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NEWS 4 Friday 16 March 2018




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The votes are in, the judges have made their verdicts and the winners of the 2018 MIPIM Awards were announced in a spectacular ceremony in the Grand Auditorium of the Palais

MIPIM News 4 •


• 16 March 2018



MIPIM News 4 •


• 16 March 2018


Best Healthcare Development Sponsored by

The Maersk Tower Copenhagen, Denmark Developer: The Danish University and Property Agency (BYGST) and the University of Copenhagen Architect: C.F. Moller Architects Other: SLA (landscape), Ramboll (Engineer), P & Partners (Client Consultant), aggebo&henriksen, Cenergia, Gordon Farquharson and Innovation Lab

Best Hotel & Tourism Resort

Catholic-Social Institute Michaelsberg Abbey Siegburg, Germany Developer: Archdiocese of Cologne Architect: meyerschmitzmorkramer

Best Industrial & Logistics Development The Chapelle International logistics centre Paris, France Developer: SCI Sogaris Paris Les Espaces Logistiques Urbains Architect: A.26 Architectures Other: Ports de Paris, Caisse des Depots et Consignations, Eurorail

Best Innovative Green Building Marina One, Singapore Singapore Developer: M+S Pte Ltd, Singapore, a company owned by Khazanah Nasional Berhad, Kuala Lumpur, Malaysia and Temasek Holdings, Singapore Architect: ingenhoven architects / ingenhoven LLP, Singapore (Design architect) Other: Gustafson Porter+ Bowman London (Landscape Architect), Architects61 Singapore (Project Architect) MIPIM News 4 •


• 16 March 2018




Acquisition of a 50,000 sq ft self-contained office building on behalf of WeWork.


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.




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.


Circa 30,000 sq ft office building acquired on behalf of The Office Group.

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Best Office & Business Development Feltrinelli Foundation & Microsoft House Milan, Italy Developer: COIMA Architect: Herzog & de Meuron Interior Design & Space Planning: Herzog & de Meuron with COIMA Image for Fondazione Giangiacomo Feltrinelli, DEGW for Microsoft House

Best Refurbished Building

Antwerp Port House Antwerp, Belgium Architect: Zaha Hadid Architects Occupier: Antwerp Port Authority Other: Bureau Bouwtechniek, Mouton, Ingenium, Interbuild, VBSC, Groven+

Best Residential Development Ilot Sacre Brussels, Belgium Developer: Galika Human Estate Architect: DDS+ Other: Valens (General Contractor), SGI Consulting (Structural Engineer), EMS Yvan Beaufays (M&E Engineer)

Best Shopping Centre

FICO EATALY WORLD Bologna, Italy Developer: Prelios SGR – Pai Fund Architect: Thomas Bartoli MIPIM News 4 •


• 16 March 2018


Best Urban Regeneration Project Porta Nuova Milan, Italy Asset Manager: COIMA Developer: COIMA, HINES Architect: Pelli Clarke Pelli Architects, Kohn Pedersen Fox Associates, Boeri Studio and 20 design architects from 8 different countries selected through design competitions: Inside Outside, Land, Lucien Lagrange, Munoz&Albin, Piuarch, Studio MP2 Associati, William McDonough, COIMA Image, Gehl Architects, Antonio Citterio Patricia Viel & Partners, Arquitectonica, Caputo Partnership, Cino Zucchi Architetti, De Lucchi, MCArchitects, Edaw

Best Futura Project

National Museum of Qatar Doha, Qatar Developer: Qatar Museums Architect: Jean Nouvel Project Management Consultant: ASTAD

Best Futura Mega Project

Mui Dinh Ecopark Mui Dinh, Vietnam Developer: Cap Padaran Mui Dinh Ecopark Architect: Chapman Taylor Other: VO GIA Architects

Special Jury Award

Catholic-Social Institute Michaelsberg Abbey Siegburg, Germany Developer: Archdiocese of Cologne Architect: meyerschmitzmorkramer

MIPIM News 4 •


• 16 March 2018


Making cities people-centric: leaders debate the options

NTT BLOCKS WILL LAST A LIFETIME THE REAL estate arm of Japanese telecoms giant NTT Urban Development Corp has developed four twin residential towers in and around Tokyo designed to encourage inter-generational living. In each, one tower is for any age, while the other is for senior residents only. “The idea is to create homes for a lifetime,’ said Tomoyuki Sakaue, senior vice-president, NTT Urban Development. “We want our projects to be integrated with the communities. Also, for example, residents are given priority if they wish to move their elderly relatives into the senior tower.”

TOULOUSE PUTS PLANS ON SHOW EUROPEAN City of Science 2018 Toulouse presented a raft of smart city projects at an event on Thursday. Centred round the city’s exhibition and convention centre, the core of a new development area, schemes included a hotel complex designed by Xaveer De Geyter Architects which will be developed by Kaufman & Broad. Annette Laigneau, vice-president in charge of city planning and urban projects in Toulouse said that the area’s strategic location next to Toulouse-Blagnac international airport, and a multimodal transport hub, dubbed Toulouse EuroSudOuest, would transform business prospects. The future Exhibition Park is designed by Dutch architect Rem Koolhaas of the Office of Metropolitan Architecture and will open in 2020.

CITIES need to move beyond simply development for development’s sake and take more account of the emotional needs of their inhabitants. That was the conclusion of the Mayors and Political Leaders think-tank session on people-centric cities yesterday. Josh Artus, director of The Centric Lab, told the city leaders that neuroscience principles can be used to better create places people can flourish in, rather than just exist. “It’s about understanding how to make cities more like our websites and smartphones are to use, and make them more intuitive,” he said. “We are at the point where we are asking more and more of people mentally and yet we don’t understand them, using abstract terms such as happiness and wellbeing but what is

it?” Artus said. Instead he said that such terms needed to be better understood, defined and supported and then translated into real estate. Marvin Rees, mayor of Bristol, said that he hoped such moves could help development move

to a more considered place. “We need to move beyond smashand-grab development and look for partners to do good developments which create places rather than bad developments — the legacy and cost of which stay for decades,” he said.

Josh Artus, director of The Centric Lab

Industrial drives African funding INDUSTRIALISATION can often propel the investment needed for urban development in Africa as profits from a liquid investment category can be used to develop infrastructure, housing, employment and boost consumer demand, according to Rendeavour head of Kenya, Nick Langford. At the Debating Africa: Key Success Factors panel session yesterday afternoon, he said that industrialisation can generate “up-front profits and employ-

ment”, although Ken Poonoosamy, managing director, board of Investment Mauritius, warned that rapid urbanisation across Africa “must not help create even greater inequality”. He said that security of water, power and safety were vital components for growth, while Duncan Vink, managing director of UFF African Agri Investment said that investing in agricultural land was an important way of achieving food security. “Our investors, which are all Af-

rican, like the fact that we bring employment to rural areas and as we lease to food suppliers rather than farmers, we are helping to produce better food security, which reduces imports and lessens logistics requirements,” he said. Langford also pointed to school development, which he said is relatively easy for primary and secondary education but has been less successful at university level, risking a “brain drain to Europe and Asia”.


NEWS 4 Friday 16 March 2018

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 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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FANTAWILD LOOKS TO GLOBAL GROWTH CHINESE theme park developer Fantawild makes its MIPIM debut this year in the hope of securing investment partners to help the company expand globally. Fantawild currently has 24 theme parks in operation across China in cities including Wuhu, Qingdao, and Ningbo, as well as one park in the Middle East. It also has smaller attractions in other countries including Italy, the US and Canada. Daisy Shang, general manager at Fantawild, said: “It’s our first time at the show and we hope by attending that we will expand our contacts with European real estate developers in order to increase our opportunities outside of China to build a theme park.” Shang added that while she hadn’t finalised a deal at MIPIM, she had made a lot of contacts and that the trip would prove valuable. “We hope to find a partner who will collaborate with us,” she said. “We’ve had a lot of productive meetings. We’ve made a lot of contacts and people have said they will visit us in China, so we hope that will lead to a fruitful result.”

Fantawild’s Daisy Shang

Paris competition highlights new innovations in urban regeneration FORTY-five innovative urban projects located across Ile-deFrance were unveiled yesterday as part of the Inventing Greater Paris Metropolis competition, designed to accelerate urban regeneration in the Paris suburbs. First launched last year, when 51 urban sites benefitted from the city-led programme to incubate

key projects, this year’s competition generated another big response, according to Patrick Ollier, president of Metropole du Grand Paris. “When I launched the competition, some people said that no more than 10 sites would apply,” Ollier said. “A few months later, there were 112 sites in compe-

Patrick Ollier, president of Metropole du Grand Paris:

tition. It has been very successful.” The programme has now become one of Europe’s most ambitious exercises in urban planning, spanning every possible use and purpose. This year’s selected projects — which range from sporting facilities to offices, retail, logistics and residential schemes — also keep city promises on innovation and sustainable building. From delivery by drones to a use of recycled materials and construction in wood, some of the 21st century’s most standout trends are included. “This competition represents a new urban approach to accelerate the implementation of ambitious projects. It is unparalleled both in terms of financial investment and developed square metres. After last year’s success, we look forward to see what this year will bring.”

Dark-fibre line is revitalising Dieppe DIEPPE, in Canada’s New Brunswick province, is one of the fastest growing municipalities in Canada’s Atlantic provinces, according to mayor Yvon Lapierre. “Our population has doubled in 15 years,” Lapierre said. “The numbers have grown mainly through students coming to our three universities, liking what they see and staying in the area. But there are also significant numbers pulled in through our high-tech enterprises and startups.” Lapierre said the “transcontinental dark-fibre line” comes out in the area of Dieppe. Dark fibre is where a client will lease unused strands of fibre-optic cable to create its own privately operated optical fibre network rather than

just leasing bandwidth. The dark fibre network is separate from the main network and is controlled by the client rather than the network provider. A client gets high levels of performance, a highly secure network and superfast speeds, generally using DWDM (Dense Wavelength Division Multiplexing) where multiple data signals are transmitted simultaneously over the same optical fibre. “The fibre net is bringing in a series of high-tech startups to New Brunswick and Dieppe.” Dieppe is also a transport and freight hub, Lapierre said. It’s cheaper to fly freight in to our international airport, then truck it to Boston and New York than it is to fly it direct into Boston and New York airports. All be-

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cause of airport taxes in the US.” In answer to the question why come to MIPIM? The mayor says: “If you don’t put your line in the water, you don’t get to eat.”

Mayor of Dieppe Yvon Lapierre

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Global attention turns to the West Midlands The West Midlands, UK is attracting significant levels of inward investment, with companies looking to relocate here from other parts of the UK and further afield. With 151 new foreign direct investment (FDI) projects recorded during 2016/17, the West Midlands welcomed more foreign investment than all regional locations outside the South East, according to the Department for International Trade. During this period, 6,570 new jobs were created in the West Midlands – more new jobs than any other UK area outside London. Andy Street, Mayor for the West Midlands, commented: “The West Midlands has once again demonstrated the appeal the region has to overseas investors. Inward investment is incredibly important to our economy and as key schemes like UK Central and our Enterprise Zones come to fruition ahead of the arrival of HS2, the role of overseas investment will grow. It is vital that we continue to press the case for the region and ensure the West Midlands is seen as the number one destination for foreign investment.”

The development of major new sites across the West Midlands is helping to attract new investment into the region. Global accountancy firm PwC will be expanding its regional presence with new offices at the £700 million Paradise Birmingham scheme – while Arena Central will be home to the national head office of HSBC’s ring-fenced bank this year. Arena Central also secured Birmingham’s largest pre-let in a decade, with the UK Government taking 3 Arena Central to house services including the Midlands hub for HM Revenue and Customs (HMRC).

i54 Western Extension

Visit MidlandsUK Pavilion C16.D

Sites tailored to advanced manufacturing also continue to secure investment. The i54 site near the City of Wolverhampton, which is home to car giant Jaguar Land Rover, comprises a 239 acre site located next to the M54 motorway and continues to attract major occupiers. News that Coventry will be home to the £80 million UK Battery Industrialisation Centre has underlined the confidence shown in the region’s advanced manufacturing and engineering expertise.

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One Chamberlain Square at Paradise, Birmingham

The West Midlands has once again demonstrated the appeal the region has to overseas investors. Andy Street Mayor for the West Midlands


CHINESE PRESENCE SET TO EXPAND CHINA is intending to substantially increase its presence at MIPIM in 2019, following a visit by a senior government official. Jia Wang, deputy secretary general at the Council for the Promotion of International Trade, attended this year’s event and said that she would be reporting back to property companies in China and would return with an enhanced delegation. “The objective of coming here is to investigate international real estate and get the most advanced information about investment trends in international countries,” she said. “With all this information, I will inform the real estate communities in China and give them some directions and advanced information.” “The reason I have come here is that I want to bring a Chinese group in 2019 to meet investors for business reasons — for sure.” She added that countries currently favoured by Chinese investors include “America, Australia, the UK and some other European countries, as well as some Asian countries”.

Jia Wang from the China Council for the Promotion of International Trade

Retail architects must adapt to reflect an industry in transition SPECIALISTS in retail architecture must look to diversify their expertise to be aligned with a permanent reduction in demand for high street and shopping

Leslie Jones’ James Cons

centre space, the head of a major international firm has said. Leslie Jones managing director James Cons said that all big firms with traditional bases in retail are now looking to spread their operations across different sectors, driven by diminishing retail activity and a perceived oversupply of existing shopping space, especially in the UK. “The world has changed,” Cons said. “The way that retail space is being delivered has changed and the way we are working has moved on. Every major credible retail architectural practice will be looking at diversification now.” Leslie Jones is actively involved in a range of sectors and in numerous markets, with projects including the masterplanning

of works at Hong Kong International Airport, the refurbishment of the Expobel shopping centre in Minsk, Belarus, and HS2, the largest transport infrastructure project currently under way in the UK. Cons said that the design and construction industries in Britain were in turmoil over the UK’s likely departure from the European Union, following a referendum in 2016. He said that EU nationals being prevented from getting into the UK labour market could exacerbate an existing skills shortage and heap more pressure on construction companies. “If we are suddenly unable to access the EU skills market, I won’t be able to run my business,” he said.

Deal signed for new Vienna tower GERMAN fund manDonau City Tower 2 ager Commerz Real has inked a general contractor agreement with Austria’s S+B Group for the development of the second Donau City tower in Vienna. Under the agreement, S+B will not only be responsible for all construction and planning services, but also for the marketing and leasing of the building. Construction is set to begin in the second quarter of 2019, with completion scheduled for 2023. The building will be constructed in the immediate vicinity of the first tower, which has already been completed and is the highest building in Austria. Both towers were MIPIM News 4 • 16 • 16 March 2018

designed by French architect Dominique Perrault. At a height of 175 metres, the new tower will be the third-highest building in Austria and will combine retail and leisure areas alongside office and apartments. “Donau City is currently one of the most exciting urban developments in central Europe,” said Roland Holschuh, the board member at Commerz Real responsible for real estate. “A hybrid tower such as DC Tower 2 fits in here perfectly, meeting as it does the ever-growing demand in Vienna for both affordable residential properties and for modern, flexible office space.”


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ESG POLICIES PIVOTAL IN SOCIAL-MEDIA AGE SOCIAL-media scrutiny and heightened awareness of standards in building construction have underlined the need for proper environmental, social and governance (ESG) policies, a leading commercial-property lawyer has said. Citing the continued outcry on Twitter and Facebook following the tragic Grenfell Tower fire in West London, Eleanor Reeves, head of Ashurst’s London environment and safety practice, said social media had the potential to cause significant reputational and financial damage to companies. “Grenfell made the whole construction industry have a rethink,” she said. “There is so much exposure, and there are big consequences of something going wrong. Reputation goes hand-in-hand with sustainability. Where we talk about sustainability, we are talking economic sustainability as well. This is an economic issue — it’s not really about the environmental issues.” Reeves’ comments come after the EC published a report by an independent expert group into the regulatory systems governing ESG, which made several recommendations. Among these was the need for better assessment into the financial aspects of ESG risk by real estate firms.

AIRDNA MAKES RENTAL EASIER PROPTECH company AirDNA made its debut at MIPIM this week. By scraping data from multiple sources — most prominently Airbnb — the platform aims to allow investors to type in any address in the world and be told accurately how much that place could earn as a short-term rental. “We think that provides real opportunities in real estate and that’s why we’re here,” said Tom Caton, chief revenue officer at AirDNA.

Let’s move the debate from waste to recycling, urges Gecina’s Brunel FRENCH investor Gecina’s office portfolio is now carbon-neutral, the company’s CEO Meka Brunel said in a MIPIM conference session yesterday. Brunel, who was speaking on a panel debate entitled Circular Economy: The Long-Term Benefits, emphasised the efforts her company had made in reducing its environmental impact. “So far as Gecina is concerned, we had a programme to reduce our carbon impact by 2020 and we already this year are carbon-neutral when it comes to our offices,” she said. “We are very proud of that.” Brunel criticised the waste her generation had produced, but added that she was encouraged by the fact that younger generations understood their responsibilities for the planet. “We were the Kleenex generation — we’d got rid of everything and get new ones,” she said. “Today, my

Gecina’s Meka Brunel: proud to be carbon-neutral

daughters have a different view on what they need to do.” Brunel added: “This circular economy is about how to be innovative and how to create new

from the old; to give new life to whatever it might be. Architecture is part of that. We should not talk about waste; we should talk about recycling.”

Stuart unveils €1.9bn Scottish portfolio GRAHAM Stuart, Parliamentary Under Secretary of State at the Department for International Trade, took to the stage at the UK Pavilion yesterday to launch a new initiative to showcase the opportunities for investment in Scotland. The £1.7bn (€1.9bn) Scottish Portfolio brings together nine key projects across five cities in Scotland. These include the £245m mixed-use Buchanan Wharf development in Glasgow and up to £500m of investment opportunities in Dundee Waterfront. “Scotland is a compelling location for overseas investment,” Stuart said. “It has strong links and large-scale investor-ready opportunities, as well as the highest concentration of universities anywhere in Europe.” He added that the country last year

attracted more than £900m of investment from abroad. Stuart said that the investment portfolio concept had already worked well in other parts of

the UK and was proving an “incredibly valuable” tool. “I’m delighted that Scotland is now in the position to reap the benefits too,” he added.

UK minister Graham Stuart: “Scotland is compelling location for overseas investment”

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Memories of a productive week in Cannes as the Palais des Festivals welcomed more delegates, more stands and more business. Here’s to next year...

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12-15 MARCH 2019


‘I do everything so I’m not following a trend’ Philippe Starck unveils his latest creation

REATOR Philippe Starck yesterday unveiled a bold new hotel concept, Maison Heler, in partnership with Hilton, that will initially be introduced in Metz in France and then rolled out further as opportunities arise. The unique design includes an 18th century inspired traditional Alsatian home sitting atop the 14th floor of a more traditional style building and marks the first hotel entirely created and designed from the ground up by Starck. The €22.5m investment is the most ambitious urban planning development launched in the region for a century. The new 119 room hotel will operate under the Curio Collection by Hilton range of hotel brands, of which there are already more than 20 either trading or under construction in Europe. Starck said that the new design provided a much-needed alternative to two extremes of hotel offers — that caused boredom at one end and too much going on at the other. It resisted the trend of boutique hotels which, because of their fashion focus, quickly date, he said. “How can you invest so much in a concept that is like a miniskirt from Topshop?” he asked. “When we create a new brand we need to have a reason. We need to invest in a new concept and have a hotel based not on boredom or boom boom,” he said. Instead he said the new design offered extreme modernity mixed with history. “This is quality heritage. I do everything so I’m not following a trend. It’s high time that there is a brand that gets positioned over time,” he said. The house will include a rooftop terrace and garden with views over the city and will also be home to a restaurant and lounge bar while the guest rooms and suites in the lower building will include a fitness centre as well as private meeting rooms. The hotel will be located in the newly developed Quartier de l’Amphitheatre close to the Centre Pompidou-Metz. The team behind the project said a permit for the scheme had already been given and that work could start within a month — with a build time of around 18 months.


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Belgian eco-village for seniors ‘all about health and quality of life’ BUILDING permits for Le Jardin des Paraboles (Satellite Dish Garden) in Belgium are to be submitted before the summer, with the private developer hoping to be back at MIPIM for a funding round next year. The highly unusual real estate project in Wallonia is located at

a former satellite station. The facility used to connect communications between Belgium and the US, but had fallen into disuse. The plan by scheme founder Christophe Nihon is to create a senior village offering a range of community care and preventive safety services,

allowing its elderly residents to enjoy an independent life for as long as possible. Le Jardin des Paraboles is set in a rural and forest environment that is private, maintained and easily accessible. “All the properties will be rental only and everything will be maintained

Le Jardin des Paraboles: a new model for senior living

by us,” Nihon said. “That allows us to control and manage the environment for the residents.” Cars will be excluded from the site, parked on the periphery, and residents will get around by chauffeured golf carts or by walking and cycling. Nihon added: “We aim to build a primary school, so that children can interact with the residents, and a wellness centre. This is all about people’s health and quality of life.” There will be both individual and group serviced accommodation, arranged in neighbourhoods and supported by high-quality, personalised and communal services. Le Jardin des Paraboles is a mainly open concept designed around three principles: inter-generational contact in a rural area; user-friendly connection technologies; and the use of the site’s existing infrastructure. “The goal is to develop in phases,” Nihon said. “By 2028, we aim to have established an autonomous eco village that enables older people to remain active in a rural environment adapted to their needs and expectations, while also offering them hotel services.”

Top architects think the unthinkable

Stefano Boeri: vertical gardens

A HOST of big-name architects took to the stage of the Grand Auditorium yesterday to take part in PechaKucha’s quick-fire presentation, Future Urbanity: The Unthinkable World. Each speaker was limited to 20 slides and less than seven minutes on stage. Opening speaker Stefano Boeri, founder of Stefano Boeri Architetti, outlined his eco-vision for vertical gardens. Boeri has a number of schemes incorporating widespread planting under construction. Referencing a social-housing project in the Netherlands, he said this was

an accessible ecological strategy, available to all. Jacob Kurek, partner at Henning Larsen Architects, explained why he would like to see city design help extend or shorten, depending on location and climate, summer and winter by six to eight weeks. His idea centred on using public-realm spaces to improve the lives of city inhabitants. Despite the diverse range of ideas and innovations proposed, the common theme was a desire to rip up the rule book and rethink urban living and city planning.

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Jacob Kurek: playing with seasons


Designers and stand builders pulled out all the stops to create eye-catching and productive spaces for business at MIPIM 2018

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L’ A B U S D ’ A L C O O L E S T DA N G E R E U X P O U R L A S A N T É , À C O N S O M M E R AV E C M O D É R AT I O N .


Brazil’s 8,500 km of coastline make it a natural choice for tourism investment

Brazil’s tourism secretary Jose Antonio Toto Parente: “a lot of space for investment”

TOURISM is one of the keys to growth in Brazil. This was the message from Jose Antonio Toto Parente, Brazil’s tourism secretary, talking to MIPIM News about his country’s pros-

pects for tourism-related development. “We have 8,500 km of coastline,” Parente said. “Apart from that as a major asset, the World Economic Forum in 2017 listed Brazil first in the world for natural resources. We are also ranked eighth in the world for cultural resources. We are nearly a continent rather than just a country, so we have a lot of space for investment.” Tourism currently contributes 8.5% towards Brazil’s domestic GDP, and the country plans to push this percentage up to double figures over the next five years. “For example, we now have a rapid electronic visa-application system in place for citizens of the US, Australia, Japan and

Canada,” Parente said. “Where it used to take 45 days to get a visa, it now takes 72 hours.” One project featured on Brazil’s Ministry of Tourism stand was highlighted by Juli Pereira, director-president of Macapatur, the institute of tourism for the city of Macapa at the mouth of the Amazon river. “We are creating a special river boat — a boat hotel — that will cross the Amazon between Macapa and Bailique island, and experience the Pororoca wave phenomenon,” Pereira said. The Pororoca is the world’s highest, widest, largest and most forceful tidal bore. It sweeps up the Amazon on the tide every day, and is especially impressive on spring tides.

IMPORT duties on aluminium? Levies on planes manufactured by aircraft manufacturer Bombardier? What next for Canada’s relationship with its neighbour to the south? These were some of the questions addressed by the panel of concerned experts at Wednesday’s session, Growing Canadian Real Estate Economy: The US Effect. Pictured here are City of Toronto’s Michael Thompson (left); Blackwood Partners’ John Hayes; City of Dieppe’s Yvon Lapierre; Private Pension Partners’ Karl Loepp; and REALpac’s Michael Brooks

London sees drop in market liquidity A CHANGE to the buyer mix in Central London is affecting how easily deals can be struck in the market, according to new research from Real Capital Analytics (RCA). Market liquidity in Central London has dropped to its lowest level for seven years due to a substantial change in the types of investors looking at London, with the count of active buyers also falling, said Tom Leahy,

RCA’s senior director, EMEA analytics. Since the Brexit vote, the market has been sustained by an influx of money from non-established players in the market, notably private capital from Hong Kong. RCA data shows that commercial property prices in Central London have increased by 6% since June 2016. However, in the central areas of the German A cities they have grown by

35%, in central Amsterdam by 33% and in central Paris by 13% over the same period. Placing the research in context, Central London remains one of the most liquid markets in the world, ranking fifth at the end of 2017. But it has fallen behind Boston, Berlin and Paris’ Western Crescent and La Defense markets since the Q2 2017 liquidity scores update.

MIPIM News 4 • 29 • 16 March 2018

THE NEW RULES OF DIGITAL ENGAGEMENT SOLUIS is at MIPIM as the digital partner of the UK government. “Our role is to present the latest digital solutions for engagement across the real estate sector,” said Soluis CEO Scott Grant. “We are helping industry and the UK to sell its expertise locally and internationally.” According to Grant, Soluis works to create memorable experiences that go beyond simple visualisation to include AR, VR and engagement on an emotional level. “When the industry communicates well, things happen a lot quicker,” Grant added. “A lot of the barriers that stop or slow down projects are down to communication.”

SIMPSONHAUGH THINK OUTSIDE THE HIGH-RISE BOX ARCHITECT SimpsonHaugh’s founding partners, Ian Simpson and Rachel Haugh, are celebrating their practice’s 30th anniversary. And they believe the time is right to drive forward a new way of designing for high-rise residential buildings. SimpsonHaugh is currently transforming the London skyline with three Thamesside residential and mixeduse towers: One Blackfriars, Circus West Village and Dollar Bay. “It’s time to break out from the straight up-and-down vertical box of high-rise residential,” Simpson said. “With these three London projects, we were looking to create more sculptured forms that always respect their context.” Haugh said: “We were particularly keen to use glass, especially because of its responsiveness to the proximity to water. We like the reflectivity of glass, and the sense of space and movement it creates.”











Booming Warsaw emerges to rival other European capitals POLISH capital Warsaw has a thriving real estate market, with construction supply the only concern as the city develops to take on other European commercial centres, according to the panel Warsaw: A New Cityscape On The Horizon. Chair Soren Rodian Olsen, partner, capital markets Poland, Cushman & Wakefield (C&W), said that the development pipeline until 2020 should see as many as 59 new office blocks completed, of which 18 are large-scale buildings, plus 11 shopping centres. A significant increase in residential units is also expected in what he described as “Poland’s hottest market, which is exploding at the moment”. Arkadiusz Rudzki, fund managing director, Skanska Property, warned that Warsaw may not achieve its projected growth as quickly because of demand on construction companies, particularly in the residential mar-

HB Reavis’ Stanislav Frnka (left);Skanska Property’s Arkadiusz Rudzki; Echo Investment’s Nicklas Lindberg; Ghelamco’s Jeroen van der Toolen; and C&W’s Soren Rodian Olsen

ket. However, he did not foresee oversupply, despite the rapid pace of development. “In terms of a European capital city, there is still a lot to be done in Warsaw,” he said. “Go-

ing back a few years, there were no pre-lets for commercial development, now most of the schemes being delivered are already leased.” Of particular focus is the Wola

district, a new commercial centre for the city but one also being serviced by an increasing number of residential and mixed-use schemes. Nicklas Lindberg, CEO of Echo Investment, emphasised the need for developments to be mixed-use, to ensure that Wola became a “lifestyle area” not just a business district. Jeroen van der Toolen, managing director Ghelamco CEE, agreed and said that amenities are crucial. “The expectations of people are changing,” he said. “An occupier with a building with no facilities may find it difficult to attract staff. Creating a place that people are proud of around Wola is very important.” Reacting to reports that a mooted transaction may take commercial yields below 5% for the first time, van der Toolen said it was “good news for developers but Warsaw has been undervalued for some time”. Stanislav Frnka, country CEO, HB Reavis Poland, added that rising prices meant his company was now looking outside the very city centre. “However, sites need to be well connected and able to reach the centre easily,” he said.

Beds and sheds moving mainstream INVESTOR interest in residential and logistics is dominating the market, with a renewed focus on beds driving an evolving investment scene, according to Graham Barnes, executive director of CBRE’s capital advisors team. “Beds in all guises — from student housing to PRS and elderly care are generating a great deal of investor enquiries at the moment,” Barnes said. “Funds are aspiring to build national platforms in key markets with a view to creating a pan-European strategy in these evolving asset classes. “Although they might have once

been regarded as alternatives in some territories, residential has moved into the mainstream in a number of continental European markets, as well as in the UK. “Investors are chiefly focusing on markets where they can achieve critical mass, with the right wealth profile and an existing operating environment. You need scale to be able to experiment and evolve, so that’s the goal. “In terms of the traditional asset classes, they haven’t gone away but the capital focus has definitely changed. Is bricksand-mortar retail dead? No way — but this is a time of change

for retailers. However, if a giant such as Amazon is moving from clicks to bricks, that is undoubtedly a good sign. “Office investment is still popular, but has been overtaken by logistics for the first time. Our recent EMEA level survey into investor intentions moved sheds into pole position, with a 33% preference. “Investing in commercial real estate isn’t an end in itself, it’s always about giving a return to the investor, so performance is paramount. That only works if assets are fit for purpose and operate well within the current economy.”

MIPIM News 4 • 31 • 16 March 2018

Graham Barnes, executive director of CBRE’s capital advisors team



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South America ripe for growth after long periods of stability PROPERTY leaders from Argentina and Paraguay yesterday revealed exciting prospects in the region as South American economies gain rapid take-off from extended periods of stability. At the conference session South America’s Cities: Success Stories To Share, moderator Aida Turbow from Brazil’s COFECI regulatory organisation said that one of the assets of the region is the high percentage of youth in the age profiles of the countries. One of the characteristics and outcomes of this was the emergence of new ways of doing business. Argentina has become stable with a prosperous and stable middle class “after many economic and political incarnations” and its future now looks assured, she said. Turbow described Paraguay as the “great secret market of South America that is now emerging as an increasingly attractive investment target”. Ezequiel Rebruj, general direc-

tor of Buenos Aires City Government, described his city as the “culture and trend-setting capital of South America, and the most cosmopolitan — a city always open to new ideas”. He described real estate development as a vital ingredient in the growth of the city. Of particular interest was a 12-ha development in the north of Buenos Aires — the site of a former militia training ground — which will be redeveloped into a hightech hub, taking advantage of its

proximity to universities and existing tech startups. Oscar Stark Robledo, vice-minister of commerce and industry in Paraguay, pointed to the new rapid economic growth of his country, and the strength of the Paraguayan currency, the Guarani. “At 70 years old, this is the oldest and most stable currency in South America,” he said. Stark Robledo added that Paraguay’s economy is growing at 4.5% a year. “It’s time to have a look. We’re no longer dormant.”

IN 2017, the take-up of office space exceeded 4.3 million sq m in the eight main German locations of Berlin, Dusseldorf, Essen, Frankfurt, Hamburg, Cologne, Leipzig and Munich, according to BNP Paribas RE. The result not only beat the previous year’s take-up by 16 %, but is also the best result ever recorded. The result was also a record individually for Munich, Berlin, Hamburg and Leipzig. Vacancy rates also fell by 13% on average, while rents increased by 5%. In addition, BNP Paribas predicted that 2018 will see above average take up and that rents will go up once again.


Buenos Aires City Government’s Ezequiel Rebruj (left); COFECI’s Aida Turbow; and Oscar Stark Robledo, vice-minister of commerce and industry in Paraguay

Twelve Architects wins airport redesign AIRPORTS of the Regions, part of Russia’s Renova business conglomerate, has won a concession from the Yamelo-Nenets Regional Government to


redevelop and operate Novy Urengoy Airport. London’s Twelve Architects has led the design of the new airport which is due for completion in 2022.

Twelve Architects’ design for the new Novy Urengoy Airport

The project is an integral part of the regeneration of Russia’s airport infrastructure. Novy Urengoy is situated next to one of the world’s largest gas fields and the airport will serve the city and the regional oil and gas industry. It is the third airport that Twelve Architects is currently working on; the practice also designed Platov Airport in Rostov On Don, one of the host cities for the 2018 FIFA World Cup. Platov Airport was completed and opened in late 2017. Twelve Architects founding director Matt Cartwright said: “The investment agreement has been signed during MIPIM and we are excited to now be able to realise this special project.”

MIPIM News 4 • 33 • 16 March 2018

THE LONDON market will continue to polarise over the next 12 to 24 months according to Nick Montgomery, head of UK real estate investment for Schroders and fund manager for specialist real estate fund WELPUT. “We will see average values fall but will see continued strong demand in areas such as King’s Cross,” he said. He said a number of life science companies were particularly being drawn to the area after Google confirmed its presence there, since they were all competing for similar talent. With regards to WELPUT he said the key message was about increased exposure to different submarkets. “We have got best-in-class buildings in all the different submarkets so if you want exposure to central London and an actively managed value-add strategy then there really isn’t anything like WELPUT,” he said.

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‘Genuine rental growth’ and strong fundamentals bode well for Europe THE REAL estate industry is well aware that markets are cyclical, but there’s no sign of an imminent downturn, according to Chris Bell, Knight Frank’s managing director, Europe. “Up until the middle of last year, pricing was largely driven by the weight of money chasing deals, so European property was looking a little expensive,” Bell said. “However, we’re now seeing genuine rental growth, which is justifying market prices. Overall, the fundamentals are good across Europe. Nothing has been built for 10 years, economies are growing and sentiment is up, so that is all supporting the market.” In France, the ‘Macron effect’ has been strongly visible. “We talk about sentiment as an ab-

stract concept, but the French president has put the ooh-la-la back into the economy and real estate is trading well,” Bell said. “While the situation is still complex in the UK, and London residential isn’t as strong as it once was, there’s a real sense of business as usual. We’re going to have one of our best years in terms of our British business.” Bell said the logistics boom is “probably over” in the UK. “But it still has legs in continental Europe,” he added. “Similarly, we are seeing a real appetite for residential and the private rental sector in a number of markets. We are anticipating, overall, another two good years of deals.” Bell said the asset shortage was

Knight Frank’s Chris Bell: “another two good years of deals”

the “main negative factor”, and one that may push investors to look further east, into secondary markets. “Risk is still palpable there and remains the only real canary in the coalmine,” he added.

MAPPING The Silk Road: The Journey From Turkey To The World examined the opportunities raised by the re-opening of the ancient Silk Road, which carried necessities and luxury goods between Europe and China. The new Silk Road is driven by China’s One Belt One Road policy, designed to open the world to Chinese goods. The speakers at The Silk Road session were upbeat about the new trade route’s effect on Turkey. Pictured here are Sabah’s Seref Oguz (left); Kalyon Holding’s Mehmet Kalyoncu, Istanbul Chamber of Commerce’s Ozturk Oran, the Turkish Tourism Investors Association’s Oya Narin and ULI/AMSTAR’s Zafer Baysal

Report sees bright future for London A REPORT on the virtues of the City of London as a place to work and play was launched in Cannes yesterday, co-authored by the City of London and City Property Association (CPA). Among a range of findings, the report reveals that 89% of global institutional investors surveyed believe London offers the best talent pool for financial services. The report — The City As A

Place For People — also outlines the burgeoning leisure offer in the City, which has transformed into a seven-day-a-week location, and the area’s business diversification, particularly with the influx of fintech companies. “The fundamentals of the City are exceptionally strong and, while Brexit is a challenge, occupiers and investors remain very confident in the area,” said Catherine

McGuinness, chair of the City of London’s policy and resources committee. David Ainsworth, vice-president of the CPA, added: “The EU referendum has certainly ended any complacency in the City and given us a boot up the backside. So actually, it has been galvanising. In terms of both planning applications and take-up from occupiers, we have had an exceptional year.”

MIPIM News 4 • 35 • 16 March 2018

MIPIM ‘THE BEST WAY’ TO START CONVERSATIONS MIPIM provides a unique opportunity to reach local authorities — even when your goal is finding partners in your own country, according to Matt Goodwin, managing director of UK-based Architecture Initiative. “For us, MIPIM is the best way to talk to UK local authorities and foster dialogue between the public and private sector,” Goodwin said. “This is a key part of the work that we do, particularly with cross-subsidy projects.” Founded in 2012 by Matt Goodwin, Lee Mainwaring and Rowan Parnell, Architecture Initiative challenges traditional consultancy conventions, with public facilities a key focus. “In the UK at the moment, there’s a big problem with public funding, especially in educational development,” Goodwin said. “We’re creating revolutionary urban-school projects in high-density areas. Schools in the past were designed as two-storey buildings in a field — that’s impossible now in dense areas of London. In Aldgate, we’ve created a high-rise school for 1,500 pupils, combined with a tower development comprising 100 apartments. It would be tempting to leverage the residential values to offset the school costs, but we believe in affordable housing, so our projects inevitably include homes for teachers.” Goodwin added: “At MIPIM, we’re bringing together local authorities and private developers to help deliver exciting and innovative public facilities in a new way.”

Architecture Initiative’s Matt Goodwin: “fostering dialogue between the public and private sector”




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Retailers still want bricks but location is the key

Hansainvest launches new Hamburg office complex

The Kapstadtring 5 project

INVESTOR and developer Hansainvest has launched plans for a new office complex in Hamburg City North. The Kapstadtring 5 project will comprise at least 28,000 sq m of grade-A office space, as well as a two-storey underground car park. The design for the project was realised as a result of a competitive workshop, from which the Berlin- and New York-based Barkow Leibinger Gesellschaft


von Architekten emerged with the winning idea. Hansainvest has already signed up German financial services company Signal Iduna as the first tenant for the building, which was previously based at the site. An existing 1970s building on the site will be demolished to make way for the new development later this year, while the project is expected to complete in 2021.


RETAILERS are still taking stores in the best locations despite major challenges in the retail sector — especially from digital disruption — according to one of the UK’s leading property owners. Hannah Milne, head of regional portfolio at the Crown Estate, told MIPIM News: “There have been some structural changes. Retailers have had their challenges and there have been some rationalisations. People still want to take stores, but it’s about getting back to the right locations.” Milne said the Crown Estate, which manages the property holdings of the UK royal family, is on track with a regional strategy that entails a mixture of refurbishment works, new builds and repositioning of retail assets. Last year, the group completed

Crown Estates’ Hannah Milne

flagship projects in Oxford and Northampton. One of those was a major redevelopment of the existing Westgate Shopping Centre in Oxford, which it completed in partnership with Land Securities. The Crown Estate is currently preparing to revitalise Fosse Park, a retail scheme in Leicester, in the East Midlands region of the UK.


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NEW COLLIERS CHIEF IN THE NETHERLANDS THIS week Colliers International Group announced the appointment of Dirk Bakker as CEO in the Netherlands. In his new role Bakker will also continue to act as head of EMEA hotels for Colliers. “Dirk is a strategic leader and has a fantastic reputation both at a local and regional level,” said Chris McLernon, CEO, EMEA, at Colliers International. “His background in hotels consultancy and real estate, coupled with his passion and enthusiasm, brings a unique combination of enterprise and expertise.”

Ennismore presses ahead with expansion in Europe and US UK HOTEL group Ennismore is in Cannes to meet key people from the international markets as it advances its ambitious development plans. Attending MIPIM for the first time, the company’s founder and chief executive Sharan Pasricha said that the show provided a significant opportunity to

hear the latest from the industry as it looks to new markets and territories in Europe and North America. “It’s great to stick your head above the parapet and talk to potential development partners,” he said. “We’ve got a huge growth strategy for Europe and North America, and it’s great to meet people

ARCADIS SEALS TATTON DEAL GILES Scott, director of Arcadis and Henry Brooks, managing director of Tatton Group, have shaken on a partnership whereby Tatton has appointed Arcadis as development advisors for the Tatton Park Gate Village site in Knutsford, Cheshire, in the north west of England. Tatton Group has advised the Tatton Estate, the largest private landowner in Cheshire East, in securing planning and are now looking for a development partner to deliver the project. Tatton Park Gate Village is a site of more than 12 ha in between Knutsford and the historic Tatton Park estate, and has outline planning consent for 250 homes.

Arcadis’ Giles Scott (left) and Tatton Group’s Henry Brooks

Ennismore’s boutique hotel The Hoxton in Paris

from all over those regions.” Ennismore develops and operates boutique hotels in a number of markets, predominantly under its Hoxton brand. The hotels, which are generally around 150 to 200 rooms, are based in “interesting cultural centres in some of the most exciting cities in the world”, Pasricha said. “There’s a theme to where we go.” Currently operating hotels under the Hoxton brand in Paris, Amsterdam and London, Ennismore is in the process of rolling out in the US, with further sites in Chicago, Williamsburg, Portland, Los Angeles in the pipeline. It is also expanding in London with hotels in Southwark and Shepherd’s Bush planned. The company is also developing a new more accessible brand, NoCo, as a competitor to larger corporate chains.

Nuremberg growth sets new record INVESTMENT volumes in Nuremberg topped the €1bn mark for the first time last year, according to the municipality’s department for economic affairs. The city is now home to hightech manufacturing and innovative service industries and has seen a 20% increase in GDP in the last five years. Office take up increased to 166,000 sq m last year, while the city’s vacancy rate fell to 4.3%. Dr Michael Fraas, Nuremberg’s deputy mayor for economic affairs, said: “Nuremberg has manifested its place as a top B location. I expect to see a further rise in all asset classes.” The western part of the city is currently undergoing significant redevelopment. The former

industrial area is being transformed into a mixed-use environment providing offices for startups and R&D facilities. The former site of Nuremberg’s southern railway station is also being redeveloped, with a new

Nuremberg: rising investment

MIPIM News 4 • 38 • 16 March 2018

technical university anchoring the 100-ha project. Dr Fraas said: “We want to create a vibrant district for the future in which different users complement each other and bring mutual benefits.”


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