MIPIM 2012 NEWS 3

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Thursday 8 March 2012 ADVERTISEMENT

HOUSING DEMAND

Michael Muller, Berlin’s newly appointed Senator for Urban Development and the Environment, makes residential development a priority See page 4

RECESSION PROOF

Prime European property will continue to attract investment, predicts keynote speaker Bernhard Berg, managing director of IVG Institutional Funds See page 8

CITY LIFE Mayors’ Think Tank discusses infrastructure as the key to competitiveness and sustainability See page 10

URBAN RENEWAL

Gothenburg’s new chief architect outlines his masterplan for the city See page 33

www.mipim.com

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Contents

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the real estate world in 2012

04 Berlin’s development opportunities; Europa City competition; Mayors’ Think Tank; Industrial & Logistics; Building Innovation; Lord Mayor of Copenhagen; Birmingham’s Sovereign Wealth & Institutional Funds Prospectus; RIBA’s Angela Brady at the Qatar Forum

45 Four guest editors share their market insights

Have you seen the best of Cannes yet?

Stop by the Riviera Seaview stand at 12.00 or 17.00 today, for complimentary champagne and great views of the bay

Reed MIDEM and Cannes boost client services REED MIDEM and its Cannes partners have launched a new Head and Heart programme designed to provide new or improved services for clients. $mong the Âżrst initiatives some of hotels in Cannes have committed to providing free wi Âż and the four and Âżve star hotels are introducing a business breakfast that is cheaper and quicker than the standard breakfast.

Taxi associations from the city and surrounding region have made more cars available than in the past and dispatchers will be at the main taxi ranks in Cannes to facilitate clientsÂś trips particularly to Nice airport at the end of MIPIM.

DE/E*$TE voting for the MIPIM $wards has been brisk and closes at noon today.

The MIPIM Awards are preceded by a red carpet ceremony at today and take place in the *rand Auditorium at

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The ofďŹ cial MIPIM daily newspaper Thursday 8 March 2012

The MIPIM News team is located in the Palais des Festivals ,EVEL s !ISLE

Director of Publications Paul Zilk Director of Communications Mike Williams EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Reporters Ben Cooper, Mark Faithfull, Tony Hazell, Mark Moore, Steve McCormack, Anika Michalowska Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof reader Debbie Lincoln Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Veronique Duthille, Marie Moinier, Carole Peres Head of Photographers Yann Coatsaliou / 360 Medias Photographers Christian Alminana, Georges Auclaire, Olivier Houeix, Michel Johner Editorial Management Boutique Editions.

PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Co-ordinators Nour Ezzedeen, Emilie Lambert, Amrane Lamiri Production Assistant, Cannes OfďŹ ce Eric Laurent Printer Riccobono Imprimeurs, Le Muy (France).

Published by Reed MIDEM, BP 572, 11 rue du Colonel Pierre Avia, 75726 Paris Cedex 15, France. Contents Š 2012, Reed MIDEM Market Publications, Publication registered 1st quarter 2012. Printed on FSC certiďŹ ed paper

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neWs POLAND

Polish Airports’ Michał Marzec

CHOPIN AIRPORT A 22.5-HA site adjacent to Warsaw’s Chopin Airport will become a mixed-use, office-led scheme called Chopin Airport City over the next 10 years, with a business park and leisure facilities.

The project has been initiated by operator Polish Airports State Enterprise and aims to take advantage of the location’s transport connections including a new underground station, to connect with the city within 10 minutes when it opens next year. The Airport City business concept requires developing 165,000 sq m in 16 class A office buildings, to form a business park including conference rooms, retail and food and leisure offers. In the initial phase, two new hotels — the five-star Renaissance

by Marriott and the two-star Hampton by Hilton — will open next year. The buildings will be set in a spacious park, with a central plaza, with restaurants, fitness centres and retail, and traffic will be directed around the perimeter of the site, leaving the centre traffic-free.

Michał Marzec, Polish Airports’ general director, said: “The secret to the project is the unique location, in close proximity to Warsaw city centre but also adjacent to the airport, the train station and a coach station. This will be increasingly important as the aviation traffic continues to increase.”

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Demand for housing drives major Berlin development ERLIN’s newly appointed Senator for Urban Development and the Environment, Michael Muller, has made housing a key issue in response to the growing population. The steady influx of professionals and executives has created an increasing demand for homes in the inner city quarters. Two large residential schemes that are about to start will deliver 3,000 new apartments.

Muller was enthusiastic about the quality of the delegates he was

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meeting during his attendance at Cannes.

“We are hoping to find strong partners to work with us to deliver a number of major projects in the city, including the redevelopment of two former airports,” he said. “In my experience the quality of the people attending the market is very good. I have been struck by the range of diverse interests represented here covering both commercial and residential real estate.”

Meanwhile, projects such as the

redevelopment of Tempelhof and Tegel airports, plus sustainable urban developments including the Europacity, City West and SXBerlin schemes will revitalise large sections of the city. These will complement the economic centre being developed around the new BER airport and Adlershof in the south east of the city.

The new airport will be inaugurated in 2012 and one of Berlin’s largest industrial parks, Business Park Berlin, is now being developed nearby on a 109-ha site.

Berlin’s Senator for Urban Development and the Environment, Michael Muller (left) with the German ambassador to France, Reinhard Schaefers during his visit to the city’s stand on Wednesday

Russian regions recommended THE RUSSIAN Deputy Minister for Regional Development has spoken of the wealth of opportunities that exist outside of the major Russian cities for overseas investors.

Speaking to MIPIM News deputy minister Ilya Ponomarev said: “We want to change perceptions about the Russian regions. Traditionally the investors all go to Moscow or St Petersburg.

“But compared to Moscow and

St Petersburg the risks in the regions are very low. There is lots of potential for infrastructure and housing development. The regions are much more open for investors.”

The Deputy Minister highlighted two regions in particular, the Kaluga and Tatarstan regions, where there are a considerable number of opportunities for developers and investors due to a lag in the infrastructure pipeline.

“The main priority in these regions is infrastructure. It’s strange for European investors because in Europe infrastructure is not a problem but here it’s what we need,” he said.

Ponomarev explained that many projects are rolled out jointly between state and private companies, which allows companies to gain the knowledge and insight they need to move into the Russian regional markets.

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Europa City contenders on show at the Paris Pavilion

Marcin Przyłebski

EURO 2012 BOOST FOR POZNAN AMBITION and regeneration were among the themes of a conference on Sports Events And Developments In The Next 10 Years.

Marcin Przyłebski, head of investor relations from Poznan City Hall in Poland, co-host of the Euro 2012 football championships, explained the city’s ambitions to become Poland’s second city. “We want to become the Barcelona of Poland,” he said.

The championships have prompted enormous investment in the city including 150km of roads, the jewel of which is the $12bn investment in the Poznan to Germany motorway.

The four contenders for Europa City

HE FOUR shortlisted proposals for Paris’ Europa City design competition were unveiled yesterday at MIPIM. Representatives from the four teams participating in the international competition gathered at the Greater Paris Pavilion to outline their proposals. The teams were: Valode et Pistre (Paris), Manuelle Gautrand (Paris), Bjarke Ingels Group (Copenhagen) and Snohetta (Oslo).

Initiated and backed by the Au-

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chan Group, the Europa City project has been developed by its Immochan real estate business.

Located at the exit to the future Grand Paris Expression station at the Triangle Goness, Europa City occupies 80 ha and is conceived as a tourist destination. The project is to provide a new economic, social and cultural development complex for the areas around Grand Roissy — near the Charles de Gaulle international airport — and the northeast of Paris.

The proposed designs include a

2,000-seat performance hall, a concert hall, a continuous circus, a large hall for cultural exhibitions, sports and leisure parks, retail, department stores, a complex for seminars and congresses, as well as 12 hotels ranging from one to four stars. Europa City aims to be an international destination, attractive to the main regions of Europe. Investment is estimated at €1.7bn ($2.29bn).

Delivery is planned for 2020.

The winning design will be announced this autumn.

“With 100 days to go we are on target and 92% ready,” he added.

Stuart Patrick, chief executive of Glasgow’s Chamber of Commerce, told of his city’s hopes for the 2014 Commonwealth Games.

“We see this as part of the long-term economic development and regeneration strategies. In particular we want it to help towards the rebuilding of the East End of the city,” he said.

For more on this story go to blog.mipimworld.com

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MIPIM is once again the setting for a major inward investment push by Northern Ireland, whose delegation is pictured here on the province’s stand: Paul McCormick, director of economic development (left); Jim Dillon, chairman, economic development; Allan Ewart, vice-chairman economic development; and Tony Monaghan, senior economic development of¿cer, Derry city council

Come and visit us at MIPIM: stand Espace Riviera, R33.07

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Deka Immobilien GmbH www.deka-immobilien.de

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neWs SOCIAL MEDIA - Tweet success

MIPIM 2012 has set the Twittersphere buzzing. By the end of the first full day, 3,514 tweets had been exchanged. At the peak — 09.00 on Tuesday — 500 tweets were sent in just one hour. To join in, use the #MIPIM tag. Or you might want to join the 1,300 people who read our blogs on day one.

For more details, visit http://mipimworld.com or our facebook page.

INVESTING IN ROME IS ABOUT TO GET EASIER IT IS vital that investing in Rome is made as easy as possible, said the mayor of Rome, Giovanni Alemanno, speaking at a press conference yesterday at the Roma Capitale stand. Alemanno pointed to two Roman municipal initiatives that are laying the groundwork for easier investment into the city by both local and foreign players.

The first is the launch of a new development agency in Rome, which aims to smooth the development process. “As part of that, we’ve produced a quality charter to standardise development procedures,” Alemanno said. “This will help investors directly and also improve the climate for investment.” The second initiative is the production of a strategic development plan. “Its function is to attract investors by clearly establishing what the City of Rome is planning in terms of strategic development,” Alemanno added. The mayor stressed that a key element of both initiatives is that “Rome maintains contact with its history, its past and its sense of place”. He added that the development plan would start to be implemented in May, with the announcement of an architectural contest for plans for a new museum and the development of the Ostia Waterfront.

Mayor of Rome, Giovanni Alemanno

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Prime European property remains recession-proof

Telling it like it is: Jean-Michel Six of Standard & Poor’s (left) and IVG Institutional Funds’ Bernhard Berg

UROPEAN economies have a 60% chance of escaping with a mild recession this year, which would have a minimal effect on core real-estate markets, two keynote speakers told MIPIM delegates yesterday.

Jean-Michel Six, managing director and chief European economist at Standard & Poor’s, shared a platform with Bernhard Berg, managing director of IVG Institutional Funds, to present a fascinating and, at times, sobering view of the European property market.

Six told a packed session there was a 60% chance that Europe would get away with a mild recession and see a pick up in 2013. But he warned of a 40% chance of a severe recession marking the second leg of the downturn that started with Lehman Brothers’ collapse in 2008.

Berg said the consensus was for stable rents in the prime market. Investors would continue to be attracted to prime property, he added, because of the attractive yields compared with bonds. But he warned that the secondary markets could still suffer “severe

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problems and ¿re sales”.

The worst-case scenario would see Greece and possibly other countries forced to leave the euro. “There could then be a breakdown in demand for property,” Berg said. “Rents would come under severe pressure. For secondary and tertiary property, there would be no buyers, no ¿nancing and no tenants.”

As far as investor demand is concerned, Berg argued that the focus is likely to be on highquality core properties in excellent locations with long leases and good tenants.

But “as prices increase, investors will be forced to turn from offices to retail”, he added. “Real estate remains attractive because of the yield gap over bonds and because it is seen as a hedge against inÀation.”

London and Paris remain attractive to nonEuropeans because they are liquid markets.

As a result, novice investors know they can get their money out in times of crisis, Berg said.

Asked for tips on where to buy outside the core markets, Berg offered Finland and Luxembourg.

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neWs IN BRIEF

GO-AHEAD FOR HYATT HOTELS ZURICH Airport has signed a management agreement with Hyatt Hotels for two hotels at its Swiss Circle development adjacent to the airport. On the first day of MIPIM, Zurich Airport also received a construction permit for the scheme.

A Hyatt Regency and a Hyatt Place hotel will be built within walking distance of the airport and will provide 550 rooms across 45,000 sq m. The Hyatt Regency will also provide convention space for up to 1,500 delegates.

The Circle at Zurich Airport is continuing to attract investment and if the full equity requirements are realised, the airport operator hopes to start on site in 2013.

Zurich Airport’s project leader Andrea Jorger said: “Receiving the construction permit on day one of MIPIM was a major step forward for the project.”

INNOVATION UNIT IN THE SPOTLIGHT SPEAKING at today’s keynote address by architects on Building Innovation, Kim Nielson, principal at 3XN Architects will describe the activities of the practice’s innovation unit, GXN.

Think Tank Mayors believe infrastructure is the key NFRASTRUCTURE as the platform for improving city life was one of the major themes at the Mayors’ Think Tank, held at the Majestic hotel on Tuesday.

The sixth such gathering, and the third under the Think Tank umbrella, welcomed over 100 key local authority ¿gures from Europe and the Americas to discuss the major issues.

Moderator Prof Greg Clark, a global expert on urban development and senior fellow, ULI, opened up the debate by establishing that previous meetings had identi¿ed infrastructure as the key to livability, competitiveness and sustainability.

Discussing the theme with mayors from locations in the US, Canada, Brazil, Russia and Europe, Clark said: “Infrastructure impacts all sectors, it is local and national, it’s public and private.

“For cities in Europe and North America that are competing with faster growing economies, infrastructure deficits are the major drag on exploiting their advantages of quality of life, advanced entrepreneurship, and

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sustainability. Without infrastructure growth and renewal, Europe and North America cannot play their new niche roles in a global economy in which they are becoming less powerful.”

Detailed ¿ndings on each theme will be presented in the MIPIM Mayors’ Think Tank White Paper later in the year, but there are some overall conclusions.

Active city leadership is required; f lexibility in financing

tools, regulatory frameworks, and land uses will be essential; a long-term approach is needed if the right financial tools are to be adopted and if ambition is going to meet with resources and implementation capability.

“Continued local innovation by cities in all aspects of local infrastructure are essential to drive reforms in markets, and to win greater freedom for manoeuvre,” Clark concluded.

Hub helps Londoners up property ladder

Since it was established in 2007, GXN has driven architectural research in the newest materials and building technologies. Its core goal is to develop a building culture that positively affects the world in an architectural and environmental way.

Hub partner and founder Robert Sloss

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Infrastructure focus: Over 100 leading local authority figures held a debate at the Mayors’ Think Tank

AN INVESTMENT fund that aims to unlock the rental market for hard-working Londoners has been set up and is seeking opportunities for development.

Hub Residential is the creation of London property veterans Robert Sloss and Tom Barlow, who have secured over £100m ($157m) of capital for the venture.

It is currently in talks over ¿ve sites in London, all of which are within transport zones one and two, and are in the pre-planning stage. It is also seeking further opportunities for investment in similar locations.

Hub’s model is to develop resi-

dential buildings of between 60 and 200 units aimed at middle-income renters who are struggling to gain a foothold on the property ladder. Partner and founder Robert Sloss said that is a demand that is not being served.

“Hard-working Londoners are being priced out of the market because there is a lack of supply,” he said. “We’re looking at sites where demand exceeds supply”.

It will ¿nance schemes already in the early stages but requiring further funds. Once construction has been completed it will act as an asset manager for institutions seeking opportunities.

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neWs HELABA AND PBB ANNOUNCE DEAL HELABA and pbb Deutsche Pfandbriefbank (pbb), have revealed a €300m ($394m) deal to refinance a logistics and light industrial portfolio across Germany, France and the Netherlands.

The facility is jointly underwritten by a group of banks including BAWAG PSK, Helaba, Natixis, and pbb.

Helaba and pbb act as joint arrangers for the transaction and pbb is also acting as agent.

The portfolio is owned by the European High Income Fund, a closed-ended panEuropean fund managed by Valad Europe.

The fund was established in 2004 and has a mandate to invest in light industrial estates with the potential for high income and capital growth.

Valad specialises in multi-let real estate, particularly commercial and industrial property.

Industrial & Logistics

AEW Europe funds merge to create €1bn portfolio EAL estate manager AEW Europe has merged its three logistics funds to create a pan-European logistics platform with a market value of €1bn (€1.32bn). This new fund will be one of the largest logistics investment portfolios in Europe. It will represent 56 grade A facilities totalling 1.6 million sq m across Europe.

The fund’s strategy is to invest in grade A sustainable logistics in national, regional and metropolitan distribution centres. Initial targets will be in France, Germany and Benelux.

Chief executive of AEW Europe Christian Delaire said: “To succeed in the logistics sector you need critical mass to provide a pan-European offering to occupiers and ensure

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operational ef¿ciencies across the platform. This merger of our funds creates a leading brand in logistics and a platform that will allow further growth across Europe.”

Christian Delaire, chief executive of AEW Europe

Industrial investment high EUROPEAN industrial investment activity continued to accelerate in the ¿nal quarter of last year, when approximately €3bn ($3.96bn) of transactions took place. This is the highest quarterly volume since the final quarter of 2007, Jones Lang LaSalle has revealed.

Full-year volumes totalled €9.9bn, up 18% year-on-year, marking the third largest annual transaction volume on record, topped only by the boom years of 2006 and 2007.

Penny Hacking, director, Jones Lang LaSalle European industrial capital

markets, said: “We see increasing demand from a growing range of investors targeting the sector, in particular global players seeking larger portfolio logistic deals in Europe.”

The UK, Germany and France continued to be the most traded markets, accounting for over €6 bn, more than 60% of total full-year volume.

Signi¿cant competition for limited core assets within the three main country markets also benefited neighbouring Benelux, where volumes increased by 126% in the full year to €820m.

The refinanced portfolio consists of 63 light industrial assets with an area of 766,000 sq m, of which 21% is ancillary office space.

18 properties are located in Germany, 21 in France — predominantly in the Isle de France region — and 24 in the Netherlands.

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For more information, visit the Industrial & Logistics Lounge on level 01, aisle 02.25 Daily cocktail open to all from 17.00

PROLOGIS MAKES SPACE IN JAPAN PROLOGIS, one of the world’s leading owners, operators and developers of industrial real estate, has made three new lease agreements totaling 56,400 sq m in two facilities in its Japan development portfolio.

The first area is 41,400 sq m in Prologis Park Zama 2 in Tokyo which is pre-leased to two customers: a leading third-party logistics provider in Japan, and repeat Prologis customer; and a major online retailer. Prologis Park Zama 2, a 95,000-sq m facility, is scheduled for completion in August this year.

The second facility is 15,000 sq m in Prologis Park Kawajima in Tokyo leased to Stream Co, an online retailer.

The 144,000-sq m Prologis Park Kawajima multi-story speculative development is now 95% leased.

Prologis is one of the leading providers of distribution space in Japan, with a portfolio totaling 2.3 million sq m completed or under development.

Major Prologis customers in Japan include Hitachi Transport System, Panasonic Logistics, Sagawa Express Group, Nippon Express, Kirin Logistics, Tomy Company, Yamato Logistics, Costco, Daikin Industries and Caterpillar Logistics Services.

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neWs SCIENCE 15-17 IS ‘VERY GOOD’ THE SCIENCE 15-17 building being developed by Cofinimmo and designed by architect Art & Build will create a new piazza for Belgian capital Brussels when it opens in 2014.

Building Innovation

GDF Suez offers virtual tour of innovative developments EDNESDAY’s Building Innovation session by GDF Suez included a demonstration of its Click ‘n City virtual showcase.

This is an immersive environment that is inhabitant-oriented and integrated into a realistic urban landscape. By clicking on active buttons or by following characters through their daily lives, viewers

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can ¿nd out about a range of innovations in areas that include of¿ce management, electric car sharing and smart homes.

Research engineer, Youness Hsainni, said that there are 37 innovations included in the showcase. Information cards, animations and facts and ¿gures available to demonstrate how new sustainability technology will affect our everyday lives in the smart cities of the future.

Youness Hsainni, research engineer, GDF Suez

The 14-storey building covers 19,750 sq m of office space and the development will also create a newly-built piazza incorporating a landscaped public area, plus an interior garden visible from the street via a vast five-storey-high glass-enclosed atrium.

Project completion is expected in 2014.

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Design must fit the environment PERFORMANCE-driven design is the theme of architect, RTKL’s presence at this year’s event.

According to director, Ken Christian, it is important to adopt a more holistic approach to project design. “We need to be thinking

RTKL’s Ken Christian

“ARE WE too broke for sustainability?” This was the question posed at Tuesday’s conference session hosted by the British Property Federation.

The session looked at the extent to which the global financial crisis has caused the property industry to fall out of love with green issues.

The overall conclusion was that no matter how hard-pressed, the real estate industry simply can’t afford to let up on the quest for a truly sustainable built environment.

“As an industry we have no alternative — nor should we have,” said Chris Grigg, CEO of British Land. “We are part of society and cannot divorce our activities from it. We are not too broke to be green although the recession has persuaded us to refocus our approach and re-sharpen our pencil.”

The Science 15-17 piazza

Located in the central business district of Brussels, Science 15-17 will provide sustainable office quarters with what the developer describes as “ultra-ecological criteria in terms of thermal energy consumption — maximum E Level 60 — which will achieve BREEAM ‘Very Good’ status”.

IS SUSTAINABILITY POSSIBLE IN A FINANCIAL CRISIS?

strategically at the front end, not just about aesthetics but about environmental effects, the local community and the overall economic setting. We need to make sure that projects have more relevance and make a contribution to their locations. They need to be more than the sum of their parts.”

As an example he cites the Mirdif City Centre retail scheme in Dubai, which is one of the ¿rst developments in the Middle East to achieve a LEED Gold rating. Mirdif City Centre is the latest development of Majid Al Futtaim Properties.

Sander Paul van Tongeren, head of sustainability at APG Asset Management described a set of sustainability indicators that have been developed to allow benchmarking and comparison of organisations’ performance. Early results show that sustainability performance continues to improve, although it had a long way to go.

For more information, visit the Building Innovation pavilion on level 01, aisle 02.04 Daily cocktail open to all from 17.00 British Land’s Chris Grigg

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neWs Brazil marks a bright spot in an overcast house market L O BA L h o u s e prices could fall in 2012, but there are bright spots, according to Knight Frank whose Global House Price Index, published yesterday, rose by 0.5% in 2011 with a 0.3% fall in the final quarter. “This suggests house-price growth around the world is some way off,” said Knight Frank researcher, Kate Everett-Allen. In the ¿nal quarter prices fell in 60% of countries covered. Asia’s downturn has proved inÀuential.

In 2007, China, Hong Kong and Singapore saw rises of 42%, 21% and 33%, respectively. Last year, China fell by 2%, Hong Kong grew by 11% and Singapore by 5%. Brazil — a new addition to the index this quarter — tops the rankings with 26% growth in 2011, fuelled by population growth, rising household wealth

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and expanding mortgage market.

The 12 bottom rankings are European, with Ireland, down 17%, in last place. Estonia, Slovenia, Iceland, Norway, Switzerland and Germany achieved an annual growth of over 5%.

Discover the new face of La Défense

Meet us and try our interactive model :

Marina Hall / MAR.PR25

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GERMANY

Demand builds for Essen

Top performers Countries recording the highest price growth over five years (Q4 2006-Q4 2011)

1 2 3 4 5 6 7 8 9 10

China* 110.9% Hong Kong 93.7% Israel 54.5% Singapore 50.5% Colombia 39.4% Taiwan 30.1% Norway 28.7% Canada 28.7% Malaysia 28.5% Switzerland 27.5% *Based on Beijing & Shanghai

A 13.3-HA mixed-use quarter is being built in an exclusive location between Essen city centre and the university.

It will include high-quality residential estates, of¿ce and business buildings, restaurants and general services. A 4-ha park was opened in July 2010.

All the residential building areas were swiftly sold and the marketing of the commercial areas is almost concluded.

The first new construction project in the University Quarter — Essen’s Green Centre —

begun in April last year, when Allbau laid the corner stone for its residential project Pier 78. In July, Hochtief Solutions followed suit with P West, and Dornieden Generalbau started City View in November. Most apartments were rented or sold before construction began.

Construction of 18,800 sq m of offices for AOK Rheinland/Hamburg is also under way. Universitatsviertel Essen is responsible for the development of the quarter, as well as for marketing the real estate.

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Billionaires club together to keep it all in the family ILLIONAIRES, working that share a long-term vision London and Germany. through their family of- for the role property investment Basil Demeroutis, managing parfices, are now signifi- should serve in preserving and tner of FORE, was previously a cant players in Europe’s growing their wealth, and is loo- partner of Capricorn Investment commercial proper ty king at core markets, particularly Group, a family of¿ce with over market. Family Office $4.5bn in total assets.

Real Estate Partnership “We like Grade A (FORE), a new investoffices in Grade B ment club, is at MIPIM locations, the sort showcasing its offer of thing institutions allowing family of¿ces will not touch until to invest together to they are finished,” strengthen their ¿nanD e me r out i s s a id . cial muscle.

“Family offices are There are estimated creating their own into be 6,000 family ofvestment ideas, often ¿ces worldwide giving in partnership. This them potentially greais to be welcomed, as ter ¿nancial clout than it signals the return of hedge funds. FORE a back-to-basics appools resources for Family group: Basil Demeroutis (left) with partner Peter Dove (seated) and proach to investing in like-minded families investment director Sam Lawson Johnston commercial property.”

- © Marc Mimram

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US INVESTMENT MOOD UPBEAT US INVESTORS at MIPIM remain positive about opportunities in Europe and believe a new cycle may be about to start after a number of quiet years.

At a debate hosted by CREOPoint in Cannes, WP Carey board member Reggie Winssinger emphasised the attractiveness of the low interest rate environment for investors whose deals are sound enough to qualify for loans, while Howard Roth, global real estate leader, Ernst & Young added he was “cautious but positive, even in Europe, thanks to the recent stimulus. There’s plenty of equity looking for a home.”

Chris Lawrence, executive vice-president, investment management at Bentall Kennedy said there were new opportunities due to changing demographics, such as the growing medical office market.

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“Amazing thing about #MIPIM is that people you fail to meet up with all year are here and ready to chat. No good reason but it works” Andrew Waller@remitaw

LCCI ADDS VOICE TO CROFTON’S MIPIM PRESENCE

Inanlar’s Baykut Aksu: “up-market, high-quality residential projects”

Inanlar at home in Istanbul’s up-market residential sector AYKUT Aksu, project director of Turkish developer Inanlar, yesterday unveiled some of the residential schemes that his company is carrying out in Istanbul.

Inanlar’s presence in Cannes coincides with yesterday’s announcement that Turkey is to be MIPIM Country Of Honour in 2013.

Aksu said: “We are here to talk to overseas investors and to encourage them to take a good look at one of Europe’s great cities, Istanbul. We have huge investment potential.”

Inanlar is mainly a residential developer, operating chieÀy in the Turkish capital.

B

“We have a number of up-market, high-quality residential projects coming to the market in Istanbul,” Aksu added. These include Terrace Tema, which consists of two high-rise apartment buildings of 40 storeys and 30 storeys respectively, providing over 400 Àats.

Terrace Feri, meanwhile, is situated at the junction of Nisantasi, Bomonti and Taksim in Istanbul’s central business district.

The project offers its residents “all the elements of a comfortable life”, Aksu said, including an indoor swimming pool, ¿tness centre, yoga studio, children’s playroom, recreation room and indoor parking spaces.

Debt shortage named biggest threat A SHORTAGE of debt ¿nance is seen as the single biggest threat to the recovery of the property market in Europe in 2012, according to research released by CBRE at MIPIM yesterday.

Nearly one in three investors surveyed for CBRE’s Real Estate Investor Intentions report said this was their greatest concern. A quarter said a double-dip recession was the biggest threat to recovery, while 24% cited a potential break-up of the eurozone.

The survey, completed by more than 340 property investors, also found that debt availability was affecting investment activity among

43% of the investors. This was either because investors could not borrow to buy the type of assets they wanted, or the terms on offer made borrowing uneconomical.

Philip Cropper, CBRE’s managing director of real-estate ¿nance, said: “While institutions such as AXA and MetLife have made very encouraging announcements in recent weeks, their increased presence will only go so far to replace the supply of debt lost through the withdrawal of a number of established lenders. However, in late 2011, CBRE recorded that insurers offered, on average, the most competitive lending terms.”

LCCI’s Colin Stanbridge (right) and Crofton’s Steve Hale: making the most of MIPIM

COLIN Stanbridge’s MIPIM schedule included speaking at a breakfast meeting held by engineering services consultancy Crofton.

The chief executive of the London Chamber of Commerce and Industry (LCCI) said: “The Olympics means this will be a great year for property and construction in London. It’s important to be here to represent smaller businesses — 80% of London businesses employ fewer than 10 people.”

Crofton is a typical small business that punches above its weight with the support of the LCCI. Director Steve Hale, who was in the team that cycled from London to Cannes to raise money for several charities, said: “We are building a premium brand over the long term.”

Projects with which Crofton has been involved include the design work on the £100m ($157m) in London Highbury Square and science projects at Imperial College.

19

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mipim

neWs Doha development mixes the old with the new SHEIREB Properties’ development project, Msheireb Downtown Doha, will both regenerate and preserve the historical centre of Qatar’s capital city, Doha, according the Msheireb’s director of projects Mohammed Masoud Al Marri.

“It’s a huge mixed-use project in ¿ve phases with residential, cultural and retail areas in over 100 buildings,” Al Marri said.

“The QAR20bn ($5.5bn) project will revive the old commercial heart of the city in ¿ve phases through an architectural language based on community living across a 31-ha site.”

Al Mari said the project “will blend traditional Qatari heritage and architecture with modern technology”. He added: “The designs will also focus on sustainability and environmental harmony. The development will both take the people back to their roots and provide a completely modern environment for the 21st century.”

The entire development is scheduled for completion by 2015.

The ¿rst phase, the Diwan Amiri Quarter under construction

M

ITALIAN real estate asset management and services company, Prelios, is celebrating its strength in the German sector at this year’s market.

The Company, born out of Pirelli RE, is a pure asset management company that manages and enhances the value of property portfolios for third-party investors.

The market value of assets managed by Prelios is approximately €12.4bn ($16.3bn), with a property portfolio worth €11.2bn.

Just under half the total worth of the portfolio is in Italy, most managed through 22 real estate funds by subsidiary Prelios SGR. The remainder is in Germany, and Poland where there is €0.1bn in development projects. In the German market just over half the portfolio is invested in commercial real estate.

Mohammed Masoud Al Marri, director of projects at Msheireb Properties

now, features three government buildings, heritage, cultural and museum sites, and the National Archive building. Al Marri said

the essence of the entire fivephase project can be summarised as being “rooted in the past while looking to the future”.

New Parliament building for Georgia GEORGIA’s ultra-modern New Parliament building, designed by Aedas, reÀects the major changes the country has experienced.

PRELIOS SHOWS STRENGTH IN GERMANY

The Georgia government is moving from the capital Tbilisi to the second city Kutaisi. The project comprises a new go-

vernmental block that includes the New Parliament building, Government House, a park, and other facilities.

The exterior look of the building conveys a powerful image: a great glass and steel dome partially enveloped by a roof-like concrete element. The glass dome is an element of great structural singularity. It will be supported by a series of 100m span transverse arches and secondary structural elements running along 150 m.

Prelios’ Paolo Massimiliano Bottelli

NEW COSTS APP COSTS NOTHING PROPERTY and construction costs are now instantly available in real time thanks to a free smartphone application from Rider Levett Bucknall. The global surveying practice launched the app in late 2011 and has updated the global cost benchmarking data to reflect price changes and trends during the first quarter of 2012.

The Rider Levett Bucknall Intelligence App gives instant cost data, market trend information and analysis without subscription or purchase fees. A PC version can be accessed online and saved as a desktop link.

Georgia’s New Parliament

21

MIPIM CONFERENCES & EVENTS Germany Country of Honour

Territories’ opportunities

Cities, Infrastructure & Sports

Finance & Investment Investors’ Programme

Industrial & logistics

Hotel, Tourism & Leisure

Focus by sectors

Events

Building Innovation

THURSDAY 8 MARCH 10.00 11.00

10.00 13.00

HTL Presentations “Budget & niche hotels”

HTL LOUNGE

Keynote address on Global Economics & the Euro zone Joschka Fischer, former Minister of Foreign Affairs of Germany GRAND AUDITORIUM Building Innovation: Case studies & dialogues between...

PISANO

Valorisation of Italian public real estate assets: an invitation to invest

11.30 12.30

15.00 16.00

Keynote address Henri Giscard d’Estaing, Chairman & CEO, Club Med The future of hotel development - key success factors for new hotel and resort projects and the growth of hotel groups

16.00 17.00

More homes: changing lifestyles and consumer needs

Humanising the building: combining technical innovations with end-users’ needs

16.00 17.00

Co-organiser: Be Citizen

GAUDI

Co-organiser : Chiomenti Studio Legale Followed by a networking cocktail offered by Chiomenti Studio Legale

The commercial real estate finance markets Recovery or retreat?

16.00 17.00

11.30 12.30 11.30 12.30 12.30 13.00

13.00 14.00

13.00 14.00

14.30 15.30

14.30 15.30 15.30 16.00 14.30 15.30

14.30 17.00 17.00 18.00

Co-organiser: CREFC

LE CORBUSIER

The Spanish real estate market in 2012: time to act Co-organiser: Aguirre Newman

LE CORBUSIER

« Asset light strategy »: who are the winners?

16.00 17.00

AUDITORIUM A

17.00 18.00

HTL LOUNGE

Hotel, Tourism & Leisure Cocktail reception

Link-In Industrial & Logistics “Meet the key players”

17.15 18.00

HTL LOUNGE

Hotel, Tourism & Leisure Power Meetings

Hotel & Tourism Lunch

17.15 18.15

AGORA

Keynote address by architects on “Building Innovation”

Co-organiser: Jones Lang LaSalle Hotels

Co-organiser: Lord Culture

AUDITORIUM A

Harbour logistics and river transport: a major issue GAUDI

GAUDI

By invitation only Sponsored by Jones Lang LaSalle Hotels

MAJESTIC HOTEL

Spanish Lunch GRAY D’ALBION HOTEL

By invitation only

More affordable homes: design and build, finance and deliver Co-organiser: UK Regeneration

HOBAN

GAUDI

The Netherlands: hot spots, hot segments

17.30 18.30

17.30 18.30

GAUDI

Energy efficiency: new & refurbished projects LE CORBUSIER

MIPIM final press conference Healthcare real estate: a safe investment in an uncertain economy?

17.30 18.30

Link-In The Netherlands “Meet the key players”

HOBAN

Co-organiser: Your Care Consult Sponsored by ICADE

GAUDI

Connect the building to its urban environment AIFM Directive: the next revolution for the real estate industry?

LE CORBUSIER

Co-organiser: Juridim

18.30 19.30

OUTSIDE STAIRS AND GRAND AUDITORIUM LOBBY

19.30 20.30

GRAND AUDITORIUM

MIPIM Awards - Red Carpet and cocktail MIPIM Awards Ceremony

Industrial & Logistics pitching sessions Central & Eastern Europe PISANO

PISANO

Co-organiser: Eurobuild

Industrial & Logistics Cocktail

Green topics are marked by the Reed MIDEM Going Green® Logo

24

Co-organiser: UK Regeneration

HOBAN

HOBAN

11.30 12.30

Co-organiser: PKF hotelexperts

AUDITORIUM A

Access to MIPIM 2012 conferences is free of charge for all registered delegates, within the limit of space available.

Programme as of 2nd March 2012. All information contained in this programme may be subject to change.

MIPIM® is a registered trademark of Reed MIDEM - All rights reserved.

10.00 13.00

CLIENT CONFERENCES & EVENTS 8.30 > 10.30 I Majestic Hotel, La Baule Room

11.00 > 11.45 I Stand 05.02 / 07.01

INCENTIVES FOR GROWTH: LEEDS CITY REGION BREAKFAST BRIEFING

SAINT JEAN BELCIER

9.00 > 12.30 I Auditorium H, Level 3

GET MORE FOR LESS – THE SWEDISH EXPERIENCE IN SUSTAINABLE URBAN DEVELOPMENT Organiser: Swedish Trade Council

Organiser: Bordeaux Metropole

11.00 > 12.00 I Stand RSV 05

ROMANINA – PRIVATE INVESTMENT FOR URBAN TRANSFORMATION Organiser: Gruppo Scarpellini

11.00 > 12.00 I Stand 12.16

9.30 > 12.00 I Martinez Hotel – Rooms Acajou I and II

BC “FELICITA” IN HISTORICAL PLACE OF SAINT-PETERSBURG

PARIS GAND – UNE HISTOIRE D’EAU²

Organiser: Fellicita LLC

Organiser: Flanders Ghent Development Group

11.00 > 12.00 I Stand 03.02 / 05.01

INVESTING IN OSLO METROPOLITAN AREA

COCKTAIL: BUSINESS HEADQUARTERS AND CREATION OF A METROPOLITAN AREA

Organiser: Oslo Metropolitan Area

Organiser: Pôle Métropolitan Strasbourg – Mulhouse, France

10.00 > 11.00 I Agora room, Level 01 - Aisle 01

11.00 > 12.00 I Stand R33.24

RIGA – SMART EUROPEAN INVESTMENT

TOKYO, THE BUSINESS PORTAL OF ASIA

Organiser: City of Riga

Organiser: Tokyo Metropolitan Government

10.00 > 11.30 I Auditorium E, Level 3

11.00 > 12.00 I Agora room, Level 01 – Aisle 01

ATTRACTING INVESTORS/END USERS TO TECHNOLOGY CITIES & SCIENCE PARKS

FROM AN ANCIENT ARMAMENT FACTORY TO AN ECOLOGICAL VILLAGE

Organiser : Buck Consultants International

Organiser: New Market SA “PRE-MADAME”

10.00 > 11.30 I Auditorium I, Level 4

11.00 > 13.00 I Auditorium K, Level 4

RÉUSSIR DES PROJETS AUTOUR DES PÔLES DE MOBILITÉ (VISIONS CROISÉES PUBLIQUE / PRIVÉE)

CITY OF LONDON SEMINAR

10.00 > 10.30 I Stand 13.23 / 15.24

Organiser: Lake Geneva Region

Organiser: City of London

11.30 > 12.30 I Stand R33.07

10.00 > 12.00 I Skolkovo Stand (Skolkovo IC Pavilion, Sea Breeze)

INTERNATIONAL MEDIA BRUNCH

INTEGRATED URBAN DEVELOPMENT: INVESTMENT AND DEVELOPMENT

Organiser: Frankfurt RheinMain

Organiser: RENOVA-StroyGroup

11.30 > 12.30 I Stand R31.02

LYON – CONFLUENCE

10.00 > 12.00 I Sea Breeze – RB.01

Organiser: Lyon – Communauté urbaine

ROUND TABLE “INTEGRATED REGIONAL DEVELOPMENT: INVESTMENT AND PROPERTY DEVELOPMENT” By invitation only

12.00 > 12.45 I Stand H4.30

Organiser: Skolkovo

PRÉSENTATION DU LAURÉAT DE LA MAÎTRISE D’ŒUVRE URBAINE DU TECHNOPÔLE URBAIN NICE-MÉRIDIA

10.30 > 10.50 I Stand H4.18

Organiser : Nice Côte d’Azur – Eco-Vallée

SUSTAINABILITY. WHAT ELSE? Organiser: Stuttgart

10.30 > 12.00 I Stand 7.09/9.01

LES PROJETS URBAINS À MONTPELLIER Organiser : Montpellier

10.30 > 12.00 I Stand 31.03

MOSCOW – THE CITY OF CULTURE: PRESERVATION OF MOSCOW CULTURAL HERITAGE AND STIMULATION OF PRIVATE INVESTMENTS TO THIS FIELD Organiser: EcoProg Ltd.

10.30 > 12.30 I Auditorium I, level 4

STOCKHOLM BUSINESS REGION DEVELOPMENT CONFERENCE Organiser : Stockholm Business Region Development

10.30 > 12.30 I Stand H4.18

START IN THE TRADE FAIR DAY: STUTTGART BRUNCH Organiser: Stuttgart

10.45 > 11.00 I Stand B1.00

THE ALLIANCE OF ENERGY Organiser: Manchester

11.00 > 11.20 I Stand H4.18

INVESTMENT RENEWABLE ENERGIES Organiser: Stuttgart

12.00 > 13.00 I Agora room, Level 01 – Aisle 01

PRESENTATION OF THE MINISTRY OF TOURISM OF ARGENTINA Organiser: Ministry of Tourism of Argentina

12.30 > 13.00 I Stand.11.10/13.09

AKADEMIA CITY PRESENTATION Organiser: RENOVA StroyGroup

12.30 > 13.30 I Verrière Grand Audi, Level 1

CHIOMENTI COCKTAIL Organiser: Chiomenti

13.00 > 13.30 I Stand 21.14 / 23.11 / 25.07

COCKTAIL – CHANGING CITYSCAPE IN THE EASTERN WATERFRONT Organiser : City of Helsinki

13.00 > 14.00 I Agora room, Level 01 – Aisle 01

PRESENTATION OF THE RUSSIAN HOUSING DEVELOPMENT Organiser: Russian Housing Development

13.00 > 15.00 I Marriott Hotel – Renoir rooms 8 to 10

REYNAERS ALUMINIUM: FRAME THE FUTURE CONFERENCE: THE (UN)EXPECTED IMPACT OF URBANIZATION By invitation only Organiser: Flanders Ghent Development Group

13.00 > 15.00 I Marriott – Renoir

NEW DESTINATIONS FOR TEGEL & TEMPELHOFER FREIHEIT

REYNAERS ALUMINIUM – FRAME THE FUTURE CONFERENCE: THE (UN)EXPECTED IMPACT OF URBANISATION By invitation only

Organiser: Berlin

Organiser: Reynaers Aluminium

11.00 > 11.30 I Stand H4.28

MIPIM® is a registered trademark of Reed MIDEM - All rights reserved.

Organiser: Marketing Leeds

25

mipim

neWs Turin’s metro on track GUIDO Bolatto, secretary general of the Turin Chamber of Commerce and Industry says his city is the place to come for companies looking to for a high-tech European city.

“We started the recent series of city transformations in the 1990s,” Bolatto said, “And they’ve been gathering pace ever since. We’re developing new areas of the city, including former industrial areas, into new districts with a whole set of new

infrastructure including the new metro line.”

The idea behind the new metro, Bolatto says, is that it will run mostly underground, running under old and disused railway tracks: “So freeing up a lot of land for redevelopment above ground. Where the rail tracks run through cuttings we’ll also be covering the cuttings over and creating more space.”

The redevelopment focus is now on the northern sectors which have remained more or less on

the margins till now,” Bolatto said. This area will focus on the project known as Variante 200 in the masterplan, with the ¿rst stretch of Line 2 of the new metro running through it.

“Within this we’ll create a new urban zone based on high-tech companies and research facilities. This will become a modern business district of high architectural quality with state of the art infrastructure and services,” Bolatto said.

Guido Bolatto, secretary general of the Turin Chamber of Commerce

CLIENT CONFERENCES & EVENTS 14.00 > 14.45 I Stand 21.14 / 23.11 / 25.07

15.00 > 16.00 I Stand R33.24

COCKTAIL – EUROPEAN CITY OF CULTURE

TOKYO, THE BUSINESS PORTAL OF ASIA

Organiser : City of Turku

Organiser: Tokyo Metropolitan Government

14.00 > 15.00 I Auditorium H, Level 3

15.00 > 16.00 I Sea Breeze – RB.01

MAURITIUS – VILLA OWNERSHIP & PERMANENT RESIDENCY AT ALAMANDA GARDEN – LIFESTYLE ON THE SEAFRONT

WORKSHOP – ARCHITECTURAL AND TECHNOLOGICAL INNOVATIONS Aaron Betsky’s vision, Skolkovo Urban Council Member, Professor at the

Organiser: Country Home Ltd

Netherlands Architecture Institute in Rotterdam, Director of the Cincinnati Art Museum (USA) Organiser: Skolkovo

INVESTMENT OPPORTUNITIES IN URUGUAY Organiser: Uruguay – Destino punta del este

14.00 > 15.00 I Sea Breeze – RB.01

WORKSHOP – ARCHITECTURAL AND TECHNOLOGICAL INNOVATION Mohsen Mostafavi’s vision, Skolkovo Urban Council Member, Dean of the

CITY OF OSTRAVA RECEPTION FOLLOWED BY COCKTAIL PARTY Organiser: City of Ostrava

15.45 > 16.00 I Stand B1.00

Harvard Graduate School of Design Organiser: Skolkovo

INTERNATIONAL ENTERPRISE

14.00 > 16.00 I Auditorium I, Level 4

16.00 > 17.00 I Agora room, Level 01 – Aisle 01

INTERNATIONAL STANDARDS OF LOW-RISE HOUSING: ENVIRONMENTAL FRIENDLINESS, ENERGY EFFICIENCY, INNOVATIVE DESIGN, ECONOMIC PROFITABLE

TURNING BRICKS INTO BRANDS

Organiser: RENOVA StroyGroup

15.00 > 16.00 I Agora room, Level 01 – Aisle 01

TOWARDS 10TH COUNTRY IN THE 100TH ANNIVERSARY Organiser: ALKAS

15.00 > 16.00 I Stand 21.14 / 23.11 / 25.07

Organiser: Manchester

Organiser: Flanders Ghent

16.00 > 17.00 I Sea Breeze – RB.01

WORKSHOP – A 3D VISUAL SYSTEM OF TOWN PLANNING. EXPERIENCE IN APPLICATION: BARCELONA, SKOLKOVO. PRESENTATION OF THE SYSTEM AND SOLUTIONS ADOPTED IN ITS USE. DISCUSSION Organiser: Skolkovo

COCKTAIL – KOTKA OLD PORT

16.30 > 17.30 I Stand H4.28

Organiser : City of Kotka

HAPPY HOUR

15.00 > 16.00 I Stand R31.23

LA RÉNOVATION URBAINE, LE PROJET D’AMÉNAGEMENT DU VIEUX-PORT ET LA REVITALISATION ÉCONOMIQUE DU GRAND CENTRE-VILLE DE MARSEILLE Organiser : Marseille Métropole

15.00 > 16.00 I Stand LR 3.03

FORMER MILITARY REAL-ESTATE – ATTRACTIVE OFFER FOR FOREIGN INVESTORS Organiser: Military Property Agency

Organiser: Berlin

16.30 > 17.30 I Auditorium I, Level 4

STILL INVEST IN ITALY Organiser: Daily Real Estate

17.00 > 18.30 I Stand H4.18

END OF THE TRADE FAIR DAY IN THE SETTING SUN: STUTTGART SUNDOWNER Organiser: Stuttgart

17.00 I Munich stand

OPCI : UNE CARTE MAÎTRESSE POUR LE MARCHÉ FRANÇAIS ?

“MUNICH MEETS MIPIM” – RECEPTION HELD BY THE CITY OF MUNICH AND ITS PARTNERS

Organiser: Taliance and IPD

Organiser: City of Munich

15.00 > 16.00 I Auditorium J, Level 4

26

15.00 > 16.30 I Stand 08.30-10.29

MIPIM® is a registered trademark of Reed MIDEM - All rights reserved.

14.00 > 15.00 I Agora room, Level 01 – Aisle 01

MIPIM NEW online database: Get connected. Stay connected.

Prepare your show schedule Set up meetings with key delegates before MIPIM Promote your company Continue networking even after MIPIM

EXPERIENCE the new online database onsite: Demonstrations during MIPIM - Meet us at The Visitors’ club, Level 3

www.mipim.com www.mipim.com

Financial Times at MIPIM 6-9 March 2012, Cannes, France The Financial Times is publishing a global report in March that will be distributed every day at MIPIM. This will be the ďŹ rst in a dedicated series of commercial property reports.

A dedicated micro site at ft.com/propertyinsight features articles and special reports providing clients with the chance to promote global property investment opportunities and foreign direct investment. Online global commercial property listings can be found on propertysales.com, a Financial Times service.

For more information and bespoke advertising solutions please come and visit us at stand 26.10 or contact: Lyn Thompson +44 (0)20 7873 4967 lyn.thompson@FT.com

mipim

neWs Lord Mayor sets out vision for cleaner, greener Copenhagen

Taliance managing director Bob Marsh at the launch of the new software for fund managers, Global Fund

HI-TECH TOOL FOR FUND FORECASTS

Lord Mayor Frank Jensen: Copenhagen to grow 20% while reducing carbon emissions by 20%

ANISH capital Copenhagen is to target a 20% reduction in carbon dioxide emissions over the same timescale as it anticipates a 20% increase in population, as the city aspires to carbon neutral status, according to Lord Mayor Frank Jensen.

Despite rapid expansion, Jensen stressed that the city would retain its vision of “livability” as it pursues a growth agenda as an eco-friendly city, a strategy he believes Lord Mayor will help it to attract more clean technolo- Frank Jensen gies to the city.

“We are in no doubt that to attract international investors we must create scale and population expansion, and our close ties with neighbouring Malmo mean that we will develop the whole metropolitan and regio-

D

nal area,” he said.“But one of the things that makes Copenhagen unique is that it is a place where children can be brought up in the city, many people cycle, even businessmen and politicians. Since we cleaned the harbour water you can even swim in one of the four harbour pools after school or work,” he added.

Specific elements of the expansion programme include the areas to both the north and south of the harbour and the redevelopment of the former Carlsberg brewer y buildings and site as a new mixed-use section of Copenhagen.

Jensen said: “We believe that our commitment to livability, a carbon neutral strategy and our growth to appeal to major international investors puts Copenhagen in an ideal place to build the future of the city.”

A REVOLUTIONARY new piece of software has been launched at MIPIM that the developer says could transform the way property funds are managed. Global Fund gives fund managers unprecedented levels of control and access to data, with the power to forecast performance at a fund level. Launching Global Fund at MIPIM this week, developer Taliance compared the breakthrough to the introduction of Excel three decades ago. Taliance president and CEO Guillaume Fiastre said: “Fund managers shouldn’t be data crunchers. The market is changing quickly and people need a lot more than Excel spreadsheets. We are taking people to a position of being able to anticipate. Before, there was no way for people to forecast and anticipate the future.” The program, which has been four years in development, can be used to anticipate potential changes to a fund’s performance due to a huge number of hypothetical variables. These include changes to tax rates, rental growth, occupancy rates and other factors.

The data is provided in real time, which Taliance says allows managers to make long-term decisions faster and more accurately than any other system.

“It is a place where children can be brought up in the city”

KUWAIT Finance House has once again come to MIPIM to promote the ideals behind Sharia-compliant finance. Representing the group in Cannes was head of international real estate Ali Al-Ghannam, pictured (centre) with James Fetgatter, chief executive of US group AFIRE (left) and Reed MIDEM’s Christophe Chupot (right).

29

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mipim

neWs Opportunities to unlock Birmingham’s potential irmingham, UK, launched a Sovereign £310m: Eastside — a key site that will house Wealth & Institutional Funds Prospec- the planned HS2 station building; Eastside tus highlighting nine revolutionary Locks — a high density urban business park; developments and opportunities for Masshouse — a 74,000 sq m site containing sovereign wealth funds to invest.

Grade A of¿ce space as well as retail and Europe’s biggest municipal authority is of- residential elements. fering partnerships to cash rich sovereign Another leading site, seeking a £100m inwealth funds (SWFs) vestment, is Paradise as a means of attracting Circus, a city-centre around £1bn ($1.6bn) redevelopment pro of investment into the ject that will link the city’s property portfolio. prestigious Southside A delegation including business and entertaincouncil representatives, ment district to the main Business Birmingham city centre. The project, and leading property a partnership between ¿rms is targeting SWFs the City Council and from Abu Dhabi, China, Argent, will be one of Norway and Saudi Arathe most significant bia. city centre regeneration Mike Whitby, leader Mike Whitby, schemes in Europe. of Birmingham City Birmingham City Council The prospectus’ nine Council said: “Sovedevelopments combine reign wealth funds have the means, liquidity to offer a complementary business, retail and long-term vision to support such invest- and leisure landscape and support Birminments and could be the key to unlocking Bir- gham’s Big City Plan. This blueprint allows mingham’s potential as a truly competitive investors to see the scale of the city’s plans global city.” for development over the next 20 years and Among the investments are three with a realise the signi¿cant return on investment combined capital investment opportunity of that Birmingham offers.

B

Sovereign wealth funds have the means, liquidity and long-term vision

FRANCE

Nantes, Saint-Nazaire and Rennes: united stand

CITIES HIGHLIGHTING REGION’S DYNAMISM THE CITIES of Nantes, Saint-Nazaire and Rennes are back at MIPIM to highlight some of the projects that are bringing new dynamism to their region. “The three cities are presenting a total of 15 new mixed-use projects on their joint MIPIM stand,” said Amaury Mourcou, director of economic action at CARENE (Communaute d’Agglomeration de la Region Nazairienne et de l’Estuaire).

Mourcou added: “All three cities have major urban development schemes which, together, are giving our region a new impetus.” By 2015, the new international airport at Notre Dame des Landes near Nantes will be handling around 3.5 million passengers. Rennes, meanwhile, is set to benefit from a TGV line.

GO-AHEAD FOR HERMITAGE EMIN Iskenderov, CEO of Groupe Hermitage, announced at a MIPIM press conference on Tuesday that the Hermitage Plaza programme located on 2 ha of Paris business district La Defense, has received its building permit. Designed by Sir Norman Foster, the project consists of two mixed-use 320m-high twin towers, which will become the tallest building in Western Europe.

The Hermitage Plaza includes apartments and penthouses, a five-star hotel, restaurants, spa facilities, modern multi-purpose office space, retail, premium services, an auditorium and an art gallery. The towers are scheduled for completion in mid-2017.

Hermitage Plaza: at 320m high, it will be the tallest building in Western Europe Masshouse is one of nine investment opportunities in Birmingham

31

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mipim

neWs Gothenburg redesigns itself for a better connected future

HIGH RISE

NEW FACADE MORE THAN A PRETTY FACE A SKYSCRAPER on one of the world’s most famous streets is to undergo a facelift that will expand its retail offering and add a new glass facade on the street level.

The Takashimaya building on Fifth Avenue in Manhattan, New York is to have its granite-columned front removed and replaced with the more modern frontage. Above this, the building — which, from floors 9-20 is home to other commercial and office occupiers — will remain untouched.

City opportunity: the masterplan for Gothenburg envisages increasing the density of the city centre

OTHENBURG is encouraging potential investors to help shape its city centre following the appointment of a chief architect to create a coherent masterplan for redevelopment.

The new strategy includes repurposing large sections of the previously industrial centre of the Swedish city, while expanding its historical heart.

Bjorn Siesjo comes to MIPIM after just a month into his new

G

role as city architect, and is the ¿rst to hold this role for 12 years.

He said that, despite its proximity to the sea and a major river, Gothenburg is one of the most spread-out cities in the whole of Europe.

By redeveloping it as a denserpopulated city, economic critical mass can also be created for investment in public transport and infrastructure.

Siesjo added: “The historic old town is very small but there is the potential to expand it with

a contemporary addition on the other side of the river, linked by a bridge. There are also major plans for the area around the central station, where much of the infrastructure work has already been completed.”

Siesjo envisages that the developed parts of Gothenburg will be linked by new elements. He said these will be designed to exploit the riverside vantage points and to “remove some of the barriers that presently exist between such regions”.

Sky 56 on horizon for Lyon Part Dieu

On the up: the Sky 56 building in Lyon Part Dieu

FRENCH property developers Icade and Cirmad are developing Sky 56, a 50 metre-high, 13-storey building in France’s second-largest services and decision-making complex in the centre of Lyon.

The building is located at the entry point to the Lyon Part Dieu business district and is visible from the airport tram stop to the east and the TGV railway station

to the south.

After an international competition, Cabinet Chaix & Morel of Paris and Cabinet AFAA of Lyon were selected for the design and implementation of the 30,000 sq m project. The building will include 25,000 sq m of office space, a nursery, a cafeteria and a ¿tness area.

Sky 56 is due for delivery in the second half of 2015.

Thor Equities’ vision for the new glass facade at 693 Fifth Avenue

The refurbishment will also double the size of the retail space that backs on to Fifth Avenue, one of the most prestigious shopping streets in the world.

Once the work is completed, the Takashimaya building will offer 557 sq m of prime retail space on the ground floor.

The building is owned

by Thor Equities, which is exhibiting details of the project on its stand at MIPIM.

33

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mipim

neWs GIC Real Estate’s Bernard Phang: “Europe is here to stay”

C&W’s Greg Vorwaller: identified three themes

C&W’s David Hutchings: a year of ups and downs

Lone Star’s Juan Pepa: “a second wave of opportunities”

TPG Capital’s Robert Weaver: “a shake-out of the banks from real estate”

A YEAR OF TWO HALVES? THREE broad themes will dictate the global property investment market this year — bifurcation, contraction and expansion — according to Cushman & Wakefield (C&W) at the launch of its International Investment Atlas yesterday.

Greg Vorwaller, C&W’s global head of capital markets, explained the analysis: “As far as bifurcation is concerned, last year came in like a lion and went out like a lamb. This year we expect the opposite.”

Assets that pass the distress test are rare but still there PPORTUNITIES to acquire well-priced distressed assets remain scarce, despite the number of ¿nancial organisations that have backed out of real estate.

This was the conclusion of the high-level panel at yesterday’s MIPIM, Private Equity: European Distressed Investing.

However, equity houses could be about to dip back into the market after three years of primarily asset managing their ¿rst-wave acquisitions, as trading conditions show some signs of becoming more liquid.

Bernard Phang, managing director of GIC Real Estate, said that, from a Singaporebased perspective, Europe was still suffering from low growth and a lack of con¿dence and ¿nancing.

“However, we recognise that Europe is here to stay and, consequently, we have avoided prime and bought smaller secondary in locations such as the UK, Germany and even

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Italy,” he added. “This is where we believe the under-the-radar opportunities are.”

Robert Weaver, partner at TPG Capital, said that $142bn (€108bn) was invested by private equity in the peak year of 2007 —“more than was invested in 2009, 2010 and 2011 combined”. He added: “But as a company built on buying, ¿xing and selling companies, we see business opportunities in real estate, especially as there has been a shake-out of the banks from real estate.”

Juan Pepa, managing director of Lone Star, reported that his company had made distress acquisitions for a fund in 2007, but had mainly been asset managing rather than acquiring in Europe since then. However, over the last two or three months, Lone Star had once again become an active acquirer.

“My sense is that we might be approaching a second wave of opportunities and, after a busy start to the year, we are hopeful we can continue to place funds in real estate,” Pepa added.

Contraction took place last year in yields and vacancy rates. But there was also a contraction in liquidity in Europe and signs of it in the US. However, this year C&W expects expansion in both investment activity and the global economies. This should lead to more activity within and across regions.

David Hutchings, C&W’s head of European research group, pointed out that, although volumes were up 14% globally last year to $727bn (€554bn), they slipped 7% between the first and second halves of the year.

Volumes last year were a third lower than at the 2007 peak, while yields were 29 basis points higher than in 2008.

Currently, European activity is being hampered by banks, which are withdrawing debt faster than new sources can supply it.

The good news is that investment activity is expected to expand this year as both supply and confidence increase.

35

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mipim

neWs Cities must look to the future and to the past, Brady says HE SECOND keynote speech in the Qatar Urban Forum series of high-pro¿le talks at MIPIM was presented by Angela Brady, current president of the RIBA, the UK’s professional architects body, and director

T

of Brady Mallalieu Architects.

The theme for the second day of talks and presentations was Culture, Heritage and Identity.

Brady spoke of the dilemma faced by cities today: how far to preserve the past and how far to pursue the new for its own sake.

Architect Angela Brady talked about culture and heritage at the Qatar Urban Forum

“Should we be copying the past?

Or be looking for a new way towards the future?” She asked.

Her answer was that architects, designers and planners should do both. “What is important? Is it culture or consumerism? In a way, it’s both,” she said. “Integration is the key.”

Brady looked at the work of English Heritage, and examples in Ireland where integration had been successfully applied.

“Temple Bar in Dublin was a very successful example of integration, where cultural centres and housing brought living back to the heart of the city.”

Brady stressed that when integrating new designs into older structures, “The key is not pastiche but new contemporary.”

And Brady noted the importance of history when it comes to creating designs that have a sense of place.

“The historic environment encourages cultural activities. History is what grounds us with a sense of time and place — everyone and every place has history. Designers, architects and planners must always hold that in the forefront of their minds.”

Katowice is set for transformation WITH a population of over 306,000 inhabitants, Katowice is an economic, political, cultural and academic centre in southern Poland’s Silesian region.

It is within a short distance of key European cities including Vienna, Prague, Berlin, Budapest and Bratislava.

The city centre covers an area of 150 ha, where new public facilities including the International Congress Centre and the Silesian Museum will be built within the next two years.

The rejuvenation will provide 28 ha of mixed-use facilities including of¿ce space, housing,

retail, services and public space projects. Redevelopment of the road system and infrastruc-

ture is also planned, as well as the modernisation of the public transport system.

URBAN RENEWAL

SPOTLIGHT ON GRAND POITIERS

Poitiers railway station district, a multimodal business hub

GRAND Poitiers is exhibiting for the first time at MIPIM this year.

Ninety minutes from Paris

by TGV, Poitiers is the regional capital of Poitou-Charente.

With its 12 communes, Grand Poitiers is equidistant from Paris, Nantes and Bordeaux.

In 2011 Express Magazine named Poitiers as one of its top ranking cities for dynamism and quality of life.

Grand Poitiers will be highlighting its various ambitious urban development schemes in Cannes. One is Poitiers Coeur d’Agglo, the 38,000-sq m renovation and redevelopment of Poitiers city centre, handled by French architect and urban planner Yves Lion.

Another is the development of a multimodal business district located close to the TGV railway station and the Poitiers Conference Centre.

Katowice city centre is undergoing major renovation

The 28,000-sq m scheme will consist of 16,000 sq m of residential, 8,000 sq m of office space and 4,000 sq m of retail and services.

37

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mipim

neWs UKR chooses Nottingham for its first mixed-used village scheme K REGENERATION (UKR) launched its model for private sector-led regeneration in UK cities and towns at an event hosted by Jones Lang LaSalle at MIPIM on Tuesday.

ReÀecting on a project ¿nancing deal delivered in 12 months, UKR chief executive Jackie Sadek said: “It started at MIPIM 2011 when we met Nottingham, and ¿ttingly now we’re of¿cially announcing the project at MIPIM 2012.”

Nottingham will be the location for a pilot ‘village’ of 200 homes after UKR developed a model to develop in¿ll city-centre sites, providing mixed-use villages designed to meet local community needs. Each development will need to be commercial in its own right, in order to sustain the model throughout the UK, after

U

UKR announced in June 2011 an ambitious target of delivering 20,000 homes by 2020.

“This has been the journey of my life and it will be the ¿rst housing project that has truly been designed around the consumer,” Sadek said. “It’s radical, it is a game-changer and it will be entirely predicated on people.”

The homes at Sand¿eld Village will be high-quality, built to generous space standards and designed to establish renting as an aspiration and positive choice. A mix of convenience shopping, niche boutiques and small local operators will be blended with the homes.

UKR has brought together a team covering all aspects of the scheme including Jones Lang LaSalle, Barclays, Wates, Eversheds, EC Harris, Redbox Design Group and Workspace Group.

Warsaw’s Senator seeks investors GHELAMCO Poland, a subsidiary of Ghelamco Group, was established in 1991 and has always been a dynamic player in the Polish market.

Ghelamco has delivered over 390,000 sq m of modern of¿ce space to the Polish market and has 160,000 sq m of additional office space in forthcoming projects. The 100,000-sq m A-class Warsaw Spire, when completed in 2014, will be the most modern complex in Warsaw.

“We always use MIPIM to launch new projects to the investment market”, says Jeroen van der Toolen, managing director Central & Eastern Europe, Ghelamco.

The focus this year is on the 25,000-sq m Senator office building, a unique scheme, in the historic part of Warsaw.

The site’s prominent heritage will be reÀected in the design with the project’s unique architecture clearly referring to the original 1907 Polish Bank building.

The Senator scheme is to be delivered mid-2012. “We are mainly interested in investment funds, active on the Polish market, such as the German, Austrian, British and American funds,” says van der Toolen.

Ghelamco’s Senator office building

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mipim

neWs Warburg Henderson shops for Austrian retail assets N BEH A LF of Warburg Henderson, Henderson Global Investors has bought a number of Austrian retail assets.

These include a fully let, 15,000 sq m retail warehouse in the Austrian city of Furstenfeld, purchased from ARW Bauprojekt for an undisclosed fee.

The property consists of one existing building and a newly developed extension, which opened about three months ago. The existing building is currently being refurbished by the vendor and the main tenants include C&A, Fussl, New Yorker and the sports goods retailer Intersport as well as a modern unit for the chemist Muller. It has been bought for the fund Warburg Henderson Osterreich Fonds 2.

At the same fund, Henderson has also acquired a shopping unit occupied by Intersport Eybl in Vienna, purchased from Deka Immobilien, again for an undisclosed fee. The 10,400 sq m store is fully let to Intersport Eybl, with a remaining lease length of 12 years.

Clemens Rumpler, Warburg Henderson’s head of property investment, Austria, said: “Retail sales growth in Austria has been growing slowly but reliably over the last couple of years. Forecasts suggest that this trend will continue, as Austria bene¿ts from the

RESEARCH

HEALTHY TREND FOR GERMAN PROPERTY A STUDY by consultancy EC Harris predicts that international investors are expected to increase property investment in Germany during 2012. This latest research, German Real Estate Market Trends: The Investor Perspective, found that the appetite to fund property schemes in Germany among those currently active in the market is higher than anywhere else in Europe.

70% of investors are planning to increase their level of investment in 2012, with the remainder intending to maintain current levels.

59% of respondents were optimistic that Germany would continue to be Europe’s strongest and most stable economy over the coming years. This confidence is attributed to proven occupier demand, higher asset values and the secure rates of return that investors perceive within the German market. 38% of investors also revealed that they view the German property market as a safe harbour that provides a reliable and steady return, and which enables them to offset some of the risk they take on across their international portfolios. The report shows that 65% of investors revealed a preference for projects in Frankfurt and Munich, where occupier demand is forecast to remain high and asset values stable.

O

Sporting chance: Henderson’s Austrian acquisitions include Intersport, Vienna

strength of the German economy as well as higher growth rates in their main trading partners in Central and Eastern Europe.”

He added: “We like the stable and broad base of retailers, giving good scope for tenant engineering. In particular the retail warehouse sector bene¿ts from the improved quality of new

and refurbished assets attracting new retailers, previously focused on shopping centres and high streets. Pricing is attractive as only a few international investors are active in Austria at all and many local investors and banks are hamstrung by exposure to risky investments dating from the boom years.”

Stadium project brings eco-district to Marseille The future Velodrome Stadium and its new eco-district

THE RENOVATION of the Velodrome stadium in Marseille is an opportunity for the city to develop a whole new eco-district in the city centre. The refurbished Velodrome stadium will be covered, protected from the wind, made more comfortable and will have new safety features. The capacity will increase to 67,000 with 6,000 additional

seats to include boxes and business seating.

The nearby smaller Delort stadium will have its capacity enlarged to 15,000 and will be renovated with the aim of attracting national and international rugby games. Works will be ¿nished by June 2014.

The site of the future Velodrome eco-district will be developed

around the stadium on 10,000 sq m and will include 400 new residential units, student housing, a two-star and a four-star hotel, 13,500 sq m of office space, a spa and fitness area and a 28,000-sq m shopping centre.

The programme has a budget of €267m ($350m) financed by a PPP contract.

41

mipim

neWs HOK London’s vision for the Marina Mall in Lusail, Qatar

Taylor Wimpey’s Ingrid Skinner

TAYLOR WIMPEY’S CAPITAL PLANS THIS year will see Taylor Wimpey Central London build more new homes in the UK capital than ever before.

The residential developer is looking to capitalise on the anticipated demand for practical accommodation that meets the needs of London’s busy professionals.

HOK London’s ‘inspirational’ Marina Mall gains planning ESIGNER HOK London has been granted plan ning approval from Lusail municipality for its designs for the retail and leisure facility Marina Mall, located on the east coast of Qatar, 15 km north of Doha city centre.

The Lusail development, a newly constructed district within Doha, comprises 37 sq km of waterfront land that is masterplanned into 19 integrated and diverse mixeduse districts. The city’s vision is

D

to create a vibrant communityoriented lifestyle.

The 60,000-sq m mall consists of three levels, with an additional 10,000 sq m hypermarket at basement level. The mall will also house cinemas, restaurants with terraced dining overlooking the marina, and spa facilities. Smaller pods embedded in the landscape around the complex are designed to animate the threshold between the mall and the marina.

These will house additional retail space, exhibition spaces and

entertainment areas that include leisure activities, such as a skate park and children’s play area.

Barry Hughes, vice-president of HOK London, said: “Lusail, Qatar’s future city, will offer the latest in modern urban living and it was important that the design of Marina Mall complement that inspirational vision. By mixing natural forms with traditional architecture types, we are trying to make a technological as well as an imaginative step forward in place creation.”

Taylor Wimpey Central London managing director, Ingrid Skinner, said: “We are looking to extend our reach within those boroughs that offer a combination of established desirability and potential for growth.”

Schemes being built or with planning permission include projects in West Hampstead, Tufnell Park, Islington, Newham and Lewisham. Further developments are planned for Greenwich, Kensington and Camden.

Korea builds go-to design destination The Guri World Design Centre will form the centrepiece for NCD outside Seoul

THE GURI World Design Centre outside Seoul is beginning to take shape.

The building, part of a hugely

ambitious project and mixed-use development on the outskirts of the South Korean capital, is due for completion in 2015. It is

part of a major multi-billion dollar scheme to promote Guri as a world-leading destination for the design and architecture industry.

The wider Nature, Culture and Design (NCD) project will include a design school for graduates, convention centres and exhibition halls for conference and events, hotels, shops and residential space.

The masterplanning and architecture has been delivered by RTKL, which is showcasing NCD at MIPIM.

THE PRESENTATION by local authorities and architects of the Thiais Orly Rugby programme drew a large MIPIM audience. “The programme is the convergence of Greater Paris’ ambitions and local urban development projects,” said Yanick Le Meur, deputy manager of EPA Orly Rungis Seine Amont

43

If your hotel is located outside Cannes, check out the free shuttle service.

Available to all delegates from 08:00-00:00

Schedules are available in hotels and at various points in the Palais des Festivals Shuttle hotline: +33(0) 4 92 99 87 51 The world’s property market

the real estate world in 2012

mipim

16 editors-in-chief give us their vision in the MIPIM News MIPIM is a gathering point for the real estate media as editors look to take the pulse of the world’s property markets. MIPIM News asked 16 leading editors for their forecasts for the year ahead.

Tuesday

yesterday

6 March 2012

7 March 2012

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IMMOBILIEN MANAGER

Cuneyt Tabanoglu Investor’s Guide Editor www.gayrimenkulturkiye.com Turkey

Christof Hardebusch Editor in Chief www.immobilienmanager.de Germany

Where do you expect prime rents and yields to be at the end of 2012?

Where do you expect prime rents and yields to be at the end of 2012?

Although prime rents and yields for commercial property remained broadly stable in the last quarter of 2011, there will still be an upward pressure on rents and yields may continue to fall slightly in the early part of 2012. Investors need to do their homework before acquiring a property even in prime locations. Nowhere can be considered a “must buy” today within these global ¿nancial conditions.

Growth perspectives for Europe taken as a whole are quite negative.

Rents will decrease; yields will rise in all south European countries.

Paris markets will weaken a bit. London also as long as there is not too much trouble in the British ¿nancial sector. Germany remains the center pillar for the European economy. This makes investments in German real estate more and more attractive. Demand for of¿ce space won´t decrease, so rents will be stable, yields in the prime segment too.

Which sectors and locations do you expect to outperform in 2012 and why?

Having an under-provision of quality retail space and strong retailer demand, emerging markets like Istanbul and Moscow are positioned to outperform in 2012. They most likely will both see an increase in retail investment volumes, compared to other European locations. Istanbul has already ranked as the top spot for new investment and development prospects in the Emerging Trends In Real Estate 2012 survey.

Which sectors and locations do you expect to outperform in 2012 and why?

Pick one new trend you think will impact real estate in 2012?

Pick one new trend you think will impact real estate in 2012?

Given the sovereign debt crisis in Europe and fragile global economy, 2012 will be all about staying safe and not straying too far what you know. Even within the most promising markets investment will most likely be drawn mainly to prime locations. As Emerging Trends In Real Estate 2012 interviewees have revealed, a key emerging trend will be the need to pay increased attention to societal and consumer needs as a way of securing long-term income. Bottom-up investing and regularly considering what people really want will both be more apparent.

Currently many investors are trying to avoid risks and allocate very carefully. This leads to a focus mainly on low leveraged core investments — and to a decrease of yields in this segment. The second half of the year will probably bring a change in strategies and perspectives, because there won´t be too many core objects available to a reasonable price. More and more investors will adopt a still very cautious value add strategy. Germany will be one of their favoured targets. And German markets will offer some good opportunities and a lot of traps also.

To avoid these traps will be the challenge for international investors.

They also should avoid mistakes made before, in the boom years of 2006 to 2008. One is transferring international experiences to local markets. For instance: If Germans spend less of their income for consumption, it does not necessarily mean they will catch up to international levels.

German retail real estate in A-locations is in favour with many investors, but might be overestimated. Retail real estate in certain second tier cities will be a good bet. Housing in cities with stable or rising demographic conditions will rise in capital value. Because of legislation housing rents will follow on a slower pace.

45

mipim

the real estate world in 2012 16 editors-in-chief give us their vision in the MIPIM News IMMOBILIEN ZEITUNG

MAGASINET EJENDOM

Thomas Porten Editor in Chief www.iz.de Germany

Kamila Sevel Editor in Chief www.magasinetejendom.dk Denmark

Where do you expect prime rents and yields to be at the end of 2012?

Germany’s federal structure means there is a host of real estate submarkets which can develop quite differently. As a consequence, there is a large number of investment opportunities — and a large variety among top rents and return rates.

Which sectors and locations do you expect to outperform in 2012 and why?

Germany has become an economic driver for Europe. Germany’s economy is healthy, the labour market extraordinarily stable. These positive conditions have bene¿ted certain sectors more than others — after more than a decade of price reductions, housing property prices have been rising again for three years now, in some parts of Munich, Hamburg and Berlin by over 20%. Unlike on other markets, no price bubble has formed in Germany. In fact, supply is outstripped by rising demand in the country.

In 2012, housing market prices and rents are expected to increase again.

Additionally, retail properties worth over €10bn were sold last year, which was almost half the entire real estate transaction volume. The positive mood among consumers and the short supply will continue to cause high demand for core properties. Properties in premium locations and out-of-the-ordinary shopping centres and retail parks are sought after.

Pick one new trend you think will impact real estate in 2012

In Germany, the old trends are the new black. As long as problems in the Eurozone are not resolved, Germany is set to remain an appealing investment location. Investors’ need for safety plus the lack of alternatives and/or return opportunities for other types of investment has driven national and international investors to Berlin, Munich, Hamburg and other German hot spots. As investors focus on the core segment, prices are set to remain high and return rates low. As soon as global ¿nancial markets come to rest and the global economy recovers, Germany will regain positive momentum as an exporting nation. In that situation, rent increases in other segments — not just housing — may be feasible, too.

Where do you expect prime rents and yields to be at the end of 2012?

In Denmark, prime rents have only moved marginally these past 25 years, and rents overall are set to remain stable throughout 2012. Yields in Copenhagen are low at 4.5-6%, depending on the segment. Demand for prime rentals is very high, and will stay that way. All in all, it’s a stable, interesting low-risk market.

Which sectors and locations do you expect to outperform in 2012 and why?

When it comes to prime domicile properties, this segment currently outperforms everything in the market but supply is short. This is why investors are beginning to take a serious look at retail and logistics facilities but so far only brand new buildings with prime locations. Over time, investor interest will turn increasingly towards prime properties in Denmark’s other big cities Aarhus, Odense and Aalborg.

Pick one new trend you think will impact real estate in 2012?

In 2012, the property market will be characterised by a sense of uncertainty, a feeling that “all options are open” with no clear signals or sure trends. Actually, for Denmark, it’s a trend in itself that now nothing can be gained by sticking to old routines. The economy is relatively good but access to ¿nancing is unpredictable at best, and this presents quite the challenge. On the other hand, the current climate is fertile soil for new business opportunities as the market is currently re-grouping and re-organising itself. Gone are the days of sacred alliances between suppliers, consultants, buyers and sellers. Hard times right now — but over time this will prove to be a very good thing for the property business as such because all stakeholders will be forced to do their very best work — and this will often be quite a bit better than what they were used to doing.

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Wednesday 7 March 2012

DAY

www.mipim.c E

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01

INVESTOR FOCUS

Francois Ortalo-M outlines a return agne to fundamentals at MIPIM’s REInvest summit

Moscow Mayor Sergey Sobyanin highlights as global showcase MIPIM

See page 12

DESIGN MATTERS

See page 8

BUILDING INNOVATI

ON

Lord Rogers talks about the language of architectu re

Technology is changing the face of the workplac e

See page 20

See page 18

STUTTGART STANDAR

DOUBLE DECKER

Dr Wolfgang Schuster, Mayor of Stuttgart, sets environmental out the city’s vision

MIPIM Qatar Pavilion to host urban summit See page 36

See page 32

COUNTRY OF HONOUR

SKY HIGH The 200-metre Kazan Riviera Tower takes shape in Tartarstan

German funds put safety first

See page 34

See page 65

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Ready to refurbish However attractive a shopping center may be – it will lose its appeal one day. We will be there for you: ECE is the refurbishment expert – improving, extending, revitalizing, and setting new, thriving trends. We are currently realizing extensive refurbishments for seven shopping centers with excellent value creation potential. In 2012/2013, all these centers will celebrate a glamorous reopening – attracting a multitude of visitors once again.

Shopping | Office | Traffic | Industries ECE Projektmanagement G.m.b.H. & Co. KG Heegbarg 30, 22391 Hamburg, Germany Phone: +49 (0)40 60606-0, Fax: +49 (0)40 60606-6230 www.ece.com, info@ece.com

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