MIPIM 2012 NEWS 2

mipim nEWs ®

DAY

Wednesday 7 March 2012 ADVERTISEMENT

INVESTOR FOCUS

Francois Ortalo-Magne outlines a return to fundamentals at MIPIM’s REInvest summit See page 12

DESIGN MATTERS

Lord Rogers talks about the language of architecture See page 20

STUTTGART STANDARDS

Dr Wolfgang Schuster, Mayor of Stuttgart, sets out the city’s environmental vision See page 32

SKY HIGH The 200-metre Kazan Riviera Tower takes shape in Tartarstan See page 34

www.mipim.com

02

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Editorial

by German Ambassador to France

Reinhard Schaefers

Immobilien wirtschaft Das Fachmagazin für Management, Recht und Praxis

Official media partner of

www.immobilienwirtschaft.de 03 l 2012

A Guide to Regions

Germany for Beginners A Guide to Exhibitors

German Companies at MIPIM A Guide to the MIPIM Awards

The Finalists from Germany

GERMANY

“Country of Honour”

With this issue – Germany supplement in association with Immobilien Wirtschaft

GERMANY appreciates the privilege of being selected Country Of Honour for this year’s MIPIM real estate fair in Cannes. This distinction certainly reÀects the great interest of German participants in MIPIM. Since MIPIM’s inception 23 years ago, participants from Germany — be it as cities, regions or construction enterprises, architects, investors or even insurance companies — have not only been particularly numerous, but have also covered the whole range of the fair’s events.

Of course there is a joint German pavilion once again — and especially fittingly — this year.

As a mult i-fa c e t e d international real estate fair, MIPIM perfectly fits the demand and characteristic profile of Germany, with its experience with largescale projects, not least thanks to our re-unification, which has boosted real estate modernisation and restoration activities as well as construction. Germany’s legislation and incentive instruments, therefore, are modern and effective, bene¿ting every region of Germany and enabling our businesses to make use of their extensive recent experience.

Of course it is not only German companies, architects and investors who are active in Germany; a great number of international enterprises and investors have also taken on projects here. They are able to act within a reliable framework and rely on the ef¿cient infrastructure of a modern high-tech country. Investors ¿nd a skilled labour force in Germany as well as a modern and high-performance construction industry.

German cities and regions are not the only ones at MIPIM working

to attract foreign involvement. German investors are likewise seeking out the projects and partnerships best suited for them. The considerable level of German investment abroad is no accident. Project developers, architects and construction companies have a shared interest, because above a certain level everybody has to be active internationally nowadays. At times business partners from Germany might also find one another here in Cannes.

With the notion of a “market”, the Marche International des Professionnels de l’immobilier clearly expresses the essential service of MIPIM: it is a forum for the f a c i l it a t io n of partnerships and networking. Capital, know-how and construction s e r v ic e s s e e k optimal opportunities on a global scale. One distinctive advantage of MIPIM is that it offers more than just a once-a-year event: its networking and momentum c o nt i nu e

beyond this exciting time in March — a truly sustainable approach.

Since its second year MIPIM has recognised excellent projects by awarding prizes. This benchmarking has helped spread proven best practices internationally.

The number of participants in MIPIM has increased again in 2012.

Even in economically turbulent times, interest in real estate has grown. This dynamic worldwide interest underscores the signi¿cance of MIPIM for the real estate sector and fully reaf¿rms the motto: “If MIPIM didn’t exist, MIPIM would have to be invented.”

I would like to thank the organisers of MIPIM for their great professional commitment and their impressive achievement. I wish the 23rd Marche International des Professionnels de l’immobilier in Cannes every success, and I hope that all the participants will find good p a r t n e r sh ip s and successful projects.

3

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Contents

+

in pictures

e Schedulce

06, 08 MIPIM Opening Night Cocktail Party

n Confere me m ra g pro P38

nEWs 04 China open for business; REInvest Summit; Industrial & Logistics; Building Innovation; Lord Rogers at the Qatari Forum; Lusail City; Aedas anniversary; World Design City Helsinki; Mayor of Stuttgart; The Hellenic Republic Asset Development Fund; Japan’s DREAM team; Nine Elms development; and more ...

the real estate world in 2012 59 Four guest editors share their market insights

67 Emerging markets bring new opportunities

Stop by the Riviera Seaview stand at 12pm or 5pm today, for complimentary champagne and great views of the bay

71

features 63 Logistics: Build speculatively or build-to-suit?

Have you seen the best of Cannes yet?

67

71 Turkey: Gateway to the east and west

63

mipim neWs 2 ®

The official MIPIM daily newspaper Wednesday 7 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 Office 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 © 2012, Reed MIDEM Market Publications, Publication registered 1st quarter 2012. Printed on FSC certified paper

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in pictures

This year with Germany as Country Of Honour the welcome party was sponsored by 16 leading German cities, regions, institutions and companies: s "ERLIN s $USSELDORF s #ORPUS 3IREO s %#% s &RANKFURT s %0s :)! s (AMBURG s &LUGHAFEN -UNCHEN s %URO (YPO s (ELABA s 0"" s -UNICH s .ORDRHEIN 7ESTFALEN s !EREAL "ANK s 3TUTTGART

Opening Night Cocktail MIPIM’s traditional opening night welcome party took place last night in the Carlton hotel on the Croisette Among the VIPs were:

Thomas Weyer, chief ¿nancial of¿cer of Flughafen Munchen, and Heidrun Weyer

Natalia Tenchhohn and Sven Korndoerffer of Aereal Bank

6

Christian Schuetz; Sandra Tewes; and Kai Schubart, all of Corpus Sireo Asset Management Commercial

Markus Frank, Deputy Mayor of Frankfurt

Michael Casper of Runze & Casper; Michael Mueller the new Berlin senator; Regula Luescher Berlin’s Senate director of urban development; and Daniela Augenstein, the head of Berlin’s press department

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in pictures

Grontmij’s John Frederick Kernot (left) and Steve Henstridge from MCM Architecture

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ID Group’s Olga Karp (left) with Roman Petrusiuk and Volodymyr Kobyelyev, Nivki City Group and Lanta Bank’s Irina Pisarevskaya

Transperfect’s Tim Chiles left and Marine Beau¿ls

Arboga Kommun’s Annica Gustafsson (left) and Goran Dahlen

Raport Media Group’s Victoria Lebedeva (left) Hovhannes Igityan from European Business Organisations Worldwide Network

Guy Kemball-Williams from Hearthstone Investments (left) with Philippa Brown and Sarah Bale both from Brand On, and Christopher Down from Hearthstone Investments

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neWs BUILDING INNOVATION

DEVELOPING FOR THE FUTURE SPEAKERS at yesterday’s afternoon session of the Qatar Urban Forum wrestled with the issue of how urban developments can be made more environmentally friendly.

Greening The City: Integration Of Green Technology In Urban Developments was hosted at the Qatar pavilion and featured a panel of internationally renowned experts in the fields of real estate and urban development, and related social, economic and cultural issues.

According to Dr Ken Yeang, of Llewelyn Davies Yeang, the first step in limiting the environmental impact of any development is to determine the biodiversity of the location. “In nature everything is connected,” he said. “Our developments disrupt these connections and in greening our cities we need to reconnect, providing continuity through features such as eco bridges to accommodate migrating species, for example.” This green infrastructure principle can also be applied to tall buildings to create vertical parks in the sky, mixing organic and inorganic features to mitigate impact.

ZEDFactory’s Bill Dunster said that with the finite mineral resources of the world due to run down over the coming half century, we need to switch our attention to renewable solar power.

“We need to get our head around the development of a solar economy, it is the only solution,” he said.

Building Innovation p18 Dr Ken Yeang

10

China’s cities still attractive for international investors ENTRAL GOVERNMENT legislation to prevent residential property prices from skyrocketing in China, should not discourage international investors from looking at the market, according to a panel of experts speaking as part of the Asia-themed conference programme at MIPIM. High interest rates and a (recently relaxed) requirement for banks to hold large capital reserves, have put pressure on Chinese developers, caught between banks that are reluctant to lend and the high price of obtaining cash when it was available.

“Local Chinese developers are short of cash and this is an opportunity for international investors to partner with them,” Frank Khoo, global head of Asia, AXA real estate told delegates at the China: Investment Diversi¿cation panel. He said that falling residential land prices have encouraged AXA to look for land sites, particularly for mid-tier residential.

Estimates from Cushman &

C

Wake¿eld suggest China will have 200 cities with a population of over one million by 2025. Cushman & Wake¿eld’s John Stinson, managing director capital markets, identified a surge in retail as a further investment possibility. He told delegates that by 2025 China would have 200 major residential markets, 200 major retail markets and 10 major of¿ce markets.

Delegates at yesterday’s MIPIM Asia Lunch

Paul Zilk (left) with Stian Berger Rosland, Governing Mayor of Oslo

First new shopping centre in 22 years for Stockholm SWEDEN’s most active property fund is preparing to open Stockholm’s ¿rst major retail development in for 22 years and is seeking further opportunities for investment.

A M F Fa s t ig h e t e r will unveil the Mood Stock hol m shopping

Addressing a packed Asia lunch at MIPIM on Tuesday, Yin Guojun, vice-director general of Chongqing City Construction Comprehensive Development Management Of¿ce, reported that China’s fourth largest city has avoided a residential real estate price hike and remains open to outside investment as part of its plans to double in size in the next 20 years.

centre later this month as part of a wider drive to increase its exposure to the Swedish retail market.

It currently manages five retail schemes in Stockholm alone and another in Gothenburg.

The fund also manages a number of of¿ce projects

REED MIDEM CEO Paul Zilk welcomed an enlarged Norwegian contingent to the Oslo stand on Tuesday afternoon, commending the country’s strong economic performance and the rejuvenation of the capital, notably through the Fjord City Plan. Addressing attendees, Governing Mayor of Oslo Stian Berger Rosland outlined a series of major projects around the city

around Sweden.

AMF Fastigheter is attending this year’s MIPIM to ¿nd opportunities for further investment to its fund, which is made up of around 10% property assets mainly across the retail and of¿ce sectors.

Martin Tufvesson, head of transactions and analysis at AMF Fastigheter said: “We’re focused

on long-ter m investments. We’re interested in the future vision for Stockholm.”

AMF Fastigheter’s business model is based around actively managing the property and the tenant relationships. Improving existing schemes or redeveloping centres to boost their value is a key element of its longterm growth strategy.

mipim

neWs SHARIA FINANCE

QUALITY COUNTS FOR KUWAIT FINANCE HOUSE MIPIM offers exposure not only to the world’s real-estate community, but to “quality people working in the industry”. This is the view of Ali Alghannam, head of international real estate at Kuwait Finance House, a pioneer of the Sharia-compliant financing technique.

Alghannan is at MIPIM to meet people across the real-estate ecosystem. “It’s good to see MIPIM is sustaining its quality and credibility and picking up again after the financial crisis,” he said.

Flight to fundamentals good news for players of all sizes NVESTORS are going back to basics, said Francois OrtaloMagne in his lunchtime keynote at yesterday’s REInvest summit.

The dean of the Wisconsin School of Business told the 100 top investors gathered for the special MIPIM lunch at the Majestic hotel: “What is clear is that investors want to return to fundamentals, which means there is space for the big players with their global platforms, and space for niche players, who can offer the human touch.”

Ortalo-Magne added that the over-riding themes of the morning workshops had been the importance of trust and of partnering with like-minded businesses. He also stressed the value of due diligence.

The attendees at MIPIM’s annual REInvest summit received a summary and analysis of earlier round-table discussions which, once the ¿ndings have been approved by the participants, will be released as a white paper.

Lunch co-sponsor Mehmet

Even, assistant general manager of Zorlu Property Development and Investment, said he remained positive about the investment climate in Turkey, not least the $4bn (€3bn) investment that his company had made in the upcoming Zorlu Center in Istanbul.

Fellow co-sponsor Massimo Brunelli, CEO of IDeA FIMIT, which was born in October out of the merger of First Atlantic and FIMIT, said he was confident his company would move ahead in 2012, managing 23 funds from Italy.

Zorlu’s Mehmet Even: confidence in investment climate in Turkey

IDeA FIMIT’s Massimo Brunelli: positive for 2012 in Italy

Wisconsin School of Business’ Francois Ortalo-Magne: “return to fundamentals”

I

Alghannan puts the success of Kuwait Finance House down to the fact that, “when it come to investment, we always ensure we are dealing with solidly based and transparent real-estate properties”.

Kuwait Finance House was one of the first banks to recognise the demand for, and to become involved in, Sharia-compliant banking, and remains a leader in the field. The main differentiating factors of the Islamic banking system are the sharing of risk and the prohibition of ‘riba’ (usury/ interest). There are now over 300 Sharia-compliant financial institutions worldwide. There were $1 trillion in estimated managed assets globally at the end of 2008, rising to $1.5 trillion by 2013.

This is a sector that is expected to grow massively over the coming decades. By 2020, there is estimated to be a $4 trillion potential market for Islamic financial services. By then, the Muslim population will have reached 2.5 billion and Islamic banks are expected to manage 40% to 50% of the total savings.

12

King’s Cross stops in Cannes

King’s men: Argent’s Steve Alderson (left) with Johnny Manns and Angus Kearin from student flat developer urbanest

THE DEVELOPERS of London’s King’s Cross project steamed into MIPIM with part of the station to give delegates a feel for how the ¿nished project will look.

The stand also features a sign for platform 9¾ — made famous in the Harry Potter series of books and ¿lms.

The 27.1-ha project, which will

be worth up to £3bn ($4.74bn), is already one-third taken. Tenants include Central St Martins, with BNP Paribas Real Estate, and Camden Council is arriving in 2014. The first residents will move into new housing in the summer.

Full completion of the project could take up to 10 years.

Welcome to

the Tokyo Sushi Party!!

TODAY, at 5:30PM~!

Shigeru WATANABE

Takahiko RAIJO

Senior Director for Policies

Manager

Headquarters of the Governor of Tokyo

Mori Building Co., Ltd.

Miwako DATE

Chihiro ADACHI

Executive Managing Director

Project Leader

Mori Trust Co., Ltd.

Mitsui Fudosan Co., Ltd.

President

Mori Kanko Trust Co., Ltd.

Tatsuo NISHIMOTO

Yasuo TAKU

Deputy General Manager Area Planning Office Commercial Asset Development Department

Exective Officer Deputy Head of International Business Division

Sumitomo Realty & Development Co., Ltd.

Mitsubishi Estate Co., Ltd.

Alexandre GIRAUD

Yoshihiko KANAI

Overseas Sales Department, Advisor

Director of External Relations

Tokyu Livable, Inc.

Japan External Trade Organization (JETRO)

Be sure to attend the Tokyo Conference!

Tokyo's Special Zone for Asian Headquarters Headquarters of the Governor of Tokyo

Mori's Business Activities and Projects in Tokyo Mori Building

Mori Trust’s development policy and what our BCP is Mori Trust

Nihonbashi Revitalization Project ~Proceeding to Create While Retaining and Reviving~ Mitsui Fudosan

Sustainable Premier Place Making: Marunouchi Redevelopment Mitsubishi Estate

Overview of our business and new deveropment projects Sumitomo Realty & Development

The Tokyu Group Urban Vision: Entertainment City, Shibuya Tokyu Group

JETRO's Support and Services JETRO

Wed. March 7th

11:00AM - 12:00PM / 3:00PM - 4:00PM

Thu. March 8th

11:00AM - 12:00PM / 3:00PM - 4:00PM

neWs Industrial & Logistics

FRENCH LOGISTICS MARKET GROWTH AFTER two years of slowdown, the market for big warehouses is moving back on track. Take-up rose to 2.23 million sq m in 2011, up 26% compared to 2010. According to Cushman & Wakefield’s report on France, this is mainly due to tenants wishing to accelerate the rationalisation of their real estate portfolio.

Cushman & Wakefield also stresses the appetite of contractors for recent and preferably new, large platforms and the importance given to sites close to a major communication axis enabling savings on transport costs.

Lille, Paris, Lyon and Marseille markets are the most sought-after, and they held 77% of take-up in 2011. However, Ile de France remains top logistic hub in France with 820,000 sq m sold or rented in 2011 — up 14% compared to 2010 and up 28% when compared to take-up during the last decade.

Logistics Park readies for Barcelona port expansion

Sylvia Rausch, commercial director of Saba, talks about the Port of Barcelona

I PI M ’s L o g i s t i c s Lounge saw the ¿rst of a series of focused presentations when Sylvia Rausch, commercial director of Saba talked about the joint venture between Saba subsidiary CPL (Consorci de Parcs Logistics) and the Port of Barcelona to expand and streamline this key southern Mediterranean maritime hub.

M

Along with Genoa and Marseille, Barcelona is a main entry point for international container traf¿c into southern Europe. “Now we’re joining forces to maintain Barcelona’s competitive edge as the Mediterranean’s logistics hub,” said Rausch.

The joint venture is particularly focused on preparing the 200-ha Logistics Park, behind the new Hutchinson Terminal, in readiness for the opening of the terminal in the summer of this year.

Rausch stressed the importance of the port of Barcelona to the Spanish economy. “Over 21% of all Spain’s maritime trade enters through Barcelona,” she said. “The port contributes €2.3bn ($3bn) to the Spanish GDP every year. And for every two jobs generated in the port, three jobs are created in the rest of Spain.”

Rausch also pointed out that unlike many of the giant Asian container ports, which act as intermediaries to container traf¿c passing on to other countries, Barcelona is a destination port. “Most of the containers that arrive in Barcelona stay in Spain,” she said.

With 3.5 million sq m available at end of 2011, the volume on offer has diminished by 15% over the last 12 months. Paris and Lyon regions represent half of that volume. Yields remain stable, with a prime rent at $50/sq m/year in Ile de France.

Cushman & Wakefield sees 2012 as a year of uncertainty due to the economic climate.

However, as e-commerce and high value-added distribution continues to grow, the logistics market will tend to be sustained as long as the key fundamentals of controlled costs and excellent access to the site are guaranteed.

16

CHARLENE Gianelli of Calais Premier about to begin the round table session in the Logistics Salon.

Calais Premier is planned as a huge 220,000-sq m distribution centre close to the Channel Tunnel portal.

It will be the ¿rst integrated intermodal motorway-railway hub capable of unloading a complete 500-metre goods train in 10 minutes.

The ¿rst building on the site is planned for 2013.

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

TWO NEW UK DATA CENTRES LAUNCHED HERMES Real Estate Investment Management Limited (HREIML) and GCE Data Centres are at MIPIM promoting two new data centres in Bracknell and Perivale, UK. HREIML and GCE Data Centres have combined their expertise in commercial property development to provide potential occupiers with a data centre solution that offers flexibility and independence.

Bracknell, a 1.3-ha site, has planning consent to develop a data centre of 8,000 sq m (3,500 sq m of net technical space) and has 10 MVA of power already purchased.

The completed building can be delivered by the second quarter of 2013.

Perivale, a 0.7-ha site, has planning consent for a 3,000 sq m data centre (1,500 sq m of net technical space) and 6 MVA of power has been purchased for delivery to the site. This building can be completed by the second quarter of 2013.

Gary Lees, MD of GCE Data Centres, said: “We are encouraged by the strong interest shown in both sites even at this pre-launch stage. This is a new style of offer to the market, a powered shell that can accommodate modular or traditional data centre configurations.

Our approach allows maximum flexibility to occupiers seeking a powered shell solution where the independence and security of controlling the facility is important rather than taking space in a managed data centre building”.

PLATINIUM PARTNER

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AEW EUROPE was the second largest dealmaker in Europe by value of transactions after Blackstone.

The business capitalised on interest in club deals bringing together some of AEW Europe’s clients for larger or more complex transactions.

In France, there were a number of transactions related to transferred assets or sales and leasebacks, which were effected through the ďŹ rm’s OPCI institutional investment platform operated by its afďŹ l-

AEW Europe is one of the largest and most active panEuropean real estate investment managers. In 2011, the company successfully raised around â‚Ź1.5 billion in fresh capital commitments in separate account mandates and for the funds it manages, with the majority of new mandates signed towards the end of the year. Total assets under management jumped nearly 9.0% over 2010 to â‚Ź18.6 billion and AEW Europe

iate AEW Europe SGP. AEW Europe is currently working on a number of new investment initiatives ranging from debt strategies through to real estate sector-focused funds. The ďŹ rm has started capital raising for its logistics fund, Logistis, which owns a portfolio of Grade A assets of â‚Ź1.0 billion. It is also launching a new private equity real estate fund, which will focus on the market distress and lack of debt funding in Europe.

M. Rob Wilkinson, Chief Investment OfďŹ cer

Contact: Saida Grosvalet | Head of Marketing and Communications | Investors Relation AEW Europe | 8-12 Rue des Pirogues de Bercy | 75012 Paris | +33 (0) 1 78 40 92 10 saida.grosvalet@aeweurope.com

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neWs BREEAM STATUS FOR IQ OSTRAVA IQ OSTRAVA will be the first development in the Moravian-Silesian region to receive the internationally recognised BREEAM energy efficiency certificate when construction is completed this September.

The A-class office development by property developer CTP comprises two interconnected high-rise buildings with 22,000 sq m of rentable area. The built-in flexibility of the IQ design allows for horizontal and vertical expansion and will provide ideal accommodation for a range of business activities, including shared-service centres, call centres, R&D facilities and regional headquarters.

CTP’s A-class office development, IQ Ostrava

CONCRETE RESULTS THE INNOVATIVE use of Lafarge’s high-performance Ductal concrete technology in the construction of the Pierre Budin Daycare scheme in Paris was the focus of a Building Innovation session yesterday. Dominique Marrec of architect ECDM and Laurence Jacques, Ductal director at Lafarge, explained that the low-energy building is designed with a facade made of prefabricated white titanium Ductal panels with organic fibres.

These were installed in front of the building’s exterior insulation to provide water tightness.

Building Innovation

Is it time to say goodbye to the ‘silo’ design approach?

HE CHALLENGES facing intelligent building design were outlined in a presentation by Danny Cummins, marketing director at Siemens, speaking at yesterday’s MIPIM Building Innovation programme.

Describing the trend for introducing integrated building-services design at the very beginning of the construction process, he said: “This is a very good idea. We need systems that will look after a building’s technology throughout its design lifetime. It’s a long-term requirement.”

Cummins argued that the ‘silo’ approach to the way buildings are designed and engineered needs to be abandoned. By adopting an integrated approach at the beginning of the design process, costs can be saved and future conÀicts avoided, he said.

He added that the buildings of the future would have to be designed to comply with increasingly stringent standards of energy ef¿ciency and safety. “People are still a company’s most important asset and the priority is to protect them from ¿re, threats and damage from third parties,” he added.

T

Paris- based architect, comes to MIPIM on the back of one of its more notable successes — the iconic world headquarters of the

EFSA’s new headquarters in Parma, Italy: iconic and efficient

ECDM’s Dominique Marrec: innovative with Ductal

18

TWO FRENCH laws — Lois Grenelle 1 and 2, passed in 2009 and 2010 respectively — require both new and existing buildings to drastically reduce their energy consumption from 2012.

Yesterday’s MIPIM conference, France: How To Refurbish The Existing Stock, co-organised with newspaper Les Echos, focused on the consequences of the new regulations on the existing stock of office buildings.

Siemens’ Danny Cummins: integrated design “a very good idea”

In this context, Cummins pointed to the development of sophisticated intelligent-response systems that can detect unforeseen events and select appropriate solutions. However, he noted that simple technologies already on offer can deliver immediate bene¿ts to building occupiers and owners, particularly in the areas of building management, HVAC (heating, ventilation and air-conditioning) and lighting.

Art & Build pulls off Italian job ART & Build, the Brussels- and

FRENCH TAKE STOCK OF NEW ENERGY LAWS

European Food Safety Authority (EFSA) in Parma, Italy.

The 11-storey triangular-shaped project is the result of an international competition organised by the City of Parma for a restricted urban site. Art & Build and local architect Studio Valle came up with a 16,000 sq m building that not only projects a new contemporary image for Parma but is an energy-ef¿cient HQ for the EFSA. The sustainable development features thermal photocells, photovoltaic cells and automated louvres for sun protection.

For more information, visit the Building Innovation pavilion on level 01, aisle 02.04 Daily cocktail open to all from 17.00

Illustrating the challenge that the new laws represent to property developers and managers, Laurent Lehman, deputy general manager of CBRE, said: “The existing stock of private and public office buildings amounts to 850 million sq m, which represents 43% of primary energy consumption — in other words, 2.5% of France’s GDP. You can imagine the challenge this presents, when energy costs keep on skyrocketing.”

But before implementing the new legislation, property developers must first develop new methodologies for measuring the real environmental performance of buildings, stressed Jacqueline Faisant, chairman of BNP Paribas REIM. ”It’s quite a heavy task and there are no simple solutions,” she added. “We are learning step by step.”

CBRE’s Laurent Lehman (left), BNP Paribas REIM’s Jacqueline Faisant and Lefevre Pelletier & Associes’ Veronique Lagarde

mipim

people

Lord Rogers speaks the language of architecture CBRE Investors’ Florencio Beccar

CBRE BANKS ON CONSUMER CONFIDENCE CBRE Investors will be focusing on quality retail investments in core locations in 2012.

Fund manager Florencio Beccar, based in The Hague, Netherlands, expects to spend around $400m this year in France, German, Sweden and the Benelux countries.

“Germany will be our number one country because of its resurgent economy. Consumer confidence and retail sales there are doing well.”

CBRE Investors has more than $100bn invested in property around the world.

But at MIPIM the focus is on European retail. “The market has become very polarised leading to a flight to quality,” Beccar said.

“We did no business at all in Portugal last year.

“In 2012 we have seen a very slow start to the year but I expect it to pick up in the second half of the year, though the focus will remain on core economies.”

One market that is beginning to attract attention, he said, is northern Italy where the fundamental economic conditions are good, though investors are biding time due to political uncertainty.

Whatever happens this year Beccar is optomistic.

“I always have a packed diary at MIPIM and always leave having achieved something,” he said.

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HE DOUBLE-DECKER Qatari Urban For um stand at MIPIM is hosting a series of talks and presentations by leading ¿gures in the world of design and real estate. Three leading Qatari companies have come together to create the Qatari Urban Forum: Qatari Diar, Msheireb Properties and Lusail City. The theme of the ¿rst day’s programme was Sustainability, Energy And Green Development.

After an introduction by Peter Murray, chief executive of New London Architecture and Essa Mohammed Ali Kadari, chief executive of Lusail City Real Estate Development Company, the ¿rst talk came from Lord Rogers — architect Richard Rogers — who talked about his design philosophy and what he calls “the language of architecture”.

Before focusing on the themes of his awardwinning designs, Lord Rogers said that Qatar has become one of the world leaders in building sustainability. He warned that sustainability is the single greatest problem facing mankind at the present time. “If we don’t handle it properly it could be the end of our culture.

It’s as serious as that. There’s no question that we do have the power to make changes. But it’s taking us a long time to do so.”

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Lord Rogers talks about his design philosophy in the Qatari Urban Forum pavilion

He said that the biggest change in attitudes in his career in architecture was “the realisation now of the importance of the environment and our attitude to it”.

With reference to some of his most renowned projects, the Pompidou Centre in Paris, the Lloyds of London building in London, and the Welsh Assembly in Cardiff, Lord Rogers moved on to talk about the language of architecture. “Every activity has a language, and architecture has a special language, special

terms, of its own.” He talked of the “legibility” of a building and how it changes over time, noting that for example “nowadays the best nightclub in Rome is a former church”.

Lord Rogers went on to discuss the importance of light and shadow, the grain of a design and the importance of a sense of place.

“You can’t make a building in abstract. Every building needs to be rooted in its sense of place,” he said.

Finally, Lord Rogers presented his views on offices and the workplace, emphasising the importance of Àexibility. “Unfortunately many traditional of¿ce designs make use of a central core, but that by de¿nition leads to a lack of Àexibility. Of¿ce designers always need to keep looking at ways of enhancing movement and Àexibility, not curtailing it.”

Looking ahead.

Germany Country of Honour 2012 WE WOULD LIKE TO THANK OUR SUPPORTERS:

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

6-9 MARCH

2 01 2 Cannes

Palais des Festivals w w w. m i p i m . c o m

CONTACT: Claudia Roehl - +49 30-280 18 555 - mipim@runze-casper.de

Š Yuri Arcurs

City of Munich

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neWs

“Apparently next year’s #MIPIM could be happening in North Wales, something about ‘more favourable weather conditions’” Benedict Cooper (freelance journlist)@Ben_JS_Cooper

Bahrain Bay development is sign of ‘renewed confidence and stability’ FINAMAS PROJECT BRINGS LUXURY TO CANNES A LUXURIOUS new residential development in Cannes is due to begin on a prestigious site in the city.

The building, 87 Soligny, will be constructed on the Avenue du Roi Albert in Cannes’ exclusive Californie quarter.

It will share the grounds with the famous Chateau Soligny, which has been abandoned for 20 years, and is also being restored as part of the project.

Once complete — in around two years time — it will boast nine high-end apartments.

The property — which is owned by French developer Finamas and designed by architects Guilhem & Guilhem, — is being managed by local brokers Magrey & Sons.

Brothers Michel and Franck Magrey, who manage Magrey & Sons, are attending this year’s MIPIM to showcase the development to interested parties.

Michel & Franck Magrey

Bahrain Bay’s Abdulla Al Doseri

AHRAIN Bay is attending its sixth consecutive market to highlight the $2.5bn (€1.9bn) waterfront development.

In recent months the project has seen the start of construction on the Four Seasons Hotel and steady progress being made on the Al Baraka Bank headquarters building and the Cooperation Investment House commercial tower. Utilities and infrastructure works have also recently been completed.

In addition Khaleejcapita, a major regional real estate investor, has started construction of the JW Marriott Bahrain Hotel. The ¿vestar hotel, which will boast 274 rooms and 120 serviced apartments, is set to open its doors to guests in 2016.

Bahrain Bay deputy CEO Abdulla Al Doseri is optimistic about future development prospects. With banks once again lending for real-estate projects he sees signs of renewed con¿dence and stability. “The situation is very encouraging,” he said. “What is more,

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with the availability of funding, building materials costs down and contractors willing to be Àexible on pricing to win work, there are also major opportunities for developers moving forward.”

MIPIM also provides Bahrain Bay with a platform to market its remaining available freehold land parcels. To date 65% of Bahrain Bay’s land parcels have been sold.

Bahrain Bay masterplan at MIPIM

They made it!

INTREPID riders from London cross the finishing line in the annual Aedas Cycle to Cannes, which arrived in town on Tuesday.

The 80 riders are hoping to raise £200,000 for a number of charities

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neWs IN BRIEF

AN AVATAR CAN SELL PROPERTY VIRTUAL technology similar to that seen in the film Avatar could help market your property.

Hungarian firm Real 5D will today show how computer technology can give potential investors and tenants a realistic view of how your finished project will look.

You can furnish and decorate homes or offices and your own avatar can take a stroll around. Or you can have your avatar show a client around while they sit on the other side of the world. This technology is similar to that used by youngsters playing computer games such as Call Of Duty, bringing property marketing into the 21st century. The system has already been adopted by Skanska.

It will be demonstrated today by Real 5D’s managing director Balazs Farago at 15.00 in the Agora on level 01.

BAKU WHITE CITY GETS CNN BOOST AZERBAIJAN’s ambitious Baku White City project, which will transform 221 ha of oil-based industrial into 10 environmentallyfriendly urban districts, is attending MIPIM, fresh from a starring role in CNN’s five-part series, Eye On Azerbaijan.

CNN recently devoted a complete episode of the series to the Baku White City project which has architects Foster & Partners and F+A Architects on board.

Currently, work has begun on moving industrial infrastructure from the site and decontaminating the land in preparation for development work.

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Japan’s Mori Trust unveils new quake-proof designs apanese real estate developer Mori Trust is showcasing a series of new projects and designs at this year’s MIPIM, including a new generation of buildings which it says will better withstand earthquakes.

On display at the stand are a series of exhibits by Mori Trust highlighting its designs for future new builds and redevelopments.

Mori Trust has developed commercial, retail and residential properties throughout Japan, and is currently in the planning stages of a new hotel project in Kyoto.

One of its most prominent developments in recent years has been the major urban scheme, Sendai Trust City, which includes the Sendai Trust Tower, the highest building in Japan’s Tohoku region.

The company is keen to highlight the potential for growth that exists in and around Tokyo to foreign investors.

Mori Trust executive managing director Miwako Date said: “We want to use the know-how we have gained from our experiences. Although we are in depressed economic conditions we think that development in Tokyo will continue”.

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Mori Trust executive managing director Miwako Date

Mori Trust is part of a major delegation from Japan, which is back at MIPIM for the ¿rst time in three years with a pavilion headed by Tokyo Metropolitan Government. Apart from Mori Trust, the pavilion features Mit-

sui Fudosan, Mitsubishi Estate, Sumitomo Fudosan, The Tokyu Group and JETRO. The pavilion also includes the Japan Stand, featuring Diamond Realty Management, Xymax and Machizukuri Company.

Greeting at Qatar Pavilion REED MIDEM chief executive Paul Zilk officially welcomed senior executives from Qatar at the country’s eye- catchi ng, t wo storey Qatar Pavilion, which is showcasing the ambitious Msheireb Downtown Doha project and a host of international developments from Qatari Diar, including Lusail City.

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neWs LONDON

Lusail City developer sets out vision for new urban district

The London Borough of Newham will burn bright long after London 2012

OLYMPIC FLAME BURNS BRIGHT THE LONDON Borough of Newham is planning a series of high profile announcements at MIPIM today to celebrate its pivotal role in the 2012 Olympic Games.

The centerpieces include schemes worth billions of euros involving investment names such as Bouygues, Countryside Properties and Swan New Homes.

Among the projects is the £1.3bn ($2bn) International Quarter based around London’s biggest shopping centre at Westfield Stratford City.

Also featured is the £3.7bn Canning Town and Custom House project to build 10,000 homes.

Another highlighted scheme is Strand East which will cover 10.5 ha and create 1,200 homes and 44,600 sq m of offices with hotel, shops and leisure facilities.

London’s first newgeneration Enterprise Zone at Royal Docks, will be home to the £60m landmark Siemens Crystal building.

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Essa Mohammed Ali Kaldari, chief executive of Lusail Real Estate Development Co

USAIL City, a newly constructed urban district outside Qatar’s capital city Doha, lies 15 km north of Doha city centre and comprises 37 sq km of waterfront land, masterplanned into 19 integrated and diverse mixeduse districts.

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“It’s our Àagship project,” says Essa Mohammed Ali Kaldari, chief executive of Lusail City’s developer, Lusail Real Estate Development Co. “Our vision for this new city is to create a vibrant community-oriented lifestyle.”

Developer Lusail Real Estate Development Co is a subsidiary

Deputy mayor arrives SIR EDWARD Lister, London’s deputy mayor and chief of staff, arrived at MIPIM yesterday to promote the UK capital as a centre for development, business and growth.

During a tour he visited the Paris, Berlin and Qatar stands. Here, he is pictured discussing Qatari projects with various delegates including those from the Qatari Diar and Msheireb Properties.

of giant Qatari developer Qatari Diar, which is currently developing or planning 49 projects in 29 countries, with a combined value of over $35bn (€26.6m).

“Wherever we operate as a developer, we go for the highest quality,” Kaldari said. “That goes not least for Lusail City itself. That sounds easy enough to claim in principle, but we actively work towards it, and on all our projects there is a minimum standard level we insist on and below which we refuse to drop.”

Kaldari said one of the keys to providing high quality developments anywhere in the world is recognising the importance of understanding the local architectural traditions. He also emphasised that Qatari Diar believes it’s very important to build sustainably and to be in the forefront of green development. With that target in mind the developer is currently working towards creating a new science-based green code for its buildings and developments.

Kaldari said of this year’s MIPIM: “Brilliant. When you go round the world as a developer you need to learn lot. And at MIPIM you ¿nd all the world here.”

Fluent in Real Estate in Germany

Representative German Real Estate Transactions Almaty Baku Barcelona Beijing Berlin Bratislava Brussels Bucharest Budapest Frankfurt Hong Kong Istanbul Kyiv London Madrid Moscow New York Paris Prague Shanghai St Petersburg Warsaw

Corpus Sireo

IVG Institutional Funds

Sale of 4,700 unit residential portfolio to Degewo AG and Gesobau AG consortium

Financing the acquisition of N21 office building in Warsaw by IVG Institutional Funds

Schaumann Properties A/S

Panattoni

Sale of Scandic Hotel located at Potsdamer Platz Berlin to the Norwegian Wenaasgruppen AS

Development and lease of three logistics centres located in Schwäbisch Gmünd, Bodenheim and Lorsch

Invesco Real Estate

Commerz Real

Joint acquisition with CILOGER of portfolio of 10 newly built shopping centres located throughout Germany

Acquisition of WEG Logistikcenter located in Kerpen North Rhine-Westphalian

BEOS AG

Contipark

Acquisition of logistics property at Lehrte from DHL

Acquisition of Kurhaus Wiesbaden parking facility from Zueblin and LHI Leasing

www.salans.com

neWs CENTRE TO HONOUR PRESIDENT YELTSIN A NEW Presidential Centre commemorating Boris Yeltsin, the first President of the Russian Federation is undergoing development in Ekaterinburg as part of the 5 ha Ekaterinburg-City development.

The Presidential Centre is a part of Ekaterinburg-City featuring more than 400,000 sq m of office, retail and hotel spaces. The structure will contain a library, museums, exhibition halls, conference centre, multimedia spaces, and a temporary gallery. The project is due for completion in December 2013.

The Yeltsin Presidential Centre

Aedas celebrates 10 years and its world number one ranking LOBA L awa rdwinning architect Aedas is celebrating the 10th anniversary of its launch at MIPIM 2002.

With 32 of¿ces around the world, Aedas offers “a unique proposition combining global perspective with local insight”.

This year it is highlighting the Kowloon Terminus project, which will create a new gateway to Hong Kong. Although futuristic in design, the high-speed rail terminal will evoke the past “by giving travellers the feeling that they have truly arrived in a great city”.

The scheme is a mixed project including commercial, transport and civil uses.

Dave Roberts, chief executive of Aedas, said: “This has been a big year for us. We are now rated

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as number one in the Building Design architecture rankings.

“We rely on a talented pool of designers rather than one signature designer. This gives us a broader appeal for clients.”

Managing director Michael Walters said: “We understand the local markets whether they be in

London, the Middle East or the Far East.”

One example of this international approach was the Dubai Metro project where the company pooled the talents of its teams in Birmingham and London in the UK, Hong Kong, Singapore and Dubai.

Aedas’ Dave Roberts, with an artist’s impression of the Kowloon Terminus Project, Hong Kong

BERLIN AT MIPIM 2012 Stand H4.28 | LEVEL 4 Wednesday, 7th March 10:30 Berlin Brunch Michael Müller | Senator for Urban Development and the Environment Dr. Andreas Mattner | President | German Property Federation (ZIA) 12:00 Facts & figures on the Housing Market Berlin Michael Müller | Senator for Urban Development and the Environment Ulrich Kissing | CEO | Investitionsbank Berlin Presentation: Dorothee Stöbe | Managing Director | stöbe mehnert.

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Thursday, 8th March 15:30 Central Living – a stroll through the Berlin City Centre Ephraim Gothe | Permanent Secretary for Building and Housing 17:00 Creative Housing Schemes in Berlin Regula Lüscher | Director of Urban Development Henrik Thomsen | Head of CA Immo Berlin | CA Immo Deutschland 17:30 Happy Hour Meet the British Chamber of Commerce in Germany (BCCG)

11:00 New destinations for Tegel & Tempelhofer Freiheit Michael Müller | Senator for Urban Development and the Environment Hardy R. Schmitz | CEO | WISTA-MANAGEMENT GMBH Gerhard W. Steindorf | Managing Director | Tempelhof Projekt GmbH Presentation: Christoph Lang | Manager of Corporate Communications | Berlin Partner GmbH 16:30 Happy Hour Meet the British Chamber of Commerce in Germany (BCCG)

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INVESTORS PUT LODZ ON MENU AT THE CITY of Lodz’s lunch for property players interested in investing in Poland’s third largest city, mayor Hanna Zdanowska said: “Lodz is a city of many opportunities. It is open to initiative and development, and focused on modern industries and creativity.”

Being showcased at MIPIM is the New Centre Of Lodz project, said to be the biggest investment scheme of its type in Europe. The project, which aims to redevelop 90 ha in the city centre, will see railway station Lodz Fabriczna driven underground and the EC1 power station transformed into a cultural centre.

Lodz of potential: Hanna Zdanowska, mayor of Lodz, with deputy mayor Marek Cieszlak

World Design Capital Helsinki gets set for year of innovation INNISH capital Helsinki is set for a year of highpro¿le events to mark its status as World Design Capital 2012.

Multiple projects are under way in Helsinki and elsewhere in Finland, aimed at capitalising on the country’s position as a worldrenowned design centre and promoting the wealth of opportunities for investors.

Representatives of the city are at MIPIM to showcase Helsinki’s achievements in design and innovation, and highlight the areas of potential for further growth.

Deputy mayor of city planning and real estate Hannu Pentilla said: “We have met a lot of very talented architects and designers since we’ve been here, and we are also keen to speak to investors.

The Finnish market is steady and there are lots of opportunities.

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It’s not a risky market.”

Pentilla said that, of all the sectors set for growth, the hotel market in Helsinki currently has the most potential, with demand now outweighing supply. There are also a number of public-transport infrastructure developments in the pipeline, which could present opportunities for investors.

Helsinki has grown signi¿cantly as Finland’s population has become more urbanised. Pentilla said: “Urban development in Finland used to be all about industry — now it’s about design and innovation. Helsinki isn’t the biggest city, but we have tried to build our own image and design is a part of that.”

An array of events is taking place to celebrate World Design Capital, including several design competitions linked with future developments.

Helsinki’s Hannu Pentilla: pointing up design and innovation.

One of Helsinki’s most iconic areas, the South Harbour, is set to undergo a transformation. The city is preparing to announce a competition in April to deliver the masterplans.

The Berlin Senate Department for Urban Development and the Environment in co-operation with

Sponsored by

Supported by Tegel Projekt

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A TASTE OF HUNGARY THE HUNGARIAN National Development Agency stand is at MIPIM showcasing project ideas and funding opportunities with a presentation on the stand by Karoly Bukvai from the Hungarian Investment and Trade Agency.

In addition, there will be a wine-tasting session today at 15.00 giving you the chance to sample the wines of Hungary .

FTI LAUNCH NEW GROUP YESTERDAY saw the international launch of a Global Property and Infrastructure Group by business advisory firm, FTI Consulting. FTI works with many of the world’s leading organisations, addressing complex business challenges. The capabilities of the new group include over 400 professionals drawn from every major financial centre.

Mayor of Stuttgart: Sustainability and high eco-standards lead city redevelopment

Stuttgart makes environmental standards a city-wide priority AYOR of Stuttgart D r Wo l f g a n g Schuster has set out an environmentallyled growth vision for the German city, which has attracted circa €1bn ($1.3bn) in real estate investment, including a €550m mixed-use, retail-anchored development in the city centre.

The city and 14 partner companies from the region are at MIPIM to promote opportunities in Stuttgart and Schuster insisted that high environmental standards would be at the forefront of the city’s strategy.

“Investors know Stuttgart as a city of mobility, through the ma-

jor car manufacturers which are here, and of technology,” he said.

“We are building on that legacy through the use of world-leading construction methods and new materials, to make the development of the city sustainable.”

The biggest single project in Stuttgart is ECE’s Milaneo urban quarter, which is anchored by the Mailander Platz retail offer at the heart of a mixed-use scheme which combines high street retail with residential and leisure elements. The project will both modernise the city centre and add green spaces.

“It is a mall concept without the enclosed shopping centre,” said Schuster of Mailander Platz.

“Development of the city never stops. We are constrained in size so the secret is to recycle and renew the city and to develop new areas where you can.”

Stuttgart is promoting itself under the banner ‘Dynamic.

Innovative. Sustainable’ and is highlighting a market report from Colliers Brautigam & Kramer, which showed that 2011 was the best year since 1999 for occupier take-up, with 284,500 sq m of of¿ce space rented in the city, up from just under 200,000 sq m in 2010. A total of 45,900 sq m of additional space, 92% of which had already been rented upon completion, was added during the year.

SOM aims for top marks with campus masterplan

information technology and data centre. The other smaller parcel will contain Class A of¿ce buildings, a hotel and a retail centre.

A single central plaza will create a continuity of activity between the two parcel programmes, providing a gathering space for all site users.

The glass facades of the buildings and series of escalators and walkways aim at providing a new understanding of transparency and ef¿ciency. Developed

by Real Estate Investment Trust Co, the project should be completed in December 2014.

GRANARY ISLAND A NEW waterfront project from Polish architect Marcin Kozikowski is to be built in Gdansk on the northern part of Granary Island by Granary Island Ltd. The 45,000-sq m urban renovation project includes a hotel, retail, offices and restaurants.

LOCATED in Tuzla at the eastern edge of Istanbul, the Isbank & Isreit project is a 21st century campus masterplan designed

by SOM (Skidmore, Owings & Merrill) which aims at transforming the area into a modern and

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ef¿cient setting for world class educational facilities.

Covering a total area of 65,700 sq m, the campus will be developed on two land parcels. One will contain training facilities, an Isbank operations centre and an

SOM’s designs for Isbank & Isreit in Tuzla, Istanbul

Add your city to the network Please visit us at MIPIM Stand # 13.02

F For or over four decades, decades, communities all around the world have benefited from the notoriety and unique positioning that comes with establishing themselves as a W World orld T Trade rade Center city city.. Our time-tested practice of one city – one W World orld T Trade rade Center – back backed ed by one dynamic international trade network is the kkey ey formula for positioning your city as an international one. W World orld T Trade rade Centers promote two two-way -way trade, attract investment and can suppor supportt redevelopment effor efforts ts as anchor projects and symbols of international trade. V Visit Trade isit the World World T rade Centers Association booth at MIPIM 2012 and ask to see our available cities roster roster.. W With ith 330 W World orld T Trade rade Center cities authorized in nearly 100 countries, there are presently numerous oppor opportunities tunities worldwide to harness the potential that the trusted name W World orld Trade Trade Center represents.

World W orld T o Trade rade Centers Association 420 Lexington Avenue Suite 518 New York, o NY 1017 10170 USA tel: (212) 432 2626 fax: (212) 488 0064 wtca@wtca.org / www.wtca.org T Pr Prosperity osperity T Through hrough Trade Trade eTM

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neWs Lucky horseshoe: Lucasfilm’s CX 2-1 is due to open in November

Rising to the challenge: the 200-metre Kazan Riviera Tower

LUCASFILM ADDS CX 2-1 PROJECT TO CREDITS AN AWARD-winning project that will serve as the Singapore base of entertainment company LucasFilms is nearing completion — and is being showcased at MIPIM by developer Lucas Real Estate. The CX 2-1 in Singapore, designed by Andrew Bromberg of Aedas, is due to open this November and will include a 100-seat cinema. The tapering horseshoe structure is raised above ground to protect the privacy of the workspaces above. It is part of the masterplanned one north business park, which sits on a 200 ha site. Last year CX 2-1 was awarded the gold prize in the Best Futura Projects category at the MIPIM Asia Awards.

BALNEA UPS BRUSSELS’ RESIDENTIAL STOCK DEVELOPER Imreca has completed a residential development in the heart of Brussels. Occupying a prime corner unit on the Place Emile Janson in the centre of the Belgian capital, the Balneo development has brought 14 new apartments into the area. The building, designed by A2RC Architects, covers 1,493 sq m over seven stories at a landmark crossroads in uptown Brussels. Also built into the plans were two retail units on the ground floor.

Brussels’ Balneo development: 1,493 sq m over seven stories

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Tatarstan reaches for sky with Kazan Riviera Tower ROU N DWOR K S for t he 200-metre Kazan Riviera Tower are taking shape in Kazan, the capital and largest city of the Russian Republic of Tatarstan.

With a population of over one million, Kazan is the eighth largest city in Russia and is known as Russia’s ‘third capital city’. It lies at the conÀuence of the Volga and Kazanka rivers in European Russia.

Kazan is one of Russia’s meeting points. Here, East meets West, and Tatars and Bulgars come together with Russians and Europeans.

The new tower draws heavily on this duality in its basic form.

The building meets the ground with a sloping podium featuring a landscaped roof, which will create a public plaza for the city. The

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design responds to the different environmental elements to accomplish the most ef¿cient and sustainable building possible.

The 54-storey tower accommodates a ¿vestar hotel of 220 rooms, incorporating ballroom facilities on two Àoors, along with restaurants and cafes. The hotel is complemented by 340 residential apartments and some 6,000 sq m of commercial of¿ce space.

The podium comprises a 15,000 sq m retail mall and a 2,900 sq m health club, together with parking and service accommodation.

Meanwhile, the top three Àoors — the highest point in Kazan — are enhanced by a spectacular viewing gallery.

Developed by LLC Riviera Tower and designed

by WS Atkins, the project is expected to be completed in 2015.

Expand, don’t downsize, Fraser says Stuart Fraser: defending London

ONE OF London’s most i n f lue ntial policymakers cho s e M I PI M as a platfor m to launch a scathing attack on those who seek to undermine the ¿nancial might of the City of London.

“Don’t even think

about downsizing the financial services industry,” Stuart Fraser, chairman of the City’s policy and resources committee, said when asked about economic policy and what the future held for the City.

“Downsizing is the last thing you want to be doing — you should be expanding the economy.

“When you are in dif¿culties the last thing you do is kill the golden goose. I see support coming back for the City.” He added: “The biggest threat to London is the lack of airport capacity. We need more now not in 25 years.”

neWs Enfield and Fairview present London regeneration shemes ENFIELD Council from north London is making its ¿rst visit to MIPIM this year, alongside developer Fairview, with plans to promote opportunities within the borough. As part of the London Club at MIPIM they plan to promote the £1.3bn ($2.1bn) Meridian Water project, alongside developments in Ponders End, Edmonton Green, New Southgate and Ladderswood, and Highmead. These will all see a variety of regeneration projects to include new housing schemes, shopping areas, academies and schools, parks, recreation and community-led facilities.

Councillor Del Goddard, cabinet member for business and regeneration, said: “It’s a great opportunity for any investor looking for good infrastructure, green spaces, attractive suburban housing, low crime levels, excellent schools — and it forms part of the second largest employment corridor in London.”

Enfield councillor Del Goddard

New office developments for Essen DIE DEVELOPER, a project developer and part of the Zech Group, is planning a six- and seven-Àoor of¿ce building close to Essen city centre and the central train station.

The development will have around 12,000 sq m of of¿ce space on the 6,900 sq m site of the former community college on Hollestrasse.

There will also be 250 parking spaces. The architectural and civil engineering work is by Leon Wohlhage Wernik Architekten.

A second project is being built in Essen-Ruttenscheid. Developer Kolbl Kruse is building 11,600 sq m of of¿ces at the Ruttenscheider Stern junction. On the 4,500 sq m former Hertie plot, the project is known as Four Structures.

Building work is scheduled for completion at the end of 2012.

Corestate is shopping across Germany SWITZERLAND-based private equity real estate investor, Corestate Group, recently announced the acquisition of a portfolio of German high street property with a market value of €53m.

The portfolio comprises 20 traditional high street assets in a number of urban areas across Germany including Aachen, Hamburg, Duisburg and Potsdam. The portfolio was originally acquired by a foreign investor in 2006. Since then vacancy has increased to 30% with net rental income dropping signi¿cantly, putting the portfolio and the underlying ¿nancing into distress.

The deal included a complex restructuring of debt facilities provided

by German and foreign banks. Corestate will now undertake its programme of active asset management in order to stabilise cash Àows.

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Resolution fund targets smaller European assets ESOLUTION Property is actively targeting asset management opportunities for the remaining equity in its Resolution Real Estate Fund III, following the purchase of properties in Edinburgh, London and Copenhagen.

Within the last six weeks, Resolution has confirmed the acquisition of the 39,000 sq m Ocean Terminal shopping centre on Edinburgh’s waterfront and also 10,200 sq m of of¿ces at 15 Bonhill Street, London, EC2.

At MIPIM, it also announced the purchase of Vodroffsvej and Slangerupgade, two centrally located residential properties in Copenhagen, acquired in a joint venture with Saxo Properties.

T he remai n i ng equit y i n Resolution Real Estate Fund III provides spending power of up to €250m ($328m) with gearing, for purchases from €15m to €75m.

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From this, Resolution is increasingly undertaking all-cash acquisitions, which has led to interest in smaller assets than previous purchases.

Resolution is actively targeting France, Germany, Poland and the Nordic region for primarily retailand residential-led acquisitions. In the past year, the company has purchased shopping and outlet centres in Roubaix, France and Katowice, Poland, in addition to its residential investments in Scandinavia.

Peter Todd, director of Resolution, said: “We view Continental Europe as a series of micro-markets, where careful asset selection within specific countries can deliver good opportunities for growth, if investors are prepared to work their assets creatively. We have been active buyers in France, Germany, Poland and Scandinavia and will continue to target investment in these locations during 2012.”

Real Experts, Real People, Real Estate AXA Real Estate, a wholly-owned subsidiary of AXA Investment Managers, is the largest real estate portfolio and asset manager in Europe*, with €40 billion of assets under management as at the end of September 2011. It has over 130 third party institutional clients spread across the world, in addition to managing funds for 10 AXA insurance companies.

With 500 real estate people operating in 22 countries, AXA Real Estate’s competitive advantage stems from its global fund management expertise combined with extensive on-the-ground deal sourcing, asset management and development execution capabilities.

AXA Real Estate structures and actively manages or advises investment products, seeking wide-ranging opportunities along the risk spectrum to deliver targeted returns commensurate with clients’ risk profiles, through a variety of investment strategies. These range from core to opportunistic, country-specific to geographically diversified, sector-specific to multi-sector, with the capacity to invest at all levels of the capital structure.

19A-06881

Global growth remains a key priority and AXA Real Estate is currently expanding its presence in both the US and Asia, most recently with the launch of its US office in June 2010. AUM have grown from €17 billion 10 years ago to €40 billion today. * INREV ranking, the association for Investors in Non listed Real Estate Vehicles, in 2011 based on assets under management as at end of December 2010.

This document is for general informational purposes only and does not constitute an offer to buy or sell or a solicitation or investment advice. Due to its simplification, this document is partial and the information can be subjective.

AXA Real Estate Investment Managers may but shall not be obligated to update or otherwise revise this document without any prior notice. All information in this document is established on the accounting information or on market data basis.

The most recent prospectus and or contractual terms and conditions are available and must be read prior subscription and the decision whether to invest or not must be based on the information contained within the comprehensive contractual conditions /prospectus. www.axa-realestate.com

Ocean Terminal: Resolution acquisitions include Edinburgh’s waterfront

AXA Investment Managers SA – « Coeur Défense » Tour B La Défense 4 - 100, Esplanade du Général De Gaulle 92400 Courbevoie. Société anonyme au capital de 52 842 561,50 euros immatriculée au registre du commerce et des sociétés de Nanterre n° 393 051 826

37

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

WEDNESDAY 7 MARCH 10.00 13.00

Belgium breakfast By invitation only

GRAY D’ALBION HOTEL

HTL LOUNGE

Retail global expansion: a portfolio of opportunities Co-organiser: RLI

HOBAN

10.00 11.00 10.00 11.00 10.00 14.00

More than Core - what international investors are looking for in Germany

Belgium: how to leverage urban development through innovation & culture

AUDITORIUM A

11.30 12.30

Co-organiser: EKARUNA Luxury Real Estate Magazine

Building Innovation: Case studies & dialogues between...

PISANO

Mayors’ Think Tank Towards better infrastructure: challenges, opportunities and perspectives By invitation only - Sponsored by GDF SUEZ

Qatar Urban Forum Culture, Heritage and Identity

Private Equity: European distressed investing AUDITORIUM A

Co-organiser: PERE

Sustainable property investment: does good mean good value?

LE CORBUSIER

Co-organiser: IPD

Urban logistics: the next challenge for cities?

Co-organiser: Business Immo Logistique

12.30 13.00

GAUDI

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

14.30 15.30

Mayors’ Lunch: Political leaders meet end-users MAJESTIC HOTEL

Sponsored by CISCO and GDF SUEZ By invitation only

HTL Presentations “Luxury & boutique hotels” HTL LOUNGE

Keynote address: how is property placed to meet investors’ needs and expectations?

HOBAN

Co-organiser: IPD

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

38

PISANO

17.00 18.00

PISANO

Industrial & Logistics pitching sessions Northern Europe Industrial & Logistics Cocktail

15.15 Sports Seminar Introduction: sports and urban development, 15.30 AUDITORIUM A what is the connection?

15.30 16.30

AUDITORIUM A

16.00 17.00

LE CORBUSIER

16.00 17.00

HOBAN

How have cities used sports to drive urban development?

16.00 17.00

Brazil: time of opportunity Co-organiser: Vida Imobiliaria

Where in the World? Global cities for global investors

GAUDI

Co-organiser: IPD

Sustainable strategies for occupiers keeping costs down whilst remaining environmentally sound

17.00 17.30

Link-In End-Users “Meet the key players”

GAUDI

QATAR PAVILION, PALM HALL

GAUDI

14.00 17.00

15.00 17.00

Latin America: a new Eldorado for tourism?

Co-organiser: ISA

11.30 12.30

13.15 14.30

LE CORBUSIER

MENA region: opportunities and challenges GAUDI

MAJESTIC HOTEL

11.30 12.30

14.30 15.30

Co-organiser: Immobilien Manager - Sponsored by Aberdeen

LE CORBUSIER

11.00 13.00

11.00 15.30

Co-organiser: RICS

GAUDI

HTL Presentations“Resort projects”

10.00 11.00

10.00 11.00

Corporate occupiers’ changing demands and how the real estate sector can take advantage of these trends

14.30 15.30

16.45 17.45

AUDITORIUM A

Looking forward: sports events and urban development in the next 10 years

17.45 18.00

AUDITORIUM A

Sports Seminar Conclusion: future of sports and urban development

17.00 18.00

HTL LOUNGE

Hotel, Tourism & Leisure Cocktail reception

17.00 18.00

LE CORBUSIER

UK Cities - Investing in infrastructure for growth

Keynote Address Giovanni Alemanno, Mayor of Rome, Roma Capitale 17.30 18.00 A New Time of Opportunity The Eternal Town Faces The Challenges of Contemporary Urban Development HOBAN South Africa: gateway to Africa

17.30 18.30

GAUDI

18.00 18.30

AUDITORIUM A LOBBY

Co-organiser: Liberty Properties

Sports Seminar Cocktail

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.

8.00 9.30

CLIENT CONFERENCES & EVENTS 8.30 > 9.30 I Carlton Hotel - Salon La Côte

11.00 > 11.30 I Stand H4.18

UK MIPIM BREAKFAST WITH THE BRITISH PROPERTY FEDERATION AND GL HEARN By invitation only

LET’S TALK ABOUT STUTTGART 21

Organiser: GL HEARN

11.00 > 11.30 I Stand MAR PR.21

ILE SEGUIN – RIVES DE SEINE – BOULOGNE BILLANCOURT, KENETIK, 15800 M²: LA DYNAMIQUE DE L’ESTHÉTIQUE

8.30 > 12.00 I Majestic Hotel, Salon Croisette

THE RUSSIAN BREAKFAST AT MIPIM

Organiser: Stuttgart

By Invitation only

Organiser: Impress Media

Conférence en présence de Christophe Baguet, Député-maire de Boulogne Billancourt Organiser: SAEM Val de Seine

9.00 > 10.00 I Agora room, Level 01 - Aisle 01

11.00 > 12.00 I Tente Bouygues Immobilier Mistral.01

SÃO PAULO REAL ESTATE INVESTMENT SEMINAR

OFFICE BUIDING’S GREEN REDEVELOPMENT: URBAN NEED AND OPPORTUNITIES

Organiser: São Paulo City Hall

9.00 > 19.00 I Palm Hall – Stand Palm.01

QATAR URBAN FORUM “HERITAGE, CULTURE AND IDENTITY”

Organiser: Bouygues Immobilier

Organiser: MSHEIREB Properties

11.00 > 12.00 I Stand 12.16

9.30 > 10.30 I Auditorium H, Level 3

Organiser: FELICITA LLC

BC “FELICITA” IN HISTORICAL PLACE OF SAINT-PETERSBURG

PASSION FOR REAL GERMANY – 60 PLACES TO SEE BEFORE YOU… INVEST Organiser: IVG Immobilien AG

9.30 > 10.30 I Sea Breeze – RB.01

PRESS BREAKFAST – INTRODUCTION OF SKOLKOVO

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

HIGH GROWTH COUNTRIES AND THE NEW COMPETITION FOR GROWTH – A COMPARATIVE ANALYSIS OF GLOBAL OPPORTUNITIES IN ASSOCIATION WITH EXPERIAN Organiser: Global-Arena.com AG

Organiser: Skolkovo

11.00 > 12.00 I Stand R33.24

10.00 > 10.30 I Stand 13.24/15.23

TOKYO, THE BUSINESS PORTAL OF ASIA

NORWEGIAN ECONOMY – ROCK SOLID

Organiser: Tokyo Metropolitan Government

Organiser: Oslo Metropolitan Area

11.00 > 12.30 I Stand 04.24-06.23

10.00 > 11.00 I Auditorium I, Level 4

THE OUTLOOK FOR INVESTMENT IN GLOBAL REAL ESTATE 2012

By Invitation only Organiser: Cushman & Wakefield

CITY OF BRNO RECEPTION FOLLOWED BY COCKTAIL PARTY AND TASTING GENUINE MORAVIAN WINES Organiser: City of Brno

11.30 I Stands 05.15/07.19 • 07.12/09.11 • 05.14/07.13 • 05.20/07.19

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

GREEK REAL ESTATE IN MOTION: A NEW FRAMEWORK AND A GREAT FUTURE

BELGIAN COCKTAIL Organiser: The Brussels-Capital Region - Wallonia - City of Gent

Organiser: Hellenic Republic Asset Development Fund

11.30 > 12.30 I Auditorium J

10.00 > 11.00 I Auditorium J, Level 4

ITALIAN BUILDERS FOR URBAN RENEWAL

8 BAROMÈTRE IPD EN PARTENARIAT AVEC LE CRÉDIT FONCIER IMMOBILIER

11.30 > 13.00 I Verrière Californie, Level 5

ÈME

Organiser: IPD France

Organiser: ANCE, National Association of Italian Builders

RUSSIA: DISCOVER AND INVEST

By invitation only

Organiser: Arendator.ru

10.00 > 11.00 I Marina Hall - Croisette Mar PR 15

“PARIS NORTH EAST, PLAINE COMMUNE: A COMMON URBAN DEVELOPMENT PROJECT”

11.30 > 13.30 I Auditorium I, level 4

Organiser: Paris

Organiser: ANCE, Associazione Nazionale Costruttori Edili

10.00 > 15.00 I Sea Breeze – RB.01

11.30 > 13.00 I Auditorium J, Level 4

SESSION OF THE COUNCIL FOR CREATING AND DEVELOPING THE URBAN ENVIRONMENT FOR THE SKOLKOVO INNOVATION CENTRE

THE FUTURE OF REAL ESTATE DEVELOPMENT IN THE MOSCOW REGION: COMPETITION OR COOPERATION

10.30 > 10.50 I Stand H4.18

12.00 > 12.30 I Stand H4.28

ITALIAN BUILDERS FOR URBAN RENEWAL

Organiser: Vedomosti

FACTS & FIGURES ON THE HOUSING MARKET BERLIN

FLUGFELD – A CITY QUARTER UNFOLDS! Organiser: Stuttgart

Organiser: Berlin

10.30 > 11.00 I Stand H4.28

12.00 > 12.30 I Stand 11.10 – 13.09

PRESENTATION OF THE NEW PROJECT-DISTRICT “PREOBRAZHENSKY” IN THE YAROSLAVL REGION

BERLIN BRUNCH Organiser: Berlin

Organiser: GC “RENOVA StroyGroup”

10.30 > 11.30 I Stand R31.23

LE MARCHÉ DE L’IMMOBILIER D’ENTREPRISE DE LA MÉTROPOLE Organiser : Marseille Métropole

IS THE CITY STILL THE STUFF OF DREAMS? Organiser: Nantes Métropole Développement

By invitation only

Organiser : City of Tallin

10.30 > 12.30 I Stand R33.07

DEKA IMMOBILIEN BUSINESS BRUNCH

12.00 > 13.00 I Stand 31.03

MOSCOW - THE FAST CITY: NEW DEVELOPMENT CONCEPT FOR TRANSPORT SYSTEM AND ROAD INFRASTRUCTURE Organiser: EcoProg Ltd.

Organiser: Frankfurt RheinMain

12.00 > 13.30 I Stand R30.40

10.30 > 12.30 I Stand H4.18

Organiser: Prelios

START IN THE TRADE FAIR DAY: STUTTGART BRUNCH

PRELIOS COCKTAIL

Organiser: Stuttgart

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

10.45 > 11.00 I Stand B1.00

Organiser : ICADE and VEOLIA ENVIRONNEMENT

THE BUSINESS OF CREATIVE

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

10.30 > 12.00 I Stand 13.20 / 15.19

COCKTAIL – RECEPTION OF THE CITY OF TALLINN

12.00 > 12.45 I Stand 05.08 / 07.07

DIALOGUE BETWEEN ICADE AND VEOLIA ENVIRONNEMENT

Organiser: Manchester

39

CLIENT CONFERENCES & EVENTS 12.00 > 13.30 I Stand LR1.02

15.00 > 16.00 I Stand R33.24

LILLE REGION

TOKYO, THE BUSINESS PORTAL OF ASIA

Organiser: Lille région – Cœur d’Europe – APIM

Organiser: Tokyo Metropolitan Government

12.00 > 14.00 I Verrière Grand Auditorium, Level 1

15.00 > 17.00 I Sea Breeze – RB.01

OFFICIAL RECEPTION OF THE GRAND DUCHY OF LUXEMBOURG LUXEMBOURG, INVESTORS KNOW WHY

ROUND TABLE. INVESTMENT IN RUSSIA: INCENTIVES AND OBSTACLES By invitation only

Organiser: Chamber of Commerce of the Grand Duchy of Luxembourg

Organiser: Skolkovo

12.30 > 13.30 I Auditorium H, Level 3

15.00 > 17.00 I Skolkovo Pavilion/ Sea Breeze

RUSSIA IS THE LAND OF OPPORTUNITIES: INTEGRATED DEVELOPMENT PROJECTS

4TH CANNES INVESTORS CLUB SESSION. INNOVATIVE INVESTMENT. RUSSIAN DRIVES AND BRAKES

Organiser: Russian Housing Development Foundation

Organiser: Guild of Property Managers and Developers

12.30 > 15.00 I Vega Luna – Plage

15.00 > 17.00 I Le Grand Café

LUNCH – GROWING OPPORTUNITIES IN THE GOTHENBURG REGION By invitation only

10TH ANNUAL MIPIM BOULES FIGHT By invitation only

Organiser : Business Region Goteborg

Sponsored by: Kingston Smith Organiser: DAC BEACHCROFT

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

15.30 > 16.00 I Stand H4.28

REAL ESTATE DEVELOPMENT PROJECT MANAGEMENT (FROM DESIGN TO OPERATION)

CENTRAL LIVING – A STROLL THROUGH THE BERLIN CITY CENTRE

Organiser: SKM Group

15.30 I Stand RSV.05

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

VERVIERS A NEW TOWN CENTER Organiser: City of Verviers

14.00 > 15.00 I Auditorium J, Level 4

LISBON: AN EMERGENT ATLANTIC HUB Organiser: Invest Lisboa and Lisbon Municipality

14.15 > 15.00 I Sea Breeze – RB.01

PRESS CONFERENCE – SKOLKOVO MANAGEMENT AND URBAN COUNCIL

Organiser: Berlin

ROMA CAPITAL – ROMA CITY INVESTMENT PROJECT QUALITY, TRANSPARENCY AND FAST PROCEDURES AS GUARANTEE FOR INVESTORS Organiser: GMPRgroup

15.30 > 16.30 I Stand LR4.04

THINK GLOBAL, ACT SMART & LOCAL – OUT OF THE CRISIS, TOWARDS NEW PERSPECTIVES AND OPPORTUNITIES IN PIEMONTE – NORTH WEST ITALY Organiser: Piemonte Region

Organiser: Skolkovo

15.45 > 16.00 I Stand B1.00

14.15 > 15.45 I Stand 13.24/15.23

Organiser: Manchester

TRANSFORMING OSLO METROPOLITAN AREA

RESHAPING MANCHESTER’S SKYLINE

Organiser: Oslo Metropolitan Area

16.00 I Stand 11.07

14.30 > 15.30 I Stand R31.02

Organiser: Georgian National Investment Agency

LYON – PART-DIEU Organiser: Lyon - Communauté urbaine

14.30 > 15.30 I Stand R31.23

L’OFFRE FONCIÈRE ET IMMOBILIÈRE POUR LES INDUSTRIES INNOVANTES

WHY GEORGIA IS DIFFERENT 16.00 > 17.00 I Auditorium J

BE VISIONNARY – THE REVOLUTION STARTS HERE! TALIANCE LAUNCHES GLOBAL FUND SOFTWARE IN PARTNERSHIP WITH AMUNDI REAL ESTATE Organiser: Taliance

Organiser : Marseille Métropole

ILE SEGUIN – RIVES DE SEINE – BOULOGNE BILLANCOURT, LE TRAPÈZE EST, LA POURSUITE DU QUARTIER “HAUTE QUALITÉ URBAINE” Conférence en présence de Christophe Baguet, Député-maire de Boulogne Billancourt Organiser: SAEM Val de Seine

15.00 > 16.00 I Stand 21.14 / 23.11 / 25.07

COCKTAIL – CITY OF TAMPERE: ALL BRIGHT Organiser : City of Tampere

15.00 > 16.00 I Auditorium G, Level 3

BC “FELICITA” IN HISTORICAL PLACE OF SAINT-PETERSBURG Organiser: FELICITA LLC

15.00 > 16.00 I Stand R33.18

CENTRAL DETSKY MIR: LANDMARK KIDS’ SHOPPING CENTER IN THE HEART OF MOSCOW

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

THE CZECH REPUBLIC – THE DYNAMIC HUB OF CENTRAL EUROPE: THE POTENTIAL OF SCIENCE AND RESEARCH CENTERS´PROJECTS IN THE CZECH REPUBLIC Organiser: Czech Republic Municipalities (Cities of Prague, Brno and Ostrava, Morovian-Silesian Region)

16.00 > 17.00 I Auditorium J, Level 4

BE VISIONNARY – THE REVOLUTION STARTS HERE Organiser: Taliance

16.00 > 17.00 I Stand 21.14 / 23.11 / 25.07

COCKTAIL – INSPIRING ENVIRONMENT Organiser : City of Lahti

16.30 > 17.30 I Stand N° 03.02/05.01

COCKTAIL – ARCHITECTURE AND MAJOR URBAN PROJECTS Organiser: Pôle métropolitain Strasbourg – Mulhouse

Organiser: JSC Hals-Development

16.30 > 18.00 I Stand 7.09/9.01

15.00 > 16.00 I Stand LR 4.12

QUARTIER DE LA FUTURE GARE TGV ET GRANDS PROJETS DE MONTPELLIER AGGLOMÉRATION

WELCOME TO NRW – RECEPTION OF THE GERMAN STATE OF NORTH RHINE-WESTPHALIA

Organiser : Montpellier Agglomération

Organiser: NRW

17.00 > 17.20 I Stand H4.18

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

FOCUS ON INTERNATIONAL LARGE-SCALE PROJECTS

HOW TO GET MORE CLIENTS WITH THE VIRTUAL REALITY TECHNOLOGY?

17.00 > 17.30 I Stand H4.28

Organiser: real5D

15.00 > 16.00 I Auditorium I, Level 4

THE YELTSIN PRESIDENTIAL CENTER AND MUSEUM Organisers : The Boris Yeltsin Presidential Fund, SMT Developments, Ralph Appelbaum Associates, The Boris Yeltsin Presidential Fundation

40

Organiser: Stuttgart

CREATIVE HOUSING SCHEMES IN BERLIN Organiser: Berlin

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

15.00 > 15.30 I Stand MAR PR.21

mipim

neWs Former airport site offers rare opportunity in Athens HE HELLENIC Republic Asset Development Fund is at MIPIM with a mission to explain its importance to the Greek economy, representing a key initiative to attract direct investment in infrastructure, energy, real estate and other ¿elds.

The fund’s executive director, Andreas Taprantzis, said: “The whole programme amounts to €50bn ($65.6bn) and almost half of this sum is expected to be raised by the development of real estate assets. Given that currently this is the nation’s largest privatisation programme, the fund represents a major call for attracting infrastructure and real estate investment into Greece.”

The development of the site at Hellinikon, the site of the former Athens Airport on the southern coast of the capital, is one of the main assets in the fund’s port-

T

folio. The whole area is nearly twice the size of Central Park in New York, or two and a half times the size of Hyde Park and Kensington Gardens in London, with the extra asset of almost

4 km of coastline.

“The Hellinikon site is a rare opportunity for long term investors with a strategic perspective.

In fact, it is currently the largest urban regeneration project in the

world,” Taprantzis said. “We plan to develop the site as a whole, because this would maximise the options and the returns for the developers and the investors.”

Taprantzis added: “Although we are still at the ¿rst steps of the fund’s efforts, we are already receiving signi¿cant expression of interest both from investors who wish to receive information about our overall plans as well as from investors who are interested for speci¿c assets.”

Hellinikon, the former Athens airport site

CLIENT CONFERENCES & EVENTS 17.00 > 18.00 I Stand R31.23

Organiser: Advantage Austria

DU VIEUX-PORT À L’ESTAQUE : LA REVITALISATION DE L’ESPACE PORTUAIRE MARSEILLAIS

17.30 > 18.30 I Stand H4.28

Organiser: Marseille Métropole

HAPPY HOUR Organiser: Berlin

ARMO’S PRESENTATION

17.30 > 18.30 I Marina Hall - Plaisance - Stand MAR-PR26

Organiser: ARMO

“THE GRAND PARIS EXPRESS” TO ACCELERATE URBAN DEVELOPMENT PROJECTS

17.00 > 18.30 I MAR.PR11

Organiser : Société du Grand Paris

NORMANDY COCKTAIL PARTY

By invitation only

17.30 > 18.30 I Stand R33.24

Organiser : Normandy Avenue

TOKYO SUSHI PARTY

17.00 > 18.30 I Stand RSV.01 - Riviera Seaview

Organiser: Tokyo Metropolitan Government

MORAVIAN-SILESIAN REGION RECEPTION FOLLOWED BY COCKTAIL PARTY

17.30 > 21.00 I Stand R33.07

Organiser: Moravian-Silesian Region

17.00 > 18.30 I Stand H4.18

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

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

17.00 > 18.00 I Agora room, Level 01 – Aisle 01

FRANKFURT RHEINMAIN COCKTAIL LOUNGE Organiser: Frankfurt RheinMain

17.40 > 18.00 I Stand H4.18

INNOVATION – THE KEY TO SUSTAINABLE SUCCESS Organiser: Stuttgart

Organiser: Stuttgart

17.00 > 19.00 I Austrian Pavilion R31.01 Riviera Hall

AUSTRIAN NETWORKING RECEPTION

18.00 > 19.00 I Sao Paulo stand , LR2.11 / Lerins Hall

COCKTAIL PARTY Organiser: Sao Paulo City hall

41

mipim

neWs HIGH RISE

TOWER CREATES VILLAS IN THE SKY BNP PARIBAS Real Estate will present Nevo, which the company calls a “living residential tower block project”, at its stand at 17.00 today.

This green tower represents a new take on high-rise design and construction and has been developed in partnership with Brenac & Gonsalez.

© L’Autre Image Production – Franck Boutté Consultants – Brenac & Gonzalez

It is designed as a scalable system that can be adapted to any urban context. The concept combines nature and architecture to introduce a high-quality tower block alternative to the designs seen in the 1960s and 1970s. Each apartment takes the form of a villa, with outside space, lush gardens and greenhouses, allowing the tower to become part of the landscape.

Belgium’s bid for 2017 Expo brings new project to Liege

Artist impression of the proposed Liege Expo site

ARTNERS are being sought for a multi-million dollar development in Belgium that could form part of the Liege International Exposition in 2017.

Belgium is currently awaiting a decision, due in November, from the organising committee of the International Exposition on whether it will host the event,

P

and is preparing to roll out a huge mixed-use scheme in Liege regardless of the verdict.

It is welcoming investors and developers to its stand at MIPIM to discuss potential partnerships to deliver the project, which will mean an extra 165,000 sq m of new public space.

This will include residential, hotel, of¿ce and retail property

with underground parking space.

After the 2017 Expo the 25-hectare site will be designated an eco-district with an emphasis on sustainable city living.

This year a public tendering process is being launched to ¿nd development partners to deliver the site and convert it to an eco-district following the Expo, should Belgium be successful.

Adriatic apartments with a sea view

The Nevo residential tower concept

The 228-home tower block presented at the BNP stand will meet the EEB (Energy Efficient Building) requirements with a primary energy consumption of just 65 kWh/sq m/year per home.

42

AMONG the projects showcased at MIPIM are the Skiper Villas and Apartments from Kempinski Residences. Located on the north west coast of Istria in Croatia at the Skiper Resort — which includes the ¿ve-star Kempinski Hotel Adriatic — they overlook the Adriatic Sea, the Slovenian and Italian coast and the distant Alps.

The development comprises 22 unfurnished stand-alone villas, in ¿ve different sizes, offering a combination of ¿ve-star luxury and contemporary design, with ¿rst class service in a very secure private environment. The villas offer between 473 sq m and 878 sq m of living space and between

1,100 sq m and 2,300 sq m of land, each villa being no further than 400 meters away from the water’s edge and with its own private pool. All units are designed for comfortable long-stay living with digital connectivity, in-room comfort and access to

the hotel’s luxury amenities.

The 20 high-quality unfurnished apartments located in four apartment buildings comprise 16 onebedroom apartments and four spacious two-bedroom luxury penthouses boasting roof terraces with jacuzzi.

Kempinski’s Skiper Villas and Apartments

SPECIALIST SPECIA LIST CONSULTANCY CONSULTANCY A FOR THE PROPERTY PROPERTY SECTOR Strategic Communications Corporate Finance / Restructuring Economic Consulting Construction Solutions Global Risk & Investigations

www.fticonsulting.com CORPORATE CORPORA ORPORA ATE T FINANCE/RESTRUCTURING FINANCE/RESTRU ECONOMIC & F FINANCIAL INANCIAL CONSULTING CONSULT TING FORENSIC & LITIGATION LITIGA AT TION CONS CONSULTING CONSU LT TING STRATEGIC STRA TRA AT TEGIC COMMUNICA COMMUNICATIONS ATIONS T TECHNOLOGY TECHNO LOGY

FTI Consulting is the of official ffi ficial communications com partner to MIPIM

mipim

neWs BIRMINGHAM

New life for old offices

Henderson’s proposals for No1 Hagley Road in Birmingham

OFFICE to residential

conversion is an increasingly attractive option for owners of hard-to-let of¿ce properties. And a 13,000sq m, 19-storey landmark of¿ce tower in Birmingham, UK, is the latest proposal.

No1 Hagley Road, a 1970s tower, north west of the city centre in the Five Ways area, will be transformed into a bright and modern apartment block, providing up to 182 well proportioned city-centre homes.

Four new penthouse Àoors with spectacular views will add a new skyline feature at the top.

The plans also propose the development of the extensive car parking area, which at present provides a lifeless frontage to the busy Hagley Road.

In this space Henderson has proposed a new building, up to 14 storeys high, to provide up to 15,000 sq m of either hotel or student accommodation with scope for retail and leisure uses on the ground Àoor.

Martin Payne, fund manager at landlord Henderson Global Investors, said: “The proposals will not only give a viable long term use to the building, but also generate the ability to greatly enhance the external appearance of this major landmark which sits in one of the key gateways to the city centre. The Àexibility allowed by the planning proposals will also allow us to work with a development partner to realise the potential of the under-utilised car parking area.”

Olympic loss is catalyst for NYC regeneration ELATED Companies and Oxford Properties’ Hudson Yards development, designed by Kohn Pedersen Fox (KPF), is on show at MIPIM, demonstrating how New York City has turned a losing Olympic bid into a winning legacy.

Despite losing out to London, the city’s Olympic plan has been almost entirely implemented, in line with the deadlines imposed by the bid schedule. By obtaining all the needed project approvals in advance of the ¿nal International Olympic Committee decision in 2005, the city ensured that these projects, spread across the boroughs, would be completed whether or not New York ultimately won the bid.

Plans for the 10.5-ha Hudson Yards masterplan by KPF are on display in a special exhibition at the KPF, Related Companies and Oxford Properties’ stands at

R

MIPIM. Since the development was unveiled at MIPIM 2011, the anchor tenant, Coach, has committed to purchasing over 55,700 sq m for its global headquarters in the ¿rst tower, which should begin construction this year and be completed in 2015.

Also spurred by the bid is a $2bn (€1.5bn) extension to the No 7 subway on the West Side of the city, which will open in two years, plus the High Line and Hudson Boulevard, a grand tree-lined avenue soon to be cut between 10th and 11th Avenues.

Jay Cross, president of Related Hudson Yards, said: “New York City needs modern, green, hitech office space to retain its competitive advantage in the global market for corporate tenants. Hudson Yards represents New York’s growth corridor and will be transformed into the city’s premier mixed-use neighbourhood.”

New York has turned a losing Olympic bid into a winning legacy

Sochi adds Extreme dimension to Olympics AN EXTREME Hotel is to be built in Sochi, Russia, the site of the 2014 Winter Olympic Games.

Extreme Hotels and Rosa Khutor Ski Resort Development Company — a part of ProfEstate, one of

44

Russia’s leading property developers — are signing a 10year management contract for the 209-bedroom hotel, which will open in early 2015.

Strategically located at the foot of the Alpine Ski slopes and adjacent to the Snow

Park, both developed for the Winter Olympic Games, the Extreme Hotel plans to deliver the ultimate adventure platform.

“This will be one of the best Extreme Sports locations in the world and is perfectly posi-

tioned to ride the wave of attention that Sochi is attracting as a lead in to the Winter Olympics in 2014,” said Al Gosling, CEO of Extreme Sports Company and founder of The Extreme Sports Channel.

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mipim

neWs Japan’s DREAM team offers solid investment opportunities IAMOND Realty Management (DREAM) is a subsidiar y of Japanese giant Mitsubishi. According to president and chief executive Naoshi Ogikuba: “Leveraging the rich information sources and collective strength of Mitsubishi Group, we can provide exceptional real estate investment management services to both domestic and overseas institutional investors.

“We offer comprehensive services with respect to the private real estate fund business, ranging from developing investment strategy and launching funds that meet investor needs, to asset management by creating the optimum real estate portfolio as well as maximising asset values,” Ogikuba said.

D

Since its establishment in 2004, DREAM has launched several private real estate funds catering to both domestic and global institutional investors. Its assets under management total more than Y230bn ($2.82bn) and it has grown to become one of the leading asset management companies in Japan.

DREAM’s most recent fund is a private real estate fund totalling Y23.4bn, exclusively focused on logistics facilities.

Mitsubishi’s Koichi Murata, general manager and head of the company’s Real Estate Investment & Management Unit Industrial Finance, Logistics & Development Group, said: “Mitsubishi, the parent company of DREAM, invests in this fund along with other domestic institutional investors and domestic

pension funds. The fund portfolio consists of four logistic facilities in the Greater Tokyo Metropolitan area and one in Kyushu, all of which have long-term lease contracts with high credited tenants.” The investors in this fund include major domestic institutional investors, as well as pension funds.

With Japan’s real estate investment market still labouring from the aftermath of the financial crisis, DREAM has recognised the need of potential investors for good-quality real estate backed by stable cashÀow. DREAM plans to continue answering these needs by creating competitive private real estate funds.

Utilising Mitsubishi group’s industry network as a general trading company, DREAM will look to provide attractive investment opportunities to both domestic and overseas clients.

Naoshi Ogikubo, president and CEO of Diamond Realty Management (left); Koichi Murata, general manager and head of Mitsubishi’s Real Estate Investment & Management Unit Industrial Finance, Logistics & Development Group; Masafumi Manno, executive vice-president, head of Business Development at Diamond Realty Management

47

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mipim

neWs Savills puts German shopping on its list

AXA’s €4.7bn war chest

NTERNATIONAL real estate advisor Savills has identi¿ed three regions in Germany with potential for shopping centre development in Sudlicher Oberrhein (including Freiburg), Munster and Munich.

Taking into consideration purchasing power, the share of total retail space per person and the share of shopping centre space compared with sales in these three regions, Savills’ research has identi¿ed a potential shopping centre undersupply making them ripe for investment.

Stephan Jung, head of retail at Savills Germany, said: “High street retail is still more important than shopping centres in Germany in terms of footfall, but overall there is a relatively low amount of shopping centre space per inhabitant.

So one can talk of future potential for shopping centre development

AXA REAL Estate is targeting €2bn ($2.6bn) in investments this year after raising a further €2bn in its latest funding round, giving it spending power with leveraging of €4.7bn.

The company has pledged to accelerate investment having placed €1.5bn in property in 2011, bringing its total assets under management to €42bn as of December 2011. Around €2.5bn of its pan-European debt strategy has already been invested, having been raised from major institutional clients and AXA Group companies in Germany, France, the UK, Benelux, Spain and Japan.

AXA Real Estate said that it expects to acquire more commercial real estate debt investment over the next few months and, citing “exceptional market conditions for senior lending”, predicts it will invest over €2bn

I

in Germany, in particular in the regions of Sudlicher Oberrhein, Munster and Munich.”

There are around 40 to 50 shopping centres under construction and over 200 existing centres in need of refurbishment. Savills believes these unmodernised centres will provide investors with signi¿cant opportunities for asset management. Prime yields currently stand at 5.1%, with secondary centres at 6.25%. Unrefurbished centres are traded at around 7.75% depending on the ¿nancial injection that is needed.

Another driver for shopping centre development is retailer expansion.

Rewe, Aldi, C&A, H&M and dm have committed to multiple schemes, while US fashion chain Hollister currently has 10 shops in Germany, which are all located in shopping centres, and is planning to increase to 34 stores by 2015.

INVESTMENT

during 2012 as a whole, on both the primary and secondary markets. Last year 40% of investments were placed in the last quarter, as European banks withdrew from real estate ¿nance, with investments principally in the UK, France and the Netherlands.

In 2012, AXA Real Estate anticipates signi¿cantly growing its exposure to France and Germany, while continuing to invest primarily in senior debt secured against prime properties, which it believes provides the most attractive risk-adjusted returns.

Isabelle Scemama, AXA REIM’s head of commercial real estate finance, said: “To have been able to raise such a signi¿cant level of capital for our commercial real estate debt strategy puts us in a leading position in this market.”

49

mipim

neWs

Strength of local economy key for Europe’s investors TOP PROJECT BUILDS ON OLYMPIC DREAM TOP PROJECT, part of RenovaStroyGroup, is constructing a $600m ( £457m), 180,000 sq m resort complex in the Imereti Lowland in preparation for the 2014 Sochi Winter Olympics. The 3,600-room complex, which will be managed by the Rezidor Hotel Group under the Park Inn brand, will host journalists and official partners of the Games.

The scheme comprises a hotel and an apartment hotel with 3,600 rooms built on a 34.5 ha site, making it the largest such complex in Europe. The Olympic district infrastructure will include: shopping and entertainment centres, cinema, restaurants, fitness centre, conference halls, spas, an aqua park and a swimming pool. The mega-project is scheduled to finish in June 2013.

ANCHESTER-born economist Jim O’Neill, chairman of Goldman Sachs Asset Management, led a stimulating panel debate on the economic prospects of ¿ve European cities yesterday.

The debate focused on a new piece of research commissioned by the cities of Amsterdam, Barcelona, Hamburg, Lyon and Manchester, which provided revealing insights into the expectations of European property industry investors.

The research, led by New Economy in partnership with the Organisation for Economic Co-operation and Development (OECD), was commissioned to identify the policies and operational elements that are proving successful in encouraging investment into the cities. A survey of almost 300 of Europe’s leading global investors and developers found that the most important factor when deciding whether to invest in a city is the strength of its local economy,

M

Goldman Sachs’ Jim O’Neill: investor expectations revealed

followed by the strength of the property market. Access to credit, historical links and tax incentives were all relatively poorly placed.

Of¿ce space was cited as the most popular property investment sector by 71.6% of respondents, compared with 46% for retail space. Despite the current economic conditions, each of the ¿ve cities is faring particularly well.

51

mipim

neWs Nine Elms hailed as Central London’s last great regeneration opportunity ANDSWORTH Council in London has approved plans for up to 1,870 homes in the Nine Elms regeneration zone, as well as a brand new state primary school and a 3.3-acre (1.3ha) public park.

The development, which will take place on the site of a former Royal Mail depot, lies at the heart of the Nine Elms regeneration zone.

Nine Elms on the South Bank is the last large-scale regeneration opportunity in Central London.

More than 1,000 new homes are currently being built across the area and another 13,000 are coming through the planning pipeline. This latest scheme — called Nine Elms Parkside — will provide space for shops, businesses, postal services, cafes, restau-

W

FIND US AT Q LEVEL 01 .18 Q BOOTH 14

rants, bars and a variety of sports granted for more than 250,000 sq and leisure facilities. m of commercial and community By 2030, 195 ha of underdeve- space. loped land in Nine Elms will have Property values are expected to been transformed into a high-den- rise faster in Nine Elms than in sity residential and business dis- any other part of London, accortrict, providing up to 25,000 jobs. ding to agency Knight Frank. The An estimated £1bn ($1.57bn) of company has forecast growth of new infrastructure is supporting 140% by 2016 as the regeneration the area’s growth. Central to this programme continues. will be two new underground stations, which will connect the district to the London Underground network.

The scheme is s u p p or t e d by TfL, Wandsworth Council, Lambeth Council and the Mayor of London.

Plan ni ng permission has been Nine Elms Parkside has just received planning permission

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Good offices: Abstract’s Renaissance Croydon development

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Abstract will deliver its 9,290 sq m Renaissance Croydon scheme on a 0.5 ha site near to East Croydon station in August 2013. Rents are around £236 ($372.2) per sq m.

Mark Glatman, chief executive of the Abstract group of companies, will tell real-estate professionals about the scheme at a London Pavilion panel at 16.00 today. He will be joined

by Hammerson’s Lawrence Hutchings and Jon Rouse the London Borough of Croydon.

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mipim

neWs Cushman & Wakefield duo strengthens London team ETAIL services specialist Cushman & Wake¿eld (C&W) has bolstered its London of¿ce with two senior appointments, recruiting Digby Flower and Andrew Parker from CBRE. Flower joins C&W as a partner and head of London markets — covering the agency, investment and development to spearhead the firm’s growth in London.

Flower was at CBRE for 17 years where he was a member of its Central London Board, advising on a number of London’s significant occupational deals, including Land Securities on the forward sale of Bankside 1 to IPC, and the pre-letting of New Street Square to Deloitte and Taylor Wessing.

R

Parker joins as a partner and head of the City of London agency after 23 years at CBRE, during which time he advised on some of the largest leasing instructions in London including British Land’s Ropemaker and the leasing of the Watermark Place on behalf of Oxford Properties UBS. Paul Bacon, CEO of C&W EMEA, said: “In line with our global strategic plan, we have been steadily and successfully growing our presence in London to be on a par with our leading position in New York and other major cities.”

The London team is involved in some of the capital’s high pro¿le real estate projects, including: JP Morgan’s 93,000 sq m of¿ce portfolio in the City of London

and 93,000 sq m of offices at Westfield Stratford City. It is mandated on over 140,000 sq m of occupier requirements across London and is also advising the US Department of State on the development of its new US Embassy at Nine Elms.

C&W’s Paul Bacon: “Steadily and successfully growing our presence in London”

HAMMERSON DEAL FOR FLAGSHIP SCHEME IN PARIS HAMMERSON has sold the freehold for 54-60 rue du Faubourg Saint Honore, situated in the up-market 8th arrondissement in Paris, to Ramsbury AB for €165m ($218m), slightly above its December 2011 book value.

Hammerson acquired the buildings in Paris’ luxury retail quarter in 2005 and the retail element of the 8,000 sq m mixed-use property has recently been redeveloped, making it a flagship location.

The scheme comprises: 3,900 sq m of retail space occupied by designer brands including Burberry, Moschino, Jenny Packham and Bally; 3,900 sq m of residential accommodation; and 200 sq m of office space. Hammerson was advised by CBRE, BNP Paribas Real Estate and Arsene Taxand, while Ramsbury AB was advised

by Cushman & Wakefield.

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55

R E A L E S TAT E I N V E S T M E N T

ACROSS THE WORLD

2012

2012/2013 EVENTS

DEUTSCHE GRI 2012 Frankfurt, 2-3 May

The GRI is a global club of senior real estate investors, developers and lenders that runs its activities through a collection of annual meetings focussed on different regions of the world.

At GRI meetings there are no speakers or panellists, just informal discussions in small groups, where everyone participates equally.

If building close relationships with the driving elite of the real estate industry at the most senior levels can be useful, we welcome you to join us.

2012

2012

BRITISH GRI 2012 London, 15-16 May

2012

RUSSIA GRI 2012 Moscow, 19-20 September

CHINA GRI 2012 Shanghai, 6-7 June

GRI EUROPE SUMMIT 2012 Paris, 11-12 September

2012

MENA GRI 2012 Doha, 25-26 September

2012

INDIA GRI 2012 Mumbai, 3-4 October

2012

2012

2012

BRAZIL GRI 2012 Sao Paulo, 6-7 November

www.globalrealestate.org info@globalrealestate.org Tel: +44.20 7121 5060 Fax: +44.20 7388 8740

NEW EUROPE GRI 2012 Warsaw, 26-27 November

2013

ASIA GRI 2012 Hong Kong, 3-4 December

2013

2013

TURKEY GRI 2013 Istanbul, 8-9 January

GRI EUROPE CHAIRMEN’S RETREAT 2013 St Moritz, January

USA GRI 2013 New York, April

All material throughout is subject to change without notice.

mipim

neWs SDG FUND ALREADY OVERSUBSCRIBED SWISS Development Group (SDG) has attracted CHF250m ($275m) to its first real-estate fund, to be invested in luxury hotels and residences in European destinations.

SDG said that it is targeting growth by identifying land on “exceptional sites with a high development potential” on which to build upscale private residences, often combined with five- or six-star hotels. The fund aims to partner with international luxury brands in hospitality and concierge services, as well as architects and interior designers.

The fund has two projects currently under construction in Switzerland. The first, Du Parc Kempinski at Mont Pelerin, comprises private residences in a rural setting above the Lavaux vinyards. The second is perched on the heights of the Valais Alps in Leukerbad. The 51° Spa Residences is a complex built around luxury shops, private residences and a five star-hotel.

Opportunity meets knowledge on the St Petersburg stand T PETERSBURG is presenting 13 strategic projects to the international investment community at MIPIM. The list includes both strategic investment projects that are under active implementation and projects in land areas under development that are attractive for new foreign investments.

The St Petersburg stand is also hosting a panel discussion on the most urgent issues in the development of urban space and how best to improve the business environment in the city.

Russian and international experts will analyse commercial properties from the perspective of investors and offer a forecast

S

of the capitalisation rate. In addition, panelists will identify the key factors that stimulate large investment transactions in St Petersburg’s commercial realestate sector.

A discussion on the issues of attracting investments into the city is also on the agenda.

The session will be attended by both Russian and foreign professionals active in the creative economies and cluster development who have experience of attracting investment to the city.

The panelists will examine the impact of the creative industries on the development of St Petersburg’s infrastructure, business environment, and architectural and cultural development.

IT’S OFFICIAL: HAMBURG’S ON THE UP HAMBURG, the north German port and trading hub, is in Cannes with impressive figures that demonstrate the continued prosperity of the city’s dynamic commercial property market.

In 2011, the investment market for commercial property in Hamburg reported the best results since the record-breaking year of 2007. The positive trend prevailed with regard to the office-space market and property-leasing rates. The highest demand was seen in the city-centre area. Strong commercial real-estate transaction volumes reached € 2.2bn ($3.4bn), with a turnover of office space of 525,000 sq m, up almost 5%.

“MIPIM is one of the most important marketplaces in the global competition among cities and Hamburg is in an excellent position to hold its ground,” said first mayor, Olaf Scholz.

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Dossier ARCHITECTURE & Grands Projets

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

yesterday

to take the pulse of the world’s property markets. MIPIM News asked 16 leading editors for their forecasts for the year ahead.

6 March 2012

s !SIA 0ROPERTY s "USINESS )MMO s #2% )MPRESS -EDIA s %STATES 'AZETTE

today 7 March 2012

s %UROBUILD s &ASTIGHETS

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9 March 2012

s 0ROPERTY )NVESTOR s '-42 %UROPE s )MMOBILIEN -ANAGER s 0ROPERTY 7EEK s )MMOBILIEN :EITUNG s -AGASINET %JENDOM s 4HE 7ALL 3TREET *OURNAL s 6IDA )MOBILIARIA

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EUROBUILD CEE

FASTIGHETS

Ewa Andrzejewska, Editor in Chief www.eurobuildcee.com Poland

Eddie Ekberg Editor in Chief www.fastighetssverige.se Sweden

Central and Eastern Europe should not be treated as one investment market. Some investors do not even want to group Poland and the Czech Republic together with the other countries in the region. Forecasts for the overall economic situation in Poland are slightly better than those in the Czech Republic, or in fact Prague, if we are talking about the investment market; so I do not expect bigger changes, either in rents or in yields. There might be a few acquisitions closed for prime properties, but such gems can always be found.

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

Taking a look at the Central and Eastern Europe region, Poland stands out in many respects. The record demand for of¿ce space in Warsaw last year (nearly 600,000 sq m) and the long list of new projects (and not only in the capital city) testify to the health of the market, encouraging more companies to get involved in of¿ce projects. Warehouse developers are still reluctant when it comes to speculative projects, and are tending to concentrate on built-to-suit developments for their clients.

Economists forecast that the strong domestic demand might start to weaken. However, there are still a lot of smaller towns (of 50,000 inhabitants or less) that lie in uncharted territory on the retail map of Poland.

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

The property market is a self-regulating system, so it is dif¿cult to pick out the trend that will have the most inÀuence on the development of the sector. However, there is one thing polite society tends not talk about that might be worth mentioning here. This issue is money, of course, as it is the ¿nancing possibilities for development projects and investment deals that are the main factors shaping the dynamics of development. The key issue this year will be the banks’ approach towards providing loans, as well as the ¿nancial condition of the banks themselves. After all, the aid granted to certain institutions after the collapse of the market in 2008 will have to be reimbursed — and the pain from this might be felt for some. It can already be sensed that the banks are widening their margins by taking a harder line on loans.

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

If you’re talking about of¿ces with the best location in Stockholm, I think the rent level will generally speaking remain unchanged throughout 2012. This is partly because the level of vacancies fell heavily during 2011. Where the yield is concerned, it can generally be said that good properties in good locations will still have rather low yields.

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

When it comes to Stockholm, I have to say retail properties. This is in line with a healthy growth in the Swedish retail industry, a low level of vacancies and a relatively limited supply in the central parts. It will lead to an increase in rent and squeezed yield requirements, which will attract investors.

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

Financing, without a doubt. We’re facing completely new conditions on the property market. Things are dif¿cult and it’s also sometimes impossible to obtain traditional bank loans. This is partly due to the new Basel 3 and Solvency 2 rules currently being implemented in the EU. Basel 3 regulates the banks’ capital coverage and, simply put, makes it more expensive to borrow money from the bank, while Solvency 2 regulates the allocations of institutions of various types of asset against more interest-bearing securities.

There is thus now a need for new solutions to ¿nance property deals.

One example from Sweden is when four listed Swedish companies Peab, Brinova, Wihlborgs and Fabege formed Svensk Fastighets¿nansiering in December last year and launched an SEK5bn MTN programme. The ¿rst issue took place through a three-year SEK650m bond. Institutions can borrow money that is secured against properties (mortgage). Another example is last autumn when Doughty Hanson re¿nanced a Gothenburg property that accommodates Volvo PV’s research and development of¿ces, and money was borrowed from three Swedish institutions.

Photographer: Niclas Liedberg

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

59

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mipim

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

GLOBE ST

Courtney Fingar Editor www.fDiIntelligence.com UK

John Salustri Content Director www.globest.com USA

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?

On balance, Europe will likely see downward pressure on rents and values across commercial property sectors, with stability a best case scenario outside growth economies like Poland or Turkey, or some of the Scandinavian states. In Asia, the more volatile markets like Hong Kong and Singapore will see a fall in rents in most sectors, with some outward movement in yields, while in Australia, China, and Japan continued if modest gains are anticipated. In North America, both Canada and the US will see rental and capital value gains — but this is heavily dependent on sector and quality grade.

We expect to see slight gains in US rents in 2012, but coming off a bifurcated 2011 and with renters still hesitant, rental increases will not be what we would hope in a more dynamic market. The Society of Industrial & Of¿ce Realtors puts the 2012 increase at 1.7%

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

According to our in-house data, the sectors accounting for the largest percentage of corporate crossborder expansions are business services, software and IT services, and ¿nancial services — in that order — so I would expect those to continue to drive commercial real estate activity.

Sao Paulo is a very hot growth market for FDI, to name just one.

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

We recently reported on how more businesses are adopting Àexible working arrangements and the impact this will have on commercial property requirements. With the ubiquity of mobile communications — which are becoming both cheaper and easier to use — combined with pressure on companies to cut costs, the traditional of¿ce space in undergoing a transformation. As companies encourage employees to ¿nd Àexible working solutions and reducing permanent headcounts in of¿ces, they are shying away from long-term real estate commitments. It is not only start-ups and small businesses that are seeking this kind of Àexibility: large, established companies are moving this way as well. Although in theory this trend should lead to a drop in overall demand for premises, values are holding up well in many locations, our reporter who covered this story found. In any case, the trend is likely to be only a short-term reaction to the current economic uncertainty and lack of business con¿dence rather than a permanent shift.

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

Never bet against multi-family. Especially as the single-family market still struggles with its mortgage problems. Other markets — of¿ce, industrial, retail and hotels — will make strides in 2012, dependent largely upon regional market conditions, but multi-family will continue to be the market-beating sector.

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

Watch for merger and acquisitions to make major headlines in 2012.

You’re going to see more M&A activity this year as the winners of the recent economic unpleasantness survey the battle¿eld for weaker prey. You’re already seeing it with the Archstone tug of war between Sam Zell and Lehman as well as the recent acquisitions of C-III and its leader, Andrew Farkas. It was Farkas who, a number of years ago, cobbled together a series of US-based brokerage houses that ultimately became CBRE. He’s back in the game with his buy-and-build strategy, and I wouldn’t bet against him repeating that success.

mipim n E W s ®

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01

Moscow Mayor Sergey Sobyanin highlights as global showcase MIPIM See page 8

BUILDING INNOVATI

ON

Technology is changing the face of the workplac e See page 18

DOUBLE DECKER

MIPIM Qatar Pavilion to host urban summit See page 36

COUNTRY OF HONOUR

German funds put safety first See page 65

N1P1+D.indd

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Setting the agenda for Commercial Real Estate Worldwide:

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feature INDUSTRIAL & LOGISTICS

Speculate or specialise?

For developers in the logistics sector the eternal dilemma is whether to build speculatively or build-to-suit. Peter Clucas investigates istribution and logistics, some might say, is at the less glamorous end of the property industry. In recent years, however it has been transformed by the economic downturn into a more sophisticated sector, which is much more customer-focused.

As little as ¿ve years ago, it appeared that rental income could be guaranteed from any modern, large multi-purpose shed built next to a transport hub. This meant that developers could raise money for speculative distribution and logistics developments provided they were in a prime location. Indeed, institutional funding was easier to ¿nd for “vanilla” developments than anything that appeared to be suited to a particular occupier. Bespoke, or built-to-suit, was almost a sign of weakness in a project, meaning that future re-lettings could be dif¿cult.

Now the market has changed. Banks will only provide funding to developers for pre-let projects. This means that developments must be in the right location and meet the requirements of the tenant, which might even include measures to increase the sustainability of the tenant’s operation. But how much adaptation for particular occupiers should there be, and have we seen the

D

end of speculative developments?

CTP, the Dutch-based property developer has built over 1.7 million sq m of commercial real estate in Central and Eastern Europe. A specialist in industrial and of¿ce projects, it is owner of the CTPark Network, an integrated system of strategically located business parks.

CTP’s development director, Paul Deverell, says of his company’s experience in logistics: “Banks dictate the situation.” He adds: “Not even companies as big as we are can build on spec unless it is an extremely good location.” Even then, there will normally be a majority of bespoke space in the scheme, with a smaller element built speculatively. This is the case with CTP’s distribution and logistics facility for ABB in Ostrava, Czech Republic. The scheme includes 6,500 sq m for ABB out of a total of 11,000 sq m. “This is the only way to get spec space onto the market,” says Deverell. “The old days of ¿nding a green ¿eld and starting building are gone, banks’ policy is to be strict, screening projects carefully.”

Deverell con¿rms that there are similarities in all logistics buildings and that a tenant’s requirements for a bespoke project should not override some basic principles, especially in terms of clear internal height of, in CTP’s

The CTPark Network is a collection of strategically located parks found across Central and Eastern Europe

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Etiezvous aux Pierres d’Or ?

Cette année, Jean-Louis Borloo, ancien ministre d’État, chargé de l’Écologie, de l'Énergie, du Développement et de l'Aménagement durables, présidait les “Pierres d’Or” qui réunissaient près de 600 professionnels au plus haut niveau. Parmi eux, bien des abonnés à Immoweek qui sont invités en priorité à cette manifestation.

C’est là un des privilèges réservés aux abonnés car l’adhésion à Immoweek, c’est “bien plus qu’un abonnement, l’appartenance à un club de pros...”

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Stand 13.30

Booth 13.30

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abonnement !

feature The desire to future-proof is keeping sustainability high on the corporate agenda Richard Holberton, CBRE

case, 10.5 m.

Prologis agrees with this. As a leading global provider of industrial real estate, the company’s portfolio comprises high throughput distribution facilities — industrial properties built for speed, located near seaports, airports and major highway interchanges. And it is all about supply chains according to Philip Dunne, president of Prologis Europe: “Customers continue to modernise their supply chains, driving ef¿ciency,” he says. This was a trend that gained momentum in 2007 when economic conditions became more challenging for businesses. “And these challenges continue to drive churn.”

80% of Prologis’ developments are “built-to-suit,” says Dunne, while “spec does exist in really tight spaces”, referring to two speculative projects in Paris and another two in Hamburg that his company commenced in 2011. And Dunne is careful to use the term “built-tosuit” rather than “bespoke”, underlining the Prologis approach, which ensures that speci¿c customer needs never override good development principles and the needs of investors.

Frequently Prologis will use different funding sources for the “vanilla envelope” and the built-to-suit elements of a project, which are usually concentrated inside the building. The customer will often take a ¿nancial interest in the customised parts, while Prologis will provide the shell.

Dunne also con¿rms that the basic con¿guration for any logistics building remains the same, whether speculatively built or built-to-suit. He points out some essential characteristics: clear internal height must be 10 m and now is often 12 m; 5% of¿ce content as a rule of thumb; and any project of more than 50,000 sq m must be sub-divisible.

CBRE Group is one of the world’s largest commercial real estate services ¿rms with approximately 34,000 employees. Richard Holberton, director, EMEA research, CBRE, con¿rms the position with regard to speculative developments. “Many major markets around Europe offer almost no completed Grade A

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space and speculative development has virtually ceased in recent years,” he says, adding that with developers facing restricted liquidity and a high cost of capital, occupiers are now more aware of the need for innovation in securing new space — reinforced by their own growing need for building Àexibility and future-proo¿ng. “Responses vary and the larger occupiers have more options available to them, including developing on their own account by exploiting a relatively low cost of capital, and establishing and building on their own land banks.”

And CBRE’s Holberton also brings sustainability into the equation. “The desire to future-proof operational real estate is keeping sustainability high on the corporate agenda,” he says. “The growing interest in building for owner-occupation accentuates this since there are operational bene¿ts at stake as well as value gains.

As a result, there are now clear differences: cost-effective, environmentally-responsible, smart, sustainable buildings will retain value and non-sustainable buildings will be worth less.”

And he sees the cost of sustainability reducing: “The larger developers are also contributing: not only are they willingly accepting and developing sustainability initiatives, their ability to buy sustainable construction materials in volume will reduce the additional cost of developing sustainable space.” He believes that more than ever, developers need to understand their end-customers requirements in terms of building speci¿cation, locational appeal, length of contract and operational challenges in immature, but fast-growing, markets.

It is clear that speculative development in logistics and distribution is not set to return in the foreseeable future. And it is true that bespoke developments are becoming more specialised, especially in terms of internal layouts and facilities and in their ability to provide sustainable solutions for their occupiers. The basic principles remain the same though, even in these new market conditions: location is key, together with an external skin that provides adequate internal head height and that is energy ef¿cient.

Each CTBox unit offers a mix of office, retail and warehouse space. All set in a full CTZone park, fully managed including local landscaping, 24-hour security and plenty of parking

65

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feature

Shanghai is seeing a massive surge in new development

New investment opportunities With untold potential and plenty of space to go around, emerging markets appear to offer all the answers for investors, but as Ben Cooper discovers, there are also reasons to be cautious HE developed markets of Europe are on the whole crammed full of investors jostling for position in the same crowded market places.

But opportunities are emerging further a¿eld; Russia, China and Brazil, for example, have been marked as ones to watch for nearly a decade now.

Volatile political climates coming to an end, the discovery of resources or opening up of new markets, and sometimes a combination of all three, have come together to create entirely new chances for investment.

But infancy can be a blessing or a curse. New opportunities mean a host of problems yet to be solved, and while emerging markets might be the new gold rush, a few careful steps on arrival might mean the difference between failure or success further down the line.

“Investing in a new market requires a lot of due diligence,” says Schroders co-head of property multi-manager Rob Bingen. “To some degree there will be an aspect of things that are really hard to grasp. You will have to take a bit of a leap of faith.” But he warns: “You

T

can’t do due diligence on everything”.

Bingen says that there are many questions investors and funds need to give very careful thought to before they even dip their toes in the water, such as whether to go into a partnership with an investor already on the ground.

And, Bingen says, never underestimate how complex local regulations can be. For this reason alone a local partner is probably crucial, although it might mean a whole new way of doing business that can be disconcerting. He says: “In some markets it becomes very dif¿cult to get things moving without a local partner that does things in ways that perhaps as an investor you wouldn’t be comfortable with.”

In China there is an abundance of opportunity for the investor that learns this lesson. After decades of inertia in real estate development, the Àoodgates have opened.

In the major cities and elsewhere, residential, of¿ce and retail real estate is in demand, even given the huge amount that has already come onto the market in the

67

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feature

mipim

Cevahir claimed the crown as Europe’s largest shopping mall

Local knowledge is key. It’s all about knowing the right people David Walker Spotblue

last decade. The potential is down to two key factors: the scales involved and the relative immaturity of the market.

For example a staggering 70 million sq m of retail space is in the pipeline in Shanghai. But incredibly, as Savills head of research for China, James MacDonald, explains, there is still potential for more.

“There’s been a lot of new builds in the areas that were vacant of retail, but a lot of that is underperforming.

Some of the new supply is being developed by new retail real estate investors and for some of them it’s their ¿rst experience and they don’t always come on with the best tenant mix for those locations. “Downtown locations with high value to them are probably the best opportunities at the moment.”

Russia might not be as young as China in terms of development, but it is still relatively recently that it was released from its shackles. A more diverse market than China, with many investors already established both domestically and from the rest of the world, Russian investment is tricky, but potentially lucrative.

Paul Grace, general director at construction and property professional services ¿rm Turner & Townsend, believes that the Moscow Class A of¿ce sector is likely to provide good future investment potential in Moscow, but says that it may experience a few drawbacks in the near future. He says: “The market rents are projected to grow over the next two to three years based on increasing demand for Class A space, but the supply of investment opportunities may be curtailed due to the recent cancellation of many planned of¿ce developments within the Garden Ring of Moscow.

But where Grace believes there is an even better area for investors to secure investment opportunities and

returns will be in the retail logistics market.

“The development of retail space in Moscow has returned but many of the logistics centres planned pre-crisis have yet to re-commence leading to increased demand above supply with increasing rental rates projected,” he says.

“It’s very important for investors to consider the risk balance for investments in logistics centres. Final development margins are typically tight, very good control of the construction costs, development costs and the delivery of utilities to green¿eld sites are essential”.

The traditional emerging markets acronym used to be BRIC: Brazil, Russia, India and China. But that was a decade ago and one country in particular, Turkey, has had a staggering 10 years of growth in all sectors.

Spotblue director David Walker is one of the most seasoned experts on the Turkish markets and has seen the explosion of growth that’s taken place there. And like in China, he says, there is still plenty more to go.

Part of the huge growth has been in tourism, yet there are still a relatively few hotels either that have been developed or are being built. Herein lies the biggest potential.

But again, local knowledge is the absolute crux of the matter, says Walker. “Too many people think that they can just do it themselves,” he adds. “Local knowledge is key. It’s all about knowing the right people.”

Every problem is an opportunity, and while it might seem daunting for investors large or small to step into the unknown, the big step is only dangerous if it’s not been thought through. That’s not to say there isn’t risk, as with any project. But for the fund that’s looking beyond the crowds, getting it right now could mean the biggest pay-off of all.

69

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WHO KNOWS? YOU MIGHT EVEN BE TOMORROW’S COVER STORY. WWW.REUROPE.COM VISIT US AT STAND 12.21 FIND ME AT MIPIM TO DISCOVER HOW TO PUBLICISE YOUR BUSINESS IN REUROPE MAGAZINE. TARA SCHLENER, CTOR MARKETING DIRE

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feature TURKEY

Turkey opens gateway to the east and west Istanbul continues to dominate the Turkish office sector but the market needs more investment grade stock to meet growing international demand. Mark Faithfull reports HILE the retail sector has led out real estate development in Turkey, propelled by the country’s base of young and increasingly numerous consumers and its geographical position as a link between Europe and Asia, the of¿ce market has also steadily grown off the back of long-term political stability. The ¿nancial sector, telecommunications, health and energy sectors have been particular bene¿ciaries of a wave of foreign investment, yet local factors have held back the country’s full potential as an international investment market.

Much of this is down to cultural and historical legacies.

Local developers and real estate owners often remain reluctant to trade their assets as many hold real estate as a way of hedging their family wealth against high inÀation, which has left the investment market illiquid. Turkish developers and real estate investors also prefer to avoid leverage, thanks largely to a long history of high inÀation and interest rates in the country, which has meant that there are few distressed assets and consequently few bargains available for opportunistic buyers.

The way that ownership of many of¿ce buildings is sliced and diced is another important factor. As a way of optimising sales value and improving cash Àow, fragmented ownership — often by Àoor — has led to many of¿ce buildings being owned by multiple landlords, meaning that the operational logistics of refurbishing a multi-level of¿ce block can be dauntingly complicated. “As a result many occupiers and developers prefer stand-alone of¿ce buildings where they can retain full control,” says Kivanc Erman, director capital markets & research at the Istanbul of¿ce of agent Jones Lang LaSalle. “Many of these are Grade A-style buildings with cafes, car parking and high levels of comfort.”

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Zorlu Center will create a new public square and major mixed-use centre in Istanbul

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feature Despite these challenges, international investors are becoming increasingly active in the Turkish market, largely driven

by Istanbul becoming an operational hub for multinational companies and the city’s prospects of becoming a ¿nancial centre.

Agent Cushman & Wake¿eld predicts that econoAnkara Chamber of Commerce was at MAPIC in force to promote the Turkish city as a commercial hub mic growth will continue to exceed forecasts, supported by robust domestic demand. While it warns that overheating remains a concern and annual inÀation continues to rise rapidly, the of¿ce market ended 2011 on a strong note with good levels New for 2102: of demand and rents edging up in select submarkets of Zorlu Center, Istanbul in particular, where quality supply is limited.

Istanbul Q4 saw strong levels of activity with a number of multi-national companies completing, negotiating or Creating a new town re-negotiating leases. Enquiries also rose from comsquare in Istanbul, the mixed-use Zorlu panies looking to establish operations in Istanbul and Center is the big this is likely to boost demand over 2012, says Cushopening of this year man & Wake¿eld. The central areas of Istanbul reand will bring together residential, main core markets but interest in Izmir and Ankara is retail, a hotel, offices also increasing. and a performing arts “Izmir and Ankara are both in the development phase centre. The main office tower will be 42 but we would expect Istanbul — which accounts for storeys high and will about 80% of Grade A of¿ce stock — to remain domicover 12,000 sq m, nant for another 10 years,” says Erman. “But there are while the Zorlu Center shopping mall will be some major developments which are boosting those at the heart of the other cities.” project amid Propin Property Investment Consultancy points to the landscaped grounds and will include 200 increase in of¿ce suppliers such as Regus, Servcorp Turkish and and Windowist trying to make up the shortfall in the international brands, of¿ce market in Istanbul. Propin predicts that of¿ce up to 40 restaurants and a 2,700-sq m investments will accelerate in a number of urban locagourmet grocery tions outside the CBD such as Kartal and the Cendere market. A 10-room Axis in the Kagithane region, plus the Atasehir region theatre and 2,000-sq m fitness centre will which is being promoted as a ¿nancial centre, alongalso be located within side the Yeni Sahra Axis as a commercial centre. the project.

Currently, Istanbul’s overall CBD vacancy is around

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11% but a proportion of this is structural, with much of the current stock outdated. Increased interest is being seen on the European side in well-connected sub-markets, which has impacted on vacancy which fell to 12.0% from 16.4% in this part of the city. Supply was unchanged in the ¿nal quarter of 2011 and no dramatic rise is anticipated with only the Zorlu Tower due in 2012 and Eria Partners’ Skymark in 2014, both in the CBD. Prime yields compressed in the European side of Istanbul by between 10bps and 20bps in the ¿nal quarter of 2011, with the lowest yields in the Levant at 7.80%.

Yields in Izmir and Ankara held across the quarter at 10% as interest moderated with investors, both domestic and international, focusing on Istanbul as their target market.

In 2012, investors competing for limited product are likely to compress prime yields and although supply is expected to rise it will consist mainly of second-hand space released to the market. Meanwhile, increased enquiries will translate into higher levels of occupier activity.

JLL points out that in 2011 there were only two major transactions in the of¿ce market; neither of which involved a foreign investor. One was the disposal of the Royal Bank of Scotland building in the CBD, which was partly a sale and leaseback deal; the other was the disposal of Akbank Towers in Maslak, located at the north end of the CBD. On the back of this, a few globally known of¿ce developers entered the market. Privately owned international real estate developer/investor Hines looked for joint venture opportunities in Turkey for of¿ce development but did not conclude a deal, while USbased developer Tishman Speyer opened an of¿ce in Istanbul last year.

“European fund interest has tended to be mainly on the retail side so far,” says Peter Hensby, director European capital markets, JLL. “However, the funds have increased their activity and there are undoubtedly more buying opportunities now, with an increase in international-quality stock. If developers can take a longer-term view in their development then that will attract more international interest and unlock those opportunities.”

European fund interest has tended to be mainly on the retail side so far Peter Hensby, Jones Lang LaSalle Skymark by Eria Partners is a Foster-designed landmark scheme, which will be located between Kanyon and Metrocity

73

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

Yaroslavl

Holsten-Galerie, Neumünster Opening: spring 2015 Sales area: 25,000 m² Shops: 90

Russia BahnhofCity Vienna Main Station Opening: fall 2014 Sales area: 20,000 m² Shops: 115

Arkády Hradec Králové Opening: 2014 Leasable area: 39,000 m² Shops: 120

Lithuania

Forum Mittelrhein, Koblenz Opening: fall 2012 Sales area: 20,000 m2 Shops: 90 Neumünster Bydgoszcz

Poland Velbert Aachen

Germany

Frankfurt Kaiserslautern ise

Stadtgalerie, Kaiserslautern Opening: fall 2014 Sales area: 20,900 m² plus gastronomy and services Shops: 100

Centrál, Bratislava Opening: fall 2012 Leasable area: 36,000 m² Shops: 140

Koblenz Hradec Králové

Czech Republic

Slovakia

Stuttgart Vienna

Austria Switzerland

Bratislava Budapest

Hungary Romania Italy

Bulgaria

Skyline y Plaza, Frankfurt Opening: fall 2013 Sales area: 38,000 m² Shops: 180

Milaneo, Stuttgart Opening: fall 2014 Sales area: 43,000 m² plus gastronomy and services Shops: 200

Marmara Park k, Istanbul Opening: fall 2012 Leasable area: 100,000 m² Shops: 250

Istanbul

Árkád Örs vezér tere II, Budapest Opening: spring 2013 Leasable area: 20,000 m² Shops: 45

Turkey

Greece

Seize Seize the opportunity opportunity ne ew centers all over Wherever there is great potential, you’ll find ECE. With numerouss new Europe, we are able to provide exceptional opportunities for o majjor international chains as well as small local retailers. Prime locations, an attractive mix of tenants, and highquality retail space aligned to the needs of modern outlets – our concept of sustainable center management works. For more than 45 years, we have been en growing continually.

Grow with us. us

Shopping | O Office ffice | TTraffic raffic | IIndustries ndustries 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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