<REVIEW Highlights of the REALTY 2012 seminar program
2012
Leap in International Investors attending Realty 2012 Letâ&#x20AC;&#x2122;s talk real estate
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IN THIS MAGAZINE 3 | REALTY 2012 Sees Leap in International Investors Attending 4 | Care homes, retail top Benelux investment picks 6 | Office conversion a growing trend in Benelux - Investment Briefing 8 | EU Plans to Boost Growth and Slash Energy Use Should Prioritize Property 10 | Insurers to make up 20% of property lending by 2015 12 | Some Pics OF REALTY 2012 14 | Belgium’s Biggest Insurer Likely to Buy Real Estate Debt, CEO Says 16 | EU Regulations Could Favour Non-European Property Investors 18 | BIG Sustainable Development (but fun too) 20 | Cities Need Imaginative Urban Mobility Solutions or Face Gridlock 22 | Fact & figures
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INTRODUCTION 3
Gregory Olszewski, Exhibition Manager, Realty 2012
REALTY 2012 Sees Leap in International Investors Attending.
The number of international property investors attending this year’s REALTY real estate trade fair between May 22 - 24 soared by over 50%, as investors appeared to view the commercial market of Europe’s capital and its Belgian environs, with its concentration of EU government-linked institutions, as a relative safe haven compared with some countries hit by the eurozone crisis. There was also a strong increase in retailers attending REALTY and both trends probably reflect the increasing demand for exhibition space and the quality of the associated social events and seminar programme. The total number of visitors this year rose by 9% to over 5,300, compared with 2011 -- when attendance leapt by more than 40% -- which indicates the growing maturity of the event in its fourth year as an annual fixture on the European circuit of major real estate trade fairs including MIPIM in Cannes in March and ExpoReal in Munich in October. This year REALTY included more than 50 receptions at exhibitors’ stands together with in-depth seminars and lunches.
“The total number of visitors this year rose by 9% to over 5,300, compared with 2011.”
The opening event of the seminar program was the European Real Estate Policy & Investment Forum organized by PropertyEU. Brussels Mayor Freddy Thielemans told the event that the city’s commercial property market was less vulnerable to the fallout from the Eurozone crisis, because it was not so dependent on financial businesses or the spending of national governments as others. Attendees at the forum heard from European industry associations EPRA and INREV and other speakers that the EU could achieve the biggest payoffs in its key objectives of boosting economic growth and cutting the bloc’s energy consumption by carefully assessing the impact of regulation and targeting financing on the real estate sector. Alternative visions of the future of real estate development and city planning were presented at the CityBoom Booming Cities - Blooming Cities session organized by the Belgian Real Estate Trade Federation (UPSI-BVS). The final day of REALTY focused on the retail market, with a seminar organized by BLRW-CBLCC (Belgian Council of Shopping Centers) and the Retail Forum Belgium, attracting more retail end-users to the trade fair than ever before. Clear investment themes are emerging at REALTY, based around the main property sectors including offices, retail and logistics, as well as Brussels, and Belgium generally, as a destination for international real estate capital. Next year’s show will build on these themes and, based on the current growth trend, should be the biggest ever.
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4 CARE HOMES
Care homes, retail
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INTERVIEW 5
“ I am a strong believer in investing in ‘ what you understand ’.” Peter Wilhelm, CEO of Wilhelm & Co
Tristan Dhondt Real Estate Leader Belgium at Ernst & Young
Peter Wilhelm, CEO of Wilhelm & Co
top Benelux investment picks Care homes, senior living and shopping centres emerged as the top choices for investment at the Property EU Benelux Investment Briefing Asked to comment on which segments and locations he would choose to invest a notional EUR 500 mln, panellist Heino Vink, CEO of shopping centre developer Multi Corporation, said real estate connected to the needs of the aging population would be his top choice. “I would spread the money and not put it all into one project or sector. While I have yet to see the best concept I would invest in something to do with taking care of the elderly. If one thing is certain in life it´s that we are all growing older and will need more care and help at some stage.” Vink said he would also invest in smaller and larger shopping centres in the larger cities of the Benelux such as Amsterdam, Brussels, Rotterdam, Antwerp and Brugge.
“I would pick inner-city retail locations - established market places since those cities were founded hundreds if not thousands of years ago.” Retail was the first choice for fellowpanellist Peter Wilhelm, CEO of Wilhelm & Co, who said he was a strong believer in investing in ‘what you understand’. “I understand retail which is not just a real estate asset. It is very special,somewhere in between real estate and an operational business like hotels so you need double the expertise to understand it.” Turning to specifics on where he would invest his EUR 500 mln, Wilhelm said the Neo shopping centre-anchored project in northern Brussels looked attractive.
He noted, though, that the tendering process for the Neo project, championed by Brussels municipality, had just begun and that he was therefore speaking hypothetically. ‘I would invest in Neo as there is demand for a large shopping centre in Brussels. ‘So if it is well conceived it is almost a no-brainer.’ Most shopping centres in Belgium are between 25 and 35 years old. Wilhelm is a developer of retail-led, mixed-use schemes in Belgium, France Italy and Portugal. Tristan Dhondt, Real Estate leader Belgium at Ernst & Young told the briefing that he would invest the notional funds in retail and residential property in inner-city locations in the Benelux.
6 OFFICE CONVERSION
Converting empty office properties to other uses is a growing trend in the Netherlands and Belgium, the PropertyEU Benelux Investment Briefing heard.
Office conversion a growing The Netherlands and Belgium suffer from high vacancy rates compared with neighbouring markets. At 16%, the Netherlands has one of the highest office vacancy rates in Western Europe. Amsterdam - which has a number of competing A and B-class office locations - has a vacancy rate of between 17-18%. Brussels has a lower vacancy rate than Amsterdam. In 2011 the average office vacancy in the Belgian capital was around 12%. But some office clusters had void rates of as much as 35%, according to a recent CBRE report. Tristan Dhondt, Real Estate leader Belgium at Ernst & Young and one of the panellists at the briefing, said there are a number of conversion projects under way in the Dutch market, with new uses ranging from
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hotels, residential accommodation, student accommodation and nursing homes. ‘There are a lot of projects today that involve conversion to student housing,’ he said. Examples of such redevelopments in Amsterdam - highlighted in the May edition of PropertyEU Magazine - include City Living working on the conversion of an old office building formerly occupied by publisher Reed Elsevier into The Student Hotel. The first phase of the project is due to be completed by spring 2013. Heino Vink, CEO of Multi Development, told the Investment Briefing that some office buildings in the Netherlands that were recognised by everyone as ‘totally valueless’ over the last five years have finally undergone significant re-pricing in
INVESTMENT BRIEFING 7
Heino Vink CEO of Multi Development
trend in Benelux the last six months. In some cases the re-pricing entailed a 40-50% drop in valuations. “This makes it financially viable to undertake redevelopment,” he said. “Finally, banks and owners have been forced to come to the conclusion that the value of these buildings has dropped and it is now possible to redevelop.” CBRE said that conversion has been a feature of the Brussels market for many years. Some 300,000 m2 of office space has been transformed into housing, elderly homes, hotels or schools.
“The Netherlands and Belgium suffer from high vacancy rates.”
8 BOOSTING GROWTH
Steffen Milner EU Affairs and Regulation Manager at EPRA
EU Plans to Boost Growth and Slash Energy The EU’s twin key objectives of boosting economic growth against the background of the eurozone crisis and cutting the bloc’s energy consumption by 20% by 2020, might achieve the biggest payoffs by directing financing towards the real estate sector, attendees at the European Real Estate Policy & Investment Forum heard.
“Economic growth in Europe is not going to come from exports, when the prospects for our major trading partners in the U.S. and China look distinctly murky. It’s also not going to come from internal consumption in the EU with its recession-hi economies and high unemployment. The usual solutions aren’t working and it’s time to look for new sources of growth like the mass refurbishment of buildings to make them energy efficient,” Carsten Brzeski, Senior Economist at ING Bank said. Jeff Rupp, Director of Public Affairs at INREV (the European Association for Investors in Non-listed Real Estate Vehicles) argued that policy makers are actually heading in the opposite direction and reducing the flow of capital invested in Europe’s cities -and so also job creation and
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INVESTMENT BRIEFING 9
“The usual solutions aren’t working and it’s time to look for new sources of growth.”
Carston Brzeski Senoir Economist at ING Bank
Carsten Brzeski, Senior Economist at ING Bank
Use Should Prioritize Property economic activity -- through a wave of new regulations on the industry such as Solvency II, AIFMD and EMIR. “The economic impact of these regulations should be understood before they are implemented, not afterwards. Policy makers need to engage in a careful cost-benefit analysis of the proposed regulations to ensure that the costs don’t outweigh the benefits,” he said. Steffen Milner, EU Affairs and Regulation Manager at EPRA (the European Public Real Estate Association) said Brussels is not on track towards achieving its target of achieving a 20% cut in the EU’s energy consumption by 2020, but it could improve its chances of achieving that goal significantly by focusing its efforts and financing on Europe’s property industry. Some 40% of Europe’s final energy consumption is
in houses, offices, shops and other buildings, and 38% of total greenhouse gas emissions come from the built environment. On May 15, EPRA responded to a European Commission consultation paper on: “Financial Support for Energy Efficiency in Buildings” in which it said the listed property sector could act as a “one-stop shop” for implementing the EU’s energy efficiency targets as they are active operational businesses that effectively combine the services of financing, developing, and managing buildings for the long-term. The EU’s listed property sector is, however, fragmented and evidently small and underdeveloped relative to other regions and this severely handicaps efforts to achieve pan-European goals in one of the underlying fundamental drivers of
the bloc’s economy. EPRA urged policy makers to encourage national governments to adopt “best in class” REIT (the most efficient form of listed property company) legislation across the EU to act as common vehicle for transforming the industry. EPRA’s letter said that while the EC’s consultation paper identified an investment need of around EUR 60 billion a year in the building sector to realise its required energy savings potential, this figure is significantly less than the capital that could be taken out of the real estate industry by the application of legislation on OTC derivatives alone.
10 OFFICE CONVERSION
Insurers to make up 20% of Insurance companies are expected to account for up to 20% of the European real estate lending market over the next few years, the European Real Estate Policy and Investment Forum heard. However according to forum panellists, this figure will not be enough to compensate for the widescale retreat by banks from the sector
“ Solvency II is only one of the reasons insurance companies are beginning to lend to real estate.” Ad Buisman, EMEIA real estate leader at Ernst
Some EUR 800 bn of real estate debt is due for refinancing in Europe over the next three years, while the lending contribution from insurance companies will only be a fraction of the total, Ad Buisman, EMEIA real estate leader at Ernst & Young, said. Many banks are abandoning or scaling back on real estate financing due to the combination of bad loans built up since the mid-2000s and the European Union’s incoming Basel III regulations that will impose higher risk provisions. The incoming Solvency II rules will impose similar capital reserve requirements on insurance companies: 25% on direct real estate; 39% on listed real estate and 49% on real estate fund investments. Solvency II had initially been dubbed ‘the kiss of death’ for the real estate industry. But attitudes have changed as insurers have begun to look at
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INVESTMENT BRIEFING 11
The European Real Estate Policy & Investment Forum at Realty 2012
property lending by 2015 property lending. “More and more insurance companies are moving into the real estate lending business and the forecast is that they will make up 20% of that business over the next three years,” Buisman said. Insurers can lend to real estate in a multitude of formats: by buying existing loans, issuing new loans; providing senior or junior debt and participating in restructurings or in third-party debt funds or even setting up their own funds. But Buisman cautioned against widespread optimism among real estate professionals that insurers will make up the shortfall from banks. “Talking to the insurance companies it is clear this is over-optimistic. The insurers say there is no way ever that they could replace the banks and they don’t intend to try. Instead they are taking high-margin business or the opportunistic business, ‘but only
bits and pieces of that”. This underscores the reality, Buisman said, that Solvency II is only one of the reasons insurance companies are beginning to lend to real estate. “Mostly it is the higher margins that attract them and also, they are looking for a long-term product to match the long-term provisions on their balance sheet,” Buisman said.
12 SOME PICS OF REALTY 2012
REALTY 2012 an impression
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INTERVIEW 13
14 AG INSURANCE INTO REAL ESTATE ULI seminar at Realty 2012 Understanding the financial crisis - Drawing lessons from real estateRole of banks and insurance”, with Etienne de Callahay, Max Jadot and Antonio Cano.
Belgium’s Biggest Insurer Likely to Buy Real Estate Confirming the trend of insurers buying real estate lending that was identified at the European Real Estate Policy and Investment Forum, AG Insurance, Belgium’s largest insurer, is likely to join the growing ranks of European institutional investors planning to invest in property debt, the company’s CEO said during a presentation on Wednesday.
“Are we going to get into real estate loans? Probably yes - slowly, at the right prices. We will certainly look at the quality of the underlying assets and if there is a crisis with the investments then we would look to keep the collateral, which is a different approach from most insurers - it’s more like a real estate investor,” Antonio Cano said. The insurer’s property arm, AG Real Estate, has about EUR 5.0 billion in bricks and mortar, or roughly 10% of the company’s total investment assets under management. Cano said AG Insurance liked real estate as an asset class because as a long-term investor it was comfortable with relatively illiquid investments, as its liabilities in terms of life policies
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INTERVIEW 15
Antonio Cano CEO of AG Insurance
“Are we going to get into real estate loans? Probably yes.” Antonio Cano , CEO of AG Insurance
Debt,CEO Says are also relatively illiquid. The comparatively high yields obtainable on real estate are also attractive when German 10-year bonds are producing a negative real yield of about 1.4%. He added that he personally expected future Belgian inflation to rise to four or five percent, making the inflation hedging component of real estate appealing. AG Insurance doesn’t see the capital charge on direct real estate investment of 25% under the Solvency II regulatory regime standard model as a real barrier to property investment, because its own capital modelling places this closer to 20% as it has a higher charge for sovereign bonds, which Solvency II defines as “risk free” despite the eurozone’s government debt crisis.
16 EU REAL ESTATE UNDER PRESSURE
EU Regulations Could Favour Non-European Equity and debt capital formation across EU real estate investment markets could come under severe pressure in coming years, as Basel III, Solvency II and a host of other regulatory initiatives start to bite. Given global capital flows, and possible regulatory arbitrage by non-EU funds, prime assets could well be snapped-up by U.S. and Asian investors while their European counterparts struggle to access capital, the European Real Estate Regulation and Investment forum also heard.
“The regulatory train has left the station and there is little the European real estate industry can do to stop it now. Capital formation in the market will shrink and many investment managers will not survive, as they won’t be able to raise money. We may even see a massive transfer of wealth to the U.S. and Asia as investors there won’t have the restrictions faced in Europe,” Ian Laming, Chief Operating Officer for pan-European real estate investment manager Tristan Capital Partners told the forum. Ian Laming, COO of Tristan Capital Partners, said most of the safeguards incorporated in new regulation such as thorough reporting and portfolio stress testing should be part of a competent investment manger’s
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Jeff Rupp, Ian Laming, Françoise Roels, Ad Buisman
“ Many investment managers will not survive, as they won’t be able to raise money.” Ian Laming, CEO of Tristan Capital Partners
Property Investors operational set-up anyway, but many firms don’t yet seem to have thought through the full implications of rapidly approaching changes such as the AIFMD (Alternative Investment Fund Managers Directive). “Tristan isn’t anti-regulation because we’ve heavily invested in the systems we need, or outsourced our requirements, to ensure we comply with all the new rules coming over the horizon. We also expect many competitors who are not so well prepared to depart the market as their costs rise and they struggle to raise capital, leaving the best mangers with more choice of assets in a Darwinian evolution. But we are concerned that this might mean less liquidity in the market five years down the road when we exit investments.”
Ad Buisman, partner and EMEIA Real Estate Leader for Ernst & Young, said there was a lot of talk among real estate investment managers that they are ready for the regulatory wave approaching, but in reality he was surprised at how ill-prepared many still are. Jeff Rupp, Director of Public Affairs for INREV, said to be fair it was difficult for managers to prepare for regulation when key aspects of the new rules -- such as the handling of joint ventures in the AIFMD -- are still not clear, even though the directive is due to come into force in July, 2013. He added that regulatory changes such as Solvency II are having a significant impact on the nature of real estate investment flows and the
choice of vehicle investors select, for example with insurers and pension funds looking increasing towards debt, rather than traditional non-listed real estate funds. The cost burden of compliance with new regulation is also clearly falling disproportionately harder on smaller fund managers and becoming an effective barrier to entry into the industry. Francoise Roels, Secretary General of Belgium’s largest listed real estate company Cofinimmo, said regulators had a long way to go to harmonise the impact of all the different rules applying to the industry both at the pan-European and national levels, before there could truly be considered to be a single market in property investment in the EU.
18 EU REAL ESTATE UNDER PRESSURE
BIG
“Sustainability is generally seen as being part of a strong moral and rather Protestant code,” Kai-Uwe Bergmann said. “It seems that only by sacrificing much of our existing quality of life can we be sustainable and live in a way that is good for the environment. At BIG we don’t believe this and have been looking at how
Sustainable
Architects and urban planners often see sustainable development as a necessary though worthy evil. It has to hurt to be good and a sustainable life means doing less than in normal everyday living. Kai-Uwe Bergmann, partner at Danish architectural and design company Bjarke Ingels Group (BIG), thinks otherwise and BIG has been putting these thoughts into practise, he told Wednesday’s session ‘CityBoom: Booming cities - Blooming Cities’ seminar organised by the Belgian Building Confederation (BVS-UPSI).
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sustainable buildings and cities can actually increase the quality of life, so that a sustainable life becomes more fun that normal life” BIG’s philosophy is that architects need to rediscover ‘vernacular architecture’ -- the form of architecture that evolved, without architects, down through the centuries as people found ways to build houses and cities to optimise their living conditions in a given climate. When architects came into the picture they began to add machines to deliver the different qualities that were missing from buildings: electric lights, mechanical ventilation, central heating and air conditioning. These were all perceived as freedom
“ Stop whining and start designing”
INTERVIEW 19
Kai-Uwe Bergmann, Partner and Director Business Development at BIG
Booming Cities Debate at Realty 2012 with (fltr): Maxime Prévot, François-Joseph Van Audenhove, Ralf Baron and translator, Kai-Uwe Bergmann, Brigitte Grouwels and Bart Somers.
from the elements, but they resulted in an explosion in energy consumption. “Architecture became an empty box, void of qualities and plugged to machines,” Bergmann continued. “Our aim is to unplug the machines and get back to to a situation where the qualities
allow residents to cycle to the top floors of the 10-story block, a feature that not only encourages them to bike more often, but also triggers far more spontaneous social interactions than in other apartment complexes. Rainwater run-off from the building is collected in ponds at its base, giving residents much sought-after water
Copenhagen’s population has a new local landmark and leisure facility that will be completed by 2016. Looking further than individual buildings BIG sees its ideas as being equally applicable to the broader urban environment. The company is working on a plan for what it’s calling
Development (but fun too) come from architecture itself. Using modern design to eliminate superfluous machinery and by adapting and integrating buildings to their natural environment, BIG is able to increase the sustainability of the buildings it designs. But it doesn’t stop there. The designers are very conscious of the need to make buildings fun, to make the users want to use them, so reinforcing the environmental and social benefits of their designs. Two of BIG’s recent projects illustrate the combination of sustainability and fun: The ‘8 House’ apartment complex near Copenhagen includes ramps that
views from their homes. Currently under development is the ‘Amagerforbraending’ incinerator in central Copenhagen. A plant that will turn waste into energy, reducing fossil fuel consumption and eliminating the need for landfills, scores highly on any sustainability index, but could have been a hard sell, especially as it will be the tallest structure in the middle of a large city.
a “Loop City” around Copenhagen and encompassing Malmo in Sweden just to the north. This would create a continuous urban tissue that crosses an artificially constraining international border doing away with the need for those who live on the outskirts to commute to historical city centres, freeing-up resources and improving the quality of life for the inhabitants.
However, by incorporating 1,500m of ski-slopes on top of the plant and generating laser-illuminated water vapour smoke rings that are emitted for a given volume of waste incinerated, the fun element has not been forgotten and
The idea that sustainability can and should be fun is clearly catching on. Asked for his ideas on how others can join the movement, Kai-Uwe Bergmann had some simple advice for architects and designers - “stop whining and start designing.”
20 EU REAL ESTATE UNDER PRESSURE
Cities Need Imaginative Urban Mobility Solutions Half of the world’s population now lives in urban areas, a share that is projected to increase significantly in the coming decades. Urban mobility, travelling in and around our cities, which is already under pressure at current population levels, risks collapsing under the weight of the newcomers. Management consulting firm Arthur D. Little recently studied the future of urban mobility and in particular the challenges facing the Brussels Region. Arthur D. Little partner Francois-Joseph Van Audenhove presented the findings of the study to Wednesday’s session of the ‘CityBoom: Booming cities - Blooming Cities’ seminar.
“The future will be urban, but urban mobility systems are on their way to a breakdown as the majority of cities are badly equipped to cope with the challenges ahead,” Van Audenhove said at the seminar. As city populations rise, so too does congestion, but at a faster rate. More people usually means more cars and additional, but slower, trips. The economic, ecological and social costs of this are significant and the attractiveness of cities for economic development is reduced, with consequent knock-on effects on real estate prices. Arthur D. Little looked at how well equipped a sample range of major cities are to cope with the challenges ahead. The criteria they examined included the shares of journeys made by car, public transport, walking and cycling, the number of shared cars
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INTERVIEW 21
“ Brussels needs to decide on its priorities for the future” Francois-Joseph Van Audenhove
Francois-Joseph Van Audenhove
and bicycles, the penetration rate of smart transport fare cards (an indication of innovative thinking) as
-- electronic tolling, advanced parking systems and even the Segway personal transportation system -- and
or Face Gridlock well as the current average speed and mean travel time within urban areas. Hong Kong and Amsterdam were the best-equipped cities, Athens and Saint Petersburg the worst. Brussels ranked 30th (out of 66) in the world, but on a European scale came in at a disappointing 16th (out of 23). “The root cause of poor performance is a lack of innovation,” explained Van Audenhove. “There are sufficient technological and transport solutions available to address the pressing mobility challenges. However, for these solutions to work, key players need to work together in environments that are rarely rewarding for investors. This requires vision and leadership, as well as a reshaping of the political agenda to meet the changing demands of users.” Among the solutions that Arthur D. Little identified were technologies that have been around for some time
those that are still in their development phase, such as automated cars, solar roadways and trains that straddle streets. Transport solutions that could be adopted to ensure a balanced mix of transport use include car and bike sharing schemes and smart cards that work across different types of transit systems. Brussels’ disappointing score in the mobility study reflects the dominance of the car as a means of travel in the region and the city’s lower than average investment in public transport. Average travel speed in Brussels in just 19 kilometres per hour, compared with 34 km/h in Amsterdam. A typical employee in Brussels travels on average for 36 minutes to get to his or her work, whereas someone in Gothenburg, Sweden needs only 22 minutes. There are, however, signs that the
car’s grip is loosening. “The number of trips on public transport in Brussels almost doubled between 2000 and 2011,” Van Audenhove said. “Users are prepared to leave their cars behind if the conditions are right. Travellers want seamless door-todoor travel solutions, which means not only just good public transportation, but real-time information, access to car and bicycle sharing schemes and smart cards that can be used across all transport modes.” The Brussels region has laid the foundations for improved mobility. Its ‘Mobib’ mobility card is one of the better examples of a multimodal card in Europe, although the system needs to be extended country-wide as soon as possible and, unlike similar cards in Denmark and the Netherlands, it does not offer automated fare calculation. Sharing schemes such as ‘Villo!’ (bicycles) and ‘Cambio’ (cars) have been very successful and continue to expand. “Brussels needs to decide on its priorities for the future”, Van Audenhove concluded. “Only by defining and executing a vision of its urban mobility system can the full economic potential of the region be optimised.”
22 REALTY 2012 FACT & FIGURES
Deve
Facts & figures
End user
Broker
The
5305 +9 %
Value
participants
2009
Investor
3056
2010
3415
2011 2012
4815 5305
T A R G E T 20 13 : 55 0 0 pa rt ic ip a nts Performance report from visitors General impression:
7 ,4 10
98% will visit the next edition Realty met or exceeded expectations THE REALTY
2012
89%
Broker Consultant
Visitor profile Developer Architect & planner Investor Construction company Consultancy firm Broker Local & public authority Law firm & notary Project Management company Media & Press Engineering company Bank (financer) Corporate End User Trade federation & academics
2012
Constr com
2011
OVERVIEW 23
loper
122
Public Authority
+8 %
exhibitors
2009
84
2010
Financer
Realty
Chain
102
2011 2012
113 122
T A R G E T 20 13 : 13 0 ex hib it ors Architect
Performance report from exhibitors
8,4 10 Visitor quality: 7,84 10 Visitor quantity: 8,08 10 General impression:
uction pany
Engineering Planning
Type of companies visitors are looking for at Realty
International Investors 2012: 87 investors (50% growth compared tot 2011) New topics for 2012: • Retail • Nursing homes and care facilities • Urban development • Reconversion
Developer Investor / Bevak / Sicafi / REIT Public authority Construction company Architect Engineering / study agency Broker Project manager Consultant Services
Top 5 Geographic origin of foreign visitors
12%
8% UK
Luxembourg
France
32%
Germany
16%
Netherlands
28%
FLASH FORWARD > 2013
MEET US AT REALTY 2013 SAVE THE DATE 28, 29 & 30 MAY 2013 info: www.realty-brussels.com contact: Edouard Moreels Phone: +32 9 241 94 20 - Mobile: +32 475 69 36 80 - info@realty-brussels.com