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NEWS 2 Wednesday 14 March 2018 www.mipim.com
SVITAK CALLS FOR INCLUSIVE CITIES
MIPIM 2018 WELCOME RECEPTION
OBAMA THROWS SPOTLIGHT ON RURAL NEEDS
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Cardiff, UK
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Biggest hospitality project in South America (Brazil)
Gremi International SARL, based in Luxembourg, an international holding company (operating in LU, PL, BR, NL, MC) is developing the “Eco Estrela” project in Baia Formosa, Brazil. It is a new world class, prestige tourism destination comparable to exotic, luxury locations such as Porto Cervo, Sardinia (Italy), Sotogrande (Spain) or Mayakoba (Mexico). ”Eco Estrela” project is envisaged to comprise of several hotels, resort facilities as well as luxury residential units. Project implementation is planned in a phased development approach. The projects site’s unique selling propositions are its exceptional location providing a feeling of remoteness and privacy, its potential to offer a range of activities, favorable weather conditions and market trends.
Distance to the New Airport approx. 99 km
Natal Federal Highway (BR) 101
101
Lisbon
Miami
Natal - Baía Formosa
6h
(1 - hour drive on BR101) Pipa
Natal
101
Baía Formosa 101
Gremi International SARL is looking for an Investor, for the 1st phase of the “Eco Estrela Project” (“Six Senses Formosa Bay”) developed in cooperation with Hotels, Resorts & Spas management company Six Senses (www.sixsenses.com). The final completion of the interior and exterior of the resort is planned for 2021. The project currently has all the formal allowances and permits from authorities.
WWW.ECOESTRELA.COM
João Pessoa (1 - hour drive)
Recife
(3.5 - hour drive)
The nearest international airport is in Natal (99 km via highway). Opened in June 2014 the airport offers high standard and has potential to receive airplanes as large as the Airbus A380 and serve up to 6.2 millions passengers per annum. Due to its proximity to Europe, it is the shortest and most fuel-efficient cross Atlantic Ocean location in the Americas.
For detailed investor / developer information please visit the Brazil stand at MIPIM 2018 (P-1.A20/P-1.B19) Mr. Piotr Maj - Head of EcoEstrela Project E: p.maj@gremi.pl, T: +55.84.99686.0330
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CONTENTS
WHAT MANCHESTER DOES TODAY… “What Manchester does today, England does tomorrow” is an old proverb about the city, dating from its days as the prime hub in one of Britain’s industrial heartlands. The team on the Manchester stand had to bear that in mind when their stand was inundated by a Biblical storm before the market opened. The stand was rapidly relocated to the VIP Lounge on the third floor of the Palais. And delegates appear to have got the message that Manchester has moved.
French Minister of Territorial Cohesion, Jacques Mezard, with Reed MIDEM’s Paul Zilk, officially opened MIPIM yesterday
6 NEWS
Listen to youth, says keynote speaker Adora Svitak; Don’t ignore rural communities, says Obama; Germany reaches record highs, says BNP; Nice city expansion; and more...
The Manchester Pavilion is open for business on the third floor of the Palais
69 PROJECT NEWS
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Around the world in 20 projects
FULL CONFERENCE PROGRAMME
85 FEATURES London — London is on the move
Rio de Janeiro — Downs and ups
New York — It’s a wonderful town
DIRECTOR OF PUBLICATIONS Paul Zilk MARKETING DIRECTOR Mathieu Regnault
NEWS 2 Wednesday 14 March 2018 www.mipim.com
EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof Reader Debbie Lincoln Reporters Adam Branson, Ben Cooper, Mark Faithfull, Isobel Lee, Mark Moore, Liz Morrell, Head of Graphic Studio Herve Traisnel Graphic Studio Manager Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Véronique Duthille, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Phyrass Haidar, Olivier Houeix, Sébastien Nogier Editorial Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Co-ordinator Veronica Pirim ADVERTISING CONTACT IN CANNES Mylene Billon mylene.billon@reedmidem.com Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNE-BILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2018, Reed MIDEM Market Publications. Publication registered 1st quarter 2018. Printed on PEFC Certified Paper.
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THE MANCHESTER PAVILION 2018 É
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TUESDAY 13 MARCH
WEDNESDAY 14 MARCH
THURSDAY 15 MARCH
09:00–10:00
09:00–10:00
09:00–10:00
10:30–10:45
10:30–10:45
10:30–10:45
11:30–12:15
11:30–12:15
14:30–15:15
15:45–16:00
15:30–16:15
16:30–18:00
TECHNOLOGY ENABLED CITIES What Next? CITYLABS A World Leading Digital and Precision Medicine Hub 11:30–12:15
THE POWER OF PARTNERSHIP Salford’s Smart New Neighbourhood 14:30–15:30
NORTHERN LIFESTYLE Sponsored by: Capita Real Estate & Infrastructure
15:45–16:00
AIRPORT CITY MANCHESTER Embracing a Changing Future 16:30–17:15
NORTHERN TECH POWERHOUSE What Makes Manchester a Driving Force? 17:30–18:00
DEVOLUTION, DIVERSITY & DECISION-MAKING
AEROTROPOLIS Cities Shaped by Airports A RIVER RUNS THROUGH IT The Northern Gateway Vision CHANGING THE GAME: The New Old Trafford NATURAL CAPITAL A Green Revolution ABU DHABI UNITED GROUP & MANCHESTER CITY COUNCIL East Manchester’s Next Chapter; A World Leading Sports, Leisure & Entertainment Community
HEALTHY CITIES Sport, Medicine & Liveability PEOPLE & PRODUCTIVITY A Strategy for Skills & Growth FUTURE HOMES People | Progress | Place | Planet ST JOHN’S & THE FACTORY The Spirit of an Era MIPIM WRAP UP Manchester & London
In Association With The London Pavilion Sponsored by: Addleshaw Goddard | CMS | Shoosmiths
16:30–17:15
BOLTON: PREMIERSHIP DEVELOPMENT A Level Playing Field?
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manchesteratmipim.com #mcrMIPIM
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news
The glamorous Carlton hotel on the Croisette was the venue for MIPIM’s Welcome Reception, where delegates raised a toast to another successful market
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JAMES ANDREW INTERNATIONAL TILT 49, 1812 BOREN AVENUE, SEATTLE, WA, USA
NORTH WEST HOUSE, 119/127 MARYLEBONE ROAD, LONDON NW1
Acquisition of a 50,000 sq ft self-contained office building on behalf of WeWork.
17-18 DOVER ST LONDON W1
A new 290,573 sq ft LEED Gold office building acquired for Takenaka Corporation and net leased to Amazon for 15 years. Acquisition price US$268.5 million.
Flagship Mayfair retail & leisure building leased to The Arts Club for their new concept spa on behalf of Amsprop.
THE POINT, NORTH WHARF ROAD, PADDINGTON, LONDON W2
THE BILLIARD FACTORY, 443-449 HOLLOWAY ROAD, LONDON N7
BEAUFORT HOUSE, LONDON EC3
Acquisition of a new European headquarters on behalf of Addison Lee.
71,000 sq ft B1, B8 & D1 campus with substantial development potential sold to Fabrix Capital.
400,000 sq ft office building, Ongoing agency asset/facilities management including recent letting of 55,000 sq ft to Amazon.
BROCK HOUSE, 19 LANGHAM STREET LONDON W1
Circa 30,000 sq ft office building acquired on behalf of The Office Group.
JAMES ANDREW INTERNATIONAL PROVIDES WORLDWIDE REAL ESTATE CONSULTANCY, COMMERCIAL AND RESIDENTIAL ASSET MANAGEMENT SERVICES Acquisitions | Leasing | Investment and Development | Disposal Real Estate Management | Rent Reviews | Valuation Harvey Soning | Ronald Cohen | Fiona Doherty | Jeremy Grey | Corin Jenkins | Julian Josephs | Nigel Lea | Lisa Moran | Mark Kleinman Nicholas Marks | Findlay Macpherson | James Scott | Roy Somerston | Andrew Soning | Damian Soning | Geoffrey Warner
Head Office: 72-75 Marylebone High Street, London W1U 5JW T: +44 (0)20 7224 4436 www.jamesandrew.co.uk
WEST END & CITY OF LONDON
I NEW YORK I WASHINGTON DC
news
The sun came out for the opening day of MIPIM 2018 as delegates arrived for the real estate industry’s annual gathering. Stands and conference halls saw brisk business as the market kicked into gear
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DESENVOLVIMENTO IMOBILIÁRIO IDB BRASIL LTDA.
PARADISE LIFEST YLE
INSTITUTIONAL SUPPORT
news
‘Modern life is plagued by convenience’ THE REAL estate industry must consider the views and needs of all — rather than just a select few — when it comes to planning the cities and environments of tomorrow, writer, public speaker and advocate Adora Svitak told a MIPIM audience yesterday. In the MIPIM opening ceremony keynote, Svitak said she wanted to encourage new thinking and provide a lens into her generation. “Today I want to make the case for adopting new eyes and ears so we may better see and hear all types of people. Building that kind of vision requires tuning into the attitudes of youth,” she said. She described urban design as “not just a logistical challenge but a moral one because our global cities hold up mirrors to humanity’s soul”. She said the industry had to consider all people’s needs — and not just what she described as “the right type of millennial — the kind of millennial who gets glorified for doing things others have been doing for generations. I worry that we [only] see the young people who we want to see. Designing for only a small sliver of the educated millennial population can provoke a backlash against the rest of the community,” she said. When planning new cities she said a community, rather than an individual, approach was vital. “We should bring people of all backgrounds emotionally closer too. Modern life is plagued by convenience — which creates loneliness. In thinking about designing for young people I want to point out the importance of social interaction,” she said. “What our world needs right now is a lot more getting to know our neighbours so the new rule is to build accessible spaces that encourage getting to know each other from cradle to grave.” She also encouraged delegates to better foster and encourage young talent. “Listen to what the future has to say. Seek out young people and create opportunities for junior members of your team to lead. It’s up to all of you to work more as an organism and less like an organisation,” she said.
MIPIM News 2 • 10 • 14 March 2018
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Visit us at VisitHall, us R7. at A3 Riviera Riviera Hall, R7. A3
Look at Greece now! Look at Greece now! Invest in Greece. Invest in Greece. Be part of the amazing... Be part of the amazing...
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news
Diversity and inclusion: Women in real estate: better late than never ‘there is more to do’ CHRIS GRIGG, chief executive, British Land, writes: “The real estate industry has been later to focus on diversity and inclusion than many. I’m not going to make the case for why ‘we must do better’ but it’s compelling. We will have to work hard to fix all that needs fixing but we are making progress and by working together we can continue to get better. “It’s often suggested we can address the issue in recruitment; that’s true, but easier said than done and not sufficient alone. Historically, fewer people from minority groups have studied for roles in real estate. In 2013 we were a founding supporter of Pathways to Property, a programme which aims to widen access to our industry, and many other companies are now very involved. We welcomed a student from the first cohort to graduate to British Land (BL) last year. Progress for sure, but five years in the making.
Chris Grigg, chief executive, British Land
“Such shifts take time, so what else are we all doing? Lots. We know it’s critical for people to ‘bring their whole selves to work’. It makes them happier, more productive and more likely to stay in the industry. We also need to support people through different stages of their careers, treating them equally and fairly however they define themselves. “At BL we have a Women’s Committee, a Pride Network and Ethnic Diversity Committee to name but a few, all established in the last few years. I learn a lot from these groups who are helping change the way BL is; the Women’s Committee suggested we adopt Shared Parental Pay a year ago. So we did. “We’re focused on making it happen and last year received the National Equality Award. So let’s celebrate the progress we are making, worry when it’s not as quick as it should be, but also look forward not back.”
MIPIM yesterday hosted a women in real estate networking event, attracting more than 200 women from around 25 countries. Alexandra Notay, director of product and service innovation at Places for People, said the event showed the importance of highlighting the role of women and diversity in the real estate industry. “There is indeed a spotlight on our industry and we must admit there is more we can do. Diversity and inclusion in all of its forms needs to be addressed,” she said. “This is a people industry and there is so much opportunity for strong women to do more in the industry.” Natalie Palladitcheff, who was promoted to president of Ivanhoe Cambridge earlier this month, outlined her own experiences as a woman in a leadership position. “I’m a mother and a professional in that order and that’s very important for me. You don’t have to choose,” she said. Palladitcheff described herself not as a feminist but as
being “truly feminine”. “Feminism is more a question of bringing new ideas and new ways of thinking,” she said. “What I really want is boards that would love to have women because they bring something — they bring a new dynamism and a new way of looking at things more than having women against men,” she said. Marie Schneegans, 24-year-old CEO of tech company Workwell, said there were still many obstacles in business for women, but she said it was about attitude. “With enough positive energy we can combat anything,” she said. Her business is weighted 40% to women but she said the tech industry still faced challenges in attracting women developers. Thierry Laroue-Pont, CEO of BNP Paribas Real Estate, said his business had a near 50:50 split of women and men — but said that more needed to be done to attract people to the top where the ratio is 27 to 73. “We want to get to around 45-50% in the next five years,” he said.
Natalie Palladitcheff, newly appointed president of Ivanhoe Cambridge
MIPIM News 2 • 12 • 14 March 2018
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We build not only for our country, but also for the world the number of its contractors in the list of top 500 contractors in the world. İstanbul has a unique location with access to 56 countries within 4-hours flight distance. Its 8500-year-old history and cultural legacy set İstanbul apart from all of its competitors. Our competencies and the unique characteristics of İstanbul guide us as we take confident steps to become the real estate center of the world. The reductions in taxes and duties provided to urban transformation projects make all these projects even more attractive. Furthermore, bureaucratic barriers regarding real estate ownership for foreigners in Turkey have been removed. In fact, a new regulation that came into force in 2017 extends citizenship rights to foreigners who buy real estate in Turkey, making our country a very attractive market. Turkey is one of the leading countries in the world in terms of economic size, population and geopolitical position and someone who gets Turkish citizenship stands to benefit from such power. Real estate is a huge sector globally. The sector contributes to national employment and supports more than 300 other sectors. Our contractors use their know-how to build the world. To date, Turkish contractors have undertaken many projects around the world with a value of more than 350 billion dollars. Our exports in construction materials reached 16 billion dollars in 2017. Our domestic market is also very active. In Turkey, one million houses on average are sold annually. İstanbul hosts more than 5 billion dollars of foreign real estate investments each year. İstanbul has the lion’s share in real estate sales as the most attractive city in Turkey. Turkey grows with its investors Our potential is much greater than these figures. Turkey ranks second in terms of
WHAT IS ON AT İSTANBUL TENT?
İstanbul Chamber of Commerce is ready to conquer MIPIM with a large group! The İstanbul Chamber of Commerce represents four hundred and twenty thousand companies. Our membership includes more than sixty thousand companies from the real estate and construction sectors. Our active participation in this fair is an indication of our commitment to the sector. The “İstanbul Tent” extends an invitation to the world to visit İstanbul. Turkish companies which shown below have stands in our tent. Our doors are open to provide detailed information about our sector and offer a chance to have B2B meetings with our companies. Respectfully Yours,
Öztürk ORAN
President İstanbul Chamber of Commerce
WE WOULD LIKE TO CORDIALLY INVITE YOU TO İSTANBUL: MUCH MORE THAN A CITY
• 14.00 p.m. “Traditional İstanbul Tent Network Cocktail” - all MIPIM participants are welcome to join.
14 March 2018
• 15.30 p.m. Presentation of the Ministry of Environment and Urbanization of Republic of Turkey titled “Urban Regeneration Projects of the Ministry of Environment and Urbanisation”
• 11.00 a.m. Presentation of Investment Support and Promotion Agency of Republic of Turkey titled ”Why Invest in Turkey”
İstanbul presents its showcase projects at MIPIM MINISTRY OF ENVIRONMENT AND URBANIZATION The Republic of Turkey Ministry of Environment and Urbanization was founded in 2011 to create highquality cities and settlements with a quality of life compatible with the sustainable environment and to carry out works and processes related to planning, construction, regeneration and environmental management with a regulatory, supervisory, participatory and solution-oriented approach. INVESTMENT SUPPORT AND PROMOTION AGENCY (ISPAT) The Republic of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) is the official organization for promoting Turkey’s investment opportunities to the global business community and for providing assistance to investors before, during, and after their entry into Turkey. EMLAK KONUT Emlak Konut, Turkey’s largest real estate investment company by its market value and the size of the land bank & projects, continues to build the most innovative projects of Turkey and affects whole of Turkey. AREMAS Aremas Real Estate Marketing Services was founded in 2010 in order to provide professional real estate services for large-scale projects. Aremas commercial offers office renting, retail leasing and capital market services. FUZUL YAPI - TEM AVRASYA PROJECT We are neither European nor Asian. We are more than that. TEM Avrasya residences by Fuzul are rising over the Trans-European Motorway or TEM, the road that connects Europe and Asia. GÜLAN GROUP GÜLAN GROUP’S OTOSTAT Project will be the new magnet of secondhand vehicle trading, located at the center of Asian side of Istanbul, Sancaktepe. OTOSTAT includes 324 independent commercial units in various sizes for new and secondhand vehicle trading.
Dogan Erdogan: Mobile 0090 (530) 640 95 65
HALK GYO Halk Real Estate Investment Trust (Halk GYO) established in 2010 as an association of one of the biggest state-owned banks of Turkey, Halkbank. Halk GYO is one of the leading names in the Turkish REIT sector with its TL 2.2 billion portfolio size. MUUM MİMARLIK Its main focus is social and cultural environments that shaped by the people and their personal story, tied to a close relationship with art, culture, history and diverse lifestyles. OYAK İNŞAAT OYAK Construction Co. Inc. established in 1982 as an affiliate of OYAK (Armed Forces Pension Fund). OYAK is Turkey’s first and still the biggest privately-owned pension fund. It aims to develop Turkey’s largest housing and commercial projects in order to create smart, sustainable, contemporary living sites. TAHİNCİOĞLU Tahincioğlu Real Estate is a Tahincioğlu Holding group company, operating in the real estate development and investment areas. It is one of Turkey’s leading trademarks in the real estate industry, undertakes premium retail, office, residence, shopping mall projects, construction of luxury hotels. TEKNİK YAPI With its experience of more than 40 years, expertise and perfect engineering, undersigns iconic buildings and inspiring living areas that create great values for Turkey. In addition to architectural concepts, it also adds value to the city and life with rich apparatuses and perfection in details. YEDİTEPE ’The İstanbul’’ is a new real estate brand by Yeditepe. It focuses on developing offices, shopping centers and residential spaces. Aims to build a Project that becomes the “Istanbul Finance Center” Project. Neighbor to many public and private sector institutions that steer both Turkish and World markets, The İstanbul Finance Center stands to be the new engine of the finance sector.
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7 COUNTRIES 82 LOCATIONS 450 CLIENTS PREMIUM BUILT-TO-SUIT DEVELOPMENTS
CTP is central Europe's largest full-service commercial developer focusing on high-tech, custom-built solutions. For manufacturing, logistics, or e-commerce, the CTPark Network provides access to the location that best fits your business needs, anywhere in central Europe. Find out what we can do for you today.
ctp.eu
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Poland
Czech Republic
Ukraine
Slovakia
Hungary
Slovenia Romania
Hall: Riviera 7 Stand: R7.E66
Premium Business Properties
news
‘We need to create spaces that are safe’
BETTER links between urban and rural must be made in the future of development, according to Dr Auma Obama, founder and managing director of the Sauti Kuu Foundation, which aims to help give young people a voice. Speaking as part of the Thinkers And Leaders panel session at MIPIM yesterday Obama, who is Barack Obama’s half-sister, said that bridges could be created between the two. “An urban space is one option but don’t forget the rural area. The rural environment also needs to be developed. We are trying to do that. If you invest in the rural area and make [it] liveable you will get rid of the slums,” she said. “People should not be living in slums. The government has to turn to the rural area and develop the rural
area. You can create a bridge between rural and urban and create spaces that are just as good as the urban area,” she said. Obama also said that the industry needed to listen to young people. “As adults we don’t listen to children, and if we listen we don’t take what they say seriously, and if we hear what they say we don’t implement what they say. But they are our future.” She said her foundation tried to create both mental and physical places for young people — especially important given the prevalence of slums on the African continent. “We need to create spaces that are safe and where they feel good and can finally exhale and realise their potential. These young people know exactly what they want,” she said.
MIPIM News 2 • 16 • 14 March 2018
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What if we say waiting for elevators can be fun?
Some of the dullest moments are spent waiting for your elevator to arrive. We are changing that. With Schindler’s cool new Ahead DoorShow, you can engage, entertain and inform passengers – all while they wait for their elevator to arrive. Use compelling images and videos to showcase advertisements or to promote your message exactly the way you want. Simple yet clever. To see Ahead Doorshow live, come by the Schindler Ahead booth at Palais -1, A72 and meet our experts.
SCHINDLER AHEAD
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news
INSTONE PUTS €90M INTO NEW DEVELOPMENT GERMAN housebuilder Instone is to use approximately €90m of the money it raised from its recent initial public offering (IPO) on replenishing its development pipeline. The company, which is one of the largest residential developers in Germany and generally builds projects of 100 units or more, currently has a project portfolio worth around €3.4bn. Instone CEO Kruno Crepulja said: “We listed on the Frankfurt exchange three weeks ago and since then we have collected a lot of money that we can invest into new projects. “As a company we discussed lots of different options. Listing was the best option because we can grow at the speed that we want to. Getting access to the capital markets is great for us. It was the best way to get further growth for our company.” The Instone IPO comprised seven million new shares from a capital increase and 12.9 million shares from fund holdings by ActivumSG Capital Management.
Instone CEO Kruno Crepulja
City vice-governor hails new St Petersburg opportunities IGOR Albin, vice-governor of the city, was on the St Petersburg stand talking about the investment opportunities in his city. “St Petersburg is a continuing success story,” Albin said. “The city saw 7% industrial growth last year. It’s a very favourable time for investors to look at coming into the city and the region. They’ll be able to see that in terms of growth, investment opportunities, services and infrastructure improvements; we’re playing to our strengths. As the city’s slogan says: St Petersburg – the story of success!” Tourism to the city is up for the third year in a row. The total number of tourists now stands at seven million a year. The vice-governor pointed out that an important world city such as St Petersburg needs also to be outward looking, as well as welcoming outside invest-
ment to the city’s multifaceted projects. “So we’ve just started regular flights from the city’s international airport to Vietnam and China.” Igor Albin said that his visit to MIPIM was to take note of the major developments tak-
ing place around the world and “to demonstrate the significant investment opportunities in St Petersburg now”. Albin added: “MIPIM, as always, is an unequalled opportunity to make vital contacts in the world’s real estate industries.”
Igor Albin, vice-governor of St Petersburg
Virtual touring system launched A PROPTECH company has chosen MIPIM to unveil a new digital platform it describes as the ‘Airbnb of off-plan design’. Case3D yesterday launched its ThinkHome service, which allows potential buyers to virtually tour residential properties before they are built using high-quality stills, 360-degree touring and indoor mapping. The company, which was founded in Serbia but has offices in the UK and the UAE, has been busy meeting potential developer and agent clients at MIPIM. Speaking to MIPIM News, Case3D co-founder Danilo Micic said that now was the perfect time to launch ThinkHome. “There is a need for an integrated solution where the developer can showcase their properties like this. This is
about giving buyers a vision, so they don’t have to imagine what it would be like to live in a place. We give them the journey from start to finish.”
The service is currently targeted mainly at residential properties but Micic said that it had been designed with enough flexibility to cover any sector of real estate.
Case3D founders Nebojsa Zaklan (left) and Danilo Micic
MIPIM News 2 • 18 • 14 March 2018
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A DEDICATED CLUB TO MAKE THE MOST OUT ST OF YOUR 1 MIPIM! ONSITE YOU WILL FIND: Dedicated accreditation desk
Dedicated lounge
Trained staff
Concierge
First Timer bar
Complimentary breakfast & lunch
Networking sessions
Welcome gift
MAKING IT THROUGH YOUR 1ST MIPIM HAS NEVER BEEN SO EASY AND ENJOYABLE
Do not hesitate to join us!
WHERE? Rendez-vous at the 1st Timers HQ located in the Palais, Level 0
WHEN? 13-15 March 2018, from 09.00 to 19.00 16 March 2018, from 09.00 to 13.00
news
Flexible development needed to reflect changing lifestyles
McKinsey’s Samvit Kanoria: “$4m in 10 minutes”
McKinsey’s Guy Perry: “creating more neutral spaces”
McKinsey’s Aditya Sanghvi: move to “less-risky real estate assets”
DEVELOPERS, investors and city authorities should consider a more flexible approach to development in order to reflect the ways in which people now live and work, according to influential consultancy McKinsey & Company. “Rather than rigidly defined use classes, everyone involved in development needs to ensure their
projects are designed in a way that they can switch use over time,” said Middle East-based McKinsey partner Samvit Kanoria. Guy Perry, McKinsey vice-president of urban planning and design, Dubai, added: “Unlike in the past, where you would specifically design a residential complex or an office complex
or a commercial facility, now we’re looking at creating much more neutral spaces.” Perry acknowledged that mixeduse developments are already a mainstay of the property industry, but urged all involved to go further, stating that zoning is a “very 20th-century view” of city development. He added: “If you
think about a typical building in Mayfair or central Paris, every 10 years what is going on within those walls changes considerably. We’re finding that’s a much more realistic way of building cities for today.” Kanoria also pointed to the marked increase in community participation in real estate financing in recent years, particularly in China: “Crowdfunding is becoming a mainstream funding source in China. The first commercial real estate crowdfunding in the country secured $4m in 10 minutes and $720m after three days.” Elsewhere, New York-based partner Aditya Sanghvi noted the increase in investment into new but stable asset classes. “In a yield-starved world, a less-risky real estate asset that produces 5%-7% in annual returns is compelling,” he said. “Accordingly, capital is disproportionately looking to open-ended core and core-plus vehicles. When selecting among relatively safer assets, investors must become even better at understanding underlying tenant demands on how they want to live, shop and work in order to be competitive”.
An awful lot of potential in Brazil DEPUTY mayor of Paris JeanLouis Missika spoke of his city’s dynamic startup culture yesterday, particularly the proptech and service companies that are revolutionising the French capital’s property scene. “Paris offers a climate of innovation and we’re proud to support the businesses, great and small, that are driving progress,” he said. Featured startups included Vizcab, which is improving the design of low-carbon buildings using data sciences; and Inch, a data-management service that allows users to see a property’s activity in real time.
BRAZIL offers a wealth of investment and development opportunities, the country’s head of tourism infrastructure has said. Speaking to MIPIM News, Jose Antonio Parente, National Secretary for Tourism Infrastructure, said that a flourishing tourism industry and a number of major development and infrastructure projects make Brazil a prime target for overseas property investors and developers. “We have had a lot of development in the tourism sector, which has been stimulated by Brazil having recently hosted the FIFA World Cup and the Olympic Games,” he said. “But there’s a lot happening in every property sector and there are a
lot of opportunities for international investors.” He added: “We have huge diversity and the country is growing again. It’s a great time to invest in Brazil. We have made changes to the labour laws, giving more se-
curity to investors, and we have brought in government subsidies to help.” Parente pointed to a number of big developments currently under way in Brazil, including the luxury tourist Eco Estrela project in Baia Formosa.
Brazil’s Jose Antonio Parente: “a great time to invest in Brazil”
MIPIM News 2 • 20 • 14 March 2018
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Bouygues Immobilier and Primonial REIM launch the development of SWAYS / “Smart Ways to Work” An attractive, adaptable and connected smart building at the heart of the Issy-Val de Seine business district.
A range of new services on the ground and first floors contribute to users’ wellbeing: these include the Halle Gourmande (food hall), the Living Square, a Business Center and a Wellness Center. A wide variety of shops around the building will make users’ professional and personal lives easier.
See you at 5:00 p.m. for «Artificial intelligence supporting the buildings of tomorrow». The conference will be followed by a presentation of the SWAYS concept.
BOUYGUES IMMOBILIER STAND
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Crédits : Agence d’Architecture Anthony Béchu
Situated next to the future entrance of the Issy-Val de Seine RER C railway and T2 tram station, SWAYS is an independent 4.0 building providing 40,576 m² of office and commercial space for 3,500 professionals. Covering six floors, each with its own terrace, SWAYS’ flexible and innovative offices can be adapted to each company’s specific way of working.
02/03/2018 11:36
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UK’s new growth capital to unveil £10 billion prospectus The world’s property market will today be handed billions of pounds of opportunities to stake a claim in the UK’s new growth capital and most investable region. Mayor of the West Midlands Andy Street will unveil a landmark Investment Prospectus showcasing up to £10 billion of transformational schemes to compete on the global stage and further accelerate the region’s economic and cultural renaissance. The Prospectus, which will be launched in the Midlands UK pavilion at MIPIM 2018, will showcase 20 of the many transformational schemes that will breathe new life into local communities and continue the region’s march to be at the cutting edge of new world industries. With the West Midlands already topping the UK regional table for foreign investment and home-grown business start-ups, the Prospectus will provide investors with a clear road map for joining the hundreds of companies relocating to the nation’s new growth capital. The Mayor said: “These are exciting times for the West Midlands. Growth is strong and optimism is high.
“We have a drum beat of momentum behind us both economically and culturally.
This includes a series of new Metro tram extensions across the region and new rail lines.
“Birmingham will host the 2022 Commonwealth Games and Coventry is set to shine as the UK City of Culture in 2021, offering opportunities for investors to help build lasting legacies.
The Mayor said the Prospectus, which will be launched at 3.45pm today, would show how the West Midlands had come together to speak with one voice in delivering its message to the world – that the region is THE place to invest, establish a business, study and live.
“Our industrial heritage is second to none but we are also home to the industries of tomorrow and are busy creating a new industrial revolution in the very place where it all began. “So now is the time to invest in the UK’s new growth capital and its most liveable, investable and competitive region.” A number of the sites in the Prospectus build on the unprecedented investment being put into the region’s infrastructure, especially transport. The HS2 high speed rail line will open in 2026 putting the region just 45 minutes from London. The West Midlands Combined Authority (WMCA) is also using newly acquired powers and funding transferred to it from central government to further drive the growth and investment needed to fulfil the region’s ambitions.
Visit MidlandsUK Pavilion C16.D www.wmgrowth.com
“We are a region of growth and innovation and we have all the fundamentals in place for successful investment along with the determination and talent to deliver,” he said. “That’s why the UK government is backing us to deliver, our local authorities are backing us to deliver and the private sector is backing us to deliver.”
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EVENTS TO LOOK OUT FOR:
WEDNESDAY 14TH MARCH 15:45 – 16:00 West Midlands Investment Prospectus launch event MidlandsUK Pavilion C16.D
MADE FOR LIVING
90% The region enjoys an unparalleled strategic location at the heart of the country’s motorway and rail network, with 90% of the UK population living no more than a four-hour drive away.
MADE FOR INVESTMENT
30,000 new jobs In the last five years, the West Midlands has attracted almost 600 Foreign Direct Investment (FDI) projects, creating over 30,000 new jobs and safeguarding over 11,000 more.
Mayor of the West Midlands Andy Street
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Investors must wise up to new technology, Summit hears TECHNOLOGICAL development and its disruptive effects are beginning to have an impact on institutional real estate strategies, it was suggested at a gathering of major sovereign wealth and pension funds. Approximately 60 representatives of institutional investors congregated at the MIPIM
RE-Invest Summit on Tuesday morning to discuss a number of issues. Conversations at the closeddoor event often revolved around the risks posed by technological advancement and there was a recognition that the industry needed to increase its expertise in the area.
A live poll of the audience found that 55% of investors had changed their investment strategies due to the potential impact of technology over the next 10 to 15 years, while 40% planned to do so in the future. One participant said it was important to recognise that many investor and fund management
Delegates at the RE-Invest summit yesterday
organisations were unlikely today to have the necessary resources to address technological disruption. One of the table moderators, Andy Pyle, UK head of real estate at KPMG, said discussions revealed that investors were increasingly looking to futureproof assets and locations, particularly in relation to offices. He said the question of whether investment teams were set up sufficiently to deal with the future challenges of technology arose several times. Ciaran Carvalho, partner at CMS, also moderating, said there was a recognition that while “the future of offices was not dead”, landlords needed to be adaptive. Andrew Stainer, global head of asset management at AXA Investment Managers – Real Assets, said the real estate industry tended to be relatively “slow” and less “agile” because it was so capital-intensive, but its customers were expecting more. The big risk, he said, was an acceleration of obsolescence. Andrew Allen, head of global property research and strategy at Aberdeen Standard Investments, said the focus for large investors was on creating dominant real estate that was inclusive and sustainable, not necessarily targeting one type of age group.
Students are good news for Italian cities DESPITE the recent Italian elections leaving the country in political gridlock, Italy’s city leaders are confident they will be able to realise a raft of key projects and attract inward investment. “Milan has been able to maintain its objectives over the years, no matter the political outcome at city and country level,” said Pierfrancesco Maran, councillor for the City of Milan, “So we’re confident about reaching our goals.” In terms of key city projects, Maran describes the current moment as a “turnover phase”, after the successful near-con-
clusion of Porta Nuova and CityLife, two schemes which have kept the public and private sector busy for the last 10 years. “Next-up, we’re focusing on the redevelopment of the area used for Expo 2015, the Milanosesto scheme, and ambitious plans to transform seven disused railway yards across the city. “Milan is a very young city, with a population of 1.4 million, and around 200,000 students, so it has a lot of potential.” The student factor is even more compelling in the northern city of Bologna, where nearly one
person in four of its 380,000 population is there to study. “Bologna is a very lively city, and is enjoying a moment of economic renaissance,” says Valentina Orioli, councillor for the city of Bologna. “Due to its reputation as a seat of learning, there’s a lot of international interest in student housing schemes. It also has strong associations with science, and we’re currently building a scientific hub which will house the European weather forecasting agency when operations move from Reading, UK post-Brexit.”
MIPIM News 2 • 24 • 14 March 2018
Pierfrancesco Maran (left) of the City of Milan, and Valentina Orioli of the city of Bologna
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HILTON TO OPEN TWO FOCUSEDSERVICE HOTELS IN FRANCE FRANCE’s hotel market is once more open for business, according to Jochem-Jan Sleiffer, Hilton Wordwide’s senior vice-president of operations, continental Europe. Expanding its focused-service offer, the company announced two new properties in France at MIPIM yesterday: a Hilton Garden Inn hotel in the Parisian suburb of Massy and a Hampton by Hilton hotel near Toulouse airport. Both are being developed under franchise agreements and both are close to key transport hubs. The Hilton Garden in Massy will be a 152-room property and is being developed with Naos Hotel Groupe. The Hampton by Hilton in Toulouse will be a 126-room property developed with NT Hotel Gallery. The focused-service concepts of Hilton Garden and Hampton by Hilton were launched at last year’s MIPIM. Sleiffer said there was plenty of opportunity for further growth. “We see a lot of potential for the focused-service market to grow in France,” he said. “2015 and 2016 years were difficult years, but 2017 [showed] great growth. We see 2018 as being one of the best years.” Hilton currently operates nine hotels in France under three brands, but has 14 more in the pipeline, two of which will open this year.
Hilton Worldwide’s Jochem-Jan Sleiffer: “2018 one of the best years”
Grand Arenas business district aims to make Nice even nicer IT IS about to get a whole lot easier to reach MIPIM from Nice airport, thanks to new plans being drawn up by Metropole Nice Cote d’Azur. “You might have noticed when you landed at Nice airport this year that the area is a hive of activity. That’s the beginnings of our exciting Grand Arenas project, a new business district within walking distance of Nice airport, which will also be the location of a major new intermodal transport hub,” said Olivier Sassi, general director of Metropole Nice Cote d’Azur/L’EPA Eco-Vallee. Grand Arenas is designed to attract international business, but it will also include a mixed-use component — particularly retail — “to give it an extra dimension”, Sassi added. “It will be incredibly business-friendly, not only because of the quality of life associated with the French Riviera, but also because of its transport connections.” The tramline connecting the air-
port with the city of Nice will open in June of this year. By 2020/2021, Nice airport will also be connected via tram, rail and buses with the cities of Cannes, Antibes and Monaco. “As a development zone, Nice has changed a lot in the last 10 years,” Sassi said. “We’ve been able to attract architects of international
stature, with projects under way from Daniel Libeskind, Jean Nouvel and Japanese studio Fujimoto, to name but a few. We have around 100,000 sq m under construction, but the goal isn’t quantity — it’s quality. Our overall aim is to balance urban spaces with natural places to create a sustainable environment in which to do business.”
Metropole Nice Cote d’Azur’s Olivier Sassi: “The goal isn’t quantity — it’s quality”
City goes interactive with Built-ID THE CITY of London Corporation has teamed up with Built-ID, the proptech company that allows users to explore all aspects of a building’s design and development. The corporation is using Built-ID’s interactive digital tools to promote the Square Mile’s buildings and the teams behind them to MIPIM delegates. Consultants including Foster + Partners, Rogers Stirk Harbour + Partners, AECOM and Sweco have added their work to the Built-ID platform, where it has been geotagged and visually mapped out. Chris Hayward, planning and transportation chairman at the City of London Corporation, said: “We had been looking for a way to draw on cutting-edge technology to shine a light on the talent operating across London’s built environment and the world-class
buildings they create. Built-ID is the perfect fit for this.” Savannah de Savary, founder and CEO of Built-ID, added: “Through Built-ID, the vast array of consultants who play a role in creating iconic buildings, come to the fore. This not only helps the industry to find and work with the best talent,
but it also provides an innovative way for anyone with an interest in buildings and architecture to interact with the built environment.” Built-ID enables users to search for design inspiration from a digital library of more than 140,000 project images, as well as connect and collaborate on projects.
Built-ID is helping the City of London to showcase the talent behind its buildings
MIPIM News 2 • 26 • 14 March 2018
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VENTURES 130 East Randolph Street Suite 2100, Chicago, IL JJ Smith jjsmith@ca-ventures.com
Actively seeking land, joint ventures, development and renovation opportunities, condo/for sale schemes that we can convert to rental including existing assets in major university markets throughout Europe.
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BPF initiative propels diversity and inclusivity to top of agenda DIVERSITY and inclusivity are at the heart of a campaign, launched last year, to ensure that the UK building workforce has access to a diverse and inclusive talent pool, said British Property Federation (BPF) chief executive Melanie Leech. The property body, which is programme partner for the UK Department of Industry and Trade at the UK Pavilion, is also a core part of an effort by the UK government and businesses to put forward a co-ordinated approach to attracting inward investment and of highlighting opportunities beyond London. “It’s very important that we bring this private, public initiative forward to help attract global investors,” she said. “Of course London remains a wellknown safe haven but there are tremendous opportunities beyond the trophy assets, often at
better value, around the whole UK. I think there is far more interest now from international investors and funds looking for opportunities and the right scale of real estate, especially those looking for a long hold.” The BPF launched its own report 12 months ago aimed at encouraging more diversity and inclusivity in the real estate and building industries and more recently created a junior membership scheme open to anyone with less than 10 years’ industry experience. Membership is already at 500 and the group is holding business networking events as a further way of encouraging the next generation of real estate professionals. Improving and increasing the UK housing stock remains “as always the number one political priority” Leech said, with the BPF helping to support
the expansion of the build-torent market and educating lo-
BPF’s Melanie Leech: promoting diversity, housing and UK investment
New HQ signals new ambitions for Dar INTERNATIONAL design, planning and engineering consultancy Dar Group is to re-
Dar Group’s future London HQ in Holborn
locate its London operations into a custom-built, nine-storey building in the centre of the
cal authorities of the potential advantages. “The government presence at MIPIM for the last two years really shows how seriously they take the real estate sector now and how much they understand that a dynamic economy is underpinned by real estate,” she said.
capital as part of a long-term strategy to grow its UK business. The firm has appointed a company from its own group, architects Perkins + Will, to work on designs for the building in Holborn, where it will move a number of its UK subsidiary companies under one roof. The 185,000 sq ft 150 Holborn building will be made fit for a mixture of uses. The bulk will be taken up by office space for Dar Group, while the ground floor will include retail units. The works will also create 13 apartments in a residential building adjacent to the main development. Dar managing director for the UK Andrew Loudon said: “As
MIPIM News 2 • 28 • 14 March 2018
a group we want to continue to grow and London is an important area of growth for us. The idea is to diversify the group; flexibility is the key for us. We want to work for some of the big corporates in the UK, in sectors such as oil and gas, pension funds and institutional funds, and we want to work in regeneration projects.” Dar, which has a presence in 58 countries worldwide, has a number of subsidiaries and partner companies, including Currie & Brown, IPA Advisory Limited, R&H Railway Consultants Group and T.Y. Lin International. Companies within the group are involved with numerous projects worldwide, including the redevelopment of part of Dubai Airport, for client Dubai Aviation Engineering Projects.
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Looking for Warsaw’s Partners?
“Warsaw is not only the capital of Poland – in the 21st century it is also the CCE’s capital of business. Discover the city which has defined innovativeness, development, and business opportunities anew. Perfectly communicated agglomeration, both start-up friendly, and appealing to international corporations. Warsaw is the leader of the entire region. A safe city where you can never be bored.” 01-v2-BBI 02-CMT BBI Development BBI Development SA is a WSE-listed property developer that combines experience with innovation. Our activity covers all aspects of real estate development: from property identification and acquisition, through survey and permit procurement, design and planning, owner’s representation, project management including legal aspects, marketing, sales and property portfolio management. Contact: Tel: +48 22 204 00 40 biuro@bbidevelopment.pl www.bbidevelopment.pl
03-Echo investment
Echo Investment Browary Warszawskie is an area between Grzybowska, Wronia, Chłodna and Krochmalna streets which will be reintroduced to the urban fabric by Echo Investment. A new, open quarter is being developed, which will be formed • Contact: Michal Zelski, by residential buildings, office Regional Sales Manager buildings and public squares, • Tel: +48 664 900 312 rest and recreation places, michal.zelski@echo.com.pl cafes, restaurants and shops.
CMT
Central Point is a modern 21- storey office building located in the centre of Warsaw, at the junction of two subway lines. It will offer 18 000 sqm of A+ class office space as well as around 1 000 sqm of commercial space. cmT is responsible for the management of technical part of the project and for tender process. GerPlan company will prepare M&E design.
• Contact: Ferdinand Baggeroer, the Owner of cmT company • Phone: (+48) 22 48 77 800 www.cmteam.net
04-ENJOINER
Enjoiner
is a company specializing in the design and construction in wood, which has many interesting projects and implementations behind them. EnJoiner creates modular patented CUBES, wooden small houses, gazebos, garden of- • Contact: Agnieszka Bukowska, fices, terraces, small architecOwner ture, wooden soundproofing • Tel: +48 783 673 557 booths - QubePODs, ecological parks and city greenhouses. www.enjoiner.pl
06-GOLUB GETHOUSE Ghelamco Poland Ghelamco Poland is the leader of the commercial property market in Poland and a pioneer in sustainable construction, public space design, smart buildings and innovations. Over the past 27 years the company has built its leading position as an investor, developer and general contractor by delivering over 1,100,000 sq m of best-in-class office, residential, commercial, and warehouse space. • Contact: • Tel: + 48 22 455 16 00 poland@ghelamco.com
Mennica Legacy Tower
Mennica Legacy Tower, developed by Golub GetHouse and Mennica Polska S.A., comprising a 140-meter tall tower and an adjacent 43-meter tall building. It will offer 65,630 sqm. of lease space. Modern project with “Outstanding” rating in BREEAM certification has been designed by the Goettsch Partners. • Contact: Golub GetHouse • Tel: +48 22 460 57 00 - info@golubgethouse.pl
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07v2-HB Reavis
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HB Reavis
Immobel Poland
Building a sustainable future
Varso Place is HB Reavis’s mixed-use development in the Warsaw city center, featuring a 310-meter tower designed by Foster + Partners. The construction of its three distinctive buildings scheduled for 2019-2020 is already in full swing. When complete, Varso Place will provide 145,000 sqm of office and retail space. • Contact: HB Reavis Poland Sp.z o.o. • Tel: +48 22 203 44 20 • www.hbreavis.com
Operating since 2011, is a subsidiary of Immobel Group, a Belgian real estate market leader in the office and housing sectors. The company is currently finishing works at the historical CEDET in Warsaw and preparing to build a modern office skyscraper called Central Point. • Contact: Immobel Poland office • Tel: +48 22 351 01 90 • www.immobelpoland.com
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09-mayland
OKAM Capital Ltd
Mayland Real Estate Sp. z o.o. Mayland Real Estate is the leading commercial developer in Poland. The company specializes in large, dominant shopping malls as well as complex redevelopment and massive extensions of old schemes. Recently delivered: Riviera in Tri-City – 70,000 sqm GLA and Serenada in Krakow – • Contact to Mayland Real Estate: 42,000 sqm GLA. Further projects to • Tel: +48 22 546 98 00 be developed include extensions of Serenada, Ster in Szczecin and two retail www.mayland.pl and mixed-use schemes in Warsaw.
OKAM CAPITAL has been developing on the real estate market since 2004, when Okam Ltd. was founded (its share Capital is owned by Arie Koren and • Contact: Arie Koren, CEO Era n Il a n) , s i n ce 2 0 1 0 – • Tel: +48 22 435 47 87/88 after merging with Israeli s t r a t e g i c p a r t n e r Au re c okam@okam.pl Capital - as OKAM CAPITAL.
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We are an architectural design studio founded by Tomasz Walaszczyk and Bartłomiej Pyrzyk – experienced and competent designers who keep broadening their knowledge. Since last April, we have been operating as a company founded together with an investment fund. We are headquartered among other start-ups, at Centrum Przedsiębiorczości Smolna, where the Incubator provides office spaces co-financed by the Capital City of Warsaw. We also have our second headquarters in Kraków, located at al. Słowackiego. We are a rapidly developing studio, finding fulfilment in design of hotel, office, residential and service buildings, as well as in interior layout design. We manage projects at all stages of their implementation – from the initial analysis to the final acceptance inspection. Participation in architectural competitions and creation of the single-family house catalogue PROstyDOM.pl is our way to present our own architectural style. We design buildings all across Poland, demonstrating our individualism, respect for the surrounding context and attention to architectural details, while also keeping the budget plan in mind.
• Contact: tomasz.walaszczyk@p-w-a.pl • www.p-w-a.pl
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Polish Association of Developers The Polish Association of Developers is Poland’s largest industry organization of developers, which at the national and European level takes measures to improve the condition of the real estate market and investment conditions. We associate over 150 companies form all over the country. Our goal is to support their development. • Contact: biuro@pzfd.pl • Tel: +48 22 745 01 00 • www.pzfd.pl
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13V2-skanska
SKANSKA
Skanska Property Poland leads market innovations offering green and future proof office buildings that create perfect places to grow. Skanska’s projects create comfortable and healthy working conditions that blend in with the surrounding urban spaces. We are present on seven Polish markets: Warsaw, Wroclaw, Poznan, Lodz, Krakow, Katowice and Tri-City.
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Vastint Poland is part of the Vastint Group, an international real estate organisation with over 25 years of experience. The cornerstones of our operations include the management of portfolio properties and the development of commercial real estate, including residential development and sales.
Contact: • T: +48 22 820 91 51 • E: info.poland@vastint.eu www.vastint.eu
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TECH STARTUPS ADD TO APPEAL OF NEWCASTLE A DELEGATION from Newcastle is at MIPIM promoting the city as a tech hub, and the fastest growing smart city outside of London. “We’ve worked hard to promote the fact that Newcastle has a really strong tech startup sector which is largely built on two very strong tech universities,” said Pat Ritchie, chief executive of Newcastle City Council. “We have got a number of big development investment opportunities in the city,” she said. Forthcoming events, such as the Great North Exhibition — an 80-day programme of events and exhibits — have proved attractive, she added. “It’s also the culture and vibrancy of the place that make it an interesting place to invest.”
Pat Ritchie, chief executive of Newcastle City Council
ROBIN HOOD JOINS TEAM NOTTINGHAM THE WORLD’s most legendary outlaw is at MIPIM with Team Nottingham, from the UK. Based in the Midlands Pavilion, Team Nottingham is showcasing a range of development projects, and is inviting delegates to visit the stand and meet Robin Hood, the city’s most famous son. Key development opportunities include future life science and bioscience facilities and an Enterprise Zone located close to the University of Nottingham’s Innovation Park, as well as urban regeneration and retail schemes currently taking place in the city centre.
Robin Hood visits the Palais
BNP Paribas research reveals record high for German sales AROUND €58.2bn of German property was transacted in 2017, the second highest figure on record, according to new research from BNP Paribas Real Estate. A strong final quarter lifted investment volumes 11% above the total for 2016, “just 2% short of 2007’s record figures,” said Piotr Bienkowski, CEO of BNP Paribas Real Estate Germany. “There continues to be great interest in German real estate. Buyers are not being put off by potential global trouble spots and the unresolved attempts to form a government in Germany,” he said. The transaction boom covered all asset classes, according to the figures, underlining confidence in Germany as a whole. With a market share of just over 41% (€23.94bn) of total turnover, office properties regained the top spot as most transacted asset type. BNP Paribas’ research said that this would create significant
potential for rent increases in the next few years. Key single-asset deals focused on Frankfurt, including Tower 185, Japan Center and Grand Central Frankfurt. Retail properties reached second place, with an increase of 7%. Shopping centres and high street
assets contributed €13.81bn in deals (just under 24%), achieving their third best result. Logistics properties set a new record, contributing around 16% (€9.18bn) to total turnover and almost doubling the previous best result of 2015.
Japan Center, Frankfurt
Darling designs top Trocadero ARCHITECT Darling Associates has secured planning permission from the London Borough of Westminster for the proposed bar venue situated on the rooftop of the Trocadero, the landmark Edwardian Grade II listed building in London’s West End. The project has been designed for Criterion Capital and incorporates a 17,500 sq ft (1,626 sq m) venue, including a covered bar and a restaurant, as well as a 4,500 sq ft outdoor terrace and swimming pool, which will crown a planned 740-room hotel, also being developed by Criterion Capital. The studio’s designs for 4 Glass Wharf, a major new 210,000 sq ft (19,510 sq m) headquarters office development in Bristol’s
Temple Quarter Enterprise Zone, also secured planning consent from Bristol City Council earlier this year. The project has been designed for developer Salmon Harvester Properties. The eight-storey building will be situated on a brownfield devel-
opment site neighbouring Salmon Harvester’s 3 Glass Wharf, which has also been designed by Darling Associates and is pre-let to HMRC. That scheme is currently under construction and is scheduled for completion in Q4 2018.
The proposed Trocadero rooftop bar in London’s West End
MIPIM News 2 • 32 • 14 March 2018
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Chinese cities may seem the same but big data tells a different story JOLLY Shen, editor-in-chief of The Rising Lab, is in Cannes to tell data-crunchers about the new techniques her company has generated to extract data from government statistics. “I’m leading The Rising Lab team analysing the current situation of Chinese cities, exploring the future of them, and providing quality data analysis and services for city dwellers, urban planners and investors,” Shen said. The Rising Lab is now co-operating with more than 20 internet companies and using their big data to build an index system to re-evaluate Chinese cities beyond abstract government statistical data. The Rising Lab releases a city business attractiveness ranking in the second quarter every year. The ranking assesses the overall commercial attraction of 338 Chinese cities and names 15 of them as ‘emerging new first-tier cities’. “One of the interesting things we
find is that to outsiders — even to the Chinese themselves — all our cities might look the same and have the same general lifestyle characteristics. But when you mine the data, you find there are key differences, especially when it comes to the lifestyles of younger generations. In one city, you might find people have a liking for Japanese food. But
in another that’s the same size and looks superficially similar, there’s a great liking for Korean food, and so on. It’s all in the data, and we’re leading the way in mining it.” Shen is looking to talk to practitioners from different areas of real estate, with a view to jointly creating new insights to conduct better research into cities.
The Rising Lab’s Jolly Shen: “we’re leading the way in mining data”
DELEGATES from the Alliance of International Fund Associations took advantage of MIPIM’s central position on the world map to hold their first joint meeting. Pictured here are AREF’s John Cartwright (left), INREV’s Jeff Rupp, ASPIM’s Arnaud Dewachter, REALPAC’s Michael Brooks, ASPIM’s Cyril Karam, REALPAC’s Sandra Dos Santos and PCA’s Belinda Ngo.
PGIM acquires Parisian office campus M CAMPUS, a 45,000 sq m office campus in Meudon, on the outskirts of Paris, has been acquired by PGIM Real Estate. The property was purchased from a joint venture between Norges Bank Real Estate Management and AXA France, represented by AXA Investment Managers – Real Assets. M Campus, which consists of six grade-A office buildings, sits along the banks of the Seine, less than
500 metres from Boulogne-Billancourt’s Trapeze office district. The campus was completed in 2006. Two of the buildings were recently renovated and will receive BREEAM RFO Good certification for sustainable design. The remaining buildings are fully let. Jocelyn de Verdelon, PGIM’s head of France, Spain and Portugal, said: “This acquisition provides our investors with a well-balanced
mix of income yield and the opportunity to create value through leasing the recently renovated buildings.” Cheuvreux, De Pardieu Brocas Maffei and Builders & Partners advised PGIM Real Estate. AXA Investment Managers – Real Assets was assisted by Wargny Katz and Knight Frank as part of a co-exclusive mandate with CBRE.
MIPIM News 2 • 34 • 14 March 2018
STABILITY AHEAD FOR EUROPEAN REAL ESTATE NEW RESEARCH from TH Real Estate predicts investment volumes for European real estate this year will be in line with those of 2017, despite global market volatility last month. TH Real Estate reports that investment activity was up in 2017 compared to 2016, but fell short of the record year of 2015. Germany, France and the UK all recorded higher volumes. The UK, despite Brexit uncertainty, saw predominantly overseas investors lifting volumes while, in Germany for the first time, cross-border buyers deployed more than domestic groups. Stefan Wundrak, head of European research at TH Real Estate, said: “The financial market volatility in early February, which included an upward trend in bond yields, rekindled the discussion about the era of real estate yield compression nearing its natural end. As long as the correction can be contained, it should be greeted as a welcome start to an orderly normalisation.” The research highlights logistics in Southern Europe and the Netherlands as the top investment recommendation. German offices have also performed well and occupier dynamics point to further upward pressures in the key centres. “A strengthening euro may temper output,” Wundrak added. “However, a healthy mix of increased consumption, investment and exports bodes well for 2018.”
TH Real Estate’s Stefan Wundrak: “a welcome start”
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DEVELOPING & INVESTING IN THE UNITED STATES Where, What & How?
MARCH 14, 2018 | RUBY ROOM, PALAIS 5
RIC CLARK
Brookfield Property Group & Brookfield Property Partners
CHRISTOPH DONNER
Allianz Real Estate of America
CHRISTOPHER HUGHES
ALEXANDER JOERG
JONATHAN MECHANIC
BRUCE MOSLER
Landesbank BadenWürttemberg
Fried, Frank, Harris, Shriver & Jacobson LLP
Cushman & Wakefield
ERAN POLACK
MICHAEL SHIELDS
ISAAC ZION
HAP Investments LLC
IN PARTNERSHIP WITH
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news
Leading mayors set out vision for UK regional regeneration BUILDING new homes and redeveloping brownfield sites left waste by decades of de-industrialisation is key to the economic vitality of the UK’s combined authority regions, according to three elected mayors, speaking at the opening of the UK Department for International Trade pavilion. Tim Bowles, mayor of the West of England, Steve Rotherham, metro mayor of Liverpool City Region, and Andy Street, mayor of the West Midlands Combined Authority, all outlined ambitious plans to accelerate house building and improve areas impacted by the long-running economic shift away from manufacturing. Street said that the creation of his and other mayoral roles — relatively new to the UK — has allowed him to push initiatives “that would not be possible for a single local authority”, while he stressed that he was determined to
West Midlands mayor Andy Street, determined to deliver on housing needs
meet the requirement for 215,000 new homes to be built in the West Midlands in the next 15 years. “We have already accelerated annual house building completions from 7,000 to 9,000 and I
am committed to making sure we reach the numbers we need,” he said. “In our region, we have the equivalent of 22,000 football pitches of brownfield sites. We want to reclaim those sites and
Belfast plans launched in Cannes
DESIGNS for a new office and mixed workspace building in the centre of Belfast are to be unveiled at MIPIM today. The plans involve a comprehensive refurbishment of the 230,000 sq ft (21,368 sq m) building which was once the home of regional newspaper the Belfast Telegraph. The £75m (€85m) project would see the building totally overhauled, converted to modern office and workspace use, and renamed The Sixth. Bel Tel, a joint venture partnership between Belfast City Council and developer McAleer & Rushe, has put in a Proposal of Application Notice (PAN) this week and is preparing to put the scheme before town planners for approval in the coming weeks.
If permission is granted work will get under way, with designs being led by architects firm Allford Hall Monaghan Morris (AHMM). Bel
Tel acquired the site in 2016 when the Belfast Telegraph vacated the building it had occupied for over 100 years. The paper is now based
Plans for the redeveloped former Belfast Telegraph building
MIPIM News 2 • 36 • 14 March 2018
make them suitable for development, bringing life back to those communities.” Street said that the West Midlands had “under-performed for years and years” but that “we are re-establishing ourselves and we are determined to make up for lost time, focusing on those areas where we have competitive advantage.” Rotherham echoed those sentiments and emphasised the opportunities around the existing big data and connectivity infra-structure within Liverpool, plus green and sustainable energy sourced thanks to its port location. Liverpool has also been selected as a location for one of the first ‘green cities’ to be developed and he said that the authority was determined to “learn from the mistakes of the past”. Meanwhile Bowles said that the Bristol and Bath region he represents is a dynamic economy fuelled by “innovation and ideas” and that local government was working to create opportunities both within the cities and also in out-of-town, garden village locations to build much-needed new homes.
in the Clarendon Dock area of the city. McAleer & Rushe property director Stephen Surphlis said: “These are important proposals that will bring a landmark building associated with the news industry back into use for a digital age. Adjacent to both the Ulster University campus and Belfast Central Library, The Sixth will play an important role in the regeneration of Belfast by delivering high quality workspace for global and local businesses, particularly those in the professional, creative and technology sectors.” The name of the redeveloped building is a reference to a call by street newspaper vendors, commonly heard in Belfast for decades. Vendors would cry out “sixth late Tele” when the newspaper’s evening addition came off the press.
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news
GREEK NATIONAL PAVILION DEBUT ENTERPRISE Greece is hosting the Greek Pavilion — the first time there’s been a Greek national pavilion at MIPIM. Enterprise Greece is the government body within the Ministry of Economics and Development which promotes imports into Greece and assists Greek exporters. The Enterprise Greece stand hosts a number of Greek developers and investors promoting their services. “We thought the time was right to bring a group of Greek companies to MIPIM,” director general for investments Angela Michalopoulou said. “Real estate in Greece is driven by the tourism industry. Tourism accounts for 25% of Greek GDP. And now tourism to Athens, for example, has grown by 60% in the last three years.” Michalopoulou pointed to sector boosters such as the Golden Visa programme. This is an offer open to nonEU citizens “if they invest a minimum of €250,000 to own property in Greece, this gives them the right to have a residence permit. They can do what they like with the property, but they have to own it.” She indicated that one reason for the recent economic growth in Greece was privatisation. “The privatisation of the railways, plus the privatisation of the port of Piraeus, have been major aspects in the new growth. Piraeus is now the second-largest port in the Mediterranean, in terms of freight pass-through; and is set to be the biggest in a few years.” There are five companies brought together by Enterprise Greece for MIPIM: Lamda Development, NBG Pangaea, Public Properties Company, DAFRED and Crystal Waters.
Osaka’s billion-dollar plans for regeneration on show LOCATED in the centre of Japan, Osaka is a city with powerful ambitions. An extraordinary opportunity to redevelop around 24 ha of prime downtown land — dubbed the Umeda area — has given city leaders a chance to give its station district a $1bn (€800m) facelift. “These kinds of opportunities don’t come along very often, especially in Japan,” said Fumito Otani of Umeda Connect, the Umeda Area Management Alliance. “The transformation of this site will enable us to promote and increase the value of properties in the area, as well as create an intermodal railway hub.” ‘We’re at MIPIM to talk about Umeda and encourage investors to participate in the joint
Toshiyuki Usuda, chief official from Osaka City Government (left), and Fumito Otani of Umeda Connect
venture to develop the site. But there’s also a lot more going on in Osaka,” said Toshiyuki Usuda, chief official at Osaka City Government. “Osaka has the third biggest population in Japan and the Kansai region benefits from a central, strategic location. We’re also at MIPIM to
discuss the redevelopment of the Bay Area, Osaka Business Park, the Nakanoshima site and the second phase of the Umekita development project. New investors have until May 2018 to enter the competition to partner with us on a raft of exciting ventures.”
REED MIDEM president Paul Zilk attends the opening ceremony at the Japan Pavilion with senior members of the country’s real estate industry. Delegates were invited to share in a glass of sake and to toast to the success of Japan at MIPIM. Dressed in Japanese garments, the representatives also used wooden mallets, or kizuchi, to break the lid of the sake barrel, in a traditional Japanese ceremony often held to mark openings of new business ventures, known as kagami biraki.
Europa Capital sells in Copenhagen PAN-EUROPEAN fund manager Europa Capital and Keystone Investment Management have sold a block comprising 105 newly built private rented sector (PRS) homes in the Copenhagen suburb of Valby to Heimstaden for an undisclosed sum. In September 2015, Europa Capital bought 367 PRS units across five buildings in Copenhagen from DFE. Two buildings comprising 101 units were jointly sold in June 2017. The most
recent sale, the third building, completed in February 2018. In September 2016, Europa Capital and Keystone also inked the purchase of 318 units within the same development, together with the acquisition of a 24,989 sq m portfolio of income producing office stock. The office assets are also located within Valby. “We are pleased with the successes achieved on our disposal programme at Valby,” Hugo
MIPIM News 2 • 38 • 14 March 2018
Black of Europa Capital said. “The continued population growth and limited supply of affordable rental accommodation has driven high rental growth. This in turn has created increased demand from institutional investors.” Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 124 transactions totalling more than €10.4bn across 19 European countries.
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APAM and Catella merge to bolster pan-European reach UK ASSET and investment manager APAM is to become part of the Catella group, subject to regulatory approval. Catella is a pan-European specialist in property investment, fund management and banking, with operations in 14 countries. It is listed on Nasdaq Stockholm in the mid-cap segment. APAM and Catella and will have combined assets under management of around £18bn (€20.2bn). Under the terms of the transaction, Catella — through Catella Property Fund Management (CPFM) — is acquiring 75% of the share capital of APAM for a total consideration of £18m. APAM’s founder shareholders and executive directors, Simon Cooke and William Powell, will own the remainder of APAM’s equity and are committed to the
‘URBAN RENEWAL’ DRIVES BUSINESS FOR BRUNTWOOD BRUNTWOOD now has more than £1bn (€1.1bn) of assets under ownership across Liverpool, Manchester, Leeds and Birmingham and a development pipeline of £1.4bn. In the past year, the company has launched the 52,000 sq ft (4,830 sq m) Neo in Manchester city centre and the 70,000 sq ft Bright Building at Manchester Science Park. It also completed the 110,000 sq ft Cornerblock in Birmingham’s Colmore business district and the 120,000 sq ft Platform refurbishment in Leeds, above the city’s railway station. Bruntwood chief executive Chris Oglesby said: “The urban renewal we see happening across the North West, Yorkshire and Midlands is led by its core cities.”
APAM’s Simon Cooke: “even stronger platform for growth”
APAM’s William Powell: “the start of an exciting new chapter”
company for at least another five years. On completion, David Russell will step down as a non-executive director and sell his stake in APAM to focus on his business interests in Manchester and the North West. APAM will continue to pursue
its UK growth strategy and will be independently run by its current management team. Management from both companies anticipate significant opportunities to strengthen their offering to international investors by leveraging the
combined pan-European reach the two companies can provide. Cooke said: “This transaction brings together two great names in property investment management. Catella’s strategic investment provides us with an even stronger platform for growth.” Powell added: “Joining forces with Catella marks the start of an exciting new chapter in APAM’s development, providing our clients with access to best-in-class advisers across 15 countries and an even more extensive range of services.” In other news, Catella and Kriton Immobilien have jointly established Catella Asset Management (CAM) in response to growing demand for advisory services in professional real estate management from national and international investors. CAM focuses on office and retail properties, as well as buildings earmarked for conversion to residential use. The aim is to capitalise on the long-term earnings potential of properties located in Germany’s highgrowth regions through active asset management.
Carter Jonas teams up with GPP UK PROPERTY consultancy Carter Jonas has joined forces with German Property Partners (GPP) as part of a wider strategy to establish a network of international alliances. The deal is aimed to increase each company’s international presence, and enable sharing and joint consultation services in both the UK and Germany. It is also designed to allow the companies to extend their joint client base in new markets, including the Netherlands and Ireland. In 2016, Carter Jonas entered into a similar partnership with Dutch firm Van Gool Elburg, and is in talks with companies from a number of European countries with a
view to finding further partners. Carter Jonas chief executive Mark Granger said: “We are looking to expand the network further and we are in conver-
MIPIM News 2 • 40 • 14 March 2018
sations this week. We want to cover more of mainland Europe, and we will then look to do a strategic alliance in North America. With Brexit, it’s particularly important that we have these good strategic alliances in place with a number of firms around Europe. Nobody knows exactly how the Brexit deal will look in the end.” GPP and Carter Jonas each have a large national presence in their domestic markets. GPP operates several subsidiary companies throughout Germany, with offices in Berlin, Hamburg, Dusseldorf, Munich, Stuttgart, Frankfurt and Cologne-Bonn. Carter Jonas’ Mark Granger: “good strategic alliances”
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LOW CARBON LOAN FUND LAUNCHED FOR MANCHESTER THE GREATER Manchester Combined Authority has launched a new loan fund to promote the production and distribution of energy derived from renewable resources in the region. The £15m (€16.9m) Greater Manchester Low Carbon Fund has been allocated from the 20142020 European Regional Development Fund and has a lifespan of 15 years. Managed by GVA, the fund is aimed at property developers and infrastructure providers to encourage the use of renewable energy in development schemes. It will be used to fund projects that would struggle to attract traditional commercial finance due to the relatively new technology involved. As loans are repaid, the money will be recycled and used to fund further projects for the duration of the fund’s lifespan. The new fund will work closely with the Greater Manchester European Local Energy Assistance (ELENA) fund, which is managed by the combined authority and provides grant funding to support the early stage development of renewable energy projects. Under the new arrangements, the ELENA fund is able to provide assistance for upfront project costs, with the Low Carbon Fund then following on with commercial investment. John Tatham, senior director at GVA, said: “The benefits that the fund can bring to developers and the environment are vast, as is the scope for the funding, which could include anything from district heating technology to wind farms to reduce the region’s carbon footprint.”
Research partnership probing workplace wellbeing designs HB REAVIS has become the first European-headquartered developer to join the Well Living Lab, as a founding member of the lab’s global alliance. The Minnesota-based lab is pioneering research on the interaction between health, wellbeing and indoor environments. “The membership underlines HB Reavis’ commitment to going the extra mile to create enjoyable workplaces where people can thrive,” said Jakub Duncko, architect, user experience and product design, at HB Reavis. “It allows us to contribute to the science behind what truly drives worker wellbeing and contentment, while allying with some of the best researchers in the world.” According to Duncko, once the Well Living Lab’s findings and wellness strategies have been tried and tested in HB Reavis’ own premises through the use of innovative technologies, the initiative will be rolled out in HB Reavis’ future projects and through its co-working platform HubHub
and workplace consultancy service Origameo. “At MIPIM we’re showcasing Agora Budapest, a major office scheme with retail and services on the ground floor, which best reflects our new approach,” Duncko said. “We are also presenting Varso Place in Warsaw, an office project which will also include retail, F&B and a hotel.
“We’re already a pioneer in pursuing certification under the WELL Building Standard in CEE, having successfully registered nine buildings and two interiors to date. Alongside, 20 of HB Reavis’ projects are currently in the process of being BREEAM Communities certified. This is the next step in our commitment to building sustainably.”
Jakub Duncko, architect at HB Reavis
Capita calls for garden cities
THERE’s a real opportunity to solve the UK housing crisis by embracing the garden city concept, according to Deborah McLaughlin, managing director of real estate projects at Capita. “It’s a step change that’s needed in the market to deliver the housing requirements of the UK,” she said. She is heading up a recently created multi-disciplinary garden towns and villages team at GL Hearn, part of Capita Real Estate. “These are challenging projects often with complicated land ownership. You have to consult with the community so we can help at a very early stage,” she said. Such projects have renewed appeal thanks to recent funding and advice by government, she said.
“This has reignited interest in communities about a better way to design housing with an opportunity to bring in wellbeing and digital, and create places where people want to live. It gives an
Capita’s Deborah McLaughlin
MIPIM News 2 • 42 • 14 March 2018
ideal opportunity to design a whole community,” she said. Garden towns and villages are based on nine garden-city principles with opportunities for up to 10,000 homes at a time.
240-310 MIF PROGRAMME wednesday
EXPLORE THE MIPIM INNOVATION FORUM
Connect and forge commercial relations with cutting-edge startups and technology companies to build the future of Real Estate industry. INCLUDING:
Over 1 000 sqm of exhibition area • Networking bar & area • Startup lounge & competition finals •
sponsored by
Innovation conference room • Innovation matchmaking session •
WEDNESDAY 14 MARCH 10.00 – 10.30 Future spaces: the latest tech and data driving customer experience Sponsor: Equiem
11.00 – 13.00 SNCF Immobilier : transforming the city Sponsor: SNCF Immobilier
14.00 – 14.45 “ ONDijon ” an innovative smart city project based on open data Sponsors: ONDijon, Bouygues Energies & Services, Citelum, SUEZ
15.15 – 16.00 The future, fiction or Real Estate? Co-organiser: Club Innovation & Immobilier
16.30 – 17.00 EG Radius: Show me the Data! Sponsor: EG
LET’S MEET IN PALAIS -1
news
WORLD’S TALLEST MODULAR TOWERS GLOBAL rental housing specialist Greystar Real Estate Partners and Henderson Park, the European real estate investment platform founded by Nick Weber, have exchanged contracts with Tide Construction to acquire a 550-apartment residential development at 101 George Street in Croydon, London. On completion, the development will comprise two of the world’s tallest towers built off-site using modular construction, at 44 storeys and 38 storeys. The apartments will have access to shared amenities including roof gardens at the top of each tower, a podium-level sun lounge, panoramic viewing galleries, fully equipped gyms, residents lounge and private dining and event rooms. The ground floor incorporates an art gallery, artist’s studio spaces, a business incubator hub and a cafe.
London First focuses on people, partnerships and perceptions AROUND 125 London First partners and members are at MIPIM this week to address Brexit one year out, the London Plan and its Growing Together Initiative, a collaborative project with organisations representing other parts of the UK. Chief executive Jasmine Whitbread said that Cannes represents “a key event for our members and for us”, in particular at a time when the UK’s proposed exit from the EU is “very much on everyone’s mind”. Whitbread said that one of the key messages was around ensuring “access to talent and people” in London, while London First has recently completed its consultations with the London Plan and had tried to represent the “careful balance” between ensuring social representations and good infrastructure, alongside the need for the right sort of investors and making sure that
developers are able to achieve a return on their investment. “There has been a wrong perception in some quarters about London versus the rest of the UK but along with partners such as Centre for Cities, Northern Powerhouse Partnership, Business North and Midlands Connect, we’ve been trying to
change that narrative,” she said. “Many of our members are national and we all believe that we should be targeting a strong London and strong regions.” London First is holding a number of events during MIPIM, highlighting its key themes and promoting the city for occupiers, developers and investors.
London First’s Jasmine Whitbread, spearheading key themes
Eataly to open London marketplace
Tall storey: Europe’s highest modular builds will be in Croydon
FOOD and beverage giant Eataly is to open a two-level, 3,900 sq m emporium at 135 Bishopsgate, London in 2020. Its first UK outlet will occupy the ground and first floors of the building, owned by UK REIT British Land, and is the latest step in Broadgate’s evolution into a mixed-use neighbourhood for London. Refurbishment of 135 Bishopsgate is part of British Land’s wider focus on enhancing the environment for Broadgate’s workers and visitors and attracting businesses from a range of sectors to the campus. The upgraded building will deliver high quality office space, with a roof terrace with views over London, as well as in-house catering and a cafe, both provided
by Eataly. Eataly, which generates annual sales of roughly €400m, has 40 outlets in 12 countries. Luca Baffigo, CEO of Eataly,
said “Opening a place in London where people can buy, eat and learn is a very important and exciting milestone for us.”
Eataly is to open its first UK store in London
MIPIM News 2 • 44 • 14 March 2018
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Why attend MIPIM Asia Summit? • Differentiate from your competitors • Conquer new frontiers • Reinforce your leadership • Enlarge your business Contacts
CHINA, EMEA, AMERICA Yue Lian Email: yue.lian@reedmidem.com Tel: +33 (0)1 79 71 99 68
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CONFERENCES & EVENTS 2018
PARTNERS’ PROGRAMME WEDNESDAY 14 MARCH Verrière CALIFORNIE PALAIS 5
08.00 | 08.30
Nordics gourmet breakfast Sponsor: Newsec
08.30 | 09.30
The Nordics: how to keep riding the economic wave Organiser: Fastighets NYTT
RUBY ROOM PALAIS 5
08.00 | 10.00
Developing & Investing in the United States: Where, What & How? Co-organiser: The Commercial Observer
Salon CROISETTE PALAIS 4
08.30 | 09.30
Vilnius the Mid-sized city of the future - where innovation meets talent Sponsor: Go Vilnius
Majestic Hotel
08.30 | 12.00
Russian Breakfast By invitation only By Impress Media
We are very pleased to welcome, this year, students of prestigious universities and schools who will cover the conferences and events programme, share their experience on our social media and deliver reports during and post MIPIM.
10.00 | 12.00
09.30 | 10.30
Oslo Investor Summit Pawn is the new Queen Sponsor & organiser: Oslo Metropolitan Area
Nordic investment market: trends and opportunities Sponsor: Newsec
10.30 | 12.00 11.00 | 12.30 12.00 | 13.00
How Proptech and digital transformation can dramatically build your company’s competitive edge Sponsor: Poland Today
New frontiers for italian Real Estate Co-organiser: Chiomenti
The citizen at the heart of public action: challenges & dynamics? Sponsor: Pitch Promotion
European residential & student housing investment briefing Sponsor: PropertyEU Events
Why the Nordics offer the better investment opportunity Sponsor: Catella
DEPARTMENT OF
PALAIS 4
REAL ESTATE & URBAN LAND ECONOMICS
10.00 | 12.00
13.00 | 14.30
14.30 | 15.30
Auditorium K
EG Tech Session: The ultimate guide to start-up collaboration Co-organiser: EG
TODAY’S MEETING
14.30 | 15.30
Warsaw - the Biggest Metropolis in CEE – New Areas for Development Sponsor: City of Warsaw
Verrière GRAND AUDI PALAIS 1
16.00
Grand Auditorium
15.30 | 17.00
16.00 | 17.30 16.30 | 17.30
Stockholm: where investments meet growth By invitation only Sponsor: Invest Stockholm
Italy: land of opportunities By Authorities of Metropolitan Cities and Regions
Investment Opportunities in the Greater Casablanca area: figures and key studies of the PUMA project led by SAEDM Sponsor: Business Realities International
10.30 | 11.30
18.00 | 19.00
15.30 | 16.30
“Imagine Angers” – Competition for innovative urban projects – Announcement of selected projects Sponsor: Ville d’Angers
Transformation nation: the future of the Polish economy Sponsor: Poland Today
Paris 2024: boosting the urban transformation of the Paris Region Sponsor: Paris Région Entreprises
Startup Competition Witness the birth of the next generation of real estate companies. After a roadshow that stopped in New York, London and Hong Kong, the last stop is Cannes, where nine finalists pitch in front of an international jury.
It’s the big final. Don’t miss it! Wednesday,16.00, Grand Auditorium
Programme as of March 8th, 2018. May be subject to change.
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CONFERENCES & EVENTS 2018
PROGRAMME AT-A-GLANCE WEDNESDAY 14 MARCH MAIN ROOM
WORLD TRENDS ROOM
PALAIS 3
10.00 | 10.45
PALAIS 3
10.00 | 10.45
GOVERNANCE
Global cities: the new powerhouses
11.15 | 12.00
ECONOMY
C40 cities: reinventing cities
ASIA FORUM
12.30 | 13.15
10.00 | 10.45
HEALTHCARE
Hospitals of the future: from inpatient to outpatient
11.15 | 12.00
11.15 | 12.00
ASIA FORUM
Sponsor: CAREIT
HOUSING
Housing: the affordable challenge
12.30 | 13.15
ECONOMY
One-shot events: a lifetime legacy
INNOVATION TRENDS ROOM PALAIS -1
10.00 | 10.30
TECH. & SERVICES
11.00 | 13.00
TECH. & SERVICES
Transforming the city Sponsor: SNCF Immobilier
14.00 | 14.45
TECHNOLOGY
Smart cities: an example for smart countries
ASIA FORUM
Asia’s cities: the next 100
Sponsor: Holland Metropole
15.15 | 16.00
INFRASTRUCTURE
AMERICAS
Growing Canadian real estate economy : the US effect
16.30 | 17.15
16.30 | 17.15
ARCHITECTURE
17.45 | 18.30
HOTEL & TOURISM
Territories & hospitality: the growing challenge
Urban mobility : infrastructure on the move
Architecture: building a changing role
14.00 | 14.45
EUROPE
The German urban model: the case for decentralised devolution Co-organiser: Heuer Dialog
15.15 | 16.00
HOTEL & TOURISM
Investment: trends, analysis and insights
16.30 | 17.15
LEISURE
Leisure in the city: standing out from the crowd Sponsor: Holland Metropole
PALAIS 3
10.30 | 11.30
IDEACTION
Design thinking: the X-factor
Powered by: Schoolab
12.00 | 13.00
OFFICES
IDEACTION
Design thinking: the X-factor
Powered by: Schoolab
Sponsor: IWG
14.00 | 14.45
CREATIVE TRENDS ROOM
Future Spaces: the latest tech and data driving customer Sponsor: Equiem experience
Flexible workspace: the revolution advances
Co-organiser: ESSEC
15.15 | 16.00
PALAIS 3
Belt and Road initiative: capturing opportunities through Hong Kong Sponsors: CRECCHKI, HKTDC
Japan: ageing cities & great investment opportunities
Co-organiser: C40
MARKET TRENDS ROOM
14.00 | 14.45
TECH. & SERVICES
« ONDijon » an innovative smart city project based on open data
14.00 | 15.00
IDEACTION
15.00 | 16.00
IDEACTION
Re-charge meet up
Sponsors: ONDijon, Bouygues Energies & Services, Citelum, SUEZ, Cap Gemini
15.15 | 16.00
TECH. & SERVICES
The future, fiction or Real Estate ?
Co-organiser : Club Innovation & Immobilier
16.30 | 17.15
Design thinking: the X-factor
Powered by: Schoolab
TECH. & SERVICES
EG Radius: Show me the Data! Sponsor: EG
17.00 | 1.00
IDEACTION
Re-charge meet-up
ECONOMY
City financing: innovation and investment trends
CLOSED-DOOR-EVENTS
SPECIAL EVENTS
16.00 | 17.30
INNOVATION
Grand Auditorium - Palais 1
By invitation only
08.30 | 09.30
EUROPE
Carlton Hotel - Salon La Côte
COMPETITION Global Real Estate Tech Partner: METAPROP NYC Sponsor: Union Investment Real Estate GmbH
In partnership with: British Property Federation, GVA
16.15 | 17.15
08.00 | 10.00
HOTEL & TOURISM
DEMOGRAPHICS
Verrière Grand Auditorium - Palais 1
LEADERS’
STARTUP
Networking area - Palais -1
08.00 | 10.00
DEMOGRAPHICS
Gray d’Albion - Salon 4 Saisons
BREAKFAST Urbanity: new rules for new cities
Sponsor: Lennar International Knowledge partner: McKinsey & Company
12.30 | 14.00
08.00 | 10.00
ASIA FORUM
Majestic Hotel - Salon Diane
JAPAN
BREAKFAST
Impact of capital flow trends
Sponsor: Diamond Realty Management Inc
ASIA FORUM
Majestic Hotel - Salon Croisette
ASIA Customer-centric solutions for end users Sponsor: Ivanhoé Cambridge
LUNCH
In partnership with: RICS & ADI
Programme as of March 8th, 2018. May be subject to change.
MIPIM NEWS 14 MARCH_v1.indd 2
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HOTEL PROJECT SHOWCASES PANEL AND DISCUSSIONS Co-organized with PKF hotelexperts
WEDNESDAY, 14 MARCH FOCUSED & FORMIDABLE - ALTERNATIVE LODGING OPTIONS
10:00-10:15 10:15-10:30 10:30-10:45 10:45-11:00
Le Cercle concept, Thomas Lamson, Chief Development Officer, Adagio City Aparthotel
11:00-11:15
The Student Hotel: evolving into a Complete Connected Community Frank Uffen, Director of Partnerships, The Student Hotel
11:15-11:30
YOTELPAD, Hubert Viriot, CEO Yotel
11:30-11:45
MILESTONE Vienna Campus & MILESTONE Budapest Semmelweis Harald Hübl, Investment Director, value one group
11:45-12:00 12:00-12:15
Qbic Hotels, Thomas Grivet, Property Acquisitions – France & Southern Europe
Hyatt House, Guido Fredrich, Regional Vice President Acquisitions & Development, Hyatt Hotels Corporation 25hours, Axel Schoenert, Director, Axel Schoenert Architectes Questions and answers session followed by meet and greet with the speakers
Questions and answers session followed by meet and greet with the speakers
FANCY & FABULOUS - OUTSTANDING HOTELS
12:15-12:30
Ascend Hotel Collection: the V8 Hotel Köln @MOTORWORLD Georg Schlegel, Managing Director, Choice Hotels Central Europe
12:30-12:45
Every place deserves an unforgettable story Clint Nagata, Founder and CEO, BLINK
12:45-13:00
Hotel Indigo Krakow Old Town & Hotel Indigo Warsaw Nowy Swiat Miguel Martins, Development Director Poland, IHG®
13:00-13:15 13:15-13:30 17:15
Questions and answers session followed by meet and greet with the speakers Tourism Investment presentation, Giorgio Bianchi Director, Head of Italy, PKF hotelexperts PKF hotelexperts cocktail reception (PKF Hotel & Tourism bar)
HOTEL & TOURISM NETWORKING ROOM , PALAIS -1 EXHIBITORS & PARTNERS
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Ginza retail complex is bridge between old and new Tokyo JAPAN’s Tokyu Land Corporation is at MIPIM to promote its first major redevelopment project in Ginza, Tokyo’s main shopping district. The project aims to link traditional retail with youthful fashion brands. “This project was a new challenge for us,” Tokyu’s manager of commercial facilities management, Koki Sekiguchi, said. “The property was owned by Toshiba and we purchased it from them and totally rebuilt the entire building.” The concept of Tokyu Plaza Ginza is a combination of the traditional image of Ginza as Japan’s premier merchant community and the youthful, vibrant retail atmosphere in neighbouring Yurakucho. “Most of Ginza was originally divided into small parcels of land, each of which was owned and/ or operated by a merchant,” said Sekiguchi. Tokyu Plaza Ginza is located in front of Sukiyabashi crossing, a very famous intersection. It is the gateway to Ginza.” The design of the new building was thus very important. The motif of the facade is based on Edo
Kiriko, the traditional cut-glass craft that originated in the area. The glass exterior both reflects the community around it and allows passers-by to look in. “We call it the Vessel of Light,” he said, a term that connects the visual concept to the old Matsuda Building that used to sit on the land and which featured a famous spotlight on the roof.
The first two floors of Tokyu Plaza Ginza are occupied by various major retailers in a configuration that mirrors the individual merchant character of Ginza. Smaller retailers occupy the upper floors and the basement levels. Restaurants are located on the top floors, which have a terrace-like atmosphere, with panoramic views of Ginza.
APLEONA TAKES ON TURKISH CENTRES GERMAN real estate services provider Apleona is taking on property and centre management and letting of the retail space in three Turkish shopping and outlet centres. The centres are Akyaka Park Shopping Centre and Olivium Outlet Centre, both located in Istanbul, and MarkAntalya Shopping Centre in Antalya in the southwest. The three retail properties total 127,000 sq m of space. Apleona currently manages 420,000 sq m of rental space in Turkey, including shopping and outlet centres, specialist stores and large mixed-use complexes. The services performed by Apleona on behalf of investors, developers and owners of retail properties include developing centre concepts, letting, marketing and management, as well as tenant support and advice on longterm value enhancement for retail investments.
Tokyu Land Corporation’s Tokyu Plaza Ginza
Marvel Artiza set for completion THE FIVE-storey Marvel Artiza mixed-use retail and commercial building in the multi-city metropolis of Hubli, in the south India state of Karnataka, is due for completion this year. Designed by German architect Blocher Partners, the 11,000 sq m project is designed around a central atrium which provides natural lighting. The retail element is on the lower floors with offices located on the upper levels. Blocher Partners’ focus on greening is evident in the façade which is covered in plants which reduce the intensity of the sun, serve as a visual screen, and function as an eye-catcher in the urban environment.
MarkAntalya shopping centre in Antalya Blocher Partners’ design for the Marvel Artiza building in Hubli, India
MIPIM News 2 • 49 • 14 March 2018
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AXA moves into Lisbon with €230m acquisition AXA INVESTMENT Managers – Real Assets has completed, on behalf of clients, the acquisition of the 80,000 sq m Dolce Vita Tejo shopping centre in Lisbon, Portugal for €230m. The centre was bought from Baupost and Eurofund Group, which are currently undertaking a redevelopment programme to reposition the centre as Portugal’s premier retail and leisure destination. Eurofund and Baupost will continue to act as operator and development manager respectively until completion. With a footfall of 15 million a year, Dolce Vita Tejo is the second largest shopping centre in
Portugal. Located 12 km from Lisbon’s Portela airport, the centre’s 274 retail units are more than 90% let. After the upgrade, the scheme will be the first centre in Portugal to include a water park, VR games and flight simulators, along with a theme park totalling 5,000 sq m. Hermann Montenegro head of asset management and development, Iberica, at AXA Investment Managers - Real Assets, said: “This is evidence of our confidence in the recovering southern European retail market. It has also provided us with an opportunity to enter the Portuguese capital.”
Atrium sells out in Hungary ATRIUM European Real Estate, which owns, operates and redevelops shopping centres and retail real estate in CEE, has sold 18 assets in Hungary and one in the Czech Republic for a combined price of €70m. The move follows Atrium’s strategy to improve its portfolio through selective rotation of capital to high-quality, well-es-
tablished shopping centres in major cities and urban locations. Liad Barzilai, Atrium group CEO, said: “These disposals mark our exit from Hungary, with the exception of a few residual assets. Together with the sale in the Czech Republic, they demonstrate our progress towards improving the quality of our portfolio.”
IntReal sees 38% rise in AUA GERMAN alternative-investment fund (AIF) manager International Real Estate (IntReal) reports a 38% rise in assets under administration (AUA) in 2017, after growing by a similar amount the year before. By the end of 2017, IntReal’s AUA reached some €18.6bn,
with a total of 114 funds under administration compared to 83 the previous year. Its portfolio consisted of 857 properties, compared to 629 in 2016. The company expects similar growth in 2018. It is also predicting further growth in the area of open-ended mutual-property AIFs.
MIPIM News 2 • 51 • 14 March 2018
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Industrial and logistics deals drive growth across EMEA
CBRE’s Jonathan Hull: positive shift in sentiment in France
INDUSTRIAL, and specifically logistics, is the most sought-after real estate sector for European investors, overtaking offices for the first time, according to CBRE’s annual EMEA Investor Intentions Survey to be unveiled today at MIPIM. With the growth of e-commerce continuing to benefit the sector, a third (33%) ofWIFI_N1a4_PIM respondents in Eu247_RM
rope expressed a preference for industrial property, mirroring the trend globally, and reaffirming its status as an institutional asset class. Across EMEA, offices were ranked second most popular, favoured by 26% of respondents. Investors are seeking markets with strong economic fundamentals to underpin rental growth and high levels of liquidity. Residential has seen the steepest rise in popularity, compared with 2017, and was the preferred asset class for 21% of EMEA respondents. A defining feature of the industrial market last year was the rise in sales of large portfolios, specifically platform deals. Notable transactions included Blackstone’s €12.2bn sale of the Logicor portfolio to the China
Investment Corporation (CIC) and Brookfield’s $2.8bn sale of IDI Gazeley to Global Logistics Properties. These allowed the buyers to establish instant, managed portfolios. Jack Cox, CBRE’s head of EMEA industrial and logistics capital markets, said: “2017 was the year the industrial and logistics sector was unquestionably re-rated, evidenced by the number and scale of platform deals we saw in the sector. Logistics yields remain at a premium over other real estate sectors, and the sustainability of returns is underpinned by a robust occupational market, which is attracting investors from around the globe.” Jonathan Hull, CBRE’s managing director of EMEA capital markets team, added: “While
sentiment does not always translate directly into investment volumes, investor preferences do indicate which markets may see heightened activity over the next 12 months. We have seen a shift in sentiment in France, following the election of President Macron and the subsequent economic momentum this has created. Madrid has seen strong investor interest thanks to improving economic fundamentals. Limited development activity and declining vacancy rates in Amsterdam have boosted its appeal over time. And the current strength of the German economy and the lack of supply continue to drive investor demand in all its key markets.”
One of the Logicor assets acquired by CIC
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Montreal in Cannes to promote City’s ‘booming tech sector’ MONTREAL is back at MIPIM, with an umbrella stand organised by the city’s Economic Development Service. The stand is hosting a number of Montreal businesses and startups. Josee Chiasson, the City of Montreal’s director of economic development, said: “One of our aims in the city is to push through a major smart area development. We want to create an intelligent district within Montreal’s development areas.” Montreal’s “tech sector is booming”, she added. “We want to Josee Chiasson and Florian Bouzou on the Montreal stand promote it and capitalise on that.” of the system to developers, ar- a series of intelligent visualisOne of the companies at the chitects and clients,” Smartpixel. ations of a project — right up Montreal stand is Smartpixel.tv, tv’s Florian Bouzou said. to fly-throughs and 3D imaging. which is demonstrating its 3D Smartpixel.tv takes data from “We were one of the first in the field visualisation system. “We’re at plans and photographs and dig- to offer this capability and we’re MIPIM to WEST show the advantages Daily itisesNews it, turning the data into still the pioneers,” Bouzou said. 134_JR MIPIM2018 Half page Advertisement
MIPIM News 2 • 55 • 14 March 2018
PROPERTY CYCLE AT ‘ADVANCED STAGE’ A FURTHER eleven European markets have been ranked as fully-priced in Cushman & Wakefield’s latest Fair Value Index, more evidence that the current property cycle is coming to a close. Last year the index fell to its lowest level since early 2006, leaving less than a fifth of European markets ranked as under-priced. Moscow retail ranked as the most undervalued, followed by Budapest retail and Moscow offices. The Rome retail sector is the most fully priced market in Europe. A further downgrading of the overall rating, with just 19% of markets now considered to have potential for price increases, suggests the European property cycle is at an “advanced stage”, the report says.
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An escape from communist Poland led Stash Pruszyński to Radio Free Europe in Munich. page 68
While other countries cut back on defence, Poland is spending more. page 24
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A testament to the Jewish contribution to Polish history opens. page 58
The changing face of Silesia, above and below the ground. page 68
Does Donald Tusk have the political will to force through healthcare reform? page 30
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Maritime trade and improved transport links boost Pomerania. page 40
Poland's unlikely role model as it seeks to maximise BPO potential. page 50
World Press Photo winner Chris Niedenthal shares his memories of transformation. page 30
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Jan Cienski reports from Ukraine on how the country's divisions have made it vulnerable. page 42
A Polish startup that makes 3D printers has landed a huge deal with computer giant Dell. page 54
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MIPIM 2015: Extended in-depth real estate coverage for the fair in Urban Issues. pages 68-84
Canada in focus: Canadians want to share their experience in spurring innovation. pages 37-48
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Polish scientists are helping the police catch drunk drivers with innovative use of lasers. page 54
The quiet charm of Sandomierz, one of the country’s lesser known tourist delights. page 64
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SERE goes Dutch with Aviva adds office scheme Apeldoorn data centre to Manchester portfolio
The Apeldoorn data centre is let to Dutch telecom and IT giant KPN
SCHRODER European Real Estate Investment Trust (SERE) has acquired a data centre in Apeldoorn, the Netherlands, for around €20m, representing a net initial income yield of 10%. The 23,700 sq m building was refurbished in 2015 and is let to Dutch telecom and IT service provider KPN. The acquisition means that SERE has now fully deployed its available investment capital. The company has invested around €235m at a blended net initial yield of
around 6.5% in established Western European growth cities. However, SERE is looking at further investment this year. “Following the announcement that Casino Group has exercised an option to buy back two of our low-yielding retail assets at a 10% premium to valuation, we are now working on opportunities to redeploy this capital when the sale completes in July 2018,” said Jeff O’Dwyer, SERE’s investment manager, continental Europe.
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AVIVA Investors is to forward-fund the development of Eleven York Street, a new office space development in Manchester, after it acquired the freehold interest from Kier Property, the development arm of Kier Group. The development, previously known as Oddfellows House, will provide grade-A office space totalling 79,165 sq ft (7.354 sq m) over seven floors, as well as two ground-floor retail and leisure units, and basement car parking. The speculative scheme, designed by architects AHR, is the first office-led development to be delivered in Manchester’s central business district in more than a decade. It is due to complete in Q4 2019. Aviva’s other Manchester assets include 201 Deansgate, 55 Spring Gardens, 11 Portland Street and the Corn Exchange.
Aviva associate director Christian Anderton said the development added to the asset manager’s diverse portfolio: “Manchester, which is characterised by a lack of new grade-A stock being delivered locally, forms a major part of our targeted cluster investment strategy.” OBI Property represented Aviva, while Kier was advised by CBRE.
Eleven York Street is the first office-led development in Manchester’s CBD in a decade
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Hungary’s university cities are intelligent choice for investors THE HUNGARIAN Investment ment,” he added. strongly. There are 24 ongoing ofPromotion Agency (HIPA) is at MI- Between 2014 and 2017, HIPA con- fice developments in the city, which PIM to showcase four provincial tributed towards nearly 300 success- could increase to 36 by 2020. Also locations. ful investment projects in Hungary, on an upswing are Budapest’s inRobert Esik, president of HIPA, representing more than 58,000 new dustry, logistics and hotel markets. which is governed by the Minis- jobs. In 2017 alone, the agency ne- There are currently 17 hotel develtry of Foreign Affairs and Trade, gotiated 96 investment projects — a opments in the city, which will see said that Debrecen, Miskolc, Pecs 35% year-on-year increase. an extra 2,000 rooms created by the and Szeged offered huge opportu- Budapest also continues to perform end of this year. nities and were already attracting investment into office, industrial and mixed-use projects. “They are all major university cities and so have a strong availability of talent,” he said. “For example, Debrecen has a 200,000-strong population, 30,000 of whom are university students.” There is a total of 13 real estate developers from Hungary at MIPIM, Esik said. “Hungary is a stable and growing economic environment, with a very open economy so there is144_MARSEILLE_N2&3_PIM an extremely high focus on invest- HIPA’s Robert Esik: “a stable and growing economic environment”
PRELIOS’ USP STILL RETAIL CONSULTANCY Prelios has confirmed its commitment to the German retail sector, despite structural issues prompted by the rise of ecommerce. Martin Morl, managing director of Prelios Immobilien Management, said that, while the company was keen to win work in other sectors, it remains a retail specialist: “We are still focused on retail. It has become more complex and difficult because of ecommerce. These days, you need a good solution for the product and the tenants, so that they can do good business. It’s a bit more difficult to get higher rents because of ecommerce but, with a good concept and location, you can find good tenants. It’s all those aspects that create good turnovers.”
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IWG was ‘in the right place at the right time’ for co-working boom
you have employees directly asking for that. A lot of companies really see the benefits of maintaining a principal headquarters, but adding access to spaces which are cost-efficient, flexible and pleasant for their employees to work in. So we focus on creating multiple resources in key city locations, next to metro stops and train stations.” SERVICED-office provider Established over 25 years ago, IWG, formerly known as Re- Regus rebranded at a corporate gus, was in “the right place at level to IWG about a year ago, the right time” for the global but runs serviced offices under boom in demand for co-work- a range of brands including Reing spaces, according to Paulo gus, Spaces and No. 18. Dias, CEO Brazil, Africa and “We acquired the Spaces brand — an Amsterdam company — a Southern Europe. “I think in the past we found couple of years ago, and it’s curourselves sometimes explain- rently one of the fastest growing ing the benefits of using shared office brands in our business,” working environments or open- Dias said. “Spaces occupies relplan offices,” Dias said. “Now atively big buildings — often 200_IMMO WIRTSCHAFT_N_PIM IWG CEO Paulo Dias
self-contained buildings — in iconic locations. We offer loads of services through this brand, so there tends to be access to a rooftop space, plus retail-style access on the ground floor with a club-feel and a house barista. “Spaces is growing rapidly in most European countries right now. In France, the first one opened in the summer of 2017
and we already have seven in operation or committed. 2019 will see us open in an entire 18,000 sq m building in La Defense. “No. 18 was a Swedish operator which we bought out, providing very central locations, with the feel of a high-end business club. The focus is on having a nice bar with organic food and drinks and a city lounge, making it event-friendly. “We’re now operating in 120 countries worldwide and every country has a bespoke business plan, to allow us to target real growth.”
Spaces: “growing rapidly in most European countries”
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Scotland promises good returns on £1bn of investor-ready projects The V&A Museum, to be part of the Dundee Waterfront project
SCOTLAND now has more than £1bn (€1.13bn) of investor-ready projects, according to the country’s national economic development organisation. Scottish Enterprise said that the projects have all undergone due diligence and that many had been pump-primed with publicly funded infrastructure. Simon Parsons, senior manager, business infrastructure, at Scottish Enterprise, pagina_ADV_ff_02.pdf 184_COIMA_N2_PIM
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said: “The projects are underpinned by a strong business case. There are strong demand dynamics and these projects can make a difference in terms of Scotland’s economic growth and also provide a return for investors.” Projects seeking investment include the Advanced Manufacturing Innovation District Scotland in Renfrewshire, which is looking to capitalise on the presence of
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major employers already located in the area, including Rolls Royce and Thermo Fisher. In the country’s capital, work is starting this year on the Edinburgh International Business Gateway, a £700m commercial and residential development of 90 ha of land to the city’s west. In the north, the vast Dundee Waterfront project will soon be home to an outpost of the V&A Museum, while the £100m Inverness Campus development is already home to the University of the Highlands and Islands and NHS Highland, and is actively seeking private sector partners. Kenny Macinnes, principal economy officer at The Highland Council, said: “There are various opportunities, mostly around R&D and the life sciences, but we’re also looking at hotel opportunities.”
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MIPIM News 2 • 63 • 14 March 2018
AERIUM SELLS PRIME BERLIN OFFICE ASSET EUROPEAN real estate fund manager Aerium has sold a prime office asset in Berlin after completely upgrading the property over the last two years. The Stresemann Campus office, which is situated in Berlin’s historical heart near Potsdamer Platz, consists of three modern blocks comprising high-quality office and educational space spread over five floors. “Owing to the asset’s strategic location, we recognised the potential to add value to a tired office complex, repositioning it to grade-A standard and attracting a strong tenant lineup,” co-chief investment officer at Aerium, Steven Broch, said. Aerium received redevelopment finance from German bank DG HYP and was advised on the disposal by Cushman & Wakefield and Eastdil Secured.
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Healthcare real estate market set to grow across Europe
Stephane Pichon expects healthcare growth for 2018
THE HEALTHCARE real estate market is set for growth across Europe this year, according to the latest forecast from financial and real estate investment advisor Your Care Consult. Although the volume of transactions was worth €4.5bn in 2017, that figure was 33% down on a record 2016. While investment in the UK — Europe’s biggest market — increased, the second- and third-biggest markets, Germany and France, were down. However the European market as a whole is expected to grow to €5.5bn in 2018, according to Stephane Pichon, partner at Your Care Consult. He said expected growth in the UK and Netherlands would drive the rise. Although it represents only 2%
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of the commercial real estate market across Europe, the healthcare real estate sector offers big opportunities for investors, according to Pichon. “It’s a niche market but it attracts a lot of investment as part of the alternative investment market because it’s based on demography rather than economy. Investors like the long-term cashflow potential. Also, compared with office or retail, location is less important so it also provides geographic diversification in your portfolio,” he said. In 2017 European investors mostly favoured the UK, Italy and Netherlands with subdued activity in Germany, France and Belgium. Across the eight countries studied, Pichon said that he
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MIPIM News 2 • 65 • 14 March 2018
expected further increases in the UK with investment volume potentially reaching £2bn (€2.25bn) in 2018 thanks to ageing demographics and an attractive sterling exchange rate pulling in new foreign investors. In the Netherlands, sale and leaseback transactions should keep growing and a record investment volume of €650m is expected. Elsewhere Pichon said investment volumes should increase in Italy and Spain, despite complicated political uncertainties in both countries. He added that the Portugese market was also opening up to foreign investors, especially since the market is currently under-equipped for nursing home beds. France is expected to reach the 10-year average of €700m with transactions both in hospitals and nursing homes. Germany should remain stable and the Belgium market is expected to grow — particularly driven by the nursing home market.
infographic: WORLD URBANITY
Mapping World Ranking world cities is an endless source of debate. JLL’s Cities Research Center examined the real estate trends in the world’s most powerful cities. Cities within each group share strengths and challenges and present different opportunities to real estate investors, developers and corporate occupiers
TORONTO CHICAGO
SAN FRANCISCO
NEW YORK
WASHINGTON DC
AMSTERDAM LONDON PARIS MADRID
LOS ANGELES MEXICO CITY
THE BIG SEVEN
These are the world’s most powerful and globally connected cities, they account for a round one quarter of all global capital invested in commercial real estate and have registered the strongest growth in prime office rents since 2000, but they are also among the most cyclical markets.
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SOURCE: JLL’S CITIES RESEARCH CENTER
BUENOS AIRES
MIPIM News 2 • 66 • 14 March 2018
infographic: WORLD URBANITY
Urbanity
EMERGING WORLD CITIES
MOSCOW
These mega hubs are exceptionally large cities in emerging economies that have become centres of business services and retail. They attract high levels of corporate demand, but are failing to match this with strong real estate investor activity.
BEIJING SEOUL
ISTANBUL
TOKYO
SHANGHAI HONG KONG
DELHI MUMBAI
BANGKOK
MANILA
SINGAPORE JAKARTA
SYDNEY
ESTABLISHED WORLD CITIES
These are the contenders that are closest to joining the Big Seven and have collectively recorded the fastest growth in real estate investment over the past decade. They have also registered among the highest office rental growth since 2000, second only to the big seven.
MIPIM News 2 • 67 • 14 March 2018
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project news
LES FABRIQUES Marseille, France
Urban development – Presented by: Euromediterranee
Euromediterranee is a project of national importance whose aim is to position Marseille alongside the largest European cities. Euromediterranee’s economic, social and cultural development emphasises the attractiveness and influence of the Marseille metropolis. With 480 ha of land it is the largest urban renewal operation in Europe. The next phase of the project, Les Fabriques —created by Linkcity and UrbanEra — is a collaborative, innovative and open econeighbourhood. The project will ensure transmission of knowledge and a social mix conducive to local craftsmen, designers, manufacturers and entrepreneurs who will inspire others. The values of recycling, frugality and proximity are at the heart of the project. Les Fabriques district will provide 800 jobs during the development phase. The project will create 170,000 sq m of housing, 44,000 sq m of offices, 24,000 sq m of retail, light industrial and workshop space and 10,000 sq m of public infrastructure. Euromediterranee is one of the first projects, among 13 nationwide, to receive the EcoCite certification and label, awarded by the French State.
SQUARE CHILDREN’S Montreal, Canada Mixed-use – Presented by: Fonds immobilier de solidarite FTQ The Square Children’s project entails redevelopment of a historical location — the former site of the Montreal Children’s Hospital. The C$400m (€263m) project will offer nearly 1,400 rental and condominium units, built in six innovatively designed towers. The project also includes commercial and office space, and a new community centre that will house a library and an auditorium.
PALATIN II & III RENOVATION
Paris La Defense, France Offices – Presented by: Alamo (Groupe Duval) Alamo, an AMO subsidiary of Groupe Duval, is leading the renovation of more than 23,000 sq m at the Palatine II and III building, located in La Defense. Alamo is acting as project manager on behalf of landlord Commerz Real’s German HausInvest fund with Arte Charpentier and TPF-Ingenierie completing the project team. Following its renovation, to be delivered in August 2018, the building will offer flexible office floors of 2,500 sq m and a wide range of services. BREEAM In-Use Very Good, HQE Very Good and Excellent certifications are targeted.
RIONE TERRA Pozzouli (Naples), Italy Urban development – Presented by: Municipality of Pozzuoli, Italian Public Real Estate Agency The Rione Terra neighbourhood is representative of the historic city of Pozzuoli, which was founded by the Romans the 2nd century BC. Although inhabited since antiquity, it was evacuated in 1970 because seismic activity made buildings unstable. In the 1990s, a restoration project was initiated and the first phase, representing about half of the district, comprises buildings which have been completely saved and restored. The project is available for public tender lease agreement.
MIPIM News 2 • 69 • 14 March 2018
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project news
AMALIA Luxembourg, Luxembourg
BOHEMA STREFA PRAGA Warsaw, Poland Mixed-use – Presented by: Okam Capital
Amalia, developed by ICN Development and Tralux, will combine luxurious living, working and shopping in the historical centre of the city of Luxembourg. Modern interiors are being created behind preserved historic façades in a project designed by Tatiana Fabeck Architects. The project is located next to the Fensterschlass residence and the buildings share an underground connection, enabling Amalia residents to use the Fensterschlass access to the car park. All units, including residential, commercial and offices will be completed by the end of 2020.
Okam Capital plans to create the Bohema Strefa Praga project in the former Pollena Uroda factory with a new building to be constructed alongside it, thus combining tradition and modernity. The aim of the development is to re-energise the 19th-century building which has been vacant for years. The project, located at 20 Szwedzka Street, Warsaw, will provide cultural and entertainment facilities in a 4.3 ha complex of apartments, office space with co-working zones, retail and service space for local entrepreneurs, and apart-hotels. A lively public space will be created in the square at the centre of the project which is marked by a preserved factory chimney. Artistic life will flourish here, with concerts and performances, cinema and events, and the project will create a new heart for the Praga district.
TSUNAGU TOWN MUSASHINO SEKIMACHI
VILLA GIOVIO LUXURY HOTEL Como, Italy Hotel & Tourism – Presented by: Fondo i3-INAIL managed by Invimit SGR SPA
Mixed-use – Presented by: ICN Development
Tokyo, Japan Residential – Presented by: NTT Urban Development Corporation
Tsunagu Town Musashino Sekimachi combines apartments and a care home for seniors but aims to maximise living possibilities by suiting any stage of family life. Its design has combined architecture, service provision, activities, social interaction and communication with a focus on a senior person’s life preferences. The project provides a variety of housing choices for seniors, enabling younger families to locate their parents close at hand and, as families grow older, provides the opportunity to move to the home for senior people, or to remain in an apartment but utilising services provided by the care home. The project offers physical support and opportunities to create multigenerational links within the community, as suggested in its name Tsunagu’, which means connect. Social interaction and communication was one of the main considerations in the planning process and facilities include a community cafeteria, theatre, restaurant, recreation room and rooftop garden. Staff and residents can also organise interactive programmes to foster connections between people.
Villa Giovio Luxury Hotel is based on a neoclassical villa built in 1790 and designed by 18th-century architect Simone Cantoni. Located in the municipality of Como, in one of Lombardy’s richest provinces, the property is located in the hills and surrounded by a historic park and could be used for tourist accommodation, a conference centre or a private house. It has 80 rooms.
MIPIM News 2 • 71 • 14 March 2018
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project news
BOLSHEVIK BUSINESS AND CULTURAL CENTRE (PH2) Moskow, Russia
Mixed-use – Presented by: O1 Properties
The Bolshevik business and cultural centre is located on Leningradsky Prospect in Moscow and unites the buildings that comprised a former 19th-century confectionery factory, said to be a masterpiece of early industrial architecture. Three of the buildings have cultural heritage status. The renovation has been led by British architect John McAslan+Partners and its first stage was completed in mid-2016, including the restoration of the site’s historical appearance, full modernisation of utilities and adaptation to modern use. The Bolshevik site now incorporates a class-A business centre with tenants including Publicis Group, Parallels, Moet Hennessy and AT Kearney. There is a newly installed glass atrium which provides a covered street with a retail zone where tenants and visitors can relax regardless of weather conditions. Another of the buildings houses the Museum of Russian Impressionism and three of Bolshevik’s buildings are being converted to residential apartments. The scheme has received awards including AIA Design Award 2017, MUF’17 Community Award, Best Office Award 2017, International Property Award 2016, Civic Trust Awards regional finalist and The Moscow Times Award 2015.
CHMIELNA 89 Warsaw, Poland Offices – Presented by: Cavatina Chmielna 89 is an class-A commercial office building and two-level garage with 118 parking spaces. The building is approximately 26,000 sq m and its offices will provide workspace for around 2,500 people. The futuristic structure is distinguished by its pyramidal cupola. High quality finishes have been specified including a frameless glass facade system, fixed aluminium sun-blinds, anodised aluminium internal linings, fair-faced concrete and green roofs. A BREEAM Very Good rating is being sought.
EQUILIBRIUM, BUILDING 1 Bucharest, Romania Offices – Presented by: Skanska Property Romania
POLISH HISTORY MUSEUM Warsaw, Poland Cultural institution – Presented by: Ordre des Architectes et des Ingenieurs-Conseils
Equilibrium is located in the northern part of Bucharest, in the Barbu VacarescuFloreasca area. The first building will comprise 20,800 sq m, which is due for completion in the second quarter of 2019. When the two-building complex is finished it will provide 40,700 sq m of offices on 12 above-ground floors, with 240 parking places in the first phase. Equilibrium will provide flexible and customisable workspace with plenty of fresh air and natural light. Community is key to the concept which aims to connect people and businesses. The green area in front of the building will be a social space dedicated to both the local community and tenants. The scheme will have a restaurant with extended opening hours to serve those working on flexible schedules. The project is LEED Gold pre-certified.
The Polish History Museum is to be built in a wooded area of Warsaw, next to the 17th-century Ujazdowski castle. A 1970s highway disturbs this peaceful environment so the building’s design endeavours to restore the harmony of this natural and historical site. Its rational, voluminous structure provides a contrast to the facades’ fullness and spaciousness. The architect is Paczowski and Fritsch, the consulting structural engineer is RFR, landscape architect is EL.CH Landscape Architects, Munich, and the museum specialist is Christian Germanaz, Paris.
MIPIM News 2 • 73 • 14 March 2018
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project news
CA N’ALEMANY Viladecans (Barcelona metropolitan area), Spain Industrial & Logistics – Presented by: Barcelona Catalonia Catalan Land Institute, Incasol, and the Government of Catalonia are developing the project in a prime business location for large-scale industrial and commercial use located 10 km from the centre of Barcelona, near the Llobregat Delta. It has direct links to the main communication networks, including El Prat International Airport and the Port of Barcelona. In addition to its location in the south of the Barcelona metropolitan area, Ca n’Alemany occupies a centrally placed site in the Baix Llobregat, in the municipality of Viladecans, an area of manufacturing, tertiary and logistics activity.
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HAGA NOVA Stockholm, Sweden
Residential – Presented by: Stockholm Business Region
Haga Nova is a residential project which will provide high-end housing in Hagastaden, one of Stockholm’s largest and most important urban developments. The area is characterised by its links with academia, world-leading research and entrepreneurial companies. Three prominent universities are located in the vicinity of Hagastaden: Karolinska Institutet; Stockholm University; and the Royal Institute of Technology. A new university hospital, New Karolinska Solna, will become a hub for healthcare, research and academia. On completion in 2025, it will also help to make Stockholm one of the world’s leading life-science centres. Hagastaden will create approximately 50,000 workplaces in addition to 6,000 new homes. It will have a high development density with taller buildings and a metropolitan character reminiscent of Manhattan, utilising bold stonework and glass. High standards of environmental sustainability are being sought and Haga Nova will encourage cycling by providing an average 2.5 cycle storage bays per apartment. The scheme is aiming for Sweden Green Building Council’s energy efficiency gold standard.
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project news
PIRHUSET Stockholm, Sweden
LIGOVSKY CITY St Petersburg, Russia Urban development – Presented by: Glorax Development
The old harbours of Stockholm will be developed into a new sustainable urban waterfront, extending the historic city. Pirhuset, developed by Bonnier Fastigheter in co-operation with Stockholm city planning department, will be a new landmark and signature building for the city. The new building will be partly constructed on a new pier which will also provide a public plaza facing the water. Highly visible as the focal point of the existing dockside promenade, the new, 100 metre-high building will welcome visitors arriving to Stockholm by boat. The site is well located for public transportation and easily accessible from the centre of Stockholm. The building, which will mainly comprise offices, is designed to be a new meeting point for workers and those engaged in leisure activities such as music, art, food and various sports. The public plaza and roof terraces in the lower parts of the building will provide public spaces with views of the surrounding area. The project is part of the Stockholm Royal Seaport urban development area. A BREEAM Excellent rating is being sought.
Ligovsky City is a large project implemented by Glorax Development as part of the wider regeneration of the so-called “grey belt” industrial areas surrounding the historic centre of St Petersburg. Beginning with the construction of the first phase of the project — the Pervy Kvartal complex — Ligovsky City will become a complete and convenient environment for city residents while preserving the area’s heritage and integrating it into a modern urban context. Future residents of the complex will benefit from a quality and affordable space for living, working and leisure in the heart of Russia’s northern capital.
Offices – Presented by: Bonnier Fastigheter/Stockholm
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project news
CHESHIRE JUNCTION Warrington, United Kingdom Mixed-use – Presented by: The High Street Group
A land deal has been completed, paving the way for the development of 362 apartments for private rent in Warrington’s regenerated town centre. The High Street Group has acquired the site next to the central station of Warrington and expects to start construction in the autumn, creating a six-storey complex with a total development value of £51m. The scheme has two adjoining phases of residential apartments wrapped around an internal courtyard. Both phases are accessed via the pedestrianised square in front of Warrington Central Station. The plans include around 6,400 sq ft of retail and leisure space and 796 parking spaces. The apartments will be open plan and contemporary in style with a mixture of single and two bedroom units. There are also 2-, 3- and 4-bed duplex apartments and a rooftop lounge. The foyer will focus on a new Station Square and provide a sense of place making, with a better balance of public and private open space. The Station Square is being developed as part of the wider Warrington regeneration.
DEIRA ISLANDS Dubai, United Arab Emirates Mixed-use – Presented by: Nakheel
Deira Islands will be a spectacular mixed-use, waterfront development near Dubai’s Deira district. It will comprise four islands that will add 40 kms, including 21 kms of beach, to Dubai’s coastline. At the heart of Island A is Deira Central, a self-sustaining community consisting of residential units, retail destinations — including Deira Mall with over 1,000 shops, cafes and entertainment outlets — as well as leisure attractions and lifestyle amenities. Fifty residential towers will feature over 22,000 apartments and 260 townhouses, with retail space, swimming pools and tennis courts. A boulevard will offer a variety of retail options. Deira Central will also feature two parks and two mosques. For tourists there will be world-class hotels and serviced apartments. Island A will also include Nakheel’s joint ventures with Centara Hotels & Resorts for a 600room beachfront resort and waterpark, and an 800-room beachfront resort with RIU Hotels & Resorts. Deira Islands Night Souk will be Dubai’s first night market with 5,300 retail stores and nearly 100 quayside restaurants and cafes. Six marinas will provide 614 berths catering for vessels of up to 60 metres in length.
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project news
GAZIANTEP İSTASYON URBAN REGENERATION PROJECT Gaziantep, Turkey Urban development – Presented by: Gaziantep Metropolitan Municipality
The project is located on a 505,330‑sq m site adjacent to Gaziantep Castle and the old downtown area which is still an active commercial district of the city. Its central location means the area has the potential to respond to the needs of the developing city centre. The project will regenerate former residential and industrial areas, transforming them into a central business district providing commercial areas, office buildings, tourism zones and dwelling areas. The project has the potential to bridge old and new through the development of modern buildings inspired by the traditional and local architectural vernacular. For example, a pedestrian way connecting Gaziantep Castle to Zeugma Mosaic Museum has been designed to maintain the scale of the old city by providing low-rise shopping facilities whereas the main east-west axis fulfils a vision of the modern city centre, utilising modern architecture in facilities that include hotels, office buildings, commercial areas and a convention centre.
MURRAY HOUSE Newcastle upon Tyne, United
Kingdom Mixed-use – Presented by: Patrick Parsons
The Murray House scheme consists of a new three-storey building combining adaptable recreation and event spaces with two four-court, multi-purpose sports halls, a smart fitness suite and spacious, accessible changing areas. The first floor will house innovative classrooms, a hi-tech digital hub and meeting rooms. The second floor will house a rooftop 4G football pitch for small-sided games, overlooking Newcastle United’s St James’ Park football stadium. The new centre will be developed on the site of the Murray House Community Centre, located on Pitt Street, Newcastle upon Tyne. The site was originally used to provide training opportunities as shipbuilding declined in the 1930s and was rebuilt in the 1970s, once again to serve a struggling community. Patrick Parsons’ scope includes full multidisciplinary detailed design services, from preplanning support through to construction.
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FEATURE: LONDON
London is on show at MIPIM
London is on the move
As barriers between business districts break down and improved transport infrastructure makes it easier to move around, London is enjoying a new period of growth. Graham Parker reports
L
ONDON is a city that never stops evolving, but two strong trends are combining to accelerate the pace of change. One is the arrival of new types of business in the traditional central business districts, and the other is massive investment in new transport infrastructure, primarily the Crossrail network which will open before the end of 2018. Traditionally the central London office market was divided into a number of distinct business villages — the City of London financial district was dominated by banks and insurance companies,
with the legal profession in midtown, the media in Soho and Fitzrovia and the property business in Mayfair. But modern technology means that businesses don’t have to be physical neighbours to communicate and the old patterns are breaking down. At the same time tech businesses are gravitating to the capital, with Apple setting up its European HQ at Battersea, Amazon in Shoreditch and Google and Facebook basing themselves at Kings Cross. “We’re seeing a wider range of businesses looking for space,” says Jourdan Rajwan, investment
manager at Schroder Real Estate. “Occupiers are footloose and no longer tied to their traditional districts. Now, almost every occupier searches from Hammersmith [in the west] to the East End.” “Jobs in the financial services sector have flat-lined at the same time as jobs in the tech sector have been growing,” says Tim Roberts, head of offices at British Land. And to reflect this the company has been investing in its central London product, which is primarily focused on three campuses at Broadgate, Regents Place and Paddington Central. “We want to attract a wider range of occupi-
MIPIM News 2 • 85 • 14 March 2018
ers and by focusing on campuses we’re in a position to manage the environment outside the building as much as inside,” he says.
Tim Roberts:
“Jobs in the financial services sector have flat-lined at the same time as jobs in the tech sector have been growing”
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FEATURE: LONDON getting younger,” he says. “We’re losing the image of just being about financial services.” These changes are likely to become even more apparent from December 2018 when Crossrail opens. The 73-mile (118-km) railway line running from east to west under central London has cost £14.8bn (€16.7bn) and has taken 14 years to build, but now that completion is in sight it’s clear that it will transform the business and social geography of London.
Nick Moldon:
“Crossrail will allow occupiers to be more footloose, especially those looking for lower-cost space” “Crossrail will allow occupiers to be more footloose, especially those looking for lower-cost space,” says Pembroke’s Moldon. “Areas like Farringdon and Moorgate have been unlocked — they’re already seeing development and there will be more to come.”
In the City, predictions are that the new line will bring in an additional 50,000 to 60,000 commuters every day, on top of the 483,000 who already arrive every morning. The City of London Corporation was an enthusiastic backer of Crossrail, investing £200m in the project, but Hayward admits it will bring challenges. “We’re having to look at the whole City as the working population increases: how will all these people get around? High-quality public realm is as important as the buildings themselves. We’ll be using all of the mechanisms we’ve got to ensure it’s of the highest quality.” And just like the occupiers, investors are widening their horizons as Crossrail opens up new business locations. Schroders’ Rajwan says that the investment manager’s WELPUT London offices fund has broadened its requirements away from its traditional focus on the West End. “We’re already buying along the Crossrail lines,” he says. “It’s going to have a big impact. Some locations, for example Farringdon, have already seen a big bounce over the past five years. Others, for example Whitechapel, have not yet seen the Crossrail impact.”
It’s not just the office market that’s feeling the force of Crossrail. Mark Collins, head of London residential at CBRE, says: “Crossrail’s not far away, and in some ways, I think the international market has woken up to its impact quicker than London-based owners. In terms of commuting times. places like Slough and Abbey Wood will see a huge impact.” So as London braces itself for Brexit — something its electorate voted strongly against — the property market remains resilient with occupancy levels close to alltime highs and rents steady. And property players are betting that over the longer term, London’s fundamentals will allow it to ride out any temporary shocks. “People like London because it ticks all the boxes — infrastructure, quality of life and language,” says Steve Cook, co-founder of the structured property finance business at Investec. Pembroke’s Molden adds: “Our investment focus is on the central areas of 24/7 cities worldwide, and we think London has strong fundamentals. It will work through the uncertainty of Brexit and continue to grow.”
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This approach is most apparent at Broadgate in the City of London, where cyber-security specialist Mimecast took 80,000 sq ft (7,500 sq m) in the refurbishment of 1 Finsbury Avenue, alongside Sumitomo Mitsui Bank. “They liked the building and the campus environment,” Roberts says. “It puts them in a position to hire and retain talent.” And a few blocks away at 10 Finsbury Square, Pembroke Real Estate’s development attracted tech giant Cisco systems alongside a law firm and a co-working operator. Nick Moldon, head of UK and Germany at Pembroke Real Estate, the property investment management arm of Fidelity, says: “It’s about enlivening the office space with amenities that’ll be attractive not just to the companies but to their staff.” The City of London Corporation has traditionally been steward of the historic financial services district, but “the mix of businesses is changing dramatically”, says Chris Hayward, the City’s chair of planning. He lists booking.com, Deliveroo, Satchi & Saatchi, Dell and Heritage England among the diverse organisations that have recently set up shop in the City. “The City’s
Occupiers are no longer tied to traditional districts as technology and infrastructure improves in London
MIPIM News 2 • 87 • 14 March 2018
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FEATURE: RIO DE JANEIRO
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Downs and ups
Rio de Janeiro, on the brink of a modest recovery
“What goes up must come down” might be said to summarise the property market in Rio de Janeiro. But having come down, the big question now is whether it is set to go back up. John Ryan reports
L
AST year, Rio de Janeiro saw Brazil’s biggest decline in residential real estate prices at 4.45%, according to the FipeZap index, the main indicator of the Brazilian real estate market. The same is true of the city’s commercial property market. The FipeZap index showed that Rio has the four most expensive neighbourhoods in terms of commercial property and, here again, prices fell heavily over the period. To an extent, it has been fashionable to blame the 2016 Rio Olympics for much of the city’s ills. Criticisms about the expense involved and the lack of an effective post-Games legacy strategy have been made by a large number of commentators. Yet while the Olympics certainly did not help, the rot had already set in before the event. The crisis that beset Brazil, which resulted in high interest rates and a weak
economy, was always going to hit the country’s metropolises hard, whether they staged an Olympic fest or not. The reality is that the Rio Olympics took place during a global recession. It is also a fact that, even when the economy has been robust, it has proved difficult for host countries to secure lasting benefits from the Olympics. For Rio, the legacy of crumbling arenas (the flagship Maracana stadium lies empty, having been looted) and displaced populations has not been positive by any standards. However, following economic reforms and the recession officially ending in 2017 (the second quarter of the year saw Brazil’s GDP expanding by 0.3% year-on-year), the signs are that Rio is on the way up. It is worth instancing the experience of the city’s hotel market in the run-up to the Olympics and beyond to gain an idea of the
direction of travel. According to CBRE, the number of hotel rooms in Rio has almost doubled in recent years, reaching 60,000 by 2016. During the Games, occupancy rates, particularly in the five-star market, reached 94% — a record for the city. Yet in spite of this, occupancy rates for 2016 in Rio de Janeiro were the lowest for the current decade. The recovery will be slow, but as Cushman & Wakefield predicted in 2017 of office space in the city: “Rio de Janeiro should see a slow recovery, although the vacancy rate should remain at high levels.”
“Rio de Janeiro should see a slow recovery, although the vacancy rate should remain at high levels”
MIPIM News 2 • 89 • 14 March 2018
On this reckoning, the Olympics were a flash in the pan and the reforms passed post-Games by President Michel Temer have proved the catalyst for turning around both Rio and Brazil’s fortunes. According to the International Monetary Fund (IMF), growth in Brazil this year will run at 1.9%, increasing to 2.1% in 2019. Rio is set to share in this modest recovery. And the latest report from the Organisation for Economic Co-operation and Development (OECD) shows that the Olympics took place at the lowest point in the recession and that Brazil will see “solid growth” during 2018. All of which means that, whether it is commercial, residential or retail property, 2018 might just be the year in which to invest once again in South America’s third most populous city.
FEATURE: NEW YORK
It’s a wonderful town
© LeoPatrizi / Getty Images
New York City remains the king of US real estate. Even among the biggest cities of the world’s only superpower, New York stands out. Graham Parker reports
New York, still very much open for business
I
N ITS latest Global Gateway Cities report, published in November last year, CBRE showed exactly why investors worldwide are so keen to get a bite of the Big Apple. Manhattan tops the list of maximum achievable rents in the office and retail sectors, at $974 per sq m and $26,100 per sq m respectively. Compare this with Los Angeles, which scored $644 and $6,307, San Francisco at $661 and $5,959, or Chicago at $296
and $4,566, and you get the idea. And on the whole, Manhattan is in good shape, having benefited well from wider US economic revival. Its employment market remains strong — driven by big increases in the service, financial and real estate sectors — population growth is healthy and tourism is flourishing. But there has been some turbulence in the past six months — after all the figures going in the right direction for most of 2016
and last year, the last quarter saw a sharp fall in prices and sales volumes. This is expected to be repeated in this quarter.
“Population growth is healthy and tourism is flourishing” Why the slip? In short: uncer-
MIPIM News 2 • 90 • 14 March 2018
tainty over President Trump’s tax law reforms, leading to investors holding back pending more details. While this is hoped and expected to be a short-term blip, in the residential markets more longterm concerns are being raised over the elements of the new tax laws directly affecting real estate. But still the new tower blocks keep emerging — there is more than enough supply coming down the residential pipeline — and as a result, prices at the luxury end fell markedly over the year. But this, again, seems more like a localised issue; in the more reasonably priced apartment buildings of between $1m and $2m — reasonably priced by Manhattan standards — sales have stayed strong. Another piece of good news for the international markets is that New York is very much open for business; last year more than 50% of all investment transactions were by overseas buyers. Despite the high prices, New York continues to be a hub for ambitious young creatives, tech entrepreneurs and small-to-medium-sized business owners. Investors won’t need to be told what a good sign it is that companies like Spotify are actively taking space. Besides the benefits to the real estate market, if hip tech companies are in an area, a new generation of tech-savvy millennials will follow. A healthy population of young creative minds is a good thing for the workforce, and for the office markets, but not necessarily for retailers. The downturn might be over in the wider economy, but just as with elsewhere, retailers with large costly estates still haven’t made it back to pre-downturn strength. A sharp rental increase after the crash — rents in Manhattan almost doubled between 2010 and 2014 — was a heavy burden for shop owners, “while retail sales did not follow the same trajectory”, CBRE says. But they will be rallied by one key fact: New York tourism is booming. Even despite the uncertainties over Trump’s new tax system, the boom time in the US economy will benefit the Big Apple as much, if not more, than any US city, if the good times continue to roll.
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