cities to Cannes to discuss their plans for the future.

Finally, I’m particularly pleased that in 2013 we will host Turkey as the MIPIM Country of Honour. Through a diverse programme of conferences, networking events and presentations, MIPIM 2013 will offer a unique insight into the Turkish real estate market.

That’s all waiting for you in March 2013. Until then, enjoy the MIPIM Review!

MIPIM drew investors from across the globe to showcase their latest projects.

i projects

14

Spectacular pavilions provided a backdrop for the best that Qatar, London, Skolkovo and Paris have to offer

i turkey i 2013

23

TURKEY has been selected as MIPIM’s Country of Honour 2013

i focus

Highlighting the key trends that emerged at MIPIM 2012 INDUSTRIAL & LOGISTICS

30

BUILDING INNOVATION

33

INVESTORS’ PROGRAMME

37

CITIES & INFRASTRUCTURE

41

HOTEL & TOURISM

iawards

44

47

The glittering MIPIM Awards ceremony celebrated the real estate world’s most innovative projects

www.mipim.com I review magazine I June 2012 I 3

invision MIPIM caught on camera

The Cycle To Cannes team raise money for good causes while enjoying the camaraderie of their epic journey from London to Cannes Lord Richard Rogers presents the keynote address at the Qatar Urban Forum

Former German foreign minister Joschka Fischer gives the MIPIM 2012 keynote address to a packed auditorium

4I

review magazine I June 2012 I www.mipim.com

The German-themed Opening Cocktail Party draws the crowds to the Carlton hotel

The red carpet welcomes delegates to the annual MIPIM Awards ceremony in the Palais des Festival

The Tokyo pavilion opens with a traditional saki ceremony www.mipim.com I review magazine I June 2012 I 5

nEWs NEWS IN BRIEF

BACK TO BLACK FOR JAPANESE REAL ESTATE

London’s Crystal reflects the best in sustainability

JAPAN — still the second biggest real-estate market in the world — is poised to return to growth, according to a leading Japanese property asset manager.

“Although the volume of real-estate transactions temporarily decreased due to the Great East Japan Earthquake, liquidity is steadily returning to the Japanese real-estate market,” said Makoto Hideshima, director of first-time MIPIM exhibitor Kenedix.

Kenedix is one of Japan’s leading real-estate asset-management companies. It had 1,111.3bn Japanese yen ($13.8bn) of assets under management at the end of 2011 — a rise of 3.4bn Japanese yen from 2010. In 2011, Kenedix executed 93 sales transactions totalling 101.1bn Japanese yen, along with 82 acquisitions totalling 135.5bn Japanese yen.

The Crystal: a sustainable addition to London’s Docklands

Kenedix’s Makoto Hideshima: liquidity is returning

THEATRE DEBUT IT’S a revolutionary new concept in operating theatres. Rather than waiting for around four years for a theatre to be built, Swedish Operating Theatres can build a pre-fabricated one in as little as four-to-six months.

According to CEO Ingemar Fredriksson, the theatres meet standards across the EU, as well as in Sweden and China. The units are created in the factory while preparation work takes place on site, thus cutting delivery time.

The units are the result of more than 10 years of research into flow of people and equipment, type of ventilation, clothing and the use of surrounding areas to achieve ultimate cleanliness.

The total price is, in most cases, less than the conventional alternative and, because the price is fixed, there are no cost over-runs.

6I

S

IEMENS used construction and, as MIPIM to well as being an ex“The centrepiece will launch its £60m hibit in itself, the be a free interactive ($97.3m) urban sustainbuilding will host a exhibition exploring ability centre in East new visitor attracLondon, which is due for best practice” tion. The centrepiece completion later this year. will be a free interThe visitor attraction and active exhibition exglobal knowledge hub — ploring best practice The Crystal — will demonstrate how the latest in urban planning, design, sustainable urban infrastructure technology can make the world’s technology and infrastructure. From energy cities better places to live and work. and transport to water and security, the cenContained within two dramatic, crystal-shaped tre will provide a glimpse into the future of citsections, the scheme is envisaged as an eye- ies. The building will also host state-of-the-art catching new landmark for London’s Royal conference and education facilities, as well as Victoria Docks. It is also part of the mayor a restaurant, cafe and shop. of London’s Green Enterprise District pro- The Crystal’s shell and core architect is ject, billed as the diversification of the London Wilkinson Eyre, with Pringle Brandon acting economy to achieve growth, regeneration, car- as lead consultant and interior fit-out archibon savings and job creation. tect. The structural services designer is Arup, The Crystal will meet some of the world’s the building contractor is ISG and Turner & most stringent environmental standards for Townsend is project and cost manager.

review magazine I June 2012 I www.mipim.com

Tokyo Metropolitan Government

i neWs NEWS IN BRIEF

WEBSITE BRINGS INVESTORS AND CITIES TOGETHER FEDERSERVIZI Immobiliari and MIPIM have launched a business-to-business web platform to support investors in finding and selecting development and investment opportunities in Europe and beyond, as well as showcasing best practice among privatesector developments.

The website — www.witare.it — includes an updated global agenda, a wide selection of case studies from innovative cities, and research and analysis from leading professional companies and institutions. A ‘Pro’ area offers access to member-only extra content.

Particularly focused on medium-sized and small cities, there are direct links to a number of dedicated city websites, with investment guides to spotlight cities and create new connections between investors and developers.

The site also acts as a source of information about cities and their policies, strategies and main urban-development initiatives.

SOLVING THE PROBLEM OF VACANT PROPERTY THE PILLAGING of metal for resale as scrap has become one of the biggest concerns for the property managers of vacant real estate, according to new research by Vacant Property Services (VPS). The fast-growing crime is costing the UK economy alone around £770m ($1,248m) per year.

According to VPS chief executive Mark Silver, securing properties is now often necessary in order to ensure insurance compliance and to mitigate loss and damage from vandals, thieves and squatters.

“Our three major markets in Europe are the UK, France and Germany, where maintaining security at an empty property tends to be the priority,” Silver said.

“Increasingly, managing the security of vacant real estate is necessary in order to prevent costly damage being done. And it is also a social issue — nothing is worse in a neighbourhood than a number of vandalised properties.”

8I

Stuttgart digs deep to gain 100 ha of prime city space

Large ‘portholes’ will light Stuttgart’s new subterranean rail station

T

HE CITY of Stuttgart used MIPIM to promote the ambitious €4.1bn ($5.4bn) Stuttgart 21 project.

One of Europe’s largest urban-renewal initiatives, the scheme will see new neighbourhoods created in Stuttgart over the next 20 years as the train tracks that currently cut through the city centre are relocated underground.

Roughly 100 ha of land will become available for urban development, half of which

will be used for residential and working areas. Around 20 ha will be used to extend Stuttgart’s existing stock of parks, with the balance earmarked for green spaces, public areas and streets.

Stuttgart’s main rail station will be transformed from a terminus into a through station linked to the European high-speed rail network. The new subterranean station will be lit via large ‘portholes’ at ground level.

Crick scheme peps up St Pancras MIPIM was the showcase for a dramatic new building currently taking shape opposite St Pancras station, London’s gateway to mainland Europe.

When it opens in 2015, the Francis Crick Institute will provide a world-class biomedical research institute in the heart of the scientific community in central London.

The development, design by HOK, will perform two distinct but related tasks. It will create a unique platform for medical research while contributing to the regeneration of the St Pancras and Somers Town area of London.

Construction work started in June last year.

The architecture celebrates the public programme and responds both to its civic neighbours and the adjoining residential community.

review magazine I June 2012 I www.mipim.com

The Francis Crick Institute: research meets regeneration A palette of high-quality natural materials has been employed, with sustainability principles embedded into the design and operation.

The development aims to achieve a BREEAM environmental rating of Excellent.

i neWs NEWS IN BRIEF

POLAND ATTRACTS A-LIST HOTELS POLAND’s hospitality industry showed a sustained recovery in 2011 — and increased demand during the forthcoming 2012 UEFA European Football Championship, co-hosted by Poland and Ukraine, should ensure that this positive trend continues into 2012, according to the latest report from Cushman & Wakefield (C&W), released at MIPIM. At the end of 2011, there were 2,106 officially licensed hotels in Poland, providing 201,360 beds in 102,054 rooms, according to C&W’s Marketbeat Poland report. Yet even with this supply, Poland is still far from saturation point.

The report observes that currently the Polish market is dominated by twoand three-star hotels — and new development is adding to this imbalance. In 2011, 32 new three-star and 21 two-star hotels were delivered in the Malopolska and Silesia regions, accounting for the largest share of new hotels.

However, the supply of new hotel rooms in 2012 is expected to focus more on the three- and four-star segment, especially in the three major cities of Warsaw, Wroclaw and Krakow. In parallel with this, there has been a surge in the number of hotels operated by well-known international brands.

Holiday Inn, for example, is opening a 130-room hotel in Lodz, while Best Western is planning to expand into Poland, where it is aiming to open eight hotels.

Currently, up-market hotel brands account for only around 7% of the hotels in Poland, a very low level when compared to 34% in the rest of Europe and 70% in the US. Cushman & Wakefield observes that nternational investors are increasingly attracted to portfolio transactions in the Polish hotel market. Meanwhile, the French hotel group Accor is disposing of some of its assets in Poland, mostly through sale and leaseback, as part of its wider assetsale strategy.

10 I

Czechs impress with size, scale and scope of plans

The Nove Vitkovice project is the largest regeneration scheme in the Czech Republic

A

FTER its successful Cannes debut in 2011, the Moravian-Silesian region of the Czech Republic was back in force at MIPIM 2012, with a larger stand showcasing its potential in research, development and regeneration projects.

Among the schemes being highlighted at this year’s MIPIM were the International Clinical Research Center and the Central European Institute of Technology, both located in Brno,

and the Science and Technology Park in Ostrava.

Dominating the Moravian-Silesian stand, however, was the ambitious Nove Vitkovice regeneration scheme, the biggest project of its kind in the Czech Republic. Building on Ostrava’s rich architectural heritage, the revitalisation project aims to blend the city’s past and present with its future. Within the scope of the scheme is a 1,500-seat congress venue, which will be built inside a 100-year-old gas holder.

Devillers scoops Nice Meridia PROJETS Urbains Devillers Associes has been selected as the masterplanner for the 31 ha urban technology park at Nice Meridia, which is due to be delivered in nine years’ time.

The official announcement of the winning contractor was made at MIPIM by Christian Estrosi, mayor of Nice.

Nice Meridia aims to serve as a catalyst for innovation, offering development space for R&D and training facilities in sectors including ‘green’ growth, the environment and health.

Architect Christian Devillers said: “Nice Meridia must become an integral part of Nice.”

review magazine I June 2012 I www.mipim.com

Mayor of Nice Christian Estrosi (left) with architect Christian Devillers, newly appointed masterplanner of the Nice Meridia technology park

SPECIALIST CONSULTANCY FOR THE PROPERTY SECTOR Strategic Communications Corporate Finance / Restructuring Economic Consulting Construction Solutions Global Risk & Investigations

www.fticonsulting.com CORPORATE FINANCE/RESTRUCTURING ECONOMIC & FINANCIAL CONSULTING FORENSIC & LITIGATION CONSULTING STRATEGIC COMMUNICATIONS TECHNOLOGY

FTI Consulting is the ofямБcial communications partner to MIPIM

i neWs NEWS IN BRIEF

EURO 2012 KICKS OFF NEW ERA FOR POLAND

Strasbourg and Mulhouse unite in Metropolitan Hub

THE CITY of Warsaw hosted a cocktail party on its MIPIM stand to celebrate its role as one of the host cities for the Euro 2012 football tournament.

Welcoming guests from the other host cities, Michal Olszewski, deputy mayor of Warsaw, had a special message for investors. “I want to emphasise that the Polish market is growing and that it is a good place to invest,” he said.

“Thanks to Euro 2012, cities like Warsaw, Poznan, Wroclaw and Gdansk are changing, but there are still plenty of sites that need investors.”

United stand: M2A’s Olivier Becht (left), Metropolitan Hub Strasbourg-Mulhouse’s Jean-Marie Bockel, Urban Community of Strasbourg’s Jacques Bigot and mayor of Mulhouse Jean Rottner

R Deputy mayor of Warsaw, Michal Olszewski: “a good place to invest”

ROME ADDS TO ITS ATTRACTIONS THE PLANNED Ostia Rome Waterfront development in Italy covers 11 ha of prime development land, stretching along the coast from the mouth of the Tiber and the estate of Castel Porziano, going inland, up to the central area of Ostia, the historic port area of Rome.

The development features a new park, and upgrading of existing open spaces.

Meanwhile, new opportunities for leisure will be created, with a focus on boating.

Alongside the existing shipyard and docks, plots will be opened for new commercial and residential developments. The Ostia Rome Waterfront masterplan also includes provision for new conference facilities, which will also be capable of hosting cultural events and shows.

12 I

EGULAR MIPIM exhibitors, the cities of Strasbourg and Mulhouse, decided to join forces at MIPIM 2012 to harness their synergies under the banner Metropolitan Hub Strasbourg-Mulhouse.

With a total of 727,000 inhabitants, the two conurbations represent 40% of the Alsace region’s population and 45% of its work force.

Only 30 minutes apart by train, the cities are able to share an integrated urban space. The strategic location of this hub in the centre of both eastern France and Europe — there are TGV lines to Switzerland, Germany and, soon, Italy — bodes well for both cities’ economic growth.

“We really made a point of having the

Metropolitan Hub operational for MIPIM. Together, we will be stronger and richer,” said Jean-Marie Bockel, president of both the Metropolitan Hub Strasbourg-Mulhouse and of Mulhouse Alsace Agglomeration (M2A).

Among the projects highlighted at MIPIM was the development of a 222,000-sq m international business district in Strasbourg, with Bouygues Immobilier as contractor and Christian de Portzamparc as architect.

Mulhouse, meanwhile, showcased its ambitious Grand Centre project, which features 8,500 sq m of retail and entertainment facilities, alongside 600 housing units due to be delivered in the first half of 2013.

ECE sets its sights on Skyline ECE, GERMANY’s leading shopping-centre developer and manager, used MIPIM to showcase the €350m ($452m) Skyline Plaza development in Frankfurt. When it is completed in the third quarter of 2013, Skyline Plaza will provide retail, leisure and conference facilities in a landmark destination.

Developed through a joint venture with CA Immo Deutschland, the scheme’s 38,000 sq m -shopping centre provides space for around 180 specialist retail outlets, cafes, restaurants and service companies. These are housed behind a striking facade of aluminium panels designed by architect Jourdan & Muller. The shopping centre has been awarded a gold pre-certificate by the

review magazine I June 2012 I www.mipim.com

DGNB German Sustainable Building Council.

The scheme also features a 10,000-sq m roof garden and the largest fitness and wellness centre in Frankfurt.

ECE’s Skyline Plaza in Frankfurt features a striking facade of aluminium panels

projects QATAR GRAND PROJECT

Qatar makes the case for sustainable development The Qatar Pavilion — one of the biggest national pavilions ever staged at MIPIM — was a platform for the Gulf state’s pioneering work in sustainable urban development. Graham Parker reports

O

RGANISED by Msheireb Properties, Qatari Diar Real Estate Investment Company and Lusail Real Estate Development Company, the Qatar Pavilion acted as both a development showcase for the forward-looking Gulf state and a knowledge forum for those interested in progressive urban development.

In two keynote addresses and four panel discussions, the inaugural Qatar Urban Forum examined two urgent development issues: realising sustainability and the green agenda, and retaining cultural, heritage and national identity in the context of rapid globalisation and modernisation.

“Qatar returned to MIPIM with a bang,” says Mohammad Al-Marri, projects director of Msheireb Properties. “Our involvement this year was distinguished as much by the quality of our ideas as by the scale of our developments.

Visitors to MIPIM in 2012 were hugely impressed by the imagination and synergies of Qatar’s world-class development companies, as well as the depth of the insights shared by the global industry speakers participating in the first-ever Qatar Urban Forum.”

Al-Marri adds: “Realising sustainable urban development is one of the key challenges facing present and future generations, and Qatar is showing through initiatives

The Qatar Pavilion made a striking statement at the entrance to MIPIM 14 I

review magazine I June 2012 I www.mipim.com

like the Pavilion and Forum that it has a leading role to play in addressing this challenge.”

Qatari Diar Real Estate Investment Company also used the pavilion to unveil its new worldwide brand platform, Qatari Diar: The Art Of Real Estate. The new identity underpins the ambitions that the Qatar-based company has set for its next phase of developments around the world. Qatari Diar is currently developing or planning 49 projects in 29 countries, with a combined value of over $35bn.

“The Art Of Real Estate signals a new era at Qatari Diar — one that emphasises the human value we attach to all our developments as part of our mission to enrich the quality of lives of people wherever we serve them,” says Mohammed bin Ali Al Hedfa, group CEO of Qatari Diar.

“Our involvement this year was distinguished as much by the quality of our ideas as by the scale of our developments”

Qatari Diar will transform the athletes’ village after the London Olympic games

Mohammad Al-Marri

Qatari Diar’s portfolio of projects spans Europe, Asia and Africa, and includes East Village, Chelsea Barracks and Grosvenor Waterside in the UK; Lusail City in Qatar; Diar Dushanbe in Tajikistan; and Mushaireb in Sudan.

Also on show in the Qatar Pavilion was Msheireb Downtown Doha. The project aims to reverse the pattern of urban sprawl and heavy reliance on car transport

Msheireb Properties’ Mohammad Al-Marri: “Qatar returned to MIPIM with a bang”

Lusail City is emerging as a new business district in the Qatari capital of Doha

that characterises the downtown district of so many cities. Its mission is to entice residents back to the city centre by creating a realm that is truly integrated with multiple, interwoven usages.

Msheireb Properties’ mandate is to develop a modern downtown that takes its cues from Qatari vernacular and urbanism, yet has a highly contemporary, sustainable approach. The entire scheme is targeting average LEED Gold certification, making it the world’s first sustainable downtown regeneration project. www.mipim.com I review magazine I June 2012 I 15

i projects LONDON GRAND PROJECT

Right time, right placemaking The London 2012 property story featured strongly at MIPIM as politicians and developers attempted to galvanise global interest in the city. Doug Morrison reports

I

T IS hard to ignore the ‘Olympic effect’ when it comes to the property market in east London — house prices and rents have already spiked and some grand claims are being made for the long-term legacy regeneration of this area of the UK capital.

The Olympic Games have meant billions of pounds of infrastructure spending, the promise of 10,000 new homes around the Olympic Park in Stratford, and as many homes again in nearby areas such as Canning Town.

UK sports minister Hugh Robertson claims that London 2012 will leave a greater legacy than any previous Olympics — although he also told MIPIM delegates: “You will only be able to truly judge the legacy in 10 years’ time.”

This was tacit acknowledgement that the real challenge here is not physical regeneration but improving the lives of local residents and transforming a once unfashionable part of London into an attractive district for a wide range Sir Terry Farrell’s masterplan for the Earls Court & West Kensington Opportunity Area promises 7,500 new homes of people and businesses.

The athletes’ village alone will be converted into 1,439 In any other year, the scale of these two regeneration propermanent rental homes by the owners Delancey and jects in central London — promising 14,000 and 7,500 Qatari Diar from 2013, effectively turning this site into new homes respectively, as well commercial space — would hog the headlines. the UK’s first large-scale, built-to-let development.

This is placemaking of the most ambitious order, which Capital & Counties is leading the Earls Court scheme, could shift London’s focus eastwards after decades in which is still in the early planning stages. Wandsworth Council is overseeing Nine Elms, which economic growth, developwhich is making steady progress. ment and prosperity have naturally Since MIPIM, regeneration specialsettled in the west.

“You will only be ist St Modwen Properties has been Overall responsibility for ensurable to truly chosen to redevelop the 57-acre ing ordered development falls to Covent Garden Market — one of the the publicly owned London Legacy judge the legacy key Nine Elms sites.

Development Corporation, which has in 10 years’ time” emerged since MIPIM from the old Hugh Robertson Earls Court and Nine Elms both Olympic Park Legacy Company with stand to gain from central London’s greater planning powers and an exreputation as a safe haven for overpanded physical boundary.

This year, the new corporation promises “a pioneering seas investors. More importantly, both of these high-prosustainability strategy” for the park, and long-term oc- fi le but tired locations could be transformed into desirable places to live for ordinary Londoners, in much the cupiers for both the Olympic stadium and media centre. same way as Argent Group has achieved with its regenerYet investors will not have it all their own way. Two other ation of King’s Cross. projects — the regeneration of Nine Elms in Wandsworth Should the Olympic spotlight extend beyond Stratford and Sir Terry Farrell’s masterplan for the Earls Court & then, in a decade’s time, the map of London could feaWest Kensington Opportunity Area — figured promi- ture what amounts to a whole new collection of residential districts. That would be some legacy. nently at MIPIM.

16 I

review magazine I June 2012 I www.mipim.com

i projects SKOLKOVO GRAND PROJECT

Russia’s answer to Silicon Valley Skolkovo — the new ‘ innovation city’ planned on the fringes of Moscow — is not only a hugely complex design challenge, but it is also a feat of social, cultural and educational engineering. Ben Cooper reports

O

NE OF the most ambitious urban development projects in the world was unveiled at MIPIM 2012 — the new tech innovation city of Skolkovo, which is being built on the outskirts of Moscow.

At a series of events held during the MIPIM week, some of the principal designers, planners, architects and investment managers on the Skolkovo team were showcasing their plans for the creation of what has been dubbed Russia’s Silicon Valley.

The project, which was announced by former Russian president Dmitry Medvedev in 2009, is a huge and complex piece of urban design. It will also be a hub of some of the most high-tech facilities to be found anywhere in the world. These will include IT, space, telecoms and nuclear technologies and it has been selected to host the 2014 G8 Summit.

Skolkovo Urban Council member and architect David Chipperfield says: “It’s a huge project and, within its DNA, it has to cope with incremental construction. The stages of going from concept to reality are really complex when you are constructing just one building. Going from concept to reality on this scale is enormous and needs

a very steady hand — or a whole series of very steady hands. For any society to be able to build successfully a new large town would be a great achievement.”

Chipperfield adds: “Skolkovo is fairly unique in that it has diverse ambitions. It is not just a new town but a town that’s based on education and research. I think that’s really exciting.”

As well as being a working city with a population of some 21,000 and a full complement of social and cultural facilities, Skolkovo will be home to several major educational institutions. Its university is intended to become one of Russia’s leading academic centres, which the government hopes will drive a wave of innovation and technological advancement from within its borders.

Tim Barrett, director of mixed-use districts at the Skolkovo Foundation, also points up the new town’s cultural and social attractions: “A very important aspect of this project is that we will be creating a great urban environment. There will be lively streets, bars, restaurants, cafes, cultural facilities and cinemas. Skolkovo will be a great place to live.”

“Skolkovo will be a great place to live” Tim Barrett

Skolkovo, the new ‘innovation city’ on the outskirts of Moscow, aims to rival the US’ Silicon Valley 18 I

review magazine I June 2012 I www.mipim.com

STAY AHEAD OF THE PACK

The source for Europe’s real estate at one location...

www.europe-re.com European commercial real estate >> Reference publications >> News >> Features >> Research material >> Comprehensive database >>

Your networking real estate partner

Europe Real Estate

For reservations and details of how you can participate, please contact our sales department:

e: sales@europe-re.com

t: +31 (0)70 302 33 00

i projects PARIS GRAND PROJECT

Paris redesigns its future Among the super-projects transforming the Paris skyline are La Defense and Boulogne-Billancourt, both of which were on display at MIPIM. Anika Michalowska reports on progress

A

S ONE of MIPIM’s flagship exhibitors, Paris Region was again a dominant presence on the exhibition floor, with a 2,000 sq m pavilion in the Marina Hall organised by the Paris Region Economic Development Agency.

More than 30 exhibitors participated under the Grand Paris Region banner, showcasing a range of projects that exemplify the ambition and vitality of Paris Region’s commercial real-estate sector. Some 50 events at MIPIM 2012 threw the spotlight on several ambitious projects located in the greater Paris area.

Key among these was the commercial district La Defense Seine Arche — a powerful urban brand that is now recognised worldwide. La Defense is now being transformed into a modern residential and business district, built to the latest sustainable development standards. As this metamorphosis continues, the district is welcoming new residents, services, shops, companies and architectural styles.

La Defense is also looking to redefi ne its relationship with the western suburbs of Paris, along with the French capital as a whole — and the rest of the world. New transport options, housing programmes and buildings will soon change La Defense’s skyline. Following the delivery of the CB21 and Prisma towers and the Praetonium building in 2009 and 2010, the First Tower — at 231 metres, now the tallest building in France — was inaugurated last year.

Work is in progress on the Carpediem and Majunga towers, as well as the Basalte building. Meanwhile, the Eqho, Athena and Europe towers are undergoing total renovation. And there is no sign of the pace abating, with work on the Trinity, Hermitage Plaza, Ava and Phare towers programmed to start in 2013.

Some 30 exhibitors showcased projects that exemplify the ambition and vitality of Paris Region’s commercial real-estate sector

20 I

review magazine I June 2012 I www.mipim.com

The Paris Region’s 2,000 sq m pavilion in the Marina Hall was organised by the Paris Region Economic Development Agency

Also being showcased on the Grand Paris Region stand was the ambitious plan to redevelop the 74 ha site of the former Renault factory at Boulogne-Billancourt to the south west of Paris.

The masterplan, which has been entrusted to SAEM Val de Seine Amenagement, is well under way. By 2018, it will see the construction of close to 850,000 sq m of housing, civic facilities, offices and shops. The scheme will ultimately house over 12,000 inhabitants and 10,000-15,000 employees.

The first phase — the Trapeze district — has already seen the delivery of close to 30 private and social apartment buildings, offices and public-service facilities. It has become a well-integrated, dynamic and diversified city area.

Around 10 companies — all leaders in their fields — have already chosen to move to Boulogne-Billancourt, including W & Cie, Roche, Carrefour and Michelin.

Now the focus is shifting to the Ile Seguin project, which will feature a major new cultural and entertainment venue designed by Jean Nouvel.

A sky sky-high -high return. return.

Reach nce for for o a fraction fraction of the cost.

Advertise your R each a global global audience cost. A dvertise y our portfolio por tffo ol olio of properties properties on WSJ.com WSJ.com starting starting at $180 per month.

Reaching you have ha ave the opportunity opportunitty to to get get premium premium exposure exposure ffor o or y your Reaching over over 25 million visitors visitors per month, you our listings global property search platform.

With ith pr prominent ominent se search arch and intuitive intuitive design, the site listings across across our g lobal pr operty se arch platf fo orm. W site offers off ffeers an effective ffeective environment ff Benefits include: eff environment to to market market your your properties. properties. Benefits @ekl`k`m\ J\XiZ_ <e^`e\ @ekl`k`m\ J\XiZ_ <e^`e\ :c\Xe 8[m\ik`j`e^ <em`ifed\ek :c\Xe 8[m\ik`j`e^ <em`ifed\ek >cfYXc JZfg\ L%J%# <lifg\# 8j`X >cfYXc JZfg\ L%J%# <lifg\# 8j`X 8Ćl\ek Xe[ <e^X^\[ 8l[`\eZ\ 8Ćl\ek Xe[ <e^X^\[ 8l[`\eZ\

For F or o ad advertising dvertising inf information, fo ormation, cont co contact act R Rob ob Monaghan Monaghan at " "++ ' ++ ' )'. ,.) )()+ fi ifY\ik%dfeX^_Xe7[fnafe\j%Zfd )'. ,.) )()+ fi ifY\ik%dfeX^_Xe7[fnafe\j%Zfd

©2012 Dow Jones & Co. Inc. All rights reserved.

turkey 2013 MIPIM is proud to recognise Turkey as it its Country of Honour for 2013.

The combination of Turkey’s fast-growing economy and its young, well-educated demographic is proving increasingly attractive to international businesses, especially in the retail and service sectors.

This is reflected in a surge in construction activity across all asset classes – offices, retail, hotel and residential – which in turn is creating new opportunities for the international investment community.

The Turkish contribution to MIPIM has been growing steadily in recent years, both in terms of visitor numbers and in the quality of the projects showcased. One of the most striking aspects of the Turkish presence has been the sheer variety and scale of projects both on the drawing board and under construction. The exuberance of new developments in major cities – and increasingly in provincial ones – is attracting the attention of some of the real estate world’s leading players.

We hope that Turkey’s year as Country of Honour will help to underpin the growing professionalism of its real estate sector, as well as exposing its wealth of opportunities to the wider investment and occupier communities.

TURKEY COUNTRY OF HONOUR 2013

Turkey honoured for its power and performance

T

URKEY’s centre-stage role as MIPIM 2013 Country Of Honour is a reflection of the growing power of the Turkish economy — both regionally and globally — as well as the growing presence of Turkish companies exhibiting at MIPIM. While Turkey’s economy overall is thriving — its annual GDP growth is consistently round the 8% mark, even under the reduced circumstances of the post-2008 downturn — it is its construction, real-estate and consultancy sectors that have performed particularly strongly in recent decades.

Turkey’s construction and contracting industry is one of the largest, most competitive and most dynamic in the world. In 2011, a total of 36 Turkish construction and contracting companies were listed in the top 400 international contractors league table published by the US industry magazine Engineering News-Record.

This made the Turkish construction and contracting industry the world’s second largest, ranking second only to that of China.

Though Turkey’s own building, engineering and infrastructure industries are booming, the vast majority of this work — the contracts carried out by Turkish contractors — takes place outside Turkey. The rapid growth of Eastern Europe, Russia and the republics of the former Soviet Union owes much to the skill of the Turkish companies that are undertaking much of the construction work in these territories.

Not least among Turkey’s assets is a healthy and thriving banking sector. Unlike western banks, Turkish banks have been largely unaffected by the fi nancial crunch. After the Turkish banking crisis of 2001, a number of reforms ensured that Turkish banks, with no toxic assets and no sub-prime mortgage lending, were well positioned to weather the downturn when it came.

With a strongly growing economy, a wellfounded banking sector and a massive construction and real-estate investment industry, Turkey is a natural partner for MIPIM. MIPIM is proud to be able to promote Turkey to a wide international audience as its 2013 Country Of Honour.

www.mipim.com I review magazine I June 2012 I 23

i turkey

2013

NEWS IN BRIEF

INANLAR ADDS RESIDENTIAL TO ISTANBUL INANLAR is aiming to “seriously augment” the residential landscape of Istanbul, according to Aykut Aksu, project director for the Turkish developer.

Citing several of the projects that Inanlar is currently carrying out in Istanbul, Aksu said: “We were at MIPIM to talk to overseas investors and encourage them to take a good look at one of Europe’s great cities — Istanbul. We have huge investment potential.”

As for Inanlar, Aksu said: “We are mainly a residential developer, operating chiefly in Istanbul, where we have a number of highquality residential projects coming to the market.” One of these is Terrace Tema, which consists of two high-rise apartment buildings of 40 storeys and 30 storeys respectively, which will provide over 400 flats.

Terrace Tema is emerging right next to Tema Park, a vast theme park designed by Gensler Architects which promises to become a major attraction not only for Istanbul, but for all of Europe. in addition to the theme park attractions, it will also feature hotels and a convention centre.

Another key project is Terrace Feri, situated at the junction of Nisantasi, Bomonti and Taksim in Istanbul’s central business district. “If offers its residents all the elements of a comfortable life, including an indoor swimming pool, fitness centre, yoga studio, children’s playroom, recreation room and indoor parking spaces,” Aksu said.

Inanlar’s Aykut Aksu: “We have huge investment potential”

24 I

ProPlan builds a reputation from Ankara to Azerbaijan

The Shangri-La Hotel in Istanbul, project managed by ProPlan

P

ROPLAN was founded in 2005 to add its expertise and capabilities to the wave of Turkish contractors that were beginning to spread eastwards into Russia.

“Today, of course, Turkish contractors are everywhere,” said Erkan Ozber, director of business development for the Istanbulheadquartered project-management company.

ProPlan, which now has offices in Ankara and Baku, Azerbaijan, is active across the construction and engineering spectrum. Ozber added: ”We have considerable experience in various types of construction, such as airports, subways, dams, infrastructure, railways, tunnels, residential complexes, hotels, industrial facilities, sports complexes, shopping malls,

cultural and trade centres, marinas and mixeduse projects.”

The company recently project managed the Shangri-La Hotel on the Anatolian side of the Bosphorus in Istanbul. “This was the first topdown construction project to be carried out in Istanbul,” Ozber said. “We had to do it that way because the site was so tight, being right on the edge of the water and with the neighbouring properties so close.”

Ozber reported that MIPIM 2012 had been successful for ProPlan. “We made some excellent preliminary contacts with the kind of people we wanted to meet,” he said. “And with Turkey being Country Of Honour at MIPIM 2013, we wanted to be in Cannes this year to get a feel for the market.”

SOM is brains behind Tuzla campus LOCATED in Tuzla on the eastern fringes of Istanbul, the Isbank & Isreit project is a 21st century campus masterplan designed by SOM (Skidmore, Owings & Merrill). The scheme aims to transform the area into a modern and efficient setting for world-class educational facilities.

Covering a total area of 65,700 sq m, the campus will be developed on two land parcels, one containing an Isbank operations centre, an information technology and data centre, and training facilities. The other smaller parcel will feature class-A office buildings, a hotel and a retail centre. A single central plaza will create a continuity of activity between the two parcel programmes, providing a gathering space for

review magazine I June 2012 I www.mipim.com

all site users.

The glass facades of the buildings and a series of escalators and walkways aim to provide a new understanding of transparency and efficiency. Developed by Real Estate Investment Trust Co, the project should be completed in December 2014.

SOM’s designs for Isbank & Isreit in Tuzla, Istanbul

NEWS IN BRIEF

Uluhan’s Babil Towers, due for completion in April 2103

NEW LEGISLATION AIMS TO STIMULATE FOREIGN INVESTMENT

Uluhan builds on synergy between retail and resi

U

LUHAN Group is on a mission to develop “new and special” living areas, according to the company’s CEO Tanju Bilgen.

The Istanbul-based developer and investor is currently focused on residential projects and shopping malls. Bilgen said: “These are two things that go together, but that are often not considered as necessarily compatible by other developers.”

Uluhan is now completing two residential projects: Acunkent, slated to be finished in June; and Babil Towers, heading for completion in April 2103. Each residential tower will have an

associated shopping centre: Acunkent Bazaar and Babil Towers Bazaar respectively.

The €93m Acunkent complex has 670 apartments, along with 100 serviced offices. The associated shopping centre will contain 240 retail units. The €132m ($174m) Babil Towers project provides over 1,000 apartments, plus serviced office space. Its shopping centre, Babil Bazaar, will host 200 retail units.

“MIPIM was good for us,” Bilgen said. “We came to seek partners to help us move into hotels and services, as we begin to look to the future of the company. And we made some excellent initial contacts. We got what we went for.”

Metropol Istanbul is due to complete in 2014

VARYAP ON A HIGH IN ISTANBUL DEVELOPER and investor Varyap is partnering the Turkish government and fellow developer GAP Insaat on jointly developing projects in the vast new financial centre rising up in Istanbul’s Atasehir district on the Asian/Anatolian side of the city.

The Istanbul Financial Centre will total 2.5 million sq m in floor space on an 800,000 sq m land area. The new district will reflect Turkey’s growing economic muscle, both regionally and further afield.

Varyap’s contribution to the project is the development of the Metropol Istanbul. “This will consist of three towers,”

A NEW report by consultant AmberLamb on Turkey’s economic and political indicators reveals that the Turkish real-estate market is moving towards ranking among the top five European markets in relation to capital earnings.

Commenting on the findings, Isıl Dincer, general manager of TSKB Real Estate Appraisal, said: “As one of the fastest growing regions in the realestate 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. “Once the draft currently under discussion becomes law, even the citizens of countries that do not allow Turkish citizens to acquire property in their countries will earn the right to buy property in Turkey,” Dincer added.

Dincer reported that the Turkish environment, urban planning and finance ministries would decide on the countries whose citizens would have the right to acquire property. “Also, the limit on foreigners’ property acquisition will be increased from 2.50 ha to 60 ha,” she said.

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

said Varyap architect Aslıhan Ispir. “The Metropol Tower will be the tallest, flanked on either side by the Metropol Home-Office and the Metropol Residence.” Also on the site will be the 100,000 sq m Metropol Shopping Centre, the Metropol Catwalk, a 400-metre long retail street and the 16-screen Metropol Cinema.

Ispir said the project would be the first large-scale scheme in Istanbul “to be properly planned in its entirety on a grid system”.

Work has started on site, with completion targeted for 2014.

www.mipim.com I review magazine I June 2012 I 25

i turkey

2013

NEWS IN BRIEF

KARDEN’S SYMBOL SIGNALS FUTURE

Zorlu’s projects designed to add value to ‘new Istanbul’

DEVELOPED by Karden — part of the giant KRD Group — Symbol Istanbul is a tripletower office, retail and residential complex located in the Esenyurt district of the Turkish city.

Set in a fast growing district of Istanbul, Symbol’s dramatic architectural profile and facilities are seen as a signal of the area’s architectural future. The three (34, 38- and 42-storey) tower blocks rise above a horizontal commercial unit. The roof of this unit — standing at 6,800 sq m — is designed as a recreation area.

The office, residential and commercial units are designed to deliver high-quality lifestyle to its users. On the lower floors of the structure there are 47 commercial units to serve both residents and the neighbourhood.

Symbol Istanbul offers working, shopping, entertainment, art, sport, and health and beauty facilities in microcosm. It contains 1,242 apartments with facilities including a kindergarten, swimming pools, a fitness centre, tennis and squash courts, and a cinema. The different functions of the various buildings and the synergy between them has been designed to increase the sense of ‘belonging’ for Istanbul’s citizens.

The Zorlu Levent office project in Istanbul’s central business district

Z

Symbol Istanbul: three towers working as one

28 I

ORLU’s mission is to put its signature on projects that are recognised round the world for their quality and integrity.

This is the message from Efsun Savas, deputy marketing manager of the heavyweight Turkish developer.

Zorlu was back at MIPIM for the second time this year. Having sponsored the 2011 Opening Night Party, the company this year sponsored the annual Investors’ Lunch, held at the prestigious Majestic hotel.

The Turkish giant, which has a presence in textiles, electronics and power generation in addition to real estate, was promoting two of its centrepiece projects at MIPIM: the mixeduse Zorlu Center and the Zorlu Levent office project, both located in Turkey’s largest city, Istanbul.

The Zorlu Center project, designed by the

review magazine I June 2012 I www.mipim.com

joint venture of Emre Arolat Architects and Tabanlıoglu Architects, won the MIPIM 2011 Architectural Review Future Project Award in the Regeneration and Masterplanning category. The scheme — set in 10.6 ha, of which 7.8 ha will be green space — is described as Turkey’s “first and only five function multi-use project”.

The five functions in question are retail, residential, hotel, offices and a 3,000-seat capacity performing-arts centre.

Zorlu’s other project — the Zorlu Levent in Istanbul’s business district — aims to “satisfy the need for quality offices in Istanbul, and add further value to the Levent district”, Savas said.

The philosophy behind the two “distinctive and unique projects is to add value to the whole city of Istanbul”, Savas added. “And we believe that we at Zorlu are making a huge contribution to the process of making the new Istanbul an attractive city.”

La meilleure information pour les leaders de l'industrie immobilière.

L’information la plus complète Totalement multimédia La meilleure diffusion papier L’audience internet certifiée

Magazines Hors-séries Annuaire Editions spéciales

Site Internet Newsletters Dépêches Location de fichiers

On n’est pas leader par hasard !

Applications iPhone, iPad et BlackBerry

Focus

Industrial & Logistics

Poland is tipped to be next logistics hotspot

T

HE HEAD of the European division of one of the world’s largest property companies has highlighted Poland as a potential hotspot for logistics investment.

Speaking at the MIPIM conference, Trends And Evolution Of The Logistics Real-Estate Market, Prologis Europe president Philip Dunne said that Poland showed some of the best potential of any country in terms of investment. “It’s a very attractive market to invest in,” he said.

“Over time, there’s going to be a convergence between Poland and Western Europe.”

In general terms, however, Dunne said he expected little movement in logistics real estate, with “more of the same” conditions to be expected for the coming period. He added that investors would continue to be “discerning and picky” about new properties. And he observed that, instead of taking on new assets, investors are favouring improvements to existing funds.

In terms of Prologis own operations, Dunne said: “We are focused on changing the shape of our portfolio a little bit. Our platform will trade, but the market is thin and clearly debt continues to be a challenge. There are buyers out there and there is capital, but there is not enough debt to see volumes spike in any form.”

To illustrate this, Prologis sold five logistics facilities in Poland to Hines Global REIT for 118.4m ($155m) at the beginning of 2012.

Prologis Park Janki in Poland

PRICE ISN’T ALWAYS RIGHT PROPERTY developers and funds are displaying a short-term attitude and failing to take sufficient account of wider considerations when commissioning new builds or acquiring property. This was the message from Ranald Hahn, managing director of GSE, one of Europe’s largest construction and engineering companies.

Hahn said that, whereas previously buildings were commissioned, leased or bought on the basis of a relatively longrange vision, a culture has emerged of overlooking wider considerations in favour of the bottom line.

Speaking on future trends in logistics real estate, Hahn said: “In the last three to four years, we have seen the buying divisions of big companies take the ultimate real-estate decision based

almost uniquely on cost, face rent, etc.

Longer term considerations, such as running costs and heating costs, are tending to get overlooked. People look at the basic upfront cost — rental or price — which creates difficulties for people like us. Margins are thin and getting thinner, and this frequently creates bad buildings that won’t stand the test of time. I’d like to think this will change back, although there’s no evidence of it yet.”

Hahn, who previously ran the southern European division of ProLogis, added that he could see a “return to simplicity and real-estate fundamentals” emerging from the downturn in logistics real estate as investors and developers approach new builds in a more circumspect manner.

Eurozone expected to be good in parts ROB WILKINSON, chief investment officer of AEW Europe, predicts some stabilisation in the logistics market and is optimistic that the sector has good medium-term prospects.

Speaking at the MIPIM session on future trends in logistics, Wilkinson said that, while in the short term there is still likely to be some flux in the markets, logistics as an asset class is now an attractive target for investors.

He added: “We are pretty positive about logistics, at least in the medium term.

We expect things to stabilise somewhat, although there might be some short-term softening of prices. But we still think logistics is an attractive asset class

because of its yield profile and lack of volatility.”

Commenting on the recent turmoil in the European markets, Wilkinson said that the eurozone was likely to throw up different opportunities for investors.

“There are certainly issues around sovereign debt,” he added. “And we expect that, while the euro will probably remain, we will see certain countries performing better than others.”

Wilkinson cited France, Germany, Poland and the Czech Republic as potentially strong performers. “But we see other markets, such as Spain and Italy, as being much more challenging,” he added.

mipim reVieW The official MIPIM magazine June 2012. Director of Publications Paul Zilk Director of Communications Mike Williams ®

EDITORIAL DEPARTMENT Editor in Chief Graham Parker Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designer Carole Peres Sub Editor Joanna Stephens Proof Reader Debbie Lincoln Contributors Chris Bown, Ben Cooper, Anika Michalowska, Mark Moore, Doug Morrison 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 2nd quarter 2012. ISSN 1968-2379. Printed on 100% recycled paper

30 I

review magazine I June 2012 I www.mipim.com

Marseille Fos offers quick route to northern Europe

Marseille Fos’ Dirk Becquart: “500 million tonnes by 2030”

T

HE JOINT port of Marseille Fos can serve as a shortcut to northern Europe, according to the port authority’s director of development, Dirk Becquart.

Talking about developments in Marseille Fos, Becquart observed that shipping lines are saving fuel by cutting down on speed. He added: “They are sailing at 60% of maximum speed.

That means longer sailing times, for example, from Asia to northern Europe.”

Becquart said that, if shipping lines diverted to the port of Marseille Fos instead of sailing all the way north, they could speed up the delivery of containers and dry goods to northern European destinations. “We are the only port

in Europe with a three-R interchange: road, rail and river,” he added. “Goods unloaded at Marseille Fos on to road, rail or river transport can reach northern Europe much quicker than they can via the full-distance sailing route.”

Currently, the breakdown for goods travelling northwards through France is 60% road, 30% rail and 10% river.

The two ports of Marseille and Fos come under a single port authority. There is a massive development programme currently under way at the ports’ new terminals and supporting logistics parks. “We are currently a 100-million tonnes a year port,” Becquart said. “But this will increase to 500 million tonnes by 2030.”

SEGRO focuses on core assets SEGRO’s Magdalena Szulc: “key assets in key locations”

LOGISTICS specialist SEGRO sees Central Europe, in which it has been active since 2006, as a key growth area.

Magdalena Szulc, the company’s business unit director for Central Europe, said: “We have implemented a new strategy for Central Europe, focusing on key assets in key locations. In Hungary, we have a disposal policy for some assets. But in Poland, we have an acquisition policy.”

She added: “We believe this will be a good year for logistics in Poland and the Czech Republic.”

NEWS IN BRIEF

GERMANY POISED TO LEAD REVIVAL GERMANY presents the strongest case for a revival among Europe’s logistics markets, according to new research from property asset manager Henderson.

Henderson research highlights a number of factors underpinning the strength of the German market. In 2011, for example, German logistics services turned over €210bn ($276.2bn), making it the country’s third largest sector after automotive and retail. Ranking sectors by employment, logistics also comes in third place after health and gastronomy/hotel/tourism.

In addition, Germany is particularly suited to logistics as it combines the necessary conditions for high volumes and the smooth functioning of logistics services. The country’s location in the centre of Europe also makes it a natural hub for shipping goods around Europe.

Finally, Germany has Europe’s largest population and its core regions are densely populated.

Stefan Wundrak, Henderson’s director of property research, said: “Its strong structural fundamentals suggest investors interested in logistics could do a lot worse than look at Germany. The German logistics property market has yet to achieve the liquidity and depth of the UK or the US, but its relative immaturity is compensated for by more attractive pricing.

However, the lack of depth also increases the challenge of sourcing appropriate stock.”

FRANCE ON THE UP AFTER a two-year slow-down, the French market for large warehouses is back on the growth track.

Take-up rose to 2.23 million sq m in 2011, up 26% on 2010, according to agent Cushman & Wakefield, which attributes the growth to users wishing to accelerate the rationalisation of their real-estate portfolios.

Ever greater preference is being given to sites close to major communication links, enabling savings on transport costs. Lille, Paris, Lyon and Marseille are the most sought-after destinations, accounting for 77% of take-up in 2011. However, with 820,000 sq m sold or leased in 2011 — up 14% on 2010 — Ile de France remains the country’s top logistics hub.

Looking forward, Cushman & Wakefield sees 2012 as a year of uncertainty, due to the ongoing economic turbulence. But e-commerce and high value-added distribution will continue to grow the French logistics market, the agent predicts.

www.mipim.com I review magazine I June 2012 I 31

i focusi Building Innovation Sefaira puts sustainability at the heart — and start — of design CUTTING property costs while increasing sustainability is a recurring MIPIM theme — and it was embodied by Sefaira, a London- and New York-based software group, at the fi nal session of this year’s Building Innovation series of talks and presentations.

Sefaira’s analysis technology is so quick that architects and their clients can define and quantify the energy, water, carbon and financial benefits of a building project at the start of the design process.

Bob Kahr, Sefaira’s vice-president of business development for the Americas, said that traditional software systems for assessing green compliance come into play at the end of the design cycle, when it is too late to alter the course of construction or the use of green materials.

Kahr told delegates: “If you look at a project in development, your ability to effect change decreases exponentially as the project

Could the Palais des Festivals be redeveloped sustainably?

progresses. In addition, the cost associated with any change that has occurred grows exponentially.”

Russell Henley, Sefaira’s vice-president of business development for EMEA, demonstrated there and then how the company’s analysis would work on a hypothetical new office development at the MIPIM site in Cannes.

This produced a basic model for the site — a building costing $92,000 (€70,000) a year to heat with 220 tonnes of carbon emissions,

NEW HIGH FOR PARIS’ EQHO TOWER

ICADE’s Dominique Beghin

ICADE used MIPIM to unveil the renaissance of a flagship building in Paris La Defense.

“The complete renovation of the EQHO tower in La Defense will be delivered mid-2013,” said Dominique Beghin, head of Icade’s commercial property investment division and international business.

The 40-storey vertical campus will be capable of housing 5,000 employees. “The renovation was quite a challenge, but we are happy to have turned it into a very sustainable building — 95% of the offices receive natural daylight,” Beghin said.

Building systems that control energy consumption helped the project to achieve BREEAM - Very Good certification.

Meanwhile, the social element of the workplace has not been ignored. The EQHO tower features a large array of services, including restaurants, fitness centres and an auditorium.

based on local energy tariffs and climate data.

He then came up with a cost-benefit analysis from changing specific elements of the design: size, heating and ventilation, glazing or by introducing renewable energy.

On a real scheme, the development team can assess the various options before even visiting the site. Henley’s real-time demonstration took just 20 minutes. “This is why we think buildings can be much greener from the fi rst pen stroke,” he added.

R&D can help save money — and the planet INTELLIGENT research and development in building projects is crucial, and will play an ever greater role in encouraging sustainable living.

Kim Herforth Nielsen

This was the message from Danish architect Kim Herforth Nielsen, speaking at a packed panel discussion on design innovation, which aimed to identify new trends and future advances in green architecture.

Nielsen, the principal and founder of 3XN Architects, said that R&D should be at the core of all new builds. He highlighted the work of 3XN’s internal R&D group GXN, which focuses on green technologies. “We have had to come up with solutions on a limited budget and use less energy in buildings,” he said. “We use our engineers and researchers to find ways of saving money.”

According to Nielsen, proper research into sustainable technologies helps to keep architecture true to the core values of putting people at the centre of all designs and promoting green living.

He added: “Innovating is for people. All architecture creates behaviour and it starts with the users. In the future, we would like to use sustainable materials to create buildings that will save energy and be very healthy.”

www.mipim.com I review magazine I June 2012 I 33

i focusi Building Innovation NEWS IN BRIEF

ARCHITECTURE IS ABOUT EXPERIENCE NOT TECHNOLOGY

Social technologies have role to play in driving innovation

MODERN design is not just about “putting in green” or using expensive glass. “It’s also about how you experience the architecture,” Ma Yansong, founding principal of MAD Architects, told delegates at the Building Innovation keynote address. And he said that designers should seek to “introduce more nature into modern architecture”.

Gehry Technologies’ Louis Vuitton Foundation in Paris

E

MERGING technologies will drive innovation and advancements in design and “deliver significant client benefits”, according to Tobias Nolte, director of Europe of Gehry Technologies.

Nolte said that the growth of knowledge and the move towards sharing technology was changing the way his company approached projects such as the new Louis Vuitton Foundation in Paris.

He added: “We implement concurrent design systems on each of our projects. Every piece of the project is 3D modelled and we also gather the metadata, such as the quantitative and qualitative data stored in the model. It’s about

making the design transparent.”

Nolte described the cloud-based system in place at Gehry Technologies. Called GTX, this allows multiple users with profi les similar to social-networking sites to upload and store a vast quantity of data to be used with authoring tools.

He added: “These cloud processes can automate certain aspects of the design and you can use cluster calculation for analysis, extraction and design automation. More and more knowledge has to be integrated into one model. The management of this organisational complexity is a real challenge. We are interested in exploring social-networking techniques.”

MAD Architect’s Absolute Towers in Mississuaga, Canada

Yansong reiterated the importance of proper research and development — a recurring theme of the session — saying: “There are a lot of people doing research who are better than architects. It’s very important. You have to look at the new challenges.”

And he emphasised that all building designers have an obligation to think about sustainability in every aspect of their project planning. “When we talk about green, it’s more a moral issue than a technology issue,” he said. “If we talk too much about technology, we will lose the sensitive part of innovation.”

34 I

The power of local knowledge UNDERSTANDING local environments is crucial to design success. This is the view of Graft architect Thomas Willemeit, whose career has taken him to numerous locations around the world.

“Working globally has taught me a lot about how different local conditions can be,” he said.

“One piece of architecture can be right in one location and completely wrong in another. The important point is that sometimes innovation means rediscovering things that have been forgotten, such as low tech. A study of location can lead to very different types of architecture.”

review magazine I June 2012 I www.mipim.com

Speaking on experimentation and unconventional approaches to architecture as part of the panel of experts at the Building Innovation keynote address, Willemeit said: “Knowledge is very much the fundamental base for our discussions on sustainability and the perfect integration of architecture and the natural environment. It’s not enough to talk about the technical performance of a building.”

He suggested that a major leap forward in sustainability would be for buildings to become the “power plants of today”, generating their own electricity.

The property market and the FT The FT reaches more senior executives who have key responsibility for investment and fund management, premises and property management.* The Property Market is the weekly property advertising section, appearing every Tuesday worldwide. Property Special Reports address the interests of the property industry from investors and developers through to agents and the public sector. You can also list global commercial property on propertysales.com A dedicated micro site at ft.com/propertyinsight features articles and special reports providing clients with the chance to promote global property investment opportunities and foreign direct investment.

For advertising solutions contact: Lyn Thompson +44 (0)207 873 4967 lyn.thompson@ft.com

Source:*BE Europe 2011

Jim Swarbrick +44 (0)207 775 6220 jim.swarbrick@ft.com

Which of todayâ&#x20AC;&#x2122;s

International Real Estate Stories will soon be recognized as a market game changer?

Join the thousands of international real estate professionals that frequent our dedicated international page and subscribe to our daily alerts.

Every morning, we deliver the latest news, data and analysis, as well as the opinions and insights of industry thought leaders to provide our readers with market intelligence and a daily business advantage.

GlobeSt.com is the online tool needed to stay ahead of the competition.

Sign up today for FREE. Visit www.GlobeSt.com/signup

i focusi Investors’ Programme INVESTMENT

Good, but could do better Global markets may be wobbling, but the world’s investors appear to be holding firm, according to a MIPIM poll by the Wisconsin School of Business.

Graham Parker reports

M

IPIM has always been a gathering-place for high rollers in the investment community — and 2012 was no exception. But with global investment markets facing renewed uncertainty, how did the leading players at the market see their prospects this year?

Students from the Wisconsin School of Business carried out a poll of this year’s MIPIM delegates to assess market sentiment. According to the school’s dean, Francois Ortalo-Magne, the survey’s findings indicate that the market remains buoyant — at the top, at least.

“Last year, there was a bit of comfort because the wall of money was back into real estate,” Ortalo-Magne says. “It was very focused on the safe yield, and very focused on what Real Capital Analytics called the ‘Fab Four’ — investing in Paris, London, New York and Washington DC. Another thing we picked up last year was the greening of real estate. So this year we asked: ‘How is your business activity compared with this time last year?’ For half the delegates, the answer was ‘better’ and for most people it was ‘the same or better’. Very few people said it was worse.”

Ortalo-Magne was also an observer at one of the new features at MIPIM 2012 — the RE-Invest investors’ summit. The question put to investors was ‘Do we need a new model, a new paradigm, for real-estate investment?’

Wisconsin School of Business’ Francois Ortalo-Magne: “Very few people said it was worse”

“Contracts don’t always produce the right outcomes when things go bad” Francois Ortalo-Magne

Ortalo-Magne also detected a new focus on relationships. “One of the big lessons we have learned from the crisis is that there are certain limitations to financial contracts,” he says. “We have been very focused on contracts that provide the right incentives when return on investment is positive. But the crisis taught us that those contracts don’t always produce the right outcomes when things go bad and we find ourselves in litigation, trying to figure out what it is we agreed.”

He adds: “One word that we heard repeatedly was ‘like-mindedness’ and that comes from the drive for greater transparency: people are looking for more data on the economy and more data on the asset, to try to

understand what it is they are investing in. And if your investment advisor isn’t providing you with what you expected, maybe you should have done more due diligence before hiring them.”

Another trend identified by Ortalo-Magne is the greater desire among investors to have a controlling stake when they invest alongside partners. This, however, runs counter to the way the industry has traditionally been organised, which is to devolve expertise to a local partner or an investment adviser.

“If we are going to move to a world where both sides bring in expertise, that sounds like duplication,” Ortalo-Magne observes. “And that’s a waste of money for the savers, the investors, in the fund. This is where the concept of like-mindedness comes in. People are saying: ‘I don’t have time to do due diligence on my co-investors in the fund, but at least I can be sure that I am investing alongside people who think like me.’” www.mipim.com I review magazine I June 2012 I 37

i focusi Investors’ Programme In terms of asset allocation, Ortalo-Magne detected a more relaxed ap- of the market, the Wisconsin business school students asked delproach among investors. “We have heard a lot about core investment, egates: ‘Is now the time to invest beyond core?’ And 70% of reand then core plus, but this year we have been hearing about what I call spondents said ‘yes’. ‘core plus periphery’,” he says. “We have seen investors moving from central London to Birmingham or Manchester — or in the US, from New Another trend over the past year has been the arrival of new players York to Houston, Boston or Los Angeles.” from outside the banking sector as providers of debt. To examine this And real estate’s role in wider portfolios may also be trend, the students asked delegates: ‘Is the state of the changing. “We hear people say that property has done debt market an impediment to your business activity or well as an asset class, so we looked a little closer at what an opportunity to make profit?’ Here, opinion was split, “One word they mean,” Ortalo-Magne explains. “ I think what they with a small majority still saying the lack of debt was an that we heard mean is that core property is an asset class like stocks impediment, while slightly under 50% said it presented repeatedly and bonds, playing a role with strong yields. But that opportunities. raises the question of what happens when bond yields On a topical note, the students then asked delegates: was ‘likemove out. Where will that wall of money go?”

‘Has the uncertainty about the fate of the euro affectmindedness’” He adds: “And the other question is: if, as a portfolio ed your activity?’ Again, opinion was split, with 55% of Francois Ortalo-Magne manager, I’m already in real estate but I decide I need delegates saying that the uncertainty had made them a little more risk — to go up the risk/return curve — more cautious. why should I go elsewhere in real estate, when I could WANT TO KNOW MORE? get that risk in the equities market? So I think what we have seen is that Download the White paper “RE-Invest Perspectives”, core has become established as part of the financial package, but the rest an exclusive synthesis of the thoughts and findings of the real estate market is still seen as an alternative investment class.” from the 2012 Re-Invest Summit on the MIPIM website dedicated to the RE-Invest programme To look at this bifurcation between core real estate and the rest (www.mipim.com)

The inaugural RE-Invest summit debated the need for a new paradigm for real-estate investment 38 I

review magazine I June 2012 I www.mipim.com

LOOKING FOR AN AFFLUENT LOCATION ?

To grow, we often need a great partner.

With Le Figaro, find the most powerful offer in business Real Estate.

mardi 6 mars 2012 LE FIGARO - N° 21 024 - Cahier N° 4 - Commission paritaire N°0416 C 83022

LOGISTIQUE Le projet de base fret multimodal «Chapelle International» lancé à Paris.

Page 5

SALON

JEAN-CRISTOPHE MARMARA/LE FIGARO

Malgré le manque de visibilité économique, le 23e MIPIM ouvre ses portes à Cannes avec de bonnes raisons d’espérer.

IMMOBILIER DE BUREAU

Les marchés européens résistent

La tour de la Société Générale à La Défense.

ORGANISATION DE VENTE ET CONSEIL À L’ACQUISITION COMMERCIALISATION LOCATIVE EXPERTISE & CONSEIL IMMOBILIER RÉSIDENTIEL ASSET MANAGEMENT

www.catella.fr Tél. +33 1 56 79 79 79

Call +33 (0) 1 56 52 80 00 http://immobilier-entreprise.lefigaro.fr

i focusi Cities & Infrastructure

Cities & Infrastructure

MIPIM MAYORS’ THINK TANK

Mayors call for greater local control of city infrastructure The pivotal relationship between cities and infrastructure was the theme of this year’s MIPIM Mayor’s Think Tank. Greg Clark, moderator of the Think Tank and regular contributor to the MIPIM Cities worldblog, reflects on this year’s gathering of civic leaders

M

ORE than 60 mayors, deputy mayors and other civic leaders from 30-plus countries attended this year’s MIPIM Mayor’s Think Tank.

For the fi rst time, the largest group of mayors came from Canada, with Russia and the UK not far behind. From Sao Paulo and Moscow through to Manchester, Barcelona, Lisbon, Montreal, Toronto, Copenhagen, Stuttgart and Berlin, many of the world’s major cities were represented and their voices heard.

The Think Tank is a conversation between city leaders, focused on tablebased discussions divided into small groups of 10 to 20. It is a confidential meeting, with no media present, enabling mayors and city leaders to exchange insights and experiences away from the cameras.

The theme of this year’s Think Tank was infrastructure. City leaders and mayors rightly regard infrastructure as a key dimension of city success, seeing it as the common ingredient between quality of life, sustainability and competitiveness.

Infrastructure plays a unique role in how cities function. It integrates land use and property with public services, commercial professional interests, and leisure and lifestyle activities. Infrastructure is a spatial as- Marat Khusnullin, Moscow’s Deputy Mayor for Urban Development and Construction, joined 60 set but it supports many different kinds of sectoral activities, such as edu- other mayors at the MIPIM Think Tank cation, energy, waste, water and security. For these reasons, cities take a special interest in infrastructure — even if very few cities have direct overseen by national rules, laws and systems, or by states, provinces and regional governments. control of their infrastructure systems.

For cities in Europe and North America that are competing with the At the same time as being both local and national, infrastructure often faster growing world economies, infrastructure deficits are the major straddles the public and private sectors, especially when countries have drag on exploiting their advantages of quality of life, advanced entre- adopted distinctive patterns of privatisation and contracting out. This ofpreneurship, knowledge economy and sustainability. Without infrastruc- ten leads to a co-ordination failure between different infrastructure proture growth and renewal, Europe and North America cannot play their viders, such as the failure to integrate transport systems with one-ticket new niche role in a global economy in which they are becoming less dom- approaches and nuisances like different utility companies digging up the same roads at different times. inant. In short, infrastructure deficits in Europe These systemic co-ordination failures around inand North America are preventing cities from “Infrastructure is the frastructure run directly against the need to fosmaking full and effective adjustments to the new ter smart cities, which are based on the idea of economic, environmental and social imperatives. common ingredient intelligent system management using a single set between quality of of guiding principles and intelligent networks Infrastructure is also a special ingredient belife, sustainability and to achieve optimum integration. System intecause it requires something different from locompetitiveness” gration around cities and metropolitan areas is cal city management to make it work. Much incentral to the task of combating climate change, frastructure is locally based, but is regulated or www.mipim.com I review magazine I June 2012 I 41

i focusi Cities & Infrastructure achieving greater investment and organising around the needs of the mobile citizen.

Cities & Infrastructure

Active city leadership is required if infrastructure is to be used to manage and shape future growth in cities. Leadership is also essential to integrate systems of infrastructure at local level and to secure good public There are many different means now available to fi nance new infra- outcomes. City leaders have to co-ordinate and integrate different sysstructure and to re-fi nance existing infrastructure. The current chal- tems if both the citizen and the environment are to benefit. lenges in public funding demand more fi nanAs well as expanding the range of financial tools cial innovation. However, most national finance used by cities, a long-term ‘whole of cycle’ apministries and treasuries have been slow to recproach is needed if the right fi nancial tools are “Infrastructure ognise the changing infrastructure investment to be adopted and if ambition is going to meet funding cycles need requirements. with resources and implementation capability. to be 50 years plus — The mayors commented that, while some cities Infrastructure funding cycles need to be 50 years and financial systems have had success using today’s wide range of fiplus — and fi nancial systems and tools need to nancing tools — bonds, tax increments, joint recognise that. and tools need to ventures, PPPs, levies — cities vary enormously More than ever, infrastructure systems must be recognise that” in terms of what is allowed or permitted within seen as a joint venture between city and metrotheir own constitutions. Essentially, very few citpolitan authorities, and those who provide and ies are empowered to use many of these tools, as fi nance infrastructures. While individual promost national governments regulate their financial activities very closely. viders may remain responsible for their section of the infrastructure platThese differences produce competitive advantages for some and disad- form, it is increasingly cities and metropolitan authorities that must provantages for others. On the whole, cities in Asia and North America have vide the integration and co-ordination required to foster innovation and greater self-financing powers than those in Europe and Latin America. to build smarter, more efficient and resilient cities.

Within Europe, cities in Germany, Switzerland, Austria and Scandinavia Cities are leading the innovation process in infrastructure. Continued have greater self-financing powers than cities in the UK, Ireland, Spain, local innovation by cities in all aspects of local infrastructure is esFrance and Italy. This latter group are more dependent on their nation- sential to drive reforms in markets, and to win greater freedom for al and regional governments. manoeuvre.

Those cities that have greater self-financing powers tend to play larger The Mayors Think Tank heard many examples of innovation in infraroles in infrastructure provision, and are thus better placed to lead the structure from the cities represented and these will be presented in the systems integration required to progress towards becoming smarter cities. MIPIM Mayors Think Tank White Paper later in the year.

The MIPIM Mayors’ Think Tank enables mayors and city leaders to exchange insights and experiences away from the cameras 42 I

review magazine I June 2012 I www.mipim.com

i focusi Hotel & Tourism HOTELS

Time to stop playing it safe?

Very few new hotel brands have come to market in recent years, as hotels adopt the recession-beating tactic of playing it safe. But, writes Chris Bown, a few brave souls are once again daring to innovate Making an impression – the first Hotel La Tour in Birmingham, UK

O

has made lending for construction and development NE CASUALTY of recessionary harder to secure. And developers won’t take a risk times is innovation, as big busi“It’s difficult when there is a safer option available. nesses avoid unnecessary spending talking to on uncertain outcomes. sources of funds At MIPIM, the PKF Hotel, Tourism and Leisure With hotels, the situation is exacerbated by the dewithout a brand Lounge held a number of presentation sessions, givcision of many companies to adopt an ‘asset-light’ ing those with new hotel, hostel and other hospitality model. Encouraged by a philosophy that property is in your pocket” concepts a platform from which to present their ideas. best left to the property experts, and services to those Robert Barnard, PKF While many of the concepts were inspiring, the fear good at delivering services, many major hotel brands was that few would have the resources to carry them have now largely eliminated their real-estate investto market, or find a willing developer partner. ments and are concentrating on running their brand.

For the hotel guest, it doesn’t really matter. But this salami-sliced mod- “It’s very difficult talking to sources of funds without a brand in your el means that the hotel they stay in is probably owned by one company, pocket,” says PKF partner Robert Barnard. “It’s quite remarkable how managed and staffed by another, with a third owning the brand over the much business the brands can deliver.” The brand’s portals can deliver front door, along with its associated booking system and marketing ma- more than half a hotel’s business. chine. Step inside any Holiday Inn, Ibis or Hilton and this is typically the The big chains, of course, still have the wherewithal to innovate. Several have launched ‘boutique’ brands recently, copying a format successfulstructure used to deliver your bed for the night.

The asset-light model relies on the property-development community ly delivered by independent operators, in a bid to accommodate highto deliver buildings, which the brand can then lease and hang their flag spending customers. outside. When times are good, this works well, but the banking crisis InterContinental has recently launched two such brands, one of which 44 I

review magazine I June 2012 I www.mipim.com

Every Even room includes a gym mat

InterContinental’s Even brand: a health-conscious hotel for the upper-middle market

is Even, a health-conscious hotel for the upper-middle market. Even “meets the large and growing customer demand for healthier travel at a mainstream price”, according to the company’s literature.

Even bedrooms will have space to work out, with an exercise mat and a hanging rail that can double as a chin-up bar. Each hotel will also have Even promises gyms that are less intimidating for hotel guests a well-equipped, user-friendly gym. A healthier menu is also promised.

The plan is to have 100 Even hotels across the US within five years.

Interestingly, InterContinental will break the asset-light rule by investing $150m ( 114m) directly in the first few Even properties.

InterContinental second brand is Hualuxe, which will be designed to is looking tired,” Schofield observes. “We have a brand new hotel for meet the cultural expectations of the Chinese market, and will roll out guests to experience.” across that country. A greater emphasis on greeting, food and beverages With one hotel open, a second to the north planned and a chain envis— for example, tea rather than beer drinking — will aged in key UK cities, Schofield is clear about La characterise the Hualuxe brand.

Tour’s offering. “People buy brands because they “The Chinese traveller wants the status of a worldare from the heart. La Tour is a four-star hotel with “La Tour is a fourclass luxury hotel group combined with a feeling of a five-star attitude — so it’s not what most people star hotel with a pride in China and respect for Chinese tradition,” would call four-star.” says InterContinental CEO Richard Solomons. “We For the La Tour team, the asset-light model is not five-star attitude” are filling the gap and providing them with an envithe way to go. “We like to have control of the asset,” Jane Schofield, Hotel La Tour ronment to conduct business and socialise in a way Schofield says. “There’s a lot of value in that asset, that is tailored specifically for them.” and you can nurture it. But you’ve got to have the cash to do it.”

While InterContinental has deep pockets, there are few others who can Schofield also sees the internet as the hotelier’s friend: “We have investfi nance new hotel brand launches in the current market. A notable ex- ed a lot in our own online engine, as well as in our website. But we have ception is Hotel La Tour, which as MIPIM opened was preparing to start also teamed up with some key third parties, which are essential to growtrading at its new, 174-room Birmingham hotel. ing our international business. And a month in, we have seen quite a lot The team behind La Tour comes with a track record, having built the of international guests.”

Hayley conference centre chain across the UK, which was sold near the peak of the market in 2007. And the La Tour team also had backing from PKF’s Barnard echoes Schofield’s view that smaller hotels, with the help its long-term investor and bank, HSBC. of the internet and social-media platforms, can now fight back. “A good Hotel La Tour’s business has benefited from launching in hard times. independent hotel that markets itself well can stand up well,” he says.

The hotel was able to secure a better site in the city centre, and construc- “And if the owners are directly involved in running their asset, that’s antion costs were also more favourable. “We thought we would be more on other strong motivation.” the outskirts and on a more modest scale,” says Hotel La Tour’s man- These will be encouraging words for those looking to innovate in the aging director, Jane Schofield. “I think it’s been the best time to do it.” hotel sector. And property professionals should perhaps also remember The Birmingham hotel, which represents a £24m ($39m) investment, them when reviewing their investment options. With tourist trips expectfeatures the latest technology, including auto check-in and check-out and ed to grow to one billion this year, one thing’s for sure — hotel rooms will high-tech conference suites. “A lot of the hotel stock in the UK market be a growth market for the foreseeable future. www.mipim.com I review magazine I June 2012 I 45

Immobiliare: una infrastruttura a servizio dell’economia del Paese.

Assoimmobiliare rappresenta i principali attori del mercato del Real Estate; tra questi, le maggiori società attive nelle diverse filiere del comparto: • Agency e Franchising • Asset e Fund Management • Facility e Property Management/Global Service • Finance/Credit Service-Factoring • Advisory e Società di consulenza • Property Company, Fondi immobiliari, Siiq • Associazioni, Enti, Fondazioni ed Organismi.

Assoimmobiliare tutela gli interessi dell’Industria Immobiliare in tutte le sedi, istituzionali e private, nazionali ed internazionali, favorendone la conoscenza, il ruolo e lo sviluppo.

L’ Associazione si propone come momento di incontro di interessi e motore della cultura immobiliare, favorendo la cooperazione con le altre Associazioni, implementando il dialogo e il confronto non solo con le realtà associative, già presenti nel mondo immobiliare, ma anche con quelle maggiormente rappresentative di altri settori economici, come quelli finanziari ed assicurativi.

Assoimmobiliare, con i suoi tavoli tecnici, è impegnata nello studio, approfondimento ed elaborazione dei dati economici e giuridici sull’Industria Immobiliare che è fatta da imprese produttrici di vero valore e che investe significativamente in capitale umano, tecnologia e organizzazione d’impresa. Essa costituisce una infrastruttura a servizio dell’economia del Paese favorendone la produttività complessiva.

www.assoimmobiliare.it direttore: paolo.crisafi@assoimmobiliare.it per associarsi: andrea.consorti@assoimmobiliare.it comunicazione: sara.ludovici@assoimmobiliare.it Via Cola di Rienzo, 212 - 00192 Roma, Italia

Consiglio Direttivo di Presidenza Paolo Bottelli - Prelios; Isabella Bruno Tolomei Figerio - Condotte Immobiliare; Daniel Buaron - Dea Capital (VP); Matteo Cabassi Milano Fiori 2000 - Gruppo Brioschi; Giovanni Camerani Manutencoop FM; Cesare Ferrero - BNP Paribas RE; Roberto Haggiag - Evro Consulting; Aldo Mazzocco - Beni Stabili (Presidente ); Giovanni M. Paviera - Generali Immobiliare Italia SGR; Carlo A. Puri Negri - Sator SGR.; Silvia M. Rovere - Ream SGR; Alfredo Romeo Romeo Gestioni; Pierluigi Toti - Silvano Toti Spa. Completano la Governance: la Giunta, l’Assemblea, i Revisori, i Probiviri, oltre i Comitati e Tavoli associativi.

D'una città non godi le sette o le settantasette meraviglie, ma la risposta che dà a una tua domanda.

Italo Calvino

MIPIM AWARDS 2012

Congratulations to the winners!

The Jury PRESIDENT OF THE JURY Michael STRONG Chairman & CEO - EMEA CBRE

T

he 22nd annual MIPIM Awards took place on Thursday, March 8, 2012, at the Palais des Festivals in Cannes.

For the fi rst time ever, the Awards Ceremony was preceded by a red-carpet entrance a la Cannes-Film Festival and a stylish cocktail party. Awards fi nalists were treated like stars as they ascended the famous stairs before the announcement of the winners later that evening.

New this year, the People’s Choice Award was a huge success. Close to 4,000 votes were cast by the public in just one month. Korean shopping centre D-Cube City received the highest number of votes out of all our finalists and was presented with a trophy at the prestigious awards ceremony.

Once again, top real estate experts attended the event to discover and celebrate the very best of today’s dynamic industry.

Thank you to all MIPIM Awards participants for their outstanding achievements.

Stay tuned for next year’s edition!

United Kingdom

Dr. Thomas BEYERLE Managing Director and Head of CS & Research IVG Immobilien AG Germany

Emmanuel COMBAREL Founder & Architect Emmanuel Combarel Dominique Marrec architectes France

Paolo GENCARELLI Head of Group Real Estate Unicredit Group Italy

Dr. Ann HEYWOOD Principal The College of Estate Management United Kingdom

Frank KHOO Global Head of Asia AXA Real Estate

Singapore See Lian ONG President RICS Malaysia

www.mipim.com I review magazine I June 2012 I 47

Best hotel & tourism resort

MIPIM delegates hit the red carpet...

before attending the prestigious awards ceremony held in the Grand Auditorium of the Palais des Festivals, Cannes

SIX SENSES CON DAO Ba-Ria, Vietnam Architects: AW² / Stephanie Ledoux & Reda Amalou Developer: Indochina Land

Best office & business Best industrial & logistics development development Category sponsored by

MCLAREN PRODUCTION CENTRE Woking, United Kingdom Planning Consultant & Landscape Architect: Terence O’Rourke Ltd Architect: Foster + Partners

48 I

review magazine I June 2012 I www.mipim.com

MAIN POINT KARLIN Prague, Czech Republic Developer: PSJ INVEST, a.s.

Architect: DaM, spol. s r.o.

Best refurbished building

“THE LIBRARY” NEW COMMUNITY CENTER AND LIBRARY Copenhagen, Denmark Developer: Copenhagen City Properties Architect: Cobe and Transform

Best shopping centre

MOROCCO MALL

Best residential development

“RESIDENCE LE 19” CLAUDE BERNARD AREA Paris, France Property Developer: BNP Paribas Real Estate Architect: Atelier Zundel & Cristea

Best futura project

HÔTEL DE POLICE – CHARLEROI/DANSES PERFORMING ARTS CENTER

Casablanca, Morocco Architect and Lead Consultant: Design International Developer: Al Amine

Charleroi, Belgium Developer: CFE Architects: Ateliers Jean Nouvel and MDW Architecture

www.mipim.com I review magazine I June 2012 I 49

Best futura mega project

EXPRESS RAIL LINK WEST KOWLOON TERMINUS Hong Kong Architect: Aedas Limited Developer: MTR Corporation Limited

Best German project Category sponsored by

MAINTOR – THE RIVERSIDE FINANCIAL DISTRICT Frankfurt am Main, Germany Developer: DIC Deutsche Immobilien Chancen AG & Co. kGaA Architects: Jürgen Engel Architects, Professor Christoph Mäckler Architects, Jo. Franzke Architects, Braun Volleth Architects

People’s Choice Award Special Jury Award

REFURBISHMENT “ALTE POST”

D-CUBE CITY Seoul, South Korea Architects: Samoo Architects & Engineers, The Jerde Partnership Developer: Daesung Industrial co., LTD

50 I

review magazine I June 2012 I www.mipim.com

Hamburg, Germany

Project corporation: alstria office REIT-AG / Quantum Immobilien AG / Stenham Property Ltd Developer: Quantum Projektentwicklung GmbH Architect: Alk Arwed Friedrichsen