mipim nEWs ®
Friday 17 March 2017
Allianz’s Francois Trausch said Europe is still a real estate leader
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NEWS SENATOR-mayor of Lyon and president of the Metropole de Lyon Gerard Collomb this week updated MIPIM on the latest developments in the region as it continues to reshape. “I used to dream about Manchester but today we are about the same level,” he said. “We have a very complete offer that covers all the needs of all the different companies that we have here.” He said the area reported an ‘outstanding’ year for tertiary real estate in 2016 with a take-up of more than 290,000 sq m. Today Lyon offers nearly 5.9 million sq m of office space and plans to develop 100,000 to 150,000 sq m of additional new office space a year. Updates at the show included Two Lyon, one of the biggest commercial property projects in Europe which will see new offices, a hotel, shops and services for the PartDieu business district and Lyon Living Lab Confluence, to be home to an additional 190,000 sq m of tertiary space.
MIPIM delegates were asked to leave their preconceptions at the door of the (re)creation room on Thursday, where strategic thinkers Soon Soon Soon explored out-ofthe-box games and logic puzzles to show how disruptive industries are born. “Taking a childlike approach to a problem is often the best route to a brilliant new idea,” said Ganael Bascoul, co-founder of Soon Soon Soon, a network of more than 1,700 innovation spotters in 17 countries around the world.
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The official MIPIM daily newspaper Friday 17 March 2017
Director of Publications Paul Zilk Director of Communication Mike Williams EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof Reader Debbie Lincoln Reporters Ben Cooper, Mark Faithfull, Isobel Lee, Mark Moore, Liz Morrell, Paul Strohm Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Véronique Duthille, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Patrick Frega, Phyrass Haidar, Olivier Houeix, Michel Johner Editorial Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Co-ordinator Emilie Lambert ADVERTISING CONTACT IN CANNES Laurianne Di Cecca 07 77 69 34 96 firstname.lastname@example.org Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNEBILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2017, Reed MIDEM Market Publications. Publication registered 1st quarter 2017. Printed on PEFC Certified Paper.
AWARDS And the winners are...
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The annual MIPIM Awards culminated in the glamorous surroundings of the Grand Auditorium as the winners were unveiled
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AWARDS Best Healthcare Development Sponsored by
GAPS — New Psychiatric hospital Slagelse, Denmark Architect: Karlsson Architects, Vilhelm Lauritzen Architects Developer: Region Sjælland (Region of Zealand)
Best Hotel & Tourism Resort
Maison Albar Hotel Paris Celine Paris, France Architect: Atelier COS Developer: Paris Inn Group Other: Alexandre Danan EDO consulting
Best Industrial & Logistics Development Nike European Logistics Campus Ham, Belgium Developer: Nike Europe Holding Architect: Jaspers-Eyers Architects Other: Arcadis, Pauwels landscape
Best Innovative Green Building The Museu do Amanha (Museum of Tomorrow) Rio de Janeiro, Brazil Developer: Rio de Janeiro’s Municipal Government, Roberto Marinho Foundation Architect: Santiago Calatrava Other: Casa do Futuro, Banco Santander, BG Brazil, State Secretariat of Environment, FINEP
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Best Office & Business Development Warsaw Spire Warsaw, Poland Developer: Ghelamco Poland Architect: Jaspers-Eyers Architects, Projekt Polsko-Belgijska Pracownia Architektury, Massive Design, Wirtz International Landscape Architects
Best Refurbished Building
Chambon Brussels, Belgium Developer: IMMOBEL Architect: A2RC Architects / Jaspers-Eyers Architect
Best Residential Development li01 - New construction of six apartment buildings, Liebigstrasse 1 Berlin, Germany Developer: SmartHoming GmbH Architect: zanderrotharchitekten gmbh Other: herrburg Landschaftsarchitekten
Best Shopping Centre
Victoria Gate Leeds, United Kingdom Developer: Hammerson plc Architect: ACME Other: Sir Robert McAlpine, Gardiner & Theobald
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AWARDS Best Urban Regeneration Project be-MINE Beringen, Belgium Developer: LRM, Democo Group, Group Van Roey, city of Beringen, province of Limburg, Retail Estates, Aedifica, Sportoase, Senior Living Group Architect: UAU collectiv, KOPLAMP - architecten, A33 architecten, EILAND 7 architecten, Sweco Belgium, Lens°Ass Architecten, RE-ST architecten, Dhoore Vanweert Architecten, LD-Architecten, Carve, OMGEVING, Antea Group België, Jaspers-Eyers Architects Other: LRM, Democo Group, Group Van Roey
Best Futura Project
China World Trade Center Phase 3C Development Beijing, China Developer: China World Trade Co. Ltd Architect: Andrew Bromberg at Aedas
Best Futura Mega Project Kashiwa-no-ha Smart City Kashiwa City, Chiba, Japan Developer: Mitsui Fudosan Co. Ltd Architect: ZGF Architects LLP Community Partner: Urban Design Center Kashiwa-no-ha Consultants: Nikken Sekkei, GLUMAC, City of Portland, Murase Associates, and EcoNorthwest
Special Jury Award
Beyazit State Library Istanbul, Turkey Developer: Republic of Turkey, Ministry of Culture and Tourism / Aydın Dogan Foundation Architect: Tabanlioglu Architects
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NEWS UPBEAT STANCE BOOSTING UK RETAIL APPEAL
European firms can rise to challenge of global market
E Hammerson’s Peter Cole
THE UK retail market remains a safe haven for many investors and an attractive opportunity for overseas retailers, despite uncertainty following the Brexit vote, according to Peter Cole, chief investment officer of Anglo-French REIT Hammerson. Speaking at a panel session on the opportunities to invest in the UK retail sector, Cole said that the next few years “might be a rough ride” but predicted that optimism about the market and performance levels that compare well with the US and much of Europe, gave cause to be positive. “After the shock of Brexit there does appear to be, as this MIPIM has shown, a ‘let’s go for it’ attitude from the UK government, cities and companies,” he said. “At the moment there seems to be good demand for UK retail property from overseas.” Fellow panellist Paul Sargent, CEO of Queensberry, said that in his view the challenge is finding product for investors. “There is no shortage of funding, there are just not many transactions,” he said. “We really need to promote the opportunities outside London and the South East. Many of those markets are currently not attractive to these investors.”
UROPEAN companies need not fear being left behind in an increasingly global real estate market, the CEO of German insurer Allianz’s real estate business has said. “Allianz is a great example of how a Europe-based company can compete on the world stage,” Francois Trausch told MIPIM News. “We are 25 years old, a traditional company in many ways, but we evolved from being an office landlord in Germany 20 years ago to being a global player with more than €50bn in assets today,” Trausch said. “What does it take? You need to have a global mindset and be willing to explore potential partnerships. If we go into a country like China, the Chinese aren’t necessarily interested in Allianz’s money. They are equally interested in our expertise. Many companies in China are still in the growth phase, so the value for them is
Allianz Real Estate’s Francois Trausch
learning from older businesses, something that many European firms can bring to the table.” Trausch said that Allianz Real Estate’s business model would remain Europe-centric, to balance the liabilities of its insurance trade, active in Germany, France, Italy and Switzerland. “We’re not like a sovereign wealth fund, which might aim for equal thirds portfolio weighting in the US, Europe and Asia. At the moment, our target is to have just 20% of our assets outside Europe, but it’s a very important part of our portfolio.”
The big news at MIPIM is the company’s entry into the UK. “We announced this week that we are going into London via a lending strategy; we’re a prudent investor so that’s our model for entering a new market. From there, we can progress to investing directly.” Allianz is also embracing technology. “We have a startup lab investing in new technology, and our real estate business has started using drones. That way our senior teams can now view sites without leaving their offices.”
Logistics face little disruption THE EXPONENTIAL acquisition of personal data derived from our purchasing patterns and social media activities could soon enable online retailers such as Amazon to deliver items that they predict we want before we actually place an order for the item, said former Amazon real estate director operations EMEA Raimund Paetzmann. Now a consultant, Paetzmann was chairing MIPIM conference session How Do New Consumer Behaviours Reshape Last Mile Delivery? Prologis president Europe Ben Bannatyne said that examples of big disruptors are Airbnb and Uber, adding that despite the dramatic effect that they have had on their respective markets, “we still need rooms and we still need cars — I am pretty confident that
Raimund Paetzmann (left), Prologis’ Ben Bannatyne, Axa IM-Real Asset’s Jerome Delaunay and BNP Paribas Real Estate’s Logan Smith
we still need warehousing”. The main change to the external fabric is the increased acceptance of multi-storey warehouse buildings, especially in urban areas, he said. Most changes are occurring within logistics buildings rather than
affecting the external envelope, the panellists agreed, much of it relating to automation and the use of robotics. Nevertheless, there is increasing demand for staff and thus larger social areas, heating and parking.
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NEWS CHINA’S ABP TAKES BUSINESS-PARK CONCEPT WORLDWIDE
Hospitality sector has gone from ‘ugly duckling to beautiful swan’
ABP’s Neil Robinson
CHINESE developer ABP has descended on Europe as the first staging post in the global expansion of its business parks. The group’s first European development will be at Royal Albert Dock in London, making it the biggest privately owned Chinese investment in the UK. Neil Robinson of ABP explained the background to the new venture: “After successful business-park development in China, ABP felt it was time to expand and go global.” It began looking for likely sites with government support in Europe and rapidly identified the proposed Chinese Business District in London’s east-side docklands. “We were chosen by the British government as the developer of the proposed park,” Robinson said. Royal Albert Dock London is a $2bn (€1.86bn) project that will take 10 years to bring to completion. “We started on site this month,” Robinson added. “Phase one will complete by the end of 2018.” Robinson said ABP is promoting the new business park to Chinese companies in China — “ones like us who are ready to go global”. He added: “Royal Albert Dock London is as good as it gets in Europe for a corporate European HQ.”
HE HOSPITALITY sector has “ﬁnally been accepted” as an asset class within real estate investment, a senior partner at a global hotel consultancy has said. Michael Widmann, managing partner of consultancy PKF, said that years of continued growth in tourism and innovative new business models have elevated hotels in the eyes of real estate investors. He added: “The ugly-duckling hospitality sector has become the beautiful swan. Things are booming at the moment. Hotels have achieved the status of a successful asset class in real estate and MIPIM 2017 is almost the culmination of this.” Widmann was speaking at a networking lunch, hosted yesterday by the Brazilian tourism ministry to showcase the many opportunities within global hospitality to potential investors and developers. The lunch, which was attended by more than 150 delegates, preceded a special conference session that aimed at identifying investment opportunities in global hospitality. Speaking to MIPIM News at the lunch, Rodrigo Marquez, general investment co-ordinator for Brazil’s ministry of tourism, said that Brazil offered a huge wealth of opportunities for both investors and developers: “There are big things happening in Brazil across every type of tourism. We have new projects everywhere — on greenﬁeld and brownﬁeld sites. There are developers looking to ﬁnd investors
in order to speed up the construction process and shorten the time spent on building works. We already have very high demand from investors in Russia, China and the Middle East interested in Brazil.” Isabelle Rugo, vice-president for marketing and communications at AccorHotels, said that tourism and hospitality is growing exponentially around the world, as is the demand for hotel real estate, driven to a large extent by growth in Asia. “The hotel business is just getting started in property and it’s going to grow and grow,” she added. “There are huge countries like China and India with a tremendous number of people who are starting to travel worldwide. And Chinese investors don’t want to invest in China as much anymore, because it’s very expensive. They are looking for investment opportunities in Europe, the US and the Middle East.”
PKF’s Michael Widmann: “Things are booming”
Indian developers make MIPIM debut
THREE influential players in Indian real estate are at MIPIM for the ﬁrst time: the chairmen of Prestige Group, RMZ and Puravankara. Raj Menda is chairman of RMZ, one of the largest developers in India with over two million sq m built since its inception in 2002. “RMZ’s expertise in the development of commercial ofﬁce spaces has propelled us to expand our horizon and embark on developing state-of-the-art residential, retail and hospitality spaces,” Menda said. Ravi Puravankara, founder, chairman and managing director of Puravankara, said: “With India on its growth trajectory, there is a need for dependable and professional developers. ” Purvankara began operations in Mumbai and has widened its activities across India, as well as UAE, Sri Lanka and Saudi Arabia. Irfan Razack, chairman and managing direc-
Stars of India: Puravankara’s Ravi Puravankara (left), Prestige’s Irfan Razack and RMZ’s Raj Menda
tor of Prestige, added: “Now, with 199 landmark developments, Prestige has extended its expertise to major cities across south India.” Prestige developed The Forum Vijaya Mall, Chennai’s largest mall in 2013. It launched Chennai’s ﬁrst township project in 2012, and also launched the Prestige Silver Springs luxury villas in the city in 2013.
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NEWS LODZ IS DOING THE BUSINESS THE CITY of Lodz, the third largest city in Poland, remains a magnet for companies from the business services sector with it accounting for more than half of the demand for office space recorded last year, according to new research from JLL. Companies such as Accenture, Fujitsu Technology Solutions, Infosys, TomTom and Xerox, have established their business services units in the city. “The city’s central location, large pool of qualified staff as well as a well-developed transport infrastructure make Lodz one of the most attractive locations in Poland,” said Karol Patynowski, director of regional markets at JLL. In 2016, demand reached a total of 66,700 sq m. Key lettings included Ericsson and Fujitsu Technology Solutions.
Lob-6 agrees deal to bring zerogravity rides closer to take off
OB-6, the Toulouse-based company behind a weightlessness leisure attraction, signed an agreement with French architectural practice SRA Architectes at MIPIM yesterdaywhich will help Lob-6 move into a demonstration phase for the innovative technology. The zero-gravity system is based on an external lift pod attached to a skyscraper at least 200 metres high, designed to give riders periods of weightlessness in 10 second bursts. Users start within the ‘free-space room’ on a bed within the cabin, before experiencing a short spell of zero gravity as the pod accelerates and decelerates. Currently at concept stage, CEO Sylvain Roumegas said that signing the partnership at MIPIM would enable the project to be taken on to a demonstration
phase as Lob-6 seeks investors and sponsors in order to develop a full-scale pilot project. “At the moment parabolic flights to achieve weightlessness cost around $5,000 (€4,660) or more,” Roumegas said. “We believe we can get this to a fifth, maybe a 10th of the price, with our technology.”
Lob-6 CEO Sylvain Roumegas
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Although the Lob-6 system will be made available for installations worldwide, Roumegas said that he envisaged the Middle East as an especially interesting market for this unique leisure attraction.
The Lob-6 pod provides periods of zero-gravity
Thank you for attending MIPIM See you next year 13-16 March 2018
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NEWS ESAS SHOPPING FOR FOREIGN INVESTORS
ESAS Properties’ Erhan Kamisli
TURKISH investor and developer ESAS Properties is at MIPIM for the third time. “We’re one of Turkey’s biggest investors and developers in shopping malls and offices,” said chairman Erhan Kamisli. “We have seven Burda-brand shopping malls in Turkey. Our portfolio this year topped $1.5bn in total. And by the end of 2018, we expect to be controlling a rentable area of 750,000 sq m.” Aside from Turkey, ESAS has invested in buildings in the UK and the US. “These are mainly office buildings and logistics facilities,” Kamisli said. One of its most recent malls to open is a 60,000 sq m 200-unit 41 Burda in the province of Kocaeli, by the city of Izmit. “Kocaeli is the area with the highest per capita purchasing power in Turkey,” Kamisli said. He added: “MIPIM represents a significant opportunity to meet foreign investors. The international angle is the key advantage.”
RESORT SPECIALIST EDSA BOOSTED BY US GROWTH DUBAI, Abu Dhabi and the US continue to be robust markets for Baltimore-based resort planning and landscape architecture specialist EDSA, according to principal Richard Centolella. ESDA is a long-time MIPIM attendee and is well-established as a global practice and in the past only around 10% of its work was domestic. That proportion is nearer 40% now. “Over the past four or five years the US economy has really improved and that has boosted our work levels in our own country. The UAE remains very active, as is China,” he said. “With so much international experience we are very adept at adapting to market conditions.”
Milan positions itself to beneﬁt from Europe’s new landscape
HE NEW European order, including post-Brexit Britain, represents tremendous opportunities for cities like Milan, the metropolis’ mayor has said. Giuseppe Sala, who was elected mayor of Milan two days before the UK referendum vote, said he had already visited London and talked to its mayor, Sadiq Kahn, about working together. “There are currently 300,000 Italians living and working in London,” he said. “If we can attract even 10% of that talent to return to Milan, that’s 30,000 highly qualiﬁed people.” He added: “The race has begun for a number of European bodies to relocate from London. The European Medicines Agency has conﬁrmed it will leave the UK capital after Brexit, and Milan is one of the cities battling to host it.” Recent legislation from the Italian government, including competitive tax breaks, is also likely to attract pan-European investment. “Milan is an international city of liveable dimensions, with an impressive pipeline of commercial and residential real estate,” Sala said. “CityLife, which is 90% complete, is already drawing international names. Our next big project will be the re-qualiﬁcation of seven of the city’s railway stations, building our connectivity.” Milan is the only city in Italy and one of the
Milan mayor Giuseppe Sala: “an international city of liveable dimensions”
few in Europe whose population is getting younger. Sala added: “It’s a city of tremendous potential, with nine universities and 200,000 students, 8% of whom come from overseas. Many of them stay on afterwards to work and live in Milan.” Adding business and leisure visitors together, Milan has now overtaken Rome, Sala said: “It really is the only international city in Italy, where everyone can uncover their potential.”
Good business to be done in Slovenia FOREIGN corporations have already been attracted to Slovenia post-2008, but there remain many real estate opportunities, real estate agent Bostjan Blatnik, of ABC Real Estate told MIPIM News. Blatnik, also part of the FIABCI delegation at MIPIM, said that a few years ago nobody was building projects in Slovenia. Today, however, a number are coming out of the ground. There are also previously distressed opportunities such, as Tobacna City in Ljubljana, on which work was halted during the crisis. The project is now available for €32m, reduced from the previous ﬁgure of nearly €70m. The mixed-use project, on a 54,000 sq m site close to the university, has scope for 130,000 sq m of development.
ABC Real Estate’s Bostjan Blatnik
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IN PICTURES MIPIM BY DAY The Palais was buzzing on day three of MIPIM 2017 and the Daily News photographers were there to capture the action
The Istanbul model highlights the huge infrastructure projects that are transforming the geography of the city
Hat off to Liverpool as the city unveiled the latest stages of its riverside regeneration at MIPIM
Belgiumâ€™s impressive space overlooking the Croisette hosted award-winning projects from across the country
MBA students from the Graaskamp Center for Real Estate at the University of Wisconsin made their annual trip to MIPIM
The Slovenia stand brought Ljubljanaâ€™s lively streetscape into the Palais providing an eye-cactching backdrop for business meetings
The ever-impressive London model took centre stage in the London pavilion highlighting the breadth of opportunities in the UK capital
Delegates dressed up to welcome Steven Knight, creator of UK TV series Peaky Blinders, who was Birminghamâ€™s guest of honour
New ideas have been flying off the shelf at MIPIM!
Music oiled the wheels of business in the Palais
See you next year...
Four Seasons makes debut in Spain as part of Madrid mixed-use project Broadgate Estates’ Steve Whyman
LONDON REMAINS RESILIENT THE APETITE for foreign investment in London remains as enthusiastic post-Brexit as ever, according to London First member Broadgate Estates, with CEO Steve Whyman convinced that its role as a global city will not be impacted. “It’s been noticeable at MIPIM just how active London has been, along with all the other UK regions,” he said. “Wider co-operation, in particular with issues such as building more new housing stock, is very important for the city because as infrastructure projects such as Crossrail complete they will have a major real estate effect well beyond London.” Whyman said that he was also heartened to hear Paris and London pledging to continue their political support at MIPIM, regardless of the UK’s EU membership status. “As ever, nothing is black and white,” he said. “London is a very resilient city and the diversity of businesses now, including proptech, fintech, the creative industries, SMEs and so on, demonstrates the range of businesses established within the capital.” London First has been promoting the acceleration of new housing stock construction to accommodate a growing workforce and has also issued a report on the impact of EU work status on those sections of the property industry, such as architectural practices, that could be hit hardest by immigration restrictions.
HE FIRST Four Seasons hotel in Spain will open in the first quarter of 2019 in the capital Madrid as part of the €540m acquisition and refurbishment of a former bank as the mixed-use Centro Canalejas Madrid hotel, residential and retail development in the city centre. The 200-room hotel will also include 22 private, hotel-branded residences, serviced by the hotel operator, and 15,000 sq m of retail as part of an overall 50,000 sq m redevelopment by Grupo Vilar Mir and construction company OHL Desarrollos. The complex project has seen the historic building completely gutted, while retaining the original facade. Elements of the original building will be re-used for decorative effect within the Le Galeria de Canalejas Madrid shopping gallery, which will be directly accessible from the hotel. The building is located at the
OHL Desarrollos’s Teresa Olzewski
point where Alcala and Sevilla Streets, Plaza de Canalejas and Carrera de San Jeronimo converge, very close to Madrid’s central Puerta del Sol. “We expect this to change the shape of the city, with its central location and the opening of the first Four Seasons hotel,” said OHL Desarrollos head of marketing, Teresa Olzewski. “The retail element of the project will house around 50 luxury brand
stores and a gourmet zone offering high-quality Spanish cuisine. We will be running the leasing for these and it is intended that the brands we attract will support the luxury feel of the building, while the residences will be sold.” Additional components of the scheme are an underground car park with around 400 spaces and a commercial office suitable for banking services.
No fear of Brexit yet, de Metz says HERITAGE building specialist architect dMFK is in Cannes as part of the London pavilion at MIPIM. Founding director Julian de Metz said that the firm, which specialises in restoring and refreshing existing 20th century buildings in London, is at MIPIM to “maintain visibility” in the market and meet potential new clients. “We are a very sociable company and we like to be here out in the market. The big difference this year is that we’ve decided to be part of the London stand. We’ve met several clients here at MIPIM in the past and this year there is lots of optimism about the future for London. There’s no suggestion that people are concerned about Brexit at the moment from the people we are speaking to.”
dMFK’s Julian de Metz
London-based dMFK has carried out some significant restoration projects in and around the UK capital, including extensive works on Salter’s Hall, the former livery building designed by Sir
Basil Spence, near the Barbican Centre in east London. The firm is at MIPIM as part of a delegation of UK architects, led by the Royal Institute of British architects (RIBA).
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NEWS TOURISTS FLOCK TO LAPLAND RECORD numbers of tourists mean that now is the time to exploit opportunities in Finnish Lapland, according to Invest In Lapland. The body is responsible for promoting international investment into Lapland, and helping companies to find potential investment sites and establish their businesses. It reports that international tourism volumes increased by 20% in 2016, smashing all previous records. Even better growth is predicted for this year. Over Christmas 2016, more than half of all the tourists to Finland stayed in Lapland, with Lappish accommodation providers registering more than 336,000 overnight stays by foreign visitors. Invest In Lapland, which is showcasing investment opportunities at MIPIM this week, said it has various sites either already completed or in a good state of preparation waiting for investors.
Berlin rises to housing challenge with intelligent mixed-use plans
ERLIN is a city of possibilities, ready to welcome immigration and investors, the city’s new permanent secretary for housing has said. “Last year, Berlin welcomed 60,000 new residents. It’s an exciting city to live in, a real melting pot of talents and cultures and we have to meet the challenge of housing everyone,” Sebastian Scheel told MIPIM News. Mandated to lead the Berlin senate for urban development and housing just three weeks ago, Scheel is already working with local housing associations and private real estate companies to create residential solutions. “We have six housing associations in Berlin that own and manage around 300,000 apartments. We want to increase that to 400,000 homes by 2025,” Scheel said. “We have drawn up a plan to build or buy an additional 6,000 units per year by collaborating with private investors and developers. We believe strongly in public-private partnerships and will help real estate companies
Berlin’s Sebastian Scheel: “We believe strongly in public-private partnerships”
clear planning hurdles.” Scheel said there was a need to change legislation to stop land and property speculation, in the greater interests of the community: “Berlin must stay a city in which everyone has a right to live and pay the rent. We are also seeing a real influx of young talent and startups, which need space to work and live. We want to encourage the development of intelligent, mixed-use
Bright ideas for city brand building BRANDS are not being reflected enough in the context of buildings or urban design, according to Rob Delius, divisional director and head of sustainability at UK architect Stride Treglown. “Our designs often become the physical manifestation of a client’s brand, whether intended or not, good or bad. But although we don’t usually consciously refer to ‘brand’, we are often thinking about ‘identity’ or ‘placemaking’ in our designs,” Delius said. He added that the industry should take a broader view of how buildings, streets and public spaces can collectively contribute towards a city’s brand
and sense of place: “A city with a strong sense of self is a more confident city, a more engag-
ing city — one with a sense of purpose that’s usually better at attracting investment, jobs,
Bristol’s colourful houses help the city stand out as a brand
projects to solve these issues.” Berlin’s urban area is also set to grow, with an ambitious plan to create new residential areas beyond the city’s suburbs. “We’re zoning 11 new districts in farmland on the edge of Berlin, where up to 5,000 new homes will be built, plus kindergartens, supermarkets and other essential amenities. This will ultimately house 90,000 people in the future.”
visitors and people wanting to live there.” Delius referred to the Bristol Colour Capital campaign, an initiative to increase the number of coloured houses in the UK city and establish it as the ‘colour capital’ of the UK. The brightly painted houses not only strengthen Bristol’s reputation for individuality and creativity, he added, but also for “self-expression and sense of fun. “They contrast brilliantly with the uniformly honey-coloured hues of Bristol’s neighbouring city, Bath. The commissioners of design projects, as well as councils and local design advisory groups should be nurturing and championing them in the design of new developments.”
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NEWS UK HEALTHCARE PROPERTY SECTOR IN GOOD SHAPE HEALTHCARE outperformed all other property sectors in the UK last year, according to MSCI’s IPD UK Annual Healthcare Property Index. Sponsored by Aitchison Raffety, the index shows a 7.9% return for healthcare property in the UK in the year to the end of 2016. The index measures 1,093 healthcare properties worth €5.7bn (£5bn) and calculates returns from a mix of primary care properties, leased principally to GP practices and the NHS, and secondary care assets including care homes, specialist treatment centres and hospitals. Malcolm Hunt, executive director, MSCI said: “The index data shows that the healthcare sector has proved resilient in challenging market conditions, outperforming all other property sectors including retail, offices, industrial and residential.” Total returns across all UK healthcare property have decreased over the last 12 months from 10.3% in 2015 to 7.9% in 2016. However, this was the third consecutive year of positive capital growth for the index and the 2016 figure exceeded the five- and 10-year average annualised returns of 7.2% and 6.6% respectively. “We now have a decade of results for the index,” Hunt said. “During this period the healthcare sector, with a total return of 6.6%, has outperformed all other asset classes — equities, bonds and listed real estate — as well as the UK all-property average of 4.5%, even on a risk-adjusted basis.”
Casablanca looks to become ‘key financial centre’ for North Africa
OROCCO’s leading commercial city Casablanca is the gateway to investment and development in the rest of Africa. This is the message to MIPIM delegates from three Casablancabased companies jointly hosting the Invest In Casablanca stand at MIPIM. The three Moroccan pioneers are Alhambra Property; Kaizen Real Estate; and Business Realties International. “We see this visit to MIPIM as pioneering the way forward for other companies, and city and central government to get involved in MIPIM in the future,” Mohamed Houachmi from Business Realties said. “We came to MIPIM looking to talk to international investors and participators,” Alhambra Properties’s Nazih Chentouf said. “We see this visit as just the start of Casablanca’s connection here.”
The Casablanca pioneers see the role models of Barcelona and Istanbul with their huge and successful participation in MIPIM as the route to follow for their city. They believe the message from Casablanca is a good one. “People here probably don’t realise for example that the Casablanca office market is bigger than [those of] Dublin, Marseille or Lyon,” Kaizen’s Kamal Nourji said. “New regulations have liberalised the real estate sector and there are also fiscal incentives in place to encourage investors.” Houachmi said Casablanca is already a major financial services hub. “And that sector is growing rapidly. We’re on target to become the key financial centre for the whole of North Africa.” All three participants are confident that MIPIM will hear a lot
Alhambra Properties’ Nazih Chentouf
more about Casablanca in the coming years. Yesterday’s conference also featured Morocco and particularly Casablanca when looking at How Does New Infrastructure Favour The Development Of Coastal North African Cities?
FRENCH stonemason Heres is in Cannes to showcase a host of niche luxury residential projects to the international markets. Heres specialises in designing and constructing classical facades, working handin-hand with luxury property developers in various markets. The company is currently working on five properties in and around London, with various partners including Consero London, Ascot Design, Claridge Architects, Stanhope Gate and Arktec. It has recently completed a significant project, the renovation of a 4,000 sq m chateau in Louveciennes in south-east of Paris (pictured), working with French architect firm Maxime d’Angeac.
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NEWS HAMBURG CONCERT VENUE IS MUSIC TO TOURISTS’ EARS HAMBURG’s tourism sector is booming. Over the past 10 years, the number of overnight stays in Hamburg has more than doubled, with 6.6 million guests generating 13.3 million overnight stays in 2016 — an increase of 5.5% on the previous year. Denmark produced the most international overnight guests: 396,000, or an increase of 7.8% on 2015. Switzerland was second, with 340,000 overnight stays — 10% up — and, despite the Brexit-diminished pound, UK visits grew 8.5%. Hamburg’s average room rate rose by 5.2% to €115 and the revenue per room (RevPAR) was €92, up 6.7%. Hamburg’s conference sector is growing rapidly and the forthcoming G20 summit in July is expected to attract more than 15,000 guests to the city’s hotels. The January opening of the spectacular Elbphilharmonie Hamburg concert venue is expected to increase figures still further. “It increases Hamburg’s attractiveness for visitors and is a strong driver of demand in the hotel industry,” said Rolf Strittmatter, CEO of Hamburg Business Development Corporation.
Nantes and Saint-Nazaire aim ‘to grow together’ into future
HE NANTES Saint-Nazaire Metropolis is gearing up to launch one of the biggest urban renewal projects ever seen in France, Johanna Rolland, mayor of Nantes said. “We’ll be putting €2.3bn of public money into the scheme over the next five years, transforming three great urban clusters along the river Loire, and developing a multimodal station in Nantes, designed by architect Rudy Ricciotti,” Rolland said. The whole project is being realised in collaboration with the neighbouring city of Saint-Nazaire, located further down the river, virtually joining the two urban areas. “Our ambition is to grow together and combine our forces,” said David Samzun, mayor of Saint-Nazaire and president of the St-Nazaire agglomeration. “Saint-Nazaire, with its strategic position on the coast, is one of the leading French cities for shipbuilding and aeronautics, and is developing into an important centre for the renewable energy sector.” Ile de Nantes, a former industrial wasteland covering 337 ha, is being transformed by architects and landscapers Jacqueline Osty
Combining forces: Saint-Nazaire mayor David Samzun and Nantes mayor Johanna Rolland
and Claire Schorter, with a major emphasis on nature. By 2037, the zone will be home to nearly one million sq m of built area, including 416,000 sq m of residential, 138,000 sq m of offices, 79,000 sq m of retail, 40,000 sq m of public facilities and 275,000 sq m devoted to a state-of-theart hospital. The second key cluster, BasChantenay, will be regenerated
to create jobs in the maritime, creative, cultural and digital industries, as well as housing a unique garden project. PirmilLes-Isle, meanwhile, will exploit the project’s waterfront location, sustainably developing 150 ha to create new panoramas along the river. “We think that our project is not just singularly ambitious, but also unique,” Rolland said.
First-class returns from secondary cities SECONDARY markets have emerged as the hidden champions of the German office investment market, according to new research from Apleona GVA launched at MIPIM. The company has published statistics on market value changes in the 30 largest office markets in Germany, which show significant growth in many B and C markets over the last five years. B-grade cities are defined as large cities of national and regional sig-
nificance, while C-grade cities are those with influence in their local area. The report shows that there have been growth rates of more than 40% in B- and C-grade cities such as Leipzig, Dresden, Potsdam and Erlangen during the period 2011-2016, while the top10 cities with the highest growth rates include seven B- and Cgrade cities: Leipzig, Dresden, Potsdam, Erlangen, Munster, Regensburg and Mannheim.
Birgit Lenzen, head of capital markets at Apleona GVA, said that investment remained strong in Germany, but that a decrease in yields meant that investors are looking at the secondary cities. “Investors have to look for other opportunities,” she added. “We can see in our study that market prices in the secondary cities increased a lot and these so-called secondary cities are competitive with the A-grade cities.”
Apelona GVA’s Birgit Lenzen: B and C cities “competitive with the A-grade cities”
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Greystar gets green light for major build-to-rent scheme
Rendeavour’s Nick Langford
TIME TO INVEST IN AFRICA SAYS RENDEAVOUR MOMENTUM is building for investment in sub-Saharan Africa, which has grown significantly over the past two or three years, said Nick Langford, country head, Kenya, at investor and developer Rendeavour. The company currently has seven projects across five African countries, with the emphasis on creating satellite cities outside major conurbations to help ease over-worked infrastructure in the existing cities. “Africa is expanding enormously, with the prospect of one in four of the global population living on the continent by 2025,” Langford said. “Major manufacturers are moving in, the big FMCG groups are looking at opportunities, in our view Africa will become like Asia.” The company ran a session on investing in sub-Saharan Africa at MIPIM yesterday afternoon and Langford said that a wide range of investors and funds are now operating in the region, attracted by land values that correctly price in risks such as poor infrastructure, the available labour force and corruption issues. “We have seen a really positive rise in interest in Africa. I would liken it to previous emerging markets like Eastern Europe and China, where investors looked for a long time before moving in,” Langford said.
EADING US residential investor Greystar has been granted full planning consent by Ealing Council in west London for one of the UK’s biggest buildto-rent developments. The project involves the redevelopment of the former GSK and Sunblest bakery sites in Greenford into 1,965 new homes, three-quarters (1,439) of which will be available to rent and the remaining 526 will be for sale. The planning decision represents a major breakthrough for Greystar, which wants to be one of the UK’s largest operators of rental housing and plans to increase its UK portfolio to 10,000 rental units within four years. The development is part of a mixed-use community across a 20.3 acre (8.2 ha) site that will also include shops, a supermarket, restaurants, cafes, leisure facilities and offices. Greystar bought the Ealing site
The new scheme will deliver nearly 2,000 new homes in Ealing.
in January last year and submitted designs after extensive consultations with Ealing Council, local businesses, residents and community groups. Mark Allnutt, managing director UK multifamily at Greystar, said the decision would now allow construction work to begin on a site which will appeal to young professionals, families
and older people. “By offering a variety of apartment sizes to accommodate people at different life stages, Greenford will offer a community built around renters and their needs. As people rent for longer, they are beginning to expect more from their rental accommodation and Greenford will help meet this need,” he said.
Crewe will reap benefits of HS2 THE UK’s planned high-speed rail line, HS2, will dramatically cut journey times between London, Birmingham and Manchester but it will also bring huge advantages to other areas along the route, notably Crewe, historically a rail hub for the northwest of England. “If you said 100 years ago that you would be able to travel from Crewe to London in 55 minutes, nobody would have believed you. But 55 minutes is now a reality and it changes completely the way we live,” said Pete Waterman, record producer, rail enthusiast and Cheshire resident, who was in Cannes to help explain how the region can realise the potential benefits. With Crewe as a ‘super hub’, the Cheshire and Warrington Local
UK Regeneration’s Jackie Sadek with Pete Waterman
Enterprise Partnership and facilitator UK Regeneration envisage that the area will be transformed into a conurbation with close links between a ‘constellation’ of towns
centred on Crewe. Jackie Sadek, UK Regeneration’s chief executive, said that 100,000 new homes are in prospect and a range of new businesses will be attracted to the area.
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NEWS MUSCHTER: IT’S A SELLER’S MARKET IT’S EASY to sell but not so easy to buy real estate assets at the moment. That was the message from Dr Andreas Muschter, CEO of German giant real estate investor Commerz Real, which has over €32bn of property assets under management, mainly in Europe, the US, Australia and Asia. Talking to MIPIM News Muschter said: “The good news is that markets will stay static. Predictability is good. But it is difficult to acquire now, which means it’s difficult to organise growth. It’s also true that it’s difficult both to buy and sell in the same country in the same part of the cycle.” Muschter says at Commerz Real, “we like to get involved in projects at the earliest possible stage. That lets us achieve good price returns when the markets are still favourable.” This is Muschter’s seventh MIPIM. “Often it feels like doing business here depends on the state of the weather. When it’s sunny like this week, you’re unconsciously positive and optimistic.”
PIX4D WEBSITE ENABLES VIRTUAL SITE VISITS TECHNOLOGY company Pix4D software is at MIPIM demonstrating its sample website for real estate, which the company has put together to show how its software could be used in the industry. On the site an office space is presented through an interactive 3D model as well as a digital fly-through video, image slideshow, dynamic location map and lead generation tools allowing clients to explore properties remotely. The company, which is based in Switzerland, develops photo grammetry-powered drones for surveying, monitoring, and poblicising real estate projects.
Waterfront developments to bring more business to lakeside cities
WO WATERFRONT developments in Canada’s Great Lakes region are on show at MIPIM. Mayors from two neighbouring Ontario cities are in Cannes to present the projects. Mayor Frank Campion representing Welland, and mayor Fred Eisenberger from Hamilton are here talking to investors and potential partners. Welland features the canals — old and new — inside the city limits that bypass Niagara Falls and allow the major regional ecomonic driver that is the St Lawrence Seaway. “The old canal is where we’re looking to create major real estate developments, both residential and industrial,” Campion said. The newer by-pass canal also has great development potential along the banks, he added. “We’re putting a series of fiscal incentives, including tax savings, in place and we’re looking to talk to development partners and investors about it at MIPIM,” Campion said. “Hamilton’s waterfront is part of the economic future for the city,” Eisenberger said. “We have a major development programme for the former port site in the city on Lake Ontario.” On a 190-ha site, the city is looking to develop a number of commercial and
Canada mayors: Fred Eisenberger of Hamilton and Frank Campion of Welland
industrial schemes, along with 1,500 residential units. “We’re at MIPIM looking to talk to international investors with serious intentions and a good track record,” he added. Both mayors say their cities are in
a prime spot in Canada in terms of location and access to the US. Hamilton has an international airport and Welland is close to the US border. With water, road, rail and air access, both cities are multimodel hubs.
DEVELOPMENT is well advanced on what is shaping up to be a new landmark for Luxembourg. The 4-storey glass and metal office building called Vega in the Cloche d’Or district (pictured) is due to complete by Q1 2018. Designed by Assar Architects, the building is being developed by London-based Rynda Property Investors and Starwood Capital and is owned by Kohlenberg & Ruppert Premium Properties. Comprising 3,030 sq m of space, each level has been designed to ideally accommodate two different tenants with column-free floor-to-ceiling glazed floor plates offering a high level of flexibility. The building is due for completion by the first quarter of 2018.
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NEWS Turkish hotel is built in the air to protect ancient ruins below
HE SOUTHEASTERN Turkish province of Hatay, at MIPIM for the first time, is famous as the location of what experts think are the best — and the best-preserved — Roman mosaics in the world.
The area is also an undiscovered gold mine, says Hatay mayor Lutfu Savas, an area whose moment in the sun is just about to arrive. “We urge investors to look at Hatay,” mayor Savas said. “It really is the best opportunity on the entire Mediterranean coastline.”
The province has 186 km of unexploited beaches ready for hotel, marina and leisure development, he added. “The time is right. The investors getting in first will be able to make the best deals,” Savas said. “We came to MIPIM with our
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Hatay mayor Lutfu Savas and a model of the Hitlon Antakya Museum Hotel
An artist’s impression of the Hilton Antakya Museum Hotel
message about the Mediterranean’s last undeveloped gem, and we are looking to talk to investors.” One Hatay project that is now under way is the Hilton Antakya Museum Hotel. This $120m (€112m) project is currently under construction. What makes the hotel special is that it is built over a huge 17,000 sq m stretch of ancient ruins. The visible ruins cover all the ancient major civilisations of this part of Turkey, ranging from 2000 BC through to Roman times. “But the hotel will not destroy the ruins,” according to Asaf Asfuroglu, whose company Asfuroglu is developing the hotel for Hilton, “Because it is built on a massive plate supported on stilts and piles over the ruins. The piles only enter the ground at points between the ruins beneath.” The pod-style hotel rooms will allow views of the ruins beneath the hotel through glass viewing ports. The four-floor hotel is scheduled for opening in September this year.
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NEWS CHINA CHAMBER REPORTS RISING MEMBERSHIP THE CHINA Real Estate Chamber of Commerce (CRECC) is enjoying continuing growth driven by a more outward looking approach to property development, the chairman of the organisation’s Hong Kong chapter has said. An increasingly international attitude among Chinese real estate investors and developers, including state-owned companies, is resulting in a steadily expanding membership for the CRECC, which now lists more than 5,000 members across 28 chapters in 17 countries, Ivan Ko, chairman of the Hong Kong and International Chapter said. “We’re very proud to have this international community of real estate practitioners and developers working together representing the global industry,” he said. “We have to work together.” Speaking to MIPIM News, Ko praised Chinese companies’ desire to do more business overseas than ever before. “China is becoming less isolated,” he said. “There has been business going into China for a long time, now it’s going both ways. It’s becoming as if we don’t have borders. China will definitely keep increasing investment outside and get involved more and more with international projects.” Ko said that MIPIM was the perfect opportunity for Chinese companies to accelerate their understanding of international real estate practices and make contacts in the property community. “MIPIM is wonderful,” he said. “It’s such a wonderful conference space and everyone is so committed. It’s such a great opportunity.”
Building India: New approaches will tackle the housing shortage
ECHNOLOGY should be used as part of the solution to India’s shortfall of 85 million homes, delegates were told at MIPIM’s Building India conference. Farook Mahmood, chairman of Silverline Group, said that better use of technology would cut the cost of residential development. “We need to look at low-cost housing, prefabricated elements, with costs of perhaps $15,000 (€14,000) per unit,” he said. Mahmood was sharing the stage with Guy Perry president of Essel Group, Girish Grover CEO of Turnit Capital and Faye D’Souza senior editor at Magicbricks Now, who pointed out that the Indian government is committed to addressing the shortfall by building 16 million homes. Grover said that funding India’s residential supply has become more attractive to investors over the past decade: “Those that came in to the housing market in 2005 and got their fingers burned
Building India: Magicbricks Now’s Faye D’Souza (left), Turnit Capital’s Girish Grover, Silverline Group’s Farook Mahmood and Essel Group’s Guy Perry
wouldn’t recognise it now. It’s a much more regulated environment now. Much more recognisable as a place to do business for foreign investors.” However, Perry stressed that the answer to the housing shortage is not to bulldoze slums and build high-rise. “That’s the oldfashioned solution and it doesn’t work. It destroys communities. Many of what outsiders think of as slums are actually vibrant communities. And it’s essential
Experts advise on exports DETAILED planning and access to local expertise should be the priorities for any architectural firm considering exporting their services, an international trade advisor has said. Speaking at a panel session dis-
cussing the challenges and opportunities of doing business overseas, Raphael Channer, international trade advisor at UK Trade & Investment (UKTI) said that doing due diligence and finding a partner with home-grown
Good advice: Broadway Malyan’s Jeremy Salmon (left), UKTI’s Raphael Channer, Benoy’s Jamie Webb and Marks Barfield’s Julia Barfield
that whatever housing model is adopted it doesn’t destroy communities: it either maintains them or recreates them,” he said. One problem experienced in India, which prevents easy and rapid housing solutions, is the hazardous environment — a problem perhaps less acute elsewhere, D’Souza said. “Last year it was floods; the environment in India can create the need for special solutions.” knowledge could save businesses big losses and hassle. Speaking at the event, which was held at the UK government pavilion on Wednesday, Channer said: “Some of the markets which are the most attractive are also the most competitive. You have to have a checklist of things before you consider moving, including things like having a good track record at home, financing a good website, marketing collateral and a USP. “And you need to have a good structure in place so if your chief executive has to go around the world for two weeks you know the office will be run while they’re away.” Channer was joined on stage by Jamie Webb, divisional director at Benoy, Marks Barfield managing director Julia Barfield and Jeremy Salmon, board director at Broadway Malyan.
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