MIPIM 2013 NEWS 1

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DAY Tuesday 12 March 2013

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COUNTRY OF HONOUR

Today at MIPIM March, 12 11:00 Level 01, Booth 10.01 – 08.02, Palais des festivals Turkey’s retail sector poised for growth

Opening ceremony of the «KORTROS» stand & welcome cocktail

See page 4

INNOVATION FORUM

12:00 Room «Verriere Californie», Level 05, Palais des festivals Panel discussion «Investments in Mass Affordable housing development: challenges and opportunities»

March, 13 12:30 Сonference hall «La Baule», Majestic hotel

MIPIM Innovation Forum promotes sustainability See page 6

Developer`s lunch By invitation for MIPIM badge holders only

LOGISTICS

MINISTRY ОF REGIONAL DEVELOPMENT OF THE RUSSIAN FEDERATION

Leader's league Visit us: Level 01, Booth 10.01 – 08.02 Henderson invests in logistics See page 14

We invite you to visit the events of the MIPIM 2013 business programme Contact us: mipim2013@kortros.ru

«Government stimulus to attract investments in real estate development sector» 16:00 Level 01, Booth 10.01 – 08.02, Palais des festivals Developer’s community & cocktail

HOTELS

Hotels soar to new heights See page 26

www.kortros.ru

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Contents NEWS

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4 4URKEY 2USSIA RISE s 6 -)0)- )NNOVATION &ORUM s 8 Japan’s Diamond Realty s 12 #"2% ON THE ACQUISITION TRAIL s 14 Henderson invests in logistics

FEATURES

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MIPIM Club Med VIP Lounge

MIPIM Awards 2012, Winner Profiles 67 Alte Post, Hamburg 69 Main Point Karlin 71 Stark choices for Europe 73 Getting moving on road and rail

New ways of financing infrastructure are key to the growth of cities, as London, Paris and others are finding

T H E M I PI M V I P Lounge on level 3 of the Palais has been sponsored and styled by Club Med. It features three distinct zones — Sea, Mountain and China — and is a haven of tranquility for stressed executives away from the bustle of MIPIM Canary Wharf’s Crossrail station is under construction

The MIPIM News team is located in the Palais des Festivals / Level 5

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The official MIPIM daily newspaper Tuesday 12 March 2013

Director of Publications Paul Zilk Director of Communication Mike Williams EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Reporters Ben Cooper, Mark Faithfull, Tony Hazell, Mark Moore, Steve McCormack, John Ryan, Sub Editors Debbie Lincoln, Julian Newby, Joanna Stephens Copy Editor Chris Newby Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Veronique Duthille, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Olivier Houeix, Michel Johner, Yohann Mortier Editorial Management Boutique Editions.

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

Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNE-BILLANCOURT (FRANCE), VAT number FR91 662 003 557.

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neWs THE MODERNISATON of existing property assets is the way forward for the Italian real estate industry and offers a roadmap for the recovery of the building sector.

Turkey and Russia drive Europe’s retail growth Istanbul saw 362,000 sq m of retail space completed in 2012

© iStockphoto.com / easy images

ASSOIMMOBILIARE URGES RENEWAL OVER NEW BUILD

This is the view of Italian property association Assoimmobiliare, headed by president Aldo Mazzocco, which believes that renewal is increasingly the key driver of success in the Italian property market, overtaking even new build in importance.

Assoimmobiliare said that the “enhancement of real estate assets”, both public and private, has the potential to kick-start growth in the faltering Italian economy. Practically, this means investment in small and medium building enterprises working on renewal schemes, rather than spending the investment funds earmarked for much larger projects.

Assoimmobiliare urges the major players in the Italian property industry to carry out “a mass structural analysis and reorganisation of assets” and to offer funding incentives for the renewal of existing assets as a way of making this a reality. It also recommends a radical standardisation of the current regional land-management regulations, updating the risk-assessment and capital-absorption models, and revising the approach taken by the banks to property restoration projects.

The association is on site at MIPIM to discuss its proposals for a “real economic policy for the real estate infrastructure [in Italy]”.

Assoimmobiliare’s Aldo Mazzocco: enhancing Italy’s real estate assets

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Turkey and Russia are the two most active retail development markets in Europe, new JLL research has revealed

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ORE than a third of Europe’s total shopping-centre development pipeline will be delivered in Russia and Turkey alone, a report from property agency Jones Lang LaSalle (JLL) has revealed.

Overall, there is around 14.6 million sq m of new space due to be completed in Europe in 2013 and 2014, 40% of which is within Russia and Turkey.

Tatyana Kluchinskaya, JLL’s Russia and CIS national director and head of retail department, said: “Shopping-centre development in Russia is driven mainly by regional cities with less than 1 million inhabitants.

Developers are attracted by the lack of high-quality retail and growing disposable income. New supply is also supported by retailers, with both domestic and international retailers aiming at the profitable regional markets.”

Kluchinskaya reported that Moscow has a major development pipeline, with the supply for 2013-2014 exceeding 1 million sq m.

Avia Park, with a GLA of 231,000, is the biggest scheme in the pipeline. Among the concepts recently brought to market are SEC Mitino Park and the iconic children’s store Tsentralny Detsky Magazin.

The JLL report reveals that, in Turkey,

The retail market outlook will continue to be lively in 2013 and beyond Avi Alkas 813,000 sq m of retail space was completed last year, nearly half of which took place in Istanbul. Over the next two years, this figure is set to jump to 2.4 million sq m, as 20 major shopping centres open.

JLL Turkey chairman Avi Alkas said: “The retail market outlook will continue to be lively in 2013 and beyond. Demand for new homes is high, partly driven by the attractive loan incentives being provided by the banking system. This new development across Turkey will lead to wider regeneration, supporting the need for both new high-street and shopping-centre space. The development pipeline in Turkey is and will remain healthy for some time to come.”

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Innovation Forum focuses on next-generation use of space The MIPIM Innovation Forum at the Gare Maritime

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HE LAUNCH this year of the MIPIM Innovation Forum is a timely response to the increasing pressure faced by owners and occupiers to find new ways of using space and employing technology to maximise efficiency and increase the value of property assets.

Located at the Gare Maritime, a few metres from the Palais, the new pavilion provides a key meeting place where all players involved in building tomorrow’s cities can debate and share ideas.

Under the banner ‘Think smart.

Build value’ the forum showcases the most pioneering ideas currently available to the real estate industry from the architectural, technology and energy sectors.

An exclusive programme of conferences and presentations

puts buildings and users at the heart of this debate with speakers from leading players including Cisco, Mitsubishi Electric and Tata Steel.

Topics covered in the sessions will range widely, from Can Skyscrapers Be Sustainable? to Energy Efficiency And Resources Optimisation, and Does Being Green Create Value For End Users?.

“The Forum provides a focus for innovation, covering all the topics related to the development of intelligent cities — including urban mobility, planning and management,” said Reed MIDEM’s Jean-Marc Andre.

“It is called a forum because we are creating an open atmosphere to encourage the sharing of knowledge and enable organisations to make informed decisions about profitable investment in sustainability.”

Cisco points to the smart use of technology CITIES and real estate companies should consider technology implementation at the beginning of projects and think about technology from both a qualitative and commercial point of view, according to Innovation Forum partner Cisco.

Cisco will discuss ways of implementing successful sustainability strategies for smart cities at its session today at 16.30, when Fadi Atallah, managing director for emerging solutions advisory, EMEA, builds on a topic first introduced at MIPIM

by Cisco last year.

Globa l ma naging di rector Caspar Herzberg said that the

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mantra of “smart and connected” had moved to “internet of everything” and that masterplanning should recognise the opportunities that technology can provide.

“I don’t think that the value of technology asset management is being fully realised,” said Herzberg. “With huge increases in the numbers of mobile devices, there is a tremendous chance to bring new services to the built environment, to save money through green buildings and also to commercialise services. The potential runs into trillions of dollars.” Herzberg said that

innovation was being pioneered geographically rather than by particular sectors and cited the Chicago Lakeside development, Saudi Arabia’s Economic Cities and development in Dubai and Qatar among those which best highlighted the opportunities and the advantages of pre-planning.

“We have also just started to work with the Dutch city of Eindhoven and it is heartening to see investment in technology infrastructure coming back into Europe,” he said.

“Technology can be used to master the challenge of global urbanisation, from traffic mana-

gement to water management, and, if it is included at the outset, can be optimised. That’s the message we want to get across at MIPIM.”

Speaking: Cisco’s Fadi Atallah

June 19 th–21 st, 2013

Are you an investor or a leader of expansion and interested in Swiss real estate?

Swiss Circle invites you to a two-day visit to view a number of selected locations and interesting projects.

Please ask for more information at the Swiss Circle stand R33.01

MIPIM Espace Riviera R33.01

Real Estate made in Switzerland Swiss Circle presents selected Swiss locations, properties and companies at MIPIM. Swiss co-exhibitors will show their projects and locations on our stand.

We would like to invite you to visit us at the Swiss Circle stand.

Swiss Apéro Wednesday, March 13th, 5 pm Swiss Circle stand R33.01

Swiss Circle – the international platform for Swiss locations and properties

www.swisscircle.ch

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neWs GLOBE SPREADS ACROSS EUROPE GLOBE International, an investment management company and a member of the Switzerland-based GT Group Family Office, is continuing its expansion across Europe with investments in Switzerland, Germany, Turkey, the UK, Central Eastern Europe and Scandinavia.

Globe International represents its own, and third-party funds, and provides real estate private equity to real estate transactions alongside co-investing locally operating partners. Globe either invests through associated investment vehicles singly, or participates jointly in real estate with investment partners on a joint venture, equity partnership, club deal or tailor-made fund structure basis.

The company identifies underperforming and undervalued opportunities or distressed properties where it can add value through renovation, repositioning, redevelopment, reletting, expansion, or capital restructuring. Globe aims to capitalise on market inefficiencies, creating value through strategic acquisitions, proactive management and opportune exit strategies or disinvestments. Globe International is headquartered in Zurich with offices in Munich and Istanbul.

Moscow City promotes new opportunities in Cannes The Kutuzovskily Prospect shopping centre, set to open in 2015

HOST of projects under way in and around Moscow are being showcased at MIPIM with a packed schedule of presentations and seminars.

Key players from the Moscow City government are in Cannes backing the many developments, and pro-

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moting opportunities for investment to companies both in Russia and the international market.

The events kick off this morning with an opening ceremony at the Sea Breeze stand on the seafront, entitled New Moscow – New Opportunities. This will be followed by a panel discussion

aimed at identifying new trends and opportunities in the Moscow market.

Among the many sessions planned over a busy three days will be presentations highlighting key projects. These include the major mixed-use Tushino 2018 development, which will, when fully completed in 2020, bring a whole new business and residential district to the north west of the Russian capital.

The two million sq m project will be constructed on a 224 ha former airfield 10km from the centre of Moscow. It will include 980,000 sq m of residential, 220,000 sq m of retail and 304,000 sq m of new office space and will be home to up to 28,000 people.

Also being showcased is TPS Real Estate’s Kutuzovskily Prospect development, a 136,000 sq m shopping centre set to open its doors at the end of 2015. The centre will be situated in the FiliDavydkovo district of Moscow, within walking distance of the Slavyanskiy Boulevard metro station.

The Moscow City government is inviting delegates to attend the events held throughout MIPIM, which will also include opportunities to meet representatives of all the big projects and the government.

KSP makes acquisition in Warsaw Holland Park, Warsaw will be repositioned as a green building by KSP

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INTER NATIONAL investment management firm Kulczyk Silverstein Properties (KSP) has acquired Holland Park, an office property in the centre of Warsaw. The asset is the fourth prime addition to KSP’s portfolio. KSP, a joint venture between Kulczyk Real Estate Holding and Silverstein Properties, purchased the 10,416 sq m fully let property from CBRE Global Investors.

KSP intends to refurbish, extend and reposition Holland Park while seeking BREEAM certification for the existing building and a proposed extension. The firm will now seek green certification for all property under management. “KSP’s goal is the repositioning of the property and setting a benchmark to the highest standards adopted in the CEE market,” said Piotr Krawczynski, KSP board member.

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GLOBAL PLAYERS THE SQUAIRE, Frankfurt Airport A project of IVG Immobilien AG

HAPPIER EMPLOYEES. THANKS TO THE NEW WORK CITY CONCEPT: THE SQUAIRE offers a working environment that fosters productivity and motivation. The infrastructure is tailored to everyday working life with restaurants, stores, doctors, fitness studio, day-care centre and various services.

MORE TIME. BECAUSE THE PRIME LOCATION BRINGS PEOPLE TOGETHER QUICKER: THE SQUAIRE is situated at one of the major European transport hubs – within walking distance of Frankfurt International Airport, above the ICE long-distance train station, and just off the A3 motorway.

MORE CLIENT CONTACT. BECAUSE YOUR CLIENTS REGULARLY PASS BY: 150,000 air passengers, 23,000 rail passengers and 300,000 vehicles pass through here every day. And that includes many of your clients, whom you can meet at the drop of a hat right on your doorstep.

Visit us at MIPIM: Palais des Festivals, Espace Riviera, R 33.07 FURTHER INFORMATION: +49 (0) 69 606050-1500 . www.thesquaire-award.com

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neWs HELIOS EUROPE REBRANDED AS VERDION HELIOS Europe, the mainland Europe logistics and warehousing specialist, has changed its name to Verdion, drawn from the Latin-derived word for ‘green and growing’. The name has been chosen to highlight the company’s ambition to build the company into one of Europe’s largest investors in and developers of logistics property.

Michael Hughes, CEO Of Verdion, said: “The last two years have been an exciting time for our business, highlighted by securing pre-lets for over 111,500 sq m of grade A logistics space to leading third-party logistics providers in Germany. We now have an enviable pipeline of new business in both the UK and mainland Europe. Our new name signifies the next stage in the company’s development.”

SMB OFFSHORE OFFICES FOR SALE IN MONACO MONACO-based SBM Offshore, which provides floating structures to the energy industry, has instructed property consultants Dotta Real Estate of Monaco and Italian-owned Cushman & Wakefield to execute a sale-and-leaseback of part of its real estate holdings in Monaco.

Three offices are on offer with a gross area of 11,000 sq m, located in the principality’s Fontvieille business district.

SBM Offshore, Monaco’s largest private employer, will enter into nine- or 12-year leases on the offices.

It is estimated that the combined annual rental value of the offices will be in excess of €5m. The appointed advisers are at MIPIM to discuss potential deals.

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Dream’s Logistics Fund III set to come true for overseas investors

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I A MON D Re a lt y M a n a ge m e n t (Dream) — the private real estate assetmanagement subsidiary of the Mitsubishi Corporation — is attending MIPIM for the third time to highlight the investment opportunities represented by the strengthening Japanese economy.

These include its proposals for the Dream Logistics Fund lll, which will be unveiled this afternoon by Dream’s recently appointed president and CEO, Takashi Tsuji, at the session, Seizing Opportunities In Japan With Mitsubishi Corporation Group. Unlike the first two Logistics funds, this $300m (€230m) version will be open

to overseas investors and is expected to generate considerable interest at MIPIM this week.

Dream has seen steady growth since its formation in 2004. It has successfully weathered the recent financial crisis and now has $6bn of assets under management, almost all in Japan.

The core of the company’s business was close-end funds, but the launch of a mezzanine debt programme and a private REIT has expanded Dream’s product line-up.

At MIPIM, the company aims to engage with international investors and deliver the message that this is a good time to investigate the many opportunities Japan has to offer.

Currently, 33% of funds is provided by overseas investors. Dream is looking to grow this share.

Dream’s Takashi Tsuji: seizing opportunities

Semavip puts Paul Meurice on map PAUL Meurice, a new sector in the north-east of Paris, is taking shape courtesy of local body Semavip (Societe d’Economie Mixte d’Amenagement de la Ville de Paris).

The scheme, which takes advantage of the recent concealing of the Paris ringroad — the Boule-

vard Peripherique — is part of the larger Porte de Lilas project that will see the development of a greener, landscaped area in the French capital’s north-eastern suburbs.

The Paul Meurice district will be home to an anticipated 28,400 sq m of office space, de-

The planned offices at Paul Meurice are part of a greener landscape in north-east Paris

signed by BRS Architectes, with 450 sq m of retail and leisure on its ground floor. These developments will join the existing provision in the area that has the Gainsbourg Gardens and the Maquis de Vercors at its centre.

Additional housing is also on the drawing board.

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Jones Lang LaSalle @JLLNews “#MIPIM blog: Will rate of cross-border investment continue to accelerate? What can #realestate learn from F1 drivers? http://www.joneslanglasalleblog.com/mipim/”

CBRE on the acquisition trail The future BARCO headquarters in Kortrijk, Belgium

NEW BARCO HQ IN KORTRIJK WORK has begun on a project to deliver a new headquarters for one of Belgium’s leading technology companies. The development will deliver the new BARCO headquarters in Kortrijk and is due to be completed in 2016. BARCO, which develops technologies in a range of fields including healthcare, has chosen a campus-style site which will include more than 60,000 sq m of space for some 1,500 people to work in, and will include features such as a landscape park, a pond and a large circular atrium. The designs for the project have been drawn up by Jaspers-Eyers Architects.

CONVERTING OFFICES INTO HOMES THE BRUSSELS-Capital Region has gone into the book business with the publication of a volume on the conversion of offices to housing in the Brussels area. The new book, Bureaux du Passe, Habitants du Present, will be launched at MIPIM. The launch will take place on the Brussels-Capital Region stand by Charles Picque, minister-president of the Brussels-Capital Region and the book’s writer Christian Lasserre and his co-authors. It is thought that this is the first book anywhere dedicated to the conversion of offices to housing. In the last five years 500,000 sq m of Brussels office space has been successfully converted or is due to be transformed into apartments.

25 projects are presented in the book and analysed within the context of the Brussels market and other locations in Europe. The book will be available in French, Flemish and English.

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Strong and Samworth: cause for optimism

Improvement in market conditions and a wider range of services on offer fuel ambition to grow business

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BRE’s EMEA chiefs Mike Strong and Martin Samworth served notice yesterday that the global property adviser remains committed to growing its European business through “strategic in-fill acquisitions”.

Executive chairman Strong and managing director Samworth are at MIPIM on the back of two London-based corporate acquisitions – Franc Warwick and EA Shaw – which have bolstered CBRE’s capital markets and residential services in the UK. “There was a strategic rationale for both of those deals and there is a strategic rationale to do other deals, hopefully during the course of this year,” Samworth told MIPIM News.

“We’ve done a number of strategic acquisitions in the space of property and asset management,” Strong said. “For example we’ve built a shopping centre management business across Europe and we’ve now got about 180 shopping centres under management, and we’re ambi-

tious to grow that business. We’ve always got our eyes open for top-quality organisations that fit our strategy and fit us culturally. He added: “Since 2005 we’ve closed 35 M&A [merger and acquistition] deals in EMEA and the vast majority of those have been strategic in-fill. We have found that to be a very successful way of growing the business.”

CBRE’s corporate plans are underpinned by an improvement in market conditions and investment volumes across some EMEA markets, particularly the UK. Samworth said: “Liquidity in the UK has only emerged in the last few weeks but I think it is going to gather momentum, and there are signs that traditional UK lenders are beginning to lend again. That will encourage further volumes in the market, which year-onyear have been broadly flat. It ought to tick up during the course of this year and we might start to see some general improvement in sentiment towards secondary real estate. There’s cause for optimism in the UK.”

HELP REACH THE TOP AT MIPIM AWARDS 2013 UNICREDIT TOWER AS “BEST OFFICE AND BUSINESS DEVELOPMENT”

UNICREDIT TOWER is a business centre designed by Pelli Clarke Pelli Architects within Porta Nuova, one of the largest urban regeneration projects in Europe, located in the centre of Milan.

The tallest and most innovative office building in Italy, it has recently been awarded with the prestigious international LEED® Gold certification.

www.porta-nuova.com

www.hines.com

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Henderson and Centurion unveil €115m industrial income fund Every day this MIPIM, Paul Strohm, editor of EuroProperty, shares insights from the European property publication’s research database MIPIM’s substantial Nordic delegation could well arrive buoyed by last Friday’s news that Orion Capital Managers has sold the Swedish business park Infra City to a consortium of investors led by Swedish private-equity fund Profi.

Infra City, located beside at Vasby, between Arlanda airport and Stockholm, has a lettable area of about 190,000 sq m and includes offices, retail, a Scandic hotel and logistics space. The sale price was believed locally to be between Swedish krona 1.6bn and 1.7bn (€192m and €204m).

Not only is the deal one of the largest in Sweden this year, but it also confirms the strength of investor interest in Swedish property, which is regarded by investors as one of Europe’s safe havens.

However, Sweden has not gone unscathed and figures from the country’s national statistics office revealed flat GDP for the last quarter of 2012. Nevertheless, a recent bulletin by Capital Economics found that the GDP data were “not as bad for commercial property as they might at first seem”. The report also said that occupier demand for each of the three main sectors could have risen in the fourth quarter.

While warning that falls in Swedish property values in 2013 are still more likely than not, Capital Economics said that occupiers and investors would have been positively surprised by the fourth quarter’s stronger than expected GDP figures, encouraging more players to deploy capital into Sweden’s property market.

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New Henderson/Centurion joint venture sees potential in off-prime UK industrial

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ENDERSON Global Investors is engaging with investors on the launch of an industrial income fund.

The fund, a partnership between Henderson Global Investor’s £12.5bn (€14.3bn) property business and Centurion Properties, is targeting circa €115m from investors with a target first close before autumn, with potential for a second close to double this. The fund will work on a loanto-value of 25%, creating a maximum size of €325m.

The fund’s investment strategy is focused on multi-let industrial assets that offer diversified, short- to medium-term income streams in locations with sustainable tenant demand and underlying land value. It will target a net distribution yield of 6.5% per annum and an IRR of 8.5% on invested capital over its five-year lifespan. The fund will target institutions with a bias towards private wealth and family office investors.

Andy Schofield, director of research at Henderson Property, said: “The events of the last few years mean that many of the players that usually dominate the sector are hamstrung by a combination of legacy issues and the scarcity of bank debt. In short, there are very few viable buyers.”

The paucity of buyers, he added, has resulted in a historically large disconnect between prime yields and those offered by good quality secondary assets. “Our recent experience demonstrates that this disconnect in value is overplayed and that compelling risk-adjusted returns, driven predominantly by sustainable income, are likely to make UK industrials the most attractive UK property sector over the next seven years.”

Julian Rooth, CEO of Centurion Properties, added: “Over time, demand for assets that generate sustainable income will increase.

The Henderson UK Industrial Income Fund will exploit this market trend.”

Vodny scheme mixes it for Moscow CONSTRUCTION has started on the Vodny mixed-use scheme in Moscow, which will bring a total of 166,300 sq m of space to the Russian capital.

The project, which is being developed by MR Group, will comprise retail and office space.

The office element will be housed in 28 storeys and sit over 455 underground parking spaces. The 50,900 sq m retail component, currently under construction, will feature a three-storey shopping mall, a cinema complex, a fashion gallery and a food court.

Acting jointly on the scheme are agents CBRE and Cushman & Wakefield.

Moscow’s Vodny project includes retail and office spac

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CORNERSTONE UPS EUROPEAN LENDING FOLLOWING a successful 2012, which saw assets under management and servicing grow by 17%, Cornerstone Real Estate Advisors plans to expand its European lending platform and accelerate its lending activity through its local office network.

Last year Cornerstone grew its assets under management to $38.9bn (€29.9 bn) on the strength of capital attraction, global expansion and continued investment growth.

It also raised over $1.45bn for investments in its debt and equity fund products and in separate-account mandates.

The opening of an office in Tokyo has expanded Cornerstone’s global reach in Asia. The company also expanded its operations in the UK.

CoreNet Global report outlines future direction of real estate ORENET Global, the organisation that seeks to promote the role of the corporate real estate executive, is at MIPIM to present its report on the sector’s future.

Entitled Corporate Real Estate 2020, the study contains eight key recommendations regarding the industry’s direction of travel over the next seven years. Among other things, it emphasises the changing role of real estate directors from one focused on leases and leasing to a more integrated “enterprise leadership” approach.

The changing nature of the workplace is also considered.

Dr Marie Puybaraud, director of global workplace innovation at Johnson Controls, who is representing CoreNet Global’s French networking group at MIPIM, said: “One of the

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main drivers for change is that people are becoming more mobile. There’s more homeworking and, therefore, while citycentre headquarters will remain for companies, many are opening satellite branches to make this easier. If companies can manage to do this, then their employees’ work-life balance will be improved.”

She added that smaller, more manageable units look set to be the future for the industry and that this will also mean greater flexibility for organisations in the event of sudden downturns.

Technology, sustainability, future-demand forecasting and the need for greater local initiatives also form elements of the report. Puybaraud noted that the growing availability of data relating to the industry means that more accurate forecasting will become a reality.

The CoreNet Global report and

Johnson Controls’ Dr Marie Puybaraud: identifying trends

its conclusions will form the basis of tomorrow’s MIPIM Innovation Forum session, The Future Of CRE: Trends Set To Revolutionise Our Industry.

JNP GROUP OFFERS CRADLE-TO-GRAVE CONSULTANCY UK-BASED JNP Group is looking to meet investors, developers and contractors seeking innovative, costeffective engineering advice and design services.

According to chairman Andrew Lee and senior associate Tony Davies, the firm operates a cradle-tograve consultancy service ranging from initial pre-purchase advice through project management to, if required, construction supervision.

All JNP Group’s projects — from housing to rail, heavy industry and wind farms — are directly overseen by one of the managing partners, who are located in each of the group’s five offices.

Hakkasan adds Doha to the menu

Hakkasan’s new restaurant in Doha

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THE EIGHTH branch of the highend Cantonese restaurant Hakkasan has opened in the Quatari capital of Doha, joining outposts in London, New York, San Francisco, Miami, Abu Dhabi, Dubai and Mumbai.

Designed by London-headquartered design consultancy Woods Bagot, the 120-cover restaurant, which covers 775 sq m, is set within the gardens of the five-star St Regis Doha hotel.

Jonathan Clarke, director of interiors for Europe at Woods Bagot, said: “Our role was to bring a fresh approach to the new restaurant, while maintaining the design standards, and look and feel that are common to all Hakkasan restaurants.”

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Need to change attitudes to South Africa, Moseneke says SOPOA’s Dr Sedise Moseneke

Tsesnabank Tower in Astana, Kazakhstan

CITY-CENTRE HQ PLANNED FOR TSESNABANK A PROJECT is under way to deliver a new skyscraper in the centre of Astana, the capital city of Kazakhstan.

The project, the Tsesnabank Tower, has been designed by Jaspers-Eyers Architects for Kazakh bank Tsesnabank. The 32-storey building will include a total of 58,456 sq m of space for the bank and have at its summit a three-level rooftop executive suite, which will be accessed by glass elevators on the outer facade of the building, leading to a glass atrium with a rooftop garden.

BNP PARIBAS LOOKS EAST BNP PARIBAS Real Estate has opened offices in Hong Kong and Singapore with the aim of attracting Asian investment into the European property markets.

BNP Paribas Real Estate offers comprehensive services covering everything from property development to investment management.

Mark Kumarasinhe has joined as managing director of North Asia, based in Hong Kong, and Yo-Hann Tan has joined as managing director of South Asia, based in Singapore.

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N A MIPIM keynote speech Dr Sedise Moseneke, the president of the South African Property Owners Association (SAPOA) will talk about the advantages of South Africa as a business destination in its own right, and as a gateway to the rapidly developing surrounding southern African region.

Talking to MIPIM News about the main points of his speech, Moseneke said: “In a way we need to change attitudes to South Africa and the region. It’s important to highlight the advantages rather than focus on the exaggerated perils.”

Moseneke said that economic growth in a number of African

countries is “now getting to the levels we’ve seen in Asian countries in recent years. The opportunities for investors are immense. Particularly if those markets are accessed using South Africa as a gateway to them.”

The advantages of South Africa as a springboard make real sense, Moseneke said. “South Africa is a well-established real estate investment market with professional business services, high levels of transparency, a stable political environment and a solid and accessible legal framework.”

As well as taking on the annual presidency of SAPOA, Moseneke is CEO of South African real estate company Encha Properties. “We represent 90% of the commercial property owners in South Africa,” he said of SAPOA. “We act as the main interface between the interests of commercial, office and industrial real estate owners, the legal and regulatory environment and the government.”

Moseneke speaks today at 14.30 in the Hoban Room on level 3 of the Palais as part of the Passages To Africa: South Africa And Its Neighbouring Markets conference.

Stuttgart food court is 80% let EVANS Randall has secured around 80% lettings for a new food court at the Konigsbau Passagen shopping centre in Stuttgart. The UK investment group, which owns the centre, has let 11 of the 13 newly created units with talks ongoing for the remaining two. Tenants signed for the food court, which is being built as part of a wider refurbishment and reconfiguration programme at the centre, include QQ SushiLounge, New York Crepe and Culinasia. The works are due to be completed in July this year.

The Konigsbau Passagen shopping centre in Stuttgart

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neWs TROY JAVAHER TAKES TOP CEE POST AFTER six years at the helm in Bucharest for Jones Lang LaSalle (JLL), Troy Javaher will relocate to Prague to take up a new role as EMEA capital markets lead director for the CEE. He will report to JLL’s head of European capital markets, Richard Bloxam, who is based in London.

Javaher’s move follows the announcement earlier this month that Tomasz Trzoslo, presently head of CEE capital markets, is to become JLL’s new managing director for Poland in April. He will oversee cross-border investment activities across the CEE, where the firm has offices in seven countries (Croatia, Czech Republic, Hungary, Poland, Romania, Serbia and Slovakia).

JLL’s Troy Javaher: focusing on cross-border CEE opportunities

Gijs Klomp, meanwhile, is to join JLL in May as the new managing director of its business in Romania.

Klomp joins the company from CBRE Global Investors, where he was CEE transaction manager.

He also served as CBRE Global Investors’ head of asset management for Romania, having set up the firm’s Romanian business.

“Over the long term, we see a clear trend in rising volumes of cross-border real estate investment into the Central and Eastern European region,” Bloxham said.

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Exhibition games break the ice for Russia’s Arena Of Legends

The main rink at the Arena Of Legends project outside Moscow

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LANS for the new home of the Russian Hockey Legends Club are being unveiled at MIPIM. Construction on the Arena Of Legends project, which is being developed by the TEN Group of Companies, is due to begin this year in the area known as the ZIL industrial zone on the outskirts of Moscow. The 80,000 sq m mixed-use development will include a range of sporting and entertainment facilities, including what will be Russia’s largest ‘ice palace’. This will include

three rinks: a main 17,300-seater arena, which will be home to the Russian Hockey Legends club, and two smaller rinks for training.

The Arena Of Legends will also feature several swimming pools, an indoor tennis centre, a fitness centre and a sports school.

A series of friendly exhibition matches have been organised to take place in Nice as part of the unveiling. Veterans of the club, which is supported by Russian president Vladimir Putin, will play games against veterans of

the Paris Hockey Club and a combined MIPIM team. The matches will take place at the Jean-Bouin sports palace in Nice.

The club is made up of several generations of Russian hockey players. Between the club’s players, there are 108 gold World Championship and Olympic medals.

The area on the outskirts of Moscow allocated for the Arena Of Legends is undergoing a major transformation with a series of new projects due between now and 2020.

Rowan intensifies German focus ROWAN Asset Management is to expand into Germany, opening its first office outside London since 2006.

The commercial property company and fund manager plans to open a German headquarters in Frankfurt, with a view to establishing other offices in Berlin and Munich. The strategic move is aligned to Rowan’s increased focus on German retail investments, with portfolios currently totalling circa €250m.

The company’s activity in Germany will complement its conti-

nued growth in London. Rowan is targeting some £200m (€230m) of equity to satisfy a pipeline of core-plus and value-add opportunities in the UK capital. The company is particularly targeting the Asian capital markets, with a focus on Singapore, Malaysia and Hong Kong.

Rowan CEO, Nick Jacobs, said: “We are aiming to expand our activity in Germany focusing on retail property, and specifically hypermarkets, town centres and retail parks. We believe that there is good value in these sec-

tors and that there is increasing volume of sales as lenders look to have debt repaid.”

Rowan’s Nick Jacobs: expanding into Germany

Finalist for Best Hotel & Tourism Resort MIPIM 2013, Awards Gallery Developer: Prime Development Ltd. Concept Architect/Interior Designer: Antonio Citterio, Patricia Viel and Partners Project Architect: Squire & Partners www.bulgarihotels.com/en-us/london/ www.prime-development.co.uk

mipim

neWs LUND SHOWCASES NEW PROJECTS THE SOUTHERN Swedish city of Lund is at MIPIM to showcase developments that are currently under way in the northeastern district of Brunnshog. Here, ESS (the European Spallation Service), a neutron source used for research in strategic areas such as nano and energytechnology, and Max IV, “the largest Nordic centre of education and research”, are under construction. These are set within 100,000 sq m of development space planned for everything from restaurants to university institutions with 30% set aside for residential purposes.

Plans are also in place for a new tramway connecting the city centre to Brunnshog, a rebuild of the central station and a number of new housing and office building projects.

Lund has 113,000 inhabitants and is 30 minutes from Copenhagen airport. It forms part of the Copenhagen-Malmo Region, where four million people live and work.

ART & BUILD WINS PARIS PRIZE THE WINNER of a competion organised by Belgian developer Buelens, for the Paris Bedier-Por te d’Ivr y of fice project, was designed by Ar t & Build Architects. When completed, by mid2015, the 6,000 sq m wooden structure will be the first building on this scale in Paris that uses highly sustainable materials as structural elements.

22

Growth in Turkey second only to China, NAI Treas report says Istinye Park, one of Istanbul’s most modern shopping centres

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HE FINDINGS in a report by NAI Treas, part of international real estate services organisation NAI Global, shows continued economic growth in Turkey since 2011 with the country becoming the 16th largest economy among 30 OECD countries. Turkey’s growth rate of 8.5% is ranked as the second highest growing economy globally after China.

The sectors showing the highest rise are retail and wholesale, up by 11.4%; construction, up by 11.2 %; manufacturing, up by

9.4%; energy, up by 8.8%; and agriculture, up by 5.2%. The report looked at key construction sectors.

The majority of shopping centre projects under construction are in Istanbul, followed by Ankara, Izmir and Mersin. The total lettable area of shopping centres in Istanbul is estimated at 3,150,527 sq m. Together with the shopping centres planned in the next two years and under construction, the total lettable area is 4-4.5 million sq m.

Office stocks are predicted to increase on the European side

of Istanbul, which has the largest office market across the country, and where newly developed office projects are impacting vacancy rates. The Turkish hotel sector is regarded as an attractive investment — especially in Istanbul, Ankara, Izmir and in cities located along the coast, due to an increase in tourists to the country.

The number of construction licenses and occupancy permits for housing has increased and the gap between these numbers has started to close under the impact of changing legal procedures.

BFLS rebrands as Flanagan Lawrence AWARD-winning UK architect, Flanagan Lawrence — formerly BFLS Architects — is launching its new brand at MIPIM. The rebranding follows recent staff changes at director level.

The practice is known for its work in the residential, commercial, leisure and cultural sectors and it recently unveiled the first images of a new mixed-use

scheme in at Colonial Drive in West London.

The 15,405 sq m development is designed to achieve an Excellent rating in the established BREEAM sustainability benchmark for commercial buildings. It is also designed to achieve a similarly strong Level 4 rating in the Code For Sustainable Homes. Work on site starts a few weeks from now.

The project comprises two buildings of between five and eight storeys, with 124 residential units and two non-residential units.

Colonial Drive in West London

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neWs NEWS IN BRIEF

Lyon Part-Dieu: 250,000 sq m masterplan

CZECH REPUBLIC SETS OUT STALL REPRESENTATIVES of the three biggest cities in the Czech Republic are out in force at MIPIM this year, along with a raft of international companies investing in the country.

Among the opportunities being showcased are key projects in Prague, the country’s next two largest cities Brno and Ostrava, and a number of the regions. A host of companies with stakes in the Czech development pipeline are also in Cannes, including CTP, HB Reavis, Multi Development, RPG Real Estate and Unibail-Rodamco.

LOUISE VILLAGE GOES FOR €55M LUXURY mixed-used scheme Louise Village in Brussels has been sold for €55m to a private Belgian investor. The building, which combines retail and residential space, was sold by Eurozone Equity, which was advised by Savills on the deal.

Situated in Brussels’ prestigious Louise district, the scheme consists of 4,108 sq m of retail space and 7,411 sq m of residential. Among the brands currently trading in the retail element are Faconnable, Dille & Kamille, Pull & Bear and Mamy Louise.

COOL OULU OULU, the Finnish city and self-styled capital of northern Scandinavia, is at MIPIM to highlight its real estate potential. Currently, planned investments in the Oulu region exceed €100bn, driven by gas, oil and infrastructure investments.

Possessing the youngest population of any European city, Oulu’s centre is currently under development. Three districts are set to benefit from a 13,000 sq m shopping mall, underground parking space and airport expansion.

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Lyon cements role as France’s second investment destination

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R E AT E R Lyon will be in the limelight once again this week as the city uses MIPIM to showcase some of the biggest and most ambitious office schemes in France.

As Gerard Collomb, senatormayor of Lyon and president of Greater Lyon, said: “Greater Lyon is seen by investors as the only other French metropolis able to compete with Paris.”

Some 230,000 sq m of new office space will be delivered in the Lyon Part-Dieu business district

over the next five years, with 30,000 sq m expected in 2013, including the Sky 56, Silex 1 and Silex 2 towers.

One of the most eagerly awaited projects is a proposed 95,000 sq m cluster of four-star hotels and office space near the railway station in the heart of the business district. With Vinci Immobilier already lined up as developer, Collomb is to reveal at MIPIM the name of the winning construction team. The project is scheduled for completion in 2018.

Collomb will also announce

the team that will take charge of phase two of the 420,000 sq m city-centre extension in La Confluence district. Three bidders are on the shortlist: Bouygues, Vinci and Icade.

“This area south of Lyon’s central peninsula, long dedicated to industry and transport, is undergoing unprecedented urban renewal. La Confluence will eventually double Lyon’s city centre,” Collomb added.

Phase two is to become a mixeduse eco-district comprising offices, housing, retail and public amenities.

Kick off for FFR’s super stadium THE EVRY Centre Essonne agglomeration has chosen this year’s MIPIM to promote the new 82,000-capacity stadium being built by the French Rugby Federation (FFR) on the site of the former Ris-Orangis racecourse.

The Grand Stade, which will feature a retractable roof and removable pitch, will be one of the most modern multi-purpose sporting venues in Europe.

The proposed development will see the creation of a new urban hub on the 133 ha site to the south of

Paris, incorporating the stadium, an entertainment village and space for sport-related businesses.

A model of the scheme can be seen on the Greater Paris region’s stand in the Marina Hall.

The FFR’s new Grand Stade in Ris-Orangis

CITY OF TALLINN

PROGRAM TUESDAY, MARCH 12 12.30 Welcome Reception hosted by the City of Tallinn Hosted by Deputy Mayors Arvo Sarapuu and Taavi Aas 14.00 Presentation of the development projects in Tallinn Mr. Ardi Roosimaa, Chairman of Uus Maa Property Advisors, Board Member of the Association of Estonian Real Estate Companies

WEDNESDAY, MARCH 13

Mipim 2013 12 to 15 March 2013 Cannes

11.00 Estonian Property Market Overview Mr. Ardi Roosimaa 14.00 Presentation of the development projects in Tallinn (in Russian), Mr. Ardi Roosimaa/ Презентация проектов развития в Таллинне (на русском языке), Арди Роозимаа

THURSDAY, MARCH 14 11.00 Long-term Spatial Development Priorities Mr. Endrik Mänd, Tallinn City Architect 14.00 Presentation of the development projects in Tallinn Mr. Ardi Roosimaa

MEET US AT STAND NO. 13.18/15.17 LEVEL 01

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neWs CLUB MED SEEKS INVESTMENT IN TURKEY CLUB Mediterranee is at MIPIM this week to promote investment in Belek, a resort that opens next month on Turkey’s Mediterranean Riviera and, further afield, in Guilin where it is due to open China’s second 4Trident Club Med in August this year.

Belek is 45 minutes east of Antalya and will have 433 rooms and 16 villas, while the Guilin project, in a UNESCO world heritage site and an hour from Hong Kong, will offer 329 rooms.

Currently, Club Mediterranee operates 71 resorts in 26 countries, generating revenues in 2012 of €1.459bn in 2012.

A BEAUTIFUL PLACE TO DO BUSINESS FOUR COUNTRY REGION Bodensee, otherwise known as the parts of Switzerland, Germany, Austria and Liechtenstein that collectively surround Lake Constance, is at MIPIM again this year.

Thorsten Leupold, CEO of Bodensee Standort Marketing (BSM), said: “Our trade fair presentation is intended to promote Lake Constance as a business venue among investors, project developers, board managers and chief executives from all over the world and to show attractive investment possibilities.”

2013 is the second year that BSM has presented at MIPIM.

HTL lounge HOTEL s TOURISM s LEISURE

Asia and Middle East lead the way in race for the sky

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CC OR DI NG t o the Council on Ta l l Bu i l d i n g s and Urban Habitat (CTBUH), a total of 66 buildings taller than 200 metres were completed in 2012.

Thirty-five of these are located in Asia and 16 are in the Middle East.

The CTBUH said that this activity has partially offset a slowdown in the construction of tall buildings in the West. Only six buildings taller than 200 metres were completed in North America last year. These included just two in the US, a country which once led the world in tall building development.

The number of tall buildings built last year was the third highest in history but was down on the 82 tall buildings completed in 2011. However, global completions are expected to increase in 2013 and 2014 when several projects originally scheduled to be finished in 2012 will be completed.

Four of the 10 tallest buildings completed in 2012 use access provided by Kone, one of the leading players in the elevator and escalator industry and a participant at MIPIM this week.

Standing at 601 metres The Makkah Clock Royal Tower Hotel in Mecca, Saudi Arabia,

The Makkah Clock Royal Tower Hotel in Mecca, the tallest building completed during 2012

was the tallest building completed during the year. It is currently the second tallest building in the world and has over 100 escalators and more than 180 elevators supplied by Kone in its podium and clock tower alone.

In addition to being the secondtallest building completed in 2012, Princess Tower (413.4m) in Dubai is the tallest residential building in the world. The milestone project features many innovations including the first

Kone JumpLift installation in the Middle East.

This approach enables builders to place the elevator car and shaft in place even as the high-rise is being constructed. The installation proceeds as the building grows, transporting workers and building equipment as floors are added.

When the building is finished, the JumpLift can be converted into a permanent elevator with associated cost and time saving.

DALLAS-based Invesco Real Estate has bought the Williams Tower in Houston, Texas, US for $412m (€317m). The sale of the 64-storey, 130,000 m office tower was the largest outside of the city’s central business district.

Jones Lang LaSalle made the sale on behalf of US investment REIT Hines.

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HTL lounge the meeting point for HOTEL s TOURISM s LEISURE real estate professionals

HTL activities — day one — Tuesday, 12 March 2013

The HTL lounge situated at level 3 of the Palais des Festival is the platform for representatives of the hotel, tourism and leisure sector.

HTL presentations: happening over the entire duration of MIPIM regrouped under five half-day themes hospitality professionals can pitch their projects in front of a 40-seat room and showcase their dynamism and business opportunities.

Tourism and leisure projects — infrastructure and demand drivers 12:00 Welcome 12:15 New for Old — hotels leading urban regeneration in historic destinations — Versailles, France 12:30 Fitzroy’s hotel investment trust 12:45 Park Inn Hotel in Nizhny Tagil, Russia 13:00 Driven to create — developing a region’s eco-system, Wolfsburg, Germany 13:15 Eco resort project in Tróia, Portugal 13:30 Tushino 2018, Russia 13:45 Wavegarden, Spain

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Resort hotels — the leisure business 14:00 Xeiba Villas & Condos Beach and Golf Resort, Mexico 14:15 The resort of Pragelato, Italy 14:30 The Grand Hotel Arenzano; Italy 14:45 Steigenberger Grandhotel & Spa Heringsdorf, Germany and Le Clervaux Boutique & Design Hotel, Luxembourg 15:00 Swissôtel Sochi Resorts, Russia 15:15 The Pearl Hotel & Resort in Sirmione, Lake Garda, Italy 15:30 Refurbishment of existing resorts — design in recession 15:45 Current challenges and solutions to building a hotel resort in Africa 16:00 Five star luxury eco resort development in the Dominican Republic 16:15 Bad Wiessee – the revitalisation of a thermal hot spot, Germany HTL cocktail 17:00 Cocktail reception for hotel developers HTL networking meet representatives of hotel groups: Ascott, easyHotels, Fairmont Raffles, Hilton, Meliá, Motel One, Regent, Starwood, Steigenberger, Wyndham hotel consultants: PKF hotelexperts industry partners: Interna, Kaldewei

Make every square count Square foot, square metre or square deal. Whatever your SHUVSHFWLYH RQ SURSHUW\ ZH FDQ KHOS \RX ÂżQG WKH YDOXH LQ HYHU\ square.

Find us at MIPIM stand LR4.14

joneslanglasalle.com

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neWs CROSS-BORDER INVESTORS DRIVE GROWTH IN EUROPE EUROPEAN commercial real estate investment turnover reached €44.8bn in the fourth quarter of 2012, an increase of 53% on the first quarter of 2012 and 25% on the fourth quarter of 2011, according to consultantcy CBRE. American, German and Norwegian investors were the most active buyers in the second half of 2012 The increase in investment activity was driven by a rise in cross-border investment, accounting for 46% of the total in the fourth quarter of 2012, up from 36% in the third quarter. The average transaction volume for investors buying in their own market stood at €21m, increasing to €56m for cross-border European investors and €89m for non-European buyers.

The US was most active, accounting for 23% of international investment in the second half of 2012. The purchase by US private equity firm Lone Star of over €1bn of assets in eastern Germany was the biggest deal of the quarter. The transaction suggests that international investor interest may have begun to return to the secondary market.

German investors were the second largest cross-border buyer in the second half of 2012, focusing on prime property in key European cities. Paris and Central London took 50% of German cross-border investment.

Norway completed the top three, following strong activity by the Norwegian government pension fund (NBIM), whose 2012 deals included the purchase of a 50% interest in the Meadowhall shopping centre in the UK and the sale and leaseback of Credit Suisse’s headquarters in Zurich, Switzerland.

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Hines seeks global partners in prime London real estate The 44,145 sq m City of London development Broadgate West

London continues to attract major foreign investment Ross Blair

I

NTERNATIONAL real estate firm Hines, is targeting MIPIM as a key strategic platform from which to develop its UK portfolio of prime London and key regional assets in the UK. The firm, which has offices in 18 countries, completed several flagship purchases last year. They included one of the largest singleasset transactions in the City of

London, with the purchase of the Broadgate West, the 44,145 sq m prime office development.

The deal was the highlight of a string of West End and City acquisitions, underpinned by a strong and consistent lettings activity across the portfolio.

Hines also made its debut in Manchester, UK, with an agreement to develop a 16,730 sq m city centre scheme.

Ross Blair, managing director for Hines in the UK, said: “As London continues to attract major foreign investment, our international reach puts us in a great position to establish joint ventures with investment partners, particularly in Asia and the US.” He added: “MIPIM provides the perfect platform to develop and strengthen existing relationships, while networking and making new connections.”

Chiswick Park nearing completion WORK begins this month on the £80m final – and largest – building on Blackstone’s Chiswick Park development in west London.

Construction of the 31,029 sq m, 12-storey Building 7 is scheduled for completion in December 2014. When complete, it is expected to be home to over 3,000 office workers and will bring the total amount of built space on the Park to 167,225 sq m.

Since Blackstone purchased Chiswick Park in March 2011, a total of nearly 37,161 sq m has been let and vacancy on the park is now less than 1%.

London’s Chiswick Park at dusk

The property market and the Financial Times The Financial Times, one of the world’s leading business news organisations, is recognised internationally for its authority, integrity and accuracy. Providing essential news, comment and analysis for the global business community.

The FT (online, in print, tablet and smartphone) reaches more key decision makers who authorise business premises and industrial sites than any other international media organisation*, and these readers are responsible for more business expenditure on commercial property than any other international quality daily.

Within the past year they made business purchase decisions worth â‚Ź1.01 trillion. (BE Europe 2012) For information on advertising solutions please contact: Lyn Thompson +44 (0)20 7873 4967 lyn.thompson@FT.com

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KORTROS sets the pace in real estate development industry of Russia KORTROS Group of Companies is the successor of ture, which turns them into highly attractive products in a well-known Rusian real estate market player, RENO- the market.

VA-StroyGroup GC. KORTROS is a rapidly developing multi-industry group of companies engaged in construction of residential housing, commercial real estate and infrastructural objects in many regions of Russia, including Moscow and Moscow Region, St. Petersburg, Yekaterinburg, Yaroslavl and Yaroslavl Region, Chelyabinsk, Perm, Krasnodar and Sochi.

The Group is constantly expending the geography of its presence thus implementing a global goal of becoming a leading Russian development company.

For the moment, the KORTROS portfolio includes about 16 million sq. m. of real estate.

KORTROS demonstrates stable operations, openness to inBy realizing projects that involve the best experts in the novation and an integrated approach to implementation of Russian real estate market, KORTROS sets the tone for its projects. rapid development of the entire domestic real estate development industry. The projects that combine our These days, by implementing another business strategy best solutions do not only allow us to provide the most designed for entering new regions, and active diversification of our activities, we continue working hard to solve the problem of providing Russian people with affordable and comfortable housing.

Realizing its own force and possibilities to achieve the set target, «KORTROS» relies on some competitive advantages: · Governmental support · Professional personnel · Cost control · High operational efficiency · Innovative and affordable product convenient living conditions, but also help us provide opportunities for doing business, receiving an education, improving physical health and increasing standards of culture of future residents.Our objects are always seamlessly integrated into the urban infrastruc-

· Social responsibility · Energy saving and energy efficiency · Environmental

Integrated Urban Development Projects (Projects of IUD) this is the main product of group

will constitute about 10% of the total hotel room capacity of the city.

Projects of IUD mean:

The nearest plans of the group «KORTROS» include implementation by own force and together with partners of a whole range of large-scale programs for construction of residential and commercial real estate in Moscow and Moscow Region, Saint Petersburg and Perm.

Working on those projects we demonstrate an absolutely new approach to development of territories. Our new projects include complexes of buildings of a new formation united by a unified concept, management, possessing their own unique infrastructure.

· comfort and attractiveness of the city environment · significant architectural objects for regions · a comprehensive and balanced city building solution · a significant market potential · coverage of various consumer segments · observance of principles of environmental protection and energy efficiency · sustainable development of territories The current portfolio of IUD projects: · IUD Project «AKADEMICHESKY», Ekaterinburg · IUD Project «PREOBRAZHENSKY», Yaroslavl Region · IUD Project «YABLONEVY POSAD», Yaroslavl · IUD Project «SUNNY VALLEY», Chelyabinsk · IUD Project «PRIMA PARK», Moscow · IUD Project «BOGORODSKY», Moscow Region · IUD Project «ZARECHNAYA SLOBODA», Moscow Region «KORTROS» implements some projects of commercial real estate within the framework IUD in several directions. For example, in the district «Akademicheskiy» it is planned to build a trade and entertainment center. Another directions is the Development of the street retail format. Small shops, household services and office premises located on the first floors of the buildings are attractive for purchasers thanks to proximity.

A RESORT COMPLEX IN SOCHI The largest European resort complex “Imeretinsky” is being built in the Imeretinskaya valley in Sochi within the framework of construction of facilities for the Olympic Games 2014. The hotel possesses the largest and variable number of rooms exceeding 3 600 rooms with total building area is more than 180 000 square meters.

The resort complex will offer its guests a wide range of accommodation: from hotel accommodation up to extended stay apartments. During the Winter Games set to take journalists and official partners of the Olympics.

The resort complex will offer to guests a wide choice of accommodation at affordable prices: from hotel rooms to long-stay apartments. By 2014 the hotel room capacity

Group of Companies invite you to visit the “KORTROS” stand (Level 01, Stand 10.01 – 08.02) and the events of the MIPIM 2013 business programme: · Opening ceremony of the “KORTROS” stand (11:00, Level 01, Booth 10.01 – 08.02, March, 12) · Panel discussion “Investments in Mass Affordable housing development: challenges and opportunities” (12:00, Room “Verriere Californie”, March, 12) · Developer`s lunch “Government stimulus to attract investments in real estate development sector” (12:30, Conference hall “La Baule”, “Majestic” hotel, March, 13 – by invitation only)

neWs SCANDINAVIA, CIS TO DRIVE GROWTH IN THE BALTICS INVESTORS from Scandinavia and the CIS will drive the growth of the property market in the Baltics over the next two to three years.

Transactions worth at least €300m will be carried out in 2013, analysts at Newsec forecast in its new Baltic Property Market Report.

Mindaugas Kulbokas, head of research and analysis for the Baltics at the financial and real estate consultancy said there has been an upturn in the region: “Part of the current appeal of the Baltic States as a desirable market for investment activities is the overall stability of the legal environment in the three countries.”

Kulbokas said 2013 will be marked by the expansion of existing shopping centres. Newsec forecasts prices of modern new apartments should increase by 3–5% this year while the prices of could decrease by 5% over the next few years.

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KPF and Samoo showing Seoul Block H concept in Cannes

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NTERNATIONAL architecture firm Kohn Pedersen Fox Associates (KPF) is presenting at MIPIM its concept for Block H of the Yongsan International Business District (YIBD) in Seoul, designed in association with Samoo Architects & Engineers.

The goal of YIBD is to create a new urban centre in Seoul for international business, living, entertainment, and shopping.

YIBD will maximise the site potential and take advantage of connections made to its urban and natural assets. The masterplan by Studio Daniel Libeskind contains contributions from 19 different architects practicing in diverse locations around the globe.

Scheduled for completion in 2016, the 167,225 sq m Block H consists of a five-star hotel and a high-end serviced residential building.

The 385 metre-tall tower sits on a 14,600 sq m of land on the northeast border of the YIBD According to KPF design principal Trent Tesch: “Our goal is to establish and make connections to street life, the new city of Yongsan, and to the larger context of Seoul. Fundamental to the logic of the shape of the design is the idea that the building is comprised of apartments and hotel rooms that demand ample natural light, dramatic views, and maximum privacy.

These three internal parameters have shaped the DNA of the architecture.”

The new city of Yongsan

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The opportunities don’t stop at London, say UK property chiefs

T

HERE’s more to the UK than London. And tomorrow delegates will have the chance to discover just how many investment opportunities the regions have to offer.

Rob Bould, chief executive of GVA, the UK’s largest independent commercial property adviser, said: “London presents itself as Europe’s leading destination for overseas inward investment in commercial real estate.”

But, he added: “If we talk of relative performance, as well as perhaps a greater appetite for

BPF’s Liz Peace: “entirely logical that investors should look to the UK”

risk, some of the UK regions are outperforming both London and the more traditional investment classes. PRUPIM, Aviva and Legal & General are just a handful of the larger funds that have already committed themselves to investing elsewhere in the UK.” The British Property Federation (BPF) and GVA will highlight the UK’s case as one of Europe’s leading lights for investment opportunities at a breakfast presentation tomorrow at the Carlton hotel.

Liz Peace, chief executive of the BPF, said: “At a time of global uncertainty, it is entirely logical that investors should look to the UK — a mature, transparent and liquid market that provides a genuine diversifier from alter-

native, well-recognised investment sectors.”

Many of the UK’s alternative investment classes are also located outside London, Bould added: “Investors are still relatively unfamiliar with alternative sectors and so perceive a greater degree of risk. However, longer leases and fixed uplifts mean that the reverse is frequently true. Diversity of product, prime yields at or below 6% with further scope for compression as markets mature, longer leases and fixed uplifts combine to offer a highly attractive alternative.”

Chris Grigg, president of the BPF and chief executive of British Land, will also speak at the event. s 4HE "0& 0ROPERTY $ATA 2Eport put the total value of all UK core commercial property (retail, office and industrial) at £617bn (€708bn) at the end of 2011, plus an additional €115bn of other commercial property, such as hotels, restaurants, pubs, car showrooms, petrol stations, cinemas and theatres.

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TONIGHT - MIPIM OPENING COCKTAIL

NETWORK IN A VIBRANT TURKISH ATMOSPHERE TONIGHT AT MIPIM OPENING COCKTAIL! NEW LOCATION: MARTINEZ PALACE, boulevard de la Croisette Open to all MIPIM participants 15 min walk from Palais des Festivals, From 19:30 to 21:30 along the Croisette

Don’t forget your badge!

OR Free shuttle service: bus stop in front of the Majestic Palace at 19:00 / 19:15 / 19:30 / 19:45 / 20:00

Sponsored by

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MIPIM CONFERENCES AND EVENTS TUESDAY 12 MARCH 8.30 - 9.30

GEO EVE MAJESTIC HOTEL

Japan Breakfast: Re-energising Japan By invitation only Sponsor: Sustainable Urban Redevelopment Team 8.30 - 12.30

FIN

EVE MAJESTIC HOTEL

RE-INVEST SUMMIT Real estate strategies: Navigating through the uncertainty Managing risks and opportunities against global economic headwinds By invitation only Platinum sponsor: AXA Real Estate Industry partner: KPMG Research partner: IP Real Estate 13.00 - 14.30 Investors’ Lunch By invitation only Platinum sponsor: AXA Real Estate Industry partner: KPMG Research partner: IP Real Estate 9.30-12.00

First Timers’ Meeting 9.30-10.00: Breakfast 10.00-11.00: Meeting - Auditorium K 11.00 12.00: Tour TURKISH PAVILION

12.30 - 13.00 INNO

HOBAN

International capital for Germany – who are the deal makers?

Co-organiser: Heuer Dialog GmbH 10.00 - 11.30 LOG

LOGISTICS PAVILION

3 logistics pitching sessions 10.00-10.30 Business Hub Silesia Organiser: Metropolia Silesia 10.30-11.00 The Fehmarnbelt Fixed Link.

A European engine of growth Organiser: FEMERN A/S 11.00-11.30 Sterlitamak Logistics center (Russia) Organiser: INSITROY JSC 11.00 - 11.30 INNO

MIPIM INNOVATION FORUM

Case study Taking advantage of a mutualised infrastructure in energy management Organiser: SFR 11.30 - 12.30 GEO

EVE

10.00-10.15 TUR

10.00 - 11.00 GEO

HOBAN

11.30 - 12.30 GEO

Russia: influence of socially significant events on developer business Co-organiser: Vedomosti 11.30 - 12.30 LOG

10.00 - 11.00 GEO

What are the perspectives for the logistics real estate market?

MASTERMINDS ASIA: challenges & perspectives for the next 12 months 10.00 - 11.00 GEO

GAUDI

12.30 - 13.00 Meet the speakers 11.30 - 17.00 INNO

GAUDI

12.00 - 14.00 HTL

13.00 - 14.30 FIN EVE

FIN

Finance & Investment

HTL Hotel, Tourism & Leisure

SEG Focus by segments

MAJESTIC HOTEL

Investors’ Lunch By invitation only Platinum sponsor: AXA Real Estate Industry partner: KPMG Research partner: IP Real Estate 14.00 - 14.30 CIT

GRAND AUDITORIUM

KEYNOTE ADDRESS Future London Boris Johnson, Mayor of London, Greater London Authority HTL LOUNGE

HTL Presentations: Resort hotels - the leisure business Co-organiser: PKF hotelexperts 14.15 - 15.00 INNO

MIPIM INNOVATION FORUM

HTL LOUNGE

HTL Presentations: Tourism & leisure projects - infrastructure & demand drivers Co-organiser: PKF hotelexperts

INNO Innovation

LOG Logistics

TUR Turkey, Country of Honour

EVE MIPIM Events

MIPIM INNOVATION FORUM

KEYNOTE PANEL ON ENERGY EFFICIENCY & RESOURCES' OPTIMISATION Arab Hoballah, Chief Sustainable Consumption and Production, UNEP, United Nations Environment Programme Gaetan Siew, CEO, Global Creative Leadership Institute GAUDI

Japan: Opportunities, Outlook and Unique Practices of local Real Estate Business Co-organiser: XYMAX Corporation 14.30 - 15.30 LOG EVE Power Meetings Invest in logistics Pre-registration required

*Pecha Kucha: creative format of presentation based on 20 images, 20 seconds of talk per image

GEO Geographical focuses

MAJESTIC BEACH

Asia Lunch By invitation only

14.30 - 15.30 GEO

30-minute innovation showcases

Switzerland – still a safe haven for real estate investors?

Co-organiser: Immobilien Business

12.30 - 14.00 GEO EVE

AUDITORIUM A

OPENING SPEECH BY Kadir Topbas, Mayor of Istanbul, Istanbul Municipality AUDITORIUM A

Case study The economy of urban innovation How cities move from a product-oriented to a services-oriented economy Organiser: Barcelona

14.00 - 17.00 HTL

China - Asia’ s destiny Co-organiser: Cushman & Wakefield

MIPIM INNOVATION FORUM

CIT Cities & Infrastructure

Access to MIPIM 2013 conferences and events is free of charge for all registered delegates, within the limit of space available. Programme as of 11th March 2013.

All information contained in this programme may be subject to change.

LOGISTICS PAVILION

MIPIM CONFERENCES AND EVENTS 14.30 - 15.30 GEO

15.45-16.15 TUR

HOBAN

Passages to Africa: South Africa and its neighbouring markets Co-organiser: IPD

How to drive growth in Turkish real estate market Co-organiser: Deloitte

14.30 - 18.00 GEO

16.00-17.00

AUDITORIUM A

Back to the future - The next ten years for the CEE & SEE property markets In partnership with: CEEQA 14.30-15.30 Panel conference on Money

17.00

TURKISH PAVILION

Logistics Cocktail reception 17.00 - 19.00 INNO

Pan-European real estate funds, strategies and prospects Co-organiser: Harvard Business School

17.30 - 18.30 FIN

15.30-16.00 Coffee break 16.00-17.00 Panel conference on Development

16.00 - 16.30 LOG EVE

15.00-15.30 TUR

17.30 - 18.30 FIN

MIPIM INNOVATION FORUM

Case studies 15.15 - 15.45 BIM (Building Information Modelling): breaking rules starting simple Organiser: BET Bianchi

16.30 - 17.30 INNO

TURKISH PAVILION

17.30 - 18.30 FIN

MIPIM INNOVATION FORUM

Case studies 16.30-17.00 Technology Enabling Smart and Sustainable Communities Organiser :Cisco

17.00

GAUDI

Pooled funds at a cross roads?

Co-organiser: Real Estate Strategies Ltd. 18.00-18.30 INNO

MIPIM INNOVATION FORUM

Case study Real Estate costs: opportunity ou burden?

Organiser : Suez Environnement

17.00-17.30 Brussels goes Passive in 2015 Organiser: Brussels

15.45-16.15 The wellness center for the city regeneration - Asiago Italian experience Organiser: Simone Micheli

HOBAN

Survival in a world of multi-channel: European retail as an investment Co-organiser: IPD

Turkey: Land of Opportunities

TURKISH PAVILION

Where is Turkey situated within Europe and the Middle East real estate universe: outlook and alternatives Co-organiser: Reidin 15.15 - 16.15 INNO

LOGISTICS PAVILION

Power Meetings Find tenants for logistics buildings Pre-registration required 16.30 - 17.00 TUR

AUDITORIUM A

Minimising risks and maximising value in volatile markets: the role of international standards Co-organiser: RICS

GAUDI

Best practices of inner city development

17.00-18.00 Cocktail in Grand Auditorium Verrière Sponsored by CEEQA

MIPIM INNOVATION FORUM

Innovators’ Vision: MIPIM Awards screenings Powered by Pecha Kucha*

FIN HOBAN

16.00 - 17.00 CIT

LOG EVE LOGISTICS PAVILION

19.30

EVE MARTINEZ HOTEL

MIPIM Opening Cocktail Sponsored by: - Ministry of culture and tourism of republic of Turkey - Nef

HTL EVE HTL LOUNGE

HTL Cocktail reception

Conferences sponsors Gold & Mayors Think Tank sponsor

RE-Invest Platinum sponsor

RE-Invest industry partner

Logistics Premium sponsors

RE- Invest Research partner

Silver sponsors

*Pecha Kucha: creative format of presentation based on 20 images, 20 seconds of talk per image

GEO Geographical focuses

FIN

Finance & Investment

HTL Hotel, Tourism & Leisure

SEG Focus by segments

INNO Innovation

LOG Logistics

TUR Turkey, Country of Honour

EVE MIPIM Events

CIT Cities & Infrastructure

MIPIM Innovation Forum Premium sponsor

CLIENT CONFERENCES & EVENTS TUESDAY 12 MARCH 9.30 - 10.00 | STAND N° AZUR.02 Opening of the stand of the Russian Federation by the Head of the Russian Delegation, the Minister of regional development of the Russian Federation I.N.Slyunyaev with participation of the top officials from the international delegations

12.30 - 13.30 | STAND 13.18 / 15.17 Welcome reception

Organiser: Ministry of Regional Development of the Russian Federation By invitation only

Organiser: PSN Group | Arendator.ru | Cottage.ru | Urbanus.ru

10.00 - 10.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 Press Conference Chilean architecture: a reliable design from Chile to the world Organiser: Arquitectura de Chile

10.30 - 11.00 | STAND B1.00 Invention: paving the way for the commercialisation of the UK’s research strengths Organiser: Manchester at MIPIM Partnership

Organiser: City of Tallinn

13.00 - 13.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 Land market opportunities: suburbs and distant areas of the Moscow Region

14.00 - 14.30 | STAND 11.01 Stand opening Organiser: Ecoprog ltd.

By invitation only

11.00 – 13.00 | MAJESTIC HOTEL European cities: New growth and investment strategies with keynote speaker Jim O’ Neill, chairman of Goldman Sachs Asset Management Organiser: Manchester at MIPIM Partnership By invitation only

11.30 - 12.00 | STAND H 4.18 Investment renewable energies Organiser: City of Stuttgart

12.00 - 12.30 | STAND R27.09 Transforming a city centre: Birmingham’s enterprise zone and paradise circus Organiser: Birmingham By invitation only

12.00 - 13.30 | AUDITORIUM E, LEVEL 3 IPD Pan-European investor briefing & lunch: Launching the IPD Pan-European Quarterly Property Fund Index Organiser: IPD

12.00 - 14.00 | VERRIERE CALIFORNIE, LEVEL 5 Investments in mass affordable housing development: challenges and opportunities

15.00 - 15.30 | STAND 05.20 / 07.19 Projects & territories Organiser: Wallonia

15.00 - 16.00 | STAND 14.02 Bristol Emersons green enterprise area

14.00 - 14.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 Investment opportunities in Barcelona

Organiser: Aurelis Real Estate Gmbh & Co.Kg

Organiser: Kortros

Organiser: Leningrad Region

Organiser: Leningrad Region

Organiser: ABD Architects By invitation only

11.00 - 12.00 | STAND 10.01 / 08.02 Opening ceremony of the “Kortros” stand

15.00 - 15.30 | STAND 02.20 / 04.19 Briefing investment opportunities of integrated area development project

15.00 - 15.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 High tech versus low tech in smart cities

Organiser: Barcelona City Council

Organiser: Dana Holdings & Zomex Investment By invitation only

Organiser: City of Helsinki

14.00 - 14.30 | STAND 02.20 / 04.19 Grand opening ceremony of the Leningrad Region stand

11.00 - 11.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 Conference waterfront solutions – How to convert waterfronts properties into valuable developments

11.00 - 12.00 | STAND 18.24 Luxury property in the heart of Europe

15.00 - 15.30 | STAND 21.14 High-rise building for well-designed smart and sustainable cities – Helsinki-Finland smart choice

14.00 - 15.00 | STAND H4.20 Partner-talk 14.00 - 15.00 | STAND 13.18 / 15.17 Presentation of the development projects in Tallinn Organiser: City of Tallinn

14.00 - 15.00 | STAND 10.01 / 08.02 Presentation of new projects of “Kortros” Organiser: Kortros

14.00 - 16.30 | STAND 02.20 / 04.19 Presentation peculiarities/structure of construction projects implementation in the Russian Federation Organiser: Leningrad Region

14.30 - 15.30 | AUDITORIUM E, LEVEL 3 Property EU European logistics investment briefing: will logistics move up the wish list for investors in 2013?

Organiser: IPD

Organiser: Flanders Ghent Development Group

Organiser: Bristol and Bath @ MIPIM

15.30 - 16.00 | STAND H4.28 Welcome Organiser: Berlin Senate Department for Urban Development and the Environment

15.30 - 16.00 | STAND 21.14 High-rise building for well-designed smart and sustainable cities – City of Espoo & high-rise building Organiser: City of Espoo

15.30 – 16.00 | STAND B1.00 Lead: the connections between people and places that have the power to change the world.

With guest speaker Professor Brian Cox Organiser: Manchester at MIPIM Partnership

15.30 - 17.00 | STAND R29.32 Japan reception Organiser: RICS

15.30 - 20.00 | MAJESTIC HOTEL Wallonia Cocktail Party Organiser: Wallonia By invitation only

14.30 - 15.30 | AUDITORIUM I, LEVEL 4 Press-Conference: Construction and investment market of Russia: safe harbor of Europe

16.00 - 16.30 | STAND 14.02 Invest in Bristol and Bath launch

Organiser: Ministry of Regional Development

16.00 - 16.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 Seizing opportunities in Japan with Mitsubishi corporation group

14.30 - 16.30 | STAND 02.20 / 04.19 Presentation creating a settlement as a convenient environment for a human in the Leningrad Region Organiser: Leningrad Region

14.30 - 16.30 | STAND 02.20 / 04.19 How to implement an investment project in the territory of the Leningrad Region?

Organiser: Leningrad Region

Organiser: Bristol and Bath @ MIPIM

Organiser: Diamond Realty Management Inc.

16.00 - 17.00 | STAND 13.08 Whisky tasting event and prize draw Organiser: City of Edinburgh

16.00 - 17.00 | STAND H4.20 Opening reception Organiser: European Metropolitan Region Nuremberg

Organiser: Kortros

Access to MIPIM 2013 conferences and events is free of charge for all registered delegates, within the limit of space available. Programme as of 11th March 2013.

All information contained in this programme may be subject to change.

CLIENT CONFERENCES & EVENTS 16.00 - 17.00 | AUDITORIUM E, LEVEL 3 AIFMD implementation: real estate risk management Organiser: IPD

16.00 - 18.00 | STAND 15.18 / 17.13 City of Riga opening reception Organiser: City of Riga

16.00 - 18.00 | SEA BREEZE,

MOSCOW CITY GOVERNMENT STAND

5th Cannes investors club session Organiser: Guild of Property Managers and Developers By invitation only

16.00 - 18.00 | GRAY D’ALBION HOTEL Investing in a world of opportunities Organiser: Moscow City Government By invitation only

16.00 - 19.00 | STAND 04.20 / 06.19 Mebe One Khimki Plaza launch Organiser: Mebe Development By invitation only

16.45 - 17.00 | STAND 14.02 Announcement and taster: Bristol temple quarter enterprise zone and Avonmouth Severnside enterprise area Organiser: Bristol and Bath @ MIPIM By invitation only

17.00 - 17.30 | STAND H 4.18 ZIA & ULI - MIPIM kick off “urban change: dynamic drivers to create sustainable city centers” Organiser: City of Stuttgart

17.00 - 17.45 | AGORA ROOM, LEVEL 01 - AISLE 01-03 Discover Lisbon, your Atlantic business hub Organiser: Invest Lisboa

17.00 - 18.00 | STAND H4.20 Partner-talk 17.00 - 18.00 | STAND R31.23 MP 2013, quand la culture profite au developpement économique

Organiser: Leeds City Region

Organiser: Région de Bruxelles-Capitale

17.00 | STAND 14.02 Bristol Emersons green enterprise area Organiser: Bristol and Bath @ MIPIM

17.30 - 18.00 | STAND H 4.18 Sustainability – Stop talking about it, do it Organiser: City of Stuttgart

17.30 - 18.00 | STAND H 4.18 Energy efficiency - the role of the city in Europe’s energy policy 17.30 - 19.00 | STAND 14.12 Cocktail reception Organiser: Akdag Tourism&Construction

18.30 - 19.30 | FOYER OF AUDITORIUM A Reception

Organiser: Marseille Métropole

17.00 - 18.00 | INNOVATION FORUM Case study - Bruxelles passif

Organiser: Birmingham By invitation only

Organiser: City of Stuttgart

Organiser: European Metropolitan Region Nuremberg

16.30 - 17.30 | STAND R27.05 Meet the City Region

17.00 | STAND R27.09 Birmingham welcome reception in partnership with the Birmingham post

Organiser: RICS

19.30 - 22.30 | LES APPRENTIS GOURMET Inspire. Innovate. Invest. Dinner Organiser: Leeds City Region By invitation only

17.00 - 19.00 | STAND R33.05 Dj party Organiser: Zorlu Center

ents ev & s ce en er nf co of e m m ra og pr n London Pavilio

SUN.01

Produced by NLA - London’s Centre for the Built Environment Sponsored by GVA

LONDON: THE WINNING CITY 11.30 | NLA STAGE The space for growth - how London’s opportunity areas support economic development 12.30 | ELEPHANT & CASTLE STAND Elephant & Castle

15.00 | CITY OF LONDON MODEL The City of London: London’s central business district

16.00 | NLA STAGE Learning from London 2012: design, develop, deliver

15.30 | NLA STAGE Nine Elms on the South Bank Followed by Q&A with investors

17.00 | CITY OF LONDON MODEL The London reception: the winning city Followed by presentation of the Cycle2Cannes charity cyclists with Peter Murray

s & events ce en er nf co of e m m ra og pr on gi Re Grand Paris rina Hall - Stand MAR.PR29 Ma

16.00 - 17.00 | MARINA HALL - MAR.PR29 Presentation of the La Défense Seine Arche territory, its projects and challenges using the scale model

17.00 - 17.45 | MARINA HALL - AGORA - MAR.PR29 Paris-Saclay, an area working for growth Organiser: Grand Paris Region - Paris-Saclay

17.00 - 17.30 | MARINA HALL - MAR.PR15 Rendez-vous Semapa: last news about the projects of Semapa Organiser: Semapa

Organiser: Grand Paris Region - Epadesa

Access to MIPIM 2013 conferences and events is free of charge for all registered delegates, within the limit of space available. Programme as of 11th March 2013.

All information contained in this programme may be subject to change.

CNN BUSINESS ALWAYS ON THE MONEY Our global team asks opinion leaders the hard questions and uncovers the real issues. Keep up to date with business and finance on the number one international news channel.*

cnn.com/business *For monthly, weekly and daily audience reach. Source: GEMS 2012 – The Media Survey of Global Affluents / Ipsos Synovate. Universe = 68,890,000 adults across 47 markets. CNN name, logo and all associated elements TM and Š 2013 Cable News Network. A Time Warner Company. All Rights Reserved.

mipim

neWs MOLA ‘BLUEPRINTS’ HELP CAPITALISE ON ARCHAEOLOGY MUSEUM of London Archaeology (MOLA) is at MIPIM to launch an intiative to help clients to cash-in on their heritage.

MOLA’s Placemaking Blueprints spell out the heritage potential of a site and outline what the required fieldwork is likely to discover.

MOLA also offers a proposal as to how the findings from the archaeological or built-heritage fieldwork can be used to engage with stakeholders and generate positive publicity. MOLA’s services can help clients transform their heritage risk into an asset. The free Blueprints are available to all clients required to carry out large-scale fieldwork and who have completed a pre-assessment with MOLA.

42

Prologis starts Japanese facility

P

ROLOGIS has started work on a 41,900 sq m development in Japan.

Prologis Park Kawajima 2 is located in the Saitama Ken-O submarket of Tokyo, adjacent to the Ken-O Expressway.

The facility, located 45 km from Tokyo’s CBD, will also give customers access to markets in Japan’s northern region.

The state-of-the-art building will include a 1MW solar system, an emergency disaster-alert mechanism and a groundwater remediation system. Prologis also plans to obtain CASBEE Saitama Class A certification for the facility.

“We expect strong growth in demand for high-quality class-A logistics facilities in the area, due to the ongoing reconfiguration of

Prologis’ Philip Dunne: identifying global opportunities

the supply chain in Japan and the lack of supply,” said Mike Yamada, president of Prologis Japan.

“We look forward to building a development that can serve this demand effectively and help our customers build more efficient distribution systems in the region.” Prologis has approximately 1.95 million sq m of logistics and distribution space in Japan.

Globally, the company leased a record 3.8 million sq m in its combined operating and development portfolios in the fourth quarter of 2012, and 13.5 million sq m in the full year.

Prologis’ president of Europe, Philip Dunne is among the speakers at today’s What Are The Perspectives Of The Logistics Real Estate Market, which will examine global opportunities and challenges.

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With Le Figaro, find the most powerful offer in business Real Estate.

Call +33 (0) 1 56 52 80 00 http://immobilier-entreprise.lefigaro.fr

mipim

neWs

AXA reaping the benefits of move into debt management

A

XA Real Estate is Europe’s largest real estate asset manager with €45bn of assets under management.

And since 2005 it has also been a major player in the real estate debt market.

AXA’s entry into the debt market pre-empted the withdrawal of traditional lenders after the 2008 banking crisis, and today it has become one of Europe’s biggest non-banking real estate lenders, with a €6.7bn portfolio.

“As an insurance company we wanted to diversify our asset allocation into areas with a different risk profile,” said Isabelle Scemama, AXA’s head of commercial

44

real estate finance – responsible for an 18-strong team that manages debt not just on AXA’s behalf but also for third party clients. “We have 15 clients from 10 different countries, mainly insurance companies and pension funds,” she said. “Real estate debt is becoming an attractive asset class for more and more investors, and we’re the biggest manager in the market.”

And Scemama said AXA’s early move is now paying off. “There are advantages in being a pioneer, because there are lots of barriers to entry,” she said. “It’s a complex market with regulatory and tax issues.”

AXA originates loans as well as buying existing loans from banks

going through a deleveraging process, and it typically looks for lot sizes between €200m and €1bn.

“That market’s only accessible to large institutions that have access to large amounts of capital,” Scemama said. “If you don’t come with size, you can’t access the prime market, and that’s where performance is best.”

But as well as having deep pockets, Scemama said AXA benefits from the breadth of its in-house real estate knowledge.

“It’s crucial to have access to real estate expertise on the ground in the markets we’re investing into,” she said. “We have mainly invested in Western Europe, especially the UK, France and Ger-

Isabelle Scemama

many — the deeper, more liquid markets.”

Scemama is taking part in this morning’s invitation only Reinvest Summit at the Majestic hotel, where investment experts discuss the best real estate strategies for an uncertain economic climate.

Minimising risk and maximising value in volatile markets: the role of International Standards Tuesday 12 March 2013 17.30 – 18.30 followed by Cocktail Reception offered by RICS Audi A, Level 3 Palais des Festivals, Cannes In an increasingly competitive world, investors, developers, governments, city authorities and corporate occupiers are constantly seeking ways of reducing risk and maximising market advantage. A critical ingredient for success is the ability to compare opportunities on a like-for-like basis, relying on transparent, high quality data, backed by independent professional analysis. The key driver for this is establishing truly international standards. Financial reporting has gone a long way down this road – now it is the turn of the real estate world. This session explores how this can be achieved – and how the journey has already started – through collaborative effort.

Panel

Keynote Address

Moderator

Jan Engström Board Member, IFRS Foundation

Kenneth Creighton RICS Director of Professional Standards

RICS has a stand located in the Riviera Hall, stand reference R29.32, from Tuesday to Friday.

RICS at MIPIM

RICS Members are welcome to use it for meetings or just to catch up and take stock before their next round of engagements.

Alan Collett FRICS RICS President Jan Engström Board Member, IFRS Foundation Howard C. Gelbtuch CRE FRICS Chairman, Counselors of Real Estate Peter Mitchell CEO, Asia Pacific Real Estate Association

GERMANY CONGRATULATES TURKEY COUNTRY OF HONOUR 2013

Germany is passing the torch to Turkey Germany and Turkey enjoy exceptionally close and wide-ranging relations stretching back over centuries. Almost 3 Million people of Turkish origin live in Germany, app. 200.000 of them in Berlin, more than 63.600 in Cologne.

Aareal Bank – meet us at R29.07 in the Riviera Hall

Germany is Turkey’s most important trading partner and the biggest foreign investor in Turkey with investments totalling nearly USD 8.9 billion since 1980.*

Allianz Real Estate GmbH

For 90 years, clients´ trust and Aareal Bank Group’s expertise have made us one of the leading property specialists. We offer financing solutions on three continents. The bank has been providing financings in Turkey, this year’s MIPIM partner country, for more than 10 years and has a representative office in Istanbul.

Turkey is becoming more and more interesting for real estate investments therefore we are very pleased that MIPIM recognised Turkey as the 2013 Country of Honour.

Berlin – meet us at H4.28 in Level 4

Bilfinger Real Estate – meet us at R33.07 in the Riviera Hall.

We welcome Turkey as „Country of Honor“ to MIPIM 2013. Berlin has a particularly close relationship with Turkey. For almost 25 years, Berlin and Istanbul have been sister cities and have developed close economic and cultural ties. Berlin would like to wish Turkey every success at MIPIM.

Bilfinger Real Estate offers integrated services relating to real estate in many European countries. For more than five years, we support our customers in Turkey as a reliable partner. About 500.000 sqm under management and many successful projects: this is our Turkish success story

Cologne – meet us at LR4.12 in the Lerins Hall

ECE – meet us at Stand No. 16.01 in Level 01

The links between Cologne and Turkey have been varied and intensive for many years. A reflection of this relationship is the city twinning partnership which connects Cologne and Istanbul in friendship. Cologne is the second largest Turkish centre in Germany; about 10% of the population have a Turkish background.

ECE develops, plans, builds, leases out, and manages large commercial real estate and is European market leader with 185 managed shopping centers in 16 countries. Another 12 projects are currently planned, among them a new shopping center in Ümraniye, Istanbul.

NRW.Invest – meet us at LR4.12 in the Lerins Hall

Your dedicated contact in Germany

North Rhine-Westphalia (NRW) has become the preferred investment location for Turkish companies in Europe. There are already 300 Turkish firms investing in NRW. Since March 2008 NRW.INVEST, the state-owned economic development agency, has a representative office in Istanbul.

German Representative MIPIM Claudia Roehl T: +49-30 280 18 555 mipim@runze-casper.de F: +49-30 280 18 540 www.mipim.com

* Source: Federal Foreign Office

mipim

neWs JML’s water features make a splash at Galaxy Soho Beijing JML’s water features reflect the fluid architecture of Zaha Hadid’s Galaxy Soho Beijing

J

ML WATER Feature Design is at MIPIM to showcase its contribution to the Galaxy Soho, a new office, retail and entertainment complex in Beijing.

Zaha Hadid Architects designed the landmark project, which is inspired by China’s ancient system of terraced rice fields.

The fountains designed by JML reflect the scheme’s curving and weaving architectural details while enhancing them with stunning water effects.

JML provided 10 water features,

each designed to entice people into the complex and provide them with a memorable water experience. Dynamic parabolic laminar jets echo the fluid lines of the architecture, while water mirrors pay tribute to the building. Each water feature produces a different ambiance that brings warmth and variety to the project, and creates a space where the public can relax and enjoy the architecture.

One of the highlights is the interactive nature of the water installations. The main water feature is

a hallway of jets that jump from one side to the other. The public is invited to play with and touch the water.

Stephane Llorca, director of JML, said: “The water skins we designed can be purged in only a few minutes and, once purged, can be used as a normal walking surface by the public. They also reflect the modern architecture of Zaha Hadid. In other words, this project leverages the visual impact of the architecture by reproducing and multiplying it in the reflections of the pools.”

Queens Wharf given green light UK DEVELOPER A2Dominion has won planning consent for its £25m (€28.7m) Queens Wharf Riverside development by the London Borough of Hammersmith and Fulham. The scheme has been designed by Londonbased Assael Architecture.

The project will replace a derelict office building with a residential scheme offering 89 homes and a restaurant with river views, while

also creating a new section of the Thames Path.

The new building will rise from four storeys on its Crisp Road frontage to seven storeys facing the River Thames. The design of the scheme creates a curved facade in response to the Grade II* listed Hammersmith Bridge.

Queens Wharf is also supported

by English Heritage.

Assael’s mixed-use Queens Wharf Riverside

BROADGATE TO GAIN FROM PRIME OFFICE BOOM BROADGATE Estates is responsible for the management of some of London’s most prestigious buildings and estates, which provide a workplace for some of the world’s leading companies.

With forecasts predicting that overseas demand for prime office space will exceed the supply pipeline over the next five years, London’s reputation as a global village looks set to grow.

For Broadgate Estates, whose portfolio of London locations includes Broadgate, Regent’s Place, King’s Cross and Paternoster Square, the ability to manage high-profile schemes that house a mix of international occupiers has never been more important.

Broadgate Estates’ Central Saint Giles

Central Saint Giles, the Renzo Piano-designed office building in London’s West End, is a typical example.

The 40,000 sq m building, which incorporates residential, retail, restaurants and an outdoor public piazza, is home to international media players including Google, YouTube, NBCUniversal and WPP Group.

The building provides an international hub for these companies, who between them employ almost 3,000 staff and have up to 1,500 external visitors and guests every day.

47

mipim

neWs JLL HAS ADVICE FOR TRANSFORMING THE WORKPLACE SHARED values and goals are essential to corporate success, and CEOs must define and shape an organisation’s culture, values and community spirit if they are to drive business performance — said consultant Jones Lang LaSalle’s (JLL) global workplace strategy board. It highlights three principles for transforming workplace culture: corporate success begins with shared culture aligned with CEO vision; shared communities drive productivity; and employee engagement is improved by creating destinations of choice.

In a healthy firm the CEO defines the vision and shapes cultural values. Only then do execution and policy emerge from shared values and goals. A sense of community motivates employees and pays dividends in retention, employee productivity and innovation.

Research reveals greater focus on alternative investments

W

ITH the UK’s traditional property investment sectors becoming increasingly polarised, the quality of assets is becoming far more important to the investor than their sector, according to new research by GVA Entitled What’s The Alternative? this latest research illustrates how alternative investments have outperformed their more traditional peers in recent years, and how that trend is unlikely to change, at least in the shorter term.

Good covenants and long leases on alternative investments present an immediate advantage.

Over a five-year period beginning at the peak of the market, returns from mainstream sectors were negative (an average of

-0.7% per annum), while alternative sectors generated positive returns of around 4% per annum.

Mark Beaumont, director and national head of investment at GVA said: “If we talk of relative performance, as well as perhaps initiating a greater appetite for risk, some alternative sectors are outperforming the more traditional investment classes.

“Broadly speaking investors are still relatively unfamiliar with alternative sectors, and so perceive a greater degree of risk.

However longer leases and fixed uplifts mean that the reverse is frequently true. Diversity of product, prime yields at 6% or below, with further scope for compression as the market matures, longer leases and fixed uplifts, combine to offer a highly attrac-

Mark Beaumont: “Investors unfamiliar with alternative sectors”

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Ici l’horizon a toujours été au-delà de 2030

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neWs TIME TO GO WEST, URGES FERGUSON A NEW service for the West of England, Invest in Bristol and Bath, launches at MIPIM. Private- and public-sector delegates are in Cannes to share the region’s new approach to attracting inward investment, according to George Ferguson, architect and mayor of Bristol.

“We have pulled all public land into one pot and created one planning committee,” said Ferguson, who has moved quickly to reduce red tape and “sharpen up the planning process” since his election last November.

“There’s a fantastic mood in Bristol now,” he added. “It’s arguably the most prosperous city region outside the South East of England. Our message is that we’re open for business and have a wealth of attractive development opportunities.

Come and try us.”

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Sharing is secret of Nef design

T

URKISH developer Nef, known for its quality living space, is highlighting a number of lifestyle and design projects at MIPIM. Nef has seven individual designs for homes, offices and apartments. With patented inventions such as Foldhome and Foldoffice, its aim is to make design no longer a luxury, but an essential part of life.

Nef’s Foldhome system, which is built into each of its projects, enables tenants to purchase a single-bedroom flat, while having access to shared public amenities to augment their personal space into what is virtually a 24-room, 24-hour-a-day house. Nef 163, for example, includes interiors ranging from a roof-garden grill, music studio and open-air cinema to a PlayStation room, a smoking room

and an observatory. Each space is designed by a different studio and hosts services that change according to the tenants’ needs.

Nef’s Foldoffice concept reduces fixed and operational costs through the shared use of 24 common spaces, such as meeting rooms, a squash court, video-conferencing rooms, fitness facilities and a private cinema.

Nef’s Dortlevent 09 office project in Istanbul

A Nef office project located at the heart of Istanbul’s business centre on Buyukdere Avenue is Nef Offices Dortlevent 09, which includes office and retail units in two 14-storey buildings. In each building, there are also shopping areas, a common plaza, archives, subterranean car parking and Foldoffice units. Architect HOK worked on the design.

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

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CRITICAL THINKING AT THE CRITICAL TIME™ FTI Consulting is the official communications partner to MIPIM

NEW! MIPIM LOGISTICS PAVILION

THE EXCLUSIVE HUB FOR LOGISTICS REAL ESTATE PROFESSIONALS A FULL PROGRAMME OF CONFERENCES AND EVENTS AT THE HEART OF A DEDICATED EXHIBITION AREA

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MIPIM LOGISTICS PAVILION, LEVEL 01 AISLE 8 IN PARTNERSHIP WITH Business partners

Media & industry partners

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neWs Birmingham region prepares to fly as new runway takes shape

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MIPIM event will highlight the economic lift-off that the extension to Birmingham Airport’s runway will bring to the region. How the region can maximise that advantage is the subject of Birmingham Airport: Landing Investment For The Region, which takes place in the Agora Hall on Thursday.

Birmingham airport runway is currently being extended by 400 metres to open up opportunities for more long-haul direct destinations when it is completed early next year.

The runway extension is part of a £33m (€38m) investment plan that has also seen a new airtraffic control tower. That could bring a boost of around 4% to the West Midlands economy, through inward investment into the region as well as improving export potential.

The Thursday seminar will feature contributions from Birmingham Airport’s Will Heynes, Coventry City Council’s Martin Reeves, Marketing Birmin-

Onwards and upwards: Birmingham Airport’s Will Heynes (left), Jaguar Land Rover’s Les Ratcliffe and Coventry City Council’s David Cockroft

gham’s Ian Taylor and Jaguar Land Rover’s Jonathan Garrett.

Heynes, development director for Birmingham Airport, said: “The runway extension will allow aircraft to fly an additional 2,000 nautical miles so that they can reach high-value mar-

kets in China and the US. Once complete early next year, it will enable the Midlands region to connect with the world, help to attract new overseas investment opportunities and allow people to fly directly into the city that they are doing business with.”

Fountains dance to public’s tune

Crystal’s dancing fountain in Washington Park in Cincinnati, US

IT’S A feature bound to make a splash in every public park. But for now you’ll need to go to Ohio in the US to see one.

This water feature is the first in the world where the public can make the fountain dance by selecting the music. The smart fountain was designed by Crystal, a world leader in water features, for the regenerated Washington Park in Cincinnati.

It spontaneously transforms any audio directed to it into selfchoreographing musical fountains. Using their mobile devices, visitors to the park can select music for the water feature to dance to. The music can be heard on the park’s public speakers.

GVA WORLDWIDE OPENS NEW EUROPEAN OFFICE GVA’S global arm, GVA Worldwide, has expanded into Spain, Portugal Belgium and Luxembourg through the addition of two new affiliate firms.

GVA Worldwide has added Aguirre Newman — Spain’s largest real estate advisor and one of the leaders in Portugal — to its network of European partners. GVA Belux, operating out of Brussels and Luxembourg, has also become an affiliate.

Headquartered in Madrid, Aguirre Newman has 300 professionals operating in agency, investment, architecture, consultancy, management, corporate finance and asset management. Established in 1988, the company has a wider network of offices in Barcelona, Malaga, Lisbon, Berlin, London and Mexico City.

GVA Worldwide’s Rob Bould: expanding and strengthening global reach

Meanwhile, GVA Belux is co-owned by principals Olivier Daelemans and Xavier de Buck van Overstraeten. Having transacted approximately €100m in 2012, the company’s expertise covers investment, retail, industrial and residential agency and corporate services.

Rob Bould, chairman of GVA Worldwide, said: “These new relationships form the first of what we hope will become a number of new pan-European partnerships as we look to expand and strengthen our global reach.”

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WHO KNOWS? YOU MIGHT EVEN BE TOMORROW’S COVER STORY. WWW.REUROPE.COM

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REUROPE IS A BRAND OF

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neWs Workplace technology set to drive real estate strategies of all respondents (24%), and 60% of those in the technology and telecoms sectors, anticipate that cloud computing, offering the ability to access files remotely, will have a major impact on real estate strategy.

CBRE’s research shows that 70% of respondents believe that flexible working will increase over the next two years, with almost half predicting an increase in mobile working (54%) and home working (48%) over the same period. According to CBRE, companies now recognise the importance of offering staff more bespoke ways of working, with 40% of respondents believing that communication

Aedas to design Lahore’s largest retail destination AEDAS has been appointed to design a new retail development in Lahore, Pakistan, creating a major retail destination for the Punjab province.

Located close to the Lahore International Expo Centre, Crystals will occupy 200,000 sq m of retail and entertainment space. The design will be based on a sequence of crystal-shaped structures and feature strong colours and textiles to create an atmosphere of opulence.

As well as retail units, Crystals will house a state-of-the-art cinema

complex, a host of food courts and a contemporary hotel. It will also feature hospitality facilities designed to host major functions, including large banquets and weddings.

Aedas’ divisional director Marcus Wilkins said: “There has been a rise in demand for retail space in Lahore due to the large population increase and the growth of diverse income groups. Aedas is delighted to play its role in helping the city to meet this demand, as well as create a catalyst for the ongoing development of the area.”

Crystals forms phase one of the masterplan for south west Lahore. Work will begin on-site in March 2013 and will be completed by 2016. Aedas Birmingham will work alongside its Pakistan office to deliver the project.

technology is a crucial consideration for their workforce, and a third citing flexible working options as a significant issue.

Ben Munn, head of workplace strategy at CBRE, is speaking tomorrow at the Innovation Forum in the Gare Maritime.

He said: “I think the launch of the Innovation Forum this year is well timed, as companies are under increasing pressure to find new ways of occupying space and utilising technology in order to maximise efficiency.

The increase in flexible working is evidence of this. The cultural and work-life balance aspects of flexible working are well documented, but there is a clear

CBRE’s Ben Munn: “flexible working increases staff productivity”

economic benefit as well: companies can occupy space more efficiently if staff work offsite. All our research suggests that flexible working increases rather than decreases staff productivity.”

RENDEZ-VOUS ESPACE RIVIERA STAND R31-23

©C. Moirenc / Euroméditerranée • www.next-creation.com

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MONG the trends under discussion at the MIPIM Innovation Forum, the impact of new technology on real estate strategy is viewed as a central issue by the majority of occupiers.

This is the message from a recent CBRE survey, which found that 65% of corporates believe workplace technology will increasingly influence real estate decisions as flexible and mobile working become more commonplace.

CBRE surveyed 83 multinational companies, which between them occupy over 240 million sq m globally. Almost a quarter

The Crystals retail development in Lahore, Pakistan

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Pendant le le magazine Business Immo sera DIFFUS째 DANS LES PLUS GRANDS H짜TELS DE #ANNES

Le magazine Business Immo sera aussi : s SUR LE STAND Business Immo 10.30 s DANS TOUS LES RACKS PRESSE du salon

Connecting Real Estate

mipim

neWs Leeds and Partners calls on Armitstead’s winning ways LYMPIC silver medallist Lizzie Armitstead is spearheading the Leeds and Partners investment drive when she arrives with the Cycle To Cannes charity ride today.

The international medal-winner joins the Leeds and Partners stand to help promote her home city and region. Armitstead said: “I’m looking forward to the world seeing more of us during next year’s Tour de France and hoping more people see why it is such a good destination for investment.”

Leeds and Partners is delivering a programme of activity involving international speakers.

O

Under discussion will be how Leeds City Region — a genuine city region with an economy larger than eight EU member states — has succeeded in building a firm partnership between 11 local authorities; and a review of Bradford’s commercial opportunities and major developments.

Speakers will also examine how the HS2 high-speed rail development can transform and rebalance the UK economy. HS2 Phase Two will bring many of the UK’s greatest regional cities — including Birmingham, Manchester, Leeds and Nottingham — even closer together, and provide greater access to London, the south east of England and Europe.

Olympic silver medallist Lizzie Armitstead: flying the flag for Leeds

The Altai office project at Paris Charles de Gaulle airport

integrates innovative features into the concrete facade. The visual impact of the zebra-striped five-storey building is the result of an analysis of its exposure to atmospheric pollution, which is reduced by photo-catalytic bands of concrete containing recycled glass aggregates. The 13,250 sq m project houses a restaurant with a daily capacity of 500 covers, a 427-space underground car park and a landscaped courtyard.

THE NUMBER of active European real estate lenders has increased by 29% in the past 12 months, according to research from Cushman & Wakefield.

The European Real Estate Lending Survey 2013 found that the number of active lenders — encompassing senior, stretch senior and mezzanine debt lenders based in multiple markets across Europe — open for both new and existing business has increased by almost a third since the first quarter of 2012.

New Charles de Gaulle landmark

ALTAI is a landmark office complex located on a site at the heart of Paris’ Charles de Gaulle airport. The award-winning green building sets the tone for the new Roissypole business development zone programmed by Aeroports de Paris.

Situated close to the RER train station, the project was designed

by Art & Build Architects and has won plaudits for its environmentally conscious design, which

EUROPE LENDING UP

BY ALMOST A THIRD

Developed by GA Promotion, Altai’s masterplan was provided by Aeroports de Paris. The investors are Aeroports de Paris group (60%) and Schiphol Real Estate (40%).

Altai, which was inaugurated on October 12, 2012, has been certified by NF HQE Batiments Tertiaires. BBC-effinergie certification is also pending. The scheme’s major tenants are Air France/KLM and Servair.

However, with many of these active lenders continuing to focus on prime assets in core and/or domestic markets, the lending criteria remain rigid and selective. Some lenders are willing to consider non-core markets and sectors, but the margins demanded are considerably higher.

The survey also revealed the potential increase in available capital for European real estate debt in 2013. There is expected to be a 22% increase in new debt available in 2013, compared with last year.

However, a significant amount of this capital will be allocated to refinancing as opposed to new lending.

The survey also found the number of lenders willing to underwrite loans of over 100m is rising, with 28% of respondents stating they would underwrite such transactions. This compares to 18% in the first quarter of 2012. Of these lenders, 70% comprise commercial and investment banks.

Among other findings, the survey highlighted the growing interest in the less liquid markets of Southern Europe, with potential for greater lending forecast as the year progresses. It also predicted that European debt funds would continue to provide a valuable source of finance.

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NEWS IN BRIEF

CZECH DEVELOPMENTS ON SHOW IN CANNES REPRESENTATIVES from the Czech Moravian-Silesian region are out in force at MIPIM showcasing a host of developments and investment opportunities.

Among the projects being unveiled are a number of industrial developments, including in the Nad Barborou Industrial Zone, the KrnovCerveny Dvur Industrial Zone, and a development project in Vitkovice, a district of the capital of the Ostrava region.

The project in Vitkovice is part of a wider regeneration and transformation of an area of the city traditionally known for heavy industry and has included the conversion of the 100 year old Vitkovice gas holder into a congress hall, the Gong auditorium.

The Leadenhall Building, under construction

Demand for office space could outstrip supply across the UK

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any of the UK’s leading cities are on the brink of a chronic undersupply of grade-A offices.

Research from GVA illustrates how supply of grade-A office space in five of the UK’s major regional cities is under significant threat unless more speculative development comes on-stream.

Carl Potter, senior director and national head of offices at GVA said: “It’s no secret that the UK’s grade-A office pipeline is shrinking quickly.

However the scale and repercussions of this event haven’t appeared to have fully caught on.

“Manchester could see a tipping point occur as early as this year, whereby demand starts outstripping supply. The same could happen in Edinburgh next year. Birmingham, Leeds and Bristol could see demand surpass supply in 2015.”

The regional outlook contrasts with London where there is a reasonable pipeline of prime offices, including the Leadenhall Building in the City. This joint venture between British Land and Oxford Properties is now larger than existing towers Gherkin and Tower 42.

The Leadenhall Building currently stands at 200 metres and will be 225 metres high when completed. It will boast 56,700 sq m of let-

table floor space over 47 floors.

The problem for the UK’s regional cities, however, is that the next five years will see huge volumes of leases expiring and demand very quickly absorbing existing available space.

Other factors, according to GVA’s Tipping Point report, include inward investment from occupiers seeking city centre headquarters. Proposed capital investment into transport upgrades and infrastructure will also encourage increased occupier demand.

The report says the availability of ready space is fundamental to the health of the office market and to enable cities to maintain their competitive edge.

Potter added: “With major capital investment in public transport infrastructure projects in a number of our leading regional cities, a number of which are due for completion by 2015, the opportunity for investment in speculative office development over the coming three to four years is perhaps at its greatest level since 2000.

“As the existing and under-construction supply is absorbed and with no further committed speculative space in the pipeline, on the face of it a clear window of opportunity exists to bring forward development completing from 2015.”

RUSSIAN REAL ESTATE LEADERS ARE HERE TO IMPRESS OVER 300 major players in the Russian real estate industry will attend a breakfast event on Wednesday to discuss the key trends and opportunities currently existing in the market.

The 18th Russian Breakfast has been organised by Moscow-based publishing house Impress Media and will bring together some of Russia’s most influential investors, business leaders, commercial property consultants, fund managers and other development organisations.

As well as the opportunity for networking, the 18th Russian Breakfast will include a discussion programme designed to bring insights into some of the latest trends in Russian real estate. Topics to be discussed include signs of recession in the Russian economy, the performances of individual sectors and where the best opportunities for investment currently lie.

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PARTICIPATE ARNO VAN GRONDELLE Sales Director vangrondelle@cityleaders.info 0031 20 575 3551

GILLIAN BROWN Project Manager brown@cityleaders.info 0031 20 575 3560

MICHIEL FOEKENS Sales Manager foekens@cityleaders.info 0031 20 575 3548

cityleaders@propertyeu.info www.cityleaders.info

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neWs

Design-led yoo ahead of the curve

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UXURY residential brand yoo is sprinkling its design-led stardust on an ever-growing list of residential projects. Its policy of using celebrity designers such as Jade Jagger, Kelly Hoppen and Philippe Starck to create distinctive environments has turned it into a truly global brand, with projects under way from Peru to Japan via India and Russia.

According to chairman John Hitchcox, India is an especially fertile ground for yoo, which currently has seven projects in development on the subcontinent with a combined value of $1.7bn. “The market dipped for a very short period but it came back quickly,” he said. A 63-storey tower in Mumbai is being developed and there are two schemes in Bangalore, as well as others in Delhi and Pune. Yoo’s partners include

the Lodha Group and Panchshil.

Hitchcox believes that the careful selection of development partners is one of the key reasons for yoo’s success. “Due diligence on our development partners and the projects themselves is crucial,”

Yoo chairman John Hitchcox

he said. “A lot of time and effort goes into ensuring our partners are like-minded — that they want to do something special.”

Equally, yoo Capital will invest alongside developers even when the design business is not involved.

Hitchcox points to a 100,000 sq m project in Greenwich, London as an example.

Yoo is also extending its exposure to the hotels sector. It recently opened its first hotel in Europe — the Sans Souci in Vienna — which offers 52 rooms and seven apartments. “It’s a natural progression of the brand,” Hitchcox said.

And the yoo chairman does not expect the pace of activity to slow: “Fifty per cent of the world’s population now lives in cities, for the first time ever. Property is moving very much into the consumer world.”

A tranquil garden in the yoo Pune development

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Mondo Italia Gallery is the project designed for large spaces for a megastore of the Italian excellence: Fashion, Food, Home, Sport, Kids and Wellness.

You will be able to take a trip through an original and spectacular scenery; a tour through the main monuments and Italian piazzas that will be the setting for apparel stores for men, women, children, sports accessories and home, plus a food court area where you can try the typical Italian tastes thanks to the presence of restaurants, pizzerias, pubs, cafes. The course is completed by an area for relaxation and wellness.

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61

The world’s proper ty summit in Asia Pacific

5-6 November 2013 Grand Hyatt Hotel, Hong Kong

Top-level conference debates

Business focused networking events

The 7th MIPIM Asia Awards

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neWs

FTI finds strength in cross-sector unity

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if not all five, of our disciplines.

They come to us and say: ‘I have a problem or an opportunity. How do I solve it or develop it?’ That demands a cross-practice team.”

Increasingly, FTI is clustering its business by industry sector rather than by professional discipline. “For example, a construction dispute between a developer and a contractor would involve corporate finance, forensics and strategic communications,” Malloch-Brown said.

He describes dispute resolution as “an exploding area of business,” especially in the property and construction sectors, where demand is growing for informal arbitration. “There are so many ways of running into problems for businesses working outside their home territories,” he said.

“It’s essential there is a means of resolution or nothing would ever

S En eafr tra ont nc e

RINGING together professionals from a disparate range of disciplines is allowing FTI Consulting to grow despite the downturn, according to EMEA chairman Lord Mark MallochBrown.

In the UK alone, FTI has grown to 700 people from a standing start seven years ago. Worldwide, it employs 3,500, generating a turnover of $1.6bn per annum.

The offer broadly encompasses corporate finance, economics, forensics — including political risk consultancy and due diligence — technology and strategic communications. But the true value lies in the ways these can be combined, Malloch-Brown said.

He added: “The recent history of the firm shows there are synergies between them. Clients are typically served across two or three,

get done. It demonstrates how far the industry has come that this is now built in at the outset.”

Malloch-Brown, a former journalist specialising in international development, was a foreign office minister in Gordon Brown’s government and also served as deputy secretary general at the United Nations under Kofi Annan. He observes that there has always been a demand for due diligence on behalf of western businesses looking to break into emerging markets. But now FTI is finding there is a demand for the reverse — businesses looking to break into western markets, where they will be subject to levels of scrutiny they have not previously experienced, and needing to identify the areas where they may be vulnerable.

Another big growth area is unravelling joint ventures that fal-

FTI’s Lord Mark Malloch-Brown

tered in territories like China.

“Businesses can’t afford not to be in a place with such potential,” Malloch-Brown added. “It’s a hot market for our due-diligence teams as people need to differentiate between potential partners.”

LERINS HALL RIV VIER VIERA RA HALL HA HA RIVIERA SEAVIEW RIV

Acce es ss tto Lerin ns Ha ns Hall alllll & Rivie e Sea era aview a view

Schedules are available in hotels and at any information point in the Palais des Festivals

PALAIS DES FESTIVALS C En roise tra tte nc e

GARE IME MARIT

Mipim Shuttles

Shuttle hotline: +33(0) 620 93 00 62 The world’s property market

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

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

63

DOSSIERS IMMO BELGIUM /¡HVVHQWLHOOH ,002 OH PDJD]LQH LPPRELOLHU GH SUHVWLJH HQFDUWp WRXV OHV PRLV GDQV ´/D /LEUH %HOJLTXHÂľ OH TXRWLGLHQ EHOJH QDWLRQDO PORTRAIT BURO II & ARCHI + I ZOOM BATIBOUW 2013 TABLE RONDE CONSTRUIRE, RÉNOVER, AMÉLIORER IMMOBILIER PRĂˆS DE 300 BIENS Ă€ VENDRE ET Ă€ LOUER

L’ouragan Sandy fait trembler les Etats-Unis

LE MAGAZINE IMMOBILIER DE LA LIBRE – FÉVRIER 2013 – N°104

p. 3

MIPIM

ANDREW BURTON/GETTY/AFP

2012

Dossier Salon MIPIM

Alain Robbe-Grillet, vu par sa femme, Catherine.

Et publication de leur correspondance.

Pages 2-3

Samedi 9 mars

SupplĂŠment Ă La Libre Belgique du lundi 29 octobre 2012

CHRISTOPHE LEHENAFF/PHOTONONSTOP/REPORTERS

Sexe et religion : une orageuse liaison

l RĂŠcit

Une nuit sans fin ě”° Pour

renouer avec celui qu’Alzheimer a rendu autre, Arno Geiger retrace la souffrance et le dÊsarroi de son père et de ses proches.

ě”° Un

rĂŠcit remarquable et nĂŠcessaire, bouleversant et poĂŠtique.

J

acques Derrida devait avoir raison de le dire : On ne cesse d’implorer pardon quand on ĂŠcrit.â€? La luciditĂŠ de ces quelques mots rejaillit sur tout le rĂŠcit, Ă la fois douloureux, intense et bouleversant, qu’Arno Geiger (Bregenz, 1968) consacre Ă son père. Pris au piège de la maladie d’Alzheimer, ce dernier a perdu de sa superbe pour se muer en un “vieux roi en son exilâ€?. Dès l’instant oĂš August n’a plus eu accès Ă l’univers d’Arno, le fils a dĂŠcidĂŠ de jeter un pont vers son père. En rĂŠsulte ce joyau sobre et poignant.

Les premiers signes d’un manque d’entrain n’ont alertĂŠ personne. August ne venait-il pas de voir sa femme le quitter après trente ans de mariage ? Ne vieillissait-il pas, tout simplement ? Jusqu’au jour oĂš un diagnostic fut posĂŠ. DĂŠbuta alors “le temps des pertes irrĂŠversiblesâ€?. Les bizarreries comportementales avaient dĂŠsormais une explication. Qui n’offrait aucun rĂŠconfort Ă son entourage. “Je m’effrayais chaque fois de voir combien il paraissait vulnĂŠrable, abandonnĂŠ. Il avait changĂŠ, l’expression d’accablement qui se lisait sur son visage ne disait plus le dĂŠsespoir de perdre la mĂŠmoire, mais l’apatriditĂŠ profonde d’un homme pour qui le monde entier ĂŠtait dĂŠsormais une terre ĂŠtrangère.â€?

Une ĂŠpreuve insurmontable pour lui qui avait survĂŠcu de justesse Ă la Seconde Guerre mondiale et ĂŠtait rentrĂŠ chez lui, Ă dix-neuf ans, en formulant le serment de ne jamais plus quitter sa maison.

La maladie transforme les proches d’August. Bientôt, ceux-ci doivent se rÊsoudre à faire appel à des aides-soignantes. Elles n’ont pas toutes la patience nÊcessaire, s’effraient de ses excès. Certaines situations sont cocasses, mais la peur et le dÊsespoir ba-

laient ce sentiment. Il y a aussi ces instants arrachĂŠs Ă la maladie, le rĂŠpit de quelques heures heureuses.

MĂŞlĂŠ Ă un sentiment d’urgence, de bonheur parfois, mais aussi de faillite. “[‌] j’en savais très peu sur mon père, sur ses origines, ses dĂŠfaites, ses peurs et ses dĂŠsirs.â€?

Tressant de sa plume racĂŠe et poĂŠtique un lien nouveau avec son père, Arno Geiger – dont un premier roman, “Tout va bienâ€? (2008), avait ĂŠtĂŠ couronnĂŠ par le prestigieux Deutscher Buchpreis – montre que la maladie est un rĂŠvĂŠlateur sans fard. “Les spĂŠcificitĂŠs humaines et les situations sociales s’y reflètent comme dans un verre grossissant.â€? Ce rĂŠcit digne et marquant, qu’il a voulu terminer avant qu’August ne meure, estimant que son “père, comme tout homme, mĂŠrite que son destin reste ouvertâ€?, tĂŠmoigne d’un amour rare. “Presque aucun homme n’arrive Ă ĂŞtre Ă la hauteur de l’image que les enfants se font d’un père.â€?

Geneviève Simon Le vieux roi en son exil Arno Geiger / traduit de l’allemand par Olivier Le Lay / Gallimard / 180 pp., env.

17,50 â‚Ź

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neWs

‘No dip’ for globally focused AECOM

C

ONST RUC T ION consultancy AECOM is reaping the benefits of its international reach.

“As a global business, we have been able to ride different economic cycles,” said Bob Pell, AECOM’s chief executive of programme, cost and consultancy.

“We have grown by 15% through the recession and, for us, there’s been no dip.”

A series of strategic acquisitions has driven AECOM to become an €8bn business, employing 45,000 people in 140 countries.

These include architects EDAW, cost consultants Davis Langdon, the KPK cost consultancy in Asia and, most recently, Lend Lease’s project management business.

Pell’s challenge is to knit these disparate businesses into a unified offer. “Clients look to us as

a company that can deliver from start to finish,” he said.

Turkey has proved fertile ground for AECOM in recent years. Pell points to the Bio City project in Istanbul as an example, saying: “It’s the most sustainable project in Turkey, with hospitals, laboratories, residential and more.”

And now AECOM is waiting for a decision on Istanbul’s third airport. It is part of the TAV consortium bidding to build an airport twice the size of London’s Heathrow, with six runways and two terminals capable of handling 150 million passengers a year.

“Only a few companies in the world can compete at that level,” Pell added. “We have the capability to call on the best people in the world through our centres of expertise.”

He cites the million sq m King Khalid Medical City in Dam-

mam, Saudi Arabia as an example. Designers from the US, India and the UAE came together to deliver the project. But equally

AECOM’s Bob Pell

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important was the role played by Saudi engineers. “A big part of running a truly global company is that you have to be local in terms of delivery, but international in expertise,” Pell said.

The London Olympic Games cemented AECOM’s reputation in the sports facilities business, building on Davis Langdon’s work at events such as the South Africa World Cup. On the back of this, it has also won nine separate facility buildings at the Rio Olympics, as well as a number of the stadiums for the 2018 World Cup in Russia.

In South Africa, AECOM is responsible for the day-to-day running of one of the stadiums that it originally built, which Pell believes gives the firm unrivalled insight into the issues faced by operators when building new facilities.

12 -15 MARCH 2013 Palais des Festivals

Cannes, France

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feature MIPIM AWARDS 2012, WINNER PROFILES

Alte Post, Hamburg Hamburg, the ‘gateway to the world’, is growing. With 39 of the world’s 500 largest companies based in the city, it has a rich cultural and commercial heritage and a diverse and dynamic property market to match

N

OW Hamburg can boast a sparkling new addition to that market, a building that last

year received international recognition with the Special Jury prize at the MIPIM Awards.

The project, the mixed-use Alte Post refurbishment, sits right in the heart of the Hamburg Metropolitan Region, in the happening City West district.

For residents the outside at least is a familiar sight, even if it has only just made it onto the international stage, because from 1847 the grand old building housed the city’s post office services. The historic facade, one of the jewels of the city, has been preserved in loving detail, right down to the reconstruction of the original timber windows.

That job fell to architects Alk Arwed Friedrichsen, who faced a tough task: to be both conservative and progressive at the same time. The brief was to keep Alte Post’s charming original facades, but rebuild the inside to be a new home to some of the most up-to-date office and retail space available.

In 2007, working with the Office for the Protection of Historic Monuments, Alk Arwed Friedrichsen and developer Stenham Property with joint-venture partners Quantum Projektentwicklung and Alstria Office REITAG, set about bringing the future to the past.

The result is there for all to see: a striking 7,313 sq m of leasable retail and office space right in the heart of Hamburg. The completed project quickly wooed some big retail names, with Abercrombie & Fitch and Tommy Hilfiger taking 558 sq m and 348 sq m stores respectively in the exclusive retail space, and prestigious German law firm Graf von Westphalen now at home in the office space upstairs. Since then Alte Post’s shopping mall has attracted Adidas and, in keeping with its faithful links to Hamburg, local high-end fashion brand Stuart Weitzman has also taken a store.

Since the project’s completion last year, Stenham Property — with a range of funds worth over £1.5bn and assets based largely in the UK and Germany — has bought out its JV partners, choosing to lead the project on as sole asset managers.

Last year’s MIPIM Awards attracted entries from some of the most exciting real estate projects of 2012 in 47 countries worldwide.

On the Special Jury panel, headed by CBRE chairman and CEO for EMEA Michael Strong, were RICS president See Lian Ong and Dr Ann Heywood, principal of the College of Estate Management.

It takes something extraordinary to win MIPIM’s Special Jury Award, the only category judged entirely by real estate professionals, and Alte Post was enough of a one-off, and a success, to catch their eyes.

A building that faced the wrecker’s ball in 1970, Alte Post, the ultimate synergy of old and new, has now been reborn into a modern age.

The team from Alte Post collect the special jury prize at the MIPIM Awards 2012

67

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feature MIPIM AWARDS 2012, WINNER PROFILES

Main Point Karlin The fact that before 2012 a Czech development had never even been shortlisted in the fiercely fought Best Office and Business Development category at the MIPIM Awards, let alone win the overall prize as the Main Point Karlin project did last year, shows that its developer has done something special

A

ND WHEN you look a little closer at the project, which has sustainability at its

core, those little extra touches that won PSJ INVEST the award become clear.

For example the building’s cooling system which uses river water, the silent induction units which ventilate the interior, its floor-to-ceiling French windows and the specially designed pronounced facade pillars which act as sunshades and limit its overall power consumption.

It’s with details like these, which can be found throughout the building, that PSJ INVEST achieved its high ambitions to collect the coveted LEED Platinum rating for sustainability.

The Czech developer has proved its sustainable credentials in the past. Beginning its development history in Malmo, Sweden, with the green Czech House building, Main Point Karlin is just the latest addition to a portfolio of green buildings totalling 181,000 sq m of space across all sectors.

Work began on the project in January 2010 and took just 18 months to complete. Bringing 22,000 sq m of new office space over 10 storeys to the centre of Prague, it drew attention from all over Europe for its innovation and green design, receiving the ultimate accolade with last year’s MIPIM Award.

Working with Czech architects DaM, the developer has created a truly unique building both inside and out.

Main Point’s distinctive shape and design, with its curved outside walls, was planned to give it a real presence in the city while also blending in with the neighbouring Karlin district.

In this vein, right in the heart of the building, a passageway with a curved roof has been added, serving as a connection to Pobrezni Street and River City for pedestrians to pass through. It also has links with the existing road infrastructure.

Anyone involved in real estate over the past five years will know that finding a buyer for 22,000 sq m of prime office space is no mean feat in the current climate. But in 2009 PSJ INVEST announced that all 10 floors had been bought by major Czech insurance company Kooperativa as its new headquarters.

With the retail space that occupies the ground floor it has become a major new mixed-use highlight in the capital of the Czech Republic. To win a MIPIM Award requires serious commitment to a big idea, and some extra imagination on top. With all its colourful details, from the ventilation to the unusual curved structure and the roof garden on top, Main Point is a real one-off.

Main Point achieved something no Czech project has ever done before and with over 100 projects from 47 countries putting their best foot forward last year, it can stand proud among its real estate peers in Europe.

Main Point Karlin which won the Best Office and Business Development Award last year

69

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feature PROFILE

Stark choices for Europe Economist Juergen Stark is known for his forthright views. Here, he shares a preview of his MIPIM keynote speech on the state of the financial crisis in Europe with MIPIM News editor-in-chief Graham Parker

L

EADING German economist Dr Juergen Stark was a member of the

European Central Bank’s (ECB) executive board from 2006 until the end of December 2011. Prior to that, he was secretary of state at the German Federal Ministry of Finance and vice-president of the Deutsche Bundesbank.

One year after he resigned from the ECB, Stark returns to the international stage when he addresses MIPIM 2013 delegates on March 14, at 10.00.

Stark resigned in December 2011 over his disagreement with the ECB’s policy of buying bonds issued by countries on the periphery of the eurozone. So how has the situation evolved in the intervening 15 months?

“Markets have calmed down and have reacted positively to actions taken by European politicians and institutions in autumn 2012,” he said. “There are real improvements, like the declining internal imbalances, progressing fiscal consolidation and the ongoing deleveraging process.”

But he warned: “The crisis is not over yet. A lot of work still needs to be done and fiscal adjustment and economic reforms in the crisis countries remain key.

The major risk I see today is complacency and reform fatigue in the crisis countries due to the current market situation and the newly adopted role of the ECB as a ‘lender of last resort’ for governments.”

So is a north-south economic split in Europe inevitable?

“Countries which lived beyond their means for too long now suffer from urgently needed corrections,” Stark said. “They have to go through a painful adjustment process to pave the way for a more sustainable growth path in the future.”

But is there not a risk of the continued austerity leaving Europe in a Japanese-style rut that could last for decades? Stark agrees it could take time: “Historical experience shows that economies tend to recover only slowly from financial crisis, because of the need for extensive balance-sheet repairs and deleveraging, as well as the prolonged impaired functioning of the banking sector. We have lived through a systemic crisis and most advanced economies are facing structural rather than cyclical problems. Only in addressing these problems, like reducing over-indebtedness or overcapacities and allowing for structural shifts in the economy, will countries overcome the weak econo-

The major risk I see today is complacency and reform fatigue

mic recovery. Too low interest rates for too long and debt-financed private consumption contributed to excesses that have to be corrected now.”

Turning to real estate, low interest rates have made property returns attractive over the past four-to-five years. But can this continue? “I’m very critical [of] and concerned about this low interest-rate environment Dr Juergen Stark in a wash of liquidity globally,” Stark said. “In many countries, negative interest rates dominate the yield curve. To say the least, this is not normal. My guess is, however, that low interest rates will continue to be with us for some time.”

And finally, what of Turkey, MIPIM’s 2013 Country Of Honour? “First, I think it’s a good choice,” he said.

“Turkey experienced strong growth with rates clearly above 8.5% in 2010 and 2011. This strong growth with signs of overheating was mainly driven by very expansionary macro-economic policies fostering private consumption and investment. In 2012, growth slowed to a more sustainable rate and has also become more balanced as a consequence of tighter monetary and macro-prudential policies. This will also help to unwind current-account imbalances, which should remain a policy priority.”

71

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mipim

feature INFRASTRUCTURE PROJECT FUNDING

Getting moving on road and rail Major infrastructure projects such as high-speed rail, urban transport schemes and motorways face numerous challenges, not least of which is funding. Raising enough money to get the project started, often many years before any revenue has been generated, can be a considerable task. Peter Clucas looks at the various financing options open to those who are thinking big

I

T IS generally agreed that major infrastructure projects, such as new rail systems, roads, energy generation and transport can be key economic drivers. They can bring prosperity to deprived or undeveloped areas and they can effect massive social change. But the large sums of money involved — and sometimes very long payback periods — mean that funding is often difficult or impossible.

Take a look at the portfolio of the European Investment Bank (EIB), which is the European Union’s bank, owned by and representing the interests of the European Union member states. Of 228 projects that are “under appraisal” at the moment, 71 are for transport infrastructure. These range from the development of Lyon airport and trams in Grenoble to the 1.8 km-long double-track Beskyd tunnel on the Lvov-Chop railway line in Ukraine.

The EIB reports show that no fewer than 12 of the applications are from Poland and 11 from the Czech Republic. There is no shortage of projects in which the EIB can invest, it appears.

One in which the EIB has a considerable stake is the AVE (Alta Velocidad Espanola), Spain’s high-speed rail network. Now connected via Barcelona to the French TGV system it is run by Renfe, the Spanish government-owned company that runs all of Spain’s passenger train services.

According to an EIB spokesperson: “When the financial crisis erupted in 2008, the EU asked us to offset falling investment and our capital was increased by more than 40%. This led to a more-than one-third increase in the total value of ongoing, outstanding loans, reaching €395bn in 2011.”

One major infrastructure project outside the EIB zone is the third Bosphorus Bridge in MIPIM 2013 Country Of Honour, Turkey. It is being promoted by a TurkishItalian venture, the Ictas-Astaldi construction consor-

Canary Wharf’s Crossrail station is under construction

tium. As part of the North Marmara Highway Project it involves 414 km of roads looping north of Istanbul to a third bridge across the Bosphorus. According to one report, a consortium of Turkish banks has provided the loan including: Isbank, Yapi Kredi, Vakifbank, Garanti, Halkbank and Akbank. A project of such political and socio-economic significance seems now to be a trophy worth bidding for. Yet only a year ago, at the beginning of 2012, the project was in disarray having received no bids at all, in the wake of the ‘international funding crunch’. Such is the nature of infrastructure financing — you need to stay in for the long haul.

And in some countries, infrastructure projects can be funded from domestic sources, both equity and debt — Russia, for example.

But there is some doubt that this can continue.

According to a spokesperson from an international law firm in Moscow, total transport infrastructure projects in Russia amount to 54 trillion roubles, around €1.35 trillion. To realise all of these projects, private, international investment in Russia must occur in the future.

Europe’s largest construction project — at €17bn — is in London. The west-to-east

Whilst the Olympic Games has been perceived as the major influencing factor for regeneration and development in East London, the delivery of the Crossrail project cannot be underestimated Matt Black 73

mipim

feature Crossrail’s Ian Lindsay

underground railway, Crossrail, is now under construction. The funding framework was put in place in October 2007 when the UK Prime Minister announced that Crossrail’s cost would be met by Government, the Mayor of London and London businesses. Part of the package is a tax on all London businesses — the Crossrail Business Rates Supplement. Indeed 60% of Crossrail’s funding will come from Londoners and London businesses.

There are considerable additional financial contributions from some key beneficiaries of Crossrail: The City of London Corporation; British Airports Authority; Canary Wharf Group and house-builder, Berkeley Homes.

CBRE senior director and head of East London Matt Black says Crossrail is very significant for the area: “Whilst the (London) Olympic Games has been perceived as the major influencing factor for regeneration and development in East London, the delivery of the Crossrail project cannot be underestimated in terms of key importance. The delivery of Crossrail will help bring forward development and leverage in private funding which will help deliver the vision of a world class business destination.”

Crossrail’s property team is raising another €580m from property development receipts. There are around 12 property development sites that Crossrail is working on — development and funding partners are in place for five of these, and partners for the remaining developments will be sought this year and next year.

“London is riding a wave of global interest on the back of events like the Olympics and the Jubilee,” Crossrail director of land and property Ian Lindsay says. “It is an ever-evolving city, with a global property market and fierce competition for funding and investment, so clearly there are challenges in maximising value and in attracting the right partners for our schemes.”

Lindsay says it is fortunate that transport is one of the key drivers in any property development: “The fact that we are offering opportunities around world-class new

An architect’s impression of the proposed Whitechapel Station

74

The fact that we are offering opportunities around world-class new transport links is a huge benefit Ian Lindsay transport links is a huge benefit. This matched with the fact that our development opportunities are in prime central London locations, means that our schemes are a very attractive proposition among the wider market.”

With Crossrail’s property plans focussed around some key London locations, Lindsay says each of the sites has its own local issues and topographical challenges: “This means that there is significant scrutiny on the types of schemes we are delivering, their look and feel, how they will interact with existing buildings and landmarks. This level of scrutiny is a valuable means for us and our developers, current and future, to raise the bar on what we are delivering.”

The delivery of Crossrail is essentially a fixed-term project, with the first new services due to start in late 2018. “While arguably our property developments don’t necessarily have to be finished by that point, clearly there is an incentive to having high-quality new commercial and residential space agreed, funded and completed in time for the start of the new transport links,” Lindsay says.

So infrastructure projects require large sums of money, determination and patience. Above all, they require local knowledge to put together funding packages that are appropriate for the location.

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FINALIST

BEST FUTURA MEGA PROJECT

2013

FINALIST

BEST SHOPPING CENTRE

2013 ECE has not one, but two projects in the finals of the MIPIM Awards 2013: Marmara Park, opened in Istanbul in October last year, is the only European shopping center nominated in the “Best Shopping Centre” category. ECE also enters the finals with the Milaneo in Stuttgart for “Best Futura Mega Project”. It is thus one of just three German nominees in this year’s MIPIM Awards.

Vote for Maramara Park as “Best Shopping Centre” – vote for Turkey! Please also help us to take the “Oscar of the real estate industry” to Germany. Vote for Milaneo in Stuttgart!

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