MIPIM 2013 NEWS 4

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DAY

Friday 15 March 2013

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04

MIPIM AWARDS

Who lifted the trophies?

See page 8

LOGISTICS

Tallinn’s transparency and flexibility See page 17

INNOVATION FORUM

Leader's league Visit us: Level 01, Booth 10.01 – 08.02 Don’t throw away tradition

We invite you to visit the events of the MIPIM 2013 business programme

See page 23 Contact us: mipim2013@kortros.ru

COUNTRY OF HONOUR

Nef makes mark on Istanbul See page 24

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Contents NEWS

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MIPIM AWARDS 2013

THE BEST OF THE BEST The red carpet leading up to the Grand Auditorium welcomed hopeful development teams from around the world to the MIPIM Awards 2013.

But who came back down the stairs clutching a trophy?

To ďŹ nd out the winners of this year’s MIPIM Awards see pages 8 and 9

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neWs NEWS IN BRIEF

MAYOR PUTS LEICESTER ON THE MAP SIR PETER Soulsby, Mayor of Leicester, is presiding over delegates from the private and public sectors representing not only the City of Leicester, but also the county.

“Being an elected mayor allows you to work with partners from the private sector, but you have to demonstrate that you are delivering. Being at MIPIM is part of that delivery,” said Soulsby. “Representing the city and county is important for us and there is no doubt that being here has enabled people to put Leicester and Leicestershire on the agenda.”

One big success has been on the promotion of the redevelopment of the council’s own city centre offices. Further interest from MIPIM delegates creates a real opportunity to move the project forward. “Of course we have the opportunity to put ourselves forward as tenants,” Soulsby added.

BRUSSELS BACKS GREEN FIELD PROJECTS BRUSSELS Invest and Export has been out at MIPIM representing the Belgian capital to the international real estate community. Members of the body that is backing Brussels have outlined a range of development opportunities for investors, including a range of “green field” projects aimed at boosting the Belgian economy by creating jobs.

Speaking to MIPIM News, Brussels Invest & Export managing director Jacques Evrad said: “Much of the development activity in Brussels is based around the service sector. We’re here to promote Brussels to the world and help attract investment and create jobs”.

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Marseille shows new projects as city recovers from crisis

Marseille deputy mayor Roland Blum

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ARSEILLE is recovering from the downturn with a major wave of new projects around the city.

Representatives of the city, including Marseille deputy mayor Roland Blum, are out in force at MIPIM promoting a whole raft of new developments and investment opportunities to the international real estate community.

These include features of a longterm programme of works in and around Marseille, which has a population of 1.8 million people, which are delivering a wide range of changes and innovations.

Speaking to MIPIM News Olivier Latil d’Albertas of the Marseille Provence Metropole said: “It’s been a good MIPIM for us and there’s been a lot of interest.

We are a city in the process of re-

covery from a pretty difficult situation and we are in better shape but it’s useful to use MIPIM to show our projects to the world”.

Around €50 billion has been invested in 10 major areas of development, with plans to upgrade and expand the public transport network, add a new runway to Marseille International Airport, and extend the main campus of the university.

International expansion for Amundi PARIS-based investor Amundi is to expand its acquisitions in the UK and Germany and will also grow its international platform in other European countries and North Africa, the company said as it launched its international initiative in Cannes.

Amundi has already made office purchases in London and Berlin and is to open an institutional quality commercial building in Casablanca, Morocco.

Once it has established a greater presence in these markets the company will also look at oppor-

tunities in Italy, Belgium and the Czech Republic.

Head of retail network solutions Nicolas Kert said: “We are using MIPIM to announce this internationalisation of our business. We are looking for opportunities of €20m-€40m in core and core+ and particularly in London, Munich, Berlin and Hamburg. From there we will look at other UK and German cities and then in time the other markets.”

Amundi aims to establish offices in those markets where it is seeking a real estate position and

CEO Nicolas Simon said that MIPIM was an important event to promote the company’s day-today activities and to announce its wider plans.

Simon said: “MIPIM enables us to make contact with international partners both to work with in new markets and also of course to attract investors from different nationalities.”

Amundi has around €7bn of assets under management and 540 buildings in its portfolio, with €689m of transactions completed in 2012.

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neWs MAYOR SHOWCASES 2 LYON PROJECT

Race is on for German capital to achieve growth forecasts Michael Muller, senator for urban development and the environment for the city of Berlin

Lyon mayor Gerard Collomb

MAYOR of Lyon, Gerard Collomb was in Cannes yesterday.

During his visit to the city’s stand he launched the 2 Lyon project, a 92,000 sq m development of hotels and offices that is part of the reinvention of the Lyon Part-Dieu business district.

SBERBANK FUND LAUNCHES IN CANNES ONE OF Russia’s largest asset management companies has launched a specialist fund aimed at investors in the residential market. The closed-end fund, Sberbank Residential Real Estate, was launched by Sberbank at MIPIM, to allow foreign real estate investors to benefit from residential development in Russia.

The bank was exhibiting throughout MIPIM with a range of development opportunities for investors on display.

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ICHAEL Muller, Berlin’s Senator for urban development and the environment, is at MIPIM for the second year running.

“Even since last year, changes have taken place and we have seen immense growth in our region” he said.

“The city needs to complete 10,000 new apartments each year if it is going to match our growth forecasts for the city,” he continued. One area identified for large-scale housing develop-

ment is the Tempelhof airport area. Now disused, this is one of Berlin’s four airports, a legacy from the times when the city was divided. It is being retained as a green space for Berliners and it will provide sports and recreation facilities. This, in contrast to its former status — closed for public access for nearly 100 years.

The land around the periphery of the airfield is scheduled for housing development.

“Because of the social situation in Berlin we are keen to retain a balance between ownership, so-

cial and rented accommodation,” Muller confirmed.

Another growth area for Berlin is science and particularly healthcare.

“We are attracting pharmaceuticals companies here, who are benefiting from our three universities and our top-class hospitals.

The science is already here.”

He added: “MIPIM has been good for us this year. We have connected some of our local housing companies with international investors, so construction can start earlier.”

Activity up in Riga as recession fades RIGA is a city of great opportunities with numerous projects open to foreign investment and an improving economic climate, representatives of the Latvian capital said. A number of projects are now due to go ahead despite the challenges of a wider postcrash climate, including luxury residential developments and new commercial and office space.

Speaking to MIPIM News Nika Kotovica of the Riga City Council development department said: “We are steadily recovering from a downturn and we are feeling confident. There has been a lot of interest in Riga.” She added: “In the past there has been a lot of focus on Latvia as an export country, but now we need to focus heavily on developing

our real estate as well.”

Kotovica said that there is a whole raft of opportunities suitable for inward investment, including the one million sq m Kaivas Retail Park, one of the first projects of its kind in Latvia, and the 530,000 sq m mixed-use Ezerparks project in the centre of Riga, which will include office, residential and leisure features.

Setting the agenda for Commercial Real Estate Worldwide:

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2013 awards MIPIM Awards 2013 celebrate excellence The results are in for the MIPIM Awards 2013.

Votes from the panel of expert judges, chaired by CBRE’s Mike Strong, were combined with MIPIM delegates’ votes to decide the category winners, while on-site voting alone decided the People’s Choice Award

BEST HOTEL & TOURISM RESORT Baku Flame Towers Baku, Azerbaijan Architect: HOK International Ltd. Developer: Azinko Development MMC

BEST TURKISH PROJECT Bosphorus City Istanbul, Turkey Architect: Mimarlar Workshop Developer: Sinpas Gyo

BEST INDUSTRIAL & LOGISTICS DEVELOPMENT Wastewater Treatment Plant in North Alt Maresme Pineda de Mar, Spain Architect: Baena Casamor Arquitectes BCQ, slp Developer: Agència Catalana de l’Aigua ACA - Generalitat de Catalunya

BEST REFURBISHED BUILDING BEST OFFICE AND BUSINESS DEVELOPMENT The Squaire Frankfurt am Main, Germany Investor/Developer: IVG Immobilien AG Architect: JSK international

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King’s Cross London, United Kingdom Architect: John Mcaslan + Partners Other: Arup (Engineering), Vinci (Construction)

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BEST SHOPPING CENTRE BEST RESIDENTIAL DEVELOPMENT Isbjerget / The Iceberg Aarhus, Denmark Developer/Investor/Builder: PensionDanmark A/S Architect: Cebra, JDS Architects, SeARCH, Louis Paillard

Marmara Park Istanbul, Turkey Developer: ECE Projektmanagement G.m.b.H. & Co KG Architect: ECE Projektmanagement

BEST FUTURA MEGA PROJECT BEST FUTURA PROJECT Culture Casbah Malmö, Sweden Property owners: MKB Fastighets AB Architect: Lundgaard&Tranberg

PEOPLE’S CHOICE AWARD Akasya Acibadem Lake & Woods Parcels Istanbul, Turkey Architect: Mimarlar Workshop Developer: SAF GYO

Milaneo Stuttgart, Germany Developer: ECE Projektmanagement G.m.b.H. & Co. KG, STRABAG Real Estate, Bayerische Hausbau Architect: RKW Rhode Kellermann Wawrowski Architekture + Städtebau in cooperation with ECE architects

SPECIAL JURY AWARD King’s Cross London, United Kingdom Architect: John Mcaslan + Partners Other: Arup (Engineering), Vinci (Construction)

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A downpour in Cannes this evening but not enough to dampen spirits of what has otherwise been a very good networking day @MIPIMWorld

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MIPIM CELEBRATES ITS FIRST 25 YEARS

Filippo Rean, director of MIPIM and MIPIM Asia

THE YEAR 2014 will see the 25th edition of MIPIM with a series of events scheduled to celebrate the occasion. “We’ll certainly be marking the fact that, since 1990, MIPIM has played a role in the development of the international real estate industry. When MIPIM was launched, it really was a case of companies operating within their national borders. Now, cross-border business is the norm rather than the exception,” director of MIPIM and MIPIM Asia, Filippo Rean, said. Client loyalty has played an integral part in the MIPIM story, he added. “We’re incredibly grateful for their loyalty and confidence in MIPIM. As the real estate industry develops new priorities, including sustainable building, and different countries or regions become increasingly interesting to investors, the MIPIM population evolves and grows. It’s a dynamic event, serving a dynamic industry and together we’ll celebrate the past and the future in 2014.”

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Signs are positive but Europe crisis is not over, Stark warns

“E

UROPE’S crisis is not over yet,” German Economist Dr Juergen Stark warned in his MIPIM keynote address yesterday. “It’s multi-faceted: both fiscal and structural,” he said.

Dr Stark was a member of the European Central Bank’s executive board from 2006 to the end of December 2011, and prior to that he was secretary of state in the German Federal Ministry of Finance and vice-president of the Deutsche Bundesbank. One year after he resigned from the ECB, he returned to the international stage when he addressed MIPIM delegates. In a forthright speech, Stark said that the eurozone was going through a paradigm shift.

“The response that has emerged over time is totally different to what was envisaged by the Maas-

Keynote speaker Dr Juergen Stark

tricht Treaty,” he said. “We’ve seen the first steps towards a banking union with the Single Supervisory Mechanism.”

Although debt will remain a drag on growth across Europe, Stark said “the necessary adjustment is under way, and is showing the

first positive signs”. He said this was already being reflected in a hardening of yields on government bonds across Europe.

But for this to turn into a fullblown recovery he said: “Fiscal consolidation must go hand-inhand with structural reforms.”

Alps’ first 5-star hotel for 80 years THE FIRST five-star hotel claimed to be built in the Swiss Alps for 80 years is being created in the historic picturesque village

Classic Swiss architecture in the historic village of Grimentz

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20,000

of Grimentz. Six Senses Grimentz is being developed by Mont-Blanc Perspectives as a sustainable, multi-site hotel and residential project that will blend into the existing village to offer a year-round destination. It will include a 5,000 sq m spa with a 2,000 sq m Six Senses members club, plus various dining and service amenities including a conference centre, a family grill house and a cocktail bar.

Strict government controls on development and the sale of se-

condary residences to foreigners means that the units being created are among the last new build properties in the Swiss Alps.

The new hotel will be the first Alpine destination operated by Six Senses, which manages 10 resorts and 28 spas in 20 countries around the world, with a further 15 under construction.

Construction in Grimentz will begin in Q1 this year and the first hotel modules and residential units will be opened for Christmas 2015.

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Trump Tower scheme to anchor Rio’s new CBD

Trump Tower Rio will form the nucleus of a new central business district

HE TRUMP Tower Rio scheme being showcased at MIPIM will kick-start the regeneration of the Brazilian city’s downtown Porto Maravilha area and marks an important stage in the resurgence of the commercial office market in Rio de Janeiro.

The scheme will comprise five 38-storey towers providing 322,000 sq m of office space, developed by a consortium of MRP International, Brazilian developer Even and London-based merchant banker Salamanca Capital. The branding partner is The Trump Organisation. The first phase, comprising two towers, is set for completion in 2016.

Cushman & Wakefield (C&W) is the exclusive letting agent for

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the scheme. “There is a lot of outdated office space in Rio and a great deal of pent up demand,” said C&W’s Celina Antunes, CEO of South America. “This scheme will raise the bar in terms of quality.”

Trump Tower Rio will form the nucleus of a new central business district, designed to appeal to both domestic and international organisations looking for worldclass office space in the city centre. The wider Porto Maravilha scheme will see the regeneration of an area of five million sq m by 2015. The programme of work will include the demolition and replacement of 4 km of elevated highway with tunnels, plus major investment in water, sewer and drainage infrastructure.

Cushman & Wakefield’s Marcelo Costa Santos and Celina Antunes

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neWs Mayor of Athens in Cannes with message of optimism

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HE MAYOR of Athens, Yorgos Kaminis, insists that the message from his city is positive. “We’re here at MIPIM to talk about the positive side of economic activities in Greece and especially Athens,” he said.

There are various assets all over Athens, he added. “We have social security organisations which have merged. This has freed up a number of prime buildings in the centre of the city.”

Kaminis talked about two major development projects currently being carried out by the two foundations the Alexander Onassis Foundation and the Stavros Niarchos Foundation.

The Stavros Niarchos Foundation is financing the 166,000 sq m Faliron Delta project

on the coast on Athens’s south side that will include the new National Library of Greece, the Greek National Opera, and the Stavros Niarchos Park.

Italian international Italian architect Renzo Piano, who was selected to design the project, recently presented his preliminary plans.

The other major project, this one financed by the Alexander Onassis Foundation, “is the pedestrianisation of the total length of Athens’ main boulevard, Panepistimiou Avenue,” mayor Kaminis said.

The avenue is central Athens’ main street, running from Syntagma Square 1.2 km to Omonoia Square. “Pedestrianising Panepistimiou will completely transform the ambience of central Athens,” he added.

The mayor of Athens Yorgos Kaminis

Wallonia’s positive attitude pays off THE BELGIAN region of Wallonia came to MIPIM full of optimism and ready to do business after securing major deals at previous shows.

Philippe Suinen, CEO of the Wallonia Foreign Trade and Investment Agency (AWEX), said that it was at MIPIM that the region secured the interest of H&M. As a result the Swedish clothing giant chose to base a new Europeanwide distribution in the region.

Other companies have also spotted the strategic importance of the region and chosen to base their logistics there.

“Our best asset is the speed with which we work,” Suinen said.

“Because of the close links with local districts and agencies we can tell businesses which properties and projects are available in

any region just seven days after their inquiry.”

Suinen said the Wallonia region’s success was helped by positivity. “If you actively present your product then clients will know you are ready to do business.”

He said that this should be reflected all over Europe. “We have an economy worth €13tr compared to the US, which is €12tr and China which is €4tr — we must behave that way.”

Among the projects appearing on the Wallonia stand is the reinvigoration of the historic destination of Spa in the Ardennes.

Total investment in the project will be €36m split into accommodation, including an eco hotel, a Forest Experience with adventure games, and the Energy-Motion Experience which will include a simulation area and an amphitheatre.

PAUL STROHM, editor of EuroProperty, for the last time this MIPIM shares insights from the European real estate publication’s research database A PREVAILING theme during MIPIM 2013 has been the extent to which investors are prepared to increase their exposure to risk when they invest. Judging by the talk at least, the obsession with core may be waning, a possibility that was acknowledged today when Cushman & Wakefield launched its International Investment Atlas 2013. With a growing awareness that Europe will survive the eurozone crisis in one form or another, the firm believes that investor interest is slowly starting to broaden from the core. “Nevertheless, economically or in property market terms, trends will remain very diverse as local factors move up the agenda,” it said in a statement.

While core returns are attractive when compared to bonds and historic norms, there are good opportunities from development and asset repositioning if the business cycle is becoming more stable, it added. “Risk takers have no shortage of options in EMEA, with stressed markets like Italy re-pricing for long term investors while emerging markets like Moscow and Istanbul offer real excitement,” said C&W head of European capital markets Michael Rhydderch. Conversations with a number of other property brokers and consultants also suggest that prime properties in second-tier cities may have their day again soon and for some, secondary property is under consideration.

Others are only prepared to widen their horizons to “core-witha-wrinkle”, as one investor put it.

One thing that might want some clarification, however, is the terminology as there does seem to be some interchangeability of “prime” and “core” and different perceptions of where prime stops and secondary begins.

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MIPIM CONFERENCES AND EVENTS FRIDAY 15 MARCH 10.30 - 11.30 FIN

11.45 - 12.30 INNO

MIPIM INNOVATION FORUM

MIPIM Wrap-up: Painting the Big picture In association with the Wisconsin School of Business

MIPIM INNOVATION FORUM

Ten golden rules to increase the value of the property asset

CLIENT CONFERENCES & EVENTS ents ev & s ce en er nf co of e m m ra og pr Grand Paris Region rina Hall - Stand MAR.PR29 Ma

10.30 - 11.00 I MARINA HALL - MAR.PR29 Presentation of the La DĂŠfense Seine Arche territory, its projects and challenges, using the scale model Organiser: Grand Paris Region - Epadesa

Conferences sponsors Gold & Mayors Think Tank sponsor

RE-Invest Platinum sponsor

MIPIM Innovation Forum Premium sponsor

RE-Invest industry partner

RE- Invest Research partner

Logistics Premium sponsors

Silver sponsors

FIN

Finance & Investment

INNO Innovation

Access to MIPIM 2013 conferences and events is free of charge for all registered delegates, within the limit of space available. Programme as of 8th March 2013.

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

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NEWS IN BRIEF

Tallinn Port’s offer based on transparency and flexibility

T

HE COMBINATION of a transparent market and a high degree of flexibility make Tallinn Port an ideal logistics hub for those requiring a Baltic route to link Russia to western and northern Europe, and north to southern Europe, said Port of Tallinn real estate business manager Ahto Ader.

Tallinn was at MIPIM to promote opportunities to use the port as a cargo hub, with the airport, city and major industrial parks all within close range of the waterfront.

Tallinn is also an important passenger terminal.

Ader said: “The city is just a 10-minute walk from the port, the airport is 20 minutes’ drive and the main Tallinn-to-St Petersburg highway is less than 10 minutes from the port, so we have a very well connected infrastructure.”

The city promotes itself as one country with five hinterlands because of its geographically central position among Fin-

New developments will expand Tallinn Port’s capacity

land, Sweden, Russia, Lithuania and Latvia. “In 2012 around 29.5 million tonnes of cargo went through the port,” he said. “We are diversifying materials and products which travelling through the port and developing the industrial land and port facilities.”

Development projects include two new warehouse complexes, with the industrial

areas sited within tax-free zones. Rail capacity to Russia is only at 50%, said Ader, so the network still has plenty of room for expansion.

City architect Endrik Mand said: “We are also looking at ways to improve traffic flow and to make the short walk between the port and the city easier for the passengers who arrive on ferries and cruise ships.”

Italy’s new renaissance starts here Massimo Brunelli, CEO of IDeA FIMIT

ITALIAN Real Estate Reloaded provided a stimulating session yesterday morning.

Sponsored by IDeA FIMIT the event provided an opportunity for some of the key players in Italian real estate to provide an insight into the market.

Among the panel of prominent speakers was Massimo Brunelli, CEO of IDeA FIMIT. The debate considered how the maturity of many funds and the fall in prices are forcing some players to exit from the market. At the same time newcomers are being attracted interested by the valuation of public assets.

The revival of Italian real estate is being driven by foreign investors and international alliances delegates, were told.

CBRE TOPS THE RCA BROKERAGE LEAGUE REAL Capital Analytics (RCA) has published its annual global rankings of real estate brokers, and CBRE emerges as the world’s biggest brokerage, handling almost $65bn (€50bn) of investment transactions during 2012.

Second is Jones Lang LaSalle with $45bn of deals worldwide. And third place goes to regional player Eastdil Secured which generated $30bn of transactions despite the fact that 99% of its business is in the Americas.

Cusham & Wakefield and Savills occupy fourth and fifth places respectively.

RCA tracks all deals valued at $10m and over, and it analyses the brokerage market both by sector and geography. In the EMEA market Jones Lang LaSalle is ranked first, followed by CBRE, Savills, Cushman & Wakefield and BNP Paribas.

SEINE AVAL SHARES AMBITIONS THE AMBITIOUS development policy of Seine Aval has been highlighted this week at MIPIM by the delegation from the vast region located west of Paris.

Nearly 100 ha of business districts and one million square metres of housing will be developed in 2013, and key projects have been presented to delegates in Cannes.

“The territory benefits from a unique industrial basis with close to 15,000 companies, which makes it one of the most industrialised regions in France,” said David Morgant, manager of EPAMSA (Etablissement Public d’Amenagement du Mantois Seine Avail), the body in charge of the National Interest Operation Seine Aval.

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BUSINESS GROWTH OPPORTUNITIES Brazil Russia Turkey

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11 - 14 MARCH

2014 Palais des Festivals

Cannes, France mipim.com

In 2014, MIPIM honours three key property markets

In partnership with

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3 days of exhibition, conference and networking to build the future of retail

RETAIL RISING STARS Brazil, China, India and Russia are enjoying booming economies and are ranked as the world’s top destinations for retail expansion.

MAPIC 2013 will shine a spotlight on Retail Rising Stars with dedicated conferences and events. Join us !

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neWs Montreal is well positioned to entice investment, says Tasse

Montreal’s Alain Tasse, pledges to preserve heritage in the city

E’RE here to tell MIPIM that Montreal is a safe investment,” said Alain Tasse, Montreal city councillor and chair of economic development and urban planning in the city.

“On the larger scale, Canada is the best country to do business in; it has the healthiest public finances; and we’ve got the world’s soundest banking system,” he added. ”And within all that, Montreal is best positioned to benefit from those advantages.”

“W

Tasse said that his claims are backed up by official sources, such as the IMF, the Economist Intelligence Unit and the World Economic Forum.

The Montreal delegation at MIPIM has had “some very useful meetings” with cities such as Lyon, Bordeaux and Marseille.

“Like us they’re waterfront cities and they’re creating some of the same economic solutions for the future as we are,” he said.

Tasse said that like Marseille, Montreal has a huge old grain silo in the docks. “Like Marseille we had to decide what to do with

it. It’s part of our heritage, and we decided to keep it and renovate it. Many cities round the world have destroyed their heritage too quickly and readily. We’ll be more careful in Montreal.”

Montreal comes to MIPIM to do business, Tasse added. “We’re looking for people who have money and who want a safe investment. And regarding economic recovery from the 2008/09 recession, which affected Canada less than elsewhere, it’s important to note that the year 2011 saw the biggest year for real estate development in Montreal since 1967.”

OPPORTUNITIES IN TUSCANY VISITORS to the Invest in Tuscany stand, part of the Italian Pavilion, are learning about investment opportunities currently available in eight municipalities in the region.

Projects being showcased include the expansion of the Interport, in the Prato province, the Waterfront project in Carrara and the Fabbrichina project for the Colle Val d’Elsa.

Tourism and commercial sector real estate opportunities in the municipalities of Pisa, Livorno, Follonica and Poggibonsi are also being featured.

SMART CITY FOR THE VOLGA

Austria is gateway to all of Europe AUSTRIA has come in force to MIPIM with 28 different companies represented.

And the delegates have a clear message: Austria is the gateway to central and eastern Europe.

Herbert Preclik, from the commercial section of the Austrian Embassy in France, said: “Austria has become a major player in eastern Europe. It can offer companies experience in investment, development and the legal framework. We are also strong

on facilities management.”

Austria’s historic links with parts of the region such as Budapest and Hungary, gave it a head start after the Berlin Wall fell in November 1989. Now its firms are prime operators in cities including Krakow in Poland.

“We are 600 km from Belgrade.

We are building offices and shopping in Moscow. If you want to be successful in eastern Europe you should first come to see an Austrian company,” Preclik said.

Novinki Community Development

Herbert Preclik: historic links in eastern Europe

JAPANESE architect Nikken Sekkei is showcasing its urban mixed-use planning project, the Novinki Community Development in Nigny Novgorod, that it is undertaking for Russian developer Kvarstroy.

This is the largest smart city development in the Volga region and will be completed by 2018.

21

mipim

neWs Don’t throw away tradition in pursuit of the ‘new and flashy’

Caroline Barat: “a balance between tradition and innovation”

I

NNOVATION is not all about being “new and flashy” — there are valuable lessons to be learned from the past. This was the message to delegates at yesterday’s MIPIM Innovation Forum, which saw a panel of leading architects discuss the topic Architecture And Responsible Innovation.

The panel comprised Caroline

Jurgen Mayer: transferable innovation the key

Barat, Philippe Chiambaretta, Kengo Kuma, Jurgen Mayer and Ihsan Murat Tabanlioglu.

Moderator Kent Martinussen, CEO of the Danish Architecture Centre, began by reminding the packed audience that there is more than one kind of innovation.

Caroline Barat agreed: “We need to strike a balance between tradition and innova-

tion to inspire our clients.”

Jurgen Mayer noted that innovation is only of value if it becomes transferable from one project to another, while Kengo Kuma argued that innovation and tradition are not pulling in different directions. “We should not adopt a conservative attitude,” he said, “but draw on the richness of tradition to develop solutions from the past in the future.”

Eco-Vallee moves from dream to green reality which is part of the newly formed, Metropole Nice Cote d’Azur.

“The Metropole has in effect reached a new phase in its economic

©Pena et Peña

DEPUTY mayor of Nice, Christian Estrosi, addressed an audience keen to hear about the latest developments in the Eco-Vallee,

An artists impression of Eco-Vallee

and urban history — founded on innovation, strength and quality of life,” he said. “The area is going forward with the common principles of eco-excellence, the conservation of natural resources and the diversification of economic activities.”

The Eco-Vallee involves 15 of the 46 communes of the Metropole.

“The Eco-Vallee is entering its operational phase with three priority projects,” Estrosi said.

“Grand Arenas, Nice Meridia and La Baronne respond to the major issues of urban planning, the environment and economic development. They embody excellence and aim to produce a lever effect on the planning and economic growth of the Eco-Vallee.”

LOOK FOR THE ‘SWEET SPOT’ REAL estate investors are looking to place money this year but are demanding investments that hit their “sweet spot”, said Henderson Global Investors’ director of shopping centres (UK), Myles White.

The fund specialist is in Cannes to raise equity for, among others, its Shopping Centre Fund. White said that he sensed the number and type of investors prepared to commit had broadened over the past 12 months. “One thing I have taken from MIPIM is that it is not only the type of investor but the number of countries from where those investors come that has really expanded over the last year,” he added. “However, investors are very finely tuned as to the type of investment they want to make, so finding their ‘sweet spot’ is what will motivate an investment.”

Miles also said that he believed the UK retail market remained a safe haven for international investors, but observed that there was still a lack of stock available.

This week, Henderson announced that assets under management grew to £12.5bn (€14.4bn) in 2012, with circa €1.7bn of transactions completed over 2012.

The company had €1.15bn in its current investment pipeline at year-end, with €3.45bn in the development pipeline.

Henderson Global Investors’ Myles White: investors “very finely tuned” as to investment type

23

mipim

neWs SAO PAOLO STATE PUSHES PPP BRAZIL’S Sao Paulo State is promoting $30bn ( 23) in PPP projects at this year’s market.

The state is the industrial and economic powerhouse of the country’s economy and its capital, the city of Sao Paulo, is the largest conurbation in the southern hemisphere with a population of over 11 million people.

This is the state’s first visit to MIPIM.

REGIONS GROUP GETS ANIMATED REGIONS Group has teamed up with DreamWorks Animation to deliver three indoor leisure parks in Russia.

In partnership with DreamWorks the developer will build three cartoon-themed indoor parks, in St Petersburg, Moscow and Yekaterinburg.

The parks will range in size from 70,000 sq m and 120,000 sq m, and will include a mixture of uses including retail.

Each will also have a hotel built as part of the scheme.

Nef makes ‘distinctive mark on landscape of Istanbul’

“W

E’RE only four years old,” said Selcuk C e l i k director of sales and marketing at Turkish developer, owner and investor Nef, “But we’ve already made a distinctive mark on the landscape of Istanbul.”

Celik says the company has deliberately chosen to work with some of the world’s top architects and industrial designers, including Foster & Partners, SOM and HOK; and Sebastian Leon Agneessens and Dror Benshetrit. “Good design pays in the long run,” Selcuk Celik says. “It’s not only a way of making your mark, but good design also means good quality. Our tenants appreciate that.”

Celik says that success comes with getting the detail right.

“At Nef we work not just in square metres, but right down to square centimetres. In most other upmarket apartment blocks you’d find architectural ironmongery you might buy on

Luxury makeover for Grosvenor House

AEDAS AT HOME IN RUSSIA INTERNATIONAL architect Aedas is leading a significant residential development project in Novosibirisk in Russia.

The Aedas Moscow office has been appointed by developer SibAkademStroy to draw up plans for the 30,000 sq m scheme, Dekabristov Gamma, in the centre of the city.

24

the high street. But ours is designed for us.”

To reinforce its commitment to exclusivity and originality, for its Foldhome and Foldoffice systems Nef is cur rently making 16 separate world patent applications. Both Foldhome and Foldoffice are based round the concept that residents, tenants and occupiers have their own exclusive space, but also have use of a series of communal spaces which can be booked for their own use.

Nef’s Selcuk Celik in front of a model of Nef 163’s brass pipes “For Foldhome there are 24 different types An example of Nef’s approach of communal spaces ranging is the Nef 163 building, which from children’s playrooms contains specially commissioto party rooms to private ter- ned brass tubes stretching from races. For Foldoffice the 23 ground floor to roof. The pipes spaces range from show rooms are capable of catching ambient to meeting rooms to private sounds and having sounds and cinemas.” music piped into them.

The £75m (€86m) Grosvenor House apartments were completed last March

OVER LOOK ING London’s Hyde Park, the £75m (€86m) Grosvenor House Apartments on Park Lane offers 133 hotel apartments, including four penthouses.

The operation is run by Jumeirah Living as exclusive hotel residences.

Designed around the landmark 20th century Grosvenor House mansion and ballroom, the building has been transformed into contemporary luxury accommodation.

As lead architect on the project, Woods Bagot, working on behalf of Park Lane Properties, created the hotel apartment complex

around a central courtyard atrium within the building’s existing internal light well. The atrium creates a new guest lounge adjacent to the second floor reception area featuring a substantial fireplace, dining and seating areas as well as soft landscape zones.

A private hotel residence format has been created with larger living spaces more commonly associated with residential properties.

Variable apartment layouts and interconnectivity, by way of lobbied alcoves, provides flexibility to suit a clientele who may be travelling within a larger group.

mipim

Mayor unveils plans to make Vilnius a hub for investment

Mayor of Vilnius Arturas Zuokas

V

ILNIUS is attracting international attention and inward investment with an increasing number of companies looking to set up a Baltic base in the city and a wave of fresh development opportunities on the horizon, its mayor said.

Speaking to MIPIM News mayor of Vilnius Arturas Zuokas said that the Lithuanian capital is ideally placed as a bridge between the former Soviet Union, Scandinavia and the rest of Europe and is showing signs of strong recovery from the real

estate crash.

He added: “Vilnius has always been a very active city for real estate. The crisis left some footprints but now it’s back on track and there are a number of international companies coming to the city. It is part of our strategy to make Vilnius a hub for more investment”.

He cited the recent arrival of Western Union, Barclays bank and IKEA, all of which have set up offices in Vilnius in the last few years and said that a number of other multinational companies were looking to the city for its

key strategic location.

Zuokas said that a raft of development opportunities currently exist in Lithuania across all sectors, and said that his administration is committed to encouraging inward investment through public and private partnerships.

There is a burgeoning rental market, he said, brought about by a cultural change among Lithuanians towards renting properties rather than buying, and in the logistics sector there is a wealth of opportunities for new builds, with particular demand on the Russian border.

ULYANOVSK HAS BIG PLANS FOR EXPANSION THE DEPUTY mayor of Ulyanovsk in Russia has laid out plans to grow the city and take the population to over a million people with a range of ambitious plans in the pipeline.

Speaking to MIPIM News, deputy mayor Alsu Sadretdinova said that a long termplan to expand the city and open it up to investors involving improvements to the infrastructure, transport and real estate sectors was already attracting interest from companies outside the region and beyond Russia’s borders.

She said that one of the city’s top priorities was to attract international companies and make Ulyanovsk a “comfortable environment for investors coming to the city”.

Sadretdinova highlighted two key projects under way either side of the River Volga, which runs through the city. The Zapad and Zapad 2 projects are set to give a major boost to the city’s industrial presence in the region, and will include housing and leisure developments to improve the area for residents attracted by the new employment.

Ulyanovsk deputy mayor Alsu Sadretdinova

White City development gets go-ahead

An urban square provides a focal point for the Brickfields scheme

HELICAL Bar and Aviva Investors have received planning permission for their Brickfields development, at White City, west London.

This is a major 144,000 sq m residential-led mixed-use scheme on the former Dairy Crest site.

The site is strategically located next to White City underground station and just north

of Westfield London shopping centre.

The scheme will comprehensively regenerate the site creating a new urban community of 1,150 new homes, 19,500 sq m of offices and about 5,600 sq m of retail, leisure and community uses set within extensive landscaping.

At the gateway is a dynamic urban square providing

an active and vibrant focal point. Around 1,900 sq m of retail space will be created around the square targeted at local and start-up companies.

Brickfields forms part of the White City Opportunity Area, a large area of land identified as a key strategic location for regeneration by Hammersmith & Fulham Council and the mayor of London.

25

Every year, over 250 million people are affected by ‘natural’ disasters.

Planning. Preparedness. Reconstruction.

When can you start?

RICS’ BuildAction initiative helps built environment professionals make a difference.

For more information visit RICS in the Riveria Hall, stand R29.32, or go to rics.org/disastermanagement

mipim

neWs Mixed-use Skyland project towers over new Istanbul

M

U LT I-fa c et e d Turkish trading house and developer Eroglu is promoting its Skyland Istanbul project at MIPIM. At the junction of some of the key highways on Istanbul’s European side, Skyland Istanbul features a metro station to link the site with the city. Aybars Kizilsencer, Eroglu sales and marketing director, said: “Skyland is located just at the midpoint of all the bridges of Istanbul, within close reach of both airports, offering easy transport means thanks to a metro connection, just next to TTNET Arena. Skyland Istanbul is the newest hub of the new Istanbul, a haven from the hectic buzz of Maslak and Levent.”

Skyland includes a residential tower, a business tower, an international hotel and a shopping mall. “Each one of

Eroglu’s Skyland Istanbul project

the centres at Skyland Istanbul is a project in itself,” Kizilsencer said. “On completion Skyland will be the home and workplace for 12,000 people.”

Skyland Istanbul spreads over a construction site of 600,000 sq m, bringing a variety of different functions with a residential zone, business zone, a hotel and a shopping mall together in the same plot.

Moorgate Exchange

pletion scheduled for the first quarter of next year.

The speculative office scheme is being developed by private equity real estate investment advisory

THE NEW wave of Chilean architecture is being showcased at MIPIM. Under the banner Chilean Architecture a delegation from the South American country is demonstrating how its approach to design has global appeal, is highly adaptable to diverse geographies and climates, and is earthquake resistant and sustainable. Six architectural firms are exhibiting at the Chilean Architecture stand: Alemparte Barreda Wedeles Besançon Arquitectos y Asociados, Archiplan, BL Arquitectos, Fuenzalida + Swinburn Asociados, GuarelloArq y 4 | MA.

BOOST FOR RUSSIAN HOUSING

City offices offer views over London THE £140m redevelopment of Moorgate Exchange will deliver 20,260 sq m of new office space to the City of London. Construction is now under way with com-

CHILE’S NEW WAVE ON SHOW IN CANNES

company MGPA, global alternative investment manager CarVal Investors, and London-based UK development company Quadrant Estates.

The redevelopment of the former Telephone Exchange at 72 Fore Street, will comprise 11-storey office accommodation, with a variety of floor plates ranging from 750 to 2,230 sq m with stunning roof terraces on the six highest levels.

Julian Neave, development director for MGPA, said: “Having focused on a tenant-friendly design, Moorgate Exchange will offer large, efficient column-free space with some of the best roof terraces in London.”

A CONFERENCE session was held on Wednesday to invite investors to move into the Russian housing market. The session, Invest In Russian Housing Development: Low Risks And High Profits was organised by the Russian Housing Development Fund (RHDF), a government agency set up to auction unused federal land back to the market.

The RHDF will hold a series of auctions this year for domestic and foreign investors, aimed at facilitating and supporting the development of housing projects in Russia.

27

23; , 6) % *6 7, 4 674 '8-:) 32 )9634 %2 4634 68= 86 2(7

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Every month we’ll analyse the emerging trends in a FREE, easy to navigate magazine available as a digital edition or on iPad. EuroProperty Trends will not only bring you incisive comment but interactive features including image galleries, audio interviews, video and more.

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neWs

Why a wheel deal can ‘put your property on the map’

The Myrtle Beach wheel in South Carolina

D

UTCH Wheels has brought a touch of fun to MIPIM this year with a stand that features a gondola similar to those used on the leisure wheels it constructs around the world. These wheels can be up

to 60 metres high and can take up to 1,000 riders an hour. Dutch Wheels has already constructed them around the world, from Thailand to the US, South Africa and the UK. The wheels are shipped in containers and can be constructed on site in just two weeks.

Manager Pleun van Dalen said: “A wheel can put your property on the map. It attracts visitors, who then use other facilities. It can also attract sponsors. The new one in Bangkok has received inquiries from international companies who want their name on the wheel.”

The wheels cost up to €10m, but van Dalen said the payback can be rapid. “The Niagara Falls wheel has 500,000 riders a year.

It covered its cost in two years,” he added. Dutch Wheels is a subsidiary of Vekoma, the company that makes rollercoasters for Disney.

There is one other advantage of

this style of wheel. Because they are container packed and assembled on site, they are also simple to disassemble. This means that a wheel can easily be moved to another site to give that a boost.

New year revellers are attracted to the wheel in Bangkok

Historic Lodge for Sale in Tanzania

- 22 cottages with capacity for 50 guests - Views Of Mt. Kilimanjaro & Mt. Meru - 10 acres lush gardens bordered by 320 meters of river frontage - Located 30 km from Kilimanjaro International Airport - A 15 minute drive from Arusha National Park - $3.5 usd million negotiable selling price, shares only sale

Please contact Kimberly Setzermann for full details: kimberly@missionpure.com / +255 (0) 78 386 9027

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.

MIG solves the problem of big unused spaces MIG renews and innovates the image of shopping malls MIG will be the new play area for the whole family Franchising information www.mondoitaliagallery.com - mondo@mondoitaliagallery.com Tel. +39.030.6863577/6863189 - Fax +39.030.6624889

29

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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mipim

neWs Whitehorse takes heat out of summer to warm winter

T

HE CANADIAN town of Whitehorse, capital of the Yukon territory in the north of the country, is pioneering a way of getting winter district heating out of the summer sun.

“One thing we have in the north is long summer days,” said Whitehorse mayor Dan Curtis.

“We use that light and sun to heat solar panels, then store the water heated by the panels and pipe it to a large number of boreholes.

And when winter comes we distribute the water — which is still hot — to the district.” Whitehorse has 20 hours of sunlight per day in July, but only seven in January. “So we have a huge energy advantage in summer and a huge energy requirement in winter. We’re trying to take the energy from one season and make it work for us in another.”

Curtis said the Whistle Bend solar district energy project consists of 800 units. “At the moment, it looks like the trial has the potential to cut the winter heating requirement by 70%,” he added. “And if and when there is a surplus, then that can be sold to the grid.”

In addition to the cost benefits that the system looks like producing, Curtis said it is also totally sustainable. And he sees the Whistle Bend system becoming a role model for other high-latitude communities around the world.

SKANSKA TO BUILD 100 CHEAPSIDE JOINT-venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates have appointed Skanska as building contractor on 100 Cheapside, the 9,300 sq m prime office development in the City of London. Work will start immediately.

Skanska will be responsible for the £28m (€32m) construction of the grade A office development, which is scheduled for completion in autumn 2014. The property, which is located in the heart of the City, between the Bank of England and St Paul’s, will be a BREEAM Excellent building. It will offer office floor plates of up to 1,000 sq m over 10 floors.

There will also be 840 sq m of retail accommodation.

ALL THE RIGHT CONNECTIONS

Dan Curtis, mayor of Whitehorse with sustainability project manager Shannon Clohosey

REAL estate now represents around half of the workload of London-based legal practice Forsters — and MIPIM is a vital way of meeting new contacts, according to partner Andrew Crabbie. Crabbie said Forsters has chosen to focus business development on its specialities, notably property and private clients.

“At MIPIM, we get to network with connections it would take us months to see in London,” he added.

Maldives float into future THE GOVERNMENT of the Maldives — the nation that is thought to be most at risk from rising sea levels if global warming takes place as some predict — is working with Dutch Dockland to create a series of floating resorts that may help it to resist catastrophe.

Five islands, ranging in shape from a starfish to a flower, are due to take shape over the next six years, with the first — The Ocean Flower — already under construction. The sheme occupies a total area of 7.5 million sq m.

Dutch Docklands chief creative officer Koen Olthuis referred to the scheme as “plug and play”, in that it

can be enlarged simply by floating in a new section and adding it to what is already there.

The whole project, known as The 5 Lagoons, is being undertaken by Dutch Docklands Maldives, a joint venture between the government of the Maldives and Dutch Docklands International.

Five islands ranging in shape from a starfish to a flower make up The 5 Lagoons in the Maldives

31

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mipim

neWs Oslo makes a feature of its sustainable port expansion

T

HE DEVELOPMENT and expansion of the Port of Oslo can help m a ke log i st ic s i n Norway more sustainable, according to port director Anne Sigrid Hamran, who said the project has also been the catalyst for a new park and waterside walkway in the city.

Hamran, speaking at the MIPIM Logistics Hub, said that every extra container ship coming into the port took the equivalent of 10 km of road traffic off Oslo’s highways. As a result, sea transport is being encouraged as the most sustainable way of transporting cargo.

The port has extended the CBD through an improvement in the

road connections, which are nearly complete. As part of this, a new park has been built between the city and port, creating a green belt that acts as “a gift to the city”, Hamran said.

She added: “We took a look at how other cities have incorpora-

ted port development into their cities and we decided not to hide the port and machinery, but to make a feature of them. So everything is of the top architectural design and the highest quality. We have also preserved the maritime history.”

Anne Sigrid Hamran: sustainability at heart of Oslo’s new port development

FUNDS FOCUS ON HEALTHY ESTATES FUNDS are reviewing and maintaining their estates in far more detail in order to avoid “nasty surprises”, according to John Woodman, senior partner of Malcolm Hollis.

Woodman said that Malcolm Hollis, which is increasingly reviewing pan-European estates for clients such as retailer Foot Locker, sees a focus on intensive asset management as driving this change. He also foresaw the company opening offices in mainland Europe.

“A closer understanding of the condition of your estate has become very important,” he added. “Banks are demanding that planned maintenance is carried out as part of their financing position, while retailers need to understand the potential costs of a new building, or the overheads they face across their store portfolios.”

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mipim

neWs

Dutch cities join forces to ‘Young and talented’ Cardiff form Gateway Netherlands makes a splash in Cannes

F

OUR Dutch cities combined Gemeente Rotterdam senior as Gateway Netherlands are advisor Petra Eielts said that the at MIPIM to promote the high-speed train station being inter-linked opportunities built was also part of a major for investment and occupier inner-city development which requirements within the country. would see Rotterdam and its Amsterdam, Rotterdam, Utrecht own port better linked to Amsand The Hague explained the way terdam and beyond. Eielts said: that the cities worked together to “We need more residential but create a complementary offer, also we have created industrial with the Zuidas area of the capi- and commercial zones.” tal one of the opportunities highlighted.

Frederijk Haentjens, of Gemeente Amsterdam, said: “We are developing three million sq m of space, divided evenly between offices, residential and public services and retail, plus outlining the potential for the extended airport area and Frederijk Haentjens and Petra Eielts representing Amsterdam and the port connections.” Rotterdam, and the Gateway Netherlands organisation

WELSH capital Cardiff has made its presence known in Cannes.

Projected to be the fastest growing UK city over the next 20 years, Cardiff is a “young and talented city, primed for economic growth. Exciting things are going to happen here” said a City Council spokesperson.

“The message that Cardiff is well and truly open for business has been received loud and clear,” the spokesperson said.

Cardiff enabled 26 delegates to come to MIPIM, including a broad cross-section of businesses, who hoped to develop new business relationships with fund managers, financial institutions and developers. A recently published green paper by Cardiff Council includes a new draft spatial masterplan that provides a context for the regeneration and infrastructure projects required to sti-

mulate and shape the next phase of Cardiff’s growth.

These include the possibility of building a new international convention centre, a new indoor arena, new commercial and residential districts and significant enhancements to transportation, infrastructure and services and new public spaces. These projects will be greatly enhanced by the improvement of the main railway line between Cardiff and London. At the moment capitalto-capital by train is only two hours, but by 2019, this time will reduce to only 100 minutes, IROORZLQJ HOHFWUL¿FDWLRQ RI WKH line and the introduction of new, IDVWHU DQG PRUH HI¿FLHQW WUDLQV Cardiff promoted this masterplan vision at MIPIM and has connected with potential partners that actively want to engage with Cardiff Council on this project.

HTL lounge the meeting point for OV[LS [V\YPZT SLPZ\YL real estate professionals

HTL activities — day four — Friday, 15 March 2013

HTL lounge at MIPIM 2013 Over the last three days, the HTL lounge located at level 3 in the Palais des Festivals et des Congrès has been THE meeting place for professionals active in the hotel, tourism and leisure industry. Co-hosted by MIPIM, interna and PKF hotelexperts, developers, investors, operators, architects, suppliers and consultants (amongst others) have taken the opportunity to showcase their projects to a target audience. The spectrum of presentations was as diverse as this industry can be, with developments ranging from tourist infrastructure and hotel demand drivers over boutique hotels and urban hideaways to luxury hotels and resorts.

HTL match-making breakfast Friday, 15 March, 10 am, HTL lounge Join peers from the hospitality sector and

indulge in croissants and a good cup of coffee or tea while the exhibitors and partners at the HTL lounge provide statements on the current situation of and the future outlook for the industry. Meet and greet with representatives of the following hotel groups: Ascott, easyHotels, Fairmont Raffles, Meliá, Motel One, Regent, Starwood, Steigenberger, Wyndham.

HTL wrap-up cocktail Leave the hustle and bustle of the fair behind you and join us for a résumé of MIPIM 2013 over a glass of champagne and with nice views of the harbour and the Old Town of Cannes before you head off.

MIPIM, interna and PKF hotelexperts wish to thank their partners and guests for making the HTL lounge a busy and fruitful market place and look forward to welcoming you back in 2014!

34

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

VISIT THE

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

Media & industry partners

Best in Budapest From the MIPIM directly to the Hungarian capital: next Wednesday, March 20, we will open the new Árkád Örs vezér tere II shopping center, in Budapest.

It is located in close proximity to the Árkád I center, which is also under ECE management. Together, they form Hungary’s ultimate shopping location: welcome to 68,000 m2 of leasable area and 200 shops, restaurants, and cafes.

As of now, Árkád I and II represent the largest retail space in the country.

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

at Visit us 1 6.0 Stand 1