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NEWS 2 Wednesday 13 March 2019

MIPIM 30 OPENS

BAN KI-MOON

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YOUNG LEADERS SUMMIT

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CONTENTS

Ahead of yesterday’s keynote session Reed MIDEM’s Ronan Vaspart invited members of the MIPIM team onto the stage in the Grand Auditorium to celebrate 30 successful editions of MIPIM

5 NEWS

STAT

Opening Night Party; Ban Ki-moon keynote; Korea’s Eco City unveiled; M&G expands across Europe; Greece returns and more...

OF THE

D AY

69 FEATURES

Proptech: Transforming the occupier experience

Logistics: The last mile is the longest

END USERS AT MIPIM

TOP10

SECTORS AT MIPIM MIPIM 2019 has attracted a diverse range of corporate occupiers

76 FULL CONFERENCE PROGRAMME 83 PROJECT NEWS

1• MANUFACTURER 2• LOGISTICS 3• ENTERTAINMENT 4• FINANCIAL SERVICES 5• SERVICES 6• MEDIA 7• E-COMMERCE 8• TECH 9• UTILITIES 10• PHARMA

Around the world in 22 projects DIRECTOR OF PUBLICATIONS Paul Zilk MARKETING DIRECTOR Mathieu Regnault

NEWS 2 Wednesday 13 March 2019 www.mipim.com

THE MIPIM NEWSROOM IS LOCATED IN THE MEDIA HUB, PALAIS –1

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, Patrick Frega, Olivier Houeix, Michel Johner Editorial Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Printed Communication Manager Emilie Lambert 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 © 2019, Reed MIDEM Market Publications. Publication registered 1st quarter 2019. Printed on PEFC Certified Paper.

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Celebrating 30 years The glamorous Carlton hotel was the venue for MIPIM’s Opening Night Party, sponsored by Dubai and Egypt

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3 LONDON OFFICES | BIRMINGHAM NEW YORK | WASHINGTON DC JAMESANDREW.CO.UK

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30,000 sq ft self contained office building acquired on behalf of The University of Law for their own occupation

^ KINGS CROSS QUARTER PENTONVILLE ROAD LONDON N1

^ BUBENSKĂ 1477/1 PRAGUE

Acquisition of a recently completed freehold block on behalf of Consensus Group from Regal Homes comprising 119 luxury residential units

Acquisition of an iconic 175,000 sq ft office building on behalf of WPP for their new Group HQ

^ GENTING RESORT WORLD BIRMINGHAM

^ KERB FOOD MARKET COVENT GARDEN LONDON WC2

Ongoing leasing advice on behalf of Genting Group for their 540,000 sq ft hotel, leisure and retail complex

Acquisition and real estate advice on behalf of KERB for their flagship site in Covent Garden and their UK wide expansion

^ FT BUILDING 1 SOUTHWARK BRIDGE ROAD LONDON SE1

^ EASTGATE HOUSE 40 DUKES PLACE LONDON EC3

Former Financial Times HQ comprising 200,000 sq ft jointly acquired on behalf of WPP for their own occupation

40,000 sq ft self contained office building acquired on behalf of UKCBC for their own use as a business college

^ 21 SOHO SQUARE LONDON W1

^ 10 PHILPOT LANE LONDON EC2

28,000 sq ft self contained office building acquired for WeWork

Sale of 14,000 sq ft freehold office building on behalf of private clients

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BAN KI-MOON, eighth Secretary-General of the United Nations, called on the real estate industry to play its part in tackling climate change at the opening keynote address at MIPIM yesterday, as he told a packed auditorium: “There is no plan B, because there is no planet B.” The global statesman spent much of his address calling on the property sector to consider how it can help mitigate climate change, in particular the principles of the Paris Agreement and the United Nations’ 17 Sustainable Development Goals, in the modernisation and expansion of cities. “The clock is ticking, we cannot just wait for nature to follow us, we cannot negotiate with nature,” he warned. “Climate change is no longer a debate, it is a fact. We must urgently double up our efforts to implement the Paris Agreement… I truly believe Paris offers the best opportunity, there is no time to spare.” To achieve this at a practical level, Secretary-General Ban urged public and private sector leaders to come together and “think big” as he proposed a model of creative cities, based on data and knowledge sharing, while urging that the ben-

efits be shared by everyone during “the fourth industrial revolution, which has already started”. He stressed: “Investors and fund managers have an essential role to play. It is not enough for cities to be smart if they only cater for professionals, young people or the able-bodied. They should be planned, managed and designed for all. Sustainable cities for the next generation is not a project for tomorrow but for today, combining efforts and vision. The blueprint that you design might just be our best hope of saving our planet.” He also urged the international community to limit global temperature rises to 1.5 degrees and warned that climate change will have a negative impact on cities worldwide, especially large cities near the coast. “Scale-up sustainability for your assets, integrate climate considerations in your investment decisions,” he said. “Mega-cities like Paris, London and New York are the heartbeats of the many problems we face. More than 100 million people are heading to live in cities each year and by 2050 it is estimated that 68% of the global population will live in cities. Searching for a new model is urgent for sustainability.”

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To do this, the former Secretary-General said that cities must be sustainable, resilient, creative and must fortify to flourish. “We must make certain that cities and housing are resilient to climate change,” he said. “We are all in this together.”

“There is no plan B, because there is no planet B” Ban Ki-moon, eighth secretary general of the United Nations


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news

Nature meets technology in Korean smart-city scheme

K-water’s Edward Yang

AN INNOVATIVE smart-city project in Korea focused on natural beauty and sustainability is taking shape after years of planning. The Busan Eco Delta Smart City masterplan, close to the existing city of Busan, contains a vision for a vast swathe of new buildings of all sectors and uses, fit for a whole population of the future and designed to be a part of the “fourth industrial revolution”. It is one of a small number of pilots of its kind globally, meant to pioneer cutting-edge technologies and innovations and help planners learn new ways of designing cities with lesser impacts on the environment. Representatives of the team behind the pilot are in Cannes to showcase the designs and discuss the latest progress with the international market. Speaking to MIPIM News, Edward Yang, director of the Centre for Future City at the Korea Water Resources Corporation (K-water), said: “We are making smart cities in a whole different way. We have learnt lessons from past projects. “We’re not focusing on technology we are focusing on people

and nature and how technology can support humans and nature. The delta surrounding Busan is a beautiful waterfront environment like Venice. We call it the Korean Venice.” The overall city project will cover 11.7 sq km, and be made up of a mixture of residential, retail, office and industrial space, with space designated to stimulate and incubate businesses from the science and technology sectors. It traces back to 2014 when the masterplans were initially given approval. In January last year the project was designated as an official National Smart City Pilot Project. Yang said that Busan is likely to attract residents from all over the region. More than five million currently live in the heavily industrialised region around Busan. “We expect there to be strong demand for housing and social housing. It’s a very good opportunity for development,” he said. One of the highlights of the project will be the Semulmeori District, at the confluence of three waterways leading into the city, which has been designated as a future cultural hub, and district for much of the city’s shopping and leisure buildings.

ITALY is harbouring ambitions to be a leader in sustainable building, but must shift from talk to action, according to leading local architect Mario Cucinella. “Italy was actually the first country in Europe to draw up regulations about the energy performance of buildings, back in 1973,” Cucinella said. “But since then, it has failed to really follow through.” The historic fabric of its cities is one delaying factor, while the country’s economic woes are also playing a role, Cucinella said. “My architectural practice is harnessing tried and tested ideas from a time when buildings really consumed no energy. Some of the simplest solutions come out of necessity,” he said. “We’ve just completed the headquarters for the environmental protection agency in Ferrara, Italy which is equipped with chimneys that capture cool air, to operate the building without air conditioning two thirds of the time.”

DISRUPTIVE technology may have come relatively late to the property industry, but the impact of proptech will shake the foundations of the business, according to Tobias Huber, global head of energy services & projects, Siemens Building Technologies. “The real estate industry is only just starting to understand how much data is generated by buildings, and what a resource that is,” Huber said. “But landlords have to understand why they are running analytics, and how they can use that to solve problems that you could not have solved in the past.” Siemens has been working on developing underlying systems, from fire security to data management platforms, as well as creating analytical software. “We’re proud to have evolved into a proptech company today, while having the reach and resources of a multinational,” Huber said. “In 2018, we acquired three Silicon Valley proptech firms — that’s how seriously we’re taking the industry’s evolution.”

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Urban Development

SEOUL PAVILLION

Affordable Housing

Palais-1. C16 & D15

Property management Urban Infrastructure Government Land Sales Urban Design & Planning

Everyday at 17∶00 “Happy Hours” We serve drinks and Korean treats. TUESDAY, 12

Introduction of SH / OUD (Office for urban development)

WEDNESDAY, 13

Magok Smart District in Seoul

THURSDAY, 14

Smart City case study of Seoul present by WeGO

ASIA LUNCH Sponsored by SEOUL

Le Majestic Hotel WEDNESDAY, 13

12∶30 PM


YOUNG LEADERS

Young Leaders Summit debates the future of tomorrow’s cities

THE INAUGURAL Young Leaders Summit takes place today, reflecting MIPIM’s increasing focus on attracting young talent into the real estate industry. Billed as an intergenerational debate on the future of cities and skills development, the event aims to present an overview of the next 30 years from a sustaina-

ble-growth perspective. The programme begins with a session entitled Convergence Or Divergence, which will examine emerging trends and priorities for young and old, based on the results of a survey of more than 20,000 French and international respondents by the make.org institute. The following session will include the presentation of a study carried

out in partnership with the Fondation Palladio, investigating the talents, profiles and skills needed to drive growth in the property industry. This afternoon, the Young Leaders working group on design thinking will present the results of a brainstorming session and draw up a charter for tomorrow’s cities.

‘There needs to be a support network’ ENCOURAGING and enabling more young people to access the real estate industry has become a key focus for London-based Harri John, a chartered surveyor working as a consultant within Cushman & Wakefield’s Global Occupier Services (GOS) EMEA business. Having initially begun training as an architect, John realised she wanted to have “more of an impact on shaping the built environment”. However, she did not initially know what form that would take, and did a lot of research before she found a career path that suited. “It was a really hard decision to leave architecture and I felt very lost,” she added. “The people around me tried to support me but didn’t really know about this industry.” John believes the real estate sector needs more visibility, both in schools and in terms of role models, to educate young people as to the opportunities available. Eventually finding her direction as a graduate surveyor in 2016, John still felt there should be more support for young people: “I felt there was a gap once companies had got people into the industry. There still needs to be a support network.” As a result, she co-founded CREation Property Network with her then colleague Rosanna Lawn,

running free networking events for people starting out in the industry. Since launching in January last year, CREation has held 13 events across London and Manchester, and plans to launch in Birmingham and Bristol this year. “The idea is to cover hot topics — things being discussed at events like MIPIM, but at a more junior level,” John said. CREation currently has more than 700 members. “The millennial generation is seen as quite transient, so

companies can be reserved about investing in individuals at this stage of their career,” John said. “But we say millennials are helping to improve the level of talent in the industry. John praised MIPIM’s Young Leaders initiative at this year’s event. “You are only going to get innovation from diversity of thought,” she said. John is speaking at this morning’s Young Leaders: Convergence Or Divergence session.

Young Leader Harri John: “You only get innovation from diversity of thought”

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Client centricity: Adapting solutions for higher returns in Spain Thursday 14th March 2019


news

VIPs at MIPIM The VIP party, headed by Ban Ki-moon and Cannes mayor David Lisnard, inaugurates the Gare Maritime, MIPIM’s new event space

Cutting the ribbon at the Istanbul Chamber of Commerce pavilion: chamber members Dursun Topcu (left) and Fatma Varank with Sekib Avdagic, president of Istanbul Chamber of Commerce and Minister of the Environment Murat Kurum

St Petersburg Deputy Governor Eduard Batanov opens the St Petersburg stand

Sergei Cheremin, minister in the Moscow City Government, opens the Moscow stand

At the sake ceremony to bring good fortune to the Japan Pavilion are: Sadao Muraoke, Mori (left); Tomohide Saito, Seibu Properties; Kengo Fukui, Tokyo Tatemono; Shigenori Hirooka, Urban Renaissance Agency; Yutaro Tanaka, Tokyu Land; Toshiyuki Inoue, Mitsubishi Estate; Fumiki Kondo, Nomura; Kazuhiko Kiyose, MLIT; Reed MIDEM’s Paul Zilk; Shuji Tomikawa, Mitsui Fudosan

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2030 vision

Gecina CEO Meka Brunel shares insights on the future of the workplace from the end users’ point of view

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hat are the five main expectations of office users for 2030?

Commercial real estate is now at a tipping point: the market office is gradually shifting from a functional approach, which prevailed for decades, to a user-centric one. To better understand our clients’ needs, we, along with five real estate companies that are members of our European sustainability and innovation think-tank, have chosen to listen, without intermediaries, to the occupants of our offices, our end clients. 140 people were interviewed in 6 countries in Europe through 18 focus groups. This is the first pan-European study on the evolution of workplaces from the perspective of users. First, let’s put an end to preconceived ideas. The general consensus is that age groups have different visions. For my part, I do not believe in a clash of generations with a relation to work and a relation to office space radically diverging between age groups. Millennials don’t exist. The study, carried out by Harris Interactive in six European countries, is in line with this deep conviction of mine. The study reveals that whatever the regions and work sectors of the interviewees, the expectations regarding the workplace by 2030 are similar. They converge on five main themes.

Five main lessons for the future: 1 • Today’s users are more aware of environmental issues and expect tomorrow’s offices to be “Green” Equipping workspaces with sensors (lighting, air conditioning, heating), using sustainable building materials (bare brick

walls, solar panels, biological roofs) or raising employees’ green awareness (zero waste, local food, clean transport) are essential prerequisites for employees to project themselves with enthusiasm into tomorrow’s work space. 2 • Today’s users are connected and expect tomorrow’s offices to be “Smart” Intelligent furniture, biometrics or data management are phenomena that will further improve the efficiency of administrative tasks, decision-making processes and employee support.

3 • Today’s users are mobile and expect tomorrow’s offices to be more “Flex” Collaborative spaces such as WeWork or coffee shops such as Starbucks reflect the need for people to meet where they want and when they want to work alone or with others. Traditional companies cannot ignore this demand. They must be in line with a trend towards more flexible offices to offer their employees multifunctional, modular, uncluttered, indoor and outdoor workspaces. This reorganisation of the physical space should be accessible 24/7 and reflect a more flexible, flexible internal organisation. One important point: it is not a question of doing flexoffice, but of having more flexible offices. It’s not the same thing! 4 • Today’s users want to feel at home everywhere and expect tomorrow’s offices to be “Sweet” To each mood corresponds a need; to each need corresponds a space; to each space corresponds a moment. And throughout the day, moods and needs vary among employees. The 2030 offices will be “like at home”, because today’s employees are demanding alternative workspaces (green areas, relaxation areas, kitchens equipped for shared meals) and tailor-made workspaces (natural light, automatic regulation of lighting, temperature and music). In short, professional spaces that promote collective fulfilment, self-realization and well-being. Offices are living places! 5 • Today’s users no longer have two parallel and compartmentalised lives and expect tomorrow’s offices to be “Service-oriented” The workspace of tomorrow could not be conceived without considering the growing demand for services from office users. The porosity of the worlds and professional and personal spaces results in the need for employees to no longer dissociate two parallel and compartmentalized lives. The workspace, wherever it may be, must allow employees in 2030 to benefit from services they will always need (pharmacy, gym, nurseries, delivery service, showers). As players of the city of tomorrow, it is up to us to continue to meet these expectations!


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Cannes by day

Towering ambition

Lyon roars

Urban renaissance

The sun shines on London

MIPIM News 2 • 17 • 13 March 2019


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Malaysian developer is making a long-term commitment to London THE WAIT-and-see climate of Brexit-era Britain is proving the perfect environment for enterprising developers like EcoWorld, the Malaysian-headquartered business which has big plans for building housing in

London. “Other developers are standing on the sidelines, waiting to see how things will play out,” CEO of the firm’s UK-focused arm EcoWorld London, Heng Leong Cheong, said. “But we’re

EcoWorld CEO Heng Leong Cheong

already active with 12 sites in London — and planning further expansion.” The Malaysian parent company launched in 2015, quickly racking up 20 projects on home soil, plus 15 overseas — three in Australia, and 12 in the UK. “We’re nearly as active in the UK as in Malaysia,” Cheong said. “That’s how seriously we are taking the market.” For Cheong, London has massive potential for thoughtfully-executed residential projects, which have their tenants’ needs at heart. “Our current development sites comprise around 8,000 housing units, 50% of which will be destined for the private rental sector (PRS), with 50% for direct sale. But we feel strongly that rental tenants should have as good an experience finding a home as those who buy apartments outright. We’re trying to get back to that emotional aspect of choosing a place to live. We also want

Real estate driving Dubai recovery WITH the world’s tallest building and as the host of the world exhibition Expo 2020, Dubai in the UAE is never far from the centre of real estate news, Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at Dubai Land Department, said. Rashid told MIPIM News: “In the past few years Dubai has witnessed an economic recovery that is reflected in both growth rates and foreign direct-investment volumes and the real estate sector played a key role to achieve this growth and led the economy to the mature state we see today.” Dubai’s real estate sector is one of the strongest in the world and capable of competing in-

ternationally with the real estate sectors in advanced economies, Rashid said. “We can see this in the growth in number and value of daily transactions taking place in the sector, as well as the growth in the number of new projects every year. With increasingly proactive measures being implemented by the government, from the new legal framework to financial stability, Dubai’s property market is likely to become only more robust.” Dubai is a huge market that brings together more than 200 different nationalities and cultures which represent a diversified demand for all types of property, from residential and commercial apartments and vil-

las, to offices, retail stores and warehouses that meet the needs of all real estate investors,” Rashid said. Dubai Land Department (DLD) develops the necessary legislation to move the real estate sector forward by organising and promoting investment in property and spreading industry knowledge through a number of services.

Dubai Land Department’s Majida Ali Rashid

MIPIM News 2 • 19 • 13 March 2019

to avoid being presumptuous, in terms of tenant needs. That sometimes means providing communal amenities only after people have settled in and communicated what they want.” The firm’s deference to its tenants belies an ambitious growth strategy. Beyond its 12 current schemes, another 10,000 PRS units are being planned across the UK capital, taking advantage of the city’s acute supply dynamics. EcoWorld London was born out of a M&A deal with local player Willmott Dixon, accelerating the Malaysian firm’s international expansion plans. As a result, it also inherited plans to develop a new 20,000 seat stadium for Brentford FC, plus 910 adjacent new homes at the Lionel Road South site. “With the Brentford scheme, we’re bringing forward the release of the first 500 units, to accelerate the project’s overall delivery,” Cheong said. “That makes the site even more appealing to retailers, as there will already be a user-base when they move in. We have years of experience in London, but we’re learning new ways to serve the market and carve-out success.”


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The circus continues!

The VICUS GROUP’s Kohlrabizirkus development scheme in Leipzig, Germany

View of Kohlrabizirkus Campus after completion Visualization: VESTICO GmbH

The German real estate company VICUS GROUP AG drawn up a development proposal for the Kohlrabizirkus area, a Leipzig landmark brimming with potential and opportunity

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onnecting people, coworking, tapping synergy, leisure facilities, urban sophistication, active recreation, a compact setting, a vibrant city district: there are many ways to describe the aims and ideas surrounding Kohlrabizirkus! The Leipzigbased VICUS GROUP plans to develop the area around Kohlrabizirkus, one of Leipzig’s largest remaining brownfield sites, into a technology and research hub meeting the very latest standards. The required commercial space will be created in a green, easily accessible campus with a balanced mix of work and leisure areas, well-integrated green spaces, local shops, a choice of eateries, a childcare centre, and short-stay apartments for workers and visitors. Kohlrabizirkus Campus will form an important contribution to meeting some of the challenges of urban development in Leipzig, including the need for more open space, shorter distances and less commuter traffic, making for more free time and less stress. The VICUS GROUP’s proposal transforms the existing Kohlrabizirkus building from two disused market halls into Leipzig’s new sports and leisure centre. With contracts already signed for an ice rink as well as with Superfly (indoor trampolining) and Boulderlounge Chemnitz (indoor climbing), the distinctive domed buildings are now largely let. Leases have also been concluded for many of the former administrative offices surrounding the

structure, which are now under refurbishment. In addition to redeveloping the existing structure, there are plans for more buildings and even a tower block with a total of 110,000 square metres or so of additional gross floor space. With buildings for research and teaching planned adjacent to the existing veterinary clinic to the east, new administrative buildings have been devised to the west of Kohlrabizirkus. To the south, a high-rise building for coworking, co-living and a hotel is to be put up alongside a complex for media companies. Moreover, the project includes cafés and restaurants, shops, a day care centre for children, a gym and underground parking. The development of this new campus is the VICUS GROUP’s response to the increasing demand for space among biotech and media firms as well as the public sector and higher education, not least thanks to the site’s ideal location south of central Leipzig. This opinion is shared by the local authority, which is keen to see this project rapidly implemented and is liaising closely with the VICUS GROUP. In addition, work is to start this year on the nearby major construction project ‘Urban District at Bayrischer Bahnhof’. BUWOG Group GmbH has teamed up with Stadtbau AG to forge a new neighbourhood containing 1,600 apartments, schools, day nurseries and a large park, generating new momentum for the area south of the city centre. The VICUS GROUP will display the current planning

status to the public at MIPIM in Cannes, France, from 12 to 15 March. Visitors can look forward to an interactive 3D model of Kohlrabizirkus Campus using state-of-the-art technology to bring this new development scheme to life.

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Milan bolsters position as Italy’s most investment-friendly city

Milan’s deputy mayor Pierfrancesco Maran: “exciting time for Milan”

MILAN is open for business, despite Italy slipping into recession, the city’s deputy mayor Pierfrancesco Maran told MIPIM News. “We are obviously concerned about the situation at a national level, but the climate in Milan is completely different,” Maran said. “Foreign investors see the city as a safe bet — investment hasn’t slowed at all. In fact, it’s a golden moment to choose Milan.” The city famously shifted up a gear after hosting an astonishingly successful World Expo in 2015, and a sense of vibrancy has remained, Maran said: “The World Expo was a great opportunity for Milan. It was suddenly viewed as a more liveable and tourist-friendly city. The momentum isn’t over. In fact, we’re in the middle of a bid to host the 2026 Winter Olympics. But the really interesting thing is that we are no longer dependent on big events for success. Milan is a great place to live and invest, on its own merits.” Milan has just approved a new

SNCF earmarks 3,000 ha for development SNCF Immobilier, the property arm of the French railway company, has 20,000 ha of land under ownership — more than twice the size of Paris — and has prepared 3,000 ha for immediate development. The company, which was established just three years ago, is charged with managing the assets that SNCF needs for its operations. However, it is also acting as a strategic developer and land promoter, according to Charlotte Girerd, director of projects and developments at SNCF Immobilier. “Our mission is to transform our land and buildings,” she said. “Firstly, it is about the places where our people work

to manage the railway. Then, when we don’t need the land ourselves, we are involved in developing new neighbourhoods.

And we also do a lot of housing, particularly social housing, not just for our people but for all people. We have a portfo-

SNCF Immobilier’s Charlotte Girerd: “mission to transform land and buildings”

MIPIM News 2 • 21 • 13 March 2019

urban plan, setting out its evolutionary vision through to 2030. “It’s a key moment for the city,” Maran said. “We’ve achieved our development goals of the last two decades and it’s time to shape the future.” He added: “Milan is Italy’s economic capital and a world city for design, and we’re going to make it even easier for private-sector investment. Around €1.5bn of state money is also being channelled into the city, so foreign investors won’t be alone. We’re also planning to tackle those essential problems that any city faces.” Key development drives include the regeneration of seven abandoned railyards, which are destined to become the city’s green lungs, with over 65% of the brownfield plots turned into parks. “The remainder of the sites will be home to ambitious new commercial and residential projects, with a dedicated social-housing element,” Maran added. “If we are successful in our bid to host the Olympics, Scalo Romana will become the site of the Olympic Village. The masterplan for Scalo Farini, the city’s other largest railyard, will be approved next month. It’s an exciting time for Milan.”

lio of 100,000 homes, 90% of which is social housing.” Girerd said that, although SNCF Immobilier is looking for development partners and investors in Cannes, it also has other reasons for being at MIPIM: “We are also here because there are a lot of big French cities and we have some projects together. We have 33 strategic projects in major cities and towns. It’s a good way to discuss the projects and share ideas.” Given the huge variety of holdings in the SNCF Immobilier portfolio, Girerd said MIPIM is also a good opportunity to learn from developers in other parts of the world. “We are trying to transform the way we do things,” she added. “Being here is a good way to understand what is happening in other countries.”


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Gremi International SARL, an international holding company based in Luxembourg (operating in Luxembourg, Netherlands, Brazil, Poland, USA) 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) and Mayakoba (Mexico). The “Eco Estrela” project will encompass several hotels, resort facilities and luxury residential units. The extraordinary site features 6.5 kilometers (4.1 miles) of Atlantic beachfront and covers an area of 2571 hectares (6,353 acres). The nearest international airport to Eco Estrela Baia Formosa is Natal (99 km by highway). Its proximity to Europe and Africa make it the shortest and most fuel-efficient destination for aeroplanes crossing the Atlantic. The project will be implemented using a phased development approach and has a masterplan (prepared by EDSA) that allows up to 2,641 units to be built. Most importantly, Gremi International holds the final Installation License allowing to start construction, issued on December 31, 2018 by Environmental Agency of the state of Rio Grande do Norte. The resort’s interior and exterior are expected to be completed in 2022. In January 2019, Founder of Gremi International, Chief Investment Officer at Gremi and General Manager initiated the establishment of RAIF (Reserved Alternative Investment Fund) in Luxembourg. This structure is the optimum investment vehicle for the Eco Estrela project as it will simplify and accelerate the development of the project. RAIF gives investors security as it is managed by an authorised AIFM. At the same time RAIF will help project gain more visibility as it benefits from the European passport granted by the AIFM Directive for marketing to professional investors in the EU.

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Natal

Federal Highway (BR) 101

Pipa

Baíía Formosa Ba Baía

João Pessoa

Natal - Baía Formosa (1 - hour drive on BR101)

João Pessoa - Baía Formosa (1 - hour drive)

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On the 13th of February, 2019 IHG (InterContinental Hotels Group) announced the acquisition of Six Senses Hotels Resorts and Spas. IHG purchased the award-winning hospitality and wellness company from private equity fund Pegasus Capital Advisors for USD 300 million. IHG is one of the world’s leading global hotel companies with a growing number of luxury brands including InterContinental Hotels & Resorts, Regent Hotels & Resorts and Kimpton Hotels & Restaurants.

Recife - Baía Formosa (2.5 - hour drive)

For detailed investor / developer information please visit our stand at MIPIM 2019 (P-1.A20, P-1.B19) Lisbon Miami

6h Natal

Mr. Piotr Maj - Head of EcoEstrela Project E: p.maj@gremi.pl T: +48 609 501 195, +55 84 99686 0330 Mr. Dariusz Bąk - General Manager E: d.bak@gremi.pl T: +48 502 456 659


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Biggest hospitality project in South America (Brazil)

MARCELO ÁLVARO ANTÔNIO The construction of Eco Estrela, a hospitality development project at Baía Formosa in Rio Grande do Norte, reaffirms Brazil’s tourism potential and demonstrates the confidence of investors in our country. Undoubtedly, this initiative will be fundamental for the economic development of that region through the creation of jobs and the increase of incomes, thus contributing to Brazil’s growth.

Marcelo Álvaro Antônio Brazil’s Minister of Tourism


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Special Office for foreign investors who wish to apply for Turkish citizenship

The Special Joint Office for Citizenship Applications by Foreign Investors established by the Ministry of Internal Affairs started its activities at the Istanbul Chamber of Commerce. The Special Joint Office for Citizenship Applications by Foreign Investors established by the Ministry of Internal Affairs for the purpose of handling applications at a single contact point for foreign investors who wish to apply for Turkish citizenship is now in operation. The Office employs staff from various ministries. It provides services directly to foreign investors who wish to receive a long-term residence permit or acquire Turkish citizenship by making an investment. The Office aims to complete citizenship procedures for investors in 45 days. ‘PROCEDURES WILL BE HANDLED MORE QUICKLY’ President of the Istanbul Chamber of Commerce Şekib Avdagiç said that a single contact point for foreign investors who wish to become Turkish citizens or receive a long-term residence permit will facilitate and speed up the procedures.

President Avdagiç stated that “The handling of these procedures in the city center and under the roof of the Istanbul Chamber of Commerce that represents the business community with 428 thousand active members will ensure a higher number of positive outcomes.” The office employs staff from the relevant ministries and provides one-to-one service to foreign investors who wish to apply for a long-term residence permit or Turkish citizenship. The Office aims to complete citizenship procedures in 45 days. TERMS FOR CITIZENSHIP FOR INVESTORS The Joint Office will operate according to the Regulation Amending the Regulation on the Implementation of the Law on Turkish Citizenship published in the Official Gazette on September 19, 2018. This legislation regulates the terms that foreigners must meet in order to acquire Turkish citizenship. According to the regulation, foreigners who realize a 500 thousand USD fixed capital investment, buy real estate at a value of 250 thousand USD, employ 50 people, have 500 thousand USD in the bank, buy 500 thousand USD in government bonds will be eligible for Turkish citizenship.

Record increase in sale of homes to foreigners: In 2018, a total of 39 thousand 663 homes were sold in Turkey. The number of homes sold to foreigners increased by 78.4% percent in Turkey in 2018 compared to the previous year. The highest number of homes were sold in Istanbul where foreigners bought 14 thousand 270 homes in 2018. In other words, one out of every three homes sold to foreigners was sold in Istanbul. Istanbul presents its showcase projects at MIPIM EMLAK KONUT REIC Emlak Konut Reic 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. Its brand value is based on more than 60 years of experience and it completed numerous projects with success. So far, Emlak Konut REIC has finalized approximate 131.000 units’ tender during 16-year period since 2003 and aims to reach 203 million Euros net profit in 2019. AKKUŞ GROUP & BOSS4 REAL ESTATE COMPANY Akkuş Group successfully completed many important projects by working very efficiently and productively. It diligently works to ensure that the investments which are realized in the construction and real-estate are durable, safe, comfortable and affordable projects that meet the needs of our customers. AREMAS Aremas Group of Real Estate Departmants founded in 2010 and is now one of the most recognized consultancy companies which provides services to the entire process from project development to the sales&marketing organization and hand-over and second hand operation in the residential and commercial market. CATHAY CATHAY GROUP is a leading real estate development company, founded in 1991, based in Istanbul with an unwavering commitment and passion for developing high quality, uniquely designed residential and commercial buildings. DOME+PARTNERS DOME+PARTNERS is an architecture practice based in Istanbul, Turkey . As an international company, it is eager to extend its presence in project design abroad, to partner with local companies and deliver world-class creative solutions with the commercial potential. ENTEGRE PROJECT MANAGEMENT Entegre Project Management has been carrying out end-to-end services from the design phase until the final acceptance of the superstructure projects since 2003.It has more than 150 projects such as; Housing, Hotels, Shopping Malls, Fit-Out Projects, Industrial Facilities, Data Centers, Educational and Sports Facilities. FUZUL GROUP Fuzul Group includes many companies that have been established under its roof in Turkey. With over 1000 employees ,Fuzul Group has more than 55 Fuzul Ev branches, 13 Construction Projects more than 5000 flat and 3 projects still under construction and 150-transaction capacity per day all over the world

GULAN GROUP Gülan Otomotiv founded in 1991 by Alp Gülan continues to grow in automotive sector with Nissan, Renault, Dacia and Fiat dealerships; and in construction sector with various types of construction projects and 130,000 m2 OTOSTAT Project.

KALYON GROUP Kalyon Group is one of the biggest Istanbul Airport investors serving 200 million passengers annually. It aims at representing the best around the world in construction, energy, aviation, highways and real estate sectors.

HASANOGLU GROUP OF COMPANIES Hasanoglu Group of Companies founded by Mustafa Hasanoğlu in 1993; has been one of the leading names in the real estate and construction industry. It continues to work on infrastructure projects, construction and development of residential, office, university, hospital and public buildings.

OPTIMAL OPTIMAL is a project management and consultancy firm providing expertise services to clients in various sectors. Today, with its over 200 technical staff and 6 offices, Optimal manages various projects in more than 20 locations across the region.

HERGUNER BILGEN OZEKE Hergüner Bilgen Özeke is Turkey’s premier independent business law firm whose esteemed real estate team advises leading international retailers, real estate funds, and developers in real estate transactions and real estate litigation and arbitration. ICANBUY REAL ESTATE INVESTMENTS ICanBuy Real Estate Investments is a leading real estate marketing company of Turkey based in Istanbul. With over 2000 happy clients and 40+ employees, it provides high quality services to foreigners demanding real estate in Turkey with simplified buying processes through its professional staff. It also offers its clients legal assistance including the new Turkish Citizenship Programme. ISTANBUL AIRPORT İGA was founded on October 7, 2013 to construct and operate Istanbul Airport for 25 years.The first phase was finalized when two runways and a terminal with a passenger capacity of 90 million were commissioned. Once complete, the airport will host flights to more than 300 destinations with an annual capacity of 200 million passengers. ISTANBUL MINERAL EXPORTERS’ ASSOCIATION IMIB was established on 1976 in order to carry out all activities related to exports in Turkey and has 4.547 members as of 2019. ISTANBUL IMAR CONSTRUCTION CO. Istanbul Imar Construction Co. was founded in 1947 for the reconstruction of Istanbul. It is one of the subsidiary companies of Istanbul Metropolitan Municipality. It is focused on the development of mixed-used projects in Istanbul. The company completed many projects up to now and still continues to add new land development and real estate projects to its portfolio. The size of the assets of the company is about 4 Billion Turkish Liras and total area of company land portfolio is more than 280.000 sqm.

For further inquiries, please do not hesitate to contact us. Aylin ODABAŞ: Mobile 0090 (533) 959 30 57

ORAL ARCHITECTURE Oral Architecture is an international architect & developer company based in Istanbul, Turkey with offices in Dubai, UAE along with Moscow, Russia, offering design, fit-out construction, project management, millwork services to luxury sector clients internationally.It specializes in designing and developing luxury residential properties in Turkey . It developed its first award winning in-city luxury residential building Değer 16, in Nisantasi, Istanbul in 2009. SP ARCHITECTS SP Architects has a high functioning and collaborative team of 60 architects in its Istanbul Office. Working in BIM System, it has 600 projects globally, such as master plan, residential, commercial, urban transformation, mixed-use. TURKISH TOURISM INVESTORS ASSOCIATON (TTYD) Founded by Turkey’s large-scale private sector tourism investors in 1988, Turkish Tourism Investors Association (TTYD) is the only organization bringing the entire tourism value chain in Turkey. TTYD is a member of UNWTO Affiliate Members Body and EU wide hotel association HOTREC. VAKIF REIT With the shareholders such as T. Vakıflar Bankası T.A.O., one of the pioneers in the Turkish banking industry and, the Housing Development Administration of Turkey, a leading organization in the field of housing production and financing, Vakıf REIT takes place at MIPIM, the world’s most prestigious real estate exhibition, in order to represent the potential and power of our country in the field of real estate and construction industry and, inform global market players of its existing investment opportunities. YEDITEPE INC. Yeditepe Inc. is a real estate investment brand which adds value to Istanbul in order to meet the needs of the business world with “The Istanbul” project in Merter. Yeditepe Real Estate focuses mainly on the construction of offices, shopping centers and residential areas.


news

Logistics heads acquisition target for M&G Real Estate

M&G Real Estate’s Olivier Vellay: “happy to look at edge-of-city opportunities”

GLOBAL investor M&G Real Estate is looking to acquire between €700m to €1bn of European real estate assets this year, broadly in line with investment levels for the past three years, as it seeks to increase its property holdings across Europe, according to Olivier Vellay, M&G Real Estate’s director, head of invest-

ments, continental Europe. The company is operating a twopronged strategy, with a core balanced portfolio representing around 75% of its holdings by value and the remaining 25% in its long income fund, operated as an “internal joint venture” with the credit management team and focused on vehicles

such as sale and leaseback and long-lease assets. In the balanced fund around 55% of the properties are in the office sector, 35% in retail and 25% in logistics, with the latter the key focus for investment during 2019. Having established offices in a number of European markets over the past three years, Vellay said that the company was now well positioned to make informed decisions across local European markets and would also expand into residential, especially serviced assets such as senior and student living. “In terms of investments, we are basing our investment decisions on a mix of location, asset types and the opportunities for rental growth and active asset management,” he said. “Our office strategy has largely been based on prime locations in gateway cities but we are also happy to look at edge-of-city opportunities, especially where we see improvements in the area or in the transport infrastructure.”

Greek state owner eyes partners ATHENS-based Public Properties Company (PPCo) is looking to increase inward investment into the country as it manages a diverse portfolio of government-owned real estate assets and land across Greece. The company is working with both development partners and purchasers to grow income as investor confidence returns to the country, said Yannis Polyzos, president of PPCo. “We manage thousands of stateowned real estate assets in Greece and following the reorganisation of the company we are looking to attract partners to consider everything from golf courses

and marinas to hotels and agricultural land,” Polyzos said.

PPCo’s Yannis Polyzos

Following an increase in retail investors in homes for Airbnb rental and an influx of over 3,500 foreign buyers on the country’s Golden Visa residency-for-investment scheme, PPCo large assets portfolio director Constantinos Angelopoulos added that the company is now working to encourage more institutional investment. “We can see interest growing,” Angelopoulos said. “Some of the plots and assets will be sold and some which cannot be sold will be offered on long leases as we work with developers to create and improve assets such as our state-owned hotel portfolio.”

MIPIM News 2 • 25 • 13 March 2019

SMARTER DESIGNS NEED TO MEASURE PEOPLE FACTOR

HOK’s Joyce Chan

TECHNOLOGY needs to be better used to help improve monitoring of resources, climate change issues, and health and wellbeing in building design, according to Joyce Chan, senior associate and sustainable design leader at London-based architects HOK. This leads to more humancentric design, Chan said, however it needs to be combined with regulation and policy. “Technology alone will not help environmental issues. I have been doing a lot of research into how we get people data and how we start to talk about the measure of happiness and health,” she said. Built-environment specialists are starting to look at technologies such as headsets to monitor brainwaves — and therefore mood — and better understand the people factor, but more needs to be done, Chan added. “Measuring the people factor is the key to see how sustainable we are. As architects it’s about how we make use of the data to inform better design. We should be able to translate this data into a language a spatial designer can understand,” she said.


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CRE looks to expand membership and promote social improvement CHICAGO-based Counsellors of Real Estate (CRE) is at MIPIM targeting expansion of its membership as the advisory group looks to continue its work helping cities and municipalities to optimise their real estate assets. Funded by the organisation’s Foundation, the group assembles experts from its membership to act as advisory task forces for local governments in the US and Canada seeking to regenerate or improve areas of their towns and cities. This, said, CRE vice chair Michel Couillard, who is also president and CEO of Montreal-based investor/developer Busac, increasingly involves mixed-use solutions. “There is no doubt that real estate is evolving and that mixed-use is becoming more and more important,” he said. “One element of that is the creation of social and affordable housing. That can be done but what is important is that we don’t create stand-alone

residential areas but rather that we integrate the homes with other real estate uses. It’s more difficult but it’s worth it.”

CRE’s Michel Couillard

Each year CRE also identifies ten key issues in real estate and attempts to assimilate the information through member networking events to help professionals understand the changing nature of real estate across asset classes, which also forms part of its remit at MIPIM. Re-evaluation of property types also feeds into Busac’s business, with Couillard saying that increasingly its development and asset management projects focus on mixed use. Busac has also entered into a partnership to develop the Kalahari water park, between Philadelphia and New York, as an entertainment and retail centre. “Sentiment in North America remains very positive, albeit that low interest rates continue to underpin the cycle,” Couillard said. “What people want and the way they interact with offices, retail and residential, even hotels, is changing all the time. So you have to be able to foresee the trends

Pembroke focusing on existing assets GLOBAL real estate investor Pembroke is actively engaged in asset management, redevelopment and development projects from London to the west coast of the US, as part of its long-term strategic growth model, the company’s senior vice-president said. Nick Moldon, senior-vice president and head of UK and Germany at Pembroke, said that the firm was focusing on the long-term value of existing assets and only embarking on a limited acquisition programme in the short term. “Of our total real estate portfolio by space around the world, half of it is property that we have developed ourselves. It’s a significant amount of space. We are working to transform the assets we have and increase their value by putting more capital expenditure into them. It’s very much a focus

across all our buildings.” Among Pembroke’s current redevelopment projects is the revitalisation of a prestigious asset at 25 Cannon Street in London, near to St Paul’s Cathedral in the centre of the city. The works in-

clude changes to the exterior of the building, and the building of new terraces. The firm has recently acquired a property in Seattle, Washington and is actively eyeing the west coast of the US for further opportunities.

TURKEY REACHES OUT TO THE WORLD MIPIM is a great place to share “Turkey’s narrative on a global scale”, according to the head of the country’s inward investment agency. Turkey has attracted $55bn (€49m) of foreign direct investment into real estate and construction during the last 16 years and 30% of this has come in the last three years, said Arda Ermut, president of the Republic of Turkey Presidency Investment Office. There are three main reasons for this, Ermut said. “First, with an average annual growth rate of 10.9% in the 2010-2017 period, the real estate sector in Turkey offers attractive and lucrative opportunities for investors. “Secondly are the incentives put in place, such as the right given to foreigners to obtain Turkish citizenship when buying a property worth $250,000. Third is promoting activities at international events such as MIPIM.” He added: “The Investment Office attends all global platforms to promote Turkey as an investment hub. The Office has a network of country advisors worldwide and brings the best of Turkey’s offerings to the attention of international business circles.”

Invest in Turkey’s Arda Ermut Pembroke’s Nick Moldon (left) and Akira Shimizu

MIPIM News 2 • 27 • 13 March 2019


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Waterside scheme will create new neighbourhood for Oslo A MIXED-use development is taking shape on the outskirts of Oslo that could transform a prominent area of the Norwegian capital. Extensive works in the Bjorvika area of the city to create unprecedented levels of new real estate are under way. The masterplan will result in an eventual 170,000 sq m of new office space, 29,000 sq m of retail, and 1,900 homes being added to the city, close to Oslo Central Station. One of the key elements of the project is the Bispevika mixeduse development adjacent to the railway station, led by developer Oslo S Utvikling (OSU). With phased openings this year and next, the scheme comprises new retail, restaurants and gallery space. OSU retail development director Maria Rognerud said that the development was adding a “new neighbourhood for Oslo”. “It’s a really intense development,” she said. “It’s proximity to central station makes it very

exciting. We’re well on the way to achieving our goals down there. We set out to build this on a development-sale basis, and we have already handed over ownership of a proportion of the development. There’s been a lot of interest from international investors.” Bjorvika is one of Oslo’s trendiest districts, and currently houses the Munch Museum, in honour of

famous Norwegian artist Edvard Munch, and Barcode, a striking row of 12 buildings on the edge of the Oslo fjord. The first of these was completed in 2007 as part of the municipality of Oslo’s Fjord City strategy, with the final completion in 2016. The overall project is due for completion in 2025, with a number of landmarks between now and then.

OSU’s Maria Rognerud: “we’re well on the way to achieving our goals”

Arcadis talks up UK prospects

Arcadis’ Peter Hogg

THE UK offers “a land of opportunity” whatever happens with Brexit, according to the latest research from London-based design and consultancy firm Arcadis. “We are here to tell the story that there is great opportunity in the UK,” said Peter Hogg, partner at Arcadis. “We have been looking at what in reality the impact of Brexit is likely to be on the industry and the sector, and believe that whatever the outcome of Brexit there is still a lot of opportunity in the UK. There is a lot to offer to foreign investors as well as domestic.” Hogg said there were many op-

portunities in different sectors within the built environment in the UK. “However, it’s the overall opportunity that the UK provides for placemaking that’s really interesting. That creates a really exciting investment narrative for the UK.” For investors attracted by that, he said, the UK’s relationship with the rest of the EU may not be as important for their investment decision. “We genuinely believe that there is going to be a significant amount of post-Brexit opportunity for the UK and we shouldn’t be feeling too gloomy about what the future holds as a sector,” Hogg said.

MIPIM News 2 • 29 • 13 March 2019

MANCHESTER SEEKS PARTNERS FOR NEW INNOVATION SPACE MIPIM saw the launch of a major mixed-use development project in Manchester yesterday. The team behind the future ID Manchester project, an ambitious science, research and innovation scheme linked with the University of Manchester, chose Cannes to unveil details of the plan and announce a tender process for development partners. Addressing delegates at the launch event, Professor Dame Nancy Rothwell president and vice-chancellor of the University of Manchester, said that the future ID Manchester site would be a “remarkable space in which to thrive and grow” for innovators in various sectors of business and academia. The formal process for selecting a development partner on the project will begin later this year, and be wrapped up in mid-2020. As well as space for research and development and offices, the masterplan also includes new retail, residential and hotel space to be built on site. Colin Thomasson, executive director at CBRE, which is advising on the ID Manchester scheme, said that the scheme was responding to a wider “thirst for clustering around knowledge hubs” in the UK. “ID Manchester is an unrivalled opportunity. We want a development partner who will share our vision.”

The ID Manchester project


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Poland’s first national stand highlights new opportunities WHILE individual Polish cities have long had a presence at MIPIM, this year marked the first time that Poland took a national stand. To mark the occasion, Tadeusz Koscinski, Poland’s undersecretary of state at the Ministry of Enterprise and Technology, took the time out of his busy schedule to open the stand and make a short speech. “First of all, I want to say congratulations to MIPIM for its 30th anniversary,” he said. “That 30 years has also seen Poland’s transformation. It has been a tremendous growth period, during which we have moved away from an imitation-based economy to an innovation-based economy. It was one of the very few countries in the world to have seen continuous growth for 30 years.” Koscinski went on to urge delegates to visit Poland in order to understand the new reality of the country’s economy and the opportunities it affords to investors. “There are plenty of opportunities for everyone, so

it is important for us to have a national stand,” he said. “It’s very important for us to be at MIPIM. Real estate is expanding and developing very quickly in all sectors. “All the cities are seeing a boom in infrastructure. It’s growing very rapidly. The sea ports are

growing very rapidly. I invite everyone to come to Poland to see what is happening. At the same time, Polish business people are out in the global market offering innovative products and services, so I would also encourage people to get together with Polish businesses.”

Tadeusz Koscinski, Poland’s undersecretary of state at the Ministry of Enterprise and Technology, speaking at the launch of the Poland stand

Montenegro resort set to open A NEW luxury resort on the coast of Montenegro will open this June, following an increase in interest from foreign investors in the Balkan country. The Portonovi resort will be a significant new feature on the Mediterranean coast, including a wellbeing spa, a One & Only luxury hotel with beach club and outdoor terrace dining, and a new deep-water marina. The project is the vision of Azmont Investments, whose chairman Ahmet Erentok said that Montenegro is experiencing a golden period of investment and development, as the country’s immense potential for tour-

ism was being realised by the international markets. “The country has a beautiful natural environment and lots of opportunities for investors,” he said. “It is a very friendly environment for business; the government is eager to help businesses. We wanted to be a first player in this. We’re not just building resorts, we are building communities here.” Erentok said that while tourism accounts for a big proportion of Montenegro’s economy, with some 20% of GDP coming from foreign visitors, there are significant opportunities for development in other sectors.

FRESH THINKING REQUIRED FOR PUBLIC SECTOR

Architecture Initiative’s Matt Goodwin: “maximum value”

MATT Goodwin, managing director of the UK-based Architecture Initiative practice, is at MIPIM talking to public sector bodies — government and local authorities — about the need to maximise the thinking behind public development. “It needs to be strategic,” he said. “We need to think are we getting maximum value for money? Can a project do more than one thing for the community in which it is developed? Is there a better way of using the public funds available for a project? Every development, especially in the public sector needs to ensure the thinking around the project is strategic.” Goodwin points to one of the practice’s recent projects to illustrate his point, the Northampton International Academy. This is a former Royal Mail sorting office in Northampton converted into a mixed-use development including a state-of-the-art campus for the largest free school in the country with 2,200 pupils. “Finding an appropriate use for such a large building was crucial to its re-use,” he said.

DID YOU KNOW?

MIPIM WELCOMES

5,400 Azmont Investments’ Ahmet Erentok

MIPIM News 2 • 31 • 13 March 2019

INVESTORS


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#schindlerismore

more entertainment More than just a door. Transform your elevator into a venue for entertainment. Visit us at booth P-1.B50 to get an exclusive glimpse into the future of building intelligence and smart urban mobility.


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Scotland is ‘open for business’, minister tells global investors THE SCOTTISH government’s ‘pro-business, pro-development’ agenda presents a significant opportunity for real estate investors, according to finance secretary Derek Mackay. He said there was great potential for foreign investment across a range of sectors and cities. “We are open for business and we have a good track record of attracting investment,” he added. “We’ve put a competitive tax regime in place.” Scotland is being represented in Cannes by a number of organisations and businesses, including development agency Scottish Enterprise, Scottish Development International, the Scottish Cities Alliance and the Scottish Property Federation. “This is the first time we’ve taken such a team approach to MIPIM,” Mackay said. “This is the premier property market and we are all working together. Scotland is such a strong brand.” Mackay, from the Scottish National Party (SNP), said that

Scottish finance secretary Derek Mackay (centre), with Reed MIDEM’s Peter de Soissons (left) and Ronan Vaspart

much of the opportunity for investors from overseas remains in the country’s key cities of Glasgow, Edinburgh and Aberdeen, where there is strong demand for commercial property. He added that a shortage in the housing supply throughout Scotland also offered significant development potential. The Scottish government has introduced a guarantee scheme to encourage investment in the

private-rental sector and derisk the residential market for foreign investors, Mackay added. He also highlighted a major initiative by the government — a national investment bank backed up by £2bn (€2.3bn) of funding — which is currently going through the legislative process. The fund will be used to stimulate economic growth and activity, including development in the real estate sector.

London braced for skills shortage THE LONDON construction industry could face serious shortages in skilled labour if large numbers of European migrants leave the country as a result of Brexit, the development director of a housing association based in the UK cap-

ital has said. Geoff Pearce, executive director for regeneration and development at housing association Swan, which develops residential properties in East London and Essex, said there could be a “real construction skills short-

Swan’s Blackwall Reach development in East London

age” in the capital, where around 50% of all workers in the sector come from outside the UK. Swan is engaged in a number of major home-building projects in London. It has some 6,600 homes in the pipeline, many of which are being built off-site in modular housing factories. The largest of these is in Purfleet in Essex, where up to 2,850 homes are scheduled for construction over the next 17 years. Another major project, Blackwall Reach, located in the London Borough of Tower Hamlets, will deliver 1,575 apartments over 10 years. Swan is at MIPIM to meet with local authorities and potential investors for some of its non-residential projects.

MIPIM News 2 • 33 • 13 March 2019

GERMAN HOTEL MARKET IN DANGER OF OVERSUPPLY THE HOTEL development pipeline in some German cities has reached a point where there is a danger of oversupply, according to a report from Engel & Volkers Hotel Consulting. The report found that financing for hotel development remains strong which, combined with historical undersupply, had led to an uptick in planned development. As a result, some markets could face oversupply in coming years. “We focused very much on Germany for that report, but I think the conclusions are true for the European market as well,” said Andreas Ewald, managing partner at Engel & Volkers. “The financing environment is still very strong and I think it will stay like that. That, and lack of product, basically fuels development. There is a strong development pipeline and, in Germany especially, that raises some concerns in my opinion.” He added: “Demand needs to outpace supply growth. If you look at the big seven — places like Berlin, Frankfurt and Munich — all the fundamentals remain in place, but there’s a lot of additional supply coming in and we are not entirely sure if growth will continue as it has in previous years.” Overall, however, Ewald said hotels is a strong asset class: “10 years ago, there were a couple of funds that were investing into hotels. Today, it is a standalone asset class, which is pretty new.”

Engel & Volkers’ Andreas Ewald


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Building better than buying in today’s under-supplied market

AEW’s Rob Wilkinson: “significant appetite for development in the current climate”

DEVELOPMENT is the way forward for investors hungry to fill real estate allocations, according to Rob Wilkinson, European CEO of global investment firm AEW.

“We have a significant appetite for development in the current climate,” Wilkinson said, “particularly in the popular segments of logistics and residential real

estate. We couldn’t secure value in standing assets, so we’re building them ourselves.” According to Wilkinson, AEW is not alone in pursuing alternative asset classes. “Investor goals have changed,” he said. “Funds used to allocate half their capital to offices, a third to retail, some to logistics, plus the odd alternative asset class. But the trend now is for a more structured approach — still some offices and retail, but with much more focus on industrial and residential product. However, there simply isn’t the existing stock across Europe for investors to meet their new targets.” AEW’s French residential fund, Residys, has been a surprise hit with international capital, underlining the appetite for this asset type, Wilkinson said. “Our original plan was to buy existing assets, develop some stock and invest in senior housing,” he added. “But we struggled with the first, and

Caution breaks out in late-cycle market REAL estate investors are becoming increasingly cautious due to concerns over political uncertainty, trade wars and slowing economic growth in key markets across the world, according to the global edition of Emerging Trends in Real Estate. Released today at MIPIM, the report is published jointly by the Urban Land Institute (ULI) and PwC, and draws on interviews with industry leaders from across the world. Despite nervousness surrounding the global economic outlook at this late point in the property cycle, interviewees suggest there are still positive signs for real estate in 2019. They believe the recent decision by the US Federal

Reserve to put interest-rate rises on hold, along with lower levels of debt financing and lower property supplies in most markets worldwide — compared with the final stages of the last property cycle — will temper the effects of any slowdown. The report also points to multiple changes beyond traditional economic factors that will continue to affect real estate throughout economic cycles. For instance, the rising appeal of alternative real estate, such as student housing and senior housing, among investors and fund managers represents a fundamental, structural transition for the industry as it seeks to meet the rapidly changing demands of occupiers and consumers.

“Our industry is coming to terms with the challenges and opportunities presented by the structural impact of technological, social and demographic trends on the built environment,” said ULI global CEO W Edward Walter. “Together, these changes, along with climate concerns, will have a lasting impact on real estate development and investment decisions in markets around the globe.” Craig Hughes, PwC’s global real estate leader and partner, added: “With the current late-cycle dynamics, low-return environment and changing occupier needs, now more than ever feels like a challenging time for real estate participants, who will really need to work smart as well as hard to find

MIPIM News 2 • 35 • 13 March 2019

found ourselves launching more and more development drives. International capital has responded well. Our logistics fund, Logistis, followed a similar pattern — we’ve developed more than we’ve bought outright. That’s never a bad thing in the logistics space, as occupiers are moving more and more towards automation and industrial landlords need to provide modern, tech-ready space.” Demand in the sector led AEW to launch last week a new industrial develop-to-core partnership with German insurer Allianz, with a primary focus on established core logistics locations across the UK. For Wilkinson, current macro-economic markers mean that real estate investment is still in favour in 2019. “There were fears at the end of 2018 that interest rates would rise, but that looks unlikely to happen now,” he said. “Although Europe’s economies aren’t at their strongest, the markets are ticking along. While the cost of debt remains low, we expect allocations to continue to favour the asset class, with a positive impact on property’s established players.”

opportunities and create value.” The report will be presented at today’s Emerging Trends In Real Estate conference session, which takes place at 10.00 in the Indigo Room.

ULI’s W Edward Walter: “technological, social and demographic trends”


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LendLease European arm focuses on gateway city developments THE EUROPEAN arm of Australian investor/developer LendLease is continuing to progress a series of major developments in the UK and Italy, with six major urbanisation projects being carried out by the company in London and Milan alone. LendLease is the preferred bidder to deliver the Euston station development in partnership with HS2, Network Rail, the London Borough of Camden and the Greater London Authority, while in Milan the firm last year secured a contract to regenerate Milano Santa Giulia, a multi-purpose development near the city’s central business district involving residential, commercial and retail space. Other London projects in delivery stage include commercial office space at Stratford’s International Quarter and ongoing residential development regeneration at Elephant Park, south London, while LendLease has been confirmed as

the preferred partner with Peabody at Thamesmead to the east of London and is also working with the local authorities in Birmingham and Manchester. “We are a global business focused on European gateway cities,” said Jonathan Emery, managing director, Europe, at LendLease. “For us at MIPIM it’s important to understand the vision of the city authorities, their leadership and to look at how we adapt to the substantial changes going on across all the real estate asset classes.” Elements of these changes include looking at ways to help Birmingham bring affordable housing into the city centre, ongoing work to evolve the multi-family market in London and, Emery said, an increasing focus on the materials and designs used as residential living becomes increasingly dense. “I think our brand has always been known for the quality of

build,” Emery said. “However, issues of materials, safety and quality are increasingly important within the market.”

LendLease’s Jonathan Emery

Tokyo renaissance starts at the station THE REDEVELOPMENT of the east side of Tokyo’s railway station district is set to drive the city’s renaissance, according to Kengo Fukui, senior executive managing officer of development firm Tokyo Tatemono. “The Tokyo station zone is proving a catalyst for innovation,” Fukui said. “The project that we are working on is attracting startups and tech companies, which will change the fabric of the city going forward.” According to Fukui, the development industry’s focus on environmental issues and the requirements of innovative companies represents a meeting of minds. “Tokyo is evolving rapidly at the moment and becoming more and more of a magnet for internation-

al companies,” Fukui said. “Just as we’re meeting their environmental goals, we’re also creating an ideal business community of tomorrow.” Tokyo Tatemono already has a strong track record in sustainable building. Its innovative headquarters scheme for Mizuho Financial Group created a downtown forest on half of the site, right in the heart of Tokyo. The station district scheme is carefully building around heritage cherry trees in the area out of respect for the environment. “The station’s west side is a well-established office area. But we believe that our ambitious plans for the east side — in parallel with other developers — could make this district Tokyo’s most

innovative business cluster going forwards,” said Fukui.

Tokyo Tatemono’s Kengo Fukui

MIPIM News 2 • 37 • 13 March 2019

APP GIVES LANDLORDS ‘A WINDOW ON THEIR END USERS’ EXPERIENCE apps are transforming the way that landlords interact with occupiers — and it’s an accelerating trend, according to Gabrielle McMillan, CEO of tenant experience specialist Equiem. “Decisions are being made much faster by landlords than they were five years ago, due to a more sophisticated understanding of why tenant needs are so important,” McMillan said. “That’s leading to a faster roll-out of apps like ours.” The Equiem app allows building occupiers to do anything from order a coffee to book a meeting room, or even read up about other firms in the buildings. Landlords can monitor this behaviour and also generate further income streams via onsite retailers, leasable lockers, and other ancillary services. “It’s a game-changer for landlords. They’ve never had a window on their end-users before. Our mission is all about helping them unlock greater value and deliver a better experience in their buildings,” McMillan added. The Melbourne-headquartered firm has already established a market-leading presence in Australia, where it is working with “10 out of 11 of the major REITs”, according to McMillan. Last year, it began expanding into the US, the UK and Singapore — markets which the firm had researched would have the greatest appetite for its services. “We’re at MIPIM to connect with people and spread the word about our brand. We had a great first year in our newest markets — but Europe as a whole is also incredibly exciting for us — there are lots of places we would like to be,” said McMillan.

Equiem’s Gabrielle McMillan


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Hilton’s growth plan includes new high-end brand Canopy INTERNATIONAL hotel group Hilton used MIPIM this week to announce its intention to introduce its “upper upscale” brand Canopy by Hilton to France. Two new hotels — Canopy by Hilton Paris Trocadero and Canopy by Hilton Bordeaux Chartrons — will open by the end of 2021, the company said. The introduction of Canopy by Hilton in France marks Hilton’s fourth brand entry in France in as many years, following the debut of Curio Collection by Hilton in 2017, Hilton Garden Inn in 2018 and Hampton by Hilton in 2019. “France is a key market for us,” said David Heijligers, managing director of hotel development in France and Benelux at Hilton. “We are set to triple our size and we will do that in a number of ways. Two thirds of our growth comes from Hampton by Hilton and Hilton Garden Inn, but we are

also adding new brands and one of those is Canopy by Hilton.” Heijligers said that a lot of thinking had gone into developing the brand and that the location of each hotel is paramount. “We think that the brand really provides what our guests want,” he said. “It’s a brand that is upper upscale, so between upscale and luxury, but what we really talking about is the neighbourhood. We pick the right neighbourhood —

they need to be vibrant, have the right food and beverage offer and be very cultural.” As a result, Canopy by Hilton hotels would not be rolled out rapidly, Heijligers added. “We are working on plans for hotels in several big cities in France, but because of the focus on neighbourhoods there won’t be many, many more canopies,” he said. “Canopy is about a few cities and a few neighbourhoods.”

Hilton’s David Heijligers

Future Places honoured in Cannes FIVE local authorities have been announced this morning at MIPIM as winning participants in a programme to support high-quality placemaking in England. The Future Place programme was launched last year by the Royal Institute of British Architects (RIBA), the Chartered Institute of Housing (CIH), the Local Government Association (LGA) and the Royal Town Planning Institute (RTPI). All five Future Places will deliver change which will enhance people’s lives, improve community wellbeing and create sustainable environments. All work in collaboration with public, private or voluntary sector partners to develop and advance innovative placemaking strategies. The five Future Places selected are:

Exeter: one of the five winners

 radford (City of Bradford •B Metropolitan District Council) •G  reater Exeter (Exeter City Council, East Devon District Council, Mid Devon District Council and Teignbridge District Council)

• Great Yarmouth (Great Yarmouth Borough Council) • Gateshead (Gateshead Council) • North Northamptonshire (Northamptonshire County Council, Corby Borough Council, East Northamptonshire Council, Kettering Borough Council and Borough Council of Wellingborough) They will now take part in a programme to develop visions for their areas, with training and expert advice from each of the Future Places project partners. RIBA president, Ben Derbyshire, said: “Local authorities play a vital role in creating happy, healthy and sustainable communities, and I am pleased to support their initiative, investing in public engagement and collaborative planning to design the best possible environments.”

MIPIM News 2 • 39 • 13 March 2019

DESIGN INCLUSIVITY IS BEST FOR THE BUILT ENVIRONMENT THE UK’s Design Council, an independent charity which aims to make life better by design, launched at MIPIM a new toolkit for international developers, property owners, architects and property professionals to improve inclusivity in the built environment. The Inclusive Environments CPD is a free-to-use online toolkit that aims to make inclusivity standard practice across the built environment sector. Sue Morgan, the Design Council’s director of architecture and the built environment, said: “Inclusive environments are places that work better for everyone — whether they are schools, offices, parks, streets or train stations. They should be welcoming to everyone and responsive to diverse needs.” The Inclusive Environments CPD has been funded by partners including the UK government and developed with experts in inclusive design from across the UK. It is part of the Design Council’s Inclusive Environments Programme, which also includes an online hub featuring best-practice guidance. Morgan is attending MIPIM to meet both UK and international housing, development and infrastructure businesses to talk to them about how the Design Council can support them through design services and strategic design thinking.

The Design Council’s Sue Morgan


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IPSX in Cannes to spread word of unique real estate exchange THE NEW regulated stock exchange, the International Property Securities Exchange (IPSX), which launched in January, is exhibiting at the London Stand at MIPIM, aiming to expand its trading base and to encourage private and professional investors to use it as a real estate investment platform. IPSX received Financial Conduct Authority (FCA) approval at the start of the year to become the only stock market dedicated to commercial real estate assets. It is operating two markets: IPSX Prime as the core market on which commercial real estate owners can undertake initial public offerings of companies owning a single commercial real estate assets or, if approved, multiple asset; and IPSX Wholesale, still under development, which will focus specifically on closely-held assets.

IPSX’s Anthony Gahan: “we want to open up the world of real estate”

IPSX chairman Anthony Gahan told MIPIM News the rationale for a dedicated stock market — the only one of the 250 stock exchanges worldwide to focus

purely on real estate — is that real estate is still considered an alternative asset class despite its scale, performance and maturity. In addition, real estate has often been seen as restrictive for smaller investors, particularly retail investors. IPSX investors will be able to buy shares directly in companies holding single commercial real estate assets. “We want to open up the world of real estate to everyone,” Gahan said. “Interest in real estate remains very high and the industry is also very international, so we want to encourage companies from all markets to participate.” Careful development of IPSX, which Gahan said has taken four and a half years to bring to market, has attempted to identify “real estate pain points” and will “evolve as new products are created to exist on the exchange” as time goes on.

RICS warns of global challenges THE PROPERTY industry needs to do more to prepare for rapid urbanisation and the future growth of cities around the world, according to the chief executive of the Royal Institution of Chartered Surveyors (RICS). Sean Tomkins said that the mes-

sage from the RICS chimed with the overall theme for this year’s MIPIM, which is all about engaging with the future. “The thing that we’re seeing — and the data bears this out — is that there is this growing global population,” he said.

RICS’ Sean Tompkins: “the built environment has the biggest challenge”

“It’s rising from one billion people in 1900 to 10 billion come 2050 and two thirds of people are heading towards cities for their prosperity. In that situation, the built environment has the biggest challenge that it has ever faced, which is how does it cope with that?” Tompkins added that he was not convinced that the professions that make up the built environment had got to grips with future challenges, especially in terms of how to accommodate urban growth while at the same time cutting carbon emissions. “If you look at the rapid development of housing and infrastructure that needs to take place in order to cope with rapid urbanisation, I don’t think we’ve completely thought through how we can do that in a sustainable way,” he said.

MIPIM News 2 • 41 • 13 March 2019

HEALTH BENEFITS OF SMART GLASS TECHNOLOGY INVESTORS and developers need to not only consider the energy savings but also the harder-to-measure health and wellbeing benefits of better working conditions when considering new facade technologies, according to Olivier Gareil, director, business unit Europe and Middle East for SageGlass. The company’s glass technology automatically tints depending upon external conditions. As well as providing protection from heat and glare it also means improved wellbeing and productivity benefits for a building’s occupants. “It’s something that’s not just an architectural feature but is something that changes the comfort of the building. It keeps it cool and comfortable and keeps the outside transparent, avoiding losing the connection to the outside,” Gareil said. “The glass saves up to 25% of the building’s energy so it’s easy to convince investors, but the bigger benefit is from the wellbeing and comfort it brings to people,” he said. This includes better energy efficiency and improved productivity which can make such buildings more rentable — and investors that get the wider picture will reap the most benefits from the technology, he said. “There are more and more studies that try to quantify the benefits of comfort and wellbeing.”

SageGlass’ Olivier Gareil


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Aviva identifies infrastructure as growing focus for investment UK-BASED global asset manager Aviva Investors completed €10.2bn of real assets transactions in 2018, of which €3.5bn were in real estate and €6.7bn from across the alternative income platform. This brought total assets under management for Aviva Investors Real Assets (AIRA) to €50bn since the business was formed in May 2018. AIRA transaction highlights last year included completion of four UK offshore windfarm deals and participation in two German offshore wind farms with a total investment

Aviva Investors Real Assets’ Mark Versey: “transformational year”

of over £900m (€1054), including £400m to help fund construction of Hornsea, the world’s largest offshore wind farm; a £264m refinancing for MedicX Fund Limited, a specialist healthcare infrastructure investor; a long-term partnership with Allied London to create Enterprise City at St John’s in Manchester; and AIRA’s first deal in Canada providing C$35m (€21m) finance out of C$153m for a medical care centre in British Columbia. Mark Versey, chief investment officer, real assets, Aviva Investors, described 2018 as a “transformational year” for the company’s real-assets business, with a significant increase in completed transactions. “Since integrating our real estate and alternative income teams, we have seen improved insight on deals and origination, increased speed of deployment and an enhanced ability to offer equity and debt financing to clients,” Versey said. “Despite an increase in global inflation and the prospect of tighter monetary policy, trade tensions and

Brexit uncertainty, AIRA anticipates continued growth in 2019.” While 2018 saw appetite for renewables, investment in transport infrastructure is expected to feature prominently in 2019. Appetite from international investors for infrastructure equity is also expected to increase, with evidence of heightened bidding activity across the market, according to Versey. In real estate, AIRA is continuing to focus on “durable assets” in locations supported by robust supply and demand characteristics. In the UK, AIRA expects well-connected, prime retail locations to be resilient, especially those that offer varied and unique experiences. Elsewhere in Europe, AIRA believes emerging sub-markets in strong locations will offer opportunities, especially those that benefit from urban planning and infrastructure development projects. Meanwhile, real estate debt and real estate investment trusts may, the company said, offer a better entry point than real estate equity.

BARINGS STEPS UP INVESTMENT INTO EUROPE GLOBAL real estate investor Barings completed a string of acquisitions throughout Spain, the Netherlands and France last year as well as entering the UK private rented sector. Last year saw Barings complete $12.7bn (€11.3bn) of transactions globally, $2.3bn of which were in Europe. These include asset acquisitions, disposals, financing deals and real estate debt investments. Among the major acquisition deals completed were the purchase of logistics and office assets in the greater Paris area worth €150m, and three acquisitions totaling €132m in Spain. Barings also disposed of some $3bn (€2.66bn) worth of assets, part of a wider strategy of focusing on “pan-European core, value-add and opportunistic strategies in high conviction markets”.

£200M CAPITAL BOOST FOR UK’S OXENWOOD

UK LAND Estates is set to develop a significant new industrial site on the outskirts of Gateshead, in the north east of England. Plans for the Eighth Avenue site were given the green light by Gateshead Council at the end of February, paving the way for the redevelopment of the former base of utility company Npower on the Team Valley industrial estate. The development will deliver around 90,000 sq ft of leasable space for logistics and warehouse use, and with office elements, across two future buildings, Eighth Avenue East and Eighth Avenue West, on the 4.92 acre site.

MIPIM News 2 • 43 • 13 March 2019

OXENWOOD Real Estate — a UK and European real estate investment management firm that specialises in logistics — has agreed a £200m (€231m) capital increase from its longtime investment partner, Catalina Holdings. The company said that the equity will be invested both in UK and European logistics assets and special situations, including potential corporate activity and co-investment capital.


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Industry survey shows increasing Brexit fears respondents suggesting that the prospects of the global economy was their biggest concern has almost doubled over the past 12 months,” said Kevin Mofid, head of industrial research at Savills, one of the sponsors of the Shedmasters event. He said the figures highlight the sector’s fears regarding trade wars, increased tariffs and disruption to international trade. “For the second year running the number of respondents expressing concerns about retail supply chains also increased. It is a timely reflection of the market, with retailers such as M&S and Next investing heavily in their supply chains at the current time. “On a more positive note, land supply and planning delays seem less important, suggesting that the wider property world is starting to realise the importance of the industrial and distribution sector,” he said.

KanAm Grund gearing up for new investment round FRANKFURT-based KanAm Grund Group is preparing for a phase of increased real estate acquisitions after a year of structural repositioning in which it carried out almost €1bn of transactions. The group is in Cannes having completed a significant internal reorganisation on both regional and national level, including investment into an enlarged sales division to drive increased new business development in the coming months. Offering asset management and investment advisory services to institutional funds and private

investors within Germany and further afield, KanAm Grund Group now consists of three key sub-divisions, an open-ended real estate fund, a specialist real estate fund, and an international investment advisory and asset management arm, KanAm Grund REAM. As part of the restructuring a number of new appointments have been made across the board, representing an 18% increase in the company’s payroll, and ‘country heads’ have been put in place to oversee key markets in Europe and North America.

MIPIM News 2 • 45 • 13 March 2019

Vote now! Foto: Uwe Dettmar

THE BIGGEST challenges facing the UK industrial and distribution property market at the current time are Brexit and the prospects for the global economy, according to the results of an annual survey of senior decision makers. The survey, of those attending the annual Shedmasters event at MIPIM as well as other industry experts, suggested that nearly 28% of respondents believed Brexit would be the biggest challenge, compared with just 20.5% in the 2017 survey and 24.74% 12 months ago. At the same time, land supply is of less concern than previously, with 17.41% considering it to be the biggest challenge, down from 27.1% in 2017 and 24.74% in 2018. “While it is of no surprise, given the timescales and the confusion, that Brexit is considered the biggest challenge to the sector, the percentage of

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Two landmark tower projects raise Brussels’ business profile ESPACE Nord’s status as Brussels’ only dedicated high-rise business district will be reinforced later this year when two landmark projects are due for completion — the renovation of the 1970s-built Manhattan Center office tower and the first phase of the twin-tower Mobius development. The ambitious Manhattan Center office tower by the eponymous Manhattan Office and Icon Real Estate Group involves not just the refur-

bishment of the obsolete offices, but also the addition of two floors above the existing 28-storey structure. Designed by Jaspers-Eyers Architects, the revamped tower will total 67,971 sq m and include communal space in a newly created, four-level glass atrium, as well as new sky terraces. Completion is due in September. Meanwhile, the first of the two 27,856 sq m Mobius towers is scheduled for completion in December, when Allianz, the investor behind the tower, will also become its sole occupier. Developer Immobel is due to start on the construction of the second tower in the near future. Mobius will become the first new high-rise development in the Espace Nord district in a decade. The design by Assar Architects is notable for the curvilinear towers and their position on the site, which breaks the rigid grid of the orthogonal Espace Nord masterplan conceived Manhattan Center office tower will complete in in the late 1960s. September

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MIPIM News 2 • 47 • 13 March 2019


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Conference focuses on role of citizens in city planning THE SUBJECT of urban gov- left out from the conversation ernance is the key focus of a that is being developed in many conference session today at cities and locations throughout MIPIM, moderated by Alice the world.” Charles, head of cities and ur- She said there was also a discusbanisation at the World Eco- sion about the best way to ennomic Forum, Geneva, Swit- gage citizens to avoid protests zerland. against proposed “We want to focus Alice Charles: projects, which in on understanding many locations is governance in an “Citizens delaying developurban context in ment. the different set- understand The session will tings the speakers the vision also focus on the are coming from,” call for long-term Charles said. The for their cities” strategy thinking to Governance: Urrevitalise cities that banism For Good goes beyond poliGovernance session also looks tics, she said. at the role of the citizen in the “Long-term visioning makes it process of development. “In easier because everyone knows discussions between the speak- where they stand and citizens ers before the session we heard understand the vision for their a141_BAYERISCHE_N1_PIM lot about how the citizens are cities,” she said.

Bosses should lead drive to diversity CEOs need to change the dial on diversity and inclusion, leading from the top to drive best practice, according to Amanda Clack, head of strategic advisory at CBRE. Clack is co-author of Managing Diversity And Inclusion In The Real Estate Sector, a book which is being launched today at MIPIM. The book is claimed to be the first to place diversity and inclusion at the centre of successful real estate and construction organisations. As well as providing practical advice, the book contains personal stories aiming to inspire and includes key messages illustrated by Farley Katz, staff cartoonist for The New Yorker. “We are aiming this at CEOs as that’s where change needs to start, but there is something for everyone,” Clack said. “We are hoping that people will get behind the book and

Amanda Clack, head of strategic advisory at CBRE

start to use it as a talking point to work out what their diversity and inclusion strategy is. It’s about building top talent into an organisation at a time when businesses really need it,” she added. All royalties from the book will go to the property industry charity LandAid.

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Mayland Real Estate is the leading developer in Poland specialized in large shopping malls and complex redevelopment of old schemes. Recently delivered: Serenada in Krakow and Riviera in Tri-City. Further projects to be developed include Serenada extension and two retail and mixed-use schemes in Warsaw.

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OKAM Make living better OKAM has been developing on Polish Real Estate Market since 2004. The company is a leader among development companies specializing in housing construction. OKAM’s portfolio includes 15 projects in 5 major cities in Poland: Warszawa, Łódź,  Katowice,  Kraków,  Szczecin.

• Tel.: +48 22 546 98 00 www.mayland.pl

Grupa Konkret SA Project Modlin

• Contact: Arie Koren, CEO • Tel: +48 22 435 47 87/88 okam@okam.pl

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Within the existing and the newly-created annotations rise residential lofts, hotels, the largest in this part of Europe Congress Center, services,  offices,  shopping  center, wellness center and  much  more. The  entire  complex will be applied intelligent solutions that • Tel: +48 602 327 000 make life easier for residents, office@grupakonkret.com www.grupakonkret.com  visitors and tourists.

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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.

Whirla Digitize your spaces! Whirla offers smart wireless chargers for mobile phones, dedicated to smart buildings. Gain more users of your app, communicate with them, and analyze traffic in developments such as shopping malls, hotels, and coworking offices.

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news

Digital drives evolution in European parking sector OPPORTUNITIES to develop car parks for a new, smart generation of drivers and vehicles are at the forefront of plans by pan-European car parking specialist APCOA Parking to expand its operations across its 9,000 locations. Philippe Op de Beeck, CEO, APCOA Parking, said the company is already trialling technologies and operational initiatives in Germany to accommodate electric vehicles, car sharing, digital-savvy drivers and logistics users as it looks to help car park owners maximise returns on their parking sites. “The future is about developing customer-facing solutions that make parking easier and secure for vehicle owners and which

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mean that, for example, office owners can make their business parking available to consumers in the evenings and weekends,” he said. “In an industry where the average price paid by drivers is €5, these options are only affordable and secure by using digital technology.” APCOA’s largest market is Germany, while it added Luxembourg to its portfolio last year and has seen the most rapid recent growth in Poland. Op de Beeck said that expansion will focus on existing markets, as the company believes there is still significant potential to bring unused parking facilities into public use. He also noted that around 30% of customers check for parking

online before they set off for destinations they are unfamiliar with, reflecting the digital impetus for creating a consumer-facing business. “Supermarkets are an example, because we have already made some available for residents in the evenings,” he said. “We believe that we are evolving from car parks to mobility hubs. Of course, technology will not change everything instantly, we will see for probably the next ten years this gradual changeover. APCOA runs a leasing and management business, rather than owning car parks, and Op de Beeck said that its broad-based approach meant that it partners with everyone from airports to

APCOA Parking CEO Philippe Op de Beeck: “customer-facing solutions”

office owners, hospitals to cities. “Their job is not to be parking specialists,” he said. “This is why we committed to exhibit at MIPIM, because we want to establish new partnerships in our existing markets.”

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MIPIM News 2 • 53 • 13 March 2019


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news

Istanbul sets out ‘holistic view’ of sustainable transformation ISTANBUL Metropolitan Municipality is at MIPIM with a range of projects that reinforce its ambition to become Turkey’s go-to city for investment. “We plan to assist investment into Turkey and Istanbul by transferring the necessary information to foreign investors, international funds and other relevant participants,” said Hayri Baracli, deputy secretary-general of Istanbul Metropolitan Municipality, which handles the planning, control and implementation of projects across Istanbul’s 5,343 sq km footprint. “We also want to explore how cities round the world plan their future and investments.” This year at MIPIM, Istanbul

Istanbul Metropolitan Municipality’s Hayri Baracli: “assisting investment”

is exhibiting a range of innovative schemes, including the Halic Science Centre, various rail projects and the Istanbul Urban Transformation Masterplan, which “brings a holistic view to urban transformation”, Baracli said. Istanbul Metropolitan Municipality monitors and licenses the workplaces under its jurisdiction, carries out controls on food health, protects the city’s environment, agricultural areas and water basins, and is responsible for conserving Istanbul’s rich historical and natural environment. “The city also makes investments related to the transportation infrastructure, carries out water and sewerage services, and establishes the necessary facilities, creates social recreational areas and takes the necessary measures against the risk of emergency situations and disasters,” Baracli added.

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Soirée dégustation des grands crus de Provence.

• La halle portuaire J1, nouvel outil d’attractivité du territoire, par Renaud Paubelle, Directeur de l’Aménagement du port de Marseille Fos, en présence de Vinci Construction France.

MIPIM News 2 • 55 • 13 March 2019


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news

Joint venture deal marks new high for UK student housing APACHE Capital Partners, a UK and Middle Eastern private real estate investment firm, has sold a 458-bed prime London student block to a joint venture between Allianz Real Estate, PSP Investments and Greystar for over £160m (€1.85m). Apache is looking to reinvest the funds into its multifamily pipeline of 6,500 apartments, which it is delivering with developer-operator Moda Living. John Dunkerley, CEO at Apache, said: “The sale price of Paul Street East not only underlines the continued attractiveness of UK purpose-built student accommodation (PBSA) to institutional investors and the growing maturity of the sector as an asset class, but also shows the benefit of investing heavily in creating aspirational

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lifestyles for our residents through marketing, amenity provision and high-quality service. “By being an early mover into UK PBSA and creating a genuinely premium product, we have delivered exceptional returns for our inves-

tors, which further underpins our rationale behind our current strategy with Moda Living in build-torent, where we are creating one of the largest branded portfolios with a similar focus on prime locations and high-quality amenity and services.”

The sale of Paul Street East underlines the strength of the student housing market

Martin Le Grice, head of investment, living capital markets at JLL, said: “This represents a new high for London’s student housing sector. We expect to see significantly more investor flow into the wider living space incorporating student, build-to-rent and retirement as global capital seeks to enter this emerging sector.” James Halstead, director, BlackRock Real Assets, said: “What’s significant about this deal is that Apache Capital’s Paul Street East scheme has set a new pricing benchmark for UK student accommodation that underlines continued confidence in the asset class and the prime London market at a time of global uncertainty. “The success of PBSA is positive for UK multi-family because buildto-rent offers many of the same defensive characteristics investors are looking for. PBSA investment rose ten-fold between 2010 and 2015 and we would expect similar capital flows to grow for build-to-rent as the asset class emerges.”

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MIPIM News 2 • 57 • 13 March 2019


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news

West Midlands is ‘building the future’ with 24 developments THE MAYOR of the UK’s West Midlands, Andy Street, has launched £10bn (€11.6bn) worth of housing, regeneration, commercial and infrastructure-development opportunities to international investors at MIPIM. Leading the West Midlands Combined Authority (WMCA) delegation in Cannes, Street unveiled 24 development projects from across the region in a new investment prospectus. The opportunities include the £2bn UK Central Hub and HS2 Interchange, a 140-ha development in Solihull that aims to create a sustainable urban quarter, including thousands of homes, commercial and leisure facilities, around the West Midlands’ second HS2 station. The prospectus also highlights 231_GOA_N2_PIM

West Midlands mayor Andy Street: “diverse, resilient economy”

the £350m City Centre South project in Coventry, which consists of a mixed-use development with significant residential, retail and leisure components; and the £800m DY5 project in Dudley’s business and innovation enterprise zone. Other opportunities include the £700m Friargate in Coventry; the £850m Greater Icknield and Smethwick housing project; the £700m Paradise Birmingham; £250m The Brew-

ers Yard in Wolverhampton; the £300m Walsall town centre development; and the £1bn Birmingham Curzon, which is centred on the new HS2 station in central Birmingham. Street said: “We are building the future and there’s never been a better time to invest in the West Midlands. We have a diverse, resilient economy, one of the youngest and fastest-growing populations in Europe, great quality of life, unrivalled connectivity, brilliant centres of learning and world-class businesses, large and small.” The WMCA, which brings together 18 local authorities and four local-enterprise partnerships, provides strategic leadership and a single entry point for investors in the West Midlands.

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MIPIM News 2 • 59 • 13 March 2019

WORKMAN TURNBULL WINS TWO FRENCH PORTFOLIOS FRENCH consultancy Workman Turnbull has won the management mandate for two industrial portfolios totalling 596,000 sq m — 15 warehouses for a fund run by M7 Real Estate and nine logistics assets owned by P3 Logistic Parks. The 336,000 sq m M7 warehouse portfolio is spread across assets in Lille, Paris, Orleans, Rennes, Lyon and Saint Quentin Fallaviers, with a passing rent of more than €8m. P3’s 260,000 sq m logistics portfolio consists of assets spread across France in clusters, with properties near Paris, Lille in the north east and Montpellier in the south. Workman Turnbull has operated in France for 20 years and now manages 180 properties, collecting €130m in rent per year for its clients.


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Key schemes and deregulation give boost to Japanese market JAPAN has once again reached its growth trajectory and the real estate market has improved since the second Abe administration was established in 2012 and introduced the economic deregulation policy called ‘Abenomics’, according to Kazuhiko Kiyose, deputy director of the ministry of land, infrastructure, transport and tourism of Japan. “In the Abe administration, the government leads and supports excellent urban development projects and promotes urban revitalisation, which has led to revitalisation of the economy. The Japanese REIT market has increased to 20 trillion yen [€160bn]. It is the world’s second largest market after the United States,” he said.

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Kazuhiko Kiyose

“In addition, three major events have been launched: the 2019 Rugby World Cup, the 2020 Tokyo Olympic and Paralympic Games, and the 2025 Osaka World Exposition, each of which has been prepared carefully. Large-scale urban devel-

opment projects and road infrastructure development are progressing as we approach these events, which makes the real estate market even more vigorous,” he said. On the other hand, Kiyose identified three key challenges facing

the Japanese market: an ageing population; the need to prevent urban sprawl by increasing density levels in existing urban areas and the ever-present threat of natural disasters. “These challenges can be met,” he said. “I believe that Japanese real estate will continue to be a safe and excellent investment with a high yield. We, as a government, welcome real estate investment from foreign countries. And we will continue to develop an environment where it is easy to invest in real estate, for example, by organising a system to promote ESG investment.” At MIPIM, about 20 private companies, cities and government agencies are represented in the Japan Pavilion. “We will prepare content that combines Japanese tradition and culture with science and technology, and we are looking forward to receiving many visitors. Please come and see us,” Kiyose said.

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conference & cockTaIl ParTy

Poland Today at MIPIM 2019 The world's leading real estate fair | 13 March 2019 | Palais des Festivals | Cannes, France

For the 5th year running, Poland Today is leading the Polish conference content at the world’s most important real estate event in Cannes. Featuring a mayor, a minister, a New York proptech guru and major figures in the business and real estate community, we are delighted to bring you a fascinating look at the Polish property market and beyond. Richard Stephens

Founder & Editor, Poland Today

Wednesday 13 March 12.30 – 13.30 Gare Maritime

European Logistics Investment: Trends, Issues, Challenges & Opportunities

hosted by Investment Briefings & Poland Today

Moderators (below):

Poland Today is once more playing a leading role at the world's biggest property event

The logistics sector is at the vanguard of the 4th industrial revolution, undergoing massive and relentless change. What does this mean for investors, developers, service providers and end users? Listen to leading market experts from across Europe discuss how they are meeting the challenges and taking advantage of the opportunities arising from this 'positive disruption'.

Julia Arlt, Global

– Richard Betts (moderator), Digital Real Estate Group Publisher & Co-Founder, Leader, PwC, Startup Mentor, MetaProp NYC, Real Asset Media, Investment Briefings & TV Co-Founder, FUTURE: – Renata Osiecka, Managing Partner, AXI IMMO Group PropTech – Robert Dobrzycki, CEO Europe, Panattoni Europe Richard Betts, – Dr. Wulf Meinel, CEO & Managing Group Publisher & Director, Frasers Property Europe Co-Founder, Real Asset – Frank Schuhholz, Founder, FMS Advisers Media, Investment – Joseph Ghazal, Managing Director, Briefings & TV Chief Investment Officer, Prologis Europe 14.00 – 15.30 Ruby Room (5th floor)

The Future Is Smart: How The Digital Revolution Will Impact The Urban Development Of Poland’s Great Cities Hosted by Poland Today

Poland is blessed with many natural advantages but one asset stands above all other – its many large, dynamic and independent-minded cities in which business is booming and investment is pouring in. How are these cities meeting

organIser

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the opportunities and challenges thrown up by the growth in businesses, advances in proptech, the sharing economy, and social, economic, transport & infrastructure changes?

Welcome:

– Richard Stephens, Founder & Editor, Poland Today

'The Future of Polish Cities' film trailer On stage interview:

– Rafał Trzaskowski, Mayor of Warsaw (pictured on the right)

Presentation:

– Tomasz Trzósło, Managing Director, JLL Poland

Panel:

– Julia Arlt (moderator), Global Digital Real Estate Leader, PwC, Startup Mentor, MetaProp NYC, Co-Founder, FUTURE:PropTech – Aaron Block, Co-Founder & Managing Director, MetaProp NYC – Sean Tompkins, CEO, RICS – Jacek Wachowicz, CEO, Immobel Poland – Nicklas Lindberg, CEO, Echo Investment 15:45 - 16.30 Verriere Californie (5th floor)

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14.00 - on stage interview with Rafał Trzaskowski, Mayor of Warsaw

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news

London is voted best location for global teams despite uncertainty LONDON-based Evans Randall Investors has completed its first-ever development scheme — an office project in the UK capital’s midtown district which focuses on user-friendly software. Dubbed Bureau, the scheme at 90 Fetter Lane was developed in partnership with architects JRA, Tom Hingston Studio and Simon Turnbull. “It’s been a very interesting project for us. The days of the vanilla office space are well and truly over,“ James Edwards, director at Evans Randall Investors said. “The project was 40% let on completion and features a UK first with facial recognition software actively recognising and welcoming guests at reception. “The offices of today have been influenced by other sectors in real estate, such as hospitality, and the 235_METAPROP_N2_PIM

service offering of co-working spaces. With Bureau we were looking to create a building that really considers the end user, offering high-quality office space and amenities that people really want.” The private equity business has completed more than £9bn of European real estate transactions since 2004, but still has plenty of faith in the London scene, Edwards said. “We are focusing on active investment in London offices, co-investing opportunistically with UK and international investors, with plenty of contacts in Asia. In a post-Brexit future, we think that London will still have plenty to offer. “Everyone’s taking a wait-and-see approach with London, but we believe that the appeal of London and the UK is second to none,” Edwards said. “Outside of lo-

cal markets, it’s the number one destination for overseas capital. London offices have been surprisingly robust, if you look at take-up and volumes. That’s only set to continue — provided we can reach a point of certainty.” Edwards’ comments came as the City of London Corporation revealed that London has been voted the number one destination for businesses to locate global teams, despite uncertainty around Brexit. In partnership with the City Property Association, the City of London surveyed more than 450 senior leaders of large companies in the world’s top central business districts and found that 37% regard London as the best location for global teams, placing the UK capital ahead of New York (26%), Paris (20%) and Singapore (17%).

Evans Randall Investors’ James Edwards

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MIPIM News 2 • 63 • 13 March 2019

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Hines in €300m deal for MIPIM reflections from Stuttgart office portfolio the Small Back Room PRIVATELY-owned global real estate investment firm Hines has acquired a portfolio of office buildings in Stuttgart, Germany, for more than €300m. The Karlshoehe portfolio, which has served as the historic headquarters of German insurer Allianz Life since 1927, is 98% leased, largely to Allianz. It comprises 13 office buildings, including two towers, totalling more than 90,000 sq m of net rentable area. Allianz has been gradually expanding into new buildings in the surrounding areas, and has already announced plans to develop a new campus at Stuttgart-Vaihingen to consolidate its Stuttgart inner-city locations. In the interim period, Hines said it was evaluating each com-

ponent of the portfolio, with a view to refurbishing, re-leasing and even redeveloping elements in the future. “The fundamentals in Stuttgart are exceptionally strong, even among the major German markets,” said Paul White, Hines European Value Fund (HEVF) manager. The acquisition of the Karlshoehe portfolio marks the second investment in Stuttgart offices for HEVF and its sixth deal since December 2017. More than 50% of the fund’s €721m investor equity commitments are now allocated across office, retail, hotel, residential and logistics property in Germany, Denmark, Spain and the UK.

JOHN Rushton, founder and chairman of Small Back Room, first brought his company to MIPIM in 1990, and has done so each year since, helping his creative agency grow extensively in Europe. “MIPIM is like life,” Rushton said. “It sorts out those who are committed and those who aren’t. MIPIM isn’t about coming down to Cannes and getting pissed. Some people never learn that.” “What matters most is the people located next to your stand; not your actual location,” he said. “The best business comes from an exchange of cards and the beginnings of a relationship. You must never forget that you’re at MIPIM to further your company’s interests. You’re not here for personal attributes or to

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a year-round networking tool MIPIM News 2 • 65 • 13 March 2019

Small Back Room’s John Rushton

further your personal hobbies.” Rushton calculates he has spent, in total, eight and a half months of his entire life at MIPIM. “As a result of the contacts made here and the contracts engendered I’ve worked in 45 countries,” he said.


news

Global investment flows

G

lobal trade in real estate assets continued unabated in 2018, according to Real Capital Analytics, with the strongest flows heading from North America into EMEA and APAC. Canadian investors increased their continental and global activity by 96% against the previous year, led by Brookfield and Oxford Properties. RCA notes that Canadian buyers were the first out of the block for international acquisitions after the Global Financial Crisis and their appetite is unabated. Still, the level of cross-border M&A activity seen in 2018 is unlikely to persist into 2019. US-headquartered investors remained the top source of cross-border capital globally and were behind 10 of the top 20 global trade routes during the year. The number one route was between the US and Spain, where several private equity firms saw opportunities. Deals included Cerberus’ acquisition of Project Marina from Grupo BBVA and Blackstone’s purchase of the Hispania REIT. US investors pulled back in both Germany and the UK. France was behind the second largest trade route, although this was almost entirely accounted for by Unibail-Rodamco’s purchase of Westfield, of which most was in the United States. As we move into 2019 it is unlikely that France will continue to feature in the top 20 global trade routes. South Korean players were much discussed as international investors in 2018 however they feature only once in the top 20 trade routes. While they acquired a number of high-profile assets during the year, they invested 15% less outside of their domestic market than in 2017. Singaporeans reduced activity in the US and Australia but, bucking a trend among other players, increased their investments in the UK by 27%.

MIPIM News 2 • 66 • 13 March 2019


news

$41bn $18bn AMERICAS

$9bn

EMEA

APAC

$14bn

$13bn

MIPIM News 2 • 67 • 13 March 2019

Source : Real Capital Analytics


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Wir danken allen Partnern, Nominierten, Gewinnern und Gästen fßr eine tolle Veranstaltung!

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01.02.19 11:16


FEATURE: PROPTECH

The MIPIM Startup Competition: celebrating tomorrow’s game-changers

‘Where the smart money’s heading’ Proptech is not just changing the way buildings are designed and built— it’s also changing the occupier experience, writes Graham Parker

T

HE PROPTECH universe is maturing, according to Aaron Block, co-founder and managing director of MetaProp and one of the judges of the MIPIM Startup Competition. MetaProp’s annual survey of

proptech activity shows no slowdown in new startup launches. “There are lots of me-too products, but we’re still seeing a lot of primary innovation,” Block says. And at the same time, the pace of funding activity is accelerating: “The investor base is moving —

we’re seeing institutional capital coming into the space mostly through funds like MetaProp and Fifth Wall.” The MetaProp NYC real estate technology accelerator is the world’s leading growth programme for early-stage companies. And MetaProp’s team of strategic seed-stage investors have backed more than 50 companies across the real estate spectrum that have raised over $2bn. Block draws comparisons with the financial-services sector, where fintech and financial ser-

MIPIM News 2 • 69 • 13 March 2019

vices are seen as one and the same thing. “We’re heading to the point when it’s no longer niche — it’s becoming core and that’s where the smart money is heading,” he says. But after several years of strong startup activity, are we seeing any of these products escaping into the wild and actually transforming the working lives of real estate professionals? “We are beginning to see takeup from brokers, investors and managers, who are piloting and


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FEATURE: PROPTECH testing products,” Block says. “And we’re starting to see the culture changing. But everyone is at a different stage on the innovation journey. What I can say is we’re seeing more pilots every day and more tests. For an industry that’s quite risk-averse, we need to celebrate these small wins. These are things that weren’t happening a few years ago and they give me hope.” Block agrees there is a generational aspect to proptech take-up. “A full cultural transformation won’t happen until there has been a changing of the guard at real estate organisations,” he says. Block will be launching his new book, PropTech 101: Turning Chaos Into Cash Through Real Estate Innovation, in Cannes this week. “It’s a primer for the industry to get a hold on the sector,” he says. “It has accessible content, and allows people from a wide range of backgrounds to participate in proptech.” In parallel with the print book, MetaProp is launching a live directory with PWC. “The freight train is coming down the mountain and we’re the guys laying the track in front of it. If you want to run with the train, you need to start now,” he says.

Aaron Block:

“The freight train is coming down the mountain and we’re the guys laying the track in front of it” MetaProp Advisors provides innovation, advisory and growth-consulting services to real estate companies. “We’ve spent a lot of time with some of the biggest players on a consulting basis,” Block says. “Organisations realise they need help and that’s one reason we wrote the book — people need help in getting started and putting proptech in the context of their real lives.” So what conclusions can be drawn from this year’s MIPIM Startup Competition? “The calibre is head and shoulders ahead of where it’s been,” Block says. “It’s an exciting way of drawing attention to products, but it’s not a guarantee of success.” Block believes the competition is coming into its own, with growing diversity by product type. “It’s a really good way for people who don’t consider themselves proptech experts to get a flavour of what proptech has to offer,” he says.

SKANSKA’S APP APPROACH POLISH office investor and developer Skanska has created an all-in-one operating system for office buildings and workplaces, which can be upgraded over time just like a smartphone. Called Connected By Skanska, the software for an office building includes a mobile application for everyday users and a web portal for tenant and building administration. It works as an open platform integrating smart functionalities with a social approach to building a community in an office complex. Not only does it integrate the smart technologies of a building but, most importantly, it connects people in a workplace. “Our ambition is to develop office buildings that will be functional for many years, regardless of the technological advancements,” says Renata Nowakowska, innovation manager at Skanska’s commercial development unit in the CEE region. “That’s why we have created solutions that work in a similar way to smartphones — their features can be easily updated, just like the apps we all use every day.”

BANKING ON DATA TECHNOLOGY is changing the face of asset and property management, according to Andrew Waller, partner at Remit Consulting. Waller sees all the major fund-management groups across Europe investing large sums in transformation programmes designed to use the best of new technology. They recognise that, by joining up their data into a seamless whole, they can extract more value. “It’s certain to be a topic of discussion for many attending MIPIM this week,” Waller says. “In the last 20 years, we’ve seen the proliferation of databases and property-management systems, but this new wave of projects is something different. Fund managers want instant access to their asset data, and they want to be able to rely on their analysis without making assumptions about its cleanliness.” Remit’s research shows that, almost unnoticed, technology has already transformed working practices. According to the company, the number of property-management accountants has halved in the

MetaProp’s Aaron Block: “starting to see the culture changing”

MIPIM News 2 • 71 • 13 March 2019

Remit’s Consulting’s Andrew Waller: “instant access to their asset data”

last few years, as financial data has become more accurate and easily reportable. By contrast, facilities-management (FM) staff have doubled in number over the same period. “Remit has long predicted that the impact of building-level services on the value of an investment will define the market and this surge in FM staff numbers reflects the staggering increase in regulations and customer requirements over the past few years,” Waller says.


209_IZ_N2_PIM

Get to know the German Real Estate Market.

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07.03.19 12:28


FEATURE: LOGISTICS

The battle for

the last mile

While the demise of traditional retailing has hit some retail landlords hard, it has benefited the new breed of omnichannel retailers — and thus the developers and investors scrambling for a bigger stake in the real estate that supports this ascendant sector. Paul Strohm reports

I

N ITS recent Six Trends For Commercial Real Estate Investment In Europe report, consultant Savills notes that the share of logistics in European investment activity has already risen to almost 14% of the total and is expected to grow even more over the next 12 months. Prime industrial yields have dropped to an average of 5.3% across Europe, which is 148 bps below the

MIPIM News 2 • 73 • 13 March 2019

10-year average. The firm foresees that both occupier and investor demand will remain strong, as the share of e-commerce continues to rise in all European countries. In fact, the phenomenon is global. A white paper produced by logistics firm DHL and market-research company Euromonitor at the end of last year points out that with, worldwide, over 600 million more people forecast


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07/03/2019 15:15


FEATURE: LOGISTICS

to live in urban environments by 2030 and new technologies creating new opportunities, online retailers and their logistics partners are being challenged to embrace new approaches. Omnichannel retailers include both the internet-trading companies which, like Amazon, are growing a physical presence, and traditional retailers that have adapted to the changing retail environment with an online offering. While the growth of omnichannel retailers has been welcomed, the shift in emphasis from high-street and mall-based retail to delivering purchases to people’s homes or workplaces has inevitably forced change on logistics networks. Online sales have put retailers under pressure to adapt their supply chains and logistic operators are in the spotlight to fulfil the final leg, or last mile, of distribution, at which point deliveries become urban and are handled by smaller vans rather than bulk haulage. In Germany alone, 3.4 billion parcels are currently delivered annually and the German association for parcel and express logistics (Bundesverband Paket & Express Logistik, BIEK) expects deliveries to increase to 4.15 billion items a year by 2021. This follows a fivefold increase in online sales in Germany over the last 10 years. “The last mile is increasingly becoming the key battleground in the e-commerce supply chain, and companies will have to develop targeted strategies in this area to compete effectively,” says DHL’s chief commercial officer Katja Busch.

Katja Busch:

“The last mile is increasingly becoming the key battleground in the e-commerce supply chain”

“Urbanisation, city living and the inexorable rise in demand from consumers for goods and services to be delivered to their front door is placing unprecedented pressure on logistics infrastructure in high-populated areas in the UK and continental Europe,” says Segro chief executive officer Andy Gulliford.

Andy Gulliford:

“Urbanisation, city living and the demand from consumers for goods and services to be delivered to their front door is placing unprecedented pressure on logistics infrastructure” “Being able to actually meet this demand can be difficult,” adds Peter Kunz, Colliers International’s head of industrial and logistics for Germany and EMEA. “Germany’s major cities are short on space suitable for city logistics. In addition to the fact that available space within cities is generally hard to come by, logistics also has to compete for this space with other use classes, such as residential and office.” Private-equity real estate investment manager Meyer Bergman recently took its first step into the last-mile logistics sector, motivated by forecasts that, by 2021, online retail sales Europe-wide are set to have added 94% on the €322bn taken in 2016 — an annual rate of growth of 14%, which will give online a 10% share of retailing on the continent. The firm acquired a 45,000 sq m portfolio of nine properties in northern Italy from private developer Logiman. The portfolio consists of three developed warehouses and six build-to-suit warehouses, which are under construction and

Segro’s Andy Gulliford: “scarcity of available land”

due to be completed this year in the greater Milan region, Piacenza, Brescia, Cremona, Verona and Treviso, near Venice. Tenants include DHL, FedEx and TNT. Marcus Meijer, Meyer Bergman’s CEO, says: “The pace of growth in European e-commerce is creating strong demand for these assets, as brands adopt an omnichannel approach to remain relevant to consumers in today’s competitive markets.” Developing logistics facilities in densely populated urban areas has resulted in the logistics property business having to confront challenges that were not such big issues when developing out-oftown big-box scheme. The most notable of these is competition with other uses. The restricted supply and cost of urban land means that developers have had to be innovative. “The availability of last-mile delivery centres in urban locations is, on the whole, extremely limited,” Segro’s Gulliford says. “Progressive developers are working hard to find solutions to the scarcity of available land. We have pioneered a state-of-the-art, 50,000 sq m multi-storey warehouse in Paris, while in Hayes, West London, we are delivering a major industrial-residential co-located development on a 30-acre site with Barratt London.” In Germany, Colliers conducted a survey of logistics-property experts last year. It found that almost 90% of respondents thought it unlikely that areas will be zoned for new-build logistics in city centres. City logistics will

MIPIM News 2 • 75 • 13 March 2019

Colliers’ Peter Kunz: “Market players need to talk to each other”

instead focus on the adaptation of existing buildings. Furthermore, three quarters of respondents thought retailers would start to use local bricks-and-mortar stores for city logistics. Colliers International’s Kunz says city logistics are “already in full swing”, but observes that the requirements of a building’s occupiers may differ to those of its owners: “We found considerable discrepancies, particularly when it comes to key property features, such as the size of the space, delivery-access options and warehouse heights. Market players need to talk to each other, so that the property solutions being offered on the market are in line with what tenants are looking for.” Meanwhile, as other property classes, such as the private-rented sector and the burgeoning purpose-built student-accommodation market, also expand, there is growing pressure on urban-land supply. In the face of such competition from high-value uses, logistics could lose out. Zoning authorities should take heed: well-located industrial land not only provides jobs but delivers economic growth, Gulliford points out, adding: “While developers are working hand-in-hand with the major online retailers and delivery companies to try and keep up with requirements and provide the quantum of warehouse and distribution facilities in the right location, it is also important that local authorities recognise the economic and social value of industrial land.”


248_RM CONFS_N2_PIM_page1

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248_RM CONFS_N2_PIM_page3

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MIPIM NEWS 2019 - 240x310mm _v5.indd 7

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08/03/2019 16:10


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CONFERENCES & EVENTS 2019 13 MARCH 14.00 | 15.30 PARTNERS THE FUTURE IS SMART: HOW THE DIGITAL REVOLUTION WILL IMPACT THE URBAN DEVELOPMENT OF POLAND'S GREAT CITIES

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proJEct news

Belval Sanem, Luxembourg

Tokyo Yaesu Tokyo, Japan Offices - Presented by Tokyo Tatemono

Belval was once the site of Luxembourg’s largest ironworks and is now among the most ambitious urban development projects in Europe, while retaining and integrating parts of the former industrial plant. The new urban district, which began its evolution in 2000, lies in the districts of Esch-sur-Alzette and Sanem. Housing is planned for up to 8,000 people with work, research and study places for 25,000 people including schools, shopping and leisure activities. Nearly 620,000 sq m is already built or under construction and about 5,000 people already work in Belval which has 180 companies and more than 2,400 residents. The University of Luxembourg opened here in 2015.

The 1st East District redevelopment project is located in front of the Tokyo Station, which provides access to the whole country and to two main international airports. The area around the station is a high-density, vibrant business centre and the building proposed will be 250m high, with a floor area of approximately 238,000 sq m. Completion is expected in 2024.

Mixed use - Presented by Agora

Kohlrabizirkus Hivepark Leipzig, Germany Mixed use - Presented by Vicus Group

Vicus Group, which owns Leipzig’s landmark Kohlrabizirkus market hall, has recognised the development potential of the site and with Frankfurt-based architect Magnus Kaminiarz, has prepared a development study that includes the complete revitalisation of the 35,000 sq m existing building as well as the construction of new buildings totalling 76,500 sq m. The new Kohlrabizirkus campus will be both an incubator for innovative, research-led and creative companies and a location that offers Leipzig residents and visitors many leisure opportunities.

Quartiere Giardino Vivere Smart, Milan, Italy

Residential - Presented by Palladium Group

The Quartiere Giardino - Vivere Smart project aims to have a positive effect on the community and wider society within an existing and inhabited complex built by the Palladium Group in the 1960s. The functions and information provided by the Planet App are being integrated with smart services to enable the active involvement of residents. The residents will be fundamental to the development and adoption of smart solutions and, ultimately, changes in behaviour in the daily life of community members. Encouraging residents to adopt the solutions proposed, including the Planet App, as well as promoting simple collaborative dynamics in the neighbourhood can, over time, contribute to building social relations and promoting inclusive communities.

MIPIM News 2 • 83 • 13 March 2019


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www.worldarchitecture.org a unique meeting place where truly global contemporary architecture is expressed for architects

NORTH AMERICA

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19%

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16%%

39%%

ASIA

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37%%

LATIN AMERICA pageviews

4%

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AFRICA pageviews

3,5%

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2,5%%

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OCEANIA pageviews

1,5%

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World Architecture Community (WAC) is the place where international contemporary architecture is expressed from all horizons with the contribution of our 42 reporters from all around the world, while providing an equal opportunity to the countries generally less covered by international media. As World Architecture Community having more than 1,000,000 professional unique visitors, it is also a unique place to find “an investor or financier” for your projects, as well as finding an “architect and urban planner” in your future projects. Undoubtedly, it is a global platform for architects and related professionals from all around.

WAC is also the right place to promote your innovative projects for the real estate industry with diverse coverage. More importantly, while preparing to launch a new business model on our site very soon, WAC is trying to create a strong base for possible cooperation with investors and invites all potential investors to cooperate on this new business. As Media Partner for this year’s MIPIM, World Architecture Community will be bringing you all the highlights from the four-day event between March 12-15, 2019.

WAC’s 42 reporters from 25 countries, who are actually volunteer community members, are shown as yellow dots on the map.

Project Development & Management Firm pro^GE is the main sponsor of World Architecture Community since 2006 www.pro-ge.com


081_GRAND DUCHE_N2_PIM

proJEct news

Parc des Expositions Strasbourg, France Mixed use - Presented by Eurometropole de Strasbourg The new Parc des Expositions is being developed adjacent to the Palais de la Musique and Congress, the Archipel international business district and the European institutions. It will replace buildings completed in the 1920s but will be smoothly integrated into the urban landscape. Designed by renowned architectural firm Kengo Kuma & Associates the project will have five functional, modular exhibition halls. With the 2030 Climate Plan in mind, the project will adopt passive energy strategies, utilising solar energy to create power on the roof, and having a small carbon footprint and high degree of insulation.

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Limassol, Cyprus Residential - Presented by Pininfarina Sixty6 by Pininfarina is a 17-storey residential tower inspired by the layering of the sandstone cliffs which are typical of Cyprus’s coasts, and by the history of the island, which is rich and unique owing to the stratification of different cultures. Pininfarina’s architects’ goal was to conceive a new way to experience and enjoy the sea through architecture and new technologies. The elliptical shape of the building allows the sea to be viewed from all the apartments enhanced by external glass walls. Large balconies permit residents to enjoy Cyprus’s climate, and are an aesthetic element that adds personality to the project, as well as being functional, limiting solar radiation. The 10,000 sq m project is planned to open in 2021

MIPIM News 2 • 85 • 13 March 2019

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European Investors Day Meet the people who shape European finance Thursday, 6 June 2019 | 8:15 am to 2:30 pm | Steigenberger Wiltcher’s Hotel | Brussels

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11/03/2019 12:19


proJEct news

Fridom Terrebonne, Montreal, Canada Residential - Presented by Fonds immobilier de solidarite FTQ and Groupe Selection Fridom is an avant-garde residential development in the heart of District Union, a new neighbourhood in Terrebonne, a city on Montreal’s North Shore. It is situated near a commuter train station, an elementary school, a hospital, shops and restaurants. Phase 1 will consist of 172 rental apartments, a commercial area and common areas. Three more phases are planned which will provide an additional 349 units.

Gastronomia Seraing, Belgium

Mixed use - Presented by City of Seraing

Seraing’s city centre has been completely renovated in recent years and this project is one of the last major pieces of the downtown rehabilitation. It will utilise a former industrial space which has an exceptional architectural heritage. Gastronomia will be dedicated to food in all its forms with the emphasis on local producers, organic food, restaurant areas and food production and processing workshops. The project will take advantage of the exceptional site, creating a unique concept in the region. In addition to the rehabilitation of the industrial building, a new development of shops, office spaces and housing will take place on neighbouring plots totalling 9,000 sq m. Two teams were selected to submit an offer by the end of March 2019: Imagix with Gehlen Immo, Willemen Real Estate, Coeur de Ville and Dyls; and LIFE with Moury Promotion.

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MIPIM News 2 • 87 • 13 March 2019

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Gdynia Waterfront, Gdynia, Poland

Gateshead Quays Gateshead, UK

Gdynia Waterfront is a modern multi-functional complex. With almost 100,000 sq m of development space the project will comprise residential buildings, shopping and cultural facilities along with offices and hotels. There will also be a conference centre, spa and cinema. Modern architecture and well-planned public spaces with passages and squares will create a unique atmosphere at the complex which is being developed in the most fashionable and dynamic location in Gdynia.

Situated on a 4ha site overlooking the River Tyne, the project will provide entertainment, conference and exhibition facilities, close to Sage Gateshead and the Baltic centre for contemporary art, and will cement the cultural and leisure offer at Gateshead on a global scale. The promoters for this project, Ask Real Estate and investment and development manager Patrizia UK, working collaboratively with Gateshead Council which is providing a lease guarantee, are seeking investment up to £250m (c €288m). This could take the form of project funding, forward funding, equity or co-investment. Gateshead Quays already attracts over one million visitors each year and is one of the UK’s most iconic waterfront locations.

Mixed use - Presented by Vastint Poland

Mixed use - Presented by Gateshead council

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Istres aeronautical cluster Istres, France

Koningin Julianaplein The Hague, Netherlands

The Istres-Jean-Sarrail aeronautical cluster is dedicated to aeronautics on an exceptional scale, and is virtually on the doorstep of the the AFB 125 air base at Istres with direct access to the main runway. The almost 33 ha site has 4.5 ha dedicated to aeronautics with 6 ha readily available for aeronautics and the Airship Village project which is to become the industrial hallmark for the airship industry. The Mercure assembly hall will comprise 26,000 sq m including 20,000 sq  m of workshops. This building is also adjacent to a centre of expertise dedicated to testing and certification. The buildings will suit aeronautical businesses or cutting-edge technology companies that need offices to suit innovative aircraft R&D.

Koningin Julianaplein, the main square in front of The Hague’s central railway station, is being overhauled to provide a striking new entrance to the city. The development will create a new housing complex with shops and cafes as well as an underground parking area for 8,500 bikes. The scheme will provide 350 new housing units in two 90-metre tall towers. These homes will be a combination of social and non-rent-controlled rental apartments and owneroccupier homes ranging from 47 sq m to 200 sq m. The project also includes 2,000 sq m of retail and food and beverage outlets as well as 2,200 sq m of conference and meeting facilities.

Industrial - Presented by Aix-Marseille-Provence Métropole

Residential - Presented by Holland Metropole

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The Climate Innovation District City Leeds, UK

Mixed use - Presented by Leeds City Region

The Climate Innovation District is part of the city’s South Bank Leeds regeneration plans. It draws on international best practice and, harnessing the latest technology, will provide more than 800 new low-carbon homes. There will also be manufacturing, leisure, offices and climate-resilient public realm. With the ambition to accelerate the transition to zero carbon cities, the scheme will forge a powerful collaboration with local and international partners to deliver an exemplar model for building zero carbon neighbourhoods economically.

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MaryRobert

Montreal, Canada Residential Presented by Fonds immobilier de solidarite FTQ and Devimco Immobilier MaryRobert is a residential development in Montreal’s Griffintown, a former industrial area transformed into a sought-after neighbourhood marrying residential buildings, offices and local shops where people can live, work and play. MaryRobert will comprise 497 condominiums in two 21-storey towers, a 2,295 sq m commercial area and a public art project consisting of a 62-metre high silkscreen print embedded in the glass of the balconies.

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MIPIM News 2 • 93 • 13 March 2019

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The Sail, Gdansk Poland Conference Centre - Presented by City of Gdansk

The Istanbul Merter Istanbul, Turkey Mixed Use -Presented by Yeditepe Gayrimenkul Yatırım

The main element of The Sail is a conference centre for 2,500 people. It will be a perfect complement to three neighbouring facilities. The multifunctional complex, classified as public facilities, will mostly be used for organised guest events but it may also have a publicly accessible zone such as a theatre or philharmonic hall.

The project, which is planned in one of Istanbul’s major business districts, is a medium height building on approximately 2.4 hectares. The project has a transparent facade which maximises natural light while photovoltaic panels maximise use of solar energy and provide protection against sound and wind. Istanbul Merter is designed in two blocks and will meet the criteria for A-class office space. The project has six basement levels and 12 storeys above ground.

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MIPIM News 2 • 95 • 13 March 2019


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Edinburgh International Business Gateway

Gravlingen

Edinburgh, UK Mixed Use - Presented by Murray Estates

Edinburgh International Business Gateway (EIBG) is a high-profile development on a gateway site at the entrance to Edinburgh International Airport. EIBG forms the important first phase of the broader International Business Gateway, part of the city’s strategic expansion to the west. EIBG is a multiphased development and a planning application has been submitted for phase one with opportunities in offices, hotels and residential along with ancillary restaurant, leisure and retail. A tram stop at the site links to the airport, the new £48m Edinburgh Gateway rail station and the city centre. The site is also served by Scotland’s motorway and trunk road network.

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Stockholm, Sweden Mixed Use -Presented by AMF Fastigheter The Gravlingen project has helped to transform Stockholm street Regeringsgatan from a walkby street to a destination. The building provides 43,000 sq m of commercial space and a 2,500 sq m residential area. Externally the street is characterised by façades of plaster that reflect daylight and Gravlingen’s design includes linear slats that modulate the daylight and shadows on the facade, varying with the time of day, the weather and other lighting conditions. At the heart of the building is a spacious, 20 metre-high atrium which will provide a dynamic and creative meeting place. The renovation of Gravlingen was completed in Autumn 2018.

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MIPIM News 2 • 97 • 13 March 2019

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Deger 16 Istanbul, Turkey Residential - Presented by Oral Architecture & Engineering

Buchanan Wharf Glasgow, UK Mixed Use -Presented by Team Scotland

The development provides a variety of serviced apartments for rent within walking distance of shops, cafes and restaurants. Deger 16 Residences are fully-furnished private apartments in which the layout has been designed to maximise natural light. The apartments will suit business executives and holiday makers alike. Each has a fully equipped kitchen and the buildings are served by a 24hr reception and concierge.

Buchanan Wharf is Glasgow city centre’s last prime riverfront development site and will create a distinctive new urban quarter. Barclays has selected the site for its new 43,665 sq m campus headquarters. Investment is being sought for remaining elements of the development which includes: 18,580 sq m of offices, 350 build-to-rent apartments and a 200-bed hotel. Glasgow is home to over 29% of Scottish businesses, provides access to highly skilled workforce of over 1.2 million, and has strengths in financial services, life sciences, engineering, manufacturing and creative/media industries. The city also has internationally acclaimed universities and research institutes. Scotland’s private rented sector is expected to grow 19% by 2020.

Hudson Quarter York, UK Mixed use -Presented by: Fuse

Dawna Fabryka Norblina Warsaw, Poland

The demolition of the former railway headquarters building (Hudson House) is now complete and in its place the creation of 127 new homes, a 4,000 sq m grade-A office building, plus other retail/commercial uses, has commenced. The developer is Palace Capital. The site is in a sensitive location a few metres inside York’s historic city walls. The scheme features four new buildings around a central courtyard which will provide amenity space for residents. A new pedestrian route will be created through the site between the main rail station and the Micklegate Quarter. The office building will provide the first speculative new build space within the city walls for over a decade.

The former Norblin factory is a project by Capital Park Group, whose plan is the revitalisation of a historic, two hectare area around the former Norblin factory between Prosta, Lucka and Zelazna Streets in Warsaw’s Wola district. By the end of 2020, a mini-district will have been developed, based on two buildings and including internal streets. There will be 64,000 sq m of useable space, including 40,000 sq m of class-A offices and 24,000 sq m of commercial, entertainment, cultural and gastronomic uses. The jewel in the crown, given the history of the site, will be the Museum of the Old Norblin Factory.

Presented by cmT

MIPIM News 2 • 98 • 13 March 2019


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RELAX! WE ARE READY FOR THE FUTURE.

In changing markets, ECE advances the development of its centers to digital platforms: Launched in 2016, the award winning “Digital Mall” is now available at five centers – offering more than 400,000 products from more than 60 stores. The online product search provides information on the product availability in a shopping center, enables customers to reserve a specific size or color online, and to pick it up later. This is a major step towards a seamless omni-channel experience. For more information, go to www.ece.com.

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MIPIM 2019 NEWS 2; Opening Night Party; Ban Ki-moon keynote; Korea’s Eco City unveiled; M&G expands across Europe; Greece returns; Around th...

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