Daily News munich - wednesday 7 october - 2015
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A record nine cities from the UK and the Netherlands took part in a joint panel session on Tuesday to discuss the consolidation strategies which help them compete in international markets. See page 3
conference previews
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headlines
On the job
Corporate citizenship is win-win
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Meet your next boss during the Career Day sessions | page 32
Germany as a safe haven
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Debate highlights
Africa is the new Asia
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Crazy money is driving Berlin
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A selection of Wednesday’s forum discussions | page 40
29.09.15 07:33
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news
Paris reinvents itself and starts to auction land sites
Paris’ deputy mayor jean-louis missika answers questions during the session
The city of Paris is taking a number of initiatives to make the French capital more attractive, deputy mayor Jean-Louis Missika told a panel session held at the Club France stand at EXPO REAL in Munich. ‘We are investing €30 bn between now and 2030 to reinvent Paris and deal with the issues that all cities face in terms of sustainability, digitalisation and metropolitisation. We are tackling all these issues with strong policies.’
Alongside this major investment initiative, the city of Paris is paying special attention to project concepts that fulfil its key criteria, Missika said. The city is starting to sell land sites at auction, but the highest bidder is not necessarily the winner, he said. Buyers are being vetted on the basis of their designs for the location, taking aspects of architecture and functionality into account, he added. ‘We want to create innovative places.’
Howard Bernstein chief executive Manchester city council
‘If you look at what will be the top 600 cities in 10 years’ time, you will see 200 of those cities change based on current patterns of activity. Unless we find different ways to improve our productivity and competitiveness, we will lag behind over the next few years.’
Cities see strength in numbers
hans van rossum addresses the panel
Nine cities in two separate countries, which are already competing successfully on their own in international markets, are now joining forces within their home markets to become regional powerhouses capable, they think, of taking on the world. In the Netherlands, Amsterdam, Rotterdam, The Hague and Utrecht, which have a combined population of 7.57 million and GDP of €288 bn, are already delivering world-beating infrastructure and connectivity. In the UK, a new Northern Powerhouse consisting of Leeds, Liverpool, Manchester, Newcastle and Sheffield wants to be capable of taking on London, which many see as sucking the life out of the UK’s re-
gion for its own benefit. Presenting the case for the Dutch G4, Rotterdam’s Hans van Rossum, said: ‘We aren’t just a cluster of four individual cities. It makes sense to work together, not least because of our strong connectivity – we have an average transport time of 35 minutes between all four cities and less than two hours between Rotterdam and Paris. There is also one million square metres to be transformed – one of the biggest attractions for the investment companies here at EXPO REAL.’ He added: ‘The specific features of all four Dutch cities are spectacular, but if you combine them we can show the world that we are one of the best regions to invest globally.’ expo real daily news
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Corporate citizenship is win-win, say real estate firms All 48 companies in a new survey on corporate citizenship within the German real estate sector have committed themselves to taking part in initiatives which benefit society. The survey, initiated by Bilfinger Real Estate and CC PMRE in cooperation with the German real estate industry’s corporate governance initiative, was published at EXPO REAL on Tuesday. The survey found corporate citizenship commitment benefits both society and the company: all 48 participating companies see it as a win-win situation. It also found real estate companies give 1.8% as their target for investment in corporate citizenship commitment. The substantial need for accommodation for refugees, a lack of affordable housing in city centres and more support for social facilities and organisations are key challenges that can only be solved with the help of the real estate industry, the survey team said. ‘We were pleasantly surprised that all
regina zeitner: ‘still room for improvement’
companies stated that they are engaged in corporate citizenship activities – whether through donations, sponsoring, foundations or through actions and initiatives from their employees,’ said Regina Zeitner, head of CC PMRE. ‘However, there is still clearly room for improvement.’
Dublin logistics market set for record year Dublin’s logistics market is on course for a second successive record-breaking year following a surge of activity in Q3 2015, according to figures released by CBRE. The strong volume of activity brought the total take-up for the first nine months of the year to 312,000 m2, higher than for any full year apart from 2014 and just short of the 12-month record. During the third quarter 46 individual transactions were completed. Jarlath Lynn of CBRE Ireland’s industrial and logistics department, said: ‘We are now on course for a record performance in this sector in 2015 with take-up in the year-to-date almost matching the volume for the entire year last year.’
Olivier Téran Chief Investment Officer Allianz Real Estate
Logistics markets are on a roll
panel left to right: Philip dunne (prologis), Ian worboys (P3 logistics parks), richard betts (propertyEU), Robert Dobrzycki (panattoni europe) and mo barzegar (logicor)
The logistics sector is seeing unprecedented transaction volumes, delegates heard at PropertyEU’s Logistics Investment Briefing on Tuesday. ‘We are very bullish about demand,’ said Mo Barzegar, CEO of Logicor. ‘Investors have realised that industrial logistics delivers good risk-adjusted returns and e-commerce is the icing on the cake.’ Rents have been rising in the past year, a trend that has been most visible in 4 |
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the UK. ‘The UK has been on fire, as it is the most sophisticated e-commerce market in Europe, but evolution is coming to Europe too,’ said Philip Dunne, president Europe at Prologis. The rise in urban logistics is another trend that will spread from the UK to the rest of Europe. ‘There is a two-tier market at the moment, but demand has grown a lot across the board since last year,’ said Ian Worboys, CEO of P3 Logistics Parks.
‘We invested €1.2 bn in Europe in the first nine months of this year and about the same again in the US and Australia. Trophy assets are still the name of the game. If we can buy the best asset in town, we will try to do that.’
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news
Migrant influx encourages looser planning regulations
Barbara hendricks: germany needs 200,000 housing units
Germany needs to loosen planning regulations to build homes for migrants and refugees, Germany’s federal environment minister, Barbara Hendricks, told a packed forum at EXPO REAL on Tuesday. The country needs 200,000 housing units to begin to meet demand, Hendricks said. The country needs to
implement tax incentives and Hendricks hopes that she will see support for this from Germany’s regions. The country also needs lower construction costs which can only be achieved through a clear strategy at all levels. Moreover, the government is seeking to unify building laws across all states, Hendricks said.
No clouds on the horizon in real estate haven Germany, panel hears Germany has never been more of a magnet for foreign investors, as perfect conditions make the real estate market attractive to new entrants from Asia and the Middle East, delegates heard at the PropertyEU Germany Investment Briefing at EXPO REAL on Tuesday. ‘It is a fantastic environment with no clouds on the horizon, a strong economy, strong domestic demand and plenty of funds available,’ said Thomas Beyerle, head of group research at Catella. Demand is higher than supply, and foreign investors’ hunger for German properties is such that they are now prepared to be more adventurous, going for B and even C-locations and not just the traditional big cities. They are also moving into niche or alternative sectors, not just offices and retail. ‘Everyone is interested in everything, from nursing homes
rainer nonnengÄsser (left) and thomas beyerle
to student housing,’ said Christof Halwer, managing director of Catella Property Deutschland. ‘Investors will buy good portfolios in every sector. Yesterday here at EXPO REAL I saw an investor from Singapore who wanted a long lease with a good tenant and was not even concerned about the location.’
New horizons, New departures
As the 2015 edition of EXPO REAL draws to a close, one trend that has emerged is that the European real estate industry is diversifying at an accelerated pace. Not only are the sources of capital targeting properties in this part of the world more exotic than ever before, so are the actual assets. A number of discussions and events over the past two days have focussed on emerging real estate segments like student and senior housing, parking facilities and petrol stations. While these will always be relatively small niches compared to their bigger and more established cousins, it is clear that they too have their fans, even among institutional investors. EXPO REAL has broadened its reach in other ways as well this year. Exhibitors included a number of newcomers from core destinations such as the UK and Ireland, which were jointly represented for the first time ever. The UK may be the first port of call for international investors, but this is the first time that the UK has come to Munich. EXPO REAL also acted as the backdrop this year for the announcement of a new partnership between one of the UK’s most respected institutional investors, Hermes, and Dutch retail specialist Redevco. New alliances is a theme that continues to reverberate across the industry as do urbanisation, smart cities and development. With a session on investment in Sub-Saharan Africa on Tuesday, EXPO REAL has shown that it, too, continues to explore new frontiers. Judi Seebus Editor in chief, PropertyEU
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German lenders compete more on LTVs than price The German lending landscape is shifting once again. After a strong year underpinned by intense competition in the sector and shrinking loan margins, lenders are being forced to compete more on covenant terms and LTVS than on pricing. However, it is up to lenders themselves to determine just how far up the risk curve they are prepared to go, says Bernhard Scholz, a member of the board at pbb Deutsche Pfandbriefbank. ‘If a lender thinks an LTV is too high, he should just say “no”,’ says Scholz. ‘No one is holding a weapon to your head. Our LTVs are typically around 65% because that ensures that there is still a lot of equity in the deal, which protects us.’ Nonetheless, some players in the real estate industry have been voicing their concern at EXPO REAL this week that there are signs that some lenders have not learned any lessons from the last financial crisis. ‘I am seeing worrying signs that nothing has changed,’ a German financial analyst who asked not to be identified told PropertyEU. ‘Competition in the sector is fierce and banks are falling over themselves to lend more but margins cannot go any lower. I wonder where it will end.’ Loan margins on
bernhard scholz: ‘offices are underrated’
prime office assets in Germany can be as low as 65 bps, down from 135 bps a couple of years ago, making it extremely difficult for lenders to compete on pricing alone. ‘We feel some margin pressure like everyone else,’ says Scholz, ‘but pricing is still a key factor, depending on the type of financing’. Pbb is especially keen to finance office deals in Germany at the moment because ‘offices are underrated’, according to Scholz. However, it comes with a caveat: ‘I need to understand why people want to work there and why the location is attractive,’ says Scholz.
Czech bounceback drives record investment in CEE Real estate investment volumes in Central and Eastern Europe hit a record €2.3 bn in the third quarter of 2015 on the back of a 14% quarterly increase, research by CBRE has found. Retail has overtaken offices as the largest sector in 2015 to date, accounting for 41% of total investment volume. In 2014 offices took a 44% share of the total input. The star in the region was the Czech Republic, which recorded a year-on-year increase of 130%. Its performance was fuelled by a number of several high-profile transactions, including the Palladium shopping centre in Prague and the RPG Byty residential portfolio.
tony horrell CEO Colliers UK and ireland
Standing tall in Zuidas
‘We live in a low-interest rate world and I don’t think we’ll see any changes in the eurozone for a long time, certainly as long as nothing changes in the US. Draghi’s plan is working, everybody has calmed down. It was a smart move.’ construction is booming with several new buildings under way in amsterdam’s key business district zuidas
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‘Long road ahead’ for gender diversity When it comes to gender diversity, there’s still a lot of work to do, according to Martine Malone, senior vice president client relations at logistics provider Prologis Europe. ‘We’re on a journey and we still have a long road ahead of us. More can and needs to be done to foster a greater gender balance in senior positions,’ she said during her introduction of a panel discussion on the topic: ‘The War on talent for real estate’s top jobs: where are the women?’ ‘Real estate is a great industry, but getting that message out is still a problem,’ noted Louise Brooke-Smith, CEO of Brooke-Smith Planning and former global president of RICS. ‘It’s partly an educational issue. Some companies think that once a woman has got to the top in their organisation, they tick all the boxes. We have to be careful that we move beyond that point and broaden out.’
left to right: Christian Ulbrich, CEO EMEA JLL; Anne Kavanagh, Global head of asset management and transactions, axa real estate; Sigrid Duhamel, managing director France, CBRE Global Investors; Louise BrookeSmith, CEO Brooke Smith Planning; Philip Dunne, President Europe, Prologis; Monika Rajska-Wolinska, managing partner Poland, Colliers International
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Everyone in real estate is here
CBRE GI says it is on track to hit €7b of deals in Europe CBRE Global Investors is on track to reach its €7 bn transactional target for Europe for the full year 2015, John Mulqueen, head of EMEA transactions at CBRE Global Investors, told PropertyEU in an interview at EXPO REAL. ‘We are seeing a very significant increase in the deal pipeline – up 46% in Europe compared to the same period last year – and this is driving our investment volumes. I think pricing has got to a level where vendors feel com-
John Mulqueen: ‘london still good place to invest’
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fortable to sell and they are no longer holding on to their assets.’ CBRE Global Investors announced the acquisition of Glacis-Galerie shopping centre in Bavaria for €145 mln on the opening day of EXPO REAL. Last week it bought another mall in Düsseldorf for an undisclosed amount. The company has also just signed two major acquisitions in France, Mulqueen added. ‘We are buying a logistics portfolio off-market for just under €80 mln as well as a very prime high street unit in Paris for around €150 mln,’ he noted. CBRE GI has also been active buying and selling in the UK, largely on behalf of smaller pension funds. Mulqueen: ‘London is very fully priced at the moment but there are very good reasons – firstly the globalisation impact – why we think it is still a good market to invest in.’ Commenting on where appetite is mostly coming from, Mulqueen said US players are leading the pack in an attempt to take advantage of the US dollar currency appreciation versus the euro. ‘US investors have seen very strong returns over the past few years but now their market is slowing down and they are turning to Europe to secure higher yields.’
Hermes teams up with Redevco in asset deal UK investment manager Hermes has teamed up with Redevco, the pan-European retail real estate specialist, to acquire €250 mln of retail assets in the largest markets of western continental Europe and the Nordic region, the two companies announced at a joint press conference at EXPO REAL on Tuesday. The joint venture will target a core+/ value-add investment strategy with a moderate risk profile. Amsterdam-based Redevco will advise on acquisitions and manage the assembled portfolio. Commenting on the deal, Chris Taylor, head of private markets at Hermes IM, said the fundamental changes and ongoing developments in retailing present interesting opportunities for a core+/value-add strategy. ‘Teaming up with Redevco gives us a partner that is a like-minded, long-term investor with the intense retail insight locally to deliver the added value from our target markets. I spend a lot of time scouring the world for partners and we feel very aligned with Redevco.’ The two parties expect to make the investments over the next 12 to 24 months.
Anni Hönicke Global head real estate Dekabank
‘The industry is stable and there is space enough for everyone. There are a lot of investment opportunities but a Black Swan event could change that.’
news
Aggressive loan pricing is creeping back After several years of prudent lending, aggressive loan pricing is starting to creep back into the German market, according to Markus Kreuter, head of debt advisory at JLL in Frankfurt. ‘It starts with an exception, then another one and before you know it, the exception has become the rule. It is starting to go that way,’ he says. Typically, if five German lenders are battling it out for a loan, there will typically be one who is prepared to lend more aggressively, he notes. However, Kreuter points out that the market is still a long way off returning to the ‘bad behaviour’ of 2007. ‘We’re certainly not there yet but it comes down to how much pressure banks are under to do new business.’ German banks have ratcheted up a lot of new business this year, generating €19.1 bn in new loans in the first half of this year, according to JLL’s ‘New Business Report Real Estate Finan-
markus kreuter: ‘loan margins are going to plateau’
cing’ published last week. Leading the pack are HSH Nordbank and HypoVereinsbank, each with €2.9 bn in new business, followed by pbb Deutsche Pfandbriefbank with €2.4 bn and
Helaba with €2.2 bn, according to the report. Loan margins have shrunk so much this year – to as little as 65 bps for loans against prime German offices – that they can’t really go any lower. ‘Loan margins are going to plateau,’ says Kreuter. ‘German lenders seeking higher loan margins typically move into cities such as Amsterdam or Paris – rather than smaller German cities – where they can achieve prime office loan margins of between 150 bps and 200 bps.’ The trend of underwriting ever-larger loans is also gaining traction in Germany, according to Kreuter. ‘The notable trend in Germany this year is that German banks are increasing the size of the loans that they are underwriting. Today, some of the big lenders, such as Helaba, are willing to underwrite loans of between €250 mln and €300 mln or above, compared to up to €150 mln in 2010.’
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French market is on the rise The French real estate market performed much better in the third quarter of this year, according to Thierry Laroue-Pont, CEO of BNP Paribas Real Estate. ‘In the first half we saw tenant takeup fall 22% but in the third quarter it was up 56% which means that on average the decline over the first nine months was just 6%.’ In total, Laroue-Pont expects office take-up of
around 2 million m2 this year, just under the 2.2 million m2 recorded last year. In terms of investment volumes, France still takes third spot after the UK and Germany, Laroue-Pont added. ‘We expect investment volumes to reach between €24 bn and €27 bn this year. That compares to around €90 bn for the UK and €50 bn for Germany.’
PIOTR MIROWSKI DIRECTOR CEE INVESTMENT Colliers poland
‘The scarcity of product for sale in CEE is putting a lot of pressure on buyers to perform and is driving prices upwards. And the level of liquidity is expected to increase even more next year.’ Thierry Laroue-Pont makes his point
Patrizia, Heijmans to build Dutch homes German investor Patrizia Immobilien and Dutch property developer Heijmans signed a deal to build around 600 homes in The Hague during EXPO REAL on Tuesday. Some 30% of the properties are social housing. ‘This is an excellent opportunity for us to move into the area of new housing,’ said Peter Helfrich, director of Patrizia Nederland. ‘It is interesting for Heijmans to work together with a big foreign investor to take on a major development like this at a central location in The Hague,’ said Peter van der Gugten, director of Heijmans Real Estate. ‘As well as investing in homes to rent, there are also a number of houses for sale included in the scheme,’ he added. 12 |
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left to right: Peter Helfrich (Patrizia), Joris Wijsmuller (The Hague) and Peter van der Gugten (Heijmans)
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news
African real estate offers good career options The opportunities for young people wanting to build a career in African real estate are huge, according to Mark Walley, managing director EMEA at standards-setting body RICS. ‘It’s the only positive demographic in the world in terms of age, and of the urbanisation progress that is going on,’ he said during an afternoon of debate on real estate in Africa at EXPO REAL. ‘We have a real opportunity to help with the education of the future professionals of the world.’ The demand for professionals isn’t going to drop, he added. ‘African students and universities are also very keen to engage with RICS. When we talk to government representatives, they want to equip their young people to be the professionals of the future both for their own countries, and also for them to travel globally. To have young Kenyans, Ghanaians and Nigerians travel and build global experience, is great for their country, as they will return and inspire future generations.’
mark walley sees opportunities for young professionals
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news
‘Be aware of blindness to Black Swan events’ The real estate sector needs to wake up to ‘Black Swan blindness’, professor Hugh Kelly of the Schack Institute of Real Estate at New York University warned during a forum session entitled ‘Black Swan events – how to deal with external shocks?’ which was held at EXPO REAL on Tuesday. Highly improbable events are not just the preserve of reinsurers but, rather, events that need to be on the radar of the real estate sector in order to brace itself for how to withstand the shocks that they deliver, he said. Kelly warned that ‘we have more confidence than we ought to in some of our analysis. Events in the world can prove us – and our models – wrong’. He noted that ‘9/11 is seared into all of our minds as a Black Swan event, as well as the Indian Ocean earthquake and tsunami in 2004 that killed 230,000 people’. However, blindness to Black Swan events comes at people’s own peril, Kelly said, citing ‘the triple opacity of conventional risk analysis’. ‘We have an illusion of understanding – we think we know more than we do,’ he warned. ‘We also suffer from a retrospective distortion –
Director Investment and Valuation Services colliers romania
Hugh kelly had a warning for conference goers
we tend to “explain” only after the fact. We overvalue information because we are data-driven but risk lies in the future and there is no data about the future.’ And in the aftermath of the event, it is critical to consider not what you expect the market to do but what it actually does, Kelly said. ‘The consensus after 9/11 was that it would be impossible to ever lease high-rise buildings again. However, it turned out that many firms didn’t go far afield afterwards and many of them stayed within 3 miles of Ground Zero.’
Real IS to focus on institutions
Georg Jewgrafow – strong interest in germany
Laurentiu Lazar
German fund manager Real IS will focus on expanding its newly launched business line for the development of institutional products in the next 12 months, CEO Georg Jewgrafow told PropertyEU in an interview at EXPO REAL. The company announced in June that it was launching the Global Investment Solutions business with the aim of acquiring large-scale assets and making these available to German institutional investors. ‘We have been seeing strong interest in the German real estate market on the part of US and Asian investors and therefore the improvement of our institutional fund business is our main priority at the moment,’ said Jewgrafow. Real IS currently manages around €2.1 bn for institutional clients and another €4.8 bn for private investors. The company has raised around €600 mln of equity so far this year, and has acquired and sold assets for a total of around €900 mln, up nearly 50% year-on-year, added Jewgrafow.
‘Romania is being noticed more and more by large investors, due to the macroeconomic context as well as yields and available financing. Almost all European markets have registered a slight contraction of yields, yet Romania still offers some of the highest, exceeding those in Poland and the Czech Republic by 150-200 bps.’
Meininger to open new hotel in Budapest Meininger Hotels plans to develop a new property in Budapest comprising 184 rooms over 6,600 m2. Work on the sevenstorey hotel is due to start before the end of the year, with the opening scheduled for spring 2018. The hotel will be co-developed by Meininger’s partner in the project, Bedori Investment Kft, and be located on the Pest side of Budapest near the city centre. Last year, Budapest attracted three million visitors who spent 7.4 million nights in the city. Meininger currently operates 16 hotels in 10 European cities. expo real daily news
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Africa is urbanising fast and that opens doors to investors
Global investors to plough €6.4b into African hotels Africa’s fledgling hotel sector is expected to attract $7.2 bn (€6.4 bn) of global capital over the next three years as its markets become more established, says JLL. Expanding economies, rapid urbanisation, a growing middle class and rich resources in a region with a population of 1.1 billion are making the continent increasingly attractive to inward investors, according to a report, Spotlight on Africa: Opportunity on the Horizon. JLL expects $2.1 bn to be invested in African hotels in 2015, rising to $2.4 bn next year and $2.7 bn in 2017. Tourist numbers are projected to increase by 5.7% annually to 2030, compared to 3.2% globally, while hotel demand is set to grow by 5% per year between 2015 and 2017.
Rob Bould executive vice president gva bilfinger Christian Hiller von Gaertringer outlines the benefits of investing in Africa
Africa is the new Asia, a fast-growing economic environment where investors can find great opportunities and the urbanisation trend is leading to huge demand for housing in all major cities, experts agreed at the special Africa Forum at EXPO REAL on Tuesday. ‘The three main factors driving economic growth are the positive demographic trend, an emerging middle class with disposable income
and urbanisation,’ said Christian Hiller von Gaertringer of Frankfurter Allgemeine Zeitung. Prime yields in African cities are favourable compared to Europe: in Nairobi they vary from 6% to 8%, for example. ‘Africa is the place to be for real estate investors in all asset classes and all price segments,’ he said, because there is a need for affordable housing, luxury residential, industrial and offices.
SLI targets further €150m equity raise for European property growth Standard Life Investments is aiming for €150 mln of fresh capital in the latest round of equity raising for its semi-open-ended fund, European Property Growth Fund. ‘We are in the early stages of this equity raising which should take about a year or so to close,’ said Veronica Gallo-Alvarez, manager of the €750 mln fund, during EXPO REAL. ‘We are currently focused on two types of investment strategies, we are targeting the core markets on the one hand, while on the other hand we are looking at more cyclical markets like Ireland, Spain and the Netherlands.’ 16 |
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Veronica Gallo-Alvarez
‘If you’re making money in this market, you shouldn’t be in real estate. It’s a cliché but at this moment in time, there is such a weight of capital that is looking for investment opportunities. That is creating a very positive background for advisers.’
news
Doggy day care divides America and Europe The main differences between the American and European markets were highlighted during PropertyEU’s Residential Investment Briefing at EXPO REAL on Tuesday. ‘To compete in the marketplace in the US you have to provide facilities that young professionals now demand, such as a pool and dog day care,’ said Thomas Beaton, senior vice-president of The Dolben Company. ‘The other must is technological innovation so tenants can visualise their furniture inside the flat before they move in.’ All these elements are crucial in order to have full occupancy and to be able to charge high rents. In Europe the situation is very different: ‘Here the housing shortage is so acute that it is more about need and less about differentiation,’ said Marcus Cieleback, head of research at Patrizia Immobilien. ‘We need more affordable housing, and that is why I do not expect these US trends like dog day care to materialise in Europe any time soon.’
clockwise from top left: Jaap van der bijl (syntrus achmea), ralph winter (corestate), Konstantin Lüttger (CBRE) and Marcus cieleback (Patrizia immobilien)
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news
Talking shop: retail sector experts have their say
Students and seniors attract Heitman interest US investor Heitman is looking to broaden its exposure to the residential, student and senior housing markets next year, Heitman’s co-head of Europe Rob Reiskin told PropertyEU in an interview at EXPO REAL. ‘We believe the so-called ‘living’ sector – residential, student housing and senior assisted accommodation – is becoming more and more institutional and we see a tremendous opportunity in scaling up this type of business on the continent,’ Reiskin said. Heitman is targeting the acquisition of a small student housing portfolio in Germany or the Netherlands but it may also enter the sector by taking over an existing operating platform, he added.
‘Crazy money’ is driving the Berlin market ulmart is making a splash at expo real this year
Four sessions at EXPO REAL on Wednesday will focus on the European retail sector, covering the latest trends on the high street and the growing importance of online shopping with a number of leading experts. Despite the rise in online retail, there has been no let-up in the
development of shopping centres. According to a recent report by the ICSC, there were over 9,200 shopping centres in Europe last year, provinding a total of 4.2 million jobs. Bricksand-mortar stores remain an integral part of the consumer experience, the ICSC says.
Russian cities attract the crowds Steffen Pulvermacher
‘Crazy money’ is driving the Berlin investment market, according to Steffen Pulvermacher, associate director of investment at Savills in Berlin. ‘There is just so much capital chasing investment opportunities in Berlin,’ he said. ‘In the first three quarters of this year there were €4.5 bn in deals – that’s 90% more than in the same period last year.’ Savills is forecasting around €7 bn in deals in Berlin in 2015, Pulvermacher said. ‘This shows just how far the market has come because now we are back to 2007 levels.’ Berlin’s strong office market is enticing investors, according to Pulvermacher, who cites low vacancy rates of less than 4% in many of Berlin`s various CBDs, a figure that drops to just 1% in some locations. 18 |
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Poland puts former army property up for sale Former military buildings in Poland that are being sold by the state can be an interesting investment: the Military Property Agency’s stand at EXPO REAL has a thick catalogue of opportunities that range from plots of land to listed buildings and from barracks to warehouses, all to be auctioned in the next few months. One example is land by the seaside in the Hel Peninsula, a well-known tourist destination covering six hectares that could become a hotel and conference centre. Another example is land in Wroclaw’s city centre, near the river, which could be turned into residential buildings. ‘We are looking for foreign investors and have had much interest from German and Croatian companies,’ said Malgorzata Golinska, spokesperson for Poland’s Military Property Agency. ‘This is our fourth year in Munich and we have found that EXPO REAL is a great place to find partners.’
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Since 1923 FRIS has grown into one of the leading, independent managers of real estate in The Netherlands. ‘We are the partner who makes life easier and the point of contact for national and international parties at managing, mediating and (re)developing their objects, including facilitating the best possible return. As a full-service real estate service provider we are active from initiative up to and including implementation and execution of real estate projects.’
Entire real estate cycle ‘Because of our breadth we are able to oversee the entire real estate cycle. We service and consult investors who need a state of the art valuation to back up their financing, annual reports or decision making process. We consult and assist in selecting the best investment opportunities including due diligence and research, the acquisition, the property management and the sales.’ Being serviced by a family owned business is
Rick Hoogervorst Investment consultant of FRIS
comforting. “At FRIS you will find no red tapes. No juniors. Clients can call me to discuss their needs”, says Rick Hoogervorst. ‘We are REAL people.’
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IKEA Centres in €2b drive to develop malls in Russia IKEA Centres Russia, the shopping centre arm of Swedish group IKEA, has unveiled plans to invest up to €2 bn in the development of shopping centres in Russia over the next five to seven years. The company, which this year took part in EXPO REAL for the first time, is targeting up to 10 new centres in the country, adding to its existing portfolio of 14 Mega schemes covering 1 million m2. The company opened its first Russian Mega mall in 2002. ‘In principle we are targeting all the cities with over one million inhabitants,’ commented Armin Michaely, general director of IKEA Centres Russia. The biggest challenge, he continued, will be identifying and securing the land plots, which will need to be ‘massive, suitable for traffic and close to the city centres’.
C&W to take over most of DTZ Zadelhoff Cushman & Wakefield is to acquire a substantial majority of its Dutch affiliate DTZ Zadelhoff, a month after most of the C&W and DTZ businesses merged. Cushman & Wakefield and DTZ Zadelhoff have been operating as separate businesses since the global tie-up was announced on 2 September. The merger of the two businesses is subject to regulatory approval and customary closing conditions. Until January 1 2016, DTZ Zadelhoff will operate as a partnership of 14 partners. The combined firm will have some 550 partners and employees.
Douglas culkin President and ceo National apartment assn armin michaely
Brokers are well represented
‘We want to be the matchmaker, working both ways: putting people interested in investing in the US in touch with the right contacts and keeping them informed about US regulations, and also acting as a link between US investors who want to come to Europe and the best people here. NAA is the largest organisation in this sector in the US and we are looking to expand: that is why we are here at EXPO REAL.’ 20 |
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ECE poised to close second prime shopping centre fund
Dirk Bornholdt, Adalbert Reif GmbH
Venue wanted. Prime location found. ece’s refurbished marstall shopping centre in ludwigsburg
Hamburg-based retail developer ECE Projektmanagement is in the final stages of closing its second prime shopping centre fund, the company’s CEO Alex Otto told PropertyEU during EXPO REAL. The second fund will have a similar size to ECE European Prime Shopping Centre Fund I. In total ECE’s inaugural fund raised just under €800 mln from German and international investors and with leverage had a firepower of some €2 bn. Both funds are targeting European shopping centres in the core+ and value-add segment, Otto said. ‘The second fund will
also focus a good mix of countries and Germany will again be an important part of the mix,’ he added. Last week ECE opened the refurbished Marstall shopping centre in Ludwigsburg to the public. Following a comprehensive makeover, the fully let mall comprises approximately 70 specialty stores and service providers on a sales area of 25,700m2. It also includes various dining options in its new food court. Marstall is owned by the ECE European Prime Shopping Centre Fund I which invested €100 mln in the revamp.
DekaBank to issue more mega loans DekaBank will underwrite more ‘mega loans’ next year, Anni Hönicke, global head of real estate lending at the German lender, told PropertyEU on Tuesday. ‘We would like to underwrite bigger amounts next year,’ she said. ‘We are comfortable with the idea and would easily consider underwriting loans of around €300 mln.’ The bank is also looking to increase its final hold figure – the segment of a loan that it doesn’t syndicate but hangs onto – she added. ‘We would like to increase our final hold
to around €100 mln, up from €70 mln to €90 mln at the moment. ‘Deka has done €2.4 bn in new business this year, including extensions, and expects the total for the year to be in the region of €3.5 bn, Hönicke says. The UK and the US have accounted for the lion’s share of new lending, along with business in Germany and France. Nonetheless, there are challenges, she warned. ‘The low interest rate environment makes everything look doable but we still have to educate clients about the exit risk.’
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news
Vienna airport project caters to future workforce growth
Helaba banks on €10b in new business this year
wolfgang scheibenpflug: ‘good facilities are important’
Mauro Gilmozzi
Vastint Holding, owned by Inter IKEA, is building Europe’s second Moxy brand hotel at Vienna airport. The 400-room, three-star hotel will open in early 2017, according to Wolfgang Scheibenpflug, management director at Vienna International Airport. The first Moxy hotel opened in Milan. The hotel is part of the wider AirportCity Vienna project which will deliver 100,000 m2 of office space as well as
20,000 m2 of retail space, 10,000 m2 of industrial space and 13,000 m2 of logistics which will have direct airside access. The complex will also offer conference and other facilities to cater for the 15,000 extra people who the airport hopes will be working there, creating a total workforce of 35,000. ‘Good facilities are important as they will attract more workers,’ said Scheibenflug. Some 250 companies are based at the airport.
German lender Helaba is banking on doing €10 bn in new business globally, including some extensions, this year, according to Michael Kröger, head of international lending. ‘I would expect about €7 bn of that to be in Europe, with the remaining portion in the US,’ he says. In Germany, Helaba is scaling up the size of the loans it underwrites, to between €250 mln and €300 mln or above, compared to up to €150 mln in 2010. However, ‘big ticket’ deals are not easy to come by, says Kröger. As part of its international expansion, Helaba is planning to open an office in Stockholm next year, he adds. ‘We have a number of clients who are active there, so it makes sense for us to have a presence in the region.’
Environment alderman Trento province
Larger than life presence at EXPO
‘We have encountered strong interest for the acquisition of one of our hotels in Levico, here at EXPO REAL. This building is being offered by the regional authorities as part of plans to relaunch the tourist sector in the lake area of the Trento region.’ Sodexo is one of the world’s leading providers of facility management services
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Helsinki redevelops former port areas to absorb growth
Neinver appoints new CEO
helsinki is expanding to accommodate strong population growth
Helsinki is seeking a developer for the Pasila Tower area in Central Pasila to cater to the forecast strong population growth in the city. The Finnish capital is one of the fastest growing cities in Europe. By 2050, its population will increase from the current 600,000 to 860,000 inhabitants and from 1.4 million to over 1.8 million for the Greater Helsinki region. The city authorities have launched an international design-build
competition, Helsinki High-rise, to find a developer for the Pasila site. Helsinki is expanding by redeveloping land formerly occupied by port operations. One of the major development areas in Helsinki is The Axis of Growth Pasila-VallilaKalasatama where the centre of Helsinki is expanding. Thanks to their focus on sustainability and population growth, the Nordic countries are an interesting market for foreign investors.
Spanish outlet centre operator Neinver has appointed Daniel Losantos as its new chief executive. He previously held the post of managing director at the company. Losantos joined Neinver’s business development department in 2011. Prior to Neinver, he worked at finance boutique A&G for several years. Losantos will be succeeded as MD by Carlos Gonzålez, who served as chief financial officer for the past three years. He will continue to perform the duties associated with that position together with the company’s management. Neinver manages 22 retail property assets across seven European countries, including two as joint ventures with private equity firm KKR, covering a total gross leasable area of 565,100 m2. The company is developing another 62,500 m2 of GLA in Spain, the Netherlands and Germany.
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EXPO REAL Day Two: the 足networking and the sunshine continued and the cocktails were delicious
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Frankfurt Gateway Gardens welcomes Kion Frankfurt Gateway Gardens has welcomed Kion Group as a new tenant at its emerging business centre. The MDAX-listed company and producer of pallets and other handling equipment such as forklift and warehouse trucks joins a growing community of businesses that have set up their headquarters in the new district that is taking shape on a total of 35 hectares near Frankfurt Airport’s Terminal 2. Other tenants include the logistics unit of Deutsche Bahn, DB Schenke, which has its global headquarters on the site. So far the project partners have marketed roughly 34% of the location, according to Kerstin Hiska Henning, chief executive of Gateway Gardens. ‘By the end of the year, we will have marketed 40%,’ she told PropertyEU during EXPO REAL. Gateway Gardens is a joint project of the city of Frankfurt, Fraport AG, Gross & Partners and OFB Projektentwicklung. The new business district, which is located on a former US airbase that closed down in 2005, is the largest development in Germany, Henning noted. ‘Its proximity to Frankfurt Airport makes it a unique location and the city of Frankfurt is planning to make it one of the
close to frankfurt airport, gateway gardens is the first e-city in germany
most sustainable districts in the country. It’s the first e-city in Germany offering electric connectivity for e-cars and e-bike stations for workers. Small diesel buses will be banned from the area.’ By 2021, the new quarter will include office space, hotels, space for conferences, trade shows and exhibition as well as educational and research institutions. It will also accommodate recreational facilities, restaurants,
bars and shops. Currently the district accommodates more than 5,000 workers but this figure is expected to more than triple in due course to around 16,000 to 18,000 people. ‘Selling off the sites to investors would be easy,’ Henning said. ‘But the city of Frankfurt has a vision for the district and wants to build a quality city. By 2021, it is aiming to have 30% of the business areas let before it sells off facilities to investors.’
Japanese delegation says they’ll be back next year
Leonard meyer zu brickwedde (centre) performs the introductions
A delegation of 30 Japanese real estate investors, developers and officials visited EXPO REAL for the first time this year. And, according to the EXPO REAL press office, they were so impressed with the size, quality and opportunities they saw at the event that they are already planning to return to the fair in 2016. The delegation took part in a series of meetings which also focused on the opportunities available to German investors in Japan. Leonard Meyer zu Brickwedde, president of Tokyo-based Kenzo Capital Corporation, says the fact Japan is still relatively new to the institutional arena is one of the country’s defining characteristics. ‘The most important thing to understand is that Japan is a core market. It is not an opportunistic playing field,’ he says. ‘It’s a market for long-term investors who want a good, stable cash flow.’ expo real daily news
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Nordic countries are attracting strong investor interest Foreign investors are discovering the Nordics which are attracting record levels of interest, delegates heard at the PropertyEU Nordics Investment Briefing at EXPO REAL on Tuesday. Interest is mainly focused on the four capital cities because ‘nowhere is the urbanisation trend more apparent than in the Nordics,’ said Marcelo Cajias, senior manager of research at Patrizia Immobilien. ‘Demographic concentration in the cities brings investment opportunities, and transaction volumes are reaching record levels.’ In the Nordics 25% of the population lives in the four big cities, compared to 9% in Germany, which means demand for housing is high and going to increase further. That is an obvious area to invest in, said Rikke Lykke, managing director of Patrizia Nordics. ‘Another interesting factor for investors in
Nic Fox Head of middle europe europa capital
demographic concentration in cities such as copenhagen is creating opportunities for investment
Helsinki is the liberalisation of rents, which makes the case for residential even more compelling,’ said Mikkel Bulow-Lehnsby, CEO of Nordic Real Estate Partners. As for Sweden,
the biggest of the four markets, transactions are set to reach an all-time high of €15 bn this year, said Daniel Andersson, senior director of Swedish capital markets at CBRE.
Swiss Life acquires prime office building in Hamburg Swiss Life, which emerged as the leading investor in PropertyEU’s latest Top Investors survey, has acquired a prime office building in the centre of Hamburg through its German asset management arm Corpus Sireo. The purchase of the Neuer Dovenhof building from Kildare Partners is the first deal to be struck with the assistance of Corpus Sireo since Swiss Life
bought the German asset management company in 2014. The asset was acquired in an offmarket deal on behalf of AIF Delta Immo, a subsidiary of MAIF Group. Located in the city’s Kontorhausviertel, the 10-storey building has a lettable area of 22,000 m2, with retail units on the ground floor. The 30 tenants include Marsh, Hays, Michael Page and Aareal Bank.
‘Not so long ago, it was just London, Paris and the big German cities that constituted the core markets in Europe. In the next few years, I think more of Europe will constitute a core market and that it will include cities like Warsaw, Madrid and Barcelona.’ neuer Dovenhof in hamburg was acquired in an off-market deal
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PHOTO: Wolfgang Meinhart
BUILDING EXPERIENCE Get to know us on www.wpmgroep.nl
www.wpmgroep.nl
Try our TOP Investors app and get the latest updates on the leading investors in Europe
Free access at EXPO REAL!
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SES Spar rolls out new projects in 4 countries SES Spar European Shopping Centers is presenting a number of new projects in Italy, Slovenia, Croatia, and its home market, Austria, at EXPO REAL. They include a shopping centre to the south of the South Tyrolean capital, Bolzano; shopping centre Siska in Laibach, Slovenia; Seestadt Bregenz, close to Lake Constance; and Seestadt Aspern in Vienna, a joint venture with the City of Vienna. The projects will come alive on a multi-touch table with its own SES app (booth 112, hall A2). ‘Shopping centres have not lost their attractiveness, even in the age of online retail. On the contrary: they provide the stage for bringing together bricks-and-mortar and online offers,’ says Marcus Wild, CEO of SES Spar European Shopping Centers. ‘The quality criteria are the quality of stay, architecture and aesthetics, sustainability, and ensuring everything is state of the art.’ SES Spar currently operates 30 shopping centres in six European countries. Besides new malls, the company is also working on a number of expansions of existing centres.
Seestadt Aspern is part of Vienna’s new urban lakeside district Seestadt
Something happening on every corner
Bucharest attracts investors with high yields Bucharest has seized the attention of international real estate investors, thanks to some of the highest prime yields among Central and Eastern European capital cities, according to Colliers International. Yields in Romania exceed those in Poland and the Czech Republic by 150-200 basis points. ‘What’s important for this year’s investment market in Romania is that we have witnessed several transactions close to €100 mln, an uncommon occurrence which generates more competition for attracting capital,’ said Laurentiu Lazar, director of investment and valuation services at Colliers. Robert Miklo, associate director of investment services, said investment volumes in 2015 are expected to be similar to those seen last year (€800 mln to €1 bn). ‘However, the market is becoming more diverse with new sources of capital being attracted by the returns promised on high quality investments,’ he said. expo real daily news
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A career in property? Meet your next boss at EXPO REAL
FS Urban Systems puts 70 projects on show FS Urban Systems, part of the Italian State Railway Group, is presenting more than 70 potential development projects at EXPO REAL, for a total of 4 million m2. All the sites are located near railway stations in major cities like Milan, Rome, Turin, Florence and Bologna. ‘They include Milan Farini, involving an area of over 500,000 m2 near the city centre of Milan, and Rome Tiburtina, where the redevelopment encompasses a total area of 920,000 m2 in an area adjacent to the station,’ said Alessandro Maculani, head of special projects at FS Urban Systems.
expo real is buzzing with potential employers
Those looking for a career in the real estate sector – whether as a developer, in finance or the construction process itself – should not miss out on Wednesday’s Career Day sessions, featuring leading recruiters and other experts to help you make the most of your options. On Wednesday morning, young professionals report on the beginning of their career and their
daily routine in the real estate industry – giving an insight into different types of jobs. These practical experiences are compared to the corresponding ideal job profiles in the industry. The real estate director of Munich airport will be on hand to answer questions about aviation and property while a number of leading recruiters will also share their insights.
New office environments in focus The digitalisation of the living and working environment is unfolding ever more rapidlyand this has major implications for office properties. Three experts with widely differing views will discuss this crucial question at Wednesday’s podium discussion ‘Scenario 4.0: the office of the future is not an office’. Laptops, tablets and smart phones already make it possible to work not just at set times in the office or at home but at any time, wherever and whenever. This will have repercussions for the demands on office properties: not just on their design, but on their location as well. The new 32 |
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breed of worker will demand a lively office environment as well as flexibility and state of the art IT. Thomas Sattelberger, for many years responsible for human resources development at companies such as Deutsche Lufthansa Continental and Deutsche Telekom together with Jason Harper, real estate project executive EMEA at Google, and Udo-Ernst Haner, head of the information work competence team at the Fraunhofer IAO, will outline their views at the EXPO REAL Forum from 10.00 am. The event will be moderated by Gundula Gause, ZDF editor and newscaster.
DENTONS STAND AT EXPO REAL
Law firm Dentons goes Italian with Milan office Law firm Dentons has announced the opening of an office in Milan – its first in Italy – with the hiring of 21 lawyers, including seven partners. The team will be led by managing partner Federico Sutti, who was formerly DLA Piper’s managing director for Europe and Africa. The new office will focus on real estate, energy and employment law. ‘Italy ranks amongst the world’s top 10 countries by GDP and is the third-largest economy in the eurozone. The announcement follows Dentons’ recently announced merger with US law firm McKenna Long & Aldridge as well as the upcoming combination between Dentons and Dacheng, which will create the world’s largest law firm.
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Expo Real visitors guide
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TIPS, MAPS, HANDY HINTS AND LOCAL INSIGHTS TO HELP YOU MAKE THE MOST OF YOUR TIME IN MUNICH 34 Getting around
37 eating out
Where to find taxis, shuttle buses and public transport to get around Munich and get to EXPO REAL
Top notch restaurants, cocktail bars and outside eating: your evening entertainment is assured.
35 coffee anyone?
39 location, location
EXPO REAL has a wide range of coffee bars, fast food areas and restaurants for fine dining
Find your way around the conference halls, including where to find meeting rooms and public transport connections
36 CITY HIGHLIGHTS
40 conference guide
From the BMW Museum to HintQuest, if you’ve got some time off, Munich has great attractions to explore
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A selection of today’s events in a handy overview, plus a look forward to tomorrow’s main events
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How to get to EXPO REAL And how to find your way around once your are there Public transport For exhibitors A special MVV travel ticket for exhibitors is available, costing €28.60. It is valid for the period from October 4 to 7, 2015. On these days you can use it to travel on the entire local public transport network (subway – S-Bahn, UBahn – bus and tram), including to and from the airport. Use Order Form 8.3 to order your MVV travel tickets or buy them at the MVV counter at the West Entrance of the exhibition centre.
For visitors A single day ticket costing €12 covers the entire local public transport network, including to
and from the airport. The simplest way to buy your one-day ticket or single-journey ticket is to use the MVV Companion app. Payment is by credit card or direct debit. Your ticket is then saved on your mobile phone. You can also buy your ticket through the EXPO REAL app using the direct link to the MVV app. Our specially trained staff will be happy to answer any MVV-related questions.
Hotel shuttle bus During EXPO REAL there will be a regular hotel shuttle bus service to the trade fair venue. The buses will run every 30 minutes from 07:30 in the morning from 120 hotels in Munich city centre and the suburbs to EXPO REAL and until 07:30 in the evening
cars need special stickers in city centre All cars entering Munich city centre must have a special ‘emissions sticker’, allowing them to enter the low emission zone. The venue for EXPO REAL is located outside of the zone. However, if your hotel is located within the low emission zone or you are planning a trip to the city centre by car, you will need a sticker. LOW EMISSION ZONE
The ‘Mittlerer Ring’ includes the following streets: Georg-Brauchle-Ring Petuelring Schenkendorfstr. Isarring Richard-Strauss-Str. Leuchtenbergring Innsbrucker Ring Chiemgaustr. Tegernseer Landstr. Candidstr. Brudermühlstr. Heckenstallerstr. Garmischer Str. Trappentreustr. Landshuter Allee
The green area is the low emission zone. It comprises the area of the city enclosed by the “Mittlerer Ring” * (excluding the Ring itself) .
from the trade fair to the hotels. Price is included in the ticket.
Airport shuttle bus A shuttle bus will run between the airport and the trade fair each day. The buses will travel every 30 minutes directly to the Main North Entrance. Price €8 one way, €13.50 return.
Taxis Please note you are likely to have to wait for a taxi at peak times, so we recommend using alternative forms of transport. A journey from the exhibition centre to the airport takes around 35 minutes.
Navigation system and parking Depending on which navigation system you use, the trade fair centre is listed under the categories ‘exhibition center’, ‘trade fair center’ and under the German keyword ‘Messe’.
Parking at the North Entrance Paul-Henri-Spaak-Str12 81828 Munich Price: €8 per day
Multi-storey car park West Paul-Henri-Spaak-Str 6 81829 Munich Price: €10 per day
Baggage drop-off at EXPO REAL On 6 and 7 October you can hand in any luggage you will be taking on your return flight and we will arrange for it to be taken to the airport for you. This service is free of charge. The baggage drop-off point is at the West Entrance and it will accept luggage destined for Lufthansa, Austrian Airlines, SWISS and LOT.
Interactive travel planner A quick and convenient way to plan how to get around can be accessed via www.exporeal.net/ howtogetthere
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Places to eat at EXPO REAL Whether you’re after a quick bite or a longer lunch, EXPO REAL has a number of cafes and restaurants to choose from Restaurants/bars West Entrance eateries Fairground Market This bakery and kiosk is located on the ground floor near the west entrance. Käfer café This is also located on the ground floor near the west entrance. It serves a range of snacks, including croissants, cheesecake, burger & fries, wraps and sandwiches.
Asian Suite Kitchen, A2, stand 253 Offering various Asian dishes, including sushi.
Eateries in ‘B’ Halls Bistro Bar, B1 Located on the ground floor of B1, this bistro offers sandwiches and ‘street kitchen’, according to the caterers! Food options include cake, salad, baguettes, pretzels, soup and Currywurst. Bistro Bar, B2 Located on the ground floor of B2, this bistro offers a range of light and healthy options, including salad, wraps and snacks. Bistro Atrium B2 Located on the ground floor of B2, this bistro offers a range of snacks and drinks. Restaurant B2/B3
Break @ the lake Offering snacks such as Currywurst, this eating area is open from 11:00 to 20:00 on 5th and 6th October and from 11:00 to 17:00 on 7th October. Restaurant Käfer am See This restaurant – with waiter service – is on the first floor of the west side. If offers both an à la carte option and an ‘all you can eat’ buffet. It is open daily from 11:00 to 16:00.
Eateries in ‘A’ Halls Bistro Bar and Pasta Bar, A1 Located on the ground floor of A1, offering pasta dishes and snacks. Bistro Bar, A2 Located on the ground floor of A2, offering a variety of snacks, such as ‘Weiß-and-Bratwurst’ and ‘Leberkäse’, Germany’s answer to meatloaf.
Located on the first floor of B2/B3, this selfservice restaurant offers a range of options, including a salad buffet and pasta and meat dishes. It is only open between the hours of 11:00 and 16:00 if the weather is bad.
Eateries in ‘C’ Halls Restaurant C1/C2
Bistro Bar, C2 Käfers’ German Kitchen offers tasty Bavarian tidbits, such as Currywurst, Bratwurst, cake and sandwiches as well as grilled ciabatta.
Elsewhere… Able’s Biergarten, Atrium A1/B1 Self service Biergarten. Open from 10:00 to 18:00 on 5th and 6th October and from 10:00 to 16:00 on 7th October. Atrium Café-Bar A1/B1 Open from 09:00 to 17:00 on 5th and 6th October and from 09:00 to 16:00 on 7th October. Able’s Atrium Grill, Atrium A1/B1
This restaurant with waiter service is located on the first floor of C1/C2. It is only open for special/booked events and can be contacted on +49 89 949 24213.
You can put together your own burger here! Käfer Airstreamer, courtyard C1/C2 This Airstream trailer has become a firm favourite over the years. It offers a range of grilled items, including Currywurst. Käfer’s Currykutsche, courtY. B1/B2 As the name suggests, it offers curried items such as Currywurst. Able’s Skyliner Bar & Grill, AtR. A1/B1 Snacks and drinks, including meat loaf, are on offer here.
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Munich attractions – away from the fair If you’re still up for adventure after the fair, pop into town to discover some of the city’s cultural and culinary highlights BMW Welt and Museum Am Olympiapark 1 and 2, 80809, Munich Tel: +49 89 12 50 160 01 Museum opening hours: Tue - Sun, public holidays: 10:00 -18:00 Closed on Mondays Car aficionados might be tempted by a quick visit to the BMW Museum, which offers a fascinating presentation of the company, brand and product history. For those of you who would rather take a car for a spin, that is also an option via BMW on Demand, which allows
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you to book a BMW for up to three hours, including in the evening. Bookings can be made via the website: www.bmw-welt.com/de/ bmw_on_demand/ How to get there: U-Bahn U3 to station Olympia Park
HintQuest: a real escape game Hint Quest UG Company House Munich Frankfurter Ring 193a 80807 München Tel: +49 89 81 30 19 50
becoming increasingly popular. Will you make it or break it? Games can be booked via the website: www.hintquest.com/en/
Designed to appeal to those who love a challenge! You will be locked in one of their rooms – with a group of friends or colleagues – and have exactly 60 minutes to figure out how to get out of there by solving a number of riddles and puzzles. This is easier than it sounds! You will only succeed with creativity, imagination and ingenuity. The idea is that everyone works hard together to get out in time. You might not have heard of real escape games but they are
Marienplatz In medieval times, Marienplatz was Munich’s salt-and-corn market. The square was originally known as Schrannen but it was renamed Marienplatz (St Mary’s Square) as a way to ask the Virgin Mary to protect the town from a cholera epidemic. The highlight of the square is the Glockenspiel, or large clock, with mechanical figures
service Viktualienmarkt – the oldest farmers’ market in Munich 80331 Munich Beer Garden Heilig-Geist-Str. 3, 80331 Munich Tel: + 49 89 29 75 45 www.biergarten-viktualienmarkt.com Biergarten opening times: Mon – Sat: 09:00 – 22:00 (note: from October onwards, opening times can change, depending on the weather).
that move around. It has 43 bells and 32 lifesized figures. The 80-metre-high clock tower forms part of the Neues Rathaus, or New Town Hall, which dates back to 1867. The 100-metre façade features a fascinating selection of statues, including Bavarian kings and dukes, allegorical figures and gargoyles. Every day at 11am and 5pm, the bells ring out while the mechanical knights fight a tournament and a crowd dances. The whole show lasts between 12 and 15 minutes, depending on which tune is played. At the end, a small golden bird at the top of the Glockenspiel chirps three times, marking the end of the show. Other mechanical figures appear in the windows on the seventh floor of the building (at 19:30 in winter and 21:30 in summer), which are flanked by guardsmen carrying a lantern and the Guardian Angel blessing a local child.
Viktualienmarkt, a local outdoor market, is located in the heart of the city’s old town. It dates back to 1807, making it the oldest farmers’ market in Munich, getting its name from the Latin word ‘victualia’, which means ‘groceries’.
It’s the best place to shop in Munich for fresh produce as well as Bavarian specialities. Top chefs can regularly be seen here buying everything from vegetables to seafood, spices, meat and pastries. Right in the heart of the market, there is a massive beer garden – it seats 1,000 – shaded by hundred-year old chestnut trees. It’s a brilliant place to rest your feet and watch the world go by. It also offers regional specialities, such as pork roast and sauerkraut or a ‘Brotzeit’, which is basically a platter of bread, cold cuts and homemade artisan cheese. How to get there: All S-Bahn lines, or U3 and U6 to Marienplatz
How to get there: U-Bahn U3 or U6 to Marienplatz
BARS/RESTAURANTS
Atelier Hotel Bayerischer Hof Promenadeplatz 2-6 80333 Munich Tel: + 49 89 21 20 743 www.bayerischerhof.de/de/restaurants/ atelier/index.php Atelier is open from Tuesday to Saturday from 19:00 to midnight
most luxurious hotels, the Bayerischer Hof. The intimate restaurant boasts one Michelin star and scores 17 points in the Gault Millau guide. Weather permitting, guests can also eat on the small terrace dotted with maple trees. Menu options can include wagyu sirloin from Kagoshima or smoked salmon with sheep’s yoghurt and scallions.
Atelier is renowned for being an upscale – and beautiful – restaurant in one of Munich’s
How to get there: All S-Bahn lines to Marienplatz
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BARS/RESTAURANTS
Green Room Leopoldstraße 13 80802 Munich-Schwabing Tel: + 49 89 33 06 63 52 Open Monday to Thursday from 19:00 – to 01:00
Bar München Maximilianstraße 36 80539 Munich Tel: + 49 89 22 90 90 www.barmuenchen.com Open on 5th and 7th October from 11.30–03.00. It is closed on 6th October.
Green in name and in nature, this oasis of a bar is located over two floors and dotted with plants throughout. It’s also a great spot to have a low-key cocktail, with an impressive list of 150 choices! The cozy, jewel-coloured terrace is also a firm favourite. Food is a bit of a mix but includes enchiladas and burgers. There is also a Shisha lounge which provides Shisha pipes and a variety of tobaccos ranging from sweet to more herbal. How to get there: U-Bahn U3 and U6 to Münchner Freiheit
ports this meat – which comes from the white Chianina cattle – from Tuscany.
Pfistermühle
How to get there: U-Bahn 3 or 6 to Marienplatz
Pfisterstraße 4 80331 München Tel. + 49 89 23 703 865 www.pfistermuehle.de Mo-Sat: 11:30 to 24:00
This 10 year-old wood-paneled bar is already something of an institution in Munich. It offers very cool cocktails, such as a ‘Stagger Lee’ with mint, cherry marmalade and cherry liqueur. It also has a full dinner menu, serving fare such as Bistecca fioren-
Schubecks in den Südtiroler Stuben
How to get there: U-Bahn 3 or 6 to Marienplatz This historic hostelry actually started life as a ducal mill in 1573 but has since become a stylish Bavarian bar with beautiful vaulted ceilings. Dishes include grilled lobster in a cognac sauce with kohlrabi and veal in a Riesling sauce. Another speciality is Bistecca Fiorentina, a t-bone steak roasted with thyme and garlic which comes served with roasted potatoes with rosemary. The restaurant even im-
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How to get there: U-Bahn 3 or U6 to Marienplatz.
Weinhaus Neuner Herzogspitalstraße 8 80331 München Tel.: + 49 89 2 60 39 54 www.weinhaus-neuner.de Mo - Sa 12:00-15:00 and 18:00 to 24:00
Platzl 6+8 80331 Munich Tel: + 49 89 21 66 90 110 www.schuhbeck.de Tues-Sat: 12:00 to 14:30 Mon-Fri: 18:00 to 23:00 Offering high-dining international cuisine, this pleasant and lively one-star Michelin restaurant is overseen by renowned chef Alfons Schubeck. Popular dishes include fried lemon chicken on a potato ginger salad with braised onions and mustard sauce.
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This is best known as Munich’s oldest wine house. Built in 1641, it is worth a visit just for its beautiful crossed-vault Tyrolean arches. In addition, it has retained its original old panelling and preserved original carvings. Dishes on the menu include rib-eye steak with chanterelle mushrooms as well as fillet of venison in a juniper sauce with savoy cabbage, vinegar cherries and potatoes. Also popular is the crispy roasted duck with red cabbage, stewed apples with cranberrys and a ceps mushroom dumpling. How to get there: U-Bahn to Karlsplatz/ Stachus or to Sendlinger Tor
service CONFERENCE PROGRAMME LOCATIONS parking facilities
for shuttle busses vip parking facilities for visitors subway airport shuttle hotel shuttle shuttle bus
Main Entrance North
taxi public bus cloakroom
North-West Entrance
Entrances Conference programme
West Entrance
Conference rooms meeting possibilities
Arrival by car Press center
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A selection of conference events Wednesday 7 October 2015 EXPO REAL FORUM Masterminds
Scenario 4.0: “The office of the future is not an office.” Language of lecture: German New ways of working are leading to big changes. With a laptop, smartphone or tablet people no longer need desks and traditional office space. We can work anywhere. Flexible structures are the future.
Moderator: Gundula Gause Editor and Anchorwoman ZDF Mainz Germany
Wednesday 07.10.2015 / 10:00 - 11:50 Hall A2, Stand 540
SPECIAL REAL ESTATE FORUM CareerDay
EXPO REAL... and Beyond Language of lecture: English Representatives from academia, institutional investment and real estate development will help university students and young real estate professionals make the most of their Expo Real experience. Wednesday 07.10.2015 / 10:00 - 10:50 Hall C2, Stand 240
Moderator: Brad Olsen President Atlantic Partners, Ltd. Cary, NC United States of America
DISCUSSION & NETWORKING FORUM Cities and Urban Development Seminars
Housing: How can cities boost supply and increase affordability? Language of lecture: English This Seminar asks how the housing challenge can be met in Europe’s most successful cities. Will they build enough housing to prevent a reversal of their fortunes? Where will they build it and who will invest? Wednesday 07.10.2015 / 10:00 - 10:55 Hall A1, Stand 440
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Moderator: Professor Greg Clark Principal The Business of Cities Ltd London United Kingdom (Great Britain)
A selection of conference events Wednesday 7 October 2015 PLANNING & PARTNERSHIPS FORUM Retail Dialogue
Online vs. offline: Implications for property and cities Language of lecture: German Conflicting or complementary? What’s the best way of blending online and high-street retailing? What Impact do these differing channels have on each other?
Speakers: Dieter Bullinger Founder and Principal debecon GmbH Lutzenberg Switzerland
Wednesday 07.10.2015 / 10:00 - 10:50 Hall A2, Stand 040
INTELLIGENT URBANIZATION FORUM Intelligent Urbanization
Smart City Wien – Intelligent and innovative Solutions Language of lecture: German Far-sighted, intelligent solutions for its daily life have made Vienna the city with the highest quality of living worldwide. This is clearly borne out by its drinking water supply or social hous-ing constructions activities. Wednesday 07.10.2015 / 10:00 - 10:50 Hall A1, Stand 432
Moderator: Pia Hlava Project Manager of Vienna’s Smart City Wien Initiative MA18 - Stadtentwicklung und Stadtplanung Wien Wien Austria
PRESS EVENTS Breakfast of the international asscociations of women in real estate on the occasion of the 15 years Frauen in der Immobilienwirtschaft e.V.
Language of lecture: German Breakfast of the international asscociations of women in real estate on the occasion of the 15 years of existence of the Women in the Real Estate Business (Frauen in der Immobilienwirtschaft e.V.) Wednesday 07.10.2015 / 10:00 - 11:30 Hall A1, Stand 320
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A selection of conference events Wednesday 7 October 2015 INVESTMENT LOCATIONS FORUM Western Europe
Global Real Estate Debate: How can Europe stay head of the US and Asia? Language of lecture: English The competition for investment is very much a global one. The ever-advancing markets of Asia, the powerhouse economy of the US and the diverse cities of Europe are all vying for the attention of investors looking to put their money to work.
Moderator: Damian Wild Editor Estates Gazette London United Kingdom (Great Britain)
Wednesday 07.10.2015 / 10:00 - 10:50 Hall A1, Stand 040
INVESTMENT LOCATIONS FORUM Western Europe United Kingdom
Language of lecture: English London still enjoys a reputation as the property capital of Europe. Not just in terms of Investment, but also as regards the number and Quality of the property and Investment companies based there. Wednesday 07.10.2015 / 11:00 - 11:50 Hall A1, Stand 040
SPECIAL REAL ESTATE FORUM CareerDay
Perspectives and jobs within the real estate industry Language of lecture: German Students of the „Gesellschaft für Immobilienwirtschaftliche Forschung gif e.V.“ present their survey results conducted among EXPO REAL exhibitors and dicuss those with experts within the industry. Wednesday 07.10.2015 / 11:00 - 11:50 Hall C2, Stand 240
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Moderator: Prof. Dr. Tobias Just Academic Director and Managing Director IREBS Immobilienakademie GmbH, Universität Regensburg Eltville im Rheingau Germany
A selection of conference events Wednesday 7 October 2015 DISCUSSION & NETWORKING FORUM Cities and Urban Development Seminars City Centre Futures and Retail
Language of lecture: English This Seminar highlights the future of city centres, and asks whether the cities can adapt fast enough to the challenges of the modern age. What city centre strategies will work to replace activities lost to digitisation? Can city centres still prosper?
Moderator: Professor Greg Clark Principal The Business of Cities Ltd London United Kingdom (Great Britain)
Wednesday 07.10.2015 / 11:00 - 11:55 Hall A1, Stand 440
PLANNING & PARTNERSHIPS FORUM Retail Dialogue
International retail chains and Germany Language of lecture: German Some shoppers aren’t Aware of what or who is behind which brand names. And, just as the spectrum of products is international, so, too, is the retail landscape. Here we bring first-hand insights into what the international chains are doing in Germany.
Moderator: Jörg Nowicki News Editor Textilwirtschaft Frankfurt am Main Germany
Wednesday 07.10.2015 / 11:00 - 11:50 Hall A2, Stand 040
INTELLIGENT URBANIZATION FORUM Intelligent Urbanization
Stockholm Royal Seaport piloting Innovative Solutions Language of lecture: English Presentation ranging from planning tools that simplify validation of ecosystem services to en-ergy development projects where large-scale solutions are tested on 150 families. Wednesday 07.10.2015 / 11:00 - 11:50 Hall A1, Stand 432
Moderator: Stefan Lindsköld Project Manager, Business Network for Sustainable Buildings Stockholm Royal Seaport Innovation Stockholm Sweden
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A selection of conference events Wednesday 7 October 2015 INVESTMENT LOCATIONS FORUM Western Europe The Netherlands
Language of lecture: English Office property, residential buildings and portfolios, shopping centers, hotels and logistics - the property market in the Netherlands has many facets. It rightly appeals to many international Investors. Amsterdam, Rotterdam, Utrecht and The Hague are the key locations.
Moderator: Bert Erik ten Cate Associate editor Debtwire ABS Europe London United Kingdom (Great Britain)
Wednesday 07.10.2015 / 12:00 - 12:50 Hall A1, Stand 040
DISCUSSION & NETWORKING FORUM Cities and Urban Development Seminars Can Branding transform cities?
Language of lecture: English This Seminar asserts that we know that city brands can attract visitors but can they also attract investors? What is the magic of Stockholm’s Capital of Scandinavia, or Glasgow’s ‘People Make Glasgow’, or IAmsterdam? Do investors need to know more about a city than spreadsheets reveal?
Moderator: Professor Greg Clark Principal The Business of Cities Ltd London United Kingdom (Great Britain)
Wednesday 07.10.2015 / 12:00 - 13:15 Hall A1, Stand 440
SPECIAL REAL ESTATE FORUM CareerDay
Job Profiles in the Real Estate Industry Language of lecture: German What job profiles are there in the real estate industry? Wednesday 07.10.2015 / 12:00 - 12:50 Hall C2, Stand 240
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Moderator: Thomas Körzel Owner Dipl.-Psych. Thomas Körzel Büro für Karrierecoaching Essen Germany
A selection of conference events Wednesday 7 October 2015 PLANNING & PARTNERSHIPS FORUM Retail Dialogue
Risk/return relations: Which strategies are in demand? Language of lecture: German Investment in retail property is booming again. In Germany alone, in the first half of 2015 transaction volumes reached EUR 10 bn - that’s almost double the figure for the same period in 2014. In other countries, too, shopping centers are highly popular with Investors. Wednesday 07.10.2015 / 12:00 - 12:50 Hall A2, Stand 040
INTELLIGENT URBANIZATION FORUM Intelligent Urbanization
One-hour STUDY tour: Study project “City & Retail: urban, suburban, virtually” Language of lecture: German The daily guided tour deals with the topic how city and retail could be developed in an innovative and sustainable way. For this purpose, the best results of the study project “City & Retail: urban, suburban, virtually” from last year will be introduced by the students themselves. Wednesday 07.10.2015 / 12:00 - 12:50 Hall A1, Stand 432
ESTATE FORUM CareerDay
Graduates’ Global Experiences in the World of Work Language of lecture: German Young professionals report on their experiences within the cultural contexts of the countries in which they worked abroad. What is the experience of German abroad? What is the experience of foreigners in Germany? How do international team cooperate? How can you prepare for international stays?
Moderator: Prof. Dr. Ramon Sotelo International Real Estate Society Präsident International Real Estate Society Berlin Germany
Wednesday 07.10.2015 / 13:00 - 13:50 Hall C2, Stand 240
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A selection of conference events Wednesday 7 October 2015 PLANNING & PARTNERSHIPS FORUM Retail Dialogue
Risk/return relations: Which strategies are in demand? Language of lecture: German Investment in retail property is booming again. In Germany alone, in the first half of 2015 transaction volumes reached EUR 10 bn - that’s almost double the figure for the same period in 2014. In other countries, too, shopping centers are highly popular with Investors. Wednesday 07.10.2015 / 12:00 - 12:50 Hall A2, Stand 040
INTELLIGENT URBANIZATION FORUM Intelligent Urbanization
One-hour STUDY tour: Study project “City & Retail: urban, suburban, virtually” Language of lecture: German The daily guided tour deals with the topic how city and retail could be developed in an innova-tive and sustainable way. For this purpose, the best results of the study project “City & Retail: urban, suburban, virtually” from last year will be introduced by the students themselves. Wednesday 07.10.2015 / 12:00 - 12:50 Hall A1, Stand 432
SPECIAL REAL ESTATE FORUM CareerDay
Graduates’ Global Experiences in the World of Work Language of lecture: German Young professionals report on their experiences within the cultural contexts of the countries in which they worked abroad. What is the experience of German abroad? What is the experience of foreigners in Germany? How do international team cooperate? How can you prepare for international stays? Wednesday 07.10.2015 / 13:00 - 13:50 Hall C2, Stand 240
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Moderator: Prof. Dr. Ramon Sotelo International Real Estate Society Präsident International Real Estate Society Berlin Germany
news
PropertyEU Magazine
next issue
credits EXPO REAL Daily News is the official Englishlanguage news magazine of EXPO REAL, produced by the editorial staff of PropertyEU.
s p e c i al f o c u s o n:
Retail Sector An overview of the top retail investors and developers in Europe and the latest trends in the shopping centre industry. This Special Report coincides with the publication of the European Retail Atlas, which maps out the latest trends in the shopping centre industry.
Investment Briefings A roundup of PropertyEU’s Investment Briefings held at EXPO REAL and full coverage of our Southern Europe and France Briefings in London. Expert panels explore the investment opportunities in these markets as well as the development, finance and asset management prospects.
f e at u r e s o n:
PropertyEU Magazine, PropertyEU Newsletter, PropertyEU Investment Briefings, PropertyEU Website and PropertyEU Web TV are published by PropertyEuro BV, registered in Amsterdam, The Netherlands World Trade Centre, A Tower, 6th floor Strawinskylaan 609, 1077 XX Amsterdam P.O. Box 75485, 1070 AL Amsterdam + 31 20 575 3317 Info@propertyeu.info www.propertyeu.info Founding Editor Wabe van Enk Editor-in-chief Judi Seebus Executive Editor Erik de Boer Editorial staff and contributors Virna Asara, Marianne Korteweg, Robin Pascoe, Cormac Mac Ruairi, Sara Seddon Kilbinger, Nicky Godding, Guus Baks Lay-out Chilton Lo-A-Sjoe, Vince Antonysen PHOTOGRAPHY EXPO REAL photography team Publisher Henk Fieggen
Interviews Interviews with Robert Dobrzycki, CEO of logistics company Panattoni Europe, and Alfonso Brunet Morales-Arce, the newly appointed head of Spain at retail fund and asset manager Pradera.
Sales Director Arno van Grondelle + 31 20 575 3355 / + 31 6 46 20 17 24 vangrondelle@propertyeu.info Sales manager Michiel Foekens + 31 20 575 3548 / + 31 6 46 20 17 23 foekens@propertyeu.info SUBSCRIPTIONS Gillian Brown + 31 20 575 3355 brown@propertyeu.info
Deal Watch In-depth analysis of investment deals in Europe during September-October plus an overview of yields and rents in key markets. Dealmakers comment on major transactions and their strategies for the near and long term.
EXPO REAL Daily News is printed on FSC-certified paper by Mayr Miesbach Gmbh, Am Windfield 15, D-83714 Miesbach
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WE CREATE VALUE WITH REAL ESTATE SINCE 1984
05 – 07 OCTOBER Hall B 2, Booth 23 4
With real estate assets under management worth around EUR 17 billion, the manager and partners majority owned PATRIZIA is a leading European listed real estate investment company. PATRIZIA’s range includes the purchase, management, value increase and sale of residential and commercial real estate, adding value at each stage. What sets us apart is the entrepreneurial culture of more than 800 dedicated employees throughout Europe who live and breathe our core values – the basis of our long term client relationship – since 1984. www.patrizia.ag/peu
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