MIPIM PREVIEW Magazine 2012 by RX REAL ESTATE SHOWS

FEBRUARY 2012

mipim

www.mipim.com The ofﬁcial MIPIM magazine

preVieW KEYNOTE

NEW FACES

Also inside:

Joschka Fischer to speak at MIPIM 2012

MIPIM extends global reach

SEE PAGE 4

SEE PAGE 38

• Logistics • Building Innovation • Investment • Sports & Leisure • City Leaders • Hotels • Residential • Retail

The first ECE fund: it’s all about shopping. The “ECE European Prime Shopping Centre Fund” is ECE’s first real estate fund – with capital commitments of 775 million euros, it’s built on solid foundations and already a success. The fund primarily acquires existing shopping centers with value creation potential, but also invests in modernizations and revitalizations. Currently represented in the fund’s portfolio: Stern-Center in Potsdam (Germany), Olympia in Brno (Czech Republic), Galeria Kaskada in Szczecin (Poland), Linden-Center in Berlin (Germany), City-Passage in Bielefeld (Germany) and Megalò Shopping Center in Chieti (Italy).

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

MIPIM t a s u t Visi 6.01 Stand 1

EDITORIAL

COntents i nEWS i invision

MIPIM celebrates Germany as country of honour

Filippo Rean Director of MIPIM & MIPIM Asia

ELCOME to the MIPIM 2012 Preview, bringing you the highlights of this year’s event and looking at some of the key opportunities and challenges facing the international real estate industry. One market which clearly offers significant opportunities is Germany, the MIPIM 2012 Country of Honour. In addition to the traditional strong presence of key German players and local authorities, this year Germany will be even more prominently visible at MIPIM from the Opening Night Cocktail, which will have a German flavor to it, to former German Foreign Minister Joschka Fischer’s keynote address, MIPIM will be flying the German flag. Add to that a conference programme on development opportunities in mid-sized German cities and the German Investor Quest – where developers pitch their project to investors – and MIPIM promises to provide a host of events for developing business contacts in this exciting market. Keeping up to date with real estate developments is essential and this year’s conference programme is richer than ever. By bringing together industrial and logistics real estate (which for the first time will have a dedicated exhibition space at MIPIM), sporting infrastructure, tourism property, social housing, a host of country focuses and the new MIPIM Real Estate Investors’ Summit, we hope to provide MIPIM delegates with premium content from senior industry professionals. With cities continuing to drive real estate investment opportunities, while overseeing sustainable development, this year’s Mayors’ Summit will focus on working towards improved infrastructures. And the new Building Innovation area will provide you with solutions on how to actively manage real estate assets. I hope you enjoy this MIPIM Preview and look forward to welcoming you, along with the 19,000 other delegates, to Cannes in March.

New faces at MIPIM 2012

focus INDUSTRIAL & LOGISTICS • Hotspots • Technology

42 48

BUILDING INNOVATION • Occupiers • Investors

52 57

INVESTMENT • Funding • Secondary

63 65

SPORTS & LEISURE • Infrastructure • Olympic Games

69 72

i features Sector/regional features City Leaders Hotels Residential Retail

74 76 78 83

i market

snapshots Russia France Poland Turkey

iawards

87 89 91 93

Visit our awards pages to view this years entries from across nine categories

itips&tools

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nEWs COUNTRY OF HONOUR

MIPIM celebrates Germany as Country Of Honour 2012 Germany stands as a beacon of stability in a turbulent market, and it’s appropriate that it should be selected as Country Of Honour for MIPIM 2012.

ERMANY has been selected as MIPIM’s Country Of Honour for 2012. Europe’s economic powerhouse has a pivotal position in Europe’s real estate industry, both through the strength of its domestic markets and through its role as a major exporter of capital and expertise, and as such it played a central role in the success of MIPIM over the past quarter of a century Amid continued economic uncertainty Germany is seen as a safe haven, offering stability and the prospect of continued, albeit subdued, growth. Research from Cushman & Wakefield shows Germany enjoyed relatively strong growth in 2011 with inflation once again on a downward trend. And significantly for the real estate sector, labour markets are continuing to improve. In real estate terms, Germany enjoys a highly decentralised market in contrast to its European rivals — in Munich, Hamburg, Frankfurt and Berlin it has four of the world’s 20 biggest office markets. But all this choice means that, importantly for occupiers, not one of them features in the world’s 20 most expensive office markets. Highlighting the resilience of the German markets, even in the depths of an economic downturn Berlin saw its best-ever office take-up in 2011, with 685,000 sq m leased, an increase of 36% on the previous year and

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44% above the long-term average according to Cushman & Wakeﬁeld. To celebrate Germany’s year as Country Of Honour and to look more closely at its diverse markets, MIPIM News has formed a joint venture with Imobilien Wirtschaft to publish a special Germany supplement, which will be available on Wednesday, March 7.

KEYNOTE JOSCHKA FISCHER TO SPEAK AT MIPIM 2012 JOSCHKA Fischer, Germany’s Minister of Foreign Affairs between 1998 and 2005, has agreed to give the keynote address at MIPIM 2012. In an exclusive MIPIM 2012 conference on Thursday, March 8, at 10am, he will discuss the challenges of the European financial crisis that are so critical for the future of real estate. “The future of real estate is closely linked to current economic developments,” said MIPIM Director Filippo Rean. “Europe is at the heart of the financial crisis, and acts as a focus point for the doubts and uncertainties of real estate professionals. Well known for his involvement and his key role in European affairs for many years, Joschka Fischer will give the sector’s players and leaders a better understanding of the outlook for the Eurozone and raise their awareness about the challenges ahead.” Joschka Fischer is a member of the Executive Board of the European Council on Foreign Relations. He led the Green Party in their first participation in government, both at state level in

Hesse and at federal level. From 1998 to 2005, he served as Minister for Foreign Affairs for the Federal Republic of Germany and Vice-Chancellor to Gerhard Schroder. “As Germany is the Country Of Honour for this 23rd MIPIM, we are proud to welcome a distinguished protagonist and connoisseur of the European political and economic scene,” said Rean.

Joshka Fischer

NORDRHEIN-WESTFALEN

MORE THAN A PROMISE. The best addresses are to be found in NORDRHEIN-WESTFALEN | NRW, Germany‘s

No. 1 investment location. Situated at the center of Europe‘s largest markets, our attractive cities offer major location advantages. Excellent real estate and commercial zones are complemented by innovative architecture, outstanding connections and a high quality of life. Interested? Discover further examples of excellence at our booth at MIPIM 2012. Or visit us at www.nrwinvest.com.

VISIT US LERINS ROTUNDA LR 4.12

i neWs GERMANY

Frankfurt’s extensive stock of office space makes it an attractive business location

ESSEN’S ESSENTIALS FOR THE past five years the office space in the German working city of Essen has been showing a take-up of more than 100,000 sq m. The vacancy rate amounts to only 4% and rents are stable. With this growth foundation a number of significant projects are taking shape in the city. On the former 230 ha industrial area known as the Krupp belt, ThyssenKrupp has set up its new headquarters in a building designed by French architects Chaix & Morel et Associes in conjunction with JWSD Architekten. In 2012 the new ThyssenKrupp Quarter and the Zollverein UNESCO World Heritage Site will host the National IT Summit, in which German chancellor Angela Merkel will participate. Around 2,000 people work at the ThyssenKrupp Quarter which covers an area of 17 ha and has been a magnet for numerous further investments in the surrounding environment. Another spectacular project is the new innercity quarter called Universitätsviertel — grüne mitte Essen [University Quarter — Essen’s Green Centre]. On an area of 13.3 ha, a mixed-use quarter is being established, comprising high-quality residential, office and commercial estates as well as food outlets and general services. The quarter’s 4 ha park, providing open green spaces and water features as well as promenades, has already been completed. The city of Essen with its 580,000 inhabitants lies at the heart of the Metropolitan Ruhr area, with more than 315,000 employed people. In recent years the city has experienced very positive economic development.

FRANKFURT

Frankfurt shows its strength in the RheinMain Region As Germany gears up to become MIPIM Country Of Honour 2012, The city of Frankfurt along with the RheinMain region are taking a joint stand at MIPIM 2012 in co-operation with 20 partner companies

F ThyssenKrupp Quarter 6I

expected to reach 500,000 sq m in 2011. R ANKFURT is the centre Frankfurt has one of the liveliest and most of one of the most producopen commercial real estate sectors playing tive and dynamic regions in the a significant role in the international market. heart of Europe, the Frankfurt Innovative projects are being developed to RheinMain region. The city is meet the challenge of housalso is the largest financial cening shortages and vacancies tre in continental Europe. Its so that one step after another excellent transportation infra“Frankfurt is can be taken towards an envistructure, the concentration one of the ronmentally friendly, sustainof future-oriented companies, able and green city. a well-balanced industry mix leading cities The main focus of this year’s and the cultural diversity of the in Europe” MIPIM for Frankfurt procity make Frankfurt one of the jects will be the presentaleading cities in Europe. tion of the MainTor Quarter In an area of 248 sq km 50,315 (by DIC — Deutsche Immobilien Chancen); companies employ 622,600 people with a yearthe Square (by IVG Immobilien); and the ly GDP of €53.1 bn. There are 11.9 million Europaviertel (by Aurelis Real Estate). sq m of office space in the city and take-up was

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Bristol Temple Quarter Enterprise Zone The perfect location for creative minded businesses

Temple Quarter Enterprise Zone is the ideal location for creative minded and knowledge intensive businesses. At the heart of one of the UK's most competitive, enterprising and attractive cities, Temple Quarter Enterprise Zone offers investors and end users opportunities few locations can match. To find out more about TQEZ, Bristol and what the area has to offer, visit us at stand 14:17

www.investinbristol.com

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STUTTGART STARTS TO STRUT ITS STUFF STUTTGART is returning to MIPIM with its customary large stand, with 14 companies joining in the stand presentations. Under the slogan ‘Stuttgart: Dynamic, Innovative, Sustainable’ a number of new projects will be highlighted. These include Flugfeld, an 80 ha site adjacent to the A 81 Stuttgart-Singen motorway, where the cities of Boblingen and Sindelfingen aim to develop a highquality commercial and services quarter with a mixture of production, services, research, training, residential areas and green space. Over the next 20 years 7,000 jobs and 1,600 apartments for about 4,000 residents will be created at Flugfeld. And in the heart of Stuttgart on the old goods train station yards, ECE with STRABAG Real Estate and Bayerische Hausbau are jointly developing the

Milaneo quarter in Stuttgart’s Europaviertel. The €550 m development is due to be completed by early 2015. The development combines 420 apartments, a 160-room hotel, 7,000 sq m of office space, and 43,000 sq m of retail space, plus food outlets and service areas on three floors. The three buildings with a Mediterranean flavour were designed by RKW Rhode Kellermann Wawrowsky Architektur + Stadtebau. This is one of the first projects to be awarded a DGNB pre-certification in gold by the German Sustainable Building Council (DGNB) for an entire urban quarter. Start of construction for the shopping centre is planned for spring 2012. Construction of the apartments, office space and hotel is expected to start in autumn 2013. The 14 companies in the Stuttgart

delegation are: Bayerische Hausbau; Bülow; Colliers Brautigam & Kramer; DeWAG; Drees & Sommer; ECE; Ellwanger & Geiger; Fürst Developments; ICADE Reim

Deutschland; LBBW Immobilien; Strabag Real Estate; Wahlert; the Stuttgart Region Economic Development Corporation and Airfield Böblingen/ Sindelfingen.

ECE, STRABAG Real Estate and Bayerische Hausbau’s Milaneo quarter

SIEMENS

Siemens’ global expertise AS ONE of the worldwide leading companies in corporate real estate management, Siemens Real Estate manages the group’s real estate portfolio and pools all of Siemens’ expertise related to real estate. It operates the properties and is responsible for building projects and the purchase and sale of real estate.

Siemens owns office and industrial premises on all five continents, around 34 million sq m of land and 17 million sq m of rentable floor space at 3,000 sites. At MIPIM the outfit is looking for international and professional business partners to enhance the value of Siemens’ real estate portfolio. All categories of real estate partnerships

The €80m Siemens Centre Shanghai 8I

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and services are in focus: investors and developers as well as architects and planners. Siemens’ current activities include the Siemens Centre Shanghai and The Crystal London. The €80m Siemens Centre Shanghai (SCS) was opened in October 2011. Located in Yangpu District, the 35,000 sq m SCS has three main office buildings from 10 to 12 floors. The SCS is one of the greenest office building compounds in Shanghai by effectively reducing energy requirements by 30% compared with the energy consumption standard in China and accordingly claims to be able to cut down Carbon emission by over 1,400 tonnes a year. London plans to show with its Green Enterprise District how a low CO2 economy can function. Siemens is developing a Global Urban Sustainability Centre named The Crystal there, which will be one of the most sustainable buildings in the world. It integrates photovoltaic power, energy-efficient lighting, water treatment, and geothermal energy. The centre will provide a permanent exhibit, research projects, and a conference and seminar programme showing how cities can be more energy efficient.

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Cannes

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

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

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

ÂŠ Yuri Arcurs

City of Muni ch

i neWs IN BRIEF

Mayor of Rome Gianni Alemanno

STATE SELL-OFF PROMISES OPPORTUNITIES IN ITALY MIPIM 2012 will see a conference session entitled Valorisation of the Italian Public Real Estate Assets: an Invitation to Invest. Moderated by Il Sole 24 Ore’s Evelina Marchesini, speakers include Matteo Del Fante, general manager at Cassa Depositi e Prestiti; Aldo Mazzocco, chairman of Assoimmobiliare and managing director of Beni Stabili; Stefano Scalera, general manager at the Ministry of the Economy and Finance’s Agenzia del Demanio and Umberto Borzi, partner at Chiomenti Studio Legale. “The slowdown of the Italian real estate market will bring opportunities for investors,” forecasts Chiomenti Studio Legale’s Borzi. “The main source of transactions will derive from the work being carried out by the Agenzia del Demanio, the agency for the real estate assets belonging to public entities, which is preparing and implementing a massive divestment and valorisation process.” And Borzi added: “The State Agency and the Department of Treasury at the Ministry of the Economy and Finance will need support from private players to implement such a burdensome task. The voice of the investors may give indications which will be essential for the outcome of the whole process.”

SPAIN UNDER THE SPOTLIGHT Thursday 8 March will see the first-ever full scale conference at MIPIM dedicated to the Spanish market. Co-organised with Aguirre Newman, it will examine new legislation affecting real estate arising from the change of government and the structural strengths and Jaime Pascualweaknesses of local Sanchiz de la Serna industry segments. Also on the agenda is the sustainability of the housing sector in the Spanish market in the short, medium and long term. The conference will also seek to identify lessons acquired from the credit fluctuations of the last few years. Jaime Pascual-Sanchiz de la Serna, Aguirre Newman´s executive managing director, explains: “The real estate sector cannot escape the wider trends in the Spanish economy. So far we have only seen sale and leaseback transactions and disposals by the banks where there are existing mortgages. This market environment is providing very attractive opportunities to buy trophy buildings that are not usually for sale, and good opportunities in terms of pricing for medium- and long-term investments.” Speakers at the conference include Ismael Clemente of REEFF; Alfonso Munk of Morgan Stanley; Pere Vinolas of Colonial and Antoni Vives, Councillor responsible for urbanism in the city of Barcelona. The moderator is Aguirre Newman president Steven Newman. 12 I

ITALY

Three key sites to unlock the rebuilding of Rome Mayor of Rome Gianni Alemanno talked to MIPIM News about the city’s strategy to attract new investment under the banner Roma Capitale – Roma City Investment

AYOR Alemanno has implemented a package of measures to make sure Rome remains attractive as a business location during the global downturn, and the presence of Roma Capitale – Roma City Investment at MIPIM 2012 is part of a strategy to expose them to the international business community. He said the key to recovery is the strategic development plan (or PSS) which runs from 2010 to 2020, “It’s a fundamental tool to act in a context of limited resources,” he explained. “It’s still creating clear opportunities for development.” And Alemanno believes Rome’s decision to bid for the 2020 Olympics is an additional opportunity to attract investment. The PSS highlights three key sites which will be on display at MIPIM 2012: the redevelopment of

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the Rome waterfront; the demolition and reconstruction of Tor Bella Monaca, a neighbourhood built in the 1980s which will be regenerated both physically and socially, and the Museum of Rome, which will be the gateway to the greatest archaeological and monumental heritage in the world. The three have a combined value of around €2bn. But Mayor Alemanno makes it clear MIPIM is only the start of the process. “We recognise that investors are looking for maximum ﬂexibility and certainty on timing,” he said. “After MIPIM, we will organise a meeting in Rome inviting local, national and international investors, in order to check, before the tendering process, the market acceptance of our proposals on the PSS projects. “On this basis we are working to prepare and ﬁnish the tenders and have signed contracts with investors by February 2013.”

CIT C I T Y OF O F THE T HE FUTURE F U T URE CZECH C Z E C H REPUBLIC R E P U B L IC

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i neWs AZERBAIJAN

AZERBAIJAN TURNS BLACK INTO WHITE OIL-RICH Caucasus state Azerbaijan is committed to regenerating and upgrading its Caspian-side capital city Baku with a series of ecological revitalisation projects. Prominent among these is Baku White City. The huge 221 ha city-centre White City site lies in one of the old oil-based industrial heartlands of Baku. It was formerly known as Black City. The entire area will be transformed and the oil industries moved out of town. White City is heralded as the likeliest target for outside investment into the fast-growing city of Baku, benefiting from the Caspian oil-rush. Black City itself is the oil-based industrial heartland on the east side of Baku city — a two-million strong metropolis which describes itself as the world’s oldest oil town, since oil has been found

and exploited in the region since ancient times. An international project team has been put together to plan the site with Atkins as lead consultant. Architects on board include Foster & Partners and F+A Architects. Preliminary work has been undertaken to move the industrial uses away to the edge of the city, decontaminate the land and make improvements to the coastal boulevard. The Baku White City masterplan envisages the creation of ten urban districts, each offering the best living, working, recreation and entertainment environment in the city. A new metro line will link the main square of Baku White City to the centre of Baku itself. There are also plans to expand the bus route grid and to run a tramline along the whole coast.

The fast-growing Azerbaijan capital Baku

HUNGARY

Budapest reclaims central position HUNGARY’s capital Budapest aims to reclaim its heritage as a central hub and crossroads of Europe. The city’s redevelopment brief calls for nothing less than “repositioning the Hungarian capital in the European urban network”.

To do this the list of the Budapest priority projects is diverse and ranges from upgrading tourist highlights to sports facilities, educational centres and transportation infrastructure, including Albert Stadium, Ludovika Campus and

New projects aim to position Budapest in the “central hub” of Europe 14 I

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the Erzsebet Square redevelopment. In keeping with the key objective of upgrading historical neighbourhoods, the standout project is the comprehensive Buda Castle reconstruction programme. Here the objective is the overall renewal of the Castle District dominating the skyline on the Danube in the city centre. It gloves into the Danube Main Street Framework Programme which also includes renewing the system of public spaces and the redevelopment of the Royal Garden Pavilion (Varkert Bazar). It is recognised that completing the programme will need consistent state and local government and private investor input. Other prestige projects include the new Albert Stadium which will be completely rebuilt on its present site. And the redevelopment of Ludovika Academy Building as a higher educational campus is likely to revive the historical neighbourhood of Outer Jozsefvaros. There are other projects on brownfield sites with huge potential for redevelopment such as the gas factory, and the development of former transportation hubs such as the new city centre of Etele Square.

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Smolensky De Luxe

MANCHESTER AT MIPIM THE MANCHESTER partnership returns to MIPIM in 2012 comprising a strong line-up of private sector partners from the city’s property industry. Over 30 organisations have signed up to represent Manchester in Cannes. New organisations joining the partnership include GVA, Indigo Planning, Himor Group, and Stride Treglown. The city will have a varied programme of stand events and Manchester will lead on the organisation of Five Cities — a lively debate which will look at the economic challenges and opportunities faced by five major European regional conurbations: Amsterdam, Barcelona, Hamburg, Lyon, and Manchester. Manchester will also be hosting a series of evening showcases which will include Manchester, What If?, a one-off event consisting of fast-paced, informal presentations which will aim to stimulate debate on the hottest issues facing the city and its property market.

MOSCOW

Donstroy showcases deluxe Moscow residential projects Networking on the Manchester stand

NICE COTE D’AZUR’S SUSTAINABLE ECO-VALLEE ECO-VALLEE’s ambition is to offer a new development model mixing a strong economic strategy with a deep concern for the environment. The 1.3-million sq m scheme in the heart of the Alpes Maritimes region in the South East of France will include a range of major projects. The flagship is the new 51-ha Grand Arenas business district, providing 680,000 sq m of new space including an exhibition park. The 31-haNice Meridia will become a new urban techno-hub with 32,000 sq m of new R&D buildings while la Baronne-Lingostiere, will see 136,000 sq m of agrofood and horticulture logistic space on 23 ha. Delivery over the next 15 years will require €2bn of private investment. The Eco-Vallee project will give a new impetus to the urban and economic development of the Nice Cote d’Azur region and has been granted the status of an Operation of National Interest.

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T MIPIM 2012 Donstroy, the natural stone used in construction. The faone of Moscow’s leading cade is detailed with stone carvings, highlightdevelopment companies, ing the natural materials. The panoramic winwill present its line of new dows fill the building with light and air, and De Luxe projects. These elegant decoration on the glass brings the faare high class residential cade to life with rays of sunshine. Smolensky De Luxe apartments have complextheir own winter gardens, es in the centre of Moscow. balcony galleries, and courtWork on site is due to start Smolensky De yards. The top floor offering in 2012. The first building Luxe style is the best panoramic views of will be the Smolensky De the city is occupied by pentLuxe complex. “luxury in every houses with spacious terracSmolensky De Luxe has a detail ” es and halls with fireplaces. total area of 34,000 sq m. It Donstroy’s portfolio inis located two minutes away cludes more than 3.5 milfrom the centre where othlion sq m of living space in er projects are being developed, which include the Foreign Ministry, the prime property areas – Business, Premium, British Embassy, the White House, and premi- and Deluxe. Among the company’s best known um-class boutiques, supermarkets and upmar- projects are Alye Parusa, Vorobevy Gory (Sparrow Hills), and Triumph Palace House ket restaurants. The design philosophy behind the Smolensky on Mosfilmovskaya. JSC VTB Bank, one of De Luxe style is “luxury in every detail”. The the largest Russian banks, is Donstroy’s finanbuilding’s lightness of form is emphasised by cial partner.

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i neWs CZECH REPUBLIC & TURKEY

Farglory’s Sowwah Island project

MORAVIA-SILESIA DIVERSIFIES THE MORAVIAN-Silesian Region of the Czech Republic will be at MIPIM showing how this formerly heavily industrialised region — once known as “the steel heart of the country” — has set about transforming and modernising itself. Prominent on the stand will be the two regional cities of Frydek Mistek and Havirov, co-exhibitors with the region. Projects highlighted include the redevelopment of the industrial zones in the cities of Havirov and Karvina, and the ongoing improvement of the facilities at Ostrava international airport located at Mosnov, 20 km southwest of Ostrava. Expansion includes a new maintenance hangar, a new cargo terminal and most recently a new terminal.

ZORLU CENTER PROGRESSES TURKEY’s first five-function mixed-use project, Zorlu Center occupies one of the finest spots overlooking the Bosphorus and is well on its way to becoming an international center of attraction. The project incorporates five separate but fully integrated functions. The Tower and Terrace Residences enjoy uninterrupted views of the Bosphorus while the shopping mall will bring together hundreds of world-famous brands and elite restaurants. The Raffles Istanbul will make a valuable addition to Istanbul’s hotel market complemented by the 3,000-seat performing arts centre. And the offices at Zorlu Center are laid out horizontally, rather than stacked vertically in a tower, bringing a new dimension to the business world, enhancing efficiency and promoting a positive workplace environment.

Zorlu 18 I

TAIWAN

Taiwan’s Farglory plots course for global growth Signing a development agreement for a 170,00-sq m mixed-use project in Abu Dhabi signals Farglory’s intention to break into new markets

ROM small beginnings in The Abu Dhabi investment follows an agree1969, the Farglory Group ment with Mubadala Development Company, has grown to become one of the state-owned developer creating a new cenTaiwan’s leading conglomer- tral business district for Abu Dhabi at Sowwah Island. Farglory will become ates with inthe first foreign investor to terests in include property participate in the project and development and construc“Farglory will it has been allocate a prime tion, finance and insurance, become the first waterfront site close to the logistics and recreation and foreign investor new Abu Dhabi Securities leisure. to participate in Exchange. And last year chairman Chao The site will be developed Teng-Hsiung announced that the project” in phases to provide 153,000 the pace of growth was only sq m of residential, commergoing to increase. To achieve this he unveiled a five-year plan that would see cial and mixed use towers connected by climate the company invest $13.8bn, not only in its do- controlled pedestrian passageways. The first mestic market but also in China and, for the phase — a luxury waterfront residential building – is scheduled for completion in 2014. first time, in Abu Dhabi.

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Where the

world's property leaders converge in Asia PaciďŹ c Engage with future partners and make deals happen

Julien Julien Sausset MIPIM Asia Asia Sales Director Director julien.sausset@reedmidem.com julien.sausset@r eedmidem.com

Christine Christine Lam

07-08-09 No November ovember 2012 Hong Kong Kong C Convention onvention & Exhibition C Centre entre Hong Kong Kong SAR

Regional R egional Director e Director of Sales christine.lam@reedmidem.com christine.lam@reedmidem.com

www.mipimasia.com www w.mipimasi .mipim . a.com

OSLO METROPOLITAN AREA BUILDING FOR GROWTH

i neWs LUXEMBOURG

LUXEMBOURG – A LAND OF OPPORTUNITY THE LUXEMBOURG Chamber of Commerce is hosting a range of opportunities on its stand at MIPIM 2012. Luxembourg developer Agora is currently developing several former steel industry sites totalling 650 ha. The largest of these in Luxembourg is the Belval, a former steel mill on a 120 ha site in the municipalities of Eschsur-Alzette and Sanem. On completion this project will host around 7,000 inhabitants and up to 25,000 daily occupants in the private offices, the leisure outlets, the university quarter and the culture facilities. Hochtief Luxembourg is showcasing its Hexos office scheme which offers 15,000 sq m of state-of-the-art office space. Yet due to its modular concept it also offers smaller and private units too. The U-shaped complex comprises

six individual buildings. Each building has its own entrances, staircases, lifts and a completely independent infrastructure, offering a kind of unique flexibility. And Somaco’s Findel Golf Office Park consists of eight lots, totaling 80.000 sq m of floorspace. The buildings are closely integrated into nature with a series of gardens, adjacent to the Grengewald forest with hiking and biking trails. Luxembourg’s International Airport, next to the Findel Golf Office Park, is a gateway to Europe and the globe. With the proximity of motorways leading to the Kirchberg and Luxemburg City, as well as to Germany, France and Belgium the Findel Golf Office Park is strategically well located. Further phases including retail outlets are in the planning stage.

Somaco’s Findel Golf Office Park

HENDERSON

Henderson beefs up Herald HENDERSON Global Investors, on behalf of its £1.2-bn (€930m) European Retail Property Fund — Herald — has acquired Galerie des Ailes shopping centre in Le Blanc Mesnil, a suburb of Paris in France, as well as Real Hypermarket and Gallery in Dreieich,

Germany, totalling $125m (€100m). In France, the 11,000-sq m shopping centre was acquired from Immobiliere Frey and LeClerc ahead of its opening on October 5, 2011. The centre, which was 90% let at opening, includes leading tenants, Sport Direct, Espace Culturel

Galerie des Ailes shopping centre in Le Blanc Mesnil, Paris 22 I

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and La Grand Recre and is anchored by an 8,000-sq m owner-occupied LeClerc . In Germany, the 23,000-sq m retail warehouse was also acquired by Herald as a forward commitment with the vendor responsible for a €16m refurbishment. The centre, which is fully let, is anchored by Real and Decathlon. Herald fund manager David Turner said: “The purchase in Le Blanc Mesnil represents an excellent investment in the current market where the supply of prime shopping centres in France is extremely tight. The asset has had a very positive opening and is well placed to trade successfully notwithstanding the more challenging economic conditions in the short term. The acquisition ﬁnalises the Fund’s strategy to increase its weighting to France, where the outlook for returns still looks attractive. “The fund’s ability to undertake forward commitments allows us to consider a much wider range of investment opportunities which is extremely beneﬁcial in a market with such a tight supply of good quality stock.” Henderson was advised by Jones Lang LaSalle in France and WilmerHale in Germany.

www.sfdm-concept.com

and

MARSEILLE METROPOLE RENDEZ-VOUS SUR LE STAND R 31.23

i neWs LUXEMBOURG

HafenCity takes advantage of Hamburg’s waterfront locations

WELL-CONNECTED IN LUXEMBOURG LUXEMBOURG’s Ban de Gasperich zonal development is located next to the Cloche d’Or zone at the southern edge of the city, and is destined to become the heart of a new neighbourhood in Luxembourg City. The development of the greater area called Ban de Gasperich is of strategic importance and allows for the accommodation of all types of economic activity. The project has a development potential of 590,000 sq m. The programme comprises 1,000 apartments; a 150-room hotel and conference centre; an 80,000-sq m shopping mall anchored by Auchan and 400 000 sq m of Class A offices. It is managed by Grossfeld PAP, a joint venture between Promobe of Luxembourg and Extensa Group of Belgium. Promobe is also active in Italy, Slovakia, Belgium and France while Extensa has major projects in Turkey and Eastern Europe. Besides the importance of such a development, its location at the crossroads of major motorways linking Luxembourg to France, Belgium and Germany, the proximity to the new international train station at Howald and accessibility by public transport, give the project unequalled accessibility.

HAMBURG

To Haf and to Haf not in HafenCity Hamburg After 10 years of building work development has now reached the centre of HafenCity, Hamburg’s vast reconstructed docklands area

The Ban de Gasperich project

WAHLERT EXPANDS WALHERT Rechtsanwälte was founded in 2005 by six experienced colleagues who worked for well known business law firms in Stuttgart and wanted to establish a new form of legal advice, mainly focused on the needs of business clients. Over the past five years Wahlert has become an established and well known law firm, growing to a size of 17 lawyers. And to provide its clients with an international dimension it has become a member of the Multilaw and Gesica networks.

24 I

S C O N S T RUC T IO N work proceeds on the south of Uberseequartier, the Elbe Arcades along Magdeburger Hafen , HafenCity University in the Baakenhafen neighbourhood and the Ecumenical Forum in Shanghaiallee, the centre is taking shape. The part of HafenCity facing the city centre is complete. Tenants have moved into the north of Uberseequartier, the Germanischer Lloyd building and the Ericusspitze with the Spiegel building and the Ericus Contor, while the open spaces along Magdeburger Hafen and Brooktorhafen harbours have been handed over to the public. This means that the downtown areas of Hamburg and HafenCity can now grow and develop together, especially along the newly designed Domplatz axis. A key philosophy behind the HafenCity series

preview magazine I February 2012 I www.mipim.com

of projects is that it is a core location with sustainable qualities. The creation of visible linkages and in particular the public investment of the past few years send out a clear signal that HafenCity should not be seen as an isolated major urban project but rather as an integrated part of a new Hamburg city core. This integration will get a big boost when the U4 subway enters service in autumn 2012. Senate director Thomas Schuster, head of Hamburg’s Ministry of Finance and Real Estate Management, said: “Business potential, urban appeal and great quality of life make Hamburg one of Europe’s most dynamic economic regions. The new commercial and industrial location map of Hamburg displays outstanding private ofﬁce and industrial properties as well as attractive publicly owned sites for commerce, industry and services, thus highlighting the city’s abundance of potential.”

i neWs GREECE

The Hellenic Republic Asset Development Fund sets out to bring investors to Greece Andreas Taprantzis, executive director of the Hellenic Republic Asset Development Fund talked to MIPIM News about the working of the fund and its importance to the Greek economy

“

HE HELLENIC Republic Asset Development Fund represents the key initiative to attract direct investment in infrastructure, energy, real estate and of course other ﬁelds, into Greece,” Taprantzis said. “The whole programme amounts to €50bn 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 portfolio, Taprantzis said. This is one of the largest urban regeneration programmes worldwide. The land 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. Indeed, it is a very large project. 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.” Executive director Taprantzis continued: “Although we are still at the first steps of the fund’s efforts, we are already receiving significant expressions of interest both from investors who wish to receive information about our overall plans as well as from investors who are interested for specific assets that they themselves have identified.”

The Hellinikon projects aims to attract investment into Greece

26 I

preview magazine I February 2012 I www.mipim.com

Construction and development Russia St. Petersburg and Moscow 25 years of experience 3 mn sq m of real estate commissioned A solid rating record with Standard & Poor’s (‘B’ since 2006) Project Overview Emerald Hills, located in the green suburbs of Moscow, embodies the Group’s approach to estate development. Surrounded by a stunning natural landscape, Etalon’s new project of 80 square hectares is currently under construction. The project will offer 1mn sq m of residential space as well as community facilities and commercial opportunities, providing our residents with everything necessary for comfortable living in relatively peaceful surroundings while remaining within easy reach of Moscow life. The project itself is being constructed using a brick/monolith structure, clad with granite tiles. As well as ensuring expediency in production, this method is both ecologically-sound and aesthetically-pleasing. The series of towers will allocate commercial space and facilities in the lower floors, underground and external parking, concierge services and CCTV throughout. All real estate will be available off-plan and offering a range of mortgage opportunities set up through the group’s association with various banks. The first stage of construction was commissioned in the end of 2011 (about 100 000 sq m).

2 Bogatirsky prospekt, St. Petersburg, Russia, 197348 +7(812)380-05-25 www.lenspecsmu.ru www.etalongroup.com

i neWs MIPIM EVENTS

Skolkovo, a new neigbourhood west of Moscow

VISIT THE NEW SEAVIEW STANDS MIPIM 2012 sees the re-opening of the Seaview Pavilion, in the roof gardens above the Riviera hall. “Until three years ago the 1,000-sq m space was occupied by the London Stand, but this year it will be given over to four major stands, each a destination in its own right” explains Reed MIDEM’s Béatrice Gravier. The Roma Capitale stand will be showcasing the diverse business opportunities offered by the Italian capital city. And Hamburg has chosen a location with superb views over the old port of Cannes to celebrate the regeneration of its HafenCity — or harbour city. The Czech regions of Silesia and Moravia will be hosting presentations on new developments in the cities of Ostrava, Frydek-Mistek and Havirov. And the fourth stand will see the Brazilian Ministry of Tourism focus on tourism and leisure developments. The Seaview area has its own direct access from the Croisette. It can also be accessed from the Lerins hall or via the bridge from level 3 of the Palais.

NEW CITY DEVELOPMENT

Skolkovo sets the standard for new urban development Cannes harbour

THOUGHT LEADERS GATHER IN CANNES RE-INVEST, the first-ever Institutional Investors’ Summit, will see CEOs and senior directors of pension funds, sovereign wealth funds and a range of other institutional investors gather in Cannes to plot a course through what threatens to be a challenging decade for the real estate investment markets. On the morning of Tuesday, March 6, the experts will gather in the Palais des Festivals to address the question: Is There A Need For A New Business Model? before splitting into smaller groups to look at a wide range of issues facing the real estate industry. The event will finish with a lunch at the Majestic Hotel where the experts will join invited guests from across the investment sphere. To organise this brand new format to serve the institutional investment sector, Reed MIDEM has recruited two top-level partners: IPE as Industry Partner and KPMG as Research Partner. The preliminary conclusions of the meeting will be reported back to the market in the MIPIM Review edition. 28 I

West of Moscow city centre, a new neighbourhood is emerging that promises to be a model for the city of the future

HE CITY of Skolkovo, located 30 to 40 minutes west of Moscow city centre in the Moscow Region’s Odintsovo District, is being developed as a prototype for the city of the future. Occupying a 400-ha site, the Skolkovo Innovation Centre will be anchored by a new University and a Technopark. Alongside them will be a Congress Centre, various office and laboratory buildings, apartment buildings, fitness centres and retail. Particular attention will be paid to parks and other public spaces to create a rich and aesthetically appealing urban environment. The first facilities will be built at the Innovation Centre in 2012, while the main construction

preview magazine I February 2012 I www.mipim.com

programme will be completed in 2015 by which time it is expected to house a 31,000-strong workforce. As well as providing efﬁcient and attractive places to live and work, Skolkovo aims to become an energy efﬁcient city with minimal or zero emissions and the total recycling of household and municipal waste. At least 50% of the energy consumed by the city will come from renewable sources. The transport system prioritises walking and cycling and the use of vehicles with internal combustion engines is prohibited in the city. And many of the new buildings will be energy passive and active structures that do not require energy from the outside and even produce more energy than they consume.

i neWs PARIS REGION

PATRIZIA SIGNS PARIS LEASE PATRIZIA GewerbeInvest has concluded a rental agreement for 10,000 sq m of suburban offices in Paris with Natixis. The investment bank of Caisse d’Epargne and Banques Populaires is extending its rental agreement for a further nine years. The property dates from 1988 and was designed as two autonomous structures each with nine floors. It is located in Charenton le Pont, a typical back office location in the Val de Marne, a short distance from the Paris city limits of the twelfth arrondissement. It has direct links to the Boulevard Pheripherique, L´autoroute de L´Est and is close to the Bercy 2 shopping mall, making this a prime location. The property is held in the LB Buro-Invest Europa I special fund and, with the continuation of the Natixis rental agreement, is fully rented. The LB Buro-Invest Europa I special fund has €281m of real estate assets and invests in high-quality office buildings in Germany, France, Finland and Hungary.

New rental agreements for Patrizia GewerbeInvest

LONDON

AXA Real Estate launches Sixty London AXA REAL Estate has started the final construction phase of Sixty London, a prime London office development. Completion is due in summer 2013. AXA Real Estate is advising Development Venture III in partnership with Favermead on the speculative project. In addition to the 20,000 sq m (215,000 sq ft) of office space, Sixty London will offer 1,850 sq m (20,000 sq ft) of retail and restaurant accommodation on the ground floor and discussions are under way with a number of potential occupiers The building is targeting a BREEAM Excellent sustainability rating and has been upgraded to achieve an additional 25% carbon saving. Sixty London benefits from excellent transport links, with access to five underground lines and the mainline rail network. It is two minutes walk from Farringdon, which, is undergoing a transformation as part of the Thameslink upgrade and the introduction of Crossrail and will become one of London’s busiest transport nodes. It is also just five minutes’ walk from the new shopping centre at One New Change. Development Venture III was launched in July 2010 and has raised €588.5m in equity, providing a €2.5bn development capacity after leverage and reinvestment of proceeds, to invest 30 I

across Europe, making use of the specialist local development expertise in AXA Real Estate’s teams in the UK, France, Italy, Spain and Germany. Elsewhere in the City of London, AXA Real Estate is developing 5,500 sq m (60,000 sq ft)

Sixty London will become a new London landmark

preview magazine I February 2012 I www.mipim.com

of new ofﬁces with 1,850 sq m (20,000 sq ft) of retail/restaurant space and 920 sq m (10,000 sq ft) of prime residential apartments at 1 St Paul’s, as well as 14,500 sq m (160,000) sq ft of new ofﬁce space at 6 Bevis Marks in conjunction with MGPA and Eurohypo.

PROGRAMME

OF CONFERENCES & EVENTS

6-7-8-9 MARCH 2012 Cannes, Palais des Festivals

60 CONFERENCES, 250 SPEAKERS MIPIM offers an impressive selection of conference sessions and networking events. Find out what’s in store for 2012.

MEET SOME OF THIS YEAR’S SPEAKERS

Joschka Fischer, former Minister of Foreign Affairs of Germany

Bernhard Berg, Managing Director, IVG Institutional Funds GmbH

Kim Herforth Nielsen, Principal and Founder, 3XN Architects

Jean-Michel Six, Managing Director and Chief European Economist, Standard and Poor’s

Hauke Brede, Chief Risk Ofﬁcer, Allianz Real Estate GmbH

Arson Cenk, CEO, Rönesans Real Estate Investment

Prof. Greg Clark, Global Expert on Urban Development and Senior Fellow, ULI

Christian Delaire, CEO, AEW Europe

Philip Dunne, President Prologis Europe, Prologis

Jacqueline Faisant, Chairman, BNP Paribas REIM

Brian Field, Adviser, European Investment Bank

Warren Friend, Managing Director, BlackRock

Maurice Gauchot, President, CBRE

Henri Giscard d’Estaing, CEO, Club Med

Peter Hayes, Head of European Investment Research, Pramerica Real Estate Investors

Mateu Hernandez, CEO, Barcelona Global

Frank Khoo, Global Head of Asia, AXA REIM

Christoph Kohlen, Head of the Eco Commercial Building Program (BENELUX) Bayer

Michael Kröeger, Head International Real Estate Finance, Landesbank Hessen-Thüringen

Frank Löwentraut, Managing Partner, Avivre Consult GmbH

See Lian Ong, President, RICS

Mark Roberts, Managing Director, Global Head of Research, RREEF Real Estate

Stefano Scalera, Managing Director, Agenzia del Demanio

Olivier Seznec, Chief Technology Ofﬁcer, Cisco Ruth Standring,

Hesham Shoukri, CEO & Executive President, Rooya Group

Otis L. Spencer, Managing Director, Co-Head Europe, Heitman

Ruth Standring, Group Head - Environment, Standard Chartered Bank

Sander Paul van Tongeren, Head of Sustainability Global Real Estate APG AM, APG Asset Management

Pere Vinolas, CEO, Colonial

Manfred Wiltschnigg, Member of the Executive Board, Immoﬁnanz AG

WE THANK OUR CONFERENCES SPONSORS Gold sponsor:

Silver sponsors:

See following pages for more information

Mayors’ Think Tank sponsor:

KNOWLEDGE & NETWORKING AT MIPIM 100 ways to accelerate your business!

Choose your theme and look out for the symbol! Prepare your schedule of conferences and events to attend throughout the 4 days. The symbols below will appear in the pages that follow.

YOU ARE INTERESTED IN Germany Country of Honour

Learning

Project Insights

Networking

2 panel sessions Keynote address: Joschka Fischer, Former Minister of Foreign Affairs of Germany

Opening cocktail

Investor Quest – Germany Awards special prize German stands

Territories’ opportunities

19 panel sessions

Japan Breakfast* & Asia Lunch* Belgium Breakfast* NEW Spanish Lunch* NEW 1 Link-In: Netherlands NEW

National Pavilions & worldwide exhibition

Cities, Infrastructure & Sports

Keynote address: top City Mayors 2 panel sessions Sports Seminar NEW

Mayors’ Think Tank* Mayors’ Lunch: Political leaders meet end-users* Sports Seminar cocktail NEW

Cities’ stands

Finance & Investment Investors’ Programme

10 panel sessions Double Keynote address: Standard & Poor’s / IVG Institutional Funds MIPIM Wrap-Up session

RE-Invest Summit* NEW Investors’ Lunch* NEW Leaders’ Breakfast* 2 Investors’ Power Meetings* NEW 1 Link-In: End-users NEW

Exhibiting investors and advisers

4 panel sessions “Dialogues in between” every morning over 4 days

Dedicated Pavilion in the expo Daily afternoon cocktails

3 panel sessions

A dedicated lounge 3 Link-In: Industrial & logistics Daily afternoon cocktails

Hotel, Tourism & Leisure

2 panel sessions

A dedicated HTL lounge Daily HTL Cocktail Receptions HTL Power Meetings Hotel & Tourism Lunch*

Focus on other asset classes

Retail property: 2 sessions Affordable housing: 1 session Mature housing: 1 session Healthcare property: 1 session

Building Innovation Industrial & logistics

NEW 2012

Demo-Stores on the Building Innovation Pavilion

3 afternoons of pitching sessions Awards dedicated category

50+ HTL Presentations over 3 days Awards dedicated category Awards dedicated categories: - Best shopping centres NEW - Best residential projects

*By invitation only

BRAND NEW AT MIPIM BUILDING INNOVATION Explore how to transform sustainable and innovative investments into return, thanks to the “Building Innovation” Pavilion, which features: Demo Stores: innovative products and solutions Conference area Networking area This showcase will be completed by year round content to help you stay at the cutting edge of the latest trends and innovations.

RE-INVEST SUMMIT*

INDUSTRIAL & LOGISTICS

“What is the future of fund management and is there a need for a new model?” This summit will bring together 50 leading institutional investors from around the world for strategic dialogue on critical issues facing the industry. Based on exclusive research carried out in partnership with IPE and KPMG, RE-Invest provides access to a privileged network. Results of the summit will be published after MIPIM. *By invitation only

Meet, pitch ideas, discuss news and explore major projects in this rising asset class: A dedicated lounge: the perfect hub for providers, users and buyers; Tailored conferences and events; Major players stands.

LINK-IN SESSIONS Add to your network with your peers. Meet up to ten speakers and industry key players after selected conference sessions.

More details about speakers, content and conference venues on www.mipim.com/programme

YOUR WEEK IN BRIEF

TUESDAY 6 MARCH Japan Breakfast

8.30 9.30

By invitation only

RE-Invest - The MIPIM real estate investors’ Summit “What is the future of fund management 9.30 and is there a need for a new model?” 12.30 In partnership with IPE and KPMG By invitation only, followed by lunch

10.00 11.00

Asia: Business hub of choice

10.00 11.00

Turkey’s REIT sector: an iceberg in Europe

10.00 11.00

Co-organiser: fDi Intelligence

Co-organiser: Reidin

Markets, malls and mainstreets where is the future of European retail investment Co organiser: IPD

10.00 11.00

France: how to refurbish the existing stock?

10.00 12.30

Building Innovation: dialogues between...

11.00 13.00

HTL Presentations “Tourism and leisure projects”

11.30 12.30

China: investment diversiﬁcation

11.30 12.30

Co-organiser: Les Echos

Co-organiser: Cushman & Wakeﬁeld

Russian real estate market in 2012: highlights and forecasts Co-organiser: Vedomosti

14.00 17.00

HTL Presentations “Tourism and leisure projects”

14.30 15.30

Infrastructure: building the network

14.30 15.30

More to come from Poland’s investment market

14.30 15.30

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

11.30 12.30

Finance & investment

13.00 14.30

Asia Lunch

13.00 14.30

By invitation only

Investors’ Lunch By invitation only

UK: still the favourite destination for international investors? Co-organiser: IPD

14.30 15.30

Challenges facing medium size European cities

15.00 17.00

Industrial & Logistics pitching sessions Southern Europe

17.00 18.00

Industrial & Logistics Cocktail

Co-organiser: Property EU

15.00 Investors’ Power Meetings: Indirect investment Pre-registration required 16.00

16.00 17.00

German local authorities: cooperation models with investors and private partners

16.00 17.00

CEE investment: where is the ﬁnance coming from and under what conditions?

16.00 17.00

11.30 Trends and evolution of the logistics real estate market Co-organiser: SITL EUROPE 12.30 12.30 13.00

Co-organiser: CiJ Sponsored by Cushman & Wakeﬁeld

16.00 17.00

Co-organiser: ZIA

Co-organiser: Europa Property

Are we too broke for sustainability? Co-organiser: BPF

Surviving in a challenging climate: getting to grips with investment risks Co-organiser: IPD

16.30 Investors’ Power Meetings: Direct investment Pre-registration required 17.30 17.00 18.00

Hotel, Tourism & Leisure Cocktail reception

19.30

MIPIM Opening Cocktail

Conferences Gold sponsor:

Access to MIPIM 2012 conferences is free of charge for all registered delegates, within the limit of space available. Programme as of 20th January 2012. All information contained in this programme may be subject to change.

YOUR WEEK IN BRIEF

WEDNESDAY 7 MARCH 8.00 9.30

Belgium breakfast

10.00 13.00

HTL Presentations “Resort projects”

10.00 11.00

By invitation only

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

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

Corporate occupiers’ changing demands 14.30 and how the real estate sector can take advantage 15.30 of these trends Co-organiser: RICS

15.00 17.00 17.00 18.00

Industrial & Logistics pitching sessions Northern Europe Industrial & Logistics Cocktail

Co-organiser: Immobilien Manager Sponsored by Aberdeen Asset Management

15.00 16.00

Latin America: a new Eldorado for tourism?

10.00 11.00

Belgium : how to leverage urban development through innovation & culture

15.30 16.30

How have cities used sports to drive urban development?

10.00 11.00

MENA: what’s hot in the region?

16.00 17.00

Brazil - The time of opportunity

10.00 12.30

Building Innovation: dialogues between...

11.00 13.00

Co-organiser: EKARUNA

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

11.30 12.30

Private Equity: European distressed investing

11.30 12.30

Investor Quest - Germany

11.30 12.30

Co-organiser: PERE

Sustainable property investment: does good mean good value? Co-organiser: IPD

11.30 12.30

Urban logistics: the next challenge of megacities?

12.30 13.00

Link-In Industrial & Logistics Meet the key players

13.00 14.30 14.00 17.00 14.30 14.40 14.45 15.15 14.30 15.30

Mayors’ Lunch: Political leaders meet end-users Sponsored by GDF Suez By invitation only

HTL Presentations “Luxury & boutique hotels” Sports Seminar Introduction: sports and urban development, what is the connection? Keynote address by a representative of sports universe or a political leader

16.00 17.00

16.00 17.00 17.00 17.30

Co-organiser: Vida Immobiliaria

Where in the World? Global cities for global investors Co-organiser: IPD

Sustainable strategies for occupiers- keeping costs down whilst remaining environmentally sound Co-organiser: ISA

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

16.45 17.45

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

17.45 18.00

Sports Seminar Conclusion: future of sports and urban development

17.00 18.00

Hotel, Tourism & Leisure Cocktail reception

17.30 18.30

Keynote address by top city leaders

17.30 18.30

17.30 18.30 18.00 18.30

The USA in 2012 - a perfect storm of investment factors Co-organiser: RCA

South Africa: a stable market among emerging countries? Co-organiser: Liberty Properties

Sports Seminar Cocktail

Keynote address: how is property placed to meet investors’ needs and expectations? Co-organiser: IPD

Conferences Gold sponsor:

YOUR WEEK IN BRIEF

THURS. 8 - FRI. 9 MARCH 10.00 13.00

HTL Presentations “Budget & niche hotels”

10.00 11.00

Keynote address on Global Economics & the Euro zone Joschka Fischer, former Minister of Foreign Affairs of Germany

10.00 12.30

11.30 12.30

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

Keynote address by architects on “Building Innovation” Co-organiser: Lord Culture

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

13.00 14.00

Spanish Lunch By invitation only

More affordable homes: design and build, ﬁnance and deliver

Co-organiser: Be Citizen

16.00 17.00

The Commercial Real Estate Finance Markets Recovery or Retreat? Co-organiser: CREFC

16.00 17.00

Hotels: “the asset light” strategy

17.00 18.00

Hotel, Tourism & Leisure Cocktail reception

17.15 18.00

Hotel, Tourism & Leisure Power Meetings

17.30 18.30

Co-organiser: JLL Hotels

Healthcare real estate: a safe investment in an uncertain economy? Co-organiser: Your Care Consult Sponsored by ICADE

17.30 18.30

Connect the building to its urban environment

17.30 18.30

Finance & Investment

18.30 19.30

MIPIM Awards Red Carpet and cocktail

19.30 20.30

MIPIM Awards Ceremony

Co-organiser: UK Regeneration

The Netherlands: hot spots, hot segments

15.30 16.00

Link-In The Netherlands “Meet the key players”

14.30 15.30

Energy efﬁciency: new & refurbished projects

17.00 18.00

Co-organiser: UK Regeneration

By invitation only

14.30 15.30

15.00 17.00

More homes: changing lifestyles and consumer needs

Humanising the building:

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

13.00 14.00

14.30 15.30

16.00 17.00

16.00 combining technical innovations with users’ needs 17.00

11.30 Harbour logistics and river transport: a major issue 12.30 12.30 13.00

The future of hotel development key success factors for new hotel projects and the growth of hotel groups Co-organiser: PKF hotelexperts

Building Innovation: dialogues between...

11.30 The Spanish real estate market in 2012: time to act Co-organiser: Aguirre & Newman 12.30 11.30 12.30

15.00 16.00

Industrial & Logistics pitching sessions Central & Eastern Europe

FRIDAY 9 MARCH 10.00 12.30

Building Innovation: dialogues between...

Co-organiser: Eurobuild

Industrial & Logistics Cocktail

10.30 11.30

Wrap-Up In partnership with: Wisconsin School of Business

LIST OF CONFIRMED SPEAKERS AS OF JANUARY 20TH • Daniel Pablo Aguilera, Secretary of Tourism, Argentina National Institute of Tourism Promotion • Cenk Arson, CEO, Rönesans Real Estate Investment • Jan willem Bastijn, Managing Partner, Cushman & Wakefield • Bernhard Berg, Managing Director, IVG Institutional Funds GmbH • Miriam Beul-Ramacher, Freelancer, Pressebüro Beul-Ramacher • Umberto Borzi, Partner, Chiomenti Studio Legale • Hauke Brede, Chief Risk Officer, Allianz Real Estate GmbH • Arco Buijs, CEO, Steigenberger Hotels AG • Greg Clark, Global Expert on Urban Development and Senior Fellow ULI • Ismael Clemente Orrego, Managing Director, RREEF • Engin Çubukçu, Senior Manager, PricewaterhouseCoopers • Matteo Del Fante, Chairman, CDP Investimenti SGR • Christian Delaire, CEO, AEW Europe • Philip Dunne, President Prologis Euorpe, Prologis • Jacqueline Faisant, Chairman, BNP Paribas REIM • Kieran Farrelly, Director, CBRE Global Multi Manager • Brian Field, Adviser, European Investment Bank • Courtney Fingar, Editor, fDi Magazine, fDi Intelligence / The Financial Times Ltd • Joschka Fisher, Former Minister of Foreign Affairs, Germany ‘s Minister of Foreign Affairs • Warren Friend, Managing Director, BlackRock • Stan Garrun, Managing Director, IPD • Maurice Gauchot, President, CBRE • Henri Giscard d’Estaing, CEO, Club Med • Keith A. Gollenberg, Managing Director, Oaktree Capital Management • Serge Grzybowski, CEO, ICADE • Yann Guen, Vice President, Mayland Real Estate • Christof Hardebusch, Editor in Chief, Immobilien Manager • Peter Hayes, Director of Research - Europe, Pramerica Real Estate Investors • Kim Herforth Nielsen, Principal and Founder, 3XN Architects • Gunnar Herm, Head of Real Estate Research & Strategy - Europe, UBS AG • Mateu Hernandez, CEO, Barcelona Global • Peter Hobbs, Senior Director, IPD • Junko Inokuma, Deputy Director General, Tokyo Metropolitan Government - Regional Revitalization Bureau • Frank Khoo, Global Head of Asia, AXA REIM • Fabian Klingler, Managing Director, Aberdeen Asset Management • Christoph Kohlen, Head of the EcoCommercial Building Program (BENELUX), Bayer • Michael Kroeger, General Manager Real Estate Finance, Landesbank Hessen-Thüringen • Adam Lazar, Managing Partner, Lazar Capital • Matthias Leube, Managing Director, Head of Real Estate Germany, AXA Investment Managers GmbH • David Lorenz, Director, Lorenz Property Advisors - Chartered Surveyors • Frank Löwentraut, Managing Partner, Avivre Consult GmbH • Winy Maas, Director / Architect MVRDV, MVRDV • Antonio Gil Machado, Director, Vida Imobiliária • Robin Marriott, Editor, fDi Magazine, PERE - Private Equity Real Estate Magazine • Aldo Mazzocco, CEO, Beni Stabili SPA/SIIQ • Robert McLean, Editor in Chief, CiJ • Olivier Mege, Deputy Managing Director (Certified Master, RE Securitization), IPD • Alfonso Munk, Managing Director, Morgan Stanley

• Stephen Newman, Chairman, Aguirre Newman S.A • Samuel Ogbu, CEO, Liberty Properties • Soren Olsen, Head of Office Investments, Capital Markets Group, Cushman & Wakefield Polska Sp. z o.o. • See Lian Ong, President, RICS • François Ortalo-Magne, Albert O. Nicholas Dean, Wisconsin School of Business • Stuart Patrick, Chief Executive, Glasgow Chamber of Commerce • Elizabeth Peace, Chief Executive, British Property Federation • Daniel Piazolo, Managing Director, IPD • Stephane Pichon, Managing Partner, Your Care Consult • John Pike, Secretary General, International Sustainability Alliance Limited • Stéphane Quéré, Director - Sustai nable Urban Management, Deputy Director Group Commercial & Marketing Department, GDF SUEZ • Jayne Rafter, Publisher & Joint MD, RLI C/O Paramount Publications Ltd • Stephen Renna, CEO, CRE Finance Council • Mark Roberts, Managing Director, Global Head of Research, RREEF Real Estate • Catherine Sabbah, Journalist, Les Echos • Jackie Sadek, Chief Executive, UK Regeneration • Stefano Scalera, Managing Director, Agenzia del Demanio • Olivier Seznec, Chief Technology Officer, Cisco • Hesham Shoukri, CEO & Executive President, Rooya Group • Jean-Michel Six, Managing Director and Chief European Economist, Standard and Poor’s • Craig Smith, Publisher, Premier Media SP. z.o.o. / Europa Property • Ruth Standring, Group Head - Environment, Standard Chartered Bank • John Stinson, Managing Director - Capital Markets, Asia Pacific, Cushman & Wakefield • Haluk Sur, Board Member, Emlak Konut REIT • Jack Taylor, Managing Director - Head of global real estate finance group, PREI • Andrew Thomas, Partner, Cushman & Wakefield • Phil Tily, Managing Director, IPD • Tomasz Trzoslo, International Director, Jones Lang LaSalle • Frédéric Vallier, Secretary General, Conseil des Communes et des Régions d’Europe • Robert Van Ieperen, Partner, Fakton • Sander Paul Van Tongeren, Head of Sustainability Global Real Estate APG AM, APG Asset Management • Mete Varas, Head of Business Development, Europe, REIDIN.com - Emerging Markets Real Estate Information • Pere Vinolas, CEO, Colonial • Antoni Vives i Tomas, Mayor of Urban Habitat, Barcelona City Council • Matthew Webster, Managing Director - Head of Real Estate Financing, HSBC Bank PLC • Michael Widmann, Managing Partner, PKF hotelexperts • Rob Wilkinson, Chief Investment Officer, AEW Europe • Steve Williams, Director Global Business Development, RCA • Manfred Wiltschnigg, Member of the Executive Board, Immofinanz AG • Robert Wittenberg, Head of Corporate Property Management, Renault s.a.s • Jean-Bernard Wurm, Managing Director, Secure Legal Title Ltd

More details about speakers, content and conference venues on www.mipim.com/programme

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invision UK

NORWAY

ë 5 CONTINENTS PROPERTY

ë OSLO METROPOLITAN AREA

http://international.5continents property.com

SWEDEN

ë CACI

ë FLAKT WOODS

www.aerium.com

ë INCENDO

ë DTN IMMOBILIER

USA

www.flaktwoods.com

www.caci.co.uk

CANADA

www.oslobyforum.org

ë AERIUM

www.incendo.co.uk

www.dtntremblant.com

ë INTERNATIONAL FINANCE CORPORATION

ë INVEST IN BRISTOL

NETHERLANDS

ë THE CITY OF EDINBURGH COUNCIL

ë DWIRE DUTCH WOMEN IN REAL ESTATE

www.investinbristol.com

www.ifc.org

ë OFFICE MOVING ALLIANCE

www.dwire.nl

www.investinedinburgh.com

www.officemovingalliance.com

ë MULTI CORPORATION

ë RELATED COMPANIES

www.multi.eu

www.related.com

ë PROVINCE OF UTRECHT

GERMANY

ë THE CARLTON GROUP www.carltongroup.com

BELGIUM

ë SIEMENS

ë LAPIDIS

ë TUEV SUED

ë SPECI

www.apcoa.com

ë THOR PROPERTIES

http://thorproperty.com

www.provincie-utrecht.nl

ë APCOA PARKING HOLDINGS

www.lapidis.be

www.siemens.com

LUXEMBURG

www.tuev-sued.de/is

ë SFS EUROPE

www.sfs-groupe.com

NICARAGUA FRANCE

ë GRUPO MARIANA

www.grupomariana.com

ë AFTRP

www.aftrp.com

ë BANQUE PALATINE www.palatine.fr

ë BANQUE POPULAIRE www.banquepopulaire.fr

ë BOUYGUES IMMOBILIER

www.bouygues-immobilier.com/jahia/ Jahia/aboutus

NEW FACES

ë CAISSE D’EPARGNE www.caisse-epargne.fr

MIPIM 2012 draws many new faces

ë CONCERTO EUROPEAN DEVELOPER www.concerto-ed.com

ë DE FACTO

www.ladefense.fr

ë GRAND POITIERS www.grandpoitiers.fr

ë ICADE

www.icade.fr

Major players from four continents head to Cannes for the ﬁrst time

ë LA FARANDOLE

www.hostellerielafarandole.com

ë LAFARGE

www.lafarge.com

ë LES VILLAGES D’OR www.lesvillagesdor.fr

ë SADEV 94

EFLECTING the continuing evolution and the increasing globalisation of the real estate industry, MIPIM 2012 has attracted a host of new faces from around the world. Companies will be coming from as far away as Argentina and Taiwan to make their MIPIM debuts this year. Turkey, Poland and Russia, three of the fastestgrowing emerging markets in the EMEA region, will all be sending larger delegations than ever before.

www.sadev94.fr

ë SOCFIM ë SOCIETE DU GRAND PARIS www.societedugrandparis.fr

Béatrice Gravier

www.sophia-antipolis.net

URUGUAY ARGENTINA ë INPROTUR INSTITUTO NACIONAL DE PROMOCION TURISTICA www.argentina.travel

38 I

ë SPLA PARIS BATIGNOLLES AMENAGEMENT ë SYMISA

preview magazine I February 2012 I www.mipim.com

ë GREENPOL

www.greenpol.com

SPAIN ë CASTELLON TOURIST BOARD www.turismodecastellon.com

ESTONIA

POLAND

RUSSIA

ë CITY OF TALLINN

ë APOLLO ELECTRONICS

ë AMTEL-PROPERTIES

ë CITY OF GLIWICE

ë INSI

ë LOWER SILESIA REGION

ë PERSPEKTIVA

UKRAINE

ë MARSHALL’S OFFICE OF PODLASKIE VOIVODESHIP

ë ARRICANO REAL ESTATE LLC ë KYIV CITY

ë METROPOLIA SILESIA

ë PO CONTINENT ë SKLOKOVO INNOVATION CENTER

www.tallinn.ee

www.apollo.eu

LATVIA ë DITTON HOLDINGS

http://gliwice.eu/en

www.investinlowersilesia.pl

http://kmv.gov.ua

www.wrotapodlasia.pl www.silesiametropolia.eu

ë STADION W ZABRZU www.stadion-zabrze.pl

ë ZAWIERCE MUNICIPALITY www.zawierce.eu

www.amtel-properties.com http://insiholding.com www.perspektiva-psp.ru

http://i-gorod.com

ë SMT DEVELOPMENTS

www.smt-developments.ru

ë SRV DEVELOPMENT www.srv.fi

ë STC GREAT FIELD www.great-field.ru

BULGARIA ë WALLTOPIA

www.walltopia.com

GREECE ë HELLENIC REPUBLIC ASSET DEVELOPMENT FUND

CZECH REPUBLIC ë THE REGION OF SOUTH BOHEMIA www.kraj-jihocesky.cz

TURKEY ë DOGA GAYRIMENKUL www.dogagm.com

QATAR

ë EROGLU YAPI

ë QATAR PAVILION

ë INANLAR CONSTRUCTION

www.qataridiar.com www.msheireb.com

ë ROMA CAPITALE ROMA CITY INVESTMENT www.roma-capitale.it

ë 100 FINESTRE

www.100finestre.it

ë CITY OF TOKYO

www.donland.ru

SOUTH KOREA ë MINISTRY OF CULTURE & TOURISM

www.hraf.gr

ITALY

JAPAN

ë THE ADMINISTRATION OF ROSTOV REGION

www.eroglu.com

www.mcst.go.kr

TAIWAN ë FARGLORY LAND DEVELOPMENT www.farglory.com.tw

www.inanlarinsaat.com.tr

ë ISTANBUL CHAMBER OF COMMERCE www.ito.org.tr

CROATIA ë SKIPER HOTELI

www.skiper-resort.com

ë IS REAL INVESTMENT TRUST www.isgyo.com.tr

ë ULUHAN GRUP

www.babilkuleleri.com/projemiz

ë PROPLAN PROJECT MANAGEMENT AND CONSULTANCY www.proplan-pmc.com/en

ë TIMUR GAYRIMENKUL

www.timurgayrimenkul.com/ timur_nef

ë TSKB

www.tskbgd.com

ë VARYAP - GAP INSAAT www.varyap.com/en/varyap

www.mipim.com I preview magazine I February 2012 I 39

Meet us at

R31.36

Professionell. Wie unsere Leser. Professional. Just like our readers.

PROFESSIONELL ist auch die achtgeschossige Bibliothek der Brandenburgischen Technischen Universität Cottbus (BTU) als hochmoderne Kommunikations- und Arbeitsstätte ausgestattet. Der von den Schweizer Architekten Herzog & de Meuron entworfene gläserne Bücherturm gilt mit seiner organischen Form als Solitär in der Umgebung.

PROFESSIONAL is also how we’d describe the eight-storey library at the Brandenburg University of Technology in Cottbus. The building is a wellequipped, state-of-the-art communications centre and workplace designed by the Swiss architects Herzog & de Meuron. The organically shaped glass library tower really stands out from its surroundings.

ZU DEN SOLITÄREN ZÄHLT AUCH DIE IZ. Als führendes Fachmedium informieren wir Sie täglich per E-News über das Wichtigste aus der Immobilienwirtschaft und berichten wöchentlich im klassischen Zeitungsformat umfassend über die zentralen Themen der Branche. Als Abonnent der Immobilien Zeitung erhalten Sie den täglichen E-Mail-Newsletter kostenlos und können jederzeit in unserem Archiv recherchieren – in über 100.000 Beiträgen!

THE IZ STANDS OUT too; as a leading publication for professionals in the real estate business. Stay informed with daily online news updates and weekly newspaper reports – we provide you with a comprehensive coverage of all the key issues affecting our sector. As an Immobilien Zeitung subscriber you will receive our daily e-newsletter free of charge as well as 24 hour access to our archive containing over 100,000 articles!

UNSERE KOMPETENZ FÜR IHREN ERFOLG.

OUR COMPETENCE FOR YOUR SUCCESS.

Mediengruppe Immobilien Zeitung. www.immobilien-zeitung.de

Immobilien Zeitung Media Group. www.immobilien-zeitung.de

Focus Logistics steps into the global spotlight Logistics is a new focus for MIPIM 2012 with a dedicated conference stream and its own pavilion, housing stands for leading developers and intermediaries. The pavilion will also see daily debates between investors and occupiers in this fast-moving sector. Changes in the industrial and retail sectors have turned the spotlight on logistics as never before. Just-in-time delivery and the growth of e-commerce are driving demand for new facilities and rendering some older plant obsolete. At the same changes to the pattern of global trade are opening up new opportunities for logistics property developers around ports and airports and along key highways. This presents new challenges to occupiers and is in turn creating opportunities for the specialist developers and investors who service the sector. The result is that the logistics sector has become one of the most dynamic real estate sub-markets. For the ﬁrst time MIPIM is presenting its own stream devoted to the sector with daily conferences and a dedicated meeting and exhibition area.

SPONSORED BY:

INDUSTRY PARTNER:

REAL ESTATE RESEARCH PARTNER:

INSIDE THIS SECTION New forms of debt ﬁnance to keep real estate moving

The banking crisis has hit property lending along with every other sector, forcing developers and investors to look at new sources of ﬁnance, discovers Chris Bown

Investors look beyond prime to seek out improved returns

At a time when investors are looking for safe havens in core prime property, are there rewards for those willing to go off-piste into the secondary markets? Chris Bown investigates

www.mipim.com I preview magazine I February 2012 I 61

Which of todayâ&#x20AC;&#x2122;s

International Real Estate Stories will soon be recognized as a market game changer? Join the thousands of international real estate professionals that frequent our dedicated international page and subscribe to our daily alerts. Every morning, we deliver the latest news, data and analysis, as well as the opinions and insights of industry thought leaders to provide our readers with market intelligence and a daily business advantage. GlobeSt.com is the online tool needed to stay ahead of the competition.

focus INVESTMENT FUNDING

New forms of debt ﬁnance to keep real estate moving The banking crisis has hit property lending along with every other sector, forcing developers and investors to look at new sources of ﬁnance, discovers Chris Bown

IVE years ago, it was easy to make money in property. Banks were keen to lend, investors optimistic that their grand projects would only ever increase in value. But, when the music stopped, reality dawned and we now live in very different times. Several banks have required government support, and lenders are sitting as the default owners of major swathes of distressed property. So for those keen on continuing forward in the real estate world, the new landscape is very different. And access to debt ﬁnance — traditionally the lifeblood of property development — will, it appears, remain constrained for some time. Faced with this challenge, where are the opportunities and what are the models that will work?

Peter Denton, UK head of real estate at bank BNP Paribas, stresses that the current funding shortfall is not any reﬂection on the real estate world: rather, it is external forces. “The decision making has nothing to do with property.” The issue, he says, is one of banks getting their houses in order following the banking crisis — and all investment classes are experiencing the same pressures. “We were expecting to have six to seven years to be Basel compliant,” says Denton. Instead, an accelerated timetable means many banks will now achieve this hurdle during 2012 — and that has led to drastic action on their parts, with a knock-on effect on the property sector. “For almost all banks, they have a relatively straightforward choice: reduce the size of their loan books, or raise

“I can see the creation of a non-bank funding market” Peter Denton, BNP Paribas

Orion has bought a 50% stake in Puerto Venecia, in Zaragoza, where Europe’s largest retail and leisure destination is being completed www.mipim.com I preview magazine I February 2012 I 63

focus New forms of debt finance to keep real estate moving equity.” With currently depressed share prices, the equity raising option looks the less attractive of the two, and so it is loan book reduction that will continue to impact property funding in the short term. “We tend to take things very personally, but this has nothing to do with property.” But there are positives Denton can see. “For the first time ever, I can see the creation of a non-bank funding market,” with pension funds and insurance companies entering the field in the search for good, solid-yielding returns. “They still need yield to meet their investment requirements.” Peter Damesick, EMEA chief economist at CBRE, agrees: “There is a widespread expectation that insurance companies will take a bigger share of the property lending market, as has happened in the US, but it will take time to develop.” “We will see a more complex market,” predicts Denton, with banks acting as go-betweens. “The complexity will arise in who is lending, and what do they need? There is an investor base who, for example, might have bought bonds, who will come into property loans instead. This is likely to be the main way to inject substantial new liquidity into the property lending market.” Banks will act as lenders in their own right but also as facilitators and agents for this more passive capital. If that was the good news, the bad news for the immediate future is that this change may take some time. “The immediate future looks quite challenging,” says Denton. A lack of debt and banks own funding costs are pushing up lending margins and fees. With a substantial volume of loans coming up for refinancing, that could be a challenge. “Only the very best deals will get done, or only the very best priced deals.” And, with plenty of attractively priced loans to provide secured on standing property, there will be little incentive for lenders to step into the riskier area of financing new development. For those with equity, the current market presents opportunities. Van Stults, one of the founders of Orion Capital Managers, is busy investing in property on behalf of institutional investors in his company’s funds. Around 40% of his investors are from the US, the balance spread around the world, and at the end of 2009 Orion’s third fund attracted $1.6bn (€1.28bn) of equity to invest in property across Western Europe. “If you can find the right asset at the right price, then we will proceed,” says Stults. He has not been afraid of purchasing shopping centres in Spain, investing $300m in buying the Plenilunio Centre in Madrid; and more recently acquiring 50% of the Puerto Venecia shopping and leisure centre in Zaragoza. And in London, where the high end residential market remains very strong, Orion has recently bought two development sites, choosing to build rather than chase completed stock. “We employ debt on individual deals, to the extent that funds are available. But we’re using substantially more

64 I

equity than in the past: and it’s going to take even more equity in the future.” Stults echoes Denton’s view: “Most of the sellers are selling for financial reasons, not related to the property. There are going to be more opportunities — the challenge is going to be pricing them.” Joint ventures are one clear way to share risk in uncertain times. The central London office market, for example is seeing substantial commitments from foreign investors, replacing bank lending. “Virtually all the schemes in London involve foreign equity partners, notes CBRE’s Damesick, adding, “there is a degree of appetite from the Middle East and Asia”, while Canadian pension funds and Chinese interests are already in play. And joint ventures are extending to partnerships with landowners, giving them payback later, rather than cash up front. One successful exponent of this is Cathedral Group, a developer now working with several public authorities in the UK to revitalise town centre sites. The public sector is a major landowner, says Cathedral chief executive Richard Upton, “but they’re desperately nervous of joint ventures with developers. The irony is, the business model of private and public working together is recession resistant.” Upton’s expanding team is working in town centres including the London suburbs of Clapham and Bromley, building mixed use projects, often close to transport nodes. “We’re bringing forward what the market requires,” says Upton, “as what’s actually needed is the recreation of inner town centres, a bit of place making.” And with plenty of projects on the go, this new approach is gaining traction. “In simple terms, the land goes into the model, the private sector takes all the risk, but does not have to pay for the site,” explains Upton. “In return, we share the benefits in an open-book way.”

MIPIM 2012 EVENTS: Tuesday, March 6 09.30-12.30 RE-Invest: The MIPIM real estate institutional investors’ summit (by invitation only) 13.00-14.30 Investors’ Lunch (by invitation only) 15.00-17.30 Investors’ power meeting (pre-registration)

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Wednesday, March 7 11.30-12.30 Private equity – European distressed investing 11.30-12.30 Private equity 14.30-15.30 Keynote address: how is property placed to meet investors’ needs and expectations? Thursday, March 8 10.00-11.00 Keynote address : global economics & the euro zone Joschka Fischer, former minister of foreign affairs of Germany 16.00-17.00 The Commercial Real Estate Finance Markets – Recovery Or Retreat ?

Full MIPIM conference programme on p.31

In 2009, Orion invested €235m buying the Plenilunio shopping centre, a 70,000-sq m mall in Madrid

preview magazine I February 2012 I www.mipim.com

focus INVESTMENT SECONDARY

Investors look beyond prime to seek out improved returns At a time when investors are looking for safe havens in core prime property, are there rewards for those willing to go offpiste into the secondary markets? Chris Bown investigates

HAT is secondary property? Everyone agrees on what is prime — the well-located building let on a long lease to a company that appears financially stable over the long term. City centre offices and shops are indisputably in that league, as are major industrial buildings let to the right occupier. At the other end of the scale is a tired development of buildings needing refurbishment, a long way from the city, with occupiers coming to the end of leases. But away from these clear definitions, the description can be flexible. At the depth of the market in 2009, there were few buildings considered prime, says Matthew Weiner, investment director at Development Securities. With

improving sentiment, things have changed. “The capital that wants to get into the market redeﬁnes prime.” And, according to agents DTZ, there is plenty of capital potentially stalking opportunities in non-prime property. Its Great Wall of Money report from late 2011 noted: “With over a third of capital raised before 2008, we expect many fund managers to be under increasing pressure to deploy legacy capital over the next 12 months or risk returning it to investors.” And DTZ expects banks to start releasing more secondary property: “Having made headway in dealing with problematic loans on prime assets, we see a growing level of opportunities emerging from the banks focussing on more secondary assets.”

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focus Investors look beyond prime to seek out improved returns

Charles Smith, DTZ’s head of valuation, London & South, notes: “There is an increasing quantity of secondary stock either on the market or anticipated to land shortly. This combined with a tough leasing market means that investors are becoming increasingly selective and very careful attention is being paid to the capital expenditure that properties require — if so, purchasers are seeking higher returns and lower prices or are walking away.” “The secondary market is multi-layered ranging from the ‘good secondary’ with well-located buildings but shortening income proﬁles where opportunities exist to enhance value through refurbishment and re-letting — to the ‘poor secondary’ or tertiary where properties are often suffering from functional obsolescence, are in peripheral locations with short lease terms to poor covenants. The best located and best quality properties within the micro-locations with the best re-letting story will outperform in 2012.” Peter Damesick, EMEA chief economist at CBRE, warns that it is going to take some tough price cuts to deliver property the market will want to buy: “Conditions are turning against the weaker parts of secondary, particularly properties in weak locations,” he says. “A lot of pricing there is untested. When it is tested, achievable pricing will be less than expected.” In some instances, investors are going to want equity-style returns. “The problematic situation is a single tenant,” he adds, whereas a multi-let property has better potential to work the asset. He warns: “A lot of the stock has been cash-starved,” as owners short of funds cut back on non-essential maintenance. “Those are the type of assets some investors see as an opportunity. We’ve moved from the market where investors were looking to the market to deliver capital growth.” One big fan of secondary property is Development Securities (DevSecs). The London-listed property company has, in the last three years, invested £350m in secondary property across the UK, as part of a deliberate strategy to uncover value from unloved buildings. The start of the strategy in 2009 was a to ask shareholders for funds; and this, combined with a second cash call in 2010 gathered £150m ($232m) to get to work with. “We had one slide in that presentation to shareholders that summarised it all,” says Mathew Weiner of DevSecs, “and that showed the gap between prime yields, and secondary yields.” The DevSecs model has been to invest in geographical areas they feel they understand, but to be ﬂexible about

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property type; and to choose small lot sizes, limiting the risk on individual transactions. “We stick to our core disciplines of risk analysis and likely return,” says Weiner. “It is a specialist play — capital on the sidelines shouldn’t move into the market without a partner.” DevSecs has used its own cash sometimes, and where practical has worked with a funding partner or raised bank debt to leverage its buying power. Investors in the top tier of the market are simply looking for capital preservation, says Weiner. “One of the problems investors have, is what’s a good covenant these days?” DevSecs looks for opportunities to create an enhanced return by intensive work — negotiating a change of use, repositioning the property. At the Manchester Arena, bought in the summer of 2010, the company wasted no time in extracting value. “We restructured the lease while we conducted our due diligence,” says Weiner. The $97m purchase was a joint venture with Patron Capital Partners, backed by a $75m loan. Weiner says any purchase has to have an exit plan: “It’s always about recycling.” Often that means turning the risky product they buy into something that has a place in the portfolio of an investor looking for a safe, steady return. “There is no doubt it is risky,” he acknowledges, and each opportunity needs to be appraised individually. But the risk is spread: the $235m raised has been invested across 40 deals: “We’ve taken lots of small bets.” In terms of product choice, “we’re very cautious”, says Weiner. The company is comfortable in the south east of the UK, and in other regions such as greater Manchester, where aspects such as a proactive local authority lend confidence. “Some towns will be very difficult going forward,” he says. Property type is flexible, although “to a degree we have avoided secondary offices. We like food store-anchored developments, or those where a food store can be created.” The portfolio has also added a hotel, care home, and student housing. “You’ve got to be like that.” Weiner also sees a much closer focus than in the last few years, on how occupiers use buildings and how that can influence the property’s fortunes. The prop-co/opco splitting that was popular in the last decade does not make sense in today’s environment, he says. “We’re going to spend a lot of time putting that back.” “A lot of stuff is functionally obsolete,” says Weiner, mentioning one un-named shopping centre that was up for sale in 2007 for $60m. Today, it is available probably for between $15m and $22m. “Would I buy it now? No, I wouldn’t.”

preview magazine I February 2012 I www.mipim.com

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Tuesday, March 6 14.30-15.30 UK: still the favourite destination for international investors 16.00-17.00 Surviving in a challenging climate: getting to grips with investment risks Wednesday, March 7 10.00-11.00 More than core: what international are looking for in Germany

Full MIPIM conference programme on p.31

Focus Developers go for gold with sports and leisure 2012 is an Olympic year and London is preparing for the greatest show on earth, while to the east Poland and the Ukraine are gearing up for the Euro 2012 soccer championships. Here, MIPIM News looks at the ways in which major sporting events can become a catalyst for new development and regeneration. But in an age of ﬁnancial uncertainty hosts are naturally wary of being left with empty facilities and a huge ﬁnancial burden after the media and sporting circus has moved on. So how can the needs of the sporting bodies and the worldwide television audience be met without breaking the bank? And it’s not just the global sporting events that are providing development opportunities. Sports all around the world are looking to provide a better experience for participants and spectators alike, and this is driving a surge in new sports and leisure development.

INSIDE THIS SECTION Sports investment bucks the recessionary trend

In the depths of a recession new sports facilities — from football grounds to motor racing circuits to golf courses — are still springing up. Where’s the money coming from? Steve Killick investigates

Can global events act as a catalyst for development?

It the seems the Olympic Games are all about going higher, faster and stronger – and that’s just the bidding race. So do hosts get value for money, asks Steve Killick

www.mipim.com I preview magazine I February 2012 I 67

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focus SPORTS & LEISURE - INFRASTRUCTURE

Sports investment bucks the recessionary trend In the depths of a recession new sports facilities — from football grounds to motor racing circuits to golf courses — are still springing up. Where’s the money coming from? Steve Killick investigates

E IT FOOTBALL, baseball, motor racing, golf, tennis or even rugby union star performers can earn fortunes only outshone by Russian oligarchs or top movie stars. And all this at a time when much of the western world is going through the biggest recession since the 1930s. So how is it possible for sport to still be awash with cash? When professional sport was starting out it was the paying spectator who largely footed the bill and that still holds true for a percentage of the revenue today. However in the uppermost echelons wages are far too great to simply be supported solely by fans. So diversiﬁcation is the key with big money sponsorship deals from advertisers and corporate end users who want to be associated with a high proﬁle, dynamic product crucial to bring in the next generation of superstar performers and keep the existing ones happy. And the old days of sitting in uncomfortable, wind-swept arenas with primitive facilities are a long way behind the demands of today’s big money sponsors. Which is why, despite the construction industry suffering more than most over the last few years, the demand for high technology multi-purpose stadia has remained high. In England alone the opening of Brighton & Hove Albion’s new Amex Stadium at the start of the current season heralded the 30th new venue to open in the Premier and Football Leagues since 1990 with nearly $5.4bn (€4.2bn) spent on stadia and facilities. Mark Roberts, senior manager in the sports business group at Deloitte, says: “The need to balance expenditure against revenue will encourage clubs and their owners to invest further in the development of their venue and the land which immediately surrounds it. The best way of achieving this is to get a specialist team to advise on how the best can be made of each situation.” Roberts cites a number of cases. Premiership team Arsenal has more than doubled the revenue it generates from matchdays having moved from its old ground to the newly sponsored Emirates Stadium despite its failure to win a single trophy since it arrived in 2006. Average match receipts in 2009-10 were well over $5m per game

putting it into the top four wealthiest clubs in Europe. In the same season Bolton Wanderers generated over 40% of its non-broadcasting revenue from a combination of hospitality, hotel and ofﬁces at its Reebok Stadium. Investment in stadia has allowed capacity to increase, up some 20% over the last 20 years, but also delivered a much improved standard of comfort and other match day facilities. “It does not necessarily mean that football teams have to move grounds,” says Roberts, “but most will be looking at ways to enhance what they already have. Liverpool FC, for example, has decided it cannot get the stadium it wants elsewhere so will most likely invest in upgrading its existing one.” Ground shares are not regarded as universally popular, “Italian Clubs do it because they do not own the grounds, the local authorities do,” adds Roberts. “In the best of all possible worlds clubs want something individual.” This does not mean that teams like Reading and Watford

The Amex stadium in Brighton is the latest of 30 new football grounds to be developed in the UK

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focus Sports investment bucks the recessionary trend have been averse to sharing with rugby clubs, London Irish and Saracens respectively, as the revenue from it is still useful but is rarely regarded as either the first or best option. Leicester Tigers rugby club shelved a ground share with the city’s football club and applied for planning application for a $47m improvement programme at its Welford Road ground that now sees a 24,000 capacity and sponsored stands for spectators. Bath RFC is also considering its options over whether to refurbish or move. “What any club needs to do,” says Matthew Black, head of CBRE’s East London team, “is to look for enabling development opportunities with the key drivers being complementary users. In many cases retail could prove difficult on matchday weekends but it’s not impossible. The crucial thing is to maximise corporate revenue and ensure that the stadium is put to work as often as possible, not just on 20 matchday Saturdays a year.” For Formula One backers in India, getting a Grand Prix on just one weekend of the year was worth spending an estimated $300m to secure a 10-year deal for New Delhi. The arrival of the F1 caravan may sharpen the huge gap between rich and poor in the sub-continent but also confirms India as one of the world’s most strongly emerging economies, further lifting its global profile through a sport televised throughout the world. It is estimated that the F1 circuit, built on brownfield land

some 50 km south-east of Delhi, will generate around $170m in income, mostly for local hotel and tourism industries, and deliver up to 10,000 jobs. Vijay Mallya, billionaire owner of United Breweries and Kingfisher airlines as well as the Force India F1 team, says: “It is a matter of pride that India is on the F1 calendar.” Big investment in sporting facilities can certainly pay dividends but it has to be timed well and sensibly managed. The boom in global golf tourism can bring substantial benefits to a region if supply and demand are kept in equilibrium. Right now the number of courses being built around the Moroccan city of Marrakech has provided the added bonus of funding the construction of the city’s first waste water treatment plant. Until 2010 up to 100,000 cubic metres of effluent was simply dumped into neighbouring palm groves, fields and dry river beds. The current project is valued at around $128m and provides 60 km of piping as well as four pumping stations. And the golf courses, which were previously supplied through aquifiers from the annual melt in the Atlas Mountains, will now be able to use recycled, treated water from the plant. And as well as the golf courses some 33m cubic metres will also be used for watering agricultural land and help recharge the area’s lowering water table. From the highest paid professional sportsman to the simple peasant farmer investment in sporting venues can pay dividends.

“Retail could prove difﬁcult on matchday weekends but it’s not impossible” Matthew Black, CBRE

SPORTS SEMINAR SESSIONS INCLUDE: Wednesday, March 7 14.30-14.45 Introduction: sports and urban development, what is the connection? 14.45-15.15 Keynote adress by a representative of sport universe or a political leader 15.30-16.30 How have cities used sports to drive urban development? 16.45-17.45 Looking forward: sports events and urban development in the next 10 years 17.45-18.00 Conclusions: future of sports and urban development 18.00-18.30 Cocktail

Dynamo Moscow is planning to move to the new VTB Stadium

Full MIPIM conference programme on p.31 www.mipim.com I preview magazine I February 2012 I 71

focus SPORTS & LEISURE - OLYMPIC GAMES

Can global events act as a catalyst for development? It the seems the Olympic Games are all about going higher, faster and stronger – and that’s just the bidding race. So do hosts get value for money, asks Steve Killick

HE CIRCUS is coming to town. In its modern format the Olympic big top has rolled into 22 cities of various sizes and moved on again leaving some centres in a state of contented transformation and others in a blur of bemused turmoil.The FIFA World Cup has become equally huge with competing nations bidding furiously to bring a global audience to a whole country

rather than simply a city. In both events regeneration forms a huge plank of any successful bid but just as sport is all about winners and losers so there have been some delighted winning hosts and also some desperate losing ones too. This year London hosts the games and will discover soon after the circus moves on if it is awash with world class

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focus Can global events act as a catalyst for development? venues and Olympic dollars or saddled with a massive gigantic infrastructure investment for the 2002 World debt and a herd of white elephants. The Olympic lega- Cup barely shifted its sluggish economy while two years cy is now common parlance, although the legacy differs later the Olympic Games in Athens turned into a disaster. enormously between cities. Athens was left broke while “We didn’t find a plan for post-Olympic development of Beijing and Barcelona became internationally recog- the venues,” says Greek politician Fani Palli-Petralia, who served as both as Minister for Employment and nised landmarks on the back of the competition. The World Cup legacy is slightly different and is worth Social Protection and as Minister for Tourism. “When a examining first as there is probably more of a require- city gets the games it should make a business plan for big ment to deliver stadia, infrastructure and hotels rath- changes and then decide what the country needs for the er than provide one gigantic regeneration scheme of the day after the Olympics. This did not happen.” kind that we are seeing in the East End of London for And in football crazy Greece many of the stadia for sports such as tennis and handball have simply become the 2012 Olympiad. And indeed it is only relatively recently that massive derelict. Of 22 new venues, built as part of a staggering spending has become a requirement for World Cup ven- overall cost of $15bn, 21 now lie vacant and vandalised. ues. Way back in 1966 when England hosted the tourna- “The problem is that Olympic cities have got to be big ment no new stadia were built, existing grounds – almost enough to support the games,” says Katie Kopec, interentirely from the upper tier of the then Football league, national director of Jones Lang LaSalle who has made a specialist subject out of analysing with the exception of the old White City the burdens and benefits of hosting an athletic stadium and Middlesbrough’s Olympiad. Ayresome Park – were simply upgraded “Olympic cities Kopec cites Beijing and Barcelona as as necessary. have got to be the two big recent Olympic success Contrast that with the 2010 finals held big enough to stories, both of which having proved a in South Africa where around $4bn support the huge draw for tourists during and after (€3.1bn) was spent improving roads, the Olympics. “The Beijing Olympics building new stadia and getting decent games” was a case of China ‘coming out’. It infrastucture systems in place. And Katie Kopec, would never have been on anyone’s list while the Government was spending Jones Lang LaSalle of places to visit yet it was the games that there was also huge private investthat brought it to global attention. And ment in the creation of new hotels to acit is big enough to absorb things aftercommodate tourists. Soccer City in Johannesburg, where 90% of the 1987 sta- wards which Athens never was.” dium was demolished and redeveloped, has provided an So what about London and 2012? Despite having a logo iconic centre not only for football in South Africa but also which has mystified many, the programme is not only on time but is set to regenerate the whole of the Lea Valley, for non-sporting events. Sibongile Mazibuko, executive director of the City of one of London’s poorest areas. Johannesburg’s 2010 office, says the stadium’s broadcast- The advent of Westfield’s Stratford City shopping cening facilities are a huge asset to radio and TV companies, tre was a massive pre-Olympic boost, “a huge addition while its private suites and 200-seat auditorium are per- to Middle England” is how Kopek describes it. Now the Olympics could usher in 3,000 new jobs, $110m added fect for hosting conferences and events. “South Africa has not had a venue to house 100,000 spec- economic growth and up to $777m generated through adtators at one go, and Soccer City provides that for nation- ditional tourism. All against a backdrop of the worst real events — for the state of the nation, the inauguration cession the world has seen since the 1930s. of heads of state, the bidding farewell of heroes of South “This is a fantastic advert for the UK,” says Kopec, “and Africa,” she says. “It is a facility that will be used to the one that many UK companies should well be able to export after the games.” Her enthusiasm is infectious when maximum.” Yet probably the biggest achievement of World Cup 2010 she talks of improved rail access, restored waterways in was that South Africa simply showed that it could deliver the Lea valley in a spectacular urban park, green methwhen for some months beforehand there had been press ods of tackling landfill, new schools, and on top of it all forecasts of unfinished stadia and bloodbaths as impov- the building of 30,000 new homes that will include some erished Africans attacked affluent overseas football fans. 35% affordable accommodation as well as low density For all the money spent, for all the new hotels and stadia family housing. there are still six million people in South Africa living A once tired industrial wasteland could provide London in tin shacks without water or electricity. Even an event with a vibrant, accessible east side, something it has not as big as a World Cup can only get you so far. Japan’s for almost a century. Let the games commence!

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Wednesday, March 7 16.45-17.45 Looking Forward: Sport Events And Urban Development In The Next 10 Years 15.30-16.30 How Have Cities Used Sports To Drive Urban Development? 14.45-15.15 Keynote Adress By A Representative Of Sport Universe Or A Political Leader 17.30-18.30 South Africa: A Stable Market Among Emerging Countries? Tuesday, March 6 11.30-12.30 China : Investment Diversification

Full MIPIM conference programme on p.31

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i feature Cities & Infrastructure

CITY LEADERS

Big Five cities increase their international market share The select band of established ‘Global Cities’ are enjoying strong demand for real estate as investors seek the low risk option in a challenging economic environment, discovers Steve McCormack

ESPITE increased competition for international report, Winning In Growth Cities 2011/12, Cushman real estate investment, the picture is still domi- & Wakefield identified the top five cities for global innated by the top global cities. Research from the vestment as New York, London, Tokyo, Paris and Hong Greater Paris Investment Agency (GPIA) and KPMG Kong, with London heading the table for attracting foreign investors. shows that the top five cities capThe underlying drivers of city suctured 50% of all greenfield investcess cover a range of factors beyond ment during 2010, while the top 10 “We have adopted size and wealth. These range from account for almost three quarters traditional business location prioriof available funds. an aggresive and ties through to ‘softer’ factors such Due to the prevailing economic innovative series of as connectivity and space to grow, climate the recent trend has seen strategies” quality of life and place, a skilled lainvestors looking for safe opporSeth Pinsky, bour force, innovation and creativtunities in the core, regulated marNYCEDC ity, entrepreneurship and transparkets of these top cities rather than ency of the business environment. pursuing growth. In its recent

More indepth reports on Cities on MIPIM blog: http://blog.mipimworld.com

MIPIM 2012 EVENTS: Wednesday, March 7 11.00-13.00 Mayors’ think tank (by invitation only) 13.00-14.30 Mayors’ lunch (by invitation only)

Full MIPIM conference programme on p.31

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i feature

Cities & Infrastructure

Big Five cities increase their international market share Longer term influences include issues such as openness of production,” he says. “Already, new kinds of building to migration, the ability to foster international trade, the are springing up from the landscape, and industries and power and influence of the native language, investment businesses are being developed to respond to the new demand.” from all sources and sustainability. Not that the position of the leading cities is unassailable. While investors are currently risk-adverse the mediumMajor cities in emerging economies are improving rapid- term story for global real estate is expected to be about ly on most measures and will provide an increasing chal- the growth of emerging markets. lenge in coming years as competing city authorities create “Issues that affect risk are usually dealt with on a nationattractive, dynamic environments where businesses want al level. However, when we start talking about a growth agenda, that is when the policies adopted by individto operate and where people want to live. According to Seth Pinsky, president of the New York City ual cities can make a real difference,” says Cushman Economic Development Corporation (NYCEDC), past & Wakefield’s head of European research, David history is no guarantee of future success: “Instead we Hutchings. “The primary focus should be on moves to have adopted an aggressive and, in many cases, innova- help promote a diverse economic base that is appealing tive series of strategies designed to promote recovery and to investors and on tackling the economic blight of secensure that, going forward, our city maintains the com- ondary space — many cities have too little prime space petitive advantages that have served it so well.” Pinsky and too much old stock that needs to be recycled.” can point to 60 initiatives launched by NYCEDC to en- Experts predict that the global cities will in the future find fewer factors to differentiate them with the conversure that the best and the brightest not only want to live gence of infrastructure, real esand work in New York but are also tate and even political and juridical able to grow their businesses or creconditions under the pressure of inate thriving enterprises. “Public awareness creasing competition. “At the same time that we have been of sustainable Obviously key drivers such as popworking to transform the way our development is ulation size and economic strength city does business we have also been growing” are not issues that can be changed working to transform the physical quickly, if at all. However, improvface of our city, investing in new inDenis Tersen, Paris Region ing communications and developfrastructure, creating new amenities Economic Development Agency ments in information technology and, in some cases, creating whole mean that increasingly, winning new neighbourhoods that will encities are those that have the most sure our city remains an affordable concentrated network of skills, knowledge and learning, and attractive place in which to live and work,” he says. According to Denis Tersen, CEO of the Paris Region coupled with the richest backdrop of culture, innovation Economic Development Agency, the French capital’s and quality of life. competitiveness is founded on its closely-knit, diversified Cities that cannot compete in terms of size or economic influence will evolve skill clusters that will enable them to and innovative economic ecosystem. “The Paris Region’s main strengths include a real estate compete globally in specific niche markets and the recent supply that is varied, often of high quality and competi- C&W research highlights a growing band of global martive in meeting a range of needs and requirements (offic- kets competing but also co-operating in a global city netes, warehouses, business premises, research laboratories, work. It notes that national, regional and global hubs of retail space, etc.). The 800,000 businesses located in the specialised skills and services are emerging and predicts that a number of cities from Asia and South America will Paris Region amply illustrate this fact,” he says. He notes that, as part of a drive to improve environmen- come to the fore over the coming decade. tal standards and maintain its appeal to international in- “We are seeing the evolution of a more interdependent vestors the City of Paris has undertaken a major urban network of cities with many important nodes on the netrenovation plan — 10% of its territory is currently being work, often with their own specialisation, be that as a firebuilt to greener standards — as well as investment in nance centre or an oil city, and with the degree of connectivity a key factor in their likely success,” says Hutchings. new infrastructure. “Public awareness of sustainable development is grow- “Today the top five to 10 cities in the world are easy to ing, resulting in policy decisions that have profoundly name, but below this competition is strong and positions affected commercial real estate properties. The chang- are fluid. In the future beneath this top tier we are likely es call for new ways of thinking, new approaches to ar- to see the evolution of 20 to 30 key locations around the chitecture and the design and construction of buildings globe as national, regional and global hubs of specialised and a re-think of working methods and the organisation skills and services emerge.”

MIPIM 2012 FEATURES: Tuesday, March 6 10.00-11.00 Asia: business hub of choice 11.30-12.30 China: investment diversification 14.30-15.30 Infrastructure: building the network Wednesday, March 7 16.00-17.00 Where in the world? global cities for global investors 17.30-18.30 Keynote adress by top city leaders 17.30-18.30 The USA in 2012: a perfect storm of investment factors

Full MIPIM conference programme on p.31

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i feature HOTELS

Hotel operators continue to innovate in the downturn A slowdown in development activity is making it difﬁcult for hotel operators to roll out new formats. But does the downturn have to stiﬂe creativity, asks Emily Manson

“

NNOVATION has nothing to do with how many R&D dollars you have. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.” It doesn’t take a genius to work out that these sentiments come from the late, great creator of Apple, Steve Jobs and deﬁne his attitude towards creativity. (Fortune, November 9, 1998)

But for us mere mortals, struggling to cope with the international economic meltdown, the question has to be asked whether hotels will continue to address their customers’ ever changing and rapidly evolving needs, or whether effectively everything has now stalled. The current ﬁnancial climate means that backing from banks has all but dried up, resulting in a depressed

The W Hotel on London’s Leicester Square brings a new format to a key market

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“A recession makes hoteliers focus on the basics” Stehen Broome, PwC

i feature Hotel operators continue to innovate in the downturn property market, even for prime hotel real estate. Except for the most secure bets, trying to finance a deal is hard, for a start-up it is now almost impossible. So is it, for now, just a case of battening down the hatches and holding fast till the money flows freely once more? Or is it a great time to innovate, develop and create the next generation of products which will redefine the postrecession market for the next decade? Hotel consultant Melvin Gold says: “Generally, most people are focussing on keeping their business afloat and as vibrant as possible in difficult market circumstances. What’s not rising to the top of the agenda is changing proven formats too much.” Stephen Broome, in advisory hospitality and leisure at PwC, adds: “A recession makes hoteliers focus on the basics, but that is often more about finding alternative lower-cost ways of working smarter than innovation per se.” Even the roll out of successful new brands such as Indigo or Citizen M could be slowed by the lack of funding. “Debt funders generally consider hotels to be higher risk and many will not consider lending at all to new property developments of any kind, not just hotels,” Broome says. More generally, in the years prior to the recession many locations saw considerable increases in supply, and there remains an imbalance in many areas between supply and demand. As a consequence of this oversupply, new hotel openings were always likely to be slower than normal anyway. This serves only to add to the funding difficulties for new projects, no matter how innovative they are. Broome adds: “Demand is generally depressed across most European cities. There is an overhang of new supply development from before the recession, so the lack of new supply isn’t stifling growth currently nor is it likely to in the foreseeable future.” But there are products which are bucking this general trend, says Gold. “Key gateways where development is still happening like London and Paris are continuing. M Gallery, Indigo, W in Leicester Square, Starwood’s opening of Aloft at Excel are all examples of big brands still striving to take things in new directions.” He adds that, at the budget end, Motel One is an example of another increasing trend where an established brand in one country is entering a new market. The Germanbased company has chosen now to enter the UK for the first time — but with its established formula. Konstanze Auernheimer, director of marketing & analysis at STR Global explains: “We are seeing brands that are established in other markets being introduced to Europe. The Middle Eastern and Asian brands are looking to the muted UK and European property markets to get a foot in. Jumeirah in Frankfurt and Shangri La in London are examples of them taking advantage of the depressed prices to introduce their brands into key gateway locations.”

And there are even bargains to be had. Patrick Dempsey, managing director of Whitbread Hotels & Restaurants points out: “The property downturn has meant that rents have come down in prime areas to levels we could never have previously considered and we have to make sure we don’t miss out on those opportunities. We have taken advantage of the property sector’s downturn and secured prime sites we wouldn’t normally be able to afford in both London and Edinburgh.” Dempsey also notes that tough times can actually have a positive effect on creativity. He says: “When things get tough, if anything, that speeds up the creative process and forces operators to be more innovative. The downturn has accelerated some initiatives for us, particularly in our pricing accessibility for customers.” Auernheimer adds that when it comes to innovation during adverse trading conditions “there is always the possibility of a great idea that someone believes in and the potential for a niche product to get the go ahead”. Mark Wynne-Smith, CEO (EMEA) at Jones Lang LaSalle, notes the ﬁnancial pressures have prompted an increase in operators exploiting the potential of their properties. “The key to much of the creativity going on is around very small room sizes and really working the real estate with brands like Citizen M and Motel One.” He adds: “This is a really positive move for hotel development.” The strategy makes the hotel use class competitive against other use classes by really sweating the asset on a revenue per sq m basis. “It’s really good, creative, fresh thinking,” he says. Wynne-Smith also points out the move by some hotel groups to return to purchasing key properties: “Hotels are being forced to change their ways a bit to cope with the crunch in Europe.” He cites the recent purchase of Berners hotel in London by Marriott to rebrand as an Autograph as a “move by the group to use its own balance sheet once again to promote the development of new brands, albeit very selectively. It’s an ideal time to get a fresh brand going, but it doesn’t signify a mass return to property ownership by the hotel companies, it’ll remain very selective.” And if you’re not the Steve Jobs of the hospitality world, Broome advises owners and operators to develop strategies that allow them to continue to invest in their existing hotel products at a consistent but lower level, rather than adopt the historic stop/go strategy which so often results in the need for considerable catch up investment and tired hotel product. He adds: “In many locations hotel customers now have even greater choice and will vote with their feet if they detect a fall off in standards due to lack of investment. Getting the right balance between preserving cash and maintaining hotel quality will be the mark of any successful strategy.”

HOTEL, TOURISM & LEISURE LOUNGE LEVEL 3: Tuesday, March 6 to Thursday, March 8 Full day of Hotel, Tourism & Leisure Presentations, including: - “Tourism & Leisure projects” - “Resort projects” - “Luxury & boutique hotels” - “Budget & niche hotels” Tuesday, March 6 to Friday, March 9 17.30 Daily Hotel, Tourism & Leisure cocktail reception Thursday, March 8 17.15-18.00 Hotel, Tourism & Leisure Power Meetings

MIPIM 2012 FEATURES: Thursday, March 8 13.00-14.30 Hotel & Tourism lunch (by invitation only) 15.00-16.00 The future of hotel development – key success factors for new hotel projects and the growth of hotel groups 16.00-17.00 Hotel & Tourism: the asset – light strategy

Full MIPIM conference programme on p.31

www.mipim.com I preview magazine I February 2012 I 77

CEE G RE E

ILDING PROF BU E

NALS IO SS

S O CIATIO N

Green Gr een Building A Awards w wards 2012

2012

Craig Smith: craig@europaproperty.com, +48 604 144 769 Anna Kaliszewska: anna@europaproperty.com, +48 601 382 667

i feature RESIDENTIAL

Rocky road ahead for Europe’s residential property markets The Eurozone debt crisis has eroded conﬁdence and hit house prices around the world but the problems are at their most acute near the centre of this ﬁnancial storm, writes Doug Morrison

UROPE has been the weakest performing world region, suffering an average fall in prices of 0.5% in the 12 months to the end of September 2011, according to consultant Knight Frank. Behind that average ﬁgure, however, lie huge variations in trends and circumstances. None of Europe’s major housing markets had fully recovered from the global economic downturn of 2008 by the time the Eurozone music stopped last year. Then as now they broadly split into those with a debilitating oversupply of stock and those with too few homes for rapidly rising populations. With few exceptions there is little house price growth to alleviate either problem and inevitably the countries with the worst debt burdens have suffered a collapse in prices. The biggest faller is Ireland. It lies at the foot of Knight Frank’s authoritative Global House Price Index of 51 countries following a 14.3% slump in the year to October 2011. Or in other words, Irish house prices are 45% lower than their peak in 2007. Official figures show that 74% of Irish citizens own their own homes, down from 79% in the mid-1990s. By European standards it is still a high rate of home ownership but Peter Flanagan, director at BNP Paribas Real Estate in Dublin, believes it is certain to fall further.

“A potential demand source for residential over-supply is local government” Peter Flanagan, BNP Paribas Real Estate

Against a 4.58m population, he points to the latest available planning ﬁgures: permission for just 6,347 new homes was granted in 2010. New mortgages, meanwhile, have sunk to their lowest levels since records began. But Flanagan believes one solution could lie in turning

One Hyde Park in London is the world’s most expensive residential development much of the available new-build stock into social housing. “A potential demand source for residential over-supply is local government, particularly in the case of the apartment over-supply given the lack of market demand for this type of residence since the downturn,” he says. “The attraction for local authorities with large waiting lists is that completed or part-built apartment schemes could potentially be acquired for below the cost of construction.” Spain has been similarly lumbered with a vast surplus of housing as its economy continues to struggle. According to official figures, new housing stock at the end of 2010 totalled 687,523. Knight Frank’s index reveals a 5.5% fall in prices in the year to October although the firm points out that the pace of decline has slowed. Marisela Gonzalez, head of restructuring and recovery at BNP Paribas Real Estate in Spain remains concerned www.mipim.com I preview magazine I February 2012 I 79

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i feature Rocky road ahead for Europe’s residential property markets

for both developers and homebuyers, about prospects in 2012, highlighting MIPIM 2012 CONFERENCE which it hopes will boost the economy the great housing conundrum here and “Prices must be SESSIONS INCLUDE: and create jobs. But arguably the stratin many other European countries: priccorrected and Thursday, March 8 egy’s most important undertaking was es have fallen, but not enough to stim11.30-12.30 financing must the promise of a review of how rented The Spanish Real Estate ulate sales and get the market moving housing could be restructured, possibly Market In 2012: Time To again. In Spain prices are 22% down on come back” allowing greater investment by institu- Act 2008 levels. Marisela Gonzalez, 14.30-15.30 tions in building homes to let. She points out that a significant proBNP Paribas Real Estate More affordable homes: CBRE argues that the UK’s predilec- design and build, finance portion of available housing in Spain tion for home ownership is already un- and deliver belongs to banks — repossessed from der threat if only by default. “Demand 16.00-17.00 promoters (or developers) and individhomes: changing uals. Nowadays bank branches represent the main sales is especially high in the private rented sector at present More lifestyles and consumer network for new and second hand housing. Individuals with first-time buyers priced out of the owner occupation trends struggle to secure mortgage finance to buy housing that market, immigrants and increasing student numbers all Full MIPIM conference is not linked to the banks. And despite the Spanish gov- looking for rented housing,” says Jennet Siebrits, the conprogramme on p.31 ernment’s recent programme of tax cuts, she says, the re- sultant’s UK head of residential research. sults remain the same: “a continuous fall in the number “We consider the private rented sector to be a critical of houses sold and in the number of mortgages granted.” plank in the provision of housing supply and the UK is Gonzalez adds: “If we want to overcome the crisis prices currently suffering from an absolute shortage of places must be really corrected and financing must come back for people to live. to allow purchase by individuals and new projects by promoters. The economical stabilisation of the country is absolutely needed.” Repeated calls for stability have been made by the UK property industry to its government, too. But there the similarity ends because its economic woes have been compounded by a dire shortage of housing. To an extent this undersupply has helped prop up house prices but with UK banks, like their continental counterparts, keeping a tight grip on mortgage finance, the market remains moribund. Savills believes weak economic growth and a continuing squeeze on mortgage finance will conspire against price growth and, against this backdrop, the consultant predicts a “relatively small” 2% fall in prices in 2012. By contrast prime property prices in London are expected to rise 3%, underpinned by the city’s reputation as a safe haven for investors from the Eurozone and beyond. The weight of demand for London has seen values in the iconic One Hyde Park in Knightsbridge rise from £4,560 ($7,145) per sq ft at the start of construction in 2006 to £7,500 ($11,750) per sq ft today, making it the world’s most expensive residential development. This is completely divorced from the rest of the country. Savills forecasts total growth just 6% in average UK house prices up to 2016. Such growth is not sufficiently attractive on its own to tempt developers back into the market in big enough numbers to resolve the UK’s housing Henderson Global Investors has pre-sold 40% of the residential units at Regent Quarter in Central London shortfall, which has resulted in over five million people on local authority housing waiting lists. About 100,000 new homes are completed a year — less than half the There have already been a number of independent reviews to analyse the barriers to large-scale investment in number required. In November the UK government intervened with a the private rented sector, which could deliver the homes housing strategy containing various financial incentives to meet demand, and what we need now is action.”

www.mipim.com I preview magazine I February 2012 I 81

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i feature RETAIL

Retail development surges in Europe’s emerging markets The downturn has slowed the development of new shopping centres in many mature markets, but the pipeline remains buoyant in several of EMEA’s emerging markets, discovers Mia Hunt

USHMAN & WAKEFIELD predicts that an upturn in shopping centre development in Europe is on the horizon, fuelled by improving retailer demand and concerns about potential shortages of prime retail space. And with Central and Eastern Europe having accounted for 58% of new space in the first half of 2011, Russia, Turkey and Poland are topping the league with strong development levels. This was reinforced by CBRE’s Shopping Centre Stock in Europe report, which found that of the 146 shopping centres under construction in Europe in July 2011, Turkey accounted for 26 schemes, Russia for 19, and Poland for 21. Nearly one fifth of the first half of 2011’s European development total, just over 400,000 sq m, was completed in Russia. And Moscow accounted for 36% of that new space with the opening of AFIMALL City and two other shopping centres. Jones Lang LaSalle estimates the Russian shopping centre pipeline for the remainder of 2011-2013 to be about 3.5m sq m, of which 25% will be constructed in Moscow and the surrounding region. CBRE puts Russia’s highly active development market down to a healthy consumer environment and strong occupier demand — Russia has moved up from sixth position to become the third most targeted place for retailers Russia’s smaller cities have proved attractive to developers like IKEA Russia in CBRE’s How Active Are Retailers In EMEA? survey. “Russia will soon join the World Trade Organisation which will improve consistency, transparency and clar- Jones Lang LaSalle predicts that the share of stock in ity,” says Peter Gold, CBRE, ‘s head of EMEA cross smaller regional cities will increase from 24% to 27% border retail. “There are still a lot of opportunities in by the end of 2013, with developer interest moving outMoscow and St Petersburg and plenty of other cities with side Moscow to the regional cities including Saratov, Ulyanovsk, Barnaul, Tyumen, populations of over a million. Ryazan, Astrakhan, Sochi, Orel, “It’s a top target for retailers so Surgut and Nyagan. there’s a need for development — it’s “There are still a In Turkey more than 800,000 sq m big, it’s emerging and it’s getting easis under construction, most of ier to do business.” lot of opportuities which is located in Istanbul. And High rents in sought-after locations in Moscow and St much like Russia and Poland, it’s is one of the factors persuading rePetersburg” faring well economically, comtailers and developers to target the Peter Gold, pared to its European counterlarger regional cities, many of which CBRE parts, suffering from the fallout of are still under supplied in terms of the Eurozone crisis. shopping centre space. www.mipim.com I preview magazine I February 2012 I 83

i feature Retail development surges in Europe’s emerging markets

“The current economic position of Turkey is relative- It was only 12 years ago that the first modern malls bely stronger than other European countries,” says Nesil gan to open. Akman Aybar, director of business development at “Galeria Mokotow was one of the first examples,” he says. Savills, Turkey. “Purchasing power has been increasing “Followed by others in Wroclaw and Lodz, Poland’s second biggest city, where two to three shopping centres and demography has been growing too. “The young population who like Western-style shopping have been built in the last few years. and entertainment are one of the main drivers, and rel- “Warsaw is still the most sought after city for retailers atively high retail rent figures make shopping centre de- followed by the top five biggest cities. Development bevelopments attractive when compared to other commer- gan in the West and is now slowly moving east along the main highways. The North is also an cial properties.” area of interest, with bigger cities. And But he warns that while both primathe South is densely populated.” ry and secondary cities have potential “Centres with With promising economic outlooks, for retail development, there is a risk of good design and large, often young populations cryoversupply in some regions. brand mix will be ing out for international retailers “In Istanbul, the total number of shopsuccessful” and strong occupier demand Russia, ping centres is 101 and this number Turkey and Poland are attractive marwill reach 160 as of 2013,” he says. “In Nesil Akman Aybar kets for the development of new retail Ankara, there are 35 shopping centres, Savills destinations, and are leading the way expected to reach 37 in 2013.” with active pipelines. By measuring shopping centre density by GLA per 1,000 inhabitants, Aybar identifies Izmir, But as with the mature markets, landlords who have prewhere there is 71 sq m — the Turkish average is 105 — as viously stuck to the main cities are starting to look elsehaving high potential for retail developments. In Istanbul where, spurred on by the threat of oversupply in some the density is well above the national average with 234 regions and the congestion of large cities where the infrastructure is struggling to cope. A move towards regional sq m per 1,000 inhabitants, as is Ankara with 221 sq m. “Most of the developments have been regional scale schemes will only unlock a further potential. shopping centres but we believe small scale neighbourhood shopping centres with good design and brand mix will be successful and gain importance in the near future,” he says. Poland is another highly active market. According to Colliers International’s data, by mid-2011 construction was under way on more than one million sq m of retail space, 700,000 sq m of which is scheduled to be completed by the end of the year. According to the Investing In Poland 2012 Trendbook, in association with PwC and The Polish Information and Foreign Investment Agency, secondary cities, which are often plagued by a shortage of modern retail space, are set to see a surge in mall construction and retail real estate investment in the coming months. In the second quarter of 2011, no major retail project was completed in any of the eight largest cities in Poland. On the other hand, deliveries in the smaller, regional cities in 2011 included Opole’s Turawa Park, Random’s Galeria Sloneczna, Leszno’s Galeria Leszno, Slupsk’s Galaria pod Wiatrakami and Zamosc’s Galeria Twierdza. “Poland has a strong economy and a strong appetite for retail brands but there’s not as much in the pipeline as there could or should be, considering its stability and the number of prime locations,” says Gold. According to Peter Evans, leasing director at Helical Poland, shopping centre development was kick-started by French hypermarkets like Carrefour and later Tesco. Frankfurt has a new prime retail address at One Goetheplaza

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Tuesday, March 6 10.00-11.00 Market, Malls And Mainstreets – Where Is The Future Of European Retail Investment Wednesday, March 7 10.00-11.00 Retail global expansion: a portfolio of opportunities

Full MIPIM conference programme on p.31 More indepth reports on Cities on MIPIM blog: http://blog.mipimworld.com

www.mipim.com I preview magazine I February 2012 I 85

i market snapshots RUSSIA

RUSSIA

Moscow retains top spot for EMEA ofﬁce lettings Moscow’s ofﬁce market remains one of the most active in Europe, although there are signs that activity is slowing as uncertainty over European economic prospects takes hold. Graham Parker reports

2011

saw office take-up in the Russian capital return to pre-crisis levels, with 1.7 million sq m of office space absorbed, according to Jones Lang LaSalle’s research. And unlike other European capitals, there were some substantial deals concluded, most notably the decision by the mail.ru Group to take the 30,000-sq m Tower A in the Sky Light business centre, developed by Hals-Development. Mikhail Mindlin, associate in office agency at Cushman & Wakefield, says the deal summed up the strong demand from the IT sector during 2011 and the mail.ru deal was run a close second by Kasperskiy Lab renting 29,840 sq m at Olympia Park. Mindlin says the banking sector was also active with Rosselhosbank taking 27,450 sq m in the Alfa Arbat Center and Sberbank taking 23,863 sq m at the Danilovsky Fort Business Centre. But Mindlin warns that deals on this scale may be harder to find in 2012, as Moscow now seems to be operating a very rapid market cycle with just four years from peak-topeak in 2007 and 2011. “Market activity will be moderated during the next two to three years, with the next peak expected in 2014,” he forecasts. Colliers International director Olga Pobukovskaya says that in addition to IT companies and financial institutions, the natural resources sector, construction and pharmaceutical companies were most active tenants in 2011. The majority of office tenants were Russian companies, accounting for 72% of all office deals. And lease deals prevailed with 81% of gross office take-up. In terms of location, Alexei Efimov, national director and head of Jones Lang LaSalle’s corporate solutions group, says Leningradskoe Highway was the most active followed by Moscow City and Kutuzovskiy Avenue/ Mozhayskoe Highway. But looking forward he believes the lack of completed high quality premises and office projects in the central administrative district means office space located outside the TTR will gain in popularity.

Hals-Development’s Sky Light Business Centre saw Moscow’s biggest office deal of 2011

“Market activity will be moderated during the next two to three years” Mikhail Mindlin, Cushman & Wakeﬁeld

And as for rents, Knight Frank associate director Nikola Obajdin notes that prime rents have strengthened over the past 18 months to reach $1,100-$1,200 per sq m pa. And in Class A business centres Obajdin says rents stabilized in the range of $750-$850 per sq m over the second half of 2011. “We can’t expect any drastic changes in the near future as there’s still uncertainty in the economy,” Obajdin concludes. Hals-Development has a lot to celebrate, having achieved two of the top five lettings of 2011 at Sky Light and Danilovsky Fort, but company president Sergey Kalinin believes a downturn was apparent before the year end. “2011 began with rising activity, when companies’ sentiments for the future were positive and confidence in a stable development was rising,” he says. “This was a window when businesses started considering new office expansions. “But during the autumn sentiment changed with a feeling that a crisis might happen. This influenced businesses that are now holding back on office expansion plans.”

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Tuesday, March 6 11.30-12.30 Russian real estate market in 2012: highlights and forecasts

Full MIPIM conference programme on p.31

www.mipim.com I preview magazine I February 2012 I 87

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i market snapshots FRANCE

FRANCE

French investment market surges to four-year high Despite an uncertain economic environment, France’s real estate market remained on an upward trend in 2011, writes Anika Michalowska

ESPITE continuing economic uncertainties, investment in the French real estate market during first nine months of 2011 was surprisingly high. BNP Paribas reports a 32% increase in the French property market turnover as compared with same period last year, while Cushman & Wakefield reports a 43% surge to €9.9bn . Office investment activity remained high and the office investment volumes are expected to comfortably surpass the final figure for 2010. Domestic investors dominate the market, contributing significantly more capital and the focus remains on quality space in prime locations which are in low supply. According to Cushman & Wakefield, with limited speculative development, the amount of Grade A office supply is likely to fall. This has helped to sustain demand and reduce supply levels; indeed, overall vacancy has been steadily declining since 2010 due to the continuous absorption of good-quality office space. A few major deals were completed during the third quarter which helped to push the overall yearly performance ahead of 2010 levels. “Take-up in 2011 really outperformed, and should be at 2008’s level, which was a remarkably good year,” says Laurent Lehmann, deputy general manager, at CBRE France. Accounting for nearly 20% of the French population and 30% of national GDP, Paris and the Ile de France account for more than two thirds of total property investment and keep providing most of the largest schemes. According to Cushman & Wakefield, out of the 297 transactions listed during the first three quarters of 2011 in France, 20 exceeded €100m of which 17 were located in the Paris region. Cushman & Wakefield’s European Cities Monitor still maintains Paris as the second most attractive city for investors to locate their European headquarters just behind London. In 2011, the level of take-up in the Paris region reached 2.35 million sq m. The only other French city to be listed in the 36 most attractive cities in the European Cities Monitor — Lyon — ranks 19th, with an improved perception of the quality of its infrastructure and of its supply of office space. Still running second to the office sector, retail real

estate is widely sought after by investors but the total volume invested slowed during first nine months of 2011. The main reason is the slowdown in large-scale development in 2011. During that period the rhythm of openings remained low. However, 530,000 sq m of new or renovated retail space is planned for 2012 and CNCC lists more than 193 retail schemes proposed for France by 2016, representing 3.3 million additional sq m. “Investor and retailer demand is increasingly focusing on quality schemes and there tends to be a lack of prime sites, mainly in Paris” says Chris Igwe, head of retail at CBRE. Hence, the attractiveness of prime locations in the provinces. However, the outlook for 2012 looks relatively calm. Tightened access to credit will lead investors toward prime risk-free opportunities. “More pitches, fewer deals” should summarize the 2012 forecast for France.

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Tuesday, March 6 10.00-11.00 France: how to refurbish the existing stocks?

Full MIPIM conference programme on p.31

Hammerson took advantage of strong demand for retail investments at O’Parinor in Paris www.mipim.com I preview magazine I February 2012 I 89

i market snapshots POLAND

POLAND

Sustained growth attracts global investors to Poland Poland’s real estate market remains a hot spot in the CEE region and the signs are positive for the future, writes Anika Michalowska

ITH GDP growing at 3.8% year-on-year with 3.5% growth forecast for 2011 and 2.5% for 2012, Poland appears to be one of the most dynamic economies in the European Union. “We at Colliers are extremely optimistic about 2012 for Poland which remains a hot spot in the CRR region.” says Damian Harrington, regional director of research & consulting Eastern Europe at Colliers International. “Next year will be the busiest year in my career in Poland. Real estate is an attractive sector and will continue to attract capital and banks.” The economy is stable, the internal market efficient, the workforce qualified and tax incentives are inducing many companies to invest in Poland. The favourable macroeconomic conditions which have driven the investment recovery in 2011 should be maintained throughout 2012. During the first half of 2011 office investment transactions accounted for half of the total investment in the country, and the office sector should continue to draw the biggest share of investment interest. Mostly concentrated in Warsaw, the demand for office investments is also rising in the main regional markets especially Krakow and Wroclaw. And equally in the occupational market, strong demand and falling vacancies are a recipe for rent rises, especially in Warsaw. The residential market saw an increase in the level of housing completions in the first half of 2011 as developers reactivated projects but there has been a slight fall in purchaser interest and increased debt repayments. “Mortgage borrowing will likely experience a moderate lull for some time” says Harrington. The hospitality market is expected to show continued improvement. There are no major hotels scheduled for delivery in Poland in 2012, however Colliers is mandated on a number of high profile hotel assignments. As for warehouse transactions, there is 336,000 sq m under construction, and total stock has already reached 6.7 million sq m. Retail continues to draw major interest. “Several years ago, investors and developers were asking whether to invest in Poland. Nowadays, they are asking how to invest

Broadway Malyan has designed the Siodemka shopping centre in the northern Polish city of Elblag in Poland,” says Anna Szmeja-Kroplewska, general manager at the Polish Council of Shopping Centres. And she believes that despite the relentless pace of shopping centre openings in recent years, there is still room for new projects. However Rafal Fabisiak, CEO of Diva Poland warns: “The Polish market for tenants is difficult, and one should be very careful in choosing the right location. New tenants are coming to Poland: Toys ‘R’ Us and Gap opened their first shops in 2011 and KPMG sees big opportunities for luxury brands in Poland provided that suitable prime sites are delivered. Revitalisation of areas such as the site in Poznan owned by PKP, the Polish Railway Company, could be the answer. But in the longer term, the key to Poland’s further attractiveness is the issue of infrastructure. The country has been granted massive EU financial support to develop and improve roads, railways and airports ahead of the Euro 2012 tournament. But only part of this will be achieved in time. As Marek Noetzel, retail partner at Cushman & Wakefield Poland, says: “Infrastructure is the driver to retail, office, hotel, and housing development.”

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Tuesday, March 6 14.30-15.30 More to come from poland’s investment market 16.00-17.00 CEE Investment: where is the finance coming from and under what conditions?

Full MIPIM conference programme on p.31

www.mipim.com I preview magazine I February 2012 I 91

i market snapshots TURKEY

TURKEY

Turkish retail market poised for another year of growth Continued economic and population growth are fuelling rapid expansion across Turkey, and the retail market is one of the most active in EMEA. Mark Faithfull reports

URKEY has been tipped by more than one an- At Reed MIDEM’s retail event MAPIC in November alyst as a key market for 2012, particularly for the Ankara Chamber of Commerce (ACoC) took a large its rapidly growing retail market which has been stand and brought senior local and national politicians to buoyed by the potential of its relative immaturity and its Cannes in a cohesive strategy to promote the city and to youthful demographic, the latter in stark contrast to age- share its vision. ACoC president Salih Bezi emphasises the potential of ing Europe. the Turkish market and stresses that: “Turkey is very dyAgent Jones Lang LaSalle notes that retail GLA rose namic, it is growing very fast, the population is very young by 880,000 sq m during the ﬁrst three quarters of 2011, up over 300,000 sq m on the increase in retail space and these factors are very important for the retail market. in 2010. Retail rents stabilised in 2011 at around $105 It is very important that we attract the right businesses to (€80) per sq m but JLL expects them to nudge up a fur- continue to develop in the right direction.” ther $6.50 over the course of this year, driven in part by There is also plenty of activity in Istanbul. Zorlu Group higher demand and also by higher quality retail schemes will open its scheme, creating a new town square for the city, later this year. The Zorlu Center has been designed to coming onstream. bring together residential, retail, In the office sector Cushman & a hotel, offices and a performWakefield reports that growth ing arts centre. The Zorlu Center moderated in the third quarter of “It’s very important Shopping Mall will be at the heart 2011 as the government tried to that we attract the of the project amid landscaped dampen fears of overheating in the grounds and will include 200 economy. However performance, right businesses to Turkish and international brands, on the whole was positive, says continue to develop up to 40 restaurants and a 2,700C&W, with occupiers continuing in the right direction” sq m gourmet grocery market. A to move around the market and in Salih Bezi 10-screen cinema and 2,000-sq m sub-markets where Grade A space ACoC president ﬁtness centre will also be located is lacking, which has pushed rents within the project. up while vacancy falls. Sentiment surrounding the investment market is more positive despite no deals closing in the third quarter, but with increased levels of interest from both domestic and international players. Although much of the growth and market entry for overseas players across the commercial sectors has naturally been focused on mega-city Instanbul, increasingly regional Turkish cities and regions have been promoting their appeal on the international stage. In November, UK-based architect BDP revealed details for a major new project on the outskirts of Izmir, Turkey’s third largest city, carried out for Turkish developer Megapol. BDP has produced a masterplan and concept design for the Vaha Project which will create a new 175,000-sq m shopping and leisure destination for the region on a narrow site at the foot of a mountain range. The mixed-use Zorlu Center will create a new town square for Istanbul

MIPIM 2012 CONFERENCE SESSIONS INCLUDE: Tuesday, March 6 10.00-11.00 Turkey’s REIT Sector: An Iceberg In Europe

Full MIPIM conference programme on p.31

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MIPIM NEW online database: Get connected. Stay connected.

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

EXPERIENCE the new online database onsite: Demonstrations during MIPIM - Meet us at The Visitorsâ&#x20AC;&#x2122; club, Level 3

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i 2012awards

MIPIM AWARDS 2012

The MIPIM Awards 2012 A red carpet event The 22-year old MIPIM Awards have acted as an industry barometer since their beginning. Experienced teams have entered the competition en masse, to get a chance to have their project honoured by both the jury and their MIPIM peers

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i 2012awards

ORE than a hundred projects, existing or upcoming, have been submitted from 45 countries including Germany, Belgium, France, United Kingdom, Russia, Turkey, India, Poland, Georgia, Qatar, Singapore, and many more. The international jury chaired by Michael Strong, Chairman and CEOEMEA at CBRE, devoted an entire day shortlisting 27 finalists within 9 categories. Combined with the jury’s ranking, the MIPIM delegates’ vote in Cannes will determine one winner in each category. Discover the finalists in the following pages and choose which ones are worthy of your approval! The panel of 7 jurors has also elected its Special Jury Award winner from among the 27 finalists. But shh... this will remain secret until the Ceremony in Cannes. Sponsored by

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The Jury PRESIDENT OF THE JURY

NEW IN 2012 t 5IF 3FE $BSQFU The most proliﬁc faces in the real estate industry will meet at the prize-giving ceremony that will start with a red-carpet entrance, followed by a cocktail. Enjoy an exciting “Cannes-Film festival” experience, walk up the famous stairs and celebrate the winners.

t 5IF 1FPQMF T $IPJDF "XBSE The public now has its say thanks to a pre-MIPIM online vote. One project out of the 27 will receive special recognition from those who shop, work or live in the buildings.

Mr. Michael STRONG Chairman & CEO - EMEA CBRE United Kingdom

Dr. Thomas BEYERLE Managing Director and Head of CS & Research IVG Immobilien AG Germany

Mr. Emmanuel COMBAREL Founder & Architect Emmanuel Combarel Dominique Marrec architectes France

Agenda MIPIM People’s Choice Award online vote

Mr. Paolo GENCARELLI

Tuesday 7 February www.mipim.com and Facebook

Head of Group Real Estate Unicredit Group Italy

MIPIM Awards vote Tuesday 6 March, 9:00 to Thursday 8 March, noon Awards Gallery, level 01

MIPIM Awards Red Carpet & Cocktail Thursday 8 March, 18:30 Grand Auditorium’s stairs & foyer, level 1

Dr. Ann HEYWOOD Principal The College of Estate Management United Kingdom

MIPIM Awards Ceremony Thursday 8 March, 19:30-20:30 Grand Auditorium, level 1

Frank KHOO Global Head of Asia Axa Real Estate Singapore

Mr. See Lian ONG President RICS Malaysia

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i 2012awards Best hotel & tourism resort VICTORIA TOWER HOTEL Sweden Architect: Wingardh Arkitektkontor AB Interior Designer: Kiil Interiör Developer: Arthur Buchard, Call Tower Invest AB Victoria Tower is a 117.6-meter-high hotel and office building in Kista. At the base of the slender tower is a broad podium that includes a restaurant, conference area, and more. The parallelogram form of the tower is topped by a rectangular parallelepiped, so that the upper floors project out beyond the shaft below. An irregular arrangement of metal-colored triangular panes of glass gives the façade its character. It incorporates eight different types of glass distributed randomly over the surface so that no regular pattern can be detected. Thin layers of metal oxide have been used to give the panes the insulating and solar shading attributes the situation demands. With thirty-four stories, Victoria Tower is one of the tallest buildings in Stockholm. Twenty-two of its floors are occupied by a 229-room hotel, the rest by offices, conference facilities, and a sky bar. In response to a request from the client, Arthur Buchard, the lobby, conferences spaces, sky bar, and hotel rooms have all been designed with furniture from Vitra.

THE BULGARI HOTEL & RESIDENCES United Kingdom Developer: Prime Development Ltd Concept Architect/Interior Designer: Antonio Citterio, Patricia Viel and Partners Project Architect: Squire & Partners The Bulgari Hotel & Residences, London, is the kind of hotel that arrives in a city, at most, only once in a generation. With 85 spacious guest rooms and suites along with six ﬂoors of lavish amenities, that include a ballroom, private cinema, spa and ﬁtness centre with a 25m indoor pool. By being completely new build, The Bulgari Hotel & Residences is at the forefront of hotel design in sustainability, security and state of the art facilities. Its restaurant and bar have been designed to become the destination of choice and the hotel will become a landmark in its own right when it opens in spring 2012.

SIX SENSES CON DAO Vietnam Architects: AW² / Stéphanie Ledoux & Réda Amalou Developer: Indochina Land It is designed to enhance the amazing local setting. The white strip of sand and its dunes against the dark rocks and forest are kept as the main features and all buildings and circulations are designed to make for beautiful views and a permanent discovery of the landscape. A wooden pedestrian bridge takes guests across the river bed which ﬂows down from the mountain to the sea. This is a main feature of the resort, as it creates both a beautiful promenade and a stunning vantage point. Each building is designed carefully as a timber frame structure, located carefully within the natural slope of the dunes to make for the best views and the best integration of the built elements into the site. In all we want the resort to achieve a feel of luxury at ‘the end of the world’, where both exclusivity and environment are joined into one unforgettable guest experience.

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Best industrial & logistics development Category sponsored by

LAVOISIER Belgium Developer: SDRB - GOMB - BRDA Architect: ASSAR Architects

DISTRIBUTION PARK DUTRA Brazil Developer: Hines Brazil Architect: Dupré Arquitetura DPD is a project that is part of Hines Brazil’s nationwide strategy to develop logistics parks - www.distributionparks.com.br. DPD is one of the nine logistics projects that Hines has developed and is considered the most successful due to its quick lease up at rents 30% higher than originally predicted. DPD is the highest quality logistics park in Rio in terms of speciﬁcations, design characteristics and green initiatives. It has set the benchmark for all future logistics developments in Rio. Historically, the site had been “abandoned” by the market for years, due to a variety of reasons, but Hines was able o create a vision for the excellently located site on the Dutra highway and produce a property that met the demand of companies and the community at large. Hines was also responsible for building the access directly to the highway which has considerably improved the trafﬁc safety along this stretch.

Lavoisier allows for the preservation of a magnificent former vertical industrial building turned into a multi-purpose logistics and office ensemble while the surroundings have been greatly enhanced by demolishing a derelict hangar and creating a landscaped outdoor parking area. The building being the former British American Tabacco factory, the structure of the concrete slabs can be safely used for logistics and multi-purposes demanding uses. In order to provide efficient vertical circulations, 2 newly built glass-enclosed shafts provide added panoramic elevators and staircases at the front of the building and emphasize the verticality of the building. A housing phase will complement in the future the scheduled multi-purpose ensemble while the land immediately next to the building is scheduled to accommodate future logistics extensions.

MCLAREN PRODUCTION CENTRE United Kingdom Planning Consultant & Landscape Architect: Terence O’Rourke Ltd Architect: Foster + Partners The design, full planning and technical approval and construction of the McLaren Production Centre at the Group’s Corporate headquarters between March 2009 and June 2011, enabling the new McLaren MP4-12C super sports car to be manufactured in and associated with Woking, England. The successful delivery of the Production Centre within the challenging timescale and budget demonstrates how cooperation, ﬂexibility and imaginative solutions can facilitate signiﬁcant business growth and development, retaining the UK as an attractive location for investment, and delivering high quality skilled and semi-skilled jobs and prosperity to a locality. The result is a building that exists in harmony with its environment and demonstrates clear synergies with the McLaren Technology Centre: an outstanding piece of architecture whose purity of form and function epitomises McLaren’s relentless quest for excellence. The McLaren Production Centre is a quantum leap in car manufacturing facilities, and unlike any other in the world.

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i 2012awards Best ofﬁce & business development MAIN POINT KARLIN Czech Republic Developer: PSJ INVEST, a.s. Architect: DaM, spol. s r.o.

HERON TOWER United Kingdom Architect: Kohn Pedersen Fox Associates Developer: Heron International Heron Tower provides highly flexible work space to support diverse tenant needs. Set on a prominent site in the heart of the City of London, the building form organizes itself around a series of office “villages” with a triple-height atrium at the heart of each. Unlike the earlier generation of tall buildings in the City whose monolithic forms are mute within their urban context, Heron Tower is a transparent and articulate structure, tempering growing urban concerns associated with construction, operation and maintenance through the integration of innovative technology to promote environmental responsibility. The face of the building reveals the organization of “villages” within, its richly textured northern elevation displaying the internal organization of stacked atria. To the south, a slender lift core is animated by the movement of glazed lift cars, two of which provide access to the new public restaurant at roof level. To the east and west, a highly transparent ventilated façade creates a bio-climatic, energy-efficient enclosure. The redevelopment of the site makes significant improvements to circulation and access, including the opening of a pedestrian section. It is animated by planting and cafés while an arcade provides a generous footpath to the busy street.

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Effective and innovative building features so far not used technical and technological schemes. The building achieves absolutely unique results in respect of its comfort and economy of operation thanks to an audacious design of the façade employing 3-D glassconcrete pillars between windows functioning as sunshades and technical novelties such as cooling by the water from the river Vltava or induction units concealed in recessed suspended ceilings. The project revitalizes the former brownﬁeld area that had to be cleaned of the original environmental pollution. Through the passage in the building and adjacent footbridge it connects the city center with the relax area by the river. Main Point Karlin won the competition among other outstanding projects for the new headquarters of the KOOPERATIVA and CPP insurance houses thus securing a 100% occupancy even before commencing construction.

TNT CENTRE The Netherlands Developer: OVG Real Estate BV Architect: Paul de Ruiter BV In collaboration with a team of leading companies, OVG set out to realize an energy positive, zero emission office, where the priorities are connectivity, comfort and the health of the building’s users. The property comprises a extremely sustainable new office building of 16.325 m2 LFA and 345 parking spaces. The TNT Centre office building offers a great combination of spectacular green surroundings, flexible design and excellent accessibility by car, public transport and airplane. Contractually, OVG & Triodos Bank have entered into a long-term relationship with TNT as client in order to be able to guarantee the sustainability objectives. An innovative DBFMO contract sets out the Design-Build-FinanceMaintain-Operate components based on sustainable performances. The ambitions to realize the most sustainable office in Europe was translated into four different goals. These, now completed, goals; LEED Platinum, Greencalc+ >1000 points, Energy label A+++ and carbon neutral, proved a challenge that demanded innovation and courage. An innovative Green Lease Contract has been drawn up with the tenant TNT for the project. This is a performance contract in which the consortium and TNT have laid down contractually binding agreements for achieving the building’s energy-saving and environmental objectives. OVG has set up its own ‘Energy BV’ to supply energy to TNT at a fixed fee per m2. An energy performance contract that is unique for The Netherlands which guarantees sustainability. The concept of a ‘Green Machine’ was one of the leading principles in making this a feasible proposition. The Green Machine is biofuel combined heat and power plant that generates 100% of its own energy, which runs on biological waist products. But many more sustainable measures were taken. Together, all of these measures result in energy savings up to 64%, the demand for heat and cold has decreased by 69% and 75% less water is used.

Best refurbished building PALAZZO APORTI Italy Developer: Hines Italia SGR S.p.A. Architect: Antonio Citterio Patricia Viel and Partners An historical Milanese building transformed into a new attraction, expressing the power of tradition as well as the city’s amazing capacity to evolve. The Milan Post Office headquarters, designed by Ulisse Stacchini, who also designed Milan’s Central Station, was built between 1926 and 1931 and echoes the station’s monumental character. The building, set around an internal courtyard, takes up the entire block surrounded by Via Pergolesi, Via Palestrina, Via Ferrante Aporti and Via Soperga. The approach of Antonio Citterio & Partners, with Patricia Viel as design partner, is to attain a perfect synergy of aesthetics and functionality, both in exterior architecture and interior design. Palazzo Aporti’s efficient offices, flexible spaces, and energy efficient systems all respond to the business demands of the highest international standards, perfectly harmonized with the historical heritage building ,furthermore is situated in a strategic area in terms of access and traffic.

REFURBISHMENT “ALTE POST” Germany Project corporation: alstria VII. Hamburgische Grundbesitz GmbH & Co. KG Developer: Quantum Projektentwicklung GmbH Architect: Alk Arwed Friedrichsen The “Alte Post” is a post office building which was designed by the architect Alexis de Chateauneuf and constructed from 1845 to 1847 to provide a facility for 5 different post companies in one building. In order to honor the importance of this unique architectural monument, the core of the building is being redeveloped to provide attractive retail premises and modern offices behind the historic façade; completion is scheduled for early 2012. A unique building has been created which both tourists and citizens consider a successful example of a harmonious combination of old with new. The historic façade has been fully retained while the inside of the building has been fitted with state-of-the-art modern materials and equipment which blend with the historic elements. Wherever possible, original details were exposed as a reminder of the history of this charming brick building. The restored telegraph tower can be seen from afar rising above the rooftops – as it did 165 years ago.

“THE LIBRARY” - NEW COMMUNITY CENTER AND LIBRARY Denmark Developer: Copenhagen City Properties Architect: Cobe and Transform The Library is an extension of an existing culture house in Copenhagen North-west. The extension holds 4 main functions: a children library, a youth library, a library for adults and a concert hall. In the shape of 4 golden boxes, the 4 functions are stacked on top of each other - just as a stack of books. And just as a book, each golden box is a world of its own with an individual staged scenography. The spaces between the golden boxes are used as ﬂexible spaces and infrastructure throughout the building. Located in the north-west part of Copenhagen, the library appears as a golden gem, beautifying an often disregarded part of town. The building is developed through a profound user involvement process where the local community has been part of the project throughout its duration. The building is thus an example of an exemplary amalgamation with the existing area.

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i 2012awards Best residential development

REFLECTIONS AT KEPPEL BAY Singapore Developer: Keppel Land Limited Design Architect: Studio Daniel Libeskind Project Architect: DCA Architects Pte Ltd

MIDI-SUĂ&#x2C6;DE Belgium Developer: BPI - SDRB Architect: Urban Platform Located next to the â&#x20AC;&#x2DC;Gare du Midiâ&#x20AC;&#x2122;- TGV Station, the 30 subsidised Midi-SuĂ¨de residential units create the largest housing group already completed in Brussels according to the â&#x20AC;&#x153;Passive houseâ&#x20AC;? standards and initiated by the public sector. The construction of about 3,000 mÂ˛ is a public-private partnership between BPI (developer) and SDRB for middle-priced housing. Urban Platform was appointed as architect. An objective of the project is to assure a visual continuity of surfaces while providing a ďŹ&#x201A;uid link between the typological differences in form and outline of the adjoining buildings. According to the point of view, the building offers a double perception, answering to different scales: the contemporary city and the historical city. In contrast with the ďŹ&#x201A;ush alignment of the facades, the project proposes creating projections (loggia), distributed in an apparently random pattern, which are a contemporary interpretation of the classic bow-window style that can be found in Brussels.

An ingenious masterpiece, ReďŹ&#x201A;ections at Keppel Bay rises like an ascending symphony of chords, with its soaring towers and low-rise villa-styled apartment blocks. The alternating heights and double curvature of the towers create a unique interplay of changing light planes and reďŹ&#x201A;ecting angles, presenting a spectacular sight at every turn. Housed within six sky towers and 11 fan-shaped villa apartment blocks are 1,129 well appointed luxury homes, ranging from 2-bedroom to 4-bedroom apartments to spacious penthouses and the exquisite 1,236sq metres super penthouse, all with breathtaking views of the ocean, lush greenery and fairways. Strategically located near to the Central Business District, Keppel Bay is part of Singaporeâ&#x20AC;&#x2122;s vibrant southern shores comprising Sentosa resort island, Universal Studios Singapore, Mount Faber and VivoCity, Singaporeâ&#x20AC;&#x2122;s largest shopping mall. ReďŹ&#x201A;ections at Keppel Bay is the second of the ďŹ ve residential developments to premiere at Keppel Bay, which also comprises the FIABCI-award winning condominium, Caribbean at Keppel Bay and the world-class Marina at Keppel Bay.

â&#x20AC;&#x2DC;RESIDENCE LE 19â&#x20AC;&#x2122; IN THE CLAUDE BERNARD AREA IN PARIS France Property Developer: BNP Paribas Real Estate Architect: Atelier Zundel & Christea Completed at the end of 2011, â&#x20AC;&#x2DC;Residence le 19â&#x20AC;&#x2122; was one of the ďŹ rst buildings to be delivered in the Claude Bernard area in Paris (100 000 m2 with ofďŹ ces, housing units, retail spacesâ&#x20AC;Ś). This building is original. It offers a mix of people and a mix of use with family housing units (28), retail spaces (350 m2) and a private care home for dependent elderly people (104 rooms, 32 of which for Alzheimer patients). 5IF PUIFS NPTU OPUBCMF GFBUVSFT BSF t T he architectural quality with balconies, terraces, patio, faĂ§ade composed of white glazed bricks or wood exterior. t The sustainable qualities, â&#x20AC;&#x2DC;Residence le 19â&#x20AC;&#x2122; being one of the ďŹ rst to be certiďŹ ed as a â&#x20AC;&#x2DC;BBCâ&#x20AC;&#x2122; low energy consumption one in the Paris region. t The proximity of public transport: metro, tram, RER train and bus.

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Best shopping centre

D-CUBE CITY South Korea Architect: Samoo Architects & Engineers Developer: Daesung Industrial co., LTD

CUBUS Hong Kong Architect: Woods Bagot Developer: Great Felicity Ltd CUBUS which’s design driven by research elevates the boundaries of how vertical retail buildings should function and operate. Cubus is a 25-story retail insertion into the urban fabric, exhibiting a strong identity and retail program that differentiates itself within its context. A typical ‘Podium and Tower’ building form was not an appropriate typology or solution to a very compact, small and irregular site that Cubus is sitting on. The design strategy was to adopt a visually and physically ‘open’ ﬂoor plate at each level that includes outdoor spaces to break up verticality of the building and provide more ﬂexible retail areas within. Street presence, unique access experience, vertical transportation strategy and creation of a building with a unique and memorable appearance are keys to the design. Strong façade and integrated lighting theme reinforces its identity that has been created, inspired by an ‘Ice cube’ it draws from the entertainment and F&B program that it showcases its customers, adding to the visual and sensual experience.

The D-Cube City is a large-scale multi-complex which integrates residential, commercial, as well as cultural features leading the ‘Southwest Renaissance Project’ in Seoul. By integrating the elements of nature & culture within the project, the design focused to bring a new level of experience by recreating a natural environment in which the user can enjoy various cultural activities. In relation to the Sindorim station which is a major transfer-station in Seoul, a new plaza with ecological wetland has been created to allow the users to rest and to create a better environment for the local citizens. And to maximize the sustainability of the complex, an integrated infrastructure of BEMS(Building and Energy Management System) have been deployed in order to minimize energy usage and carbon footprint while maximizing the usages of geothermal power and recycled water. As a new landmark in the South-west region of Seoul, the D-Cube City will be a benchmark project that will lead the redevelopment of the old industrial areas of Seoul.

MOROCCO MALL Morocco Architect and Lead Consultant: Design International Developer: Al Amine Morocco Mall manages the rare achievement of truly mixing local and global styles in one building, where both tradition and innovation converge. It is this unique combination that has made the mall a source of pride for young Moroccans, who see it as a symbol for their country’s ability to absorb global trends and developments without losing their identity. The mall, which opened its doors to the public on the 5th of December, is a project made for people. The project has already exceeded its projected visitor numbers, which is expected to total in excess of 15 million in its ﬁrst year. The project represents a harmonious interplay between outstanding architecture and an intelligent retail layout. The mall has already become a landmark building in Casablanca, Morocco and the wider region. It has generated 5,000 direct and 21,000 indirect jobs, making a positive and sustainable impact on Casablanca and Morocco while changing the habits of the consumers in the region.

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i 2012awards Best futura project AIR-FLOATING VILLAS & SUITES Qatar Architect: FPA Franzina+Partners Architettura How can we provide better living conditions to everybody (exclusively owned areas, private gardens, respect for privacy) without making abuse of land? Our self-standing houses are superposed, each having an exclusively owned external area and an hanging garden where feeling the nature while staying on your own. Two large scale lattice structures support hanging decks. Vertical connections and installations, located in cylindrical structures, allow further supporting points. In an area of 1.600 sqm, up to 50 villas are accommodated, attaining a maximum height of 150 mt from the ground, each having a 150 sqm ﬂoor-space, an external 70 sqm deck, a 80 sqm swimming pool, and a hanging garden above 200 sqm, all in a suspended plot of 500 sqm. The partial villas overlap and the transparent swimming pools’ bottom, ensure a shadow when the sun is at its zenith, otherwise direct natural light in each unit.

HÔTEL DE POLICE - CHARLEROI/DANSES PERFORMING ARTS CENTER Belgium Developer: Ville de Charleroi Architects: Ateliers Jean Nouvel and MDW Architecture Beside preserving two remarkable wings of an existing cavalry building and adapting them according to low energy standards, this sustainable project includes a third vertical “wing”: a 75-meter new elliptical passive tower clad in blue bricks that accommodates very ﬂexible police offices and facilities. Charleroi/Danses’ extension houses dance studios and residences for artists, located in small brick buildings that help preserving a human scale. A tent on the roof houses the new foyer-belvedere. All the elements of the complex are connected by a large public square directly accessible from the street and a public café invites life to enter the plaza. The unusual ensemble creates a green landmark for the city of Charleroi.

IN/OUT France Developer: Société Foncière Lyonnaise (SFL) Architect: DTACC IN/OUT is situated opposite Saint-Cloud Park in a prized location at the Paris city limits, on a road linking several strategic Ile-de-France business districts. SFL’s vision is to convert this 35,000-square-metre symbol of France’s industrial and cultural heritage, built in 1923, into an exciting, high-performance office complex that continues to resonate with the location’s storied past. IN/OUT will be the first complex in its generation to offer a prime office campus in Paris, accommodating up to 2,500 people in luminous, fully modular 4,500-square-metre floor. The main office building will be enhanced by an ultra-contemporary extension housing a services centre. This exemplary program incorporating innovative technical solutions is designed to achieve optimum functionality and flexibility of use, while also meeting sustainable development and environmental performance objectives. Specifically, the project will comply with RT2012 energy efficiency standards and earn High Environmental Quality (HQE® Exceptional), BREEAM® Very Good and LEED® Platinum certification.

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Best futura mega project

JEJU AIREST CITY EXPRESS RAIL LINK WEST KOWLOON TERMINUS Hong Kong Architect: Aedas Limited Developer: MTR Corporation Limited As a strong indicator in recent years, between Hong Kong and mainland China, the West Kowloon Terminus is both a symbol and a functional representation of how improved relations have become. The high-speed rail terminus station will connect Hong Kong to Beijing with the largest rail network in our history. Located centrally in Hong Kong, the 430,000 square meters facility with ﬁfteen tracks will be the largest below ground terminus station in the world. WKT will function more like an international airport than a rail station; consequently, the facility needs to have both custom and immigration controls for departing and arriving passengers. What is highly unusual in this facility is that West Kowloon Terminus will have immigration domain for both Hong Kong and China in the same facility as opposed to how immigration works in a typical international airport, which is solely the domain of the host country. It became apparent that the WKT facility needed to function as a built ambassador for the city of Hong Kong as the gateway into both Hong Kong and China. The site’s prominence immediately adjacent to the future West Kowloon Cultural District and next to Victoria Harbor required a design which was completely motivated by civic demand. Enriching the challenge was the planned 400,000 square meters of commercial development on top of the station which would be auctioned off to a developer in a later date.

South Korea Developer and Creative PM Firm: Berjaya Jeju Resort Limited and Planning Korea Architects: Planning Korea and Baum Architects Jeju Airest City is the biggest integrated resort development in the history of Jeju Island and the one and only Triple Crown winner by UNESCO and it recently voted as one of the New 7 Wonders of Nature. Located in the Center of Northeast Asia, Jeju Island has a great potential to be the representative resort city of Northeast Asia. Being a volcanic island, Jeju features unique topography such as 368 parasite volcanoes called ‘Oreum’, unique forest ‘Gotjawal’ and its own water space ‘Soomgol’ and such natural features are melted into our masterplan, architecture and landscape design. To differentiate from the others and make an investment-worth project, we created new business modules under the concept of ‘Creative Business City’. Our project is not a conventional resort for relaxation, but a self-sustaining resort that caters both residence and business. We highly believe that such new approach will satisfy developer, investors, visitors as well as local residents and set our project into a new success model.

MARINA SOUTH Singapore Developer: M+S Pte Ltd Architects: Ingenhoven Architects and A61 Architects Pte Ltd “Marina South is located in the centre of the extension of the financial district of Singapore in close vicinity to the Marina Bay, as a link between two mayor city parks. The truly integrated development comprises 4 towers around a pivotal inner garden, interweaving office and residential with retail uses. This central green heart with the impressive waving louverrings ties the towers together and creates a multi-layered vertical public sanctuary in the heart of the development. The lush green of the terraced gardens offers unique spaces of tranquillity and interaction in the CBD of Singapore – a space between nature and city life, enhancing the new life-work-balance. Microclimatic enhancement, natural ventilation of the residential units and highest energy efficiency are parts of the overall greenmark platinum scheme. The sky gardens, the green roofcrown and the rooftop gardens on the residential towers are not only spaces for people to life and work, but a sign of the holistically sustainable approach in the skyline of Singapore.

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Category sponsored by

i 2012awards Best German project

MAINTOR – THE RIVERSIDE FINANCIAL DISTRICT Germany Developer: DIC – Deutsche Immobilien Chancen AG & Co. kGaA Architects: Jürgen Engel Architects, Professor Christoph Mäckler Architects, Jo. Franzke Architects, Braun Volleth Architects

CONVERSION OF CHURCH HERZ-JESU, MÖNCHENGLADBACH-PESCH Germany Developer: Schleiff Denkmalentwicklung GmbH & Co. KG Architect: B 15 Architekten We developed a concept of conversion for the Herz-Jesu church in Mönchengladbach-Pesch focusing mainly on the complete preservation of the building which was classiﬁed as a historical monument. From overall space of 1.560 sqm we created 23 barrier-free apartments between 52 and 82 sqm. As the basic rent of the apartments (4,85 per sqm) is very low-priced, the object is of interest for a wide range of prospective tenants. We realized the reutilization of the neoGothic and three nave church with a house-in-house concept in timber-frame construction. Due to this method we were almost be able to avoid the intervention in the original building structures so that it would be possible to restore the church into its original condition at any time. At the beginning of October the tenants moved into the barrier-free apartments and now ﬁll the church with life again.

MainTor is a lively quarter with international flair, and a front-row seat on the river Main. It’s well-connected and at the heart of the Main financial district. The Quarter is made up of 108,000 sqm (GFA) of space for offices, apartments, retail and eateries. The impressive buildings, designed in line with the latest green standards, will offer room for around 3,500 work stations and 200 exclusive apartments. Leading and famous architects Jürgen Engel , Professor Christoph Mäckler, Braun Volleth and Jo. Franzke have designed striking, original buildings that will redefine Frankfurt’s impressive skyline. Smart urban planning seamlessly meshes MainTor with the surrounding districts. An area that was closed to the public for several decades opens its doors again, adding value to the city. Traditional routes forming a triangle between the historic town centre, the banks of the Main and the financial district have been given a new lease of life.

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Sixt - official car rental supplier of MIPIM

Our cars are available elsewhere. Our prices arenâ&#x20AC;&#x2122;t. (Special discounts for MIPIM visitors and exhibitors. Call +33 (0) 1 44 38 55 55 and state the promotion code 9983828 or book online on www.mipim.com)

CANNES, GLOBAL VILLAGE Everything at walking distance 8 000 rooms from 2* to 5* A Palais des Festivals et des Congrès : ✔ with triple ISO certiﬁcation in Europe

9001 Quality

14001

Environment

18001

Security/Safety

✔ Up to 46,000m² exhibition space ✔ 5 auditoria: 150 to 2,250 seats ✔ 26 meeting rooms: 10 to 250 seats CANNES CONVENTION BUREAU Tel : + 33 (0) 4 92 99 84 00 commercial@palaisdesfestivals.com www.palaisdesfestivals.com

CANNES IS YOURS

tips &tools The information is divided into 3 sections:

Dear Participant, Your experience at MIPIM is important to us. The entire MIPIM team is committed to ensuring your market runs as smoothly and efficiently as possible, so that you can focus on achieving your objectives. These pages are intended to assist your preparation for the event. The following information will enable you to arrive with a full meeting schedule in place and an in-depth understanding of the market.

1 PREPARING MY MARKET

MAKE APPOINTMENTS AND CONTACTS BEFORE ARRIVAL To benefit fully from MIPIM experience, we encourage you to: Connect to the MIPIM Online Community, the most effective way to prepare for MIPIM! MIPIM is a tremendous opportunity for your business. Anticipating and preparing by using the Online Community at www.mipim.com is definitely the key: ë Identify and contact the people you want to meet among thousands of retail real estate professionals ë Increase your visibility by completing your company and personal profiles ë Showcase and identify retail real estate projects ë Schedule and plan meetings ahead of time ë Select the conferences and events you want to attend 2 ARRIVING IN CANNES

CANNES INFORMATION The Palais des Festivals is situated on the seafront along the famous Croisette. It is clearly signposted throughout Cannes. The exact address is: Palais des Festivals Esplanade Georges Pompidou 06400 Cannes Country Dialing code: +33 Time zone: GMT + 1. Electricity: 220 volts AC, 50 Hz, round two-pin plugs are standard Measure System: Metric Currency: Euro

1 PREPARING MY MARKET 2 ARRIVING IN CANNES:

MIPIM OPENING HOURS & EVENTS 3 THE EXHIBITION HALLS & CLUBS

BADGE To gain access to MIPIM, you will need your badge IMPORTANT E-tickets will be sent a few days before MIPIM by e-mail with their attached barcode for ID recognition. Don’t forget to print this e-ticket for rapid collection. The badge collection process Thanks to your e-ticket you can collect your badge yourself by scanning the barcode at a self-service badge delivery point. You can, if needed, make corrections to your name and photos (in which case you will be required to show identification). The credit card shaped badge is made of biodegradable plastic and the client’s photo is no longer printed on the badge (it is now visible on a PDA at the entrance security check). You can collect your badge at several badge collection points: ë Registration Hall From Sunday 4 March, 14.00 to Friday 9 March, 13.00. Auditorium Debussy – Foyer – Level 1 of the Palais des Festivals on the Croisette in Cannes. ë Nice Airport From Monday 5, 8.00, to Wednesday 7, 22.00. MIPIM desk in Terminal 1 & 2. ë Hotels From Sunday 4, 14.00, to Wednesday 7, 19.00. - Majestic (on the Croisette) - Carlton (on the Croisette) - Martinez (on the Croisette) Please note, that the full payment has to have been made in advance to pick up your badge at the airport and in hotels.

REGISTRATION OPENING HOURS Sunday 4 March 14.00 – 19.00 Monday 5 March 9.00 – 19.00 Tuesday 6 March 8.30 – 20.00 Wednesday 7 March 8.30 – 19.00 Thursday 8 March 9.00 – 19.00 Friday 9 March 9.00 – 13.00 MARKET OPENING HOURS ë Exhibitors’ Access Sunday 4 March 14.00 - 19.00 Monday 5 March 9.00 - 19.00 Tuesday 6 March 8.30 - 19.00 Wednesday 7 March 8.30 - 19.00 Thursday 8 March 8.30 - 19.00 Friday 9 March 8.30 - 16.00 ë Participants’ Access Tuesday 6 March 9.00 - 19.00 Wednesday 7 March 9.00 - 19.00 Thursday 8 March 9.00 - 19.00 Friday 9 March 9.00 - 16.00 EVENTS, OPEN TO ALL DELEGATES ë The Opening Cocktail Tuesday 6 March from 19.30 at the Carlton Hotel. Please note that your badge will be required to enter. ë The MIPIM Awards ceremony Thursday 8 March at 19.30, Grand Auditorium, Level 1, Palais des Festivals. 3 THE EXHIBITION HALLS & CLUBS

EXHIBITION HALLS The Palais des Festivals is comprised of distinct exhibition areas: There are two buildings connected via mechanical escalator.

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itips&tools Palais des Festivals: - Level 01 - Level 0 - Level 1 - Level 3 - Level 4 - Riviera Hall - Lerins Hall Outside Structure: - Marina Hall - Azur Hall - Sunset Hall - Sea View Hall - Sea Breeze Hall - Mistral Hall CLUBS ë Visitors’ Club Palais des Festivals – Level 01 Open to all participants, the club includes our ‘Building Innovation’ area, the ‘Netherlands

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gateway’ and the ‘Industrial & Logistics lounge’. It offers a large scope of services like Wi-Fi, a meeting area with 4 private rooms available for reservation, tables and an area for refreshments. ë Investors’ Suites Terrasse Suquet – Level 4 Premium fully-equipped meeting rooms, along with their first-class services dedicated to the top investment companies attending MIPIM. The suites are located in a privileged area of MIPIM, close to the Investors’Club. ë VIP & Investors’ Lounge Palais des Festivals – Level 3 Set up in a specially arranged area,this club is intended for investors,end users, VIPs, and directors of exhibiting companies. This private lounge offers free Wi-fi acces and acomplimentary bar. A number of hostesses will be at clients’ disposal to help organise their meetings.

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ë REGUS Member Business Lounge Palais des Festivals – Level 1

The Regus Members’ Business Lounge offers complimentary and personalised business services: - Private lounge area - International press - PC/Internet access - Refreshments - Specialised staff Members only ë Press Club Palais des Festivals – Level 01 This facility for journalists includes computers, internet connection, a printer and the full-time presence of a member of staff. FOR MORE INFORMATION ABOUT TRANSPORT, SERVICES... PLEASE VISIT WWW.MIPIM.COM