Mipim 2016 news 1

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Tuesday 15 March 2016

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DEVELOPMENT

p.4 Nakheel chairman Rashid Lootah explains the advantages that make Dubai a focus for development

REGENERATION

p.5 RIO’s £14bn shovel-ready sites to kick-start UK Midlands’ regeneration engine and search for FDI

STUDENT HOUSING

p.5 Demographic changes are forcing the pace of change in this once niche residential sub-sector

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CONTENTS NEWS

IT’S HAPPENING TODAY

8 Strasbourg projects provide new focus Two new schemes will increase both the city’s focus and its scale 10 ‘Embrace crowdfunding’, MIPIM delegates told Crowdfunding offers exciting new opportunities and property professionals ignore these at their peril 12 Housing pioneer creates European division French housing specialist PERL plans to replicate its successful model across Europe

ANALYSIS

China investment outlook 11:30 - 12:30 Blue room, Palais 3

MIPIM City Investment Forum – Northern Powerhouses 14:30 - 15:30 Grand Auditorium

Building Real Estate In Germany – Match Up Your Investment!

14:30 - 15:30 Ruby room, Palais 5

Startups And The Digital Economy: A New Deal For Real Estate?

14:30 - 15:30 Blue room, Palais 3

Student Housing: A Niche With Growth Potential 14:30 - 15:30 Orange room, Palais -1

Real Estate Talents: Why The Next Generation Matters 17:30 - 18:30 Orange room, Palais -1

58 Global investment flows a visual guide

FEATURES 65 Paris Wealthy and well connected

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Sc rence Confe me program P44 71 Turkey Istanbul models its ambitions

STARTUP CONTEST WILL ‘SPEED UP THE FUTURE’ THE INAUGURAL MIPIM Startup Competition should provide a “vision of the future” and “perhaps speed it up”, according to Laurent Pavillon, global head of business marketing and communications at sponsor BNP Paribas Real Estate.

The overall winner of a competition that began last year and will have its third and final selection round in Cannes tomorrow will be announced during the Awards Ceremony on Thursday evening. The competition has been instigated to reflect the importance of technology in the development of residential and commercial property.

“We became involved because, as a company that views maintaining leadership as crucial, we see technological innovation as key to the challenges the real estate industry is facing,” Pavillon said. “MIPIM is a leader in the industry and it is the perfect platform to encourage and recognise such solutions. It’s a real plus point for the Awards.”

Pavillon added that BNP Paribas Real Estate foresees a number of key challenges in the immediate future, including the role of big data, the automation of smart buildings, the development of ‘wellbeing 3.0’ for office occupiers and residential inhabitants, the convergence of technology within buildings and the growth in crowdfunding to enable startups to launch new ideas and products.

“We feel very motivated to be part of something which challenges the traditional ways that real estate does things,” he said. “We want to find ways to bring changes to the way we work, the way we value and the way we finance together and create concrete ways of moving forward”

The official MIPIM daily newspaper Tuesday 15 March 2016

Director of Publications Paul Zilk Director of Communication Mike Williams EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Paul Strohm Reporters Ben Cooper, Mark Faithfull, Steve McCormack, Mark Moore, Liz Morrell, Gary Smith Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof Reader Debbie Lincoln Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Veronique Duthille, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Olivier Houeix, Patrick Frega, Phydrass Haidar, Michel Johner 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 07 77 69 34 96 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 BOULOGNEBILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2016, Reed MIDEM Market Publications. Publication registered 1st quarter 2016. Printed on PEFC Certified Paper.

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NEWS Nakheel talks up Dubai’s Silvertown starts on site development potential

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AKHEEL is in Cannes to talk to investors and buyers, as well as to forge relationships and build networks, according to Ali Rashid Lootah, chairman of the Dubai-base developer.

“A strong part of our message is to stress the advantages of Dubai as a focus for development,” he said. “We have a very stable market, comprehensible institutions and a transparent legislative system. And we recovered and regrew much faster than anywhere else after the 2008 crash.”

Nakheel is one of the world’s leading developers and a major contributor to realising Dubai’s vision for the 21st century — to create a world-class destination for living, business and tourism. Last year saw 14.2 million tourists visit Dubai, with three million of them arriving from Western Europe.

Nakheel’s master developments

in Dubai span more than 15,000 ha and currently provide homes for over 200,000 people. It has nearly 21,000 residential units under construction or in the pipeline.

The developer’s growing retail project portfolio consists of largescale destination developments at various locations across Dubai, including Nakheel Mall, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and The Pointe at Palm Jumeirah. Other projects include major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall, and several neighbourhood community centres. Its existing and pipeline retail projects cover more than 13 million sq ft [1.2 million sq m] of leasable space.

Nakheel is also developing hotels at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall and Dragon City.

The mixed-use Silvertown project in London’s Victoria Docks

WORK has begun on a placemaking project in the Royal Docks area of London, which the developers say will offer new opportunities for international businesses looking to move to the UK. Construction is under way on the Silvertown project, which will consist of 7 million sq ft (65,000 sq m) of mixed space, including 3,000 apartments and commercial space for both domestic and international businesses. The project, which is being delivered by The Silvertown Partnership — a joint venture between First Base, Chelsfield Properties and Macquarie Capital — is due for completion by the end of 2018, when London’s major transport infrastructure project Crossrail will also be completed.

The Silverton Partnership is in Cannes to showcase the project

Nakheel’s Ali Rashid Lootah: Dubai “a very stable market”

and meet potential tenants and investors. Elliot Lipton, managing director of First Base, said Silvertown’s proximity to the future Crossrail station and London City Airport offered a “perfect opportunity” for international companies considering moving into the UK. He added: “People can be on site and in their office in 10 minutes from City Airport. If you’re a European business looking to move to London, you can’t get much better than this. It’s a placemaking development that will put the whole area on the map.”

The project is situated in the London Borough of Newham, between the iconic Canary Wharf and O2 buildings in the east of the city. With the arrival of Crossrail, the site will be within 15 minutes of London’s West End and nine minutes of the City of London.

HIGHLIGHTS Delegates got a head-start on the market as MIPIM prepared for the opening day

Beach building

Getting down to business

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Midlands Engine revs up Boost for student sector for regeneration plans

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IO (Regeneration Investment Organisation) a division of UK Trade and Investment will present the Midlands Engine Pitchbook at MIPIM, showcasing 33 projects that are looking for investors. The €18bn of shovel-ready projects will, upon completion, yield 178,000 jobs.

The Midlands Engine is just one of a number of regeneration investment projects which RIO promotes since its formation in November 2013. RIO works to identify regeneration projects in the UK and help find investors.

“Its objective was to help foreign direct investment navigate its way to good regeneration projects around the UK,” said Sir Michael Bear, chairman of RIO. He said the body had worked hard to help identify opportunities outside of traditional development heartlands: “London and the south east sell themselves but

Jim Lee, international chair, CRE

we wanted to extend the offer to other cities.”

Sir Michael said RIO had helped to secure new or additional investment from a number of regions including the Gulf, Canada, China, Singapore and Malaysia.

“We do the matchmaking, introducing investors to projects and performing the role of an honest broker,” he said.

MIPIM offers huge opportunities for investors interested in the UK to meet new partners, according to Sir Michael. “It’s a unique opportunity to do a tour of the UK in two hours,” he said.

The body’s close links to Government also helped regeneration projects come to fruition faster.

“We can help them identify blockages and unblock them and get people in front of key influencers,” he said.

The Midlands Engine Pitchbook presentation will take place today at 15.30.

A GLOBAL overview of the evolving student housing sector will be provided at this afternoon’s event Student Housing: A Niche With Growth Potential.

Jim Lee, international chair of the global professional association, The Counselors of Real Estate (CRE) and senior principal at Kensington Realty Advisors, Chicago, will describe the situation in the US where developments in the market are 15 years ahead of Europe.

“The consensus is that student housing is no longer niche in the USA and UK,” he said, “although significant growth potential remains outside these markets”.

In the US demand is being driven by demographic changes and by increased participation among the young, particularly women.

RIO chairman Sir Michael Bear

Getting the facts on Tokyo

Istanbul’s giant model

Checking in

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Student housing has evolved from a relatively straightforward asset class in line with rising expectations of student customers. Today they demand top quality facilities and services as standard, similar to those seen in the multifamily/private rented sector. This has led to the global sector becoming a gateway to wider residential investment with many established student operators exploring opportunities in these new areas.

The panel of experts will share insights from across different markets and explore hot topics around the rapidly evolving student sector including the provision of amenities, delivering suitable stock to meet growing demand and how to address the sensitive cultural preferences around longer-term rent versus ownership.

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NEWS SIOR MARKS 75TH ANNIVERSARY THE SOCIETY of Industrial and Office Realtors (SIOR) is hosting a networking reception for its members at MIPIM on Wednesday evening. SIOR is in Cannes representing some 3,100 members from 34 countries, in the year in which it marks its 75th anniversary. SIOR European Regional Chapter chairman Matthew Leguen de Lacroix said: “We’re delighted to be at MIPIM again this year; it is such an important event for an organisation like ours, which represents advisors from all over the world.”

BILFINGER’S NEW APPOINTMENT RALF Klann has been appointed as head of asset management at Bilfinger Real Estate in Germany.

The company manages circa e3.3bn of real estate for institutional investors. Klann previously worked as a member of the executive board at Abu Dhabi Investment Authority and before that at JP Morgan and Morgan Stanley. Chief operating officer Michael Hintze said: “Almost 60% of German real estate purchases are made by foreign investors. Ralf Klann will contribute a wealth of international experience and excellent contacts.”

JLL EXTENDS ARGUS ASSET PLATFORM REAL estate consultant JLL is expanding the use of Argus Enterprise asset and portfolio platform across it EMEA valuation advisory, capital markets and investment management businesses. The adoption of the latest and most advanced version of the Argus Enterprise platform, developed by the Altus Group, will enable JLL to create value and improve productivity for clients and employees alike.

New Belgrade riverside scheme will have charm and city feel

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EVELOPER and investor Eagle Hills is to develop a large mixed use scheme called Belgrade Waterfront, a new city hub in the Serbian capital, along the Sava River.

The scheme, which is due for completion in March 2018, will feature high specification residences and offices, the largest shopping mall in the region, premium hotels, cultural venues, educational institutions, modern healthcare amenities and a wide range of leisure attractions.

Work on the Belgrade Waterfront started in September, with the ground breaking ceremony for BW Residences, the first residential building within the development. This will be adjacent to Hotel W Belgrade and The Residences and to future sports, cultural and entertainment venues.

Belgrade Waterfront

“These will include 296 apartments, spread over 20 floors, plus large terraces, rooftop gardens, plus direct access to Sava Promenada, its retail and F&B outlets, as well as to a range of exclusive amenities, including an indoor swimming pool, yoga and lounge area, children’s play area and pool, roof gardens and a podium deck full of activities,” general manager Nikola Nedeljkovic said Also part of the scheme, Kula Belgrade will be an iconic tower located on the bank of the Sava River, connected with the old city through public spaces and designed by SOM. Finally, Belgrade Mall will have a “strong city feel and European charm”, Nedeljkovic said.

“It will be the largest shopping centre in the region and is being designed by RTKL and local company Arhi.Pro.”

DLBP takes on transport planning LONDON-based bespoke planning advisor DLBP (Dominic Lawson Bespoke Planning) is to add transport planning to its range of services and enlarge its geographical coverage as it seeks to build on its extensive portfolio.

“We’re targeting this as a year of important growth for the company,” founder Dominic Lawson said. “We are expanding our services and national reach and we’ll be using MIPIM as the launchpad for the company’s path for the next three to five years.”

He added: “One of our strengths is working very effectively for our clients to negotiate with local authorities and to help them to achieve their objectives. We also see the arrival of Lynn Basford in June from JMP Systra as a very important addition, as infrastructure and transportation has become such an important element of planning.”

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Andrew Simpson (left), Dominic Lawson and Matthew Johnson of DLBP

Lawson said that he also anticipated the advisor doing more work to process planning applications on behalf of clients before submitting them for local authority decisions, following the UK government’s plans to outsource such services.

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Hot Business, Cool Cities at Stand

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Arctic Europe is the 10th largest economical region in the world. Investments in Northern Finland, Sweden and Norway can exceed 140 billion euros from 2016 to 2025. The Arctic region can develop into Europe’s largest area of investment, and is already a driver for economic development.

Arctic Cities: Oulu, in Northern Finland, is the world class high-tech city: 2,6 billion people in the world use ICT products developed in Oulu. The city is not only the fastest growing region in the Nordics but also has the youngest population of Europe.

Troms, in Northern Norway, is the home of major institutions of Arctic international and national policies. The city is known for its highly skilled workforce in the center of research and development. Troms boasts fast growing industries in space technology, marine resources, tourism and energy/environmental technology.

Luleå, in Northern Sweden, is the Growth Municipality of the year 2015 as well as the home city of Facebook in Europe. The Luleå University of Technology is the international competence center for research in the field of minerology and metallurgy.

Opening Cocktails MIPIM 2016, stand P-1.K 1 Tuesday, 15th March at 13.00 – 14.00 Keynotes:

Mr. Paavo Lipponen Former Prime Minister of Finland

The Arctic – New Frontier for Investments

Ms. Rikke Lykke

Managing Director, PATRIZIA Nordic Region – Denmark, Finland, Norway, Sweden

The Nordic as a Safe Haven for Investors

Introductions of Arctic Europe Regions Oulu: Mr. Juha Ala-Mursula, Executive Director, BusinessOulu Luleå: Mrs. Anne Graf, Chief Commercial Officer, The Node Pole Troms: Mr. Gunnar Davidsson, Head of Department, Troms County Council Finnish Lapland: Mr. Jaakko Pöykkö, Investment Advisor, Rovaniemi Development

Welcome, Finland | Sweden | Norway

INVESTMENT OPPORTUNITIES

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NEWS HOK HELPS CITIES TO GET SMARTER

HOK’s Ekaterina Lichtenstein

THIS WEEK in Cannes, HOK is unveiling a suite of planning tools for smart cities of the future, which will enable them to integrate new sources of valuable data into their design processes. Their impact will be discussed during HOK’s presentation, Smart Cities – Shifting The Focus To Design at the MIPIM Innovation Forum tomorrow.

“The smart-cities debate has historically been heavily influenced by technology and engineering perspectives,” said Ekaterina Lichtenstein, senior urban designer at HOK. “We are focused on using great design, informed by real data, to create urban environments that provide the best quality of life.”

Ninety per cent of the world’s data has been generated in the last two years and HOK’s planning and design teams are harnessing multiple layers of this big data to inform the masterplans that are shaping cities. This data covers such areas as transport flow, amenity spaces, urban density, energy use and demographic changes.

It is estimated that, by 2030, there will be 41 megacities with populations of over 10 million. HOK’s innovative design process blends a more conventional approach with the dynamic potential of data to better understand the places in which we live and deliver designs that improve the quality, function and dynamism of our cities.

Major projects give Strasbourg

new focus, scale and impetus

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WO FLAGSHIP projects are being showcased this year at the Strasbourg stand.

The first, the 4 ha international business district, is currently under construction.

This major economic centre for high-end services will deliver 105,000 sq m of floor space, centrally located alongside the city’s financial centre and European institutions.

The first part of this large-scale project, which features housing, hotel and international business facilities, will be completed by 2018.

The mayor of Strasbourg, Roland Ries, will attend a presentation of the scheme on the city’s stand at 17.00 tomorrow.

The second sustainable urban development under the spotlight is the Deux Rives project. The 250 ha scheme will give the city a new focus and scale as it reaches out to the banks of the Rhine and

Strasbourg expands towards the Rhine and Kehl

the German town of Kehl, creating new residential, commercial and industrial areas. Public expenditure on the scheme between 2015 and 2030 is expected to be

€208.7m, attracting around €1bn of private investment.

Deux Rives will be presented to MIPIM delegates at the city’s stand at 11.00 on Thursday.

UK unis make case for education

TWO UNIVERSITIES from the UK city of Coventry are taking part in a panel debate on the Cov-

entry and Warwickshire MIPIM Partnership stand tomorrow. Under discussion will be how higher

Coventry University’s Rob Tallis (left) and University of Warwick’s Bob Wilson

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education has helped sustain real estate development while also driving skills and improving the reputation of the area.

The University of Warwick and Coventry University are investing more than £1bn (€1.3bn) over the next five years in a range of academic, commercial and accommodation buildings.

Major projects in Coventry include the Science and Health Building, the Gosford Street public-realm improvement works and the new Bishop Gate student accommodation scheme. Meanwhile, the National Automotive Innovation Centre and a new conference centre are under construction at the University of Warwick.

All are due to come on line in the next 18 months, with more major developments in the pipeline.

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

(North Rhine-Westphalia), Germany’s No. 1 investment location: high consumer demand, social stability and low volatility in office, retail and residential real estate. Excellent commercial zones are complemented by innovative architecture, outstanding connections and a high quality of life.

Interested? Discover further examples of excellence at our booth at MIPIM 2016. Or visit us at www.nrwinvest.com

VISIT US RIVIERA 8 R8.D13

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NEWS EXPANSION FOR LASALLE INVESTMENT

Embrace crowdfunding before it takes hold, investors told

I Ali Imraan

REAL ESTATE investment manager LaSalle Investment Management has expanded its debt investment and special situations team with the appointments of Mike Pashley and Ali Imraan as regional director and national director respectively.

Pashley was previously the European finance director for ARES European real estate platform (formerly AREA) while Imraan was responsible for CRE large loan underwriting for distribution and securitisation within the asset-backed finance team at The Royal Bank of Scotland based in London.

LaSalle Investment Management’s Debt and Special Situations team invests for its funds and client across the capital structure throughout Europe and has transacted in excess of $2bn over the past six years with 12 deals worth £550m in last year alone. Five of these took place in the final quarter of 2015.

NSTITUTIONAL investors must adapt and embrace the opportunities — as well as threats — that crowdfunding offers to their traditional business models. That was the message delivered to REInvest, The Real Estate Institutional Investors Summit, last night by Dan Miller, founder of Myrtle Grove Ventures and formerly founder of Fundrise, the first real estate crowdsourcing funding programme in the US. “To date crowdfunding hasn’t had much of an impact on their business but they are starting to be interested in it,” Miller said.

Crowdfunding will increasingly impact their businesses by tightening links within the industry and forcing it to be more competitive and tighten fees as well as opening up new opportunities, he

added. “There is a big subset of the market that has been ignored, but there is a natural partnership with institutional investors and crowdfunding platforms.”

Those that ignore the trend do so at their peril, Miller said.

“Within three to five years crowdfunding will be at a scale where it will be competing with institutional investors and those working with the trend will be in the best shape.” Miller launched his new company, Myrtle Grove Ventures, in October. The global investment company focuses on financial technology and investment crowdfunding sectors, founding, funding and operating companies that apply financial technology and investment crowdfunding to new asset classes and geographies. Miller said the first company under the Myr-

Dan Miller, founder of Myrtle Grove Ventures

tle Grove Ventures umbrella will launch publicly at the beginning of next year.

THIS striking mixed-use development in central Brussels, Le Toison d’Or, provides 50,421 sq m of retail and residential space across nine storeys at a major retail and entertainment crossroads in the city.

Designed by UNStudio and Jaspers-Eyers Architects, the recently completed scheme houses a nine-metre-high Apple Store — Belgium’s first — plus 71 apartments, 12 social-housing units, a creche together with private and public basement parking. The organic forms of the V-shaped portals along the facade are a reinterpretation of Brussel’s famous Art Nouveau Style which create a link between the lower retail levels and the residential levels above.

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NEWS TRANSPORT OWNERS LEVERAGE LAND USE

French housing pioneer PERL unveils new European jewel

S James Cons, managing director of Leslie Jones Architecture

THE OPERATORS and owners of transport locations and networks are becoming increasingly interested in the real estate opportunities that their land can provide, according to James Cons, managing director of Leslie Jones Architecture.

The practice has been working on a number of active and conceptual schemes internationally, including the retail offer at Dubai International Airport, two stations on the proposed HS2 rail line in the UK, the Port of Dover regeneration and various sites for Transport for London, also in the UK. “It’s about considering the customer profile and working out what’s appropriate for each location,” Cons said. “By their nature, many transport hubs have plenty of land available and we’ve been working on concepts for projects to be delivered over the next 10 years and examining what those locations might need going forwards.”

Cons said that travellers’ time is poor but they are far more open to shopping or leisure at transport locations, and many new opportunities are opening up. “For HS2, for example, we’re looking at retail, leisure, residential, hotels and offices. But it’s about determining who is travelling and why and then creating the right mix for their needs at the specific location,” he said.

He predicted that transport hubs would become increasingly important, with travellers also using them as locations for click-and-collect shopping pick-up and using the hubs for the convenience they offer.

OCIAL housing specialist PERL, which has delivered more than 5,300 affordable homes in France since its formation in 2006, has announced the creation of a European division of its company at MIPIM. iPERL will replicate the model of its French counterpart to deliver affordable housing across Europe — with its initial focus being on Luxembourg where it aims to deliver at least 300 properties next year. The European subsidiary will then move into larger cities in Western Europe such as Brussels, Munich and London.

“We will begin with Luxembourg and then begin to adapt the model for Brussels,” said Marc Bonjour, director for public affairs for PERL and iPERL. Bonjour said the opportunities were huge in Europe. “We already know there is big potential in Brussels and are seeing that there is a real estate crisis for affordable rental housing,” he said.

The financing model follows a three-step approach. In the first step iPERL purchases a high-quality building from local partners and then divides full ownership into bare ownership or freehold where the investor acquires the property for 55%-65% of its value. A housing association then acquires the right to use the property for between 15 and 20 years,

manages the assets and offers affordable rents to tenants. After the 15-20 years have lapsed the investors then recover the full property and the right to use, rent or sell.

“It’s a win-win situation for all parties. Tenants can afford to live somewhere nice, housing associations can increase their presence in good quality areas and investors get a nice market value in 15 years,” Bonjour said.

Marc Bonjour, director for public affairs at PERL and iPERL: “It’s a win-win situation for all parties”

New approach for tech workspace Professor Ingrid Nappi-Choulet

THE ISSUE of how, where and how best to house the startups and established companies of the rapidly expanding tech economy is at the forefront of current discussions about old industrial areas in need of regeneration, as well as the best use of office buildings originally designed for more traditional workspaces.

“There is certainly plenty of conflict between the ways in which the tech sector wishes to use spaces, and how those spaces are sup-

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posed to be used in terms of the traditional economy,” professor Ingrid Nappi-Choulet, said in an exclusive interview with MIPIM News. “But new uses are a rapidly growing phenomenon and the building management sector needs to recognise the importance of new ways of working and new styles of office space in attracting young and established tech companies. And those companies are increasingly important to individual cities for the socio-economic benefits they bring, which is why there is now a war between cities to attract tech companies, startups and incubators to neighbourhoods like Le Sentier in Paris and London’s Shoreditch. Both those areas can benefit hugely from the regeneration that attracting such companies can bring, and the tech economy generally doesn’t need prestige buildings or neighbourhoods, but they do need flexibility.”

Professor Nappi-Choulet will be joined by representatives from Bordeaux and Paris today at 14.30 to present ESSEC’s fourth Cahier De La Chaire Immobilier Et Developpement Durable.

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Shape and Develop San Diego’s

WORLD-CLASS

WATERFRONT 70 acres of prime waterfront property available in one of the nation’s top metropolitan real estate markets • Prominent location boasting panoramic views • Where lifestyle, commerce and nature come together • A market that seeks excellence in the design of places and experiences that create engagement and value

San Diego International Airport

Marriott Marquis & Marina

20 Million Annual Passengers

USS Midway Museum

1.4 Million Annual Visitors

1,300 Rooms

Gaslamp Quarter

Cruise Ship Terminals

200,000 Annual Passengers

Maritime Museum

90,000 Annual Visitors

Hilton Bayfront

1,190 Rooms

100 of the City’s Finest Restaurants

Downtown San Diego

30,000 Residents

Petco Park Baseball Stadium 42,000 Seats for Games, Concerts and Events

Manchester Grand Hyatt 1,600 Rooms

San Diego Convention Center 900,000 Annual Attendees

The Port of San Diego is issuing a Request for Proposals for development of this prime site.

Visit p o r t o f s a n d i e g o . o r g for details.

PORT of SAN DIEGO

mipim

NEWS

Record-breaking attendance as Turkish delegations hit Cannes

T Residential Land chief executive Bruce Ritchie

CENTRAL LONDON’S RESI MARKET SEES FURTHER GROWTH THE DEFINITION of London’s prime residential markets is expanding into what were once peripheral locations, according to Residential Land chief executive Bruce Ritchie.

“We now see locations south of the River Thames and at Canary Wharf as core,” Ritchie said. He explained that the prime market, where capital values exceed £1,000 per sq ft [€13,909 per sq m], has expanded from 28 postcodes to 42. “We only see that expansion continuing as rental and capital growth spreads out from the centre,” he said.

Residential Land has 1,700 London properties under management, either on its own account or on behalf of investment partners like Ivanhoe Cambridge, and Ritchie is at MIPIM looking for more.

“We’ve taken the opportunity to cash out of some non-core assets that have seen their growth,” Ritchie said. “We spent £420m [€542m] on new assets last year and we expect to spend a similar amount this year. We’re definitely in the market to buy.”

URKEY has a greater than ever presence at this year’s MIPIM. Teams of delegates, cities, companies and organisations are in Cannes in unprecedented numbers.

One of the Turkish highlights is the Istanbul Chamber of Commerce, which has a 300 sq m pavilion on the sea front where the city of Istanbul and 15 municipalities are represented. Inside is a 96 sq m model of Istanbul.

A total of 250 companies and municipalities from Turkey are

taking part this year, with cities represented including Antalya, Balikesir, Bursa, Hatay, Istanbul, Kocaeli, Konya and Ordu.

Among the companies participating with their own stands this year are: Beyoglu Investors Group, Efekta Architects, Esas Properties, Lal Real Estate Appraisal, Ozak-Yenigun-Ziylan Partnership, Oncuoglu+ACP Architects, Ozer+Tulgan Architects, ProPlan, Sabri Pasayigit Design Office, Tabanlioglu Architects, Tahincioglu and TSKB Real Estate Appraisal Company. And the Turkish

Ceramics Promotion Group will have a stand and sponsor the MIPIM Awards Ceremony.

In the conference programme one of the sessions will focus on Turkey. Architectural Views On Turkish Megaprojects is being held today at 16.15, co-organised

by Kalebodur. Architects at the session will take an analytical design approach to some of huge national projects currently being constructed in Turkey with completion aimed for 2023, the centenary of the creation of the Turkish Republic.

The model of Istanbul in the Istanbul Chamber of Commerce tent

Market in Germany bounces back

LAST year was a “banner year” for Germany’s real estate market, as €55.5bn was invested in commercial real estate and for the first time the market regained its precrisis level of 2007, said Dr Andreas Mattner, p resident of ZIA, the ZIA’s Dr Andreas Mattner G e r m a n

Property Federation.

However, he warned that new regulations, notably the rent control regime, the Energy Saving Ordinance and re-regulation of the capital market could impact the residential market and the construction of affordable housing.

“The developments of 2015 were flanked by historically unprecedented incoming migration,” he said. “New arrivals need to be housed and integrated. The German real estate industry will have to step up to the plate and address this need, especially for

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those granted permanent residence. What the situation calls for is not just apartments but also space for non-discretionary needs and work space.”

In its Spring Real Estate Industry Report 2016, ZIA calls for the “body politic” to shift its focus and “step up its efforts” to create favourable parameters for investments in housing construction.

It also expressed concern that the supply of office real estate is likely to fall well short of demand this year, with void rates falling in all the major cities.

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NEWS

Wellness will make employees healthier and firms wealthier

A Malcolm Hollis’ John Woodman

EUROPEAN ROLLOUT FOR UK’S MALCOLM HOLLIS LONG-time MIPIM supporter Malcolm Hollis is using this year’s market to announce a programme of office openings across Europe.

The company is the largest independent commercial building-surveying firm in the UK. It works with all the major UK institutional funds and many of the most active developers. By expanding into Europe, it is responding to its client’s business needs, as well as serving local markets.

Malcolm Hollis opened its first mainland European office in Madrid in 2015 and is now looking at the Netherlands, Germany, Poland, France and Denmark, hoping to open at least three new offices in the next six months.

“MIPIM is a superb platform to be talking to people about this,” said senior partner John Woodman. “It’s a great advantage to have everyone here in one place as it allows us to achieve a great deal very quickly.”

He added: “Attending MIPIM has really worked for us. It has proved a great way to raise our profile among overseas investors, making sure new and existing clients are aware of the range of services we offer. Through an intense four days of talking property, you get a real feel for what’s going on in the market.”

LICK of paint, a plant or two or a shared space for people to chat may not sound like much, but these features are increasingly being shown to influence happiness and therefore productivity, according to the concept of ‘wellness’, which is based upon the correlation between physical and mental health, and productivity.

The wellness trend is being examined at MIPIM tomorrow by Sarah Cary, head of sustainable places at British Land, who will

be presenting on the London Stand. “About a year ago, British Land started having discussions about how lives and the way people work have changed, and we realised this was a space we needed to invest in,” Cary said.

In response, the company began to look more carefully at the science behind happiness and productivity, and how that can be translated into retail and office environments.

Cary said British Land is already working with the HR directors of two of its office occupiers to

monitor sick leave and complaints, and to see how this behaviour is affected by changes such as fresh paint, improved air quality or social events.

“We are investing in and understanding this a lot more and working with our partners,” Cary said. “This is now seen as something you have to do and something we are trying to build into future offices.”

A wellness revamp at British Land’s own head offices showed positive qualitative and quantitative benefits, Cary added.

Street cred for UK’s Birmingham ONE OF Europe’s top retailers is throwing his weight behind the renaissance of the UK’s Midlands region. Andy Street, managing director of the John Lewis department store chain, is at MIPIM in his capacity as chair of Greater Birmingham & Solihull Local Enterprise Partnership.

Last year saw the opening of John Lewis’ anchor store in Grand Central, the shopping centre above the redeveloped New Street rail station in the heart of Birmingham. “We have now got an arrival point that any city would be proud of,” Street said. “It sums up our confidence as a city.”

Street reels off statistics to emphasise the resurgence of the city’s economy: “Greater Birmingham and Solihull has seen the fastest job growth in the UK since 2010; we have a trade surplus with China; we have the highest volume of foreign direct investment in the UK — and now we have 969,000 sq ft [90,000 sq m] of offices under construction.”

He added: “MIPIM is the ideal platform to showcase everything the region has to offer and promote the potential for further growth, reinforcing Greater Birmingham’s place on the world stage for investment.”

Andy Street: “reinforcing Greater Birmingham’s place on the world stage”

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Turkey’s mega projects to whet your appetite

mipim

NEWS GLASGOW’S EYES TRAINED ON SIGHTHILL THE £250m (323m) regeneration of Sighthill has moved one step closer since Glasgow City Council issued the tender for lead contractors to progress the infrastructure works. The Sighthill regeneration consists of some 800 new homes, a school campus, community facilities and commercial units. LDA Design worked with the council and its in-house masterplanning team to develop a public-realm design strategy. LDA Design’s proposal incorporates sustainable urban drainage solutions (SUDs), creating areas of new park land, and amenity and public-realm spaces. “The public-realm strategy in this development is both highly sustainable and people-centric,” said Kirstin Taylor, director at LDA Design.

“Our focus has been on the landscape and amenities, taking the emphasis away from vehicles and on to the community. We’re also proposing innovative green infrastructure solutions, such as rain gardens within key streetscapes, right through to the design and specification of bespoke street furniture and dramatic gateway spaces.”

Abu Dhabi-owned investor

buys Paris-La Defense office

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AMWEELVIEW European Holdings, wholly owned by the Abu Dhabi Investment Author ity

(ADIA), has acquired the Tour Alto office development in ParisLa Defense. LaSalle Investment Management advised the pur-

The Tour Alto office development has been sold to Tamweelview European Holdings

chaser on the acquisition from a fund managed by UBS Global Asset Management’s international real estate business and has been appointed as asset manager.

The project will involve the demolition of the existing Les Saisons building and the construction of a 51,000-sq m Grade A office building at the gateway to La Defense, home to the highest concentration of corporate headquarters in Europe.

The purchaser has awarded a subsidiary of Bouygues Construction, Linkcity IDF (formerly Sodearif), a €200m development contract for the 38-storey office tower. Tour Alto will include an IF Architectes-designed office tower, a car park, ground-level retail and a public square. The developer said it would work closely with Epadesa (the ParisLa Defense public development authority) to integrate Tour Alto into the surrounding area, improve the immediate environment and strengthen the business district’s appeal.

Detailed design work will continue this year, with demolition works to commence mid-2016 and practical completion expected in 2020.

Buyukyali project breaks records THE BUYUKYALI PROJECT, designed by architect Chapman Taylor, is located in the Zeytinburnu district of Istanbul and will provide 1,500 dwellings, 15,000 sq m of restaurants, shops and leisure space, and 20,000 sq m of offices along the seafront. The project will create an extension of Istanbul along the Bosphorus, with a new community built along the Istanbul Kazlicesme coastal road.

The Buyukyali development partnership’s revenue-sharing agreement with Emlak Konut, the

development company in which Turkish housing body TOKI has the majority stake, is the largest ever in Turkey. The respective interests of the three members in the Buyukyali partnership are Ozak GYO 55%, Ziylan 30% and Yenigun15%.

Buyukyali is well connected, with access to both the Marmaray and Avrasya tunnels and the new eight-lane coastal highway.

The project is also close to Ataturk airport. Buyukyali will also feature a sea-shuttle service, allowing residents to beat the noto-

rious Istanbul traffic.

Ahmet Akbalik, CEO of the Ozak GYO, Ziylan Gayrimenkul, Yenigun Insaat Partnership, said: “With our Buyukyali project, we have taken a ‘new urbanism’ approach, meaning that we have integrated a social life for our residents into the very design of the development. We describe our project as ‘four quarters, one neighbourhood’ — the four main gates located in the project provide entrances and exits to the open spaces and communal areas in Buyukyali.”

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Ahmet Akbalik: “four quarters, one neighbourhood”

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mipim

NEWS SHENZHEN TP-LINK PROJECT SET FOR 2018 COMPLETION THE TP-LINK scheme, located at the heart of the Chinese city of Shenzhen, is scheduled for completion in 2018. It is said to embody both the pioneering aspirations of the global computer networking company TP-Link, its developer, and the transformation of the city it occupies.

The project’s two interlaced 30-storey 135-metre towers are linked by a central atrium, its forms inspired by the curves of Chinese literati painting and geological formations. Interior balconies lined with planting overlook the atrium. Levels are connected via footbridges and spiral staircases, encouraging physical activity and face-to-face collaboration.

The Kohn Pedersen Fox Associates (KPF) design of the 54,000 sq m project avoids the traditional separation of work, recreation and support spaces, instead overlapping these amenities both physically and functionally. The result is an environment that supports a diverse array of working types through a flexible programme of facilities.

Fast-growing Helsinki introduces ambitious urban expansion plan

The waterfront district of Kalasatama, Helsinki

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HE FINNISH capital, Helsinki, is unveiling major development projects at this year’s MIPIM. Currently experiencing record-breaking population growth, the city is in the middle of a dramatic transformation with huge investment planned in the next two decades in smart construction and effective urban transportation systems.

A key development area in Helsinki and in a state of rapid change, the Pasila-VallilaKalasatama Axis Of Growth is the centre of Helsinki’s expansion to the north.

Up to €300m will be invested in the Central Pasila area by 2021, producing half a million sq m of new office and commercial space and doubling the local population.

The government of Finland and the city of Helsinki are to seek a developer for the first phase of the Pasila Tower area via an international design-build competition to be launched by the end of 2016. The aim of the competition is to choose a high-quality plan for the development and construction of 150,000-200,000 sq m of office, residential and commercial space.

Meanwhile, development is under way in Kalasatama, a waterfront district that will be home to 20,000 residents — 10 times the current number — once completed in the 2030s.

The heart of the district will include a shopping centre with parking, six high-rise residential buildings over 100 metres tall, a hotel tower and an office tower.

M&G launches European pooled fund

an evolving opportunity at a time when the European economy is improving.”

The launch saw M&G’s first foray into Portuguese real estate through a portfolio of supermarkets, which have been sold by and leased back to Portuguese food retailer Sonae, and in investment in Belgium for a David Lloyd health club in Brussels.

The fund is a pooled, open-ended, institutional vehicle investing in pan-European (excluding UK), long lease real estate. The fund will invest in long lease property in order to provide investors with bond-like, inflation-linked returns over the long term with potential capital growth through owning the underlying real estate.

KPF’s TP-Link project in Shenzhen

INVESTMENT manager M&G Investments has launched the first pooled institutional fund to invest in long lease European real estate, building on the experience it has gained with its €3.9bn UK strategy.

The M&G European Secured Property Income Fund offers pension funds and other institutional investors income growth in line with inflation through investment in real estate leased to tenants over the long term. Its first investments, totalling €100m, are in the leisure and retail sectors in Belgium and Por-

tugal. Exchange on two further deals in Germany and Ireland is expected shortly.

The new fund’s immediate pipeline totals €130m, providing investors with a gross yield of 5.8% from leases to tenants which are 100% linked to inflation, with a weighted average term of 34.5 years.

Alex Jeffrey, chief executive, M&G Real Estate, said: “Long lease property is an established asset class in the UK but is not as widespread in continental Europe. This innovative fund will enable investors to access

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mipim

NEWS

Healthy prognosis for Brussels’ biggest hospital in 40 years

COFECI-CRECI’s Joao Teodoro da Silva

COFECI-CRECI HELPS BOOST BRAZIL’S GLOBAL APPEAL NATIONAL Brazilian property body COFECI-CRECI is again in Cannes providing its professional and business members with a springboard into the international real estate market.

“MIPIM is the world’s largest real estate event,” said COFECI-CRECI president Joao Teodoro da Silva.

“We cannot ignore it.”

The main aim of the organisation’s presence is to integrate its 350,000 members into the international real estate market. “Our presence at MIPIM has no commercial nature — it is institutional only,” Teodoro da Silva said. “We show the legal framework and the capability of our system to generate business through our members.”

“In addition, we have developed repeated efforts to prepare the largest possible number of our real estate professionals to work in the international market,” he said.

As part of this strategy, COFECICRECI is organising a Brazilian breakfast on Thursday morning.

In addition, a number of major projects will be promoted as part of the Brazilian presence during this year’s market. These include the large scale Ilha Pura project in Barra da Tijuca and the Rio Green Reserve in Marica, both in Rio de Janeiro. With regard to the up-coming Olympic Games, Teodoro da Silva said: “There is no doubt that there will be a strong legacy for the real estate market and the economy itself, particularly in the city and state of Rio de Janeiro.

The CHIREC Delta Hospital in Brussels will be completed in 2017

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HE 104,000 sq m CHIREC (Centre Hospitalier Interregional Edith Cavell) Delta general hospital designed by Assar Architects will be the largest hospital completed in Brussels in 40 years when it is finished in 2017.

The building will feature 473 beds in the hospital, 90 beds in a one-day-clinic, 33 operating theatres, 150 medical offices and an array of shops and public-utility services located within a gallery.

The eight-storey project presents a cylindrical base, which will contain predominantly the re-

ception and consultation functions. Its threelevel central cruciform body will be able to house a maximum of 24 accommodation units comprising 30 beds per wing, delivering a potential 720-bed capacity, while the roof volume will contain the mechanical installations.

CHIREC Delta is positioned on a 5.1 ha former railway infrastructure site, close to a metro station, a railway station, a series of bus lines and the entrance to Brussels’ freeway network. It has been designed as the catalyst of a larger mixed-used ensemble featuring housing, hospitality and retail functions.

Second Madrid deal for AEW’s EVI

AEW EUROPE has purchased 240 Serrano — a 7,500-sq m office-led property in central Madrid — from Continental Property Investment for around €26m. It is the second acquisition in Madrid in the last two months for the AEW Europe Value Investors (EVI) fund and takes the total value of assets in EVI to around €430m, spread across 13 assets.

The property, which is currently 83% let, consists of seven floors of office space, a vacant cafe and restaurant on the lower ground floor, a small bar at ground level and a basement, which is currently let to a luxury gym operator. Investment will be focused on a refurbishment of the office and restaurant areas, as well as the addition of conference facilities.

Carsten Czarnetzki, portfolio manager for EVI, said the purchase demonstrated the fund’s growing presence in the Spanish market: “Spain’s economy has been growing for two years now and office take-up is increasing, while office completions have fallen to

24

their lowest levels since the mid-1990s. As a result, Madrid’s prime rents are beginning to grow, yet are still at a level which we believe makes Madrid look affordable.”

AEW’s EVI fund has purchased 240 Serrano in Madrid

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YARDI TALKS

TECHNOLOGY

with Richard Gerritsen - Regional Director, Continental Europe.

Yardi Positions for Growth in 2016

The Yardi® team will continue to extend its range of solutions for the real estate investment, asset and property management market across Europe during 2016.

“Yardi will continue to focus on delivering value to those companies that develop, own and manage a range of assets, which includes, but is not limited to, commercial office’s, retail, logistics, residential and mixed use portfolios,” comments Richard Gerritsen, Regional Director, Continental Europe.

associated risk and help them make informed decisions regarding future real estate strategy.

Gerritsen continues, “Responsiveness, transparency, online marketing and client services, with mobility remain major drivers of European real estate asset and investment management this year.”

“Full integration drives organisational alignment and unity of purpose. Social media channels for marketing and reputation management along with comprehensive energy management solutions for commercial buildings can be easily added to the suite,” says Gerritsen.

Successful execution of business strategies requires reduced turnaround times for lease execution, budgeting, reporting, materials procurement, lead tracking, customer relationship

“We look to 2016 with confidence and optimism after an exciting start to the year. We welcomed six new European clients in January alone and in February we announced our acquisition of commercial property management software developer iMS Immobilien Management Systeme GmbH, which will increase our support of the German market.”

Responsiveness, transparency, on-line marketing and client services, with mobility remain major drivers for European real estate.

RICHARD GERRITSEN Regional Director, Continental Europe - Yardi Systems.

“Our focus is on providing mobile, cloud-based products that help organisations lower their total cost of ownership, improve property marketing and help them deliver a range of client services that engender loyalty.”

Yardi also provides solutions that help companies reduce real estate

of a platform that can be enhanced, dependant of business specific needs, to deliver a complete end-to-end real estate management solution that includes operations, accounting and services with portfolio-wide business intelligence and platform-wide mobility.

management, valuations and other operations. Increasingly detailed requirements from investors and regulators add to the challenge.

With these factors in mind, Yardi has dedicated product development to the integration of front office and back office requirements into a single system.

Yardi Voyager® provides the backbone

Yardi will be taking part in a wide range of events across the European continent during 2016 including industry association events, trade shows and conferences and would welcome the opportunity to further discuss specific real estate industry needs. Should you wish any further information please feel free to contact us via email at Europe@ yardi.com.

Social. Mobile. Smart.

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03/03/2016 07:59

mipim

NEWS

Retailers’ store expansion plans unaffected by online sales boom

G Cushman & Wakefield’s James Chapman

CORE CE MARKETS

SET NEW RECORD

INVESTMENT levels in the core Central European markets of Poland, the Czech Republic, Slovakia, Hungary and Romania increased significantly in the last quarter of 2015 to a new record of €3.16bn, according to Cushman & Wakefield.

The figure was €1.89bn in the previous quarter.

In all, €7.37bn was invested in CE markets in 2015 — a figure only slightly up on 2014, when €7.34bn was invested. Poland was again the primary market for investment, with €4bn invested in 2015, up from €3.13bn in 2014. “Of the five core markets in the CE, it was Polish real estate that captured the majority of all investment capital in Q4,” said James Chapman, Cushman & Wakefield partner and head of CEE capital markets. “The record-breaking €2.44bnworth of deals transacted in Poland represented more than three-quarters of all CE investments in Q4.”

The Czech Republic saw the next highest level of investment although, at €1.9bn, the figure was down slightly on 2014. Hungarian investment rose 31% to €810m. In both Slovakia and Romania, activity levels cooled, with investment down 75% (€124m) and 52% (€528m) respectively.

ROWING online sales will not deter retailers’ physical store expansion plans in 2016, according to advisor CBRE, which has published the seventh edition of How Active Are Retailers Globally?, based on responses from more than 150 major international brands.

The survey findings show that 83% of brands expect their physical store expansion plans to be unaffected by the growth of ecommerce in 2016, although this varied from market to market.

Only 22% of brands are concerned about competition from online retailing and 17% of respondents have plans to open more than 40 stores (up from 9% in 2015) this year. The vast majority (67%) are looking to open up to 20 stores. Natasha Patel, CBRE’s associate director of retail, EMEA, said: “Despite the backdrop of economic uncertainty and the popularity of online shopping, a physical store presence in key locations is still critical. Stores still need to create an emotional affinity with a shopper

and customers still feel the need to go into stores. It isn’t solely about the transactional side.”

Core Western Europe is at the top of retailers’ expansion targets. Germany is most popular with 35% of retailers looking to expand there, followed by France and the UK. China is the top Asian market (27%), with a quarter of retailers also looking

for opportunities in the US. Quizzed about risk factors, real estate cost escalation (56%) and unclear economic prospects (42%) continue to top retailers’ concerns. Street shops (76%) and regional shopping malls (72%) were cited as the most popular formats, with an increasing number of brands also looking to travel hubs.

Numbers add up for TwentyFive25 A NEW 36-ha headquarters site in Broxbourne, north of London’s M25 orbital motorway, is being launched this week in Cannes.

Intended to meet pent-up demand for quality office space in the area, the proposals will deliver a state-of-the-art business park that will offer around 3,000 highgrade jobs in the technology, R&D, life-science and creative sectors.

The park, known as TwentyFive25, lies next to the M25 with excellent access to London and its airports, making it an ideal location for organisations active in the area’s key sectors. It is being developed by the Borough of

The TwentyFive25 business park in Broxbourne, UK

Broxbourne Council and developer CEG. Designed by architects Scott Brownrigg, the buildings will be energy efficient with reduced running costs. Shared facilities

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will include a cafe, restaurant, fitness centre, changing facilities, creche, running/cycling trails, management suite, convenience shop, click-and-collect centre and home-shopping delivery storage.

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mipim

NEWS

South eastern Europe deals signal new interest in region

Hines Europe, Michael Topham

HINES TARGETS RECOVERING MARKETS IN EUROPE HINES, one of the world’s largest real estate investment managers, is seeking new development and acquisition opportunities in recovering European markets including Ireland, Spain, Italy, Greece, Portugal and the Netherlands, while retaining its strength in established markets such as UK, Germany and France.

Building on the company’s successful portfolio of office, retail and residential investments, Hines Europe is working on further expanding into sectors including high-street retail, logistics, multifamily, student housing and hospitality.

Hines has recently been appointed by Bayerische Versorgungskammer to execute a €1.3bn account programme targeting high-street retail properties across 20 countries in Europe and has already executed its first transaction — the sale and leaseback of an iconic building on Oslo’s Karl Johansgate.

Michael Topham, co-CEO for Hines Europe, said: “Hines is benefiting from a deep pool of funds, separate accounts and one-off investor partners, allowing us to be highly competitive across the risk spectrum in the different markets and sectors. Combining our full vertical integration, strong local teams and our global network, Hines is well placed to successfully service its investor partners globally.”

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EFLECTING growing international interest in the South East European retail market, property consultant JLL advised Delta Real Estate on the sale of two Delta City shopping centres in Belgrade, Serbia and Podgorica, Montenegro, for a total of €202.7m — to a joint venture between South African Hyprop, the country’s largest listed shopping centre REIT, and Homestead Funds.

The transaction represents the biggest single asset deal in South Eastern Europe (SEE) for five years.

Andrew Peirson, JLL managing director for SEE and Romania, said: “Serbia has started to become attractive to international investors after years of being overlooked compared to its SEE counterparts.

“We haven’t witnessed a transaction of this scale in many years, and it is symbolic of the increasing international investor interest in Serbia and the surrounding SEE region,” said Uros Grujic, head of capital markets, SEE at JLL. “The groups of buyers we saw considering the SEE region in 2015 were mainly from outside the traditional markets of Germany, France and the UK and this will continue as investors look towards the higher returns of-

Delta City Belgrade

Delta City Podgorica

fered compared to core markets in Central Europe.”

In December 2015, JLL also advised South Africa’s Atterbury

on its one-third stake purchase of MPC Holdings, which contains Belgrade’s Usce shopping centre within its portfolio.

Dascha platform will ‘disrupt’ market SWEDISH firm Datscha has launched a property analytics platform in the UK in a bid to “disrupt” the market and capitalise on the increasing use of digital data to inform real estate strategies.

The firm has appointed the former managing director of rival property data firm Costar as an adviser as part of the launch of the platform, Datscha Property.

It has already amassed data on

some seven million commercial properties in England and Wales, from a number of sources including the Land Registry, the Valuation Office Agency and Oxford Economics.

Commenting on the launch, Datscha UK managing director Mark Bruno said: “Since Datscha was launched in Sweden 16 years ago it has introduced a new way of working to thousands of property

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professionals from the smallest to the largest firms.

“With this launch we are now ushering in these changes to the UK. This is the future of property research intelligence and we are excited to be bringing this digital disruption to the UK property market.”

Datscha is at MIPIM to showcase its research platform to the international market.

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M E E T t h e U N I T E D S TAT E S

Come to our pavilion and meet with experts from markets and states across the U.S. Email NARCommercial@REALTORS.org to schedule an advance appointment.

P R E S E N TAT I O N S f r o m A RO U N D T H E U N I T E D S TAT E S W E D N E S D AY, M A R C H 1 6 T H

T U E S D AY, M A R C H 1 5 T H

Arizona: #1 in the USA in Projected Job Growth

10:00 am

Why Nevada: Innovative, Investment Rich, International

10:30 am

The San Diego Real Estate Market

10:30 am

11:00 am

Florida, a Global State with Boundless Opportunities

Entering the U.S. Market: Spotlight on Missouri

11:00 am

11:30 am

Illinois Real Estate

Arizona: #1 in the USA in Projected Job Growth

2:00 pm

Why Nevada: Innovative, Investment Rich, International

11:30 am

Miami: Residential Market Update

2:30 pm

Miami: Global Business & Investment Destination

2:00 pm

Illinois Real Estate

2:30 pm

Miami & South Florida: Top Destination for International Buyers and Investors

10:00 am

EXPERTISE

MEET the U N I T E D S TAT E S i n S TA N D P - 1 . D . 8 4

PROPERTY

T H U R S D AY, M A R C H 1 7 T H

10:00 am

The San Diego Real Estate Market

10:30 am

Florida, a Global State with Boundless Opportunities

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Entering the U.S. Market: Spotlight on Missouri

11:30 am

Miami: Commercial Market Update & Investment Opportunities

OPPORTUNITY

mipim

NEWS RESOLUTION BUYS IN SPAIN WITH €100M VENTURE UK INVESTOR Resolution Property is re-entering the Spanish real estate market with a €100m joint venture to reposition a portfolio of luxury residential, hotels and land around Marbella.

Resolution formed a 50:50 joint venture with a private investment partner to manage an existing €50m portfolio consisting of 15 properties in Marbella’s Golden Mile. The joint venture intends to invest up to a further €50m, growing the portfolio through distressed acquisitions and value-add asset management.

Michel Nangia, senior manager of Resolution Property, said: “We have the opportunity to add significant value to this portfolio through an active asset-management and refurbishment programme, then grow the portfolio alongside a strong partner with access to off-market distressed opportunities.

The joint venture represents the final investment for Resolution Real Estate Fund IV. It follows Resolution Property’s delivery of similar residentialrepositioning ventures in Switzerland and Denmark.

Poznan set for future growth as Skanska nears end of Maraton

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HE SKANSKA-developed six-storey Maraton building in the Polish city of Poznan has been topped out. The ceremony was attended by representatives of the project’s tenants, Skanska construction workers and representatives from Poznan’s investor-assistance department.

Lukasz Kalecinski, regional director for region north at Skanska Property Poland, said: “Maraton will play an important role in Poznan’s future progress. We believe it will encourage the development of both young people and the city itself, which is currently one of the most economically robust areas of Poland. While designing Maraton we focused mainly on the quality of the working environment as well as the comfort of the people working there. Our building will combine an excellently located business centre with restaurants and stylish stores. The project will be a significant addition to Poznan’s urban life”.

Maraton, which is located in the city centre, will have a total leas-

Topping out for Skanska’s Maraton office building in Poznan

able space of 25,000 sq m. An advantage of the project is a grassed patio with fountains available to

the public, as well as grassed terraces on the rooftop. Completion is scheduled for the end of 2016.

Newcastle back on investors’ radar GROWING numbers of investors are looking at investment opportunities in Newcastle and the North East of England, according to FaulknerBrowns Architects.

The Newcastle-based practice is working on several local projects, including Science Central, one of the largest city developments of its kind in the UK. Developed in a partnership between Newcastle City Council and Newcastle University, FaulknerBrowns is designing a £250m (€322.5m) innovation hub for collaborative solutions for tomorrow’s cities.

Adjacent to Science Central and

Newcastle United’s St James’ Park stadium, Strawberry Place is a £50m project developed by Marrico Asset Management and masterplanned by FaulknerBrowns. The mixed-use scheme consists of offices, private residential sector units and student accommodation. FaulknerBrowns is also working with Stonegate Developments on a 26-storey residential building, comprising 164 private-rental apartments.

In Durham, Freeman’s Reach has achieved practical completion and is the new home for National Savings and Investments

Durham’s Milburngate: set for a £120m redevelopment

(NS&I) and Her Majesty’s Passport Office. Both tenants were previously located at Milburngate House, which is to be redeveloped as a £120m mixture of residential, offices, restaurants, shops and leisure.

30

Ben Sykes, partner at FaulknerBrowns, said: “The projects have the potential to place Newcastle and the North East firmly at the heart of the ‘Northern Powerhouse’ and fuel further investment and regeneration.”

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mipim

NEWS

Silver Mountain is peak of Eastern European resorts

K

NIGHT Frank Romania has been appointed

by Romanian Commercial Bank (BCR) to advise on the sale of the Silver Mountain resort in Transylvania, the only leisure project of its size for sale in Eastern Europe.

Covering 26.3 ha of land, the resort comprises four buildings with 171 accommodation units ranging from studios to penthouses. The commercial space, totalling 2,600 sq m, includes a multipurpose building housing a 140-seat restaurant, a club with spa and fitness centre, and underground parking facilities.

The site also includes a heliport, road infrastructure and green areas.

The Poiana Brasov area is particularly popular with high-end tourists seeking good skiing conditions as well as local attractions such as Dracula’s Castle in Bran. According to Knight Frank Romania, opportunities such as Silver Mountain are scarce and a great deal of investor interest is anticipated.

The resort was developed in 2008-2011, with financing from BCR. In 2014, the project was taken over by BCR, which is currently looking for an investor to acquire the entire site.

The 26.3 ha Silver Mountain resort is the largest for sale in Eastern Europe

SCHRODER BUYS HIGH POINT VILLAGE TWO PURPOSE-built serviced apartment buildings at the High Point Village mixed-use development in Hayes, West London have been purchased by Schroder UK Real Estate Fund (SREF) for £32.4m (€41.8m).

The interconnected buildings are let to Staycity Serviced Apartments or a term of 25 years, reflecting an initial yield of 5.5%. Staycity is one of the leading serviced-apartment providers in Europe. It recently took the lease on a further 125-room building, bringing its holding at the site to 269 rooms in total.

According to SREF, the serviced-apartment sector has seen significant growth in recent years as it provides a cost-effective alternative to traditional hotel accommodation for both business and leisure travelers.

With the wider regeneration of Hayes well under way, including the £250m Old Vinyl Factory scheme, the purchase demonstrates SREF’s strategy of focusing on London’s “emerging” hubs.

These are areas that benefit from excellent existing or planned transport connectivity. The fund has major holdings already in Croydon, Battersea, Stratford and Whitechapel.

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Professional consultancy in Danish property investment

Market-leading commercial property advisor and agent: In Denmark as well as abroad, we draw on indepth and comprehensive market knowledge. Coupled with our long-standing industry experience and cutting-edge analytical tools this helps us to create value for our clients.

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W: sadolin-albaek.dk | T: +45 70 11 66 55

In alliance with JLL

mipim

NEWS

Cannes rebuilds after October flash floods:

Mayor calls for donations

O

n Saturday, October 3 last year, Cannes and the surrounding region were hit by a devastating flashflood causing loss of life, massive damage to residential homes, businesses, rail and road infrastructure, public buildings and sports facilities.

As the city continues to rebuild, estimates are that the cost of reconstruction will be around €40m, including €13.5m for non-insurable public assets.

In just two hours, 1,500,000 sq m of rain poured into sectors of the city and its suburbs, the equivalent of 1,000 Olympic swimming pools. Five Cannes inhabitants lost their lives, 1,000 business were damaged — including 300 that were completely decimated — and hundreds of houses and apartments were flooded.

“This was a terrible drama for the hundreds of people who, in the space of one night, lost their houses, their family souvenirs and their livelihoods,” Mayor of Cannes, David Lisnard, said.

Faced with an unprecedented situation, the Mayor took the innovative step of calling for donations to help finance the reconstruction work.

“Like many French cities, Cannes finds itself in a tight financial situation. Thanks to rigorous and creative management, we have reduced debt and continued investment without raising local taxes. In order to meet the additional costs of the floods, without destabilising the city’s financial equilibrium or penalising local taxpayers, we need help. This is why I decided to call for an act of solidarity from all those who have a link with Cannes by creating the #HelpCannes donation fund,” Lisnard said.

Mayor of Cannes David Lisnard joins volunteers in the post-flood clean-up

To date, donations from individuals and companies total over €960,000. Priority reconstruction work is targeting road infrastructure, two heavily-damaged schools, an apprentice training facility and the city’s Grand Bleu aquatic centre that is inoperational due to a mudslide caused by the flood.

As a partner of Cannes for over 50 years, Reed MIDEM is donating €50,000 to help rebuild a local

school. “Reed MIDEM is an historic partner of Cannes, based on mutual respect and a win-win model of working together. For me, Reed MIDEM and Cannes are as one,” Lisnard said.

With over 23,000 real estate executives attending MIPIM, the city is hoping for support from the international property community. “The people of Cannes are proud to welcome MIPIM delegates. Cannes is wounded.

I hope that those who appreciate Cannes, its hospitality and charm, will contribute, however modestly, to help us return the city to its original state. It was thanks to an unprecedented effort within the Cannes community that the city got back on its feet following the catastrophe,” Lisnard added. “I am convinced that acts of individual solidarity will contribute to the reconstruction of Cannes.”

Online donations to #HELPCANNES can be made via this link: www.cannes.com/en/index.html 34

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MIPIM 2016 HOTEL & TOURISM PAVILION designed by AW² stand P-1.D29 aisle 7 level -1 www.aw2.com

architecture & interior design

photo Mikaël Bénard

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NEWS

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High street rents and yields above pre-recession levels

E

U ROPE’s t op h ig h streets achieved strong rental growth in 2015, according to research from advisor Cushman & Wakefield.

The top performing rents were Milan’s Via Montenapoleone, up by 41.2% last year, ahead of Rome’s Via Condotti (37.5%) and Barcelona’s Diagonal (33.3%).

Paris, London, Dublin, Venice, Lisbon and Madrid also performed well. As a result, highstreet retail is now the only European commercial real estate sector where rents on a weighted average basis are above their previous peaks and yields are below pre-recession levels.

Monika Sujkowska, senior analyst in Cushman & Wakefield’s investment strategy team, said: “Mixed-use, centrally located schemes and high-street shops in close proximity to culture, business, education, restaurant and tourism hubs appear to be ideal

solutions to these [re-urbanisiation] challenges.”

Among growth locations in 2016, Cushman & Wakefield tips Central and Eastern Europe, based on an ongoing urban renaissance, led by major Polish cities and Prague. Spain and Portugal are also experiencing a boom in prime high streets in core cities, which is expected to spread to select off-pitch thoroughfares as well as regional cities.

In Germany, high-street rental growth has been uneven, with retailers focusing on the very best thoroughfares in major cities.

There is also a parallel trend of urban revival in tier-two and tierthree cities.

Michael Rodda, head of European retail investment at Cushman & Wakefield, said: “As retailers seek new expansion opportunities, growth will spread from established shopping destinations to second-tier cities and smaller countries in 2016.”

VOTE FOR

Joseph Lau buys into Mayfair

T

HE BUILDING housing the London headquarters of private bank Kleinwort Benson has been sold to Joseph Lau’s Chinese Estates for £121.7m (e155m), representing a 3.5% yield. Colliers International advised the vendor, Aberdeen Asset Management.

Designed by Eric Parry, the fourstorey 14 St George Street build-

ing comprises 51,861 sq ft of dual aspect, Grade A open-plan office space in London’s Mayfair district, close to Bond Street and the entrance to the new Elizabeth Line rail link, due to open in 2018.

The building is fully let until 2020 to private bank Kleinwort Benson and Trafigura, a multinational commodity trading company. The average passing rent is £86.88 per sq ft.

NG VOTI E Z O N lais -1

Pa Gallery, vals Awards es Festi d is la a P

A D E V E L O P M EN T B Y 741 PROJEKTENTWICKLUNG 14 St George St, Mayfair

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MARCH 2016

LegAL & geneRAL InvestMent MAnAgeMent

Congratulations to all cyclists on completing your 1,452km journey to MIPIM 2016!

MIPIM_Cycle_Mar16_FINAL_PRINT.indd 1

10/03/2016 09:31

mipim

NEWS Commercial real estate is strong across EMEA

C

OMMERCIAL real estate across EMEA is expected to outperform many other assets this year, according to CBRE’s 2016 European Outlook. “Leasing is still in early recovery in many European countries and occupier demand will continue to improve as economic recovery continues,” said Dr Neil Blake, head of research and forecasting EMEA at CBRE. “On the capital side, continued very low interest rates and the weakness of the Euro currencies make property look relatively attractive, regardless of recent falls in yields in some markets,” Blake said.

Although 2015 was a record year for commercial real estate investment sales in Europe some divergent trends are starting to appear, according to CBRE. It says that yields in the UK are set to remain

The world has its eyes on Poland ANALYSIS by consultant Colliers International indicates that Poland is an established market with continuously growing liquidity, while still offering an interesting yield spread in comparison to western Europe. More investors with diversified risk profiles, particularly from North America and Asia Pacific, are looking closely at Poland with a view to deploying capital here.

Figures show that 2015 brought record high volume of transactions in Poland — €4.18bn, up on €3.1bn in 2014 — which accounted for 45% of the value of closed deals in the entire Central and Eastern European region (including Russia).

2016 is expected to generate another strong performance, amid strong fundamentals of the Polish economy — for example GDP growth is forecast between 2.7%-3.4% by analysts

stable while in continental Europe further yield compression is expected in the first half of 2016, with a bottoming out by year end.

Across Europe in 2015 office leasing increased by more than 15%, the best figures since 2010 with vacancy rates falling at their fastest since 2007. Vacancy rates are set to fall yet further this year.

In retail, prime high streets and shopping centres have seen low vacancy and rising rents while secondary centres have continued to struggle.

In the industrial sector although rental growth has been surprising thanks to e-commerce it is uneven and limited to areas with a scarcity in development land such as the UK, Ireland and big German cities, according to CBRE. Last-mile delivery assets are increasing in popularity with both investors and occupiers.

41

Colliers International, Poland’s Piotr Mirowski

— however the final value of closed deals will depend largely on the availability of investment product for sale.

Piotr Mirowski, partner, investment services at Colliers International, Poland said, “We expect continued growth with an increasing number of investors entering Poland, interested in all asset classes, as well as platform/ corporate deals and ready to commit to forward funding and forward purchase arrangements.”

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MIPIM • Palais Des Festivals - C14 #istanbulMipim

www.istanbulmipim.com

mipim

NEWS

Apache Capital loan secured for London student accommodation

L SPECIALIST developer International Campus, which builds residential space tailored to students and young people, has unveiled plans for a new site in Hamburg, Germany. The company is showcasing The Fizz at MIPIM. Construction will start this summer on the project, which is likely to be completed by spring 2018. The 35,000sq m building will be split into three parts — one for students, one for young professionals and one for apprentices. It will also include 4,300 sq m of retail space.

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ONDON- and Gulf-based private real estate investment management firm Apache Capital Partners has agreed a new five-year, £76m (€98m) secured debt facility.

LaSalle Investment Management acted as underwriter and arranged the facility, which is secured against Apache Capital’s Paul Street student accommodation building in London’s Shoreditch. The facility comprises €27m of mezzanine finance, provided by LaSalle, and a further €71m of senior debt, which LaSalle syndicated to Wells Fargo shortly after completion.

Apache Capital acquired the site in 2013 and developed Paul Street with joint-venture partner McLaren Property. The property comprises 456 units and communal facilities, and achieved 100% occupancy in its first year.

The scheme was completed last summer and, following practical completion, Apache Capital acquired McLaren Property’s interest. It included a separate 43,000 sq ft office building, which was pre-sold to Helical Bar.

Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “This refinancing has enabled Apache to acquire our joint-venture partner McLaren’s 25% shareholding in the Paul Street asset, to distribute capital to shareholders and maintain a long-term hold of the asset, so that our investors can benefit from stable income streams and capital growth.”

Amy Aznar, head of debt and special situations at LaSalle Investment Management, added: “The facility further demonstrates LaSalle’s commitment to real estate lending, having completed debt investments of circa £700m over the past 16 months. We have lent circa £230m in UK student housing over the past 36 months and believe in the strong fundamentals of the sector.”

Apache Capital Partners specialises in investing capital from the Middle East into UK-based property and manages Shariahcompliant businesses across social infrastructure, the private rented sector and commercial real estate.

LES RIVES DE LA HAUTE DEULE A DOUBLE AIM : • The rehabilitation of a quarter along the banks of the Deûle canal, close to Lille town centre and the main transport routes, • The development of an economic hub for the European Metropolis of Lille, committed to information and communication technologies, as a major site for investment over the next 20 years.

A SUSTAINABLE NEIGHBOURHOOD : • The creation of a new quarter in the town providing a place to reside, work and participate in leisure activities : sports grounds, cultural centres, shops, hotels and restaurants, • Making the most of the water environment and making it attractive by enabling the water to flow into the heart of the area, close to the constructions for housing and offices, • The requirement for urban quality by creating and maintaining public areas, renovating industrial buildings, establishing innovative architecture, • High environmental quality required for the development of the neighbourhood and construction projects.

2 0 13

250 ACRE 170,000 SQ. M. AREA 150,000 SQ. M. AREA FOR HOUSING (5,000 FOR COMPANIES (10,000 JOBS) INHABITANTS)

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201_RM CONF_N1_PIM

PROGRAMME OF CONFERENCES & EVENTS

TUESDAY 15 MARCH BLUE ROOM PALAIS 3

RUBY ROOM PALAIS 5

KEYNOTE ADDRESS

by Frans Teguh, Deputy Director for Tourism Infrastructure Development and Ecosystem, Ministry of Tourism, Republic of Indonesia 10:00 - 10:30

GREEN ROOM INNOVATION FORUM, HALL 1

ORANGE ROOM PALAIS -1

HOLLAND METROPOLE: TEAMING UP FOR GROWTH 10:00 - 11:00

MIPIM DISCOVERY MEETING 9:00 - 11.00

REAL ESTATE RISKS & REWARDS* 8:00 - 12:30

Sponsor: Holland Metropole

Sponsors: AXA Investment Managers, Aberdeen Asset Management, Europa Capital, KPMG, Real Capital Analytics

Sponsor: Wonderful Indonesia

INVESTMENT OPPORTUNITIES IN ASIA 10:30 - 11:30 Sponsor: Cushman & Wakefield

RUSSIA 2016 SMART DIRECTIONS FOR URBAN DEVELOPMENT 11:00 - 12:30 Co-organiser: Kommersant Welcome coffee & cocktail, courtesy of Moscow City Government

CHINA INVESTMENT OUTLOOK 11:30 - 12:30

OTHER LOCATIONS

[Carlton Hotel]

3RD ROUND, CANNES 11:00 - 12:30

HOW CLOSE ARE WE TO CREATING THE ULTIMATE FUTURE CITY? 11:30 - 12:30 Sponsor: Estates Gazette In association with Cushman & Wakefield and Hogan Lovells

Sponsor: BNP Paribas Real Estate Partner: Fabernovel Followed by a cocktail announcing the two finalists

STARTUPS AND THE DIGITAL ECONOMY: A NEW DEAL FOR REAL ESTATE? 14:30 - 15:30 In association with ESSEC Business School

BUILDING AS A SERVICE 16:00 - 17:30 Sponsor: Schneider Electric

BUILDING REAL ESTATE IN GERMANY – MATCH UP YOUR INVESTMENT! 14:30 - 15:30 Sponsor: L’Etoile Properties Co-organiser: Heuer Dialog

KEYNOTE ADDRESS BY Fatma Güldemet Sari, Minister of Environment and Urbanisation, Republic of Turkey 16:00 - 16:15

TECH AND REAL ESTATE THE NEW OIL? 16:00 - 17:00

10:00 - 11:15

UK CORE CITIES: WHERE THE WISE MONEY IS GOING AND WHY 11:00 - 12:00 Sponsor: Estates Gazette In association with Bilfinger GVA and RIO

INVESTORS' LUNCH* 13:00 - 14:30

Real Estate: new growth opportunities

11:30 - 12:45

Transport, well being, housing, information: the new expectations of the urban dwellers in the Smart cities Co-organiser: V. Conférences In partnership with: Le Journal du Dimanche [Verrière Grand Auditorium]

ARCHITECTURE IN A DIGITAL ERA 15:00 - 15:30

[Carlton Hotel]

[Majestic Hotel]

Sponsor: Autodesk

NEW GENERATION OF RESIDENTIAL DEVELOPMENT 14:00 - 15:00

MIPIM CITY INVESTMENT FORUM - NORTHERN POWERHOUSES 14:30 - 15:30

METLIFE STADIUM: DYNAMIC INSPECTIONS FOR A LIVING FACILITY 15:30 - 16:00

Sponsor: Holland Metropole [Salon Croisette]

ASIA LUNCH* 13:00 - 14:30

Co-organisers: Leeds, Liverpool, Manchester, Newcastle, Sheffield [Grand Auditorium]

Sponsor: Archaio

Sponsor: Oslo Metropolitan Area

WOMEN NETWORKING COCKTAIL* Influencing the Real Estate industry 16:00 - 17:30 Partners: AREL, REWIRE, WIREP, WIRES, WWIRE [Salon Croisette]

Co-organiser: Kalebodur

Co-organiser: ULI

LES MATINS DE L’ÉCONOMIE DU JDD

Sponsor: Norton Rose Fullbright

ARCHITECTURAL VIEW ON TURKISH MEGAPROJECTS 16:15 - 17:15

EMERGING TRENDS IN REAL ESTATE©: A GLOBAL OUTLOOK FOR 2016 17:30 - 18:30

[Majestic Hotel]

Sponsors: AXA Investment Managers, Aberdeen Asset Management, Europa Capital, KPMG, Real Capital Analytics, Threestones Capital

Sponsor: Oracle

STUDENT HOUSING: A NICHE WITH GROWTH POTENTIAL 14:30 - 15:30

Sponsor: Diamond Realty Management Inc

(Session in French)

[Salon Croisette]

YOUR SMART CITY VISION REALISED – IMPROVE URBAN DEVELOPMENT RETURNS & ENHANCE YOUR REPUTATION 14:00 - 14:45

EIGHT YEARS UNDER BORIS JOHNSON

by Sir Edward Lister 14:00 - 14:30

JAPAN BREAKFAST* Macroeconomic outlook: Effects of negative interest rates on RE markets Switzerland vs. Japan 8:00 - 10:00

REAL ESTATE TALENTS: WHY THE NEXT GENERATION MATTERS 17:30 - 18:30

DIGITAL INNOVATION IN REAL ESTATE: FOCUS ON RETAIL AND OFFICE 17:00 - 18:30 Sponsor: Allianz Real Estate Followed by a cocktail

Co-organisers: Business Immo, Génération Immobilier

HEALTHCARE 17:00 - 18:00 Sponsors: Threestones Capital, Welltower Followed by a cocktail, courtesy of Welltower [Networking zone, Hotel & Tourism pavilion, Palais -1]

CEEQA@MIPIM 2016 17:00 - 18:45 Sponsor: CEEQA [Verrière Grand Auditorium]

UK PARTY 18:00 - 19:30

POLAND & CEE EXECUTIVE DINNER* 20:00 - 22:00

[MIPIM Bay Restaurant]

*By invitation only events

tuesday_news.indd 1

MIPIM OPENING COCKTAIL From 19:30 - Open to all MIPIM participants

Sponsor: Poland Today, supported by ABSL, Bloomberg Businessweek Polska, FDI Magazine (a division of the Financial Times), Property EU, Royal Institution of Chartered Surveyors (RICS), Rzeczpospolita

[Carlton Hotel]

[Salon Croisette]

HOUSING THE WORLD SESSIONS

Interactive session: Download the mobile app to interact during the session

Programme as of 03/03/2016. Information contained in this programme may be subject to change.

10/03/2016 16:59

mipim

NEWS

Business services leads France’s biggest wooden Polish office demand building opens in Paris

T

HE BUSINESS services sector leased 380,000-sq m of office space outside Warsaw last year, which accounted for 56% of overall demand beyond the Polish capital, according to JLL. Anna Mlyniec, head of office agency and tenant representation at JLL, said: “Companies from this industry have maintained their high pace of development. Business services centres continue to acquire new clients, expand the scope of services through increasingly advanced processes and, in turn, employ new specialists.” She added: “As a result of office lease agreement renewals, new deals and expansions, business services centres are driving the

development of office markets, especially outside Warsaw.”

Mateusz Polkowski, associate director, research and consulting at JLL, said: “The largest amount of office space — around 155,000 sq m — was leased last year by the business services sector in Krakow, followed by Wroclaw with 92,000 sq m. The sector’s share in overall demand in selected cities was led by Wroclaw with 72%, followed by Krakow with 68% and Tri-City 57%.”

It is estimated that business services centres with foreign capital employ around 150,000 people — a number that continues to grow — and invested in regional office space at levels of 51% in Krakow, 46% in Lodz and 39% in Wroclaw.

The eight-storey Opalia wooden building

THE TALLEST and largest wooden building in France, Opalia, opens later this year in Paris.

The eight-storey building, which is being developed by Bedier Est Invest and designed

by Art & Build Architect, is located in the Zac Joseph Bedier

at the Porte d’Ivry in Paris 13th.

The 6,700-sq m building’s main tenant will be the City of Paris Department of Urbanism.

Opalia features cross-laminated timber floors and an innovative south-facing double skin set on a wooden frame.

OPENING COCKTAIL PARTY Tuesday 15 March from 19.30 Carlton Hotel, Cannes 45

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mipim

NEWS UBS FUND CLOSES AS LES SAISONS SELLS TO MID-EAST THE LES Saisons office building and its associated planning permissions in Paris-La Defense, has been purchased by an entity wholly owned by a Middle-Eastern Sovereign Wealth Fund for around €55m.

UBS Asset Management Global Estate has sold the building on behalf of the Luxembourg UBS (Lux) Euro Value Added Real Estate Fund; Les Saisons is the last asset in the portfolio, which means the fund will now close.

The 6,700-sq m asset has been owned by UBS since April 2006, with plans developed to enable its demolition and reconstruction into a 51,200-sq m, 38-storey Grade A office development known as Tour Alto.

UBS will continue to be involved in managing the re-development programme for at least 12 months. Demolition is expected to begin later this year while completion of the 150 m tall office is due in 2020.

Luxury Portonovi coastal resort opens next year in Montenegro

N

EXT year will see the opening of Portonovi, a luxury holiday destination set on the shores of Montenegro’s Bay of Boka Kotorska.

The 24-ha resort will offer properties from town houses set in its Mediterranean-style village, to villas in landscaped gardens, to penthouse apartments overlooking the marina.

Property owners will be given a choice of layout options and views all master planned by architect Harper Downie and complemented with a bespoke interior design by The Studio at Harrods.

Portonovi will also be home to Europe’s first One&Only resort with 120 guest rooms and villas, a health spa, dining and retail options. The Espace Chenot Health

Wellness Spa will be a key feature of the resort Another element of Portonovi will be a 220-berth yacht marina club created by Winch Design. The marina offers access to the Adriatic with the islands off the Dalmatian Coast a day’s sail away.

Rashad Aliyev, CEO of Azmont Investments, developers of Portonovi, said: “Portonovi represents an opportunity for property ownership in Montenegro. The

resort will sit on the entrance to the pristine Boka Bay offering the perfect place to discover Montenegro’s stunning 300-kilometre coastline, as well offering the quickest access for yachts to the open Adriatic.”

Azmont Investments is a joint venture between Azerbaijan Global Investments and the Government of Montenegro. The principal contractor for construction of the resort is Impresa Pizzarotti.

Portonovi resort benefits from Montenegro’s relatively undeveloped coastline

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TODAY’S MIPIM INNOVATION PROGRAMME OF CONFERENCES (Tuesday 15 March) Innovation Forum, Hall 2 12.15–13.15 15.00–15.20

15.30–15.50 16.00–17.00 16.30 18.30–19.30

Cocktail announcing the two finalists of the Startup Competition Tomorrow’s building: high, clean, smart, mixed? (innovation, architecture, mixed-use vs pure residential, impact of climate change) Liveable Cities Cocktail by VuCity Press and Speakers’ Meetup Cocktail by Allianz Real Estate

Green room, Innovation Forum, Hall 1 11.00–12.30

Startup Competition 3rd Round, Cannes Sponsor: BNP Paribas Real Estate Partner: Fabernovel

BE AHEAD

OF YOUR

TIME

Followed by a cocktail announcing the two finalists 14.00–14.45 Your Smart City Vision Realised – Improve urban development returns & enhance your reputation Sponsor: Oracle

15.00–15.30 Architecture in a digital era Sponsor: Autodesk

15.30–16.00 Metlife Stadium: dynamic inspections for a living facility Sponsor: Archaio

17.00–18.30 Digital innovation in real estate: focus on retail and office Sponsor: Allianz Real Estate Followed by a cocktail

EXHIBITORS AND CONFERENCES SPONSORS

-GROUP ENVIRONMENT

NEWS

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Patrizia acquires Astro Tower in Brussels for Korean consortium

P

ATRIZIA Immobilien has exchanged contracts for the acquisition of the Astro Tower, Brussels, on behalf of a Korean consortium via its subsidiary Patrizia France, which covers France and Belgium. The vendor is Spanish real estate investor Luresa and the parties agreed not to disclose the selling price.

Asian investors are increasingly seeking to invest globally in order to diversify their portfolios, but they place complex demands on the structure of their investments, according to Dr Konrad Finkenzeller, head of institutional clients international at Patrizia.

“Owing to the complex challenges, Asian investors place their trust in strategic partners who help them to realise their global investment strategy,” said Finkenzeller. “Patrizia can satisfy these challenges and offer such solutions from a single source with its network of expert teams in the various European real estate markets.”

The Astro Tower is situated in the city’s central business district and provides 36,000 sq m of office accommodation across

33 floors. At 107 metres, it has been part of Brussels’ skyline since 1976; a €100m refurbishment has been initiated by the previous owner. The tower includes five levels of underground space, car parking and a storage area. On completion of the works, the regional headquarters of the Employment Agency is to occupy the entire building from October on a 26year lease with an indexed leasing agreement.

“The office property market in Brussels, thanks to its outstanding stability over the years, is extremely attractive to institutional capital,” said Bruno Cohen, managing director at Patrizia France.

MIPIM BAY RESTAURANT Majestic Beach

• MIPIM Bay restaurant is an exclusive space uniquely for MIPIM participants • Open from 12:00 to 14:30 • Ideal setting to hold business lunches • For reservations please call: +33 (0)4 92 98 77 03

The Astor Tower, Brussels

Uncertain economy boosts trade REAL estate trading activity could rise by a record 4% by the end of 2016, driven by continued uncertainty in the global economy and steady demand from occupiers, a Cushman & Wakefield report has said.

Atlas Outlook 2016, released today at MIPIM, cites “currency fluctuations”, unsatisfied demand, and political uncertainty throughout the world as likely causes of a sharp upturn in activity as the year goes on.

Commenting on the launch of the report Carlo Barel di Sant’Abano, chief executive of Cushman & Wakefield Global Capital Markets & Investor Services, said: “Geopolitical issues,

length of the recovery cycle, volatility and increased uncertainty are leading to differing views with respect to asset allocation and how best to invest.

This is benefitting real estate as allocations to the sector increase, boosting demand. In this economic environment there is also an increasing number of sellers aiming to crystalise returns.”

Barel di Sant’Abano added that the 4% increase Cushman is predicting “could easily be bettered” if the global markets were to stabalise in the coming months.

The report also identifies a widening of opportunities for investors in new alternative sectors and markets as a key trend for 2016.

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076_THE WALL STREET JOURNAL_N_PIM

MORE C-SUITE EXECUTIVES MAKE TIME TO READ THE WALL STREET JOURNAL THAN ANY OTHER PUBLICATION. Be seen by the world’s most influential people.

Make time to advertise in The Wall Street Journal.

For more information, please contact Rob Monaghan: robert.monaghan@wsj.com | +44 (0) 207 572 2124

Source: 2014 Global Business Elite, Ipsos MediaCT ©2016 Dow Jones & Co., Inc. All rights reserved.

mipim

NEWS CBRE ACQUIRES PARIS LOGISTICS PORTFOLIO CBRE GLOBAL Investors has bought a four-asset core logistics portfolio near Paris, on behalf of one of its funds.

It generates annual rents of €5m. The four properties total 100,000 sq m. St Cyr en Val is south of Paris in Orleans; Lognes (two buildings) and Croissy Beaubourg, are both located in Marne La Vallee, east of Paris. John Mulqueen head of transaction EMEA at CBRE Global Investors said: “The acquisition furthers our strategy to secure long-term hold logistics portfolios within strong and resilient economies such as France.”

CBRE Global Investors has €4.8bn of non-listed logistics assets under management in EMEA with more than 400 logistics assets across 11 countries and close to 1,000 tenants.

189_RM APP_N1_PIM

Croydon gets go-ahead for Ruskin Square development

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ONSENT has been granted for a second landmark office building at the two million sq ft (370,000 sq m) Ruskin Square development in Croydon, south of London. The 13-storey development will stand 63 metres tall and deliver 18,580 sq m of offices, as well as retail and dining at ground level.

It will join a 16,722 sq m office building which is already topped out with its structural steelwork due to complete within the next few weeks. The buildings are part of a £500m (€645m) Schroder UK Real Estate Fund and Stanhope scheme adjacent to East Croydon station.

As well as the two office build-

ings the first residential building on the scheme is due for completion this summer.

In total up to 232,258 sq m of new accommodation will be delivered on the site. This includes 116,129 sq m of high-specification offices, retail and dining, public spaces and up to 625 homes.

“This latest planning milestone allows us to maintain and build upon the momentum that is building at Ruskin Square,” James Lass, fund manager at Schroder UK Real Estate Fund said.

More than £5.25bn of investment is expected in Croydon over the next five years. “With occupiers increasingly seeking high-quality offices in non-core London locations with good public transport access, Croydon is becoming a

The proposed 13-storey office building for Croydon’s Ruskin Square

go-to destination,” Lass said.

Savills and JLL are the retained commercial letting agents for Ruskin Square while the residential building is being delivered in partnership with Places For People.

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HOTEL & TOURISM 12.15-12.30

EUROPA-CENTER AG & NOVUM Group Hotels: City Hotel Project Essen, Germany

12.30-12.45

City hotels in Paris and their transformation

12.45-13.00

Renaissance Marriott Hotel, Lucknow, Uttarpradesh, India’

11.45-12.00

Prizeotel - The Budget Design Hotel

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Hotel Augustine, a Luxury Collection Hotel, Prague

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Mixed use development including a Design Hotel, the new «Roomers Hotel - Baden-Baden»

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European Student housing outlook from an Operator / Investor’s perspective

Musholm Sports and Holiday Resort

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Gelendzhik Resort Hotel & Medical Center

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TODAY’S PROGRAMME (Tuesday 15 March)

Access to Riviera 7 & 8

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NEWS OSTRAVA SHOWS NEW PROJECTS THE MORAVIAN-Silesian city of Ostrava is showcasing some of its latest projects at MIPIM this week. Included is the Ostrava-Mosnov Industrial Zone, one of the city’s largest projects on display, which just gained new investor Hyundai Mobis.

The company plans to purchase an 18.9-ha area to develop its project, making a total investment of around CZK 4bn (€15m).

CPPIB acquires slice of Paradise Chamberlain Square, the focal point of the Paradise Birmingham transformation

T

Ostrava is also presenting its HE CANADIAN PenScience and Technology sion Plan Investment Park, including the IT4InnovaBoard (CPPIB) has taken tions Centre of Excellence. a 50% share in the £150m Companies based in Ostrava (€194m) first phase of have access to the Czech, Paradise Birmingham, formerly Polish and Slovak markets, a joint development by Hermes with a total of five million Investment Management and Birpeople within a 100-km mingham City Council. catchment. Ostrava is also the The move marks an extension third most important place for of Hermes and CPPIB’s regionshared service centres in the al joint venture at Wellington 194_ODAKYU ELECTRIC_N1et2_PIM Czech Republic.

Place in Leeds.

The mixed-use Paradise Birmingham scheme — at 170,000 sq m, one of the largest in the UK — will see the transformation of this important part of the city centre. Developer Argent is providing offices, shops, cafes, restaurants and a hotel across 10 buildings. The first phase of the project, which started in late 2015, includes the development

53

of two new office buildings, which were granted planning permission in the third quarter of last year; major improvements to the infrastructure and public space around Chamberlain Square; and the demolition of existing buildings.

More than 32,500 sq m of office space in the first two Grade A speculative buildings will be ready for occupation in late 2018.

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mipim

NEWS Report shows growth for London’s rental market

Yield shift is slowing in general. Colm Lauder, vice-president of MSCI, said that the results showed another good year for the London investment market in 2015. “The market saw strong returns on the back of healthy rental value growth,” he said.

“As in 2014 fringe markets outperformed last year with locations such as Camden/King’s Cross and the Eastern Fringe remaining attractive to both occupiers and investors,” Lauder said.

“Pricing in the London market also strengthened further during the course of 2015, but the rate of yield compression has slowed as key market locations begin to reach record yield levels.” He added: “This has resulted in rental growth taking over as the main performance driver, as confident and expansionary businesses compete for space.”

FOCUS ON

HEALTHCARE REAL ESTATE Promote your locations and infrastructures to 170 healthcare property developers, 50 operators and 1,420 investor companies Expand your network and spark new partnerships on Tuesday 15 March, during the “Flash mob Healthcare”, 17.00-18.00, followed by the “Healthcare Cocktail” in the Networking zone, Hotel & Tourism pavilion, Palais -1.

Sponsored by

Poland deal is record-breaker

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define Properties has acquired a 75% interest in Echo Prime Properties, an Echo Investment subsidiary, in what is claimed to be the largest real estate transaction ever seen in the Polish market.

Echo owns 18 commercial income-producing assets with a total value of €1.18bn. Landmark properties in the portfolio include: Pasaz Grunwaldzki in

Media Centre

Wrocław, Galaxy in Szczecin, Galeria Echo in Kielce, Amber in Kalisz, Park Rozwoju in Warsaw, Malta Office Park in Poznan and A4 Business Park in Katowice.

Savills Poland — led by its valuation and consultancy team and supported by its investment, retail and office leasing departments — advised on the underwriting process.

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Dedicated conferences Wednesday 16 Access to Riviera 7 on &8 March, Orange Room, Palais -1:

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ROWTH in commercial property rents across London fuelled an average total return of 18.1% from investments in the UK capital during 2015, according to London Markets Analysis, a new report from Levy Real Estate and MSCI. The report, which analysed more than £30bn of assets across 20 key submarkets, showed that rental growth increased 7.8% year-on-year in 2014 to an average uplift of 8.5% last year.

The strongest growth was seen in the Camden/King’s Cross submarket, driven largely by the success of the King’s Cross Central development. Mayfair also retained its position as the submarket with the most keenly valued property – the average equivalent yield for its property was 3.7%.

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Stephane Pichon Gérant / Partner E spichon@yourcare.eu M +33 (0)6 64 08 17 32 T +33 (0)1 47 04 86 91 www.yourcare.eu skype:ste.pic

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l a n o i t i d ony m The Tra e r e eC k a S g n Openi :00 2 1 t a today us! n i o j Please

It’s all happening now at the Japan Pavilion!

Short Talks Series

every 15 minutes

Tuesday, 15 March 16:00-17:30 Invest Japan Wednesday, 16 March 11:30-12:30 Invest Japan 15:00-15:45 Business opportunities in Osaka 16:30-17:15 Time to focus on Tokyo Thursday, 17 March 10:30-11:15 Invest Japan 11:15-11:45 Japan Tourism Boom 15:00-15:30 Business in Japan

http://japanatmipim.com info@japanatmipim.com

MIPIM JAPAN - ASIA PACIFIC 2016

8-9 SEPTEMBER 2016

OSAKA

mipim

NEWS

HafenCity’s Elbphilharmonie scheme hits all the right notes

DEVELOPERS and designers must consider the renovation of existing buildings in cities as well as new builds in order to meet in a sustainable way the increasing worldwide demand for housing, the head of an Italian residential architects firm has said.

Apulia Property Design managing director Annalisa Bruno, pictured here, said that developers should look to preserving existing urban architecture and be mindful of “cultural sustainability” in their designs. Bruno, who founded Apulia in 2010, added that sustainable development should be a piority of the Housing The World debate at MIPIM.

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AFENCITY Hamburg is once again presenting a broad spectrum of successful, sustainable and innovative city developments to the international real estate sector.

Europe’s biggest inner-city urban development project was announced in 1997. Since then, the €8.5bn redevelopment of 157 ha of former port and industrial land has progressed steadily towards completion in 2025, with the provision of workplace, residential, culture and leisure, tourism and retail facilities.

This year the spotlight will be on the January 2017 opening of the unique Elbphilharmonie concert hall, as well as the comprehensive development of the central and eastern HafenCity neighbourhoods.

Designed by Swiss architects

HafenCity: Europe’s biggest inner-city urban development project

Herzog & de Meuron, the concert-hall scheme consists of a venue whose main auditorium seats 2,100, a luxury hotel, almost 50 apartments, a parking garage and a 37 metre-high public plaza.

In the neighbouring Strandkai quarter, building works for the last large unbuilt site in western HafenCity gets under way at the end of 2016. This will include the

construction of two residential towers and several seven-storey buildings providing nearly 500 apartments.

At the same time, Hamburg’s green inner-city urban environment will be greatly enhanced with the opening of Lohsepark in July and the completion of the 1.6-ha Baakenpark leisure promontory in 2017.

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Global investment flows €392.8 bn €

region to region

domestic flow

€33.3 bn

AMERICAS

€61.5 61.5 bn

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14/03/16 16:33

2015 saw a revival in global real estate investment, with money flowing between markets as investors sought to diversify their portfolios.

Research by Real Capital Analytics shows the Americas are the largest exporters of capital, followed by Asia Pacific investors. And EMEA is the largest recipient with €80bn of inward investment.

€378.5 bn €

€214 bn €

EMEA

ASIA PACIFIC

€6 bn

– Graphic S tudio

€31.8 bn

Source: Real Capital Analytics 2015 / Design concept: ©

€19 bn €14 bn

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PROJECT NEWS ALSTADTQUARTIER BUCHEL, AACHEN

mipim

THE BELVEDERE, BORDEAUX

Mixed-use / New urban quarter – Presented by Chapman Taylor Architect Chapman Taylor was selected to create a new quarter within the medieval town centre of Aachen following a competition in November 2015.

The scheme, scheduled to start in 2018, will create Altstadtquartier Buchel on a 3-ha site immediately adjacent to Aachen’s cathedral, one of the original 12 UNESCO World Heritage Sites.

The project aims to redesign the existing urban fabric and introduce new streets, public squares, housing, offices, retail space and a kindergarten in order to create a thriving new district.

The nine competition judges, who included international architects, urban planners and politicians, unanimously chose the Chapman Taylor design, singling out its “good mix of uses, clear articulation and strong connections well beyond the immediate competition area”.

The judges praised the design for its treatment of public spaces and surroundings and its potential to offer Aachen a new and strong identity.

Mixed-use – Presented by Bordeaux Metropole The Belvedere will be developed on the right bank of the Garonne beside SaintJean bridge. The project will provide about 50,000 sq m of offices, 30,000 sq m of housing, 10,000 sq m of business and service space as well as a four-star hotel.

Consultation began in early 2015 and three groups were pre-selected to compete last May. The teams presented their offer in early December and the winning development team will be announced at MIPIM. Construction will start in early 2017.

GENERATION PARK, WARSAW

Offices – Presented by Skanska Property Poland The Generation Park complex will be the biggest office scheme to be developed

by Skanska in the CEE region and will provide nearly 84,000 sq m of modern, LEED Platinum certified office space.

Skanska Property Poland launched the development of the first phase of Generation Park in November 2015.

The complex will comprise three buildings — two of about 40,000 sq m and the third, a 140-metre high tower providing more than 44,000 sq m.

The development will include 600 parking places and racks for 370 bicycles.

Generation Park is designed to be an example of timeless, modern architecture located in the most dynamically developing part of Warsaw.

The layout of the buildings was planned so that there will be an interior passage between them with greenery, lawns and urban furniture. The complex will become an important element of the development in Wola. JEMS Architekci is responsible for the scheme’s architectural design.

BLATCHFORD, EDMONTON

Mixed-use – Presented by the City of Edmonton One of the largest sustainable development projects being planned in the world, Blatchford will transform Edmonton’s first municipal airport into 217 ha of mixed-use residential, retail and commercial development, located two metro stops from the heart of the city.

The project will provide approximately 92,900 sq m of office space, 31,160 sq m of retail space and have a residential capacity of 30,000.

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185_RICS_N1_PIM

PropTech latest trends: the investors’ view Thursday 17 March 2016 14:30-15:30 followed by cocktail reception offered by RICS Ruby Room, Level 3, Palais des Festivals, Cannes Technology is revolutionising the real estate sector, from the emergence of a new sharing economy to automated mass transport systems, the built environment landscape is changing rapidly.

Around $1.5bn has been invested in proptech start-ups during each of the last two years. Many of the more traditional investors are now looking at the potential impact of this sector.

Join leading investors and policy makers to find out: • What are investors in this space looking for?

• What are the most sought after technologies that will redefine the property sector?

• Where is the money going in this changing landscape and why?

To register for this conference session, RSVP to: mipim@rics.org

Aaron Block

Fulvia Raffaelli

Nick Romito

Panel: Aaron Block – Co-Founder and Managing Director, MetaProp NYC Fulvia Raffaelli – Head of Unit, Technologies & Products, DG Grow, European Commission Nick Romito – Co-Founder and CEO, View the Space Taylor Wescoatt – Expert in Residence, Seedcamp Moderator: Dan Cook – Director of Strategy and Planning, RICS Welcome: Amanda Clack FRICS – President Elect, RICS

Taylor Wescoatt

Dan Cook

Amanda Clack

Visit the RICS stand (R7.C34)

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PROJECT NEWS METRONOM BUSINESS CENTER, PRAGUE

mipim

NUMERAL OFFICE BUILDING, TALLINN

Office and retail – Presented by H B Reavis Metronom Business Center, Prague, located near the Nove Butovice metro station within easy reach of the city centre, will provide 31,200 sq m of category-A office space and 2,135 sq m of retail space.

Metronom comprises three connected buildings with terraces on their upper storeys. Each of the floors can modified according to the occupier’s requirements and the building holds BREEAM Excellent certification. It has three underground parking levels for 533 cars and bicycles and there is also a recharging station for electric cars.

A drug store, cafe and pharmacy already operate on the ground floor and there are plans for opening more retail units.

The development of Metronom has transformed public space around the Nove Butovice metro station, which is now surrounded by a park and relaxation zone.

Offices – Presented by Allianss Arhitektid Numeral Office Building, Tallinn, is an example of Soviet architecture transformed into the most sustainable office building in the Baltic region, it was awarded the FIABCI Baltic Prix d’Excellence in the sustainable development category in 2015.

The 1960s-built former state census bureau building has been converted into 7,936 sq m net of modern multi-tenanted office space employing high standards for environmental sustainability and the well-being of its users.

Emissions-free building materials and glare-control on the façade are key features.

Once complete in the first quarter of 2016, Numeral will receive a BREEAM Very Good certificate. The building’s main reinforced concrete structural frame has been preserved and a new envelope created with chameleon aluminium composite cladding. Planted areas, both on the surrounding site and public roof terraces, provide office workers with places to relax during breaks.

THE WEDGE, OSLO

Offices – Presented by Oslo Metropolitan Area Barcode is the largest urban development in Norway and offers headquarters space for large, internationally-oriented companies and provides the context for low-energy office building, The Wedge.

The Wedge, a small high-rise and non-traditional, low-energy office building, whose construction marks the completion of Barcode. The new office building is aimed at small and innovative firms, amid big, international companies in the Oslo CBD. The 12 storeys of The Wedge include retail at ground level, open office floors for co-working, and a communal restaurant on the top floor.

Both its name and architecture are a product of the wedge-shaped plot, which has a length of 70 metres but a width ranging from 4 metres to 10 metres.

A column-free interior will make The Wedge’s office space flexible and enable adaptation to suit the shifting needs of different tenants.

Architect A-lab designed The Wedge and the developer is Oslo S. Utvikling

PORTFOLIO SFORZESCO, MILAN

Residential – Presented by Borio Mangiarotti The portfolio includes three existing residential buildings and development land located in Milan.

Palazzo Litta (pictured) lies within the Teatro Litta complex, historically one of the best known residential areas in the centre of Milan. The project will provide a luxury residential building comprising more than 20 dwellings with offices on the ground floor.

Montello is located in central Milan, close to the Moscova and Garibaldi areas.

This new residential complex will provide more than 60 apartments with some commercial units on the ground floor.

Canonica, located in the district known as Sarpi – Bramante – Canonica, close to Arco della Pace and Parco Sempione is being refurbished and will provide 19 residential units and two commercial spaces overlooking Via Canonica.

Meanwhile, Silva, a development plot located in the eastern area of Milan will provide a residential building of 120 apartments.

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Join us for

@Mipim 15TH MARCH, 5PM VERRIÈRE GRAND AUDI PALAIS DES FESTIVALS (LEVEL 1) CANNES

INSIGHT SUMMIT FROM ‘FUTURE OFFICE’ TO MUSICAL CHAIRS What does the office of the future look like, and what does it have to do with challenges and opportunities in the New Europe office market today?

RICS Futures Keynote Maarten Vermeulen Managing Director Europe, Russia & CIS RICS

Panelists Andreas Ridder Daniel Harris Hadley Dean Martin Erbe Pavel Trenka Richard Divall Tomasz Trzoslo Richard Hallward

Chairman Central & Eastern Europe CBRE Managing Director Central & Eastern Europe Tristan Capital Partners CEO EMEA Compass Offices Head of International Real Estate Finance Northern & Central Europe Helaba CEO HB Reavis Head of Cross-border Capital Markets EMEA Colliers International Managing Director & Head of Capital Markets Poland JLL Managing Director CEEQA (moderator)

NEW EUROPE COCKTAIL Announcement of 2016 CEEQA short list and winners of 2016 RealGreen awards plus special private reunion live concert by COCK ROBIN and lounge session by DJ/producer GIOLI. FREE ACCESS FOR MIPIM REGISTERED DELEGATES For more information and to confirm attendance contact Asia Sobierajska T +48 502 360 088 E as@imaginelivemedia.com

Untitled-7 1

3/9/16 8:12 PM

mipim

FEATURE PARIS

Wealthy and well connected Situated in the French Pavilion, the Paris Region stand is at the heart of the MIPIM action. Ben Cooper reviews the many opportunities, both today and in the future, that the French capital offers to investors and occupiers

A

S A major European hub with 12 million

inhabitants and a GDP of €612bn, the Paris Region has opportunities to suit any real estate investor. With 1,350 business parks in the region, 53 million sq m of office space and 30 million sq m of warehousing stock, there is plenty of existing property in all sectors.

The city also has plenty of connections. It has three major airports, which bring 93 million passengers in and out each year; seven high-speed train stations serving 19 million passengers; and international rail links throughout the continent.

And with some 900,000 companies operating in the Paris region alone and a wealth of new development projects under way, it is safe to say that the French capital is open for business.

The jewel in the crown of French real estate development is the Grand Paris project. First announced in 2007 by former president Nicolas Sarkozy and the brainchild of his secretary of state for the development of the capital region, Christian Blanc, the vision was as big as real estate projects get. The aim: to bring Paris into the 21st century; to make the city, and France, stand tall in the global era; to keep Paris competitive with the other megacities of the world, such as London, Tokyo and New York; and to lay down the foundation for a century of growth. In short, Paris is to become a world city.

So how is this far-reaching vision being realised? One of the key aspects is transport. A revolutionary €32bn overhaul of the Paris transport network will, by 2030, have brought in 200 km of new rail and metro lines, and 72 new stations in and around the capital. Central to this is the Grand Paris Express, a major project to deliver an automatic metro around the city to link up all the suburbs.

As well as vastly improving the railways and metro lines in the region, city planners are looking to renew and clean up the existing transport systems. A key part of this will be the replacement of the entire 4,500-bus fleet of the region’s public-transport system with electric or NGV vehicles by 2025. And with cycling becoming ever more popular, the mayor of Paris has responded with plans to double the length of the existing cycle paths from 700 km to 1,400 km by 2020.

With the new transport development alreadyunder way, and the first phase set for completion in 2019, a series of smaller projects, based around the concept of clusters of new buildings, is also in its early stages. The big-

picture figures are striking: three new business districts, five new academic campuses, nine production, logistics and services sites, and a doubling of the current housebuilding rate are all part of the masterplan.

Investors will not be hard pressed for opportunities among the many schemes in this list. To name just a few, a high-tech research and innovation cluster is taking shape in the Saclay Plateau region, which will eventually be home to 10,500 researchers and 50,000 students, along with 20% of all French R&D activity.

In the Roissy-Charles de Gaulle area, where the city’s major airport is based, a new International Trade Centre will be up and running by 2019, and the ambitious Euro Carex high-speed rail-freight project will be completed by 2018. And in keeping with one of the pillars of the original masterplan — to keep Paris and France at the cutting edge of new technology — a digital-creation cluster in the Seine-Saint-Denis area is under way, as is the Campus Condorcet Paris-Aubervilliers, a new academic institution, both scheduled for completion by 2018.

For residential developers, the opportunities presented by the future growth of Paris speak for themselves.

But residential development is not just happening organically — it is part of the grand plan. With 70,000 new homes being built in the region each year until 2030, doubling the existing rate, new urban districts are springing up, bringing with them investment opportunities in abundance.

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FEATURE

The big-picture figures are striking: three business districts, five academic campuses, nine production, logistics and services sites, and a doubling of the current house-building rate

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With so much in the Paris pipeline, real estate companies can look forward to a wealth of opportunities in the coming years. But there is also plenty to interest investors in the here and now. Since MIPIM 2015, some key deals have taken place — a promising sign that confidence is returning and the investment market in Paris is in good health.

In the office sector, September saw the completion of a major deal in which Rockspring and its joint venture partner, Generale Continentale Investissements, sold prime central Paris office complex Eden Monceau to Real IS, after successfully completing the leasing of the 6,400 sq m building to international law firm Shearman & Sterling.

And in October, Europa Capital and Balzac Real Estate Investment Management completed the €130m sale of the 22-storey Tour Vista office tower in Puteaux to Alduwaliya Asset Management, after a major refurbishment project and the extension of leases held by key occupiers Eurogroup and Reed Communications. Another big deal saw France’s tallest building, Tour First, change hands, with new owner AXA Investment Managers - Real Assets taking the keys in January.

One of the biggest deals of 2015 came from the hotel sector, where Hines France secured the signature of Europe’s largest hotel operators, AccorHotels, to take the whole 43,000 sq m of the Sequana Tower in Issy-les-Moulineaux near Paris. The deal, inked in July, was described by Xavier Musseau, managing director of Hines France, as a “significant step forward” for the company. He added: “In 2015, in a real estate market that has been characterised by the absence of large transactions, we are pleased to have secured this major transaction, which enables us to create value for our investors by the signature of a long-term lease.”

MIPIM is the meeting place for international real estate investors with eyes on an increasingly attractive global market. With so much happening in Paris — both in the present and for the future — the French capital’s place as a star of the show looks secure for a long time yet.

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Central andEastern Europe Days at MIPIM 2016

March15th &16th CEEMARKET: CzechRepublic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Ukraine

Tuesday 15th 20:00 - 22:00

POLAND & CEE EXECUTIVE DINNER Salon Croisette, Level 3, Palais des Festivals High level social and networking event for business & city leaders Organizer: Poland Today, supported by ABSL, Bloomberg Businessweek Polska, FDI Magazine (a division of the Financial Times), Property EU, Royal Institution of Chartered Surveyors (RICS), Rzeczpospolita

Wednesday 16th 09:15 - 10:45

CEE BREAKFAST FORUM DISCUSSION Deep Design Reception Lounge, Level 3, Palais des Festivals How CEE markets can reduce risk and attract foreign investors to the region’s cities The increasing volume of cross border capital flows and growing FDI in the globalization era means that the need to harmonize different practices is growing and the acceptance of worldwide standards in all fields of the property sector is gaining momentum. Highly competitive CEE markets and cities are well positioned to take advantage of this trend and attract new foreign investors. The session will explore implications of the adoption and implementation of international standards in CEE markets and the need for reliable data to offer transparency and reduce investor risk. The panel will also look at how to improve city management by using professional advice to help leverage finance for development and incorporate all aspects of sustainability into land use planning and procurement practices.

Speakers include Maarten Vermeulen, FRICS Regional Managing Director of RICS in Europe, Russia and CIS; Noah M. Steinberg FRICS and Peter Szamely MRICS

Wednesday 16th 11:00 - 12:30

POLAND & CEE MACRO CONFERENCE Blue Room, Level 3, Palais des Festivals Poland and CEE Today – how to understand the new investment environment ?

VIP SPEAKERS

Wednesday 16th 12:45 - 14:15

Co-organized with ABSL. Are the pictures painted of Poland & CEE in the international media a true reflection of the situation? To what extent is the political situation affecting investor confidence? What are the macro, long-term drivers that will lead to increased stability and prosperity in the CEE region and are they being pursued effectively? How best to move forward to consolidate a strong business-friendly foundation in Poland and the CEE countries?

Panelists include Mateusz Morawiecki, Deputy Prime Minister & Minister of Development of the Republic of Poland and Jacek Levernes, Entrepreneur in Residence at Oaktree Capital Management / Cornerstone Partners and President of ABSL Panel moderated by Henry Foy, Poland & Central Europe correspondent, Financial Times.

POLAND MOVERS & SHAKERS LUNCH Deep Design Reception Lounge, Level 3, Palais des Festivals Taking the lead - investing in Polish cities Co-organized with Property EU With increasing competition between cities both within a regional and global context, what makes a city investor-ready? How do investors see the leading cities in Poland? Does this reflect the reality on the ground? What is the best route for developers & investors to work together with the leading cities? Can city hubs push Polish cities onto the global stage? This interactive session brings together City leaders, developers and investors to discuss the key challenges, trends and strategies for developing and investing in CEE cities. The session will also discuss issues raised in the previous session with Poland's Deputy Prime Minister.

Discussion led by Richard Betts, Publisher, Property EU and Richard Stephens, Founder & Editor, Poland Today

Wednesday 16th 14:30 - 16:00

POLAND & CEE REAL ESTATE CONFERENCE Blue Room, Level 3, Palais des Festivals From Warsaw to CEE with love – view from the region’s centre

VIP SPEAKERS

Office, warehouse... or hotel or residential? With opportunities in established revenue-generating sectors seen to be scarcer, where elsewhere can investors spend their funds in sectors and regions across new and emerging Europe?

Panel moderated by Courtney Fingar, editor of fDi Magazine (part of the FT group) and Richard Betts, Publisher, Property EU. Panelists include Hanna Gronkiewicz-Waltz, Mayor of Warsaw; Jeroen van der Toolen, Managing Director CEE of Ghelamco; Katarzyna Zawodna, Managing Director of Skanska Commercial Property Development Europe and Stanislav Frnka, Country CEO, HB Reavis Poland

CEE EXHIBITING AT MIPIM 2016 BALTICS : Riga, Tallinn - CZECH REPUBLIC : Prague, Ostrava - HUNGARY : Budapest - POLAND : Warsaw, Gdansk, Krakow, Poznan, Wroclaw, Katowice, Lodz, Echo Investment, Military Property Agency

FOR REGULAR UPDATES ON CONTENT & SPEAKERS, PLEASE CHECK OUR WEBSITE AT www.mipim.com/programme

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FEATURE TURKEY

Istanbul models its ambitions Turkey is out in force at MIPIM 2016. Some 350 Turkish companies and municipalities are in town, with major cities including Istanbul, Antalya, Balikesir, Hatay, Kocaeli and Ordu all vying to build their brands. Graham Parker reports

T

HE GIANT model of Istanbul first seen at MIPIM last year is taking centre stage once again in this year’s Istanbul Pavilion, now located in a prime position between the Paris and London pavilions. The 96 sq m model is demonstrating the city’s various development projects with the help of integrated video-mapping technology.

The Istanbul Chamber of Commerce (ICOC) aims to further its achievements at last year’s MIPIM and reinforce Istanbul’s role as Turkey’s commercial powerhouse — a municipal player worthy of a place in the champions’ league of world cities. To achieve this, ICOC has expanded the scope of Turkey’s participation at MIPIM by moving the Istanbul Pavilion to a more prominent position in the Palais des Festivals and doubling its size to 600 sq m. Inside the pavilion, municipal authorities and leading Turkish companies in the real estate and construction industries are presenting their projects.

The vast Living Istanbul model — one of the biggest ever seen at MIPIM — has been updated with more detail and new features to showcase the new construction projects taking place in the modern mega-city of Istanbul. The video-mapping presentation that allows the model to be viewed live on a 24/7 basis has also been redesigned. The Istanbul Pavilion will also be hosting various business-to-business and bilateral meetings during the event.

ICOC president Ibrahim Caglar says: “Urban transformation projects undertaken by Turkish contractors and the mega-infrastructure projects of the Turkish govern-

ment planned for Istanbul are being presented directly and in detail to investors. The Prime Ministry Housing Development Administration [TOKI], the pioneer of planned urbanisation in Turkey, is our main supporter through its subsidiary Emlak Konut REIC. Our target is to ensure that all of the 20,000-plus participants at MIPIM pay a visit to our pavilion, which is even more appealing with its new prime location this year.”

A major talking point is the €32bn Istanbul Grand Airport, now under construction on the Black Sea coast 35 km outside of the city and based on a concept by Grimshaw and Nordic. Scott Brownrigg is the lead designer for the largest single terminal in the world, which will have an initial capacity of 90 million passengers per year. Phase one, due for completion in 2018, will see the construction of the terminal together with three runways and substantial aviation-related development.

Further phases envisage additional runways, terminals and satellite piers, which will increase the airport capacity to 180 million passengers.

Our target is to ensure that all of the 20,000-plus participants at MIPIM pay a visit to our pavilion Ibrahim Caglar 71

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Le grand déballage pp.18-19

DOSSIER ARCHITECTURE

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ANNONCES IMMOBILIÈRES - PRÈS DE 300 BIENS Novembre 2015 - N° 132

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n IMMOBILIER LES FONDAMENTAUX REVISITÉS

Samedi 5 mars

n E-COMMERCE & MAGASINS QUELLE CONVERGENCE ? n INVENTER L’IMMOBILIER FLEXIBLE Photo : RIVER POINT - CHICAGO (Doc.: www.mipim.com) Arch.: PICKARD CHILTON ARCHITECTS Projet nominé aux Mipim Awards

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P.3

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FEATURE Meanwhile, global architecture and design firm Perkins+Will has been selected to devise the masterplan for a major mixed-use urban development beside the new airport.

Known as an “airport city”, the 690 ha development will include a central innovation district, hotels, retail and commercial office space, logistics buildings, an exhibition and convention centre, public space, and metro and high-speed rail connections to Istanbul and beyond.

David Green, EMEA urban design leader at Perkins+Will, says: “Istanbul’s new airport will serve millions of passengers, but its airport city will be key to capturing that vitality.

Beyond simply supporting aviation, our plan will create a framework for a truly unique centre of economic, cultural and social life.”

An airport city is a development model that

organises buildings, infrastructure and transportation networks around an airport core, with the airport serving as the primary economic driver for the surrounding area. The airport city beside Istanbul Grand Airport will also serve as the seed for future development along the Black Sea, Green believes.

For delegates looking to get a handle on the dizzying pace of development in Istanbul, a number of architects and developers will be showcasing their own projects on their individual stands.

Chapman Taylor, for example, will be presenting Sahil Yolu, a residential mixed-use scheme with a spectacular location set on the coastline of the Marmara Sea at Kazlicesme.

The 340,000 sq m development by OzakYenigun-Ziylan Partnership promises a broad

range of uses and facilities, with a clear division between public and private space. A juxtaposition of soft and hard city spaces will create streets, squares, alleys, parks and courtyards framed by contrasting contemporary and traditional architecture. Kazlicesme will also have access to the new Zeytinburnu metro line, the Kazlicesme Sahil Waterfront Park and a stunning new marina directly accessible from the development.

And among the schemes promoted by construction giant DKY is DKY ON, a high-end mixed-use residential project that claims to set new standards for Istanbul’s residential sector. Consisting of 205 apartments with a total area of 10,264 sq m, DKY ON is looking to capitalise on the “sharing economy” ecosystem by enabling its residents to share resources and services.

Our plan will create a framework for a truly unique centre of economic, cultural and social life David Green 184_CANNNES I GET_N1_PIM Advertisement

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VOTE FOR AQUIS PLAZA! The all new Aquis Plaza in Aachen, Germany, a project of ECE and STRABAG Real Estate, has been shortlisted as a “Best Shopping Centre“ nominee for the MIPIM Awards 2016. The spacious architecture includes highlights such as two-level shop fronts and a spectacular glass façade, making the center blend perfectly into the city center of Aachen.

Various innovations such as multisensory elements and many digital services provide for a premium shopping experience. Please support us and vote for Aquis Plaza! www.ece.com

Visit us at Stand P-01.H51