Mipim 2015 news 2

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DAY

Wednesday 11 March 2015

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MANCHESTER

LGC buys into MediaCityUK P4

RE-INVEST

Global investors look for value P20

INVESTMENT

ERS targets emerging markets P24

www.mipim.com

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CONTENTS NEWS

NOT TO BE MISSED 9.30-10.30 NETWORKING ROOM HTL, PALAIS -1 n EVENT

18 Tokyo’s financial planning Japan’s capital city seeks to restore its reputation as an international financial centre to rival New York and London 20 Pricing, online retail and logistics The world’s leading investors gather at MIPIM Re-Invest to discuss the issues of the day

ANALYSIS

FLASH MOB HEALTHCARE 10.00-11.00 RED ROOM n PANEL

MASTERMINDS - WHY INVEST IN HOTELS WHEN SO MANY ALTERNATIVE ASSETS ARE AVAILABLE? Co-organiser & Sponsor: JLL

+ hedule

Sc

nce Confere me m a progr P.38

22 France investment A visual guide Top deals 2014 (€500m+)

from USA to France

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$7.868bn

Location

Property

Price

Paris Paris Paris Paris

Coeur Defense Office Beaugrenelle SC Campus SFR Le Madeleine

$1,794bn $964m $937m $570m

SUB-SAHARAN AFRICA: THE MISSING PIECE OF YOUR INVESTMENT PUZZLE? Sponsor: EKO Atlantic 11.00-12.30 VERRIERE GRAND AUDITORIUM n PANEL

Session in French

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ANALYSIS

10.30-12.30 BLUE ROOM n WORKSHOP

Purchaser Lone Star Apsys/Fonciere Du Rond Point Credit Agricole/ Aviva Norges Bank Invt Mgmt

LES MATINS DE L’ECONOMIE LA RÉVOLUTION DIGITALE, LA VILLE, LES NOUVEAUX USAGES CITIES AND THE DIGITAL REVOLUTION: NEW BEHAVIOURS

Paris

Co-organiser: Le Journal du dimanche, Vconférences

from Gulf to France

$24.526bn

Sponsors: Bouygues Immobilier, Consultants Immobilier, JCDecaux, ma-résidence.fr, Oddo&cie, Orange, Renault

$2.432bn

E+, PARIS

EUROMEDITERRANEE, MARSEILLE

15.00-16.00 BLUE ROOM n PANEL

MASTERMINDS: GROWTH OF THE EUROPEAN LISTED REAL ESTATE SECTOR

Lyon

Presented by Sogeprom Stand In 2015 Sogeprom will start work on a comprehensive refurbishment of the Ampere office building, built in 1982 and situated on the main La Defense ring road. Coinciding with its rebirth, the building is to be renamed e+. The refurbishment project has been entrusted to Jean Mas, associate architect at 2/3/4/ architecture who hopes to arrive at new forms of workspace designed to encourage exchange of ideas and wellbeing of occupiers.

Toulouse

Co-organiser: EPRA Source: Real Capital Analytics

Marseille

The Euroméditerranée Urban Development Agency is redeveloping 310 ha of land behind the old docks to the north of the city centre, providing 500,000 sq m of offices, 8,000 new and over 6,000 renovated housing units, major new cultural and educational facilities, and an expanded public transport network. Already the urban redevelopment of former industrial districts has resulted in 20,000 new jobs and homes for 20,000 more inhabitants.

2014 Investment flows (€1bn+) 2014 Top 5 markets

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FEATURES

15.00-16.30 GRAND AUDITORIUM n KEYNOTE

DIGITAL ECONOMY CHALLENGES REAL ESTATE SECTOR : DISRUPTORS AT THE DOOR Sponsor: Lennar International 16.00-17.00 BLUE ROOM n PANEL

DISRUPTIVE STRATEGIES FOR ATTRACTING INVESTMENT IN CITIES

63 Focus on the US US upturn is good news on both sides of the Atlantic

Sponsor: KING ABDULLAH ECONOMIC CITY 17.00-18.00 NETWORKING ROOM HTL, PALAIS -1 n EVENT

65 Focus on Asia-Pacific 175_REGION Tokyo tops the hit-list GROUP_n2_PIM for Asia-Pacific investment

FLASH MOB LOGISTICS

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NEWS

LGC teams with Peel Group to expand MediaCityUK Guillaume Pasquier

HI-TECH PLANS FOR SOUTH-WEST PARIS THE PARIS-Saclay Development Authority is holding a conference at the Paris Pavilion today to launch the results of a study into the business real estate market in the area.

The authority is developing a high-tech cluster at a 35,000 ha location south west of Paris.

Guillaume Pasquier, deputy chief executive of the Development Authority, said the location benefits from two great assets — greatly improved transport connections and the existing high concentration of high-tech activity. Also 15% of French public research and an equal percentage of private activity is located there.

Previously the area was poorly connected to Paris and the rest of the country. However, with the arrival of the Grand Paris metro line serving the area there is renewed impetus to develop further.

“The improvements to transport and infrastructure change the game,” Pasquier said.

Plans will see the eventual development of a two million sq m urban campus split evenly between education, housing and business.

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LGC’s Paul Stanworth

MediaCityUK

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EGA L & Genera l Capital (LGC) has acquired a 50% interest in the Peel Group’s landm a r k M e d i a C it yU K scheme at Salford Quays in Manchester, which is currently valued at £503m.

MediaCityUK is the largest purpose-built creative, digital and technology community in Europe, and the UK’s first media campus. Its vision is to provide a global centre of excellence for innovation and creation, and to be a broadcast hub for businesses to operate across all media sectors.

LGC plans to work with The Peel Group on strategically developing MediaCityUK and the wider Salford area, with the aim of creating the ‘Media Canary Wharf of the North’. Peel will retain

responsibility for both the asset management of the estate and the development management of future plots.

The current asset comprises a 37acre freehold site encompassing studios, office accommodation, incubator space, residential, hotels, and retail and leisure facilities.

In total, the estate offers approximately 1.6 million sq ft of built accommodation, anchored by the BBC, ITV and the University of Salford. It is also home to over 200 other businesses.

“This acquisition fits very much with our intent to invest in urban regeneration outside London.

While we are certainly not excluding London for future investment, it’s a very crowded market and we can see strong potential in long-term partnerships in cit-

The official MIPIM daily newspaper Wednesday 11 March 2015

Director of Publications Paul Zilk Director of Communication Mike Williams

ies around the UK,” said Paul Stanworth, managing director of Legal & General Capital.

“Peel Group is developing all the way from Salford to the Atlantic Gateway and we would hope to form further partnerships with them across the North West.”

Stanworth said that LGC aimed to become a preferred local partner for regional schemes but was aware that to attract other investors it needed to demonstrate that it is a manager “prepared to have skin in the game”.

In this latest deal, LGC acquired a 50% interest in the corporate holding vehicles, Peel Holdings (media) Ltd and Peel Media Ltd. LGC was advised by Legal & General Property and JLL; the Peel Group was advised by Macquarie Capital and Savills.

The MIPIM News team is located in the Palais des Festivals/Level 5 Editorial contact : mipimeditor@gmail.com

EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Proof Reader Debbie Lincoln Reporters Ben Cooper, Mark Faithfull, Steve McCormack, Mark Moore, Liz Morrell, Paul Strohm Sub Editors Clive Bull, Julian Newby, Joanna Stephens Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Nour Ezzedeen, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Olivier Houeix, Phyrass Haidar, Michel Johner, Yohann Mortier Editorial Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Manager Amrane Lamiri Production Assistant Eric Laurent ADVERTISING CONTACT IN CANNES Laurianne Di Cecca +33 6 09 68 32 71 laurianne.dicecca@reedmidem.com 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. Contents © 2015, Reed MIDEM Market Publications. Publication registered 1st quarter 2015.

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IN PICTURES

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MIPIM Opening Cocktail As MIPIM 2015 got under way delegates toasted another successful market at the opening night party at the Carlton Hotel

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TORONTO GROWING CITY

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1 Ranked #1 in the world for long-term real estate investment.

Second most businessfriendly environment in the Americas.

(Grosvernor)

(fDi)

toronto.ca/mipim

STAND #P1.E33

147 high- and mid-rise buildings under construction – more than any other North American city.

IN PICTURES

Hakan Kodel, CEO of Krea Real Estate (left); Misbah Demircan, mayor of Beyoglu Municipality, Turkey; Ahmet Edip Ugur, mayor of Balikeir Municipality, Turkey; Haluk Sur, president of Urban Land Institute, Turkey; and Mehmet Ali Ergin, chairman of Balikesir Municipal Authority

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Jennie Eriksson (left), Yasmin Latif, Christian Fredrikson and Sandra Marffy of Sweden’s Scanprop Development

Dr Ahmet Sahin, vice-president of the Turkish Ministry of Housing Development (left); Ebubekir Koyuncu, board member of ICOC; Selim Yagci, mayor of Bilecik Municipality, Turkey; Vasif Sahin, governor of Istanbul; Ibrahim Caglar, president of ICOC; Lokman Cagirici, mayor of Bagcilar Belediyesi, Turkey; Adil Coskun, board member of ICOC; Sukru Karabacak, mayor of Darica Municipality, Turkey; and Firat Kasapoglu, member of the ICOC

Guido Kellerman (left) and Stefanie Schurer of Orca Real Estate with Petra Steinmetz of Normills

Tezer Palacioglu (left), Ebubekir Koyuncu, and Firat Kasapoglu, Istanbul Chamber of Commerce (ICOC); The Partners’ Hulya Erdogus; Gokhan Avcioglu and Sinem Altay Marrone, GAD Architecture; with ICOC’s Ibrahim Caglar and Adil Coskun

Ibrahim Caglar, president of the ICOC (Istanbul Chamber of Commerce).

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10/03/15 22:12

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Global Real Estate Representative global transactions 2014-2015 The Global Real Estate Group at Dentons acted as legal counsel on the following selected transactions.

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27/02/15 10:03

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NEWS DANA GROWS OUT OF BELARUS BELARUS developer Dana Holdings is in Cannes to identify global opportunities for further mixed-used schemes.

The Minsk-based company, which has a raft of projects under way in Eastern Europe and is examining further emerging markets including Cuba, is at MIPIM to meet local authorities keen to engage in Public Private Partnership (PPP) agreements.

Dana’s deputy director Gary Burrows said: “We are here to do business. We have got a lot of interesting projects going on at the moment. The risk is relatively high in the former Eastern Block countries, but we have been in the region for 30 years and we understand these markets very well.”

Tema Park heads up Ankara’s roll call of key developments

NEW EUROPE IN THE SPOTLIGHT NEW EUROPE Day at MIPIM sets out to raise awareness of the potential of Central and Eastern Europe and South Eastern Europe. CEEQA’s New Europe Breakfast is followed by Poland Today’s Movers And Shakers Lunch at the Deep Design restaurant and panels include The Wall Of Capital: What Does It Mean For The New Europe Property Markets?

Ankara Chamber of Commerce’s Salih Bezci: giving Istanbul a run for its money

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HE MASSIVE real estate operations in Turkey don’t just begin and end in Istanbul. According Salih Bezci, vice-chairman of Ankara Chamber of Commerce (ATO), his city also has some seriously large projects under way, such as the Tema Park project.

“This is a massive theme park three times larger than Disney-

land Paris. On completion, it will take up 3 million sq m,” he said.

The ATO now has 150,000 members. “But one of the main ways we help our local businesses is with our 50 committees that look at, and report on, the various aspects of legislative and planning licensing that affects commercial life in Turkey’s capital city,” Bezci added.

As well as assisting its members, ATO also puts on the annual Ankara Shopping Fest, which will take place for the fourth time in 2015. “This is a shopping festival held throughout the malls and streets of Ankara,” Bezci said.

The month-long event is “a celebration of shopping during the day, with cultural and leisure activities at night”, he added.

mipim HIGHLIGHTS Day one of MIPIM 2015 saw a flurry of activity and events as the international real estate industry got down to business We declare MIPIM 2015 open

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Sake ceremony

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NEWS

Office designer PLP has high hopes for The Edge Vice-minister Kisaburo Ishii with Reed MIDEM CEO Paul Zilk

OLYMPIC BOOST SPURS TOKYO DEVELOPMENT AS JAPAN makes ready for the 2020 Olympics, Tokyo is beginning to experience a boom. Increases in tourism are in prospect and larger residential elements are being included in mixed developments in anticipation of large numbers of visitors, according to Kisaburo Ishii, vice-minister in Japan’s Ministry Of Land, Infrastructure, Transport And Tourism.

“This is changing the character of developments. We are now planning below ground as well as above,” Ishii said, explaining that major infrastructure development is under way with extensive subterranean pedestrian systems.

The earthquake that hit Japan in 2011 is also changing the nature and style of larger buildings. “Japan is keen to be seen as resilient to future earthquakes,” he said.

The government has introduced subsidies to encourage developers of buildings of over 30 storeys to include capacity to accommodate people for a period following any future earthquake. The buildings would also have independent water storage and the capability to generate power, in addition to mechanisms that make the structure physically flexible and less prone to damage.

The 15-storey atrium is a key feature of PLP Architecture’s development The Edge in Amsterdam

P

LP ARCHITECTURE will be eagerly awaiting the results of the MIPIM Awards tomorrow night to see if its project The Edge in Amsterdam has been recognised as the winner for the Best Innovative Green Building award.

The development, designed by PLP for developers OVG Real Estate, was recognised as the most sustainable office building in the world in December when it achieved the highest BREEAM rating ever. The Edge features 21 innovations that have not been used elsewhere including the first development to use Philips networked LED lighting. The building also has 4,100 sq m of rooftop solar panels and a 15-storey atrium that allows

Standing room only in the Istanbul pavilion Crowds enter the Palais on day one

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natural lighting to permeate the workspaces as well as features that allow workers to hot desk and control their individual lighting and temperature levels.

The Edge is already home to Deloitte with the final clients currently moving in.

PLP Architecture is working on designs for the former Pinnacle site in London after it was appointed in February. The site, bought by Axa Real Estate and renamed 22 Bishopsgate, will be 60 storeys high, making it the highest skyscraper in the City of London. “The brief focuses on the quality of the workplace and the public realm and we are looking to set a new standard of workplace,” Karen Cook, founding partner of PLP Architecture said.

Words of wisdom

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NEW YORK

LOS ANGELES

REAL ESTATE LEADER ALONG LUXURY RETAIL CORRIDORS IN GLOBAL GATEWAY CITIES ACROSS

EUROPE, LATIN AMERICA & THE UNITED STATES

PARIS

MIAMI

MEXICO

CANNES

VISIT US AT MIPIM STAND P-1.J55 OFFICES NEW YORK THOR CORPORATE HEADQUARTERS 25 W. 39TH STREET, NEW YORK, NY 10018 +1 212 529 5055 LONDON 67-68 JERMYN STREET, ST. JAMES’S LONDON SW1Y 6NY +44 207 321 6360 MEXICO CITY REFORMA 2620 P16 11950, MEXICO D.F. +52 55 4170 1400

CHICAGO

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LONDON

2/3/2015 5:46:25 PM

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NEWS EURO INVESTORS TARGET HEALTH AND SOCIAL CARE HEALTHCARE represents a major opportunity for real estate investors throughout Europe, with €4bn of transactions completed in 2014 alone, new research reveals.

A report unveiled by specialist healthcare and real estate financial advisory firm Your Care Consult identifies a host of opportunities for investors eyeing health and social care property.

According to the research, Germany has the largest market in Europe, worth €1.5bn in 2014, followed by the UK where £1.2bn of transactions took place.

It also identified a significant drop between the markets of Northern Europe and Southern Europe. Of the countries analysed, Italy and Spain were found to have the lowest potential, due to historically low investment volumes and demand.

Your Care Consult managing partner Stephane Pichon said: “The acquisition strategy of numerous operators as well as European and American real estate investors is paving the way for the creation of a true pan-European market, with promising perspectives in 2015, both for operators and investors.”

International funds to target ‘new’ residential market

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HE UK residential market is ripe for investment and development, a leading fund manager has said.

Speaking to MIPIM News, Residential Land founder and chief executive Bruce Ritchie said that housing in the UK was a “new market” for institutional investors, with international funds set to play a crucial role in stimulating construction activity.

Ritchie, who sits on the residential committee of the British Property Federation (BPF), said that strong rental demand was boosting the returns available to investors, particularly foreign funds and trusts looking to find new assets.

He added that more foreign investment into the residential sector could help stimulate construction activity, which is still far behind what is required throughout the UK. “Historically investment has gone mainly into the commercial sector,” Ritchie said. “Residential is a new market, with returns comparable or better than commercial, and there’s so much more data available.

“I can only see demand from institutions growing; the question is how we can speed this up and encourage more construction.”

He said that the upcoming gen-

Residential Land founder and chief executive Bruce Ritchie

eral election in the UK was creating some uncertainty, and urged the next government not to damage revenue streams in the residential sector by introducing too many taxes which might deter more foreign investment.

In February Residential Land embarked on an ambitious push

This way to the Riviera Welcome to the Grand Duchy

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for further prime central London property, after securing over £650m in one of the biggest refinancing deals in UK real estate history. Residential Land controls five funds in total, including a joint-venture partnership with Canadian firm Ivanhoe Cambridge.

London’s Sir Edward Lister

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Vi strävar efter att använda så grön energi som möjligt till våra projekt och fastigheter. Installation av solceller är ett av flera naturliga val för oss.

Vi arbetar aktivt med att våra fastigheter skall ha bra och ren inomhusluft genom högkvalitativa ventilationslösningar. Detta gör att våra hyresgäster känner sig både piggare och friskare.

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Med den senaste tekniken sparar vi energi och naturresurser samt att våra hyresgäster får snabbast möjliga kommunikation.

Besök oss på www.vivere.se

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WARSAW

A CITY TO INVEST IN, A CITY TO LIVE IN

The city’s strength lies not only in its business advantages but also the satisfaction of those who work and live here.

WA R S AW S TA ND N O. R 8 . D1

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arsaw, as the capital of Poland, remains the country’s main economic and business hub and the leader among CEE countries.

Warsaw’s strong position and its promising prospects for further dynamic development encourage investors to continue or initiate operations in this region. The 2015 forecasts for the countries of Central and Eastern Europe are promising. GDP in this region will grow by 2.5%, i.e. twice as fast as in the Euro zone, and for the fifth year in a row Poland should remain the fastest growing economy in the region. In the report, “Emerging Trends in Real Estate Europe 2015” Warsaw was ranked 14th in Europe, making it the dominant location of commercial real estate in Central and Eastern Europe.

Warsaw’s city centre covers an area of over 15 square kilometres, within which sections of a completely different nature co-exist: the medieval Old Town, rebuilt after the Second World War, modern high-rise complexes, extensive parks and broad commercial thoroughfares.

On its eastern side, Warsaw’s city centre

is bordered by the Vistula – the last untamed river in Europe. We will soon see the opening of the second line of the Warsaw Metro, the effect of which will be to expand the city centre to the west, in the direction of the former workingclass district of Wola, and connect it with the Praga district located on the right bank of the Vistula. The developers operating on the Warsaw real-estate market are not only building new investments, but also renovating existing facilities. A number of investments are being carried out along both the eastern and western stretches of the Metro’s 2nd Line: on the Praga side of the river, the former Pollena cosmetics factory is being renovated by the company Okam Capital, in Wola the Ghelamco company’s Warsaw Spire skyscraper, and new project Mennica Legacy Tower that is a joint venture of Golub GetHouse and Mennica Polska S.A. which will offer close to 65,000 square meters of modern office space located in a 130-meter high tower and its adjacent low-rise building. * The city’s economic potential can be seen in a number of key indicators

that guide investors in their decision making process. Mention should be made of the region’s large and receptive market, land and property offers that are attractive both in terms of price and location, a labour market providing access to highly educated employees, access to scientific research centres, a concentration of business environment institutions, and an appropriate city management policy, including systematic efforts to strengthen the city’s metropolitan functions. All this contributes to the increased interest in the Warsaw market shown by investors and developers. In 2014 alone, more than 276,000 square meters of new office space came onto the market, and the total area of modern office space now exceeds 4.4 million square metres.

Warsaw occupies 6th place in the global Investment Intensity Index, investment intensity being the ratio of the volume of investment transactions in commercial real estate to the size and economic potential of a given city. In this index, Warsaw was only outranked

05.03.2015 13:00

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by London, Oslo, Munich, Stockholm and Copenhagen, ranking it higher than such cities as Paris, New York and Tokyo.

The city’s effective use of EU funds and its commitment to integrated territorial investments, whose aim is economic and social development for the municipalities of the metropolitan area, gives an additional boost to its investment potential. Even through the hard times of the recent economic crisis, the city’s authorities have carried out strategic investments while maintaining the investment budget at the highest level. In the years 20072014, over PLN 8 billion EUR were spent on investments, including 2.2 billion in EU Funds.

The city’s strength lies not only in its business advantages but also the satisfaction of those who work and live here. In terms of quality of life, the city figures exceptionally well. Its welldeveloped roads, sports and cultural infrastructure, green spaces, research facilities and the interest shown in the population and their needs, ensure convenience and functionality on a daily basis. A good example is the Veturilo

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urban bike rental system, considered one of the best in the world – better than the systems found in London, New York or Washington. In turn, Warsaw’s beaches on the Vistula River last year proved to be one of the top 25 places in the world most often visited by Facebook users. According to the Lafarge “Happy city” study, conducted in collaboration with IPSOS, some 81% of those living in the capital do so by choice and feel good here!

1 Erste Group report “Emerging Europe” 2 PwC and Urban Land Institute (ULI) report: “Emerging Trends in Real Estate® Europe 2015” 3 WRF report: Warsaw Research Forum (WRF) consists of seven real estate services firms: CBRE, Colliers International, Cushman & Wakefield, DTZ, JLL, Knight Frank and Savills. The representatives of these companies aim to standardize indices published through collection and comparison of quarterly data.

4 Report by Jones Lang LaSalle conducted between the second quarter of 2011 and the first quarter of 2014.

O U R PA R T N ER S AT M I P I M 2015: BBI Development, Ghelamco, Golub GetHouse, HB Reavis, Kulczyk Silverstein Properties, Okam Capital, Poczta Polska, XCity Investment

*

M ED I A PA R T N ER : Poland Today

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NEWS

Tokyo to reclaim its reputation as major world financial centre

City Lab’s Carlo Ratti: on stage yesterday at the Architecture Cafe

ARCHITECTURE’S STARS COME OUT FOR CAFE TALKS VISITORS to the Architecture Cafe — a new addition to the MIPIM Innovation Forum — yesterday heard cutting-edge presentations from two of the industry’s leading figures, City Lab’s Carlo Ratti and UNStudio’s Ben van Berkel.

Ratti is renowned for his design of Digital Water Pavilion at the Zaragoza World Expo and the extension of the Trussardi fashion house in Milan.

Among the projects designed by Van Berkel are the Mercedes-Benz Museum in Stuttgart and the renovated Galleria department store in Seoul.

The programme of ‘private talks’ in the Architecture Cafe continues tomorrow afternoon, when Kim Herforth Nielsen of Danish practice 3XN will take to the stage to discuss the benefits of sustainable design.

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H E CI T Y of Tokyo is planning to restore its reput at ion as an international financial centre and is in Cannes to encourage Europe’s real estate investors and developers to participate in the transformation.

New special planning zones with relaxed restrictions a nd strea m lined planning processes are being created to make it easier for overseas companies to obtain the property they want. “Tokyo used to be like New York and London, and we would like to return the city to its previously strong position,” said Yoshifumi Iitsuka, co-ordination director in the Tokyo Metropolitan Government’s Bureau of Urban Development.

Iitsuka said the Olympic Games, which are being staged in Tokyo in 2020, are an opportunity to focus international attention on the city. The government has devised a strategy to harness this to boost the city’s financial reputation. The Tokyo Global Financial Centre Task Force was established in May to help the

city create an environment that enables the foreign companies and people of Tokyo to conduct their businesses more effectively.

Mechanisms will be created to attract both foreign and domestic capital to particular growth areas. New financial instruments will be devised to broaden domestic financial assets away from savings-centric methods and human resources will be cultivated that can play an active role in the global financial centre.

Tokyo will also make it easier for skilled foreign professionals to come to Japan and a comfortable living environment is to be created with English-language

Cycle To Cannes reaches the Croisette Cyclists celebrate with Sir Michael Bear

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signage. Projects including the Toranomon District provide an example of the new approach.

Tokyo Metropolitan Government’s Yoshifumi Iitsuka: building Tokyo’s financial reputation

Bullish at Swiss Circle

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mipim

NEWS

Major investors join summit talks Global investors with a combined $500bn of assets under management gathered at the Carlton Hotel for the behind-closed-doors RE-Invest summit. Richard Lowe, editor of IP Real Estate gives his impressions of this year’s event

Participants in this year’s RE-Invest represented over $500bn allocated to real estate

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ome of the world’s largest institutional real estate investors are confident that interest rates will remain low for some time, but they are finding it increasingly difficult to find value.

These were among the key conclusions from the exclusive investor summit held yesterday in Cannes.

Close to 50 professionals from some of the world’s largest pension funds and sovereign wealth funds discussed a series of pressing issues at MIPIM RE-Invest, a closed-door, roundtable event.

Moderators revealed that most investors were not concerned about

Platinum sponsor:

interest-rate risk in the short term.

Investors expect rates to remain low for some time and anticipate a rise only once economic growth returned. There was also seen to be a lack of alternative means of protecting against inflation.

But finding value in increasingly competitive markets was one of the key issues for participants with investors having to become innovative to find attractive opportunities.

“There is a general sense that everywhere is expensive but not every thing is expensive,” one moderator said.

Logistics was one of the most sought-after sectors, but investors

Knowledge partner:

were concerned about accurately valuing assets, the risk of obsolescence and difficulties around building scale.

The sector was seen as benefiting from online retail, but investors still showed interest in retail property.

During a presentation in the morning, Robert White, founder and president of Real Capital Analytics, showed that global investment in retail properties had been above the long-term average for several years.

Investors recognised that the retail property sector was being affected significantly by technological developments, but there

Industry partner:

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Gold sponsor:

was a general consensus that the ultimate impact was yet to be fully understood.

“Retailers are still experimenting,” said one moderator, and so the implications for institutional real estate investors could yet change.

Many investors argued that geographical diversification was becoming less important in a conventional sense. Rather than looking to allocate to specific countries, real estate investors are increasingly looking to invest in “permanent locations” — specific urban areas that are expected to stand the test of time and be thriving in 30 years’ time.

Investors’ lunch sponsor:

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ANALYSIS from USA to France

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$7.868bn

Paris

$24.526bn

E+, PARIS

Presented by Sogeprom Stand In 2015 Sogeprom will start work on a comprehensive refurbishment of the Ampere office building, built in 1982 and situated on the main La Defense ring road. Coinciding with its rebirth, the building is to be renamed e+. The refurbishment project has been entrusted to Jean Mas, associate architect at 2/3/4/ architecture who hopes to arrive at new forms of workspace designed to encourage exchange of ideas and wellbeing of occupiers.

Toulouse

2014 Investment flows (â‚Ź1bn+) 2014 Top 5 markets

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Top deals 2014 (€500m+) Location

Property

Price

Paris Paris Paris Paris

Coeur Defense Office Beaugrenelle SC Campus SFR Le Madeleine

$1,794bn $964m $937m $570m

Purchaser Lone Star Apsys/Fonciere Du Rond Point Credit Agricole/ Aviva Norges Bank Invt Mgmt

from Gulf to France

$2.432bn

EUROMEDITERRANEE, MARSEILLE

Lyon

Source: Real Capital Analytics

Marseille

The Euroméditerranée Urban Development Agency is redeveloping 310 ha of land behind the old docks to the north of the city centre, providing 500,000 sq m of offices, 8,000 new and over 6,000 renovated housing units, major new cultural and educational facilities, and an expanded public transport network. Already the urban redevelopment of former industrial districts has resulted in 20,000 new jobs and homes for 20,000 more inhabitants.

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NEWS SPOTLIGHT ON THE BEST OF BRUSSELS’ ARCHITECTURE ARCHITECTS from Brussels showcased their work at a seminar introduced by Cecile Jodogne, state secretary of the BrusselsCapital Region, at MIPIM yesterday.

A range of architects presented some of their latest projects at the event, which was held in the Architecture Cafe, a new extension to the MIPIM Innovation Forum.

Work highlighted include the Astro Tower, the tallest passive building in the Brussels region, which will be completed this year by Altiplan Architects.

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ERS of Texas aims to be ahead of curve in emerging markets

C

OMMERCIAL and industrial-focused real estate funds in global growth markets are the main focus for Austin-based pension investor Employees Retirement System (ERS) of Texas, according to real estate portfolio manager Adam Cibik.

Cibik said that the company is at MIPIM to evaluate investment opportunities in emerging real estate markets in South America and Asia, particularly India. It is also looking at Turkey, with a view to ensuring it is able to invest in property funds early in the growth cycle.

“Last year, there was a lot of talk about Spain and those that invested early made a lot of money,” Cibik said. “We are looking to

ERS of Texas’ Adam Cibik: investing “a little against the flow”

invest perhaps a little against the flow, in countries where we feel that the growth potential is just beginning.”

FINALIST

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The ERS of Texas fund has around $25bn placed, of which circa 10% is in real estate. Of that, 3% is invested in REITs and 7% in real estate funds. While around 80% of current property investments are domestic, Cibik said that the company was diversifying into international markets.

“This is our second year at MIPIM and we see an increasing amount of capital flowing across borders,” he added. “We come to Cannes to network with potential local partners and to listen to other investors. The industrial sector in particular [is] tied to the global economy. We are typically looking to place $50m in real estate funds and are also considering whether to invest in multiple country funds or in specialist funds.”

MIPIM 2015 HOTEL, TOURISM & LEISURE LOUNGE designed by AW² stand P-1.D29 alley 7 level -1

photo Nam

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www.aw2.com

architecture & interior design

NEWS Session highlights five cities investment-ready for the future

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IVE European cities came together at MIPIM to discuss their econom ic leadership plans. As part of the MIPIM City Investment Forum civic leaders from Amsterdam, Barcelona, Hamburg, Manchester and Stockholm convened for a keynote and panel discussion on the growing importance of the city and how to assert effective economic models through their investment and leadership strategies.

Titled Leading Powerhouses Of The Future, global cities expert professor Greg Clark led the event with a speech on the future of city-led investment strategies. His speech was followed by an open debate led by Mike Emmerich, chief executive of Greater Manchester economic 185_PREQUIN _N2&4_PIM think-tank New Economy.

The speakers pointed to a new cycle in the development of world cities where the old traditional certainties no longer apply. A world city can be regional — it need not be a capital city, it need not be a financial centre. The five cities in the debate can become world cities by offering definitive brands, cultural environments, or distinctive lifestyles.

This comes at a time when each of these cities is developing autonomous leadership structures: • T he Amsterdam Economic Development Board has driven forward a strategy for Amsterdam’s renewed trading success in growing global markets • Barcelona has introduced a new growth strategy supported by an enterprise growth initiative and a new politics and finance accord • Hamburg has continued the redevelopment of HafenCity and

The speakers brought together for the City Investment Forum

the development of a pro-business investment environment • Manchester recently received increased devolved powers from the UK’s central government • S tockholm has created the Stockholm Business Region and the Capital of Scandinavia brand platform “City leadership plays a critical role in raising the long term investment in cities,” Clark said. “City leaders foster the strategies and alliances that make a city open for investment, they promote the financial tools that can leverage co-invest-

WE LOOK FORWARD TO SEEING YOU AT OUR STAND: RIVIERA 7, F.31

ment, and they build long-term relationships of trust with investors.

Cities are investment-ready, if their leaders are investor-savvy. In these five cities we can observe different models of successful leadership that are raising the investment rate in Europe.”

Greg Clark is chairman at OECD LEED Forum on Local Development And Investment Strategies, Global Fellow at the Brookings Institution Metropolitan Programme And Global Cities Initiative, and Senior Fellow at the Urban Land Institute.

Source new investors for funds Identify new investment opportunities Develop new business

Find out how Preqin’s Real Estate Online can help your business:

Conduct competitor and market analysis

www.preqin.com/realestate

Compare fund performance against industry benchmarks alternative assets. intelligent data.

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Confia BV: How Delivering Outstanding Client Services Dictates Business Strategy With more than €2 billion assets under management, Confia BV is keen to embrace new technology in order to strengthen its leading position in an increasingly competitive Dutch market by providing unrivalled client services.

Founded in 2007, Confia BV’s roots stem from a “carve-out” company born out of the former Deloitte Business Process Outsourcing operation in the Netherlands. Today, Confia has more than €2 billion assets under management and mainly focuses on the commercial sector with a portfolio that includes office, retail and industrial real estate. Specialising in process management and outsourcing, Confia helps real estate owners and asset managers realize opportunities and manage risks. “In terms of competition we are mid-size but highly specialised. We provide operational excellence in transaction processing as well as striving to deliver added value that goes beyond administrative and financial services”, said Ralf de Graaf, director of Real Estate Management Outsourcing & Advisory at Confia BV.

all users to gain access to information but have a short learning curve to get them using the platform as soon as possible”, comments de Graaf. “We chose Yardi as a partner, with the expectation that they would deliver these requirements, while assuring above industry security standards, innovation and continuous improvement of the platform. To date we have enjoyed the availability, security and reliability of the platform and Yardi has proven to successfully deliver on all our expectations”.

Open Platform Advantage In an increasingly competitive market it has become essential to implement a software solution that helps ensure the provision of a wider, greatly improved range of services to clients. With the smooth transition to Yardi

“Yardi solutions support our strategic goals to provide best in class services. It is a client facing platform for Confia which makes it a critical part of our business.”

Ralf de Graaf

Director of Real Estate Management Outsourcing & Advisory - Confia BV

Confia Stands for Reliability Confia’s business strategy is founded on providing best in-class property management solutions and services with a philosophy built upon a reputation for reliability. The company delivers compliance, governance and risk management through a transparent and fair approach to clients. Confia quickly developed into a company that delivers clients timely and meaningful insight with flexibility, consistency and control through the deployment of stateof-the-art technology and focused process management.

“Confia’s service proposition required the availability of a software platform that enabled us to realise maximum efficiency in all processes and be accessible 24/7. We also wanted the solution to be sufficiently flexible and allow

Voyager 7S, Confia is fully operational on the Property Management module and makes extensive use of PAYScan, Maintenance and Service Charge functionality while exploring Advanced Budgeting & Forecasting for investment decision-making. “The Maintenance and PayScan modules are critical for our role as a process manager. They interface with our clients’ service management and procurement processes and support technical managers in their activities”, explains de Graaf.

parties can focus entirely on excellent service delivery rather than being distracted by IT ”.

Embracing New Technology Confia BV is now well positioned to take the lead in embracing new Yardi technologies as and when they generate value for their clients. An example is the development of Yardi’s mobile applications. By adopting the mobile apps, Confia has not only sustained their strategy of evolving client services but also brought significant enhancements to the way their employees work. “Since we strategically decided to keep our Yardi implementation standard, we were able to organise the rollout of these apps quickly and with minimum training further improving client services while avoiding the need for customisation”.

Yardi Solutions embedded in Confia BV Growth Strategy Confia predicts an increasingly demanding Dutch market and as such continues to evaluate further Yardi innovation to assess the potential to add value. Orion Business Intelligence, Commercial Leasing Pad, Commercial Café and Investment Management are all on the company’s radar. “Confia embraces Yardi’s solutions and we see ample opportunity to continue building on the existing configuration to deliver enhanced solutions for clients. Yardi has grown significantly over the past years, both in terms of support processes and functionality.

We like Yardi Systems’ track record, great flexibility and their leading position in the global property management software market.

Yardi has shown itself to be a reliable partner for Confia and we look forward to a continued partnership”, explains de Graaf.

Confia uses Yardi as an open platform and allows third party partners direct access to ensure transparency across the business. “Partners work on the same platform to centralise data while reporting back to our clients on their portfolio’s performance. Another benefit of providing access to our Yardi-platform is the fact that

Investment, Asset and Property Management Software To learn more visit Yardi at MIPIM 2015 - Riviera Hall - Stand R7.F27

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NEWS

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Spectacular city model shows Istanbul’s scale

Coventry and Warwickshire at MIPIM 2015 Come and visit us at our Coventry and Warwickshire partnership stand: P-1.F82 Wednesday 11th March:

ICOC president Ibrahim Caglar unveils Istanbul model

I

14.30 – 15.30 HS2: Linking cities to investment (Greater Birmingham stand R7.B12)

BRAHIM Caglar, presid ent of t he I st a nbu l Chamber of Commerce (ICOC) unveiled the impressive 96 sq m Istanbul model yesterday, now on show in the 300 sq m ICOC pavilion outside the Palais.

Caglar said the 1:1000 scale model was created especially for MIPIM and is designed to showcase some of the city’s monumenta l const r uction projects currently under way.

These include Kanal Istanbul, Istanbul’s third airport, the third bridge joining Asia and Europe, the Marmaray undersea rail tunnel, the Eur-

15.30 – 17.00 Race with the Wasps at MIPIM (Coventry and Warwickshire Partnership stand P-1.F82)

Meet Aviva Premiership Wasp players, Joe Launchbury and Chris Bell, compete with them on our never seen before MIPIM racetrack and learn more about Coventry and Warwickshire.

Thursday 12th March: 09.30 – 10.30 The West Midlands - Home of UK automotive from research to the road (Coventry and Warwickshire Partnership stand P-1.F82)

asia Tunnel and the Istanbul International Finance Centre.

World famous places of historical and cultural interest are also featured in the model.

“There are over 40 huge construction projects currently under way in Istanbul with a cumulative total investment of over $30bn (€28bn),” Caglar said.

“The Istanbul COC came to MIPIM to demonstrate the confident nature of the city and its massive and thriving real estate sector to domestic and foreign investors, with a view to encouraging future collaborations,” he added.

Peter Rhodes steps down PETER Rhodes OBE, managing director of Reed MIDEM’s London office, is stepping down at the end of May, after 31 years at the company.

“During his long career with Reed MIDEM, Peter’s outstanding sales skills and industry knowledge have contributed significantly to the success of our international television, music and real estate events,” Reed MIDEM chief executive Paul Zilk said. “We are grateful for his loyal service to our company.”

Reed MIDEM’s Peter Rhodes Peter will remain available to advise Reed MIDEM in the months following his departure. Peter Rhodes joined Reed MIDEM as sales director in 1983. He was promoted to managing director of the company’s London office in 1988. In 2007 he was made an Officer of the Order of the British Empire for promoting British business interests in France.

We have teamed up with Birmingham, University of Warwick, Jaguar Land Rover and Black Country LEP for an exclusive debate on the region’s world class automotive and engineering capability.

15.30 – 16.30 A Question of Sport with the Wasps (Coventry and Warwickshire Partnership stand P-1.F82)

Join Aviva Premiership Wasps rugby players Joe Launchbury and Chris Bell alongside the Coventry and Warwickshire Team.

Stand P-1.F82

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US real estate is responding to changes in the workplace

T

HE US is beginning to catch up with Europe, responding to corporate demand for real estate that supports new working models and manufacturing techniques, according to The Counselors of Real Estate (CRE) chair Noah Shlaes.

Shlaes, who is speaking on a Next Generation USA Real Estate panel this morning, said that with less pressure on land in the US than in Europe, in the past demands to create more flexible and innovative work space in America had been far lower than in Europe. However, the increase in remote working and technology advances had now made access to appropriate real estate more of a priority.

“Until recently corporations would typically build more workplaces further out from the city centre if they needed additional space,” he said. “However, communications and transparency have now made more

CRE chair Noah Shlaes

creative approaches necessary, as has the ability to compare the efficiency and performance of offices anywhere in the world.

I think technological advances like 3D printing may well have a similar impact on manufacturing.”

Shlaes, who is also senior managing director at Chicagobased Newmark Grubb Knight Frank, is in Cannes to represent the 1,100-member CRE and to meet with European members.

Trenka sees potential in Turkey

HB Reavis group CEO Pavel Trenka

C

ENTRAL and Eastern European developer HB Reavis is in the final stages of negotiations for its first joint venture in Turkey.

The move follows the establishment of a Turkish office for the company two years ago.

HB Reavis’ first project in the country will comprise an office development of around 100,000 sq m in Istanbul. Once signed, construction of the project is likely to begin at the end of this year or the first quarter of next year with completion likely to be 2018.

HB Reavis group CEO, Pavel Trenka, said Turkey offered an attractive option for expansion.

“We believe in the long-term fundamentals of Turkey. It’s underdeveloped and has huge potential and we want to be part of the growth story of Istanbul,” he said.

The company currently has 10 projects under construction in Poland, the Czech Republic, UK and Slovakia. As well as Turkey the company is also in the final stages of an acquisition of a project in Hungary. Trenka said he was looking for further opportunities in all markets.

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City schemes target young professional rental market

P

RIVATE rented sector specialist The Collective is to open its first new-build scheme in London by the end of the year and will submit plans for a second scheme by Q2. The company is also looking at opportunities in New York.

Old Oak Common in North West London will provide 323 serviced rooms for young professionals and will also include 10,000 sq m of common space including a library, laundry room, secret garden, private dining rooms and workspace. Its second scheme is a residential tower in Stratford, East London.

The scheme comprises studio rooms with common spaces and high design and service components, aimed at young professionals wishing to rent at affordable rates in the UK capital.

“We are really looking to serve a growing desire among young professionals to live in highquality environments but who don’t want to buy,” said The Collective CEO Reza Merchant. “It’s all about accessi-

The Collective’s Reza Merchant

bility. With this model we can provide very high standards of living, leisure and workspace at an affordable cost. We’re targeting professionals earning £20,000 to £40,000 a year and at Old Oak Common rooms will start at £220 per week.”

Once the current pipeline is complete, The Collective will operate around 1,500 rooms around London and Merchant said the company is now looking at opportunities in other cities, particularly New York.

“We feel the model is well proven now and we feel it’s best suited to very cosmopolitan cities, so we’re looking at New York at the moment,” Merchant said.

New homes needed for London

O

VERCOMING the challenges facing the London residential market will require the implementation of a co-ordinated range of policies, according to CBRE’s chairman of residential, Mark Collins.

Collins was a speaker at Tuesday’s Delivering Homes For London event at the London stand, which explored possible solutions to the city’s housing shortage.

Collins estimates that around 52,000 new homes are needed in the city. While some progress in stimulating the market has been made in the past 12 months, continued international demand and a resurgence in domestic activity, means that big challenges lie ahead.

Means of encouraging small- and

30

CBRE’s Mark Collins

medium-sized housebuilders must be found to help bridge the supply gap, he believes. Initiatives to unlock the planning process and help identify development opportunities, as well as financial incentives, will be needed.

Meanwhile, the lack of stock and availability in certain markets will continue to drive development in non-core areas, with infrastructure improvements, such London’s east-west overground railway, Crossrail, having a major impact.

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MIPIM 2015 NEW EUROPE AT MIPIM 2015 Wednesday March 11th CEE MARKET: Czech Republic, Estonia, Hungary, Latvia, Poland, Slovakia, Ukraine

9.30-11.00

CEEQA EVENT - Open to all Deep Design Restaurant, Level 3, Palais des Festivals New Europe Breakfast: CEEQA will lead the first ever New Europe Day dedicated to the CEE & SEE markets with a breakfast reception and business mixer for key real estate business leaders, operators and city officials and administrators, including announcement of the CEEQA 2015 Awards short list and winners of the year’s Real Green Awards for green building.

11:00 - 12:15

CEEQA EVENT - Open to all Red Room, Level 3, Palais des Festivals Insight Summit: The Wall Of Capital – What does it mean for the New Europe property markets?

One of the most pressing issues for the New Europe property markets today is the impact and implications of a ‘wall of capital’ looking for new homes in the continued low interest environment and targeting European real estate assets: ■ What is it and where is it coming from?

■ What attractions do the CEE and SEE markets hold?

■ What opportunities and challenges does it present and how and where it should be deployed to optimize its impact?

12.30 – 14.00

POLAND TODAY EVENT- By invitation only Deep Design Restaurant, Level 3, Palais des Festivals Poland Today ‘Movers & Shakers Lunch’ Network with city officials, Polish & international investors and leading real estate professionals at the first ever Poland Today ‘Movers & Shakers Lunch’, part of the New Europe focus at MIPIM.

14.30 - 16.00

POLAND TODAY EVENT - Open to all Red Room, Level 3, Palais des Festivals Primetime Poland conference: With Poland flexing its muscles as the CEE’s ‘indispensible nation’, join the debate about the market’s future with leading figures in the Warsaw & Polish property markets. Key issues to be discussed include: Panel 1: Poland: the EU’s most aspirational nation

■ Will Poland continue to outperform its European partners?

■ Which cities are most attractive to investors for office & retail?

■ Transport & logistics: is Poland the new regional hub?

Panel 2: Warsaw: New premium locations emerging

■ Is Warsaw really the CEE’s pre-eminent city?

■ Has Poland’s capital reached its office & retail space limit for the near future?

■ Wola district - is the CBD moving west?

■ The east side of the river – how much potential for commercial real estate?

■ The changing retail map - where will future Warsaw malls be located?

16:30

Cocktail on Warsaw stand n° R8 D1 - By invitation only CEE CITIES AND REGIONS EXHIBITING AT MIPIM 2015

BALTICS

Vilnius, Riga, Tallinn

CZECH REPUBLIC

Prague, City of Ostrava, Moravian silesian Region,The Region of Central Bohemia, the Region of Karlovy Vary

HUNGARY

Budapest

POLAND

Warsaw, Gdansk, Cracow, Poznan, Wroclaw, Katowice, Gliwice, Lodz, Torun, Bydgoszcz, Grudziadz, Brodnica, Wloclawek, Kujawsko-Pomorskie Region, Lublin, Lubartow, West Poland - Lubuskie Region, East Poland - Lubelskie Region

UKRAINE

Kyiv

UPDATED INFORMATION REGARDING THE SPEAKERS, PLEASE CHECK REGULARY ON OUR WEBSITE (http://my.mipim.com/plan-my-agenda/Programme-Planner/speakers)

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The best investment in Hotel industry in Punta del Este Uruguay

your best partner in South America more than 40 years of sucessful history in the region

The best value for your money in emerging markets like Peru Club Nautico Asia Resort

1 km of the most extraordinary beach The biggest time sharing acomodations in Peru Tennis. Soccer. Kids corner Swimming pools

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NEWS

mipim 209_DREISCHEIBENHAUS_N1à3_PIM

Unity is strength for trio of Southern Ontario mayors

VOTE FOR

WIRTSCHAFTSWUNDER MADE IN GERMANY

Canada in Cannes: Ken Hewitt of Haldimand County (left) with Robert Wilhelm of Perth County and Roger Anderson of the Municipality of Durham

T

HE MAYORS of three Canadian regions in Southern Ontario are in Cannes for the first time to promote the opportunities back home to a global audience.

Robert Wilhelm of Perth County, Roger Anderson of the Municipality of Durham and Ken Hewitt of Haldimand County see MIPIM as a way of establishing a greater presence on the international stage than would be possible if they acted alone.

The regions offer a range of opportunities. Perth County, which consists largely of agricultural land, is hoping to attract food-processing industries to set up close to areas of production.

Haldimand County is promoting the land zoned for heavy

industry, which is available in attractive locations and is well served by infrastructure and transport links. Durham, meanwhile, is looking to build on its recent success in attracting phase one of the dLAB development. This will see 67,000 sq m of research and business space provided on a site just 40 minutes from downtown Toronto.

The mayors are confident that Southern Ontario, which offers significantly cheaper land prices than in nearby cities, has good opportunities for growth looking ahead 10 to 15 years.

“We have over 5,000 acres of land zoned for heavy industry.

This is a unique offering as land of this nature near heavily populated areas is nearly impossible to find,” Hewitt said.

Praxis sells Iceni for £16.1m PRIVATELY owned property investor Praxis Holdings

has sold the Iceni Centre office complex at the Warwick Technology Park in the UK’s The Iceni Centre office complex at the Warwick Technology Park

Midlands to the Local Authorities Mutual Investment Trust (LAMIT) for £16.1m (€22.5m) reflecting a sub-7% yield. Praxis acquired the building in May 2013 and its tenants include Alliance Medical, Rolls Royce and Siemens.

Gabriel McLaughlin, director and head of asset management at Praxis, said: “We are pleased to have completed the sale at a price that reflects a significant out-performance of our original business plan, two years earlier than forecast.”

A JOINT-VENTURE OF AND

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NEWS 193_AEW_N2_PIM

Olympic Residence puts Ulan Bator on the map

There is no substitute for local expertise and insight when searching for the best real estate investments. It is this knowledge and experience that has built AEW Europe’s reputation as one of the leading real estate investment managers in Europe. AEW Europe continues to expand its European platform with more than 280 people managing real estate across Europe.

M

ONGOLIAN developer Asia Pacific Investment Partners debuts the final phase of its Olympic Residence at MIPIM this week. The 35,000 sq m mixed retail and residential scheme, located in Ulan Bator, consists of four floors of commercial space and 12 of residential space, including 86 luxury apartments. It is due for completion later this year.

Daniel Press, deputy chief operating officer of Asia Pacific

www.aeweurope.com

Investment Partners, said Mongolia offered huge opportunities for investors: “It may not be on the radar of many investors yet, but Mongolia is a hugely exciting market. Large-scale infrastructure projects are driving economic growth and it benefits from an estimated $1.3 trillion of untapped natural reserves.”

Mongolia, which has achieved a double-digital GDP growth rate every year since 2011, is already home to a number of luxury brands, including Hugo Boss, Burberry and Louis Vuitton.

Marseille builds new future

B

OUYGUES Construction’s property development subsid ia r y Cirmad Grand Sud is further developing the area round the Prado Shopping Centre in Marseille.

The project, worth more than €90m, will be carried out on behalf of owner Klepierre.

With a surface area of roughly 23,000 sq m, the shopping centre is part of the property com-

plex accompanying the Stade Velodrome football stadium.

Alain Loyer, director of Cirmad Grand-Sud, said: “Through this shopping centre, we are taking part in the creation of the sustainable residential neighbourhood surrounding Marseille’s Stade Velodrome stadium, which was built by our teams.

The neighbourhood will include homes, an office complex, a hotel and a health centre.”

NAI apollo breaks €1bn mark GERMANY’s NAI apollo group, which is made up of four

independent consultancies, oversaw leasing and investment transactions worth €1bn in 2014.

The group also managed a total real estate portfolio worth over €1.5bn across its property management division, and €600m in its asset management arm.

Managing partner Andreas Krone said: “In 2015, against the background of a flourishing investment market and recently joined partners and venues — such as those in the Munich and Ulm metropolitan regions — we expect to see further growth for our interdisciplinary real estate advisory network specialised in commercial property.”

NAI apollo is a made up of Apollo Global Management, corealis Commercial Real Estate, Cubion Immobilien and Volckers & Cie Immobilien. The group, which is headquartered in Dusseldorf, is present throughout Germany.

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WED N ESDAY IN BRIE F WEDNESDAY 11 MARCH BLUE ROOM

RED ROOM

Russian Breakfast* [Event] - Majestic Hotel 8.30 - 11.30

Discover Istanbul: the capital of finance, potential and culture [Panel] 9.30 - 10.30

New Europe Breakfast [Event] Deep Design Restaurant, Palais 3 9.30 - 11.00 Sponsor: CEEQA

Co-organiser: Istanbul Chamber of Commerce

ORANGE ROOM

GREEN ROOM

OTHER LOCATIONS

US Breakfast* [Event] - Gray d’Albion Hotel, Salon 4 saisons 8.30 - 10.00

UK Breakfast* [Event] Carlton Hotel, Salon La Cote 8.30 - 9.30

Japan Breakfast* Property Market Japan at the Global Stage - Why invest now?

[Event] - Majestic Hotel, Salon La Baule 8.30 - 10.00

Global investors: creating value in an environment of rising capital inflows and interest rates?

[Panel] 10.00 - 11.00

Next generation USA Real Estate: next investment opportunities?

[Panel] 10.00 - 11.00

Sponsor: Ivanhoe Cambridge

MASTERMINDS Why invest in hotels when so many alternative assets are available?

[Panel] 10.00 - 11.00 Co-organiser & Sponsor: JLL Hotels

Sub-Saharan Africa: the missing piece of your investment puzzle?

10.30 - 12.30 Case Study: Investing in Lagos Real Estate: Eko Atlantic City [Workshop] Sponsor: Eko Atlantic

New Europe: Insight Summit: The Wall of Capital What does it mean for the New Europe real estate markets?

[Workshop] 11.00 - 12.15 Co-organiser & Sponsor: CEEQA

Movers and shakers Lunch* [Event] - Deep Design Restaurant, Palais 3 12.30 - 14.00 Sponsor: Poland Today

MASTERMINDS Growth of the European listed real estate sector [Panel] 15.00 - 16.00 Co-organiser: EPRA

Disruptive strategies for attracting investment in cities [Panel] 16.00 - 17.00

Primetime Poland Panel 1: Poland: the EU’s most aspirational nation Panel 2: Warsaw: New office & retail destinations emerging [Panel] 14.30 - 16.00 Co-organiser & Sponsor: Poland Today

Trends & opportunities in logistics infrastructures: [Panel] 11.30 - 12.30 - Customer centricity and logistic opportunities - Barcelona - Catalonia: The logistic hub in Southern Europe

Sponsors: Gesvalt & Roca Junyent * By invitation only events

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Overview followed by 2 case studies Latest trends and innovative solutions in smart buildings [Workshop] 11.30 - 13.00 Case Study 1: Collaboration drives better mixed-use sustainable buildings Sponsor: Grontmij

Case Study 2: BuildTog - Affordable buildings in nearly-zero energy performance

Sponsor: Barcelona - Catalonia

Sponsor: BASF

Mayors’ Lunch* [Event] - Majestic Hotel, Salon Croisette 13.00 - 14.30

Case Study Natura Do Rio 14.00-14.30 European healthcare comes of age: where international capital & demographics align for further market growth [Workshop] 14.30 - 16.30 Sponsor: Corpus Sireo Holding Gmbh & Co. Kg Followed by cocktail sponsored by Healthcare REIT

Sponsor: COFECI

Latest trends and innovative solutions in smart buildings 14.30-15.30 Case Study: Changing the skyline of Madrid The New BBVA Bank HQs [Workshop] Sponsor: Hill International

The “Grand Paris” project, growth accelerator [Panel] 15.30 - 16.30 Navigating risks in investment markets of the future [Panel] 16.30 - 17.30 Co-organiser: RICS Followed by RICS drinks reception

Retirement-home properties in Germany: an attractive and stable asset class [Panel] 17.00 - 18.00 Sponsor: Threestones Capital

Flash Mob Healthcare [Event] Networking room HTL, Palais -1 9.30 - 10.30 Mayors’ Think Tank* Disruptive strategies for attracting investment in cities [Summit] Majestic Hotel, Salon Diane 11.00 - 13.00 Sponsor: Arcadis

Occupiers’ Workshop*: Impact of disruptive technology on corporate real estate strategies [Summit] Majestic Hotel, Salon Royan 11.00 - 13.00 Sponsor: Schneider Electric In association with: ADI & CoreNet Global

Les Matins de l’Economie du JDD - La révolution digitale, la ville, les nouveaux usages [Panel] Verrière Grand Auditorium, Palais 1 11.00 - 12.30

Sponsor: Arcadis

Sponsor: King Abdullah Economic City

Focus on Spain: from hell’s door to real estate haven?

[Panel] 17.00 - 18.00

Co-organiser: New York University

Co-organiser: Dr. Leonard Meyer zu Brickwedde

Co-organisers: Le Journal du Dimanche & V.Conférences (Session in French)

Digital economy challenges real estate sector: disruptors at the door [Keynote] - Grand Auditorium 15.00 - 16.30 Sponsor: Lennar International Followed by a refreshment courtesy of Cushman & Wakefield

Co-organiser: Objectif Grand Paris

Innovation at the heart of smart cities 17.00-17.30 Case Study: A small town with big data and countless possibilities Sponsor: Bumbee Labs

Flash Mob Logistics [Event] Networking room HTL, Palais -1 17.00 - 18.00

Programme as of February 23rd 2015, may be subject to change

05/03/2015 15:08

mipim

NEWS

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Poland heads investment growth in Central Europe

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NVESTMENT volumes across Central and Eastern Europe (CEE) totalled €7.8bn in 2014, up from €6.2bn in 2013, according to JLL. Poland remained the leading regional market with a share of around 41%, followed by the Czech Republic and Romania.

JLL advised on 52% of CEE real estate investment deals during the year, equating to €2.5bn.

The industrial sector was particularly active with several high-profile portfolio sales.

Meanwhile, 2014 saw the highest Polish office investment volumes since 2006, totalling €1.8bn. The office sector in Poland’s regional cities also attracted more investor interest than ever before, with over €440m of transactions in 2014.

This is more than the total transactional volume in these markets for the previous five years combined.

The coming year is again ex-

RENDEZ-VOUS

Marseille Métropole

pected to deliver good results, with landmark deals anticipated across all sectors. Increasing interest in Poland and the CEE is also reflected in the number of investor presentations and meetings plan by JLL at MIPIM this year.

The Poland market will be further boosted by the 29-storey Warsaw Spire, which was recently topped out by developer Ghelamco. Designed by Jaspers-Eyers Architects, the 220 m high mixed-use tower stands between Warsaw’s famous Palace of Culture and Science and the Warsaw Rising Museum and will be the tallest building in Poland.

The Warsaw Spire central tower is accompanied by two recently completed 16-storey 58.5 m buildings allowing the overall 129,300 sq m project to mix with the existing urban fabric.

Construction of the central tower is due to complete in 2016.

MIPIM 2015 / R7- E57

Deutsche Hypo backs Warsaw GERMAN bank Deutsche Hypothekenbank is financing the acquisition of the Metropolitan building in Warsaw, backing fund manager Spezial Invest, which is taking over the mixed-use development.

Spezial Invest is borrowing €133.4m to take over the building, which contains both office and retail space. With a total leasable area of 38,000 sq m, the Metropolitan sits off the Plac Pilsudskiego, one of Warsaw’s largest public squares.

Deutsche Hypo’s Andreas Pohl said: “By financing the Metropolitan, Deutsche Hypo has set a sign on the Polish market. We have added one of the most important properties in the centre of Warsaw to our financing portfolio.

“We have set the ground for our business in the Polish market and are negotiating further interesting deals.”

Deutsche Hypo first entered the Polish market in March last year.

Home to industrial and scientific innovation - Henri Fabre, PIICTO, ITER and the Marseille Immunopôle cluster and a model for the sustainable cities of the future with the EcoCity

by Euroméditerranée, the status of Marseille Métropole as a euro-mediterranean capital is confirmed.

Call for review of daylight guidelines LOCAL authorities must look again at their work around daylight and sunlight in inner-city centres, according to Gordon Ingram, senior partner of multidisciplinary surveying and design consultancy GIA. Ingram is calling for a review of current

“stringent” guidelines.

GIA has brought a team of eight consultants to MIPIM and is sponsoring the London Chamber of Commerce stand in the London Pavilion. It is also showcasing its 3D model of London in Cannes.

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NEWS

Eva Jiricna’s gabled villa includes open and private spaces

John Pawson’s chateau pool at Oaks Prague

Architectural visions revealed for Oaks Prague development

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HREE architecture practises have drawn up designs for key buildings in Oaks Prague, a new residential village development close to the capital of the Czech Republic consisting of 220 residential units of varying topologies.

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The scheme is managed by Czech Republic-based Arendon Development Company, led by CEO Robert Davies, who is at MIPIM this week.

At the heart of the Oaks Prague village is a scheme by UK architect John Pawson. The project, which features a hotel, spa,

restaurant and clubhouse, integrates a 19th century chateau and farmstead into a new mixeduse complex.

Richard Meier & Par tners has designed the Frontline Apartment Building, which comprises several clustered structures with varying eleva-

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Richard Meier’s Frontline apartment building features varying elevations

tions, oriented towards the village’s nine-hole golf course.

As well as residential units, the building also includes a fitness centre and an indoor pool.

Eva Jiricna of AI-Design has developed a low-gabled villa adjacent to the Frontline Apartment Building. The design includes a range of open and private spaces.

Arendon Development is also working alongside a team of young architectural practices, which are designing a series of homes as part of the wider development.

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Mayor of Antalya says city is a destination for investment

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HE SOUTHERN Turkish city of Antalya is promoting a series of visionary schemes at MIPIM. These include the Konyaalti Coast project, the

Bogacayi river project, the Kepezalti central urban renewal project and the cruise port.

These are all intended to put the city on the map for investment as well as a holiday destination.

“Our vision for Antalya is to set up a five-star world city,” Menderes Turel, mayor of Antalya metropolitan municipality said.

He highlighted the city’s rich history and culture, and its new

status as a world tourism hub, hosting a record 12.5 million tourists in 2014. Antalya is also a leading city for house sales to international buyers, and second in Turkey in terms of the number of firms with foreign investment, he said.

“Now by adding the slogan ‘Invest in Antalya’ to our existing well-known slogan ‘Visit Antalya’, we will attract investors from all over the world.”

Antalya’s Konyaalti Coast project

Menderes Turel, mayor of Antalya

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Renewable Energy Projects in Atlantic Canada

The City of Summerside is recognized as a Canadian leader in sustainable infrastructure and investment. Our commitment to renewable energy is matched only by the innovative partnerships we create in this sector. At MIPIM, Summerside is seeking new partners to help take our efforts to the next level, and to further increase the energy generated through renewable sources in Atlantic Canada and beyond.

Visit us at the Canadian Pavilion ( P-1.D38 ) to find out about investmnet opportunities.

Contact Michael Thususka Ec.D., Director of Economic Development miket@city.summerside.pe.ca for more information.

Prince Edward Island, Canada

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NEWS An EU exit would be bad for UK, but deal needs a rethink

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HE UK needs Europe despite speculation over a ‘Brexit’ (a British exit) from the EU, a prominent cross-border agent said.

Speaking at an event yesterday morning, Colliers International’s head of cross-border capital markets for the EMEA region, Richard Divall, said that it was in the UK’s best interests to stay in the Union, but that the “terms of the deal” were in need of renegotiation.

Divall was commenting as part of a session to discuss the wider outlook of the global capital markets, held by Colliers on the first day of MIPIM. The event — How Long Will This Property Bull Market Last? — was led by Colliers EMEA research director and economist Walter Boettcher,

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Colliers International’s Richard Divall: “UK needs Europe”

who said that globally one of the key challenges facing investors was “too much money chasing too few assets”.

He continued: “We are seeing balance-sheet success, which is not really success at all. There

is a lack of development and a lack of quality space. In certain markets, a lack of quality space is starting to hold back growth.

Are there sufficient standing investible assets to satisfy steadily increasing demand?

If you think strictly about real estate offering secure long-term income that can be used for annuity liability matching, the answer is probably not.”

Boettcher said that the way that interest rates are managed around the world is likely to have the most impact on the longevity of the current cycle. Until anticipated rate increases in the US, the UK and the Eurozone, the bull market is likely to remain largely unaffected, despite the uncertainties caused by the geopolitical climate.

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BIG MAKES SPLASH WITH NYC DRYLINE DANISH architectural practice BIG comes to MIPIM with news of its major infrastructure programme in New York.

The Dryline flood barrier project has been has been awarded the MIPIM AR Future Award by Architectural Review magazine.

The first two-mile stretch of the 16km storm protection and social infrastructure project, which received $335m in funding from the US federal government, will be completed by 2020.

The Dryline consists of a series of ramps, berms and walls, often disguised, which will be put in place to combat the danger of sea levels rising in the evet of a hurricane hitting the city.

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NEWS Dutch cities and investors join forces to showcase ‘sweet spot’

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HE NETHERLANDS’ largest cities have renewed their commitment to MIPIM by joining forces with real estate organisations this year at the Holland City pavilion.

Amsterdam, Rotterdam, The Hague and the Municipality of Haarlemmermeer are exhibiting alongside leading investors and private sector partners. Their presence highlights the strength returning to the Dutch real estate market which has seen increased investment over the past 18 months and the first residential price rises for five years.

The three exhibiting cities together comprise the bulk of the Randstad urban conurbation — the business and demographic heart of the Netherlands economy.

According to the partners, changes in government legislation to level the playing field for private property investors, positive market fundamentals and demographic developments in the main Dutch cities are combining to create a once-in-a-generation investment ‘sweet spot’.

This is offering real estate investment opportunities in sectors ranging from residential, to offices and retail, hotels and student housing. Of particular interest are innovative investment ideas such as healthcare real estate, or the transformation of redundant office space into attractive rental apartments with cutting-edge sustainability features built in.

Visitors to the Holland City pavilion will learn about the investment market across the various

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AMSTERDAM HAS THE KNOWLEDGE ELSEVIER and the City of Amsterdam launched a joint report yesterday at MIPIM on Amsterdam’s position as a sustainable knowledgeable economy.

The duo claim that by building its future on a foundation of research Amsterdam will prove an attractive location for real estate investors, developers and employers alike.

The report says Amsterdam is ranked first and second in terms of relative volume and impact of medical research when compared against 10 other European cities of comparable size and standing.

Another strength is computer science with output growing by 9% per year over the past decade and doubling between 2004 and 2013.

Bob van der Zande, director of residential markets, Development Corporation City of Amsterdam greeting visitors to the Holland City pavilion

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mipim

NEWS Breakfast panelists expect more Japanese investment

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HILE Japanese investors to enter and in Asiainvestors a re Pacific that narrows the choice i n c r e a s i n g l y to Japan, Korea, Australia and looking abroad New Zealand. again for invest- Japa n’s Dy nast y Hold i ng ment, there are good reasons for International managing partner overseas investors to consider Patrick Wu said that after the investment in Japan, according global financial crisis there is a to panelists at Tuesday’s Japan greater inclination to seek incomeBreakfast. producing property rather than foGenerali Real Estate France’s cusing on capital gains. Although head of research and strategy he added that in Japan there is Jacques Plas said that it is impor- potential for capital gains as well. tant to look at the productivity of While cultural issues are somea country when contemplating times identified as obstacles investing there and not just focus to investing in Japan, Paul on gross domestic product or the Watkinson of GE Capital said demographic dynamics. He said that he does not feel that cultural that Generali invests in Japan “not differences are any greater than for GDP growth but because of the in Italy or Britain. power that we see in the economy”. Katsuji Okamoto of Mitsubishi He added that OECD coun- Corporation’s real estate asset tries are easier than others for management department point042_BONNVISIO_N1&2_PIM

ed out that only 30% of Japanese property is currently securitised which, when compared to the US, means there is still a long way to go.

Generali Real Estate’s Jacques Plas

Mitsubishi Corporation’s Katsuji Okamoto

Tuesday’s Japan Breakfast: Expect more capital to flow to and from Japan

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mipim

NEWS Balikesir makes Cannes debut as part of ‘modern city’ strategy

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HE CITY of Balikesir comes to MIPIM for the first time. Capital of the eponymous region between Turkey’s Marmara and Aegean regions, traditionally known for olives, olive oil and carpet making, the city – with a population of 332,000 people – is looking to invest in new industries and developments.

Ahmet Edip Ugur, mayor of the metropolitan municipality, said: “We are thinking big for Balikesir. For a city to become a magnet of interest, I believe that MIPIM is an opportunity for municipal administrations which is not to be missed in terms of bringing together potential investors in our highly profitable investment projects.

“As a metropolis we continue our 200_BITARGIL_N1_PIM

Ahmet Edip Ugur, mayor of Balikesir

efforts and operations to adapt.

We especially plan to promote the projects in our development pipeline, in logistics, industry, tourism, energy and real estate.”

He added: “We believe that these projects will contribute to the mod-

ern city planning which we started, while promising a reasonable rate of returns to the private sector. We have no doubt that attending this international event will have positive effects on our vision and our projections.”

UK AUTHORITIES SHOULD RELAX RESTRICTIONS SAYS DEVELOPER HUB LOCAL authorities at MIPIM are being warned by London property developer Hub not to sacrifice quality for quantity in the push for new homes.

Hub development director Steve Sanham warned that local authority planning regulations often focus on the wrong aspects of design, meaning many buildings look very similar and are of inferior quality. He added that public budget cuts and understaffed councils could restrict innovation.

“A rigid adherence to guidelines, which allows other developers to concentrate on building schemes to ‘get over the line’, will sacrifice longterm quality that offers the wider community benefits we must support,” he said.

TODAY AT 18.30

MIPIM JAPAN COCKTAIL In presence of Mr Kisaburo Ishii, Vice-Minister, Ministry of Land, Infrastructure, Transport and Tourism, Japan

MIPIM Japan Corner, Visitors’ Club, P-1, aisle C&D

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NEWS Birmingham reveals next phase of redevelopment

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H E BI R MI NGH A M Smithfield plan, set to transform the centre of the UK’s second city, is being unveiled at an event today.

The £500m, 10-year scheme on 14 ha of prime land includes new urban spaces, residential units, pedestrian and cycle routes, and a leisure quarter based around a new market square.

Members of Birmingham City

Birmingham City Council’s Sir Albert Bore

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Council and Greater Birmingham & Solihull Local Enterprise Partnership (LEP), including John Lewis managing director Andy Street, are out in force in Cannes to showcase the development and a number of other schemes.

Today’s presentation at the Birmingham City Council stand includes leader of the council Sir Albert Bore and chair of the Greater Birmingham and Solihull LEP Andy Street presenting Birmingham Smithfield.

Bore said: “Birmingham has an impressive track record of investing in its future. The £600m redevelopment of New Street rail station completes this year.”

Beyoglu mayor Ahmet Misbah Demircan: a “go-ahead and facilitating outlook”

Beyoglu ready to regenerate

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AYO R A h m e t Misbah Demircan yesterday outlined the t ra nsfor mation of the Istanbul hub Beyoglu.

Regeneration is possible, he said, “because of the go-ahead and facilitating outlook of the municipal authority, together with 32 investing companies and public bodies”. The investors’ projects are highlighted on the model of the central districts of the city of Istanbul in the Istanbul tent. The model is thought to be

the largest of a city ever on show at MIPIM. Beyoglu is the district across the Golden Horn from the old city, centred on Taksim Square and the mile-long pedestrianised Istiklal Caddesi thoroughfare.

“We have already carried out the major works to make the buildings in the quarter earthquake-proof,” Demircan said.“Now the task is to upgrade the buildings to make the entire district attractive. An attractive district will mean better jobs and a better quality of life.”

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mipim

NEWS OPPORTUNITIES IN OSTRAVA THE CITY of Ostrava is attending its 18th consecutive MIPIM with its main co-exhibitor, the MoravianSilesian Region.

Together they provide a comprehensive overview of investment opportunities across the region. Ostrava is represented in Cannes by its deputy mayors.

Real estate projects include brownfield sites, development areas, industrial zones and entertainment venues.

Recent successes include the agreement last year by Hyundai Mobis to invest in the Ostrava-Mosnov Industrial Zone. The deal will see a plant manufacturing automotive lighting constructed in stages, with the first phase open by 2020. It is envisaged that the fully-completed facility will employ around 935 people.

London industry body calls for more affordable housing

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ROPERTY and construction remain top of the agenda for the London Chamber of Commerce And Industry (LCCI), which is taking part in a number of panel discussions and private lunches at MIPIM this week.

LCCI chief executive Colin Stanbridge said that MIPIM provided the perfect opportunity for LCCI to highlight the issues surrounding housing and construction to its members and particularly its views on how an increase in housing provision can be achieved.

The organisation is calling for more affordable housing for Londoners since it believes that the cost of housing is leading to problems in recruiting and retaining the talent that is fun-

LCCI’s Colin Stanbridge

damental to economic growth.

It is also calling for a new fixed river crossing between east and south east London which it believes would help address one of the biggest barriers to develop-

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ment in that part of the capital.

Stanbridge said LCCI would use MIPIM to help promote the publication of its recent housing report Getting Our House In Order. “Property and construction has always been very important to us. We have published reports on the way housing growth can be achieved and want to get our message to those movers and shakers at MIPIM. Networking is hugely important to our members and what better place for networking than here,” Stanbridge said.

He said the atmosphere at the show seemed very positive for 2015. “There is a vibrancy and excitement. We can see that building further as there seems to be much more confidence in the market.”

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NEWS Nova Lund deal marks start of TIAA-CREF’s Nordic push

T

Nova Lund shopping centre: “first step”

Nordic portfolio under management now includes four shopping centres, four retail parks and one office.

David Turner, head of TIAA European investment at TH Real Estate, said: “This marks the first step in TIAA-CREF’s

move into the Nordic region, a market identified as a key investment target within its European strategy.

TIAA-CREF’s intention is to become a long-term investor in the region, forming strategic partnerships along the way.”

THE GOVERNMENT of Catalonia and Barcelona city council are together promoting 2 million sq m of land for industry and logistics use, as well as 3 million sq m of offices in their region of northeastern Spain.

The joint initiative — Barcelona Catalonia — is presenting a dozen strategic projects at MIPIM, including the Parc de l’Alba, the largest science and technology park in Southern Europe.

The development, which includes 1.5 million sq m of floorspace for retail, industry, logistics and residential, could create as many as 40,000 highly qualified jobs.

Quelle: phoelix/SH-Vector/shutterstock.com

IAA Henderson Real Estate (TH Real Estate) has bought Nova Lund shopping centre in Sweden from Unibail Rodamco for €176m. The property has been acquired on behalf of TIAACREF and represents its first acquisition in the Nordic region.

Located in Lund, 20km northeast of Malmo in the south of Sweden, the centre comprises a 19,800 sq m shopping centre, a 6,000 sq m retail park and 1,500 parking spaces. Constructed in 2002, Nova Lund is one of Sweden’s best performing regional shopping centres and is anchored by a mix of fashion retailers, including H&M, Stadium, KappAhl, Intersport and Lindex.

Following the acquisition of Nova Lund, TH Real Estate’s 151_HAUFE_N1_PIM

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NEWS European real estate loan sales hit record €80.6bn

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RECORD €80.6bn of closed European commercial real estate (CRE) and real estate owned (REO) transactions were completed during 2014 — more than two-anda-half times the volume recorded in 2013, according to Cushman & Wakefield (C&W).

The European CRE loan and REO market was particularly active in the final quarter 2014, with over €23.9bn of transactions completed. This represents a growth of 156% on 2013 and an increase of more than €26bn on the totals for 2012 and 2013 combined.

According its latest European Loan Sales Market report, C&W says projects from the Irish Bank Resolution Corporation (IBRC) dominated the start of 2014, and volumes in Q4 were boosted by UK lenders, which accounted for

59% of all sales by face value.

The largest of these deals saw Cerberus acquire the €5.6bn Project Aran, an Irish and UK real estate loan portfolio sold by Royal Bank of Scotland, which is looking to accelerate the disposal of its legacy Ulster Bank loan book. A partnership between CarVal Investors and Goldman Sachs also won several processes, together buying around €3bn of Irish CRE loans from Lloyds Banking Group and IBRC. Federico Montero, Cushman & Wakefield’s head of loan sales, EMEA corporate finance, said: “All records were broken in 2014.

The €80.6bn of loan sales recorded highlights the full extent of the troubled assets European lenders have had to deal with since the crash.

It also illustrates the vast amount of US capital still hungry for distressed opportunities in Europe.”

THE NEW NATO headquarters are under way in Brussels following an international competition organised by NATO in 2001. Construction started on the 251,980 sq m project, designed

by SOM+ASSAR Architects, in October 2011 and is scheduled for completion in 2016. NATO is expected to move to the building in 2017. The current NATO HQ, which lies on the other side of the boulevard, was designated as a ‘temporary’ building almost 50 years ago, when NATO moved from Paris to Brussels in 1967.

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mipim

NEWS C&W charts Central Europe’s industrial property expansion

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ENTRAL Europe’s stock of industrial space is approaching the size of large Western European markets such as Germany according to Cushman & Wakefield, but the firm does not believe that development should be unlimited.

The region now has about 18 million sq m of modern industrial space for letting, up from 4.6 million sq m 10 years ago. This total can be compared to 22 million sq m in Germany.

“This is a strong decade for industrial property. The industrial sector in Central Europe is backed by above average GDP growth,” said head of C&W’s central European industrial team Ferdinand Hlobil.

Hlobil explained that 10 years ago the average GDP of Central European countries was approximately 52% of the EU average but has now grown to 68%.

Vacancy rates for industrial property in Central Europe have

C&W Poland’s Tom Listowski: Strong year for Polish industrial expected

dropped to below 8% from about 15% five years ago.

Hungary has made the most progress with a 6% fall in vacancy during the last 12 months according to Hlobil, while Slovakia has maintained the lowest vacancy rate, currently slightly over 3%.

The vacancy rate in Poland fell by approximately four percentage points to 6.8%, the lowest level there since the economic crisis.

Throughout the region more than 1.4 million sq m of new space for leasing was built in 2014. Poland again dominated Central Europe with a record-breaking 2.36 million sq m.

“It is expected that 2015 will again be a very strong year for the industrial and logistics market in Poland. With high levels of tenant demand to continue, developer activity is expected to follow suit,” C&W Poland partner Tom Listowski said.

“The industrial property market in Central Europe is already fairly large, and it doesn’t need more unlimited expansion. We anticipate that in the longer term construction may collide with municipalities’ plans, which will favour revitalising built-up areas. New development will be therefore more deliberate,” Hlobil said.

UBM books in to new German hotels financial district, main train station and the opera house, the hotel was built for Union Investment, which is taking over the ownership of the hotel. UBM remains a lessee and Intercontinental Hotels Group (IHG) is operating the hotel.

In December 2014 UBM acquired two land plots in excellent locations — one in Munich and one in Berlin — and is building Holiday Inn Express-branded hotels on each site for IHG. Both hotels have been sold to Union Investment, while UBM will remain a lessee after opening.

The Holiday Inn Express City West, Munich and the Holiday Inn Express Alexanderplatz, Berlin will open in late 2016.

UBM is developing three Holiday Inn hotels in Germany

AUSTRIAN developer UBM Realitatenentwicklung has completed one hotel for Holiday Inn and will soon work on another

two, all in Germany.

The Holiday Inn Hotel Alte Oper, Frankfurt opens this month with 249 rooms. Close to Frankfurt’s

61

Addleshaw Goddard’s Jane Hollinshead

REPORT URGES RETAIL TO BUILD IN NEW TECH IF RETAIL developments are to survive, new technologies must be integrated within them.

That is the conclusion of property firm Addleshaw Goddard, which will be discussing its Retail’s Digital Future report at MIPIM on Thursday.

The report examines the impact of technology on the retail experience and its potential for the ultimate disruption of the retail market. It concludes that retail developers must ensure that they embrace a range of technologies in order to future-proof their existence. Technologies as wide ranging as beacons to track and understand customer behaviour and biometrics to improve security could increasingly impact on the shopping environment while augmented reality and digital wallets also promise big change for shoppers. Jane Hollinshead, partner and head of property sector at Addleshaw Goddard, said the lines are merging between tech and retail: “These trends have the potential to disrupt a business model which hasn’t changed for decades.”

pub-PO-mipim2015.qxp_Mise en page 1 16/02/2015 14:16 Page1 108_IMMOWEEK_N2_PIM

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mipim

FEATURE FOCUS ON THE US

An upturn in the US economy means an increase in investment in real estate in both North America and Europe. Paul Strohm reports

N

ORTH American investors have helped to

boost investment transaction volumes in Europe, during a period when a dependence on domestic European sources of capital might have proved disappointing.

US firms including Blackstone, Carlyle and WP Carey and Canadian outfits Dream REIT and Healthcare of Ontario Pension Plan (HOOP) have become prominent investors throughout Europe.

But as the north-American economies have surged ahead there has been an uptick of the flow of funds in the opposite direction too.

For example, Germany-based investment research firm Feri EuroRating Services says that German institutional investors have more than doubled their stake in North America from 6% of investment in 2012 to 15.3% last year.

“German institutional investors have reacted quickly to the increasing strength of the dollar, the weakness of the euro and the high growth potential of the US real estate market,” says Feri EuroRating Services CEO Tobias Schmidt.

The National Association of Realtors (NAR) also expects the US’ stronger labour market and stable economy to help increase demand for real estate this year.

“The demand for leases and new construction projects is expected to climb slowly as businesses add to their payrolls and consumers reap the benefits of cheaper gas and any accompanying wage growth from a tighter labour market,” says NAR chief economist Lawrence Yun. Globally, the US has proved to be a powerful attraction for real estate investors. Three US cities were in the top five in Cushman & Wakefield’s annual Winning in Growth Cities report last autumn. New York was the world’s largest real estate investment market, investment volumes having risen 10.9% to $55.4bn (€50.1bn) in the year to Q2 2014. And while London ranked second and Tokyo was third, Los Angeles took fourth place ($33.1bn) and San Francisco fifth ($23.8bn).

San Francisco’s prospects are promising and recent research from real estate rents data firm CompStak confirm that the city’s technology-driven economy continued its upward trend in 2014 with office rents increasing 12.6% year-over-year, beating 2013’s gain of 10%.

In all 17 deals over 100,000 sq ft (9,290 sq m) were signed, compared with eight such deals in 2013. “The trend indicates that companies are preparing their resources for continued growth over the next few years,” Compstak says.

Several Canadian cities are at MIPIM, keen to capitalise on the increased interest in the continent’s east coast.

Charlottetown, Prince Edward Island, is the centre of a bioscience cluster, which has grown to 40 companies with revenues exceeding C$150m (€109m) per year. Among these is the BioComm Centre, a 65-acre (26.3ha) bioscience business park.

In the City of Summerside, Prince Edward Island, The Eco Industrial Park has been conceived to foster cooperation between businesses and with the local community in an attempt to reduce waste and pollution.

And in Wolfville, whose 13.2% growth has made it the fastest growing municipality in Nova Scotia, a Rail Land Redevelopment Project has been launched on former Canadian Pacific Railway land. A 1km-long linear corridor of 100 acres (40.5ha) in the city centre has been created and proposals include commercial, residential and mixed-use development.

German institutional investors have reacted quickly to the increasing strength of the dollar Tobias Schmidt 63

Image: alexaldo /iStock

US upturn is good news on both sides of the Atlantic

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mipim

FEATURE FOCUS ON ASIA-PACIFIC

Tokyo tops the hit-list for Asia-Pacific investment The Asia-Pacific region is set to benefit from the global upturn in real estate. Paul Strohm reports

G

LOBALLY investors are allocating more to real estate in 2015 and the Asia-Pacific region is in line for a large share of this according to ANREV, the Asian association for investors in non-listed real estate vehicles. ANREV found that this year 59.4% of Asia Pacific investors plan to increase their real estate portfolio allocation compared to the global average of 45.8%.

ANREV also found that investors’ preferred Asia Pacific destinations are: Tokyo, Sydney, China’s Tier-1 cities and Melbourne. Offices are the preferred sector so the top choice of destination and sector is Tokyo offices — 45% of investors expect to invest into this market.

But this is not the end of the story and office space in Hong Kong is now more than twice as expensive as prime commercial property in any other global city, according to Knight Frank’s (KF) 2015 outlook for global commercial property. It shows that prime Hong Kong office space is valued at $70,000 (€64,404) per sq m, significantly more than second-placed Singapore ($28,340 per sq m) and more than three times City of London prices.

“The availability of land and land values are the fundamental issues that are driving rents and capital values in Hong Kong and Singapore, in particular,” says KF’s head of global capital markets research Darren Yates.

Investment from mainland China will inevitably play a significant part in Asia Pacific real estate again this year. Knight Frank estimated that Chinese overseas in-

vestment in property had hit $15bn at the end of 2014.

Most of this investment was focused in gateway cities of Australia, the US and the UK, but Chinese high networth investors are exploring new areas for investment including Johor Bahru in Malaysia and Gold Coast in Australia. “These hot spots presented investors with higher yields than traditional overseas investment locations.” KF senior director Thomas Lam says.

Singapore’s office market has not been affected by the country’s slowdown in GDP growth according to Savills, both office leasing and sales activities increased last year.

JLL forecasts that Chinese capital will become more active in hotel investment globally, which will help push sales in Asia Pacific up 15% to $8.5bn this year.

There is growing interest in Japan, particularly portfolio deals, and steady confidence in Australia, the firm says. Indonesia will be favoured, partly because of currency plays.

Hotels and tourism is attracting significant investment in the Philippines, as exhibitors in the MIPIM 2015 Philippines Pavilion, led by TIEZA, the Philippines tourism promotion agency, will attest.

While the Hyatt City of Dreams Manila opened in February providing 365 rooms, it will be 2017 before Ayala Land’s recently started resort at the Lio Tourism Estate, in El Nido, Palawan, is complete.

One of the planned hotels, Seda Lio, has an expected room rate of $175 per night for its 150 rooms. Meanwhile Megaworld’s Global Estate Resorts is planning the Philippines’ first vineyard-themed mixed-use leisure and resort community, the 1,300ha Twin Lakes.

Photo: Chensiyuan

The availability of land and land values are the fundamental issues that are driving rents and capital values in Hong Kong and Singapore Darren Yates

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