Mipim 2016 news 2

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Wednesday 16 March 2016

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FRANCE IS BACK

p.10 Opening MIPIM 2016 France’s Economy Minister Emmanuel Macron invited investors to back the reinvention of Paris

ST PETERSBURG

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St Petersburg’s Irina Babiuk said the city’s prominent pavilion summed up its confident mood

CHINA

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Jean-Francois Dufour said China’s new Five-Year Plan offers opportunities for investors

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CONTENTS NEWS

FEATURES

8 Confident St Petersburg tells investors the time is right

71 Italy Confidence returns

73 US Ticket to America

77 London All aboard for change

10 Emmanuel Macron asks for backing for the reinvention of Paris 16 Funding deal unlocks major Birmingham project

ANALYSIS 68 Global sporting events drive regeneration

REED MIDEM’s Paul Zilk, France’s Economy Minister Emmanuel Macron and Mayor of Cannes David Lisnard officially open MIPIM 2016.

Emmanuel Macron said that tax competitiveness and the labour market conditions make France an attractive investment destination. “2015 was a good year. 2016 will be a great year. We have a series of great new projects,” the Minister said. Addressing investors he urged them to “come back and invest in this country”.

IT’S HAPPENING TODAY Poland & CEE Macro Conference - Poland And CEE Today - How To Understand The New Investment Environment 11:00 – 12:30

Blue room, Palais 3

Occupiers’ Summit - Creating Value & Derisking Your Portfolio 11:00 – 13:00

Majestic hotel

Pulsar Effect Of Hosting International Events 14:00 – 15:00

Ruby room, Palais 5

Startup Competition Finals 14:30 – 16:00

Grand Auditorium

Innovation Districts: A New Urban Development Model Emerging In The United States 16:00 – 18:00

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The official MIPIM daily newspaper Wednesday 16 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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IN PICTURES

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MIPIM Opening Cocktail MIPIM delegates toasted the start of another busy market at the Opening Cocktail in the Carlton hotel last night

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MARK YOUR CALENDAR

WEDNESDAY, MARCH 16 AT 5 PM VERRIÈRE GRAND AUDITORIUM

LIVE, WORK, PLAY REDEFINING LIVING SPACES MODERATED BY: Meka Brunel, Executive Vice President, Europe, Ivanhoé Cambridge FEATURING: Arthur Lloyd, Executive Vice President, Office, North America, Ivanhoé Cambridge Florence Perronau, Vice President, Sanofi Real Estate Group Patrick Nelson, Head of European Expansion, WeWork John Forrester, Chief Executive EMEA, Cushman & Wakefield

JOIN US AFTER THE CONFERENCE FOR: COCKTAIL CANADA AT 6 PM Hosted by:

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NEWS

Residential demand in Berlin part of 21st-century challenge Ghelamco’s Jeroen van der Toolen

GHELAMCO LAUNCHES THE WARSAW SPIRE BELGIAN developer Ghelamco is at MIPIM to launch its latest project to the international investment market — an office tower in Warsaw.

The 109,000 sq m Warsaw Spire development is on the verge of completion, with occupants taking the keys next month, sparking a sale process set to be the largest deal in Polish real estate history.

Ghelamco is bringing the tower to the market 82% pre-let, after a four-year construction process involving a complete reinvigoration of the surrounding area.

Speaking to MIPIM News, Ghelamco managing director for Central and Eastern Europe Jeroen van der Toolen said: “It is a fantastic design and what’s so special about it is that we’ve done so much with the public space around the building. We’ve put a lot of effort into the whole design. This project has kicked off the redevelopment of the whole area.”

Ghelamco is following up the project with a number of new builds around Warsaw, including the 100,000 sq m Sienna Towers project, which will be the first building in Warsaw to provide direct internal access to a metro station.

Benjamin Hossbach of Germany’s Phase Eins (left); Ulrich Regener, Concern MonArch (Russia); local government representatives Gunther Adler and Andreas Geisel; and Jean-Louis Missika, Deputy Mayor of the City of Paris

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HE NEED for residential ‘densification’ is common across Europe and is now being faced by many German cities, warned Gunther Adler, state secretary of the German Federal Ministry for the Environment, Nature, Conservation, Building and Nuclear Safety.

At a session on city planning on the Berlin stand, he stressed the need for “sustainable city development”, emphasising that this did not mean just environmental but also included economic and social issues.

“All these factors have to be considered,” he said. “Investors, city planners and residents must all be involved in the discussions because for a city like Berlin, which will need to house 350,000 more people, it is about both quality and quantity.”

Berlin is facing an unprecedented challenge to expand its residential supply yet retain the

green space and high-quality architecture for which it is known, said Andreas Geisel, senator for urban development and the environment, Berlin.

“It’s no longer a question of if we build high,” he said. “If people want to keep the culture and green space of the city then residencies must go higher and building development needs to be denser. We need to do this quickly but we also need to maintain the attractiveness of the city.”

French Deputy Mayor Jean-Louis Missika acknowledged that the issues facing Berlin were common across Europe.

“All major cities must adapt to these demands, these are the problems of the 21st century,” he said. “But we must respect the environment and sustainability, we need to include public transportation and we must avoid regeneration simply being gentrification.”

HIGHLIGHTS Day one of MIPIM 2016 saw a packed programme of events around the Palais The Croisette pavilions

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Three cheers for Cycle To Cannes

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Kuala Lumpur Singapore

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Darwin

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NEWS MIPIM LAUNCH FOR NEW REAL ESTATE DATA PLATFORM AN INFORMATION service that collates reports, news and research on real estate, enabling subscribers to filter the data category by category, has been unveiled in Cannes.

Infabode provides a platform for companies such as Savills, Colliers, JLL and Cushman & Wakefield to download their latest research and findings, with subscribers selecting the real estate categories relevant to their interests.

The technology then filters the content according to the subscriber preferences, ensuring that they are able to access useful resources quickly.

“The problem for real estate at the moment is that there is so much information to get through to try and find what interests you,” Matt Partridge, chief executive of Infabode, said.

“What we’re doing is putting that information in one place and then enabling users to find what interests them directly.”

Partridge foresees the free-tosubscribe service as not only a quick and easy way for users to find information but also a useful tool for international clients looking for information on foreign markets.

Coverage is planned to be global, with a European emphasis initially.

Media scrum for Macron

Confident St Petersburg tells

investors the time is right

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HE OFFICIAL opening of the St Petersburg stand on the Croisette seafront took place yesterday, with chairwoman of the St Petersburg Investment Committee Irina Babiuk welcoming guests.

“St Petersburg was created to be a window on Europe and our city has enjoyed a longstanding relationship with the Baltic, Scandinavian and other European countries,” she said.

Babiuk said she looked forward to engaging with “our partners and discussing the many opportunities that St Petersburg offers.” She stressed that a key message to potential investors at MIPIM was that it’s highly profitable to invest in St Petersburg.

“The government of the city has created a very beneficial climate for both domestic and foreign investment. The time is propitious.

We are the only regional city with such a big stand at MIPIM — that shows how confident we are about the future.”

The St Petersburg pavilion shows 30 projects

Irina Babiuk, chairwoman of the St Petersburg Investment Committee

currently under way in the city with a total value of €2.9bn. “These range from commercial projects, to techno-parks, to hotels and leisure, to historical landmark projects,” Babiuk said.

The city has brought 18 development and business partners with it to MIPIM. Their projects are on display in the pavilion and demonstrate the kind of development opportunities on stream and in the pipeline.

Ali Rashid Ahmed Lootah (right), chairman of leading Dubaibased developer, Nakheel, speaking with Reed MIDEM’s Paul Zilk (left) and Filippo Rean yesterday during their visit to the company’s prominent stand outside the Palais.

The Swiss are bullish

Making tracks for the Palais

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Hot Business, Cool Cities at Stand

P–1.K1

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.

Arctic Europe Panel Discussion

Possibilities for the Future in the Arctic Region MIPIM 2016, Stand P-1.K 1 Wednesday, 16th March at 13.00 – 14.00 Mr. Juha Ala-Mursula, Executive Director, BusinessOulu Mr. Matti Matinheikki, Deputy Mayor, City of Oulu Mr. Niklas Nordstöm, Deputy Mayor, City of Luleå Mr. Marius Chramer, Adviser, Strategic Planning, Troms County Council Mr. Jaakko Pöykkö, Investment Advisor, Rovaniemi Development

Welcome, Finland | Sweden | Norway

INVESTMENT OPPORTUNITIES

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NEWS

Invitation to Hamilton ‘France is back,’ minister

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HE CANADIAN city of Hamilton in Ontario province is at MIPIM to spread the message that it is in one of the best locations for inward investment in the whole of North America.

That’s the view from Jennifer Patterson, senior business development consultant in the city administration. “We’re the busiest lake port in Canada,” Patterson said.

“We’re an hour’s drive from Toronto and we’re close to the USA.” Among Hamilton’s attractions are the McMaster Innovation Park (MIP), “recognised as one of the best research parks in Canada”, Patterson said. “This is the place where visions are realised and ideas are transformed

tells property investors

into commercial opportunities through collaboration with McMaster University.”

MIP’s innovative spaces house laboratory, office, teaching, training and conference facilities, supporting R&D in a number of key industrial areas, including advanced manufacturing and materials, nanotechnology, biotechnology and other areas in which McMaster University has emerging-technology strengths.

MIP intends to become an internationally recognised focal point for innovation, creativity, learning and research excellence. This vision includes the construction of 10 buildings within the next 10 years to house between 1,5001,800 employees.

Economy minister Emmanuel Macron: “back the reinvention of Paris”

FRANCE’s economy minister Emmanuel Macron made an impassioned call for international investors to back what he called “great new projects” in his country, including the ambitious 14 Grand Paris hubs.

Having officially opened MIPIM yesterday, the minister said that, since taking up his current post in 2014, he had met with numerous US, Chinese and Asian investment companies looking to invest in French projects. “The message at MIPIM is that France is back,” he added.

Macron said that tax competitiveness and the French labour market should attract investors. He also stressed that, after a three-and-a-half-year hiatus, the French real estate market is recovering. “2015 was a good year. 2016 will be a great year,” he said, while calling on in-

City of Hamilton’s Jennifer Patterson: “where visions are realised”

City of London model

Grand Paris open for business

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ternational investors to “come back and invest in this country.”

France’s most ambitious urban development is the Grand Paris project. The scheme will deliver a regional transport system consisting of 68 new stations and more than 200 km of rail and metro lines by 2030. When completed, the €32bn development is expected to generate €100bn in GDP. In addition to the Grand Paris transport system, 14 urban hubs have been identified for development via an international competition. All the hubs are located next to a rail station.

The public/private projects will be judged in 2018.

Macron told his MIPIM audience: “Our country needs to innovate and this project helps us do this. We are looking for international investment to back the reinvention of Paris.”

Taking off on the Hounslow flight simulator

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Strong economy and The Olympics bring growth to Japan real estate

Mori Trust’s Miwako Date

Toasting a successful MIPIM with a sake ceremony: Masato Namba of Takenaka Corporation (left); Orix Real Estate’s Hiroaki Nishina; Takatoshi Nishiwaki of the Ministry of Land, Infrastructure, Transport and Tourism; Reed MIDEM’s Paul Zilk; Osaka Vice-Mayor Seigo Tanaka; and Hanshin Electric Railway Co.’s Takaoki Fujiwara

RADE and investment is pouring into Japan buoyed by a strong economic outlook and widespread development across all sectors, one of the country’s leading developers has said.

Speaking to MIPIM News at the launch of the Japan Pavilion yesterday, Miwako Date, executive managing director of the Mori Trust, said that Japan is in the midst of a boom time, with steady year-on-year economic growth and an influx of inward investment from around the world.

Date, who is also the president and chief executive of Mori Trust Hotels & Resorts, said that the improving economic climate and the upcoming 2020 Tokyo Olympics have sparked development across all sectors.

Date said: “There is lots of economic activity

with foreign investors coming into Japan and increasingly we are seeing Japanese companies doing business with the rest of the world.”

Mori Trust is in the midst of an ambitious programme of expansion, with seven new luxury hotels in the pipeline. Since MIPIM 2015 the company has completed the development of a luxury hotel at Suiran on the outskirts of Kyoto. The hotel is situated in a former palace on the banks of the Hozu River.

The company is in Cannes to make contact with the international market and encourage further investment activity. It is part of the wider Japan Pavilion group, which is showcasing a host of Japanese companies responsible for delivering projects across all sectors throughout the country.

A busy schedule of events around the Japa-

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Women’s Networking Cocktail

MIPIM Innovation Forum

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nese Pavilion has been arranged to take place during the conference, including talks from experts in the country’s real estate market, guidance for international investors, and presentations showcasing key developments and city masterplan projects.

Among the exhibitors present on the stand are representatives from the City of Osaka, the Ministry of Land, Infrastructure, Transport and Tourism, Mitsubishi Estate Group, Mori Trust and the Daiwa House Group.

Among the projects up for MIPIM Awards this year are two from Japan. Mori Trust’s luxury hotel Suiran has been nominated for Best Hotel & Tourism Resort, while Odakyu Electric Railway Co’s Shimokitazawa project in Tokyo is in the running in the Best Urban Regeneration Project category.

Full house for The Northern Powerhouse

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Birmingham city centre scheme in record-breaking funding deal Washington Siqueira, mayor of Marica

MAYOR HIGHLIGHTS BRAZILIAN SEASIDE RESORT PROJECT ATTENDING his third MIPIM, the mayor of the Brazilian city of Marica, Washington Siqueira, is certain of the real benefits of participating in the premier real estate event.

“We have seen concrete results following our participation at MIPIM,” he said. “The event is the focus of international real estate investment so it is important to be seen here as part of the process of raising Marica’s profile and the opportunities for real estate investment.”

Among the opportunities being promoted this year is the Itaipuacu seaside resort scheme which features 46 km of beaches. A pilot project that will include residential developments up to six storeys in height has been approved and is ready to start.

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FUNDING deal worth €260m has unlocked the UK’s largest-ever speculative office development outside London. M&G Real Estate has agreed to fund the construction of Ballymore’s Three Snowhill, a 39,000 sq m office development in Birmingham city centre.

Three Snowhill

The UK’s Chancellor of the Exchequer, George Osborne, hailed the deal, which was facilitated by the UK government’s Regeneration Investment Organisation.

“We want to make the Midlands Britain’s engine for growth and this landmark announcement will play an important part,” he said. “The resulting space will

play home to businesses with thousands of valuable jobs right in the heart of the Midlands — a vital step in us rebalancing the economy in Britain.”

Three Snowhill is an Enterprise Zone and key in Birmingham’s Snowhill masterplan. On completion at the end of 2018, it will have 36,000 sq m office space and 3,250 sq m retail and leisure, and house around 4,000 workers.

M&G Real Estate chief executive Alex Jeffrey said: “Demand from domestic and international businesses to secure high quality office space in Birmingham has significantly increased, and is set to rise further with planned infrastructure improvements such as HS2’s [high-speed railway linking London, Birmingham, the East Midlands, Leeds, Sheffield and Manchester] Phase One, confirmed to start in 2017. While occupier demand continues to outstrip supply and push prime rents upwards, Three Snowhill will benefit from low vacancy rates and support our strategy to provide our investors with longterm income-driven growth.”

New Russian warehouse space in demand despite vacancies

merce on the Ulmart stand, Ulmart chairman Dmitry Kostygin said that as a pure-play retailer, the company had looked at some of this available logistics space for its own distribution requirements in JLL’s Thomas Devonshire-Griffin (left), Ulmart’s Dmitry Kostygin, Silverline’s Russia, only to conFarook Mahmood, EY’s Olga Arkhangelskaya, and PBM’s Walid Moussa clude that it was too inefficient and that it RUSSIAN e-commerce providers and omwould be too expensive to refurbish. ni-channel retailers still need new logistics It was a point reiterated by Olga Arkhangelsbuildings to be developed to meet their diskaya, partner at EY Russia, who said that even tribution needs, despite the fact that around though online sales only make up around 2% 1 million sq m of logistics space is currently of total retail sales in Russia, high online sales vacant in and around Moscow. growth in ruble terms was putting specialist Speaking during a panel discussion on e-com-

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delivery companies and the Russian postal service under pressure.

“We can see strong demand for distribution space but the current infrastructure is not suitable to meet those requirements,” she said.

“The market needs new development of logistics buildings.”

Kostygin said Ulmart would look to build-tosuit to meet its own requirements and on the Russian retail scene in general he dismissed the impact of sanctions and said that he believed currency devaluation had “pros and cons”, noting the increase in retail spending in Russia by overseas shoppers from China, for example.

“For me it’s about the business model,” Kostygin said. “Those who have strong models have been able to continue, those who have not have struggled.”

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NEWS AMUNDI ACQUIRES DEUTSCHE TELEKOM CAMPUS IN HAMBURG FRENCH asset manager Amundi Real Estate has purchased the Deutsche Telekom Campus in Hamburg on behalf of one of its fund mandates.

The building, which is due to be completed later this year, will be home to 2,000 Deutsche Telekom employees from the Autumn.

Kapellmann and Partners and Clifford Chance have supported the transaction. JLL advised and IAM Immobilien Asset Management brokered the deal.

L’Etoile Properties advised the purchaser and will take over the management of the property.

Until completion the owner/ developer remains TAS Group.

Built on the site of the former BP headquarters in Hamburg, Deutsche Telekom will be the sole tenant for the office building which comprises a gross floor area of around 44,000 sq m over nine floors.

It has been designed by the architect KSP Jurgen Engel Architekten.

Marcus Schwarz, TASUnternehmensgruppe, said: “The transition of Hamburg’s City North district from a pure office zone to a mixed-use quarter with residential, hotel, retail and office uses is fully under way. The Telekom Campus developed by the TAS Group is both innovative and forward-looking.”

Migration adds to need for more residential building in Germany

Karsten Trompetter, Trompetter Immobilien (left); Richard Apfelbacher, L’Etoile Properties; Gregor Drexler, CA Immo; Dusseldorf Mayor Thomas Geisel; Gereon Kohlgruber, AEW Europe; and Markus Terboven, Gewobag Wohnungsbau-Aktiengesellschaft

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HE WEIGHT of recent immigration into Germany has added to the already pressing need for an accelerated house-building programme, as German’s cities prepare to grow significantly in size, attendees at the Building Real Estate in Germany conference heard yesterday.

Markus Terboven, board member at Gewobag Wohnungsbau-Aktiengesellschaft, said that in Berlin six major house builders had been asked by the Berlin authorities to deliver around 60,000 apartments in the next decade, representing an investment of around €2bn each.

He said that this requirement was based on a plan before the recent influx of immigration, which meant that the need for new homes was now even more pressing.

It was a view echoed by Dusseldorf Mayor Thomas Geisel, who added: “We must look at increasing the density of residential development in our cities to keep up with the demand.”

Richard Apfelbacher, managing partner and head of operations, L’Etoile Properties — which more than doubled its managed real estate portfolio in Germany in the 12 months to the end of 2015 — pointed to the diversified nature of Germany, which has seven major cities, all of which face similar expansion challenges.

And this was an issue picked up by Gereon Kohlgruber, head of investments, Germany, AEW Europe, who said: “Germany is very decentralised and this makes a big difference.

To invest and develop in Germany you need people on the ground in each market.”

Student numbers to triple in Paris-Saclay RECENTLY appointed CEO of the ParisSaclay Development Authority Philippe Van de Maele aims to more than double the amount of students attending the growing array of educational institutions that are either already based in Paris-Saclay or that will moving there in the next few years.

“There are currently around 25,000 students at the various campuses in Paris-Saclay, but our aim is to eventually have around 70,000,” he said. “On top of that around 15% of all the educational research is carried out here, as well as the same amount of private research by companies such as

energy giant EDF, Renault, Peugeot-Citroen and pharmaceutical company Sanofi.”

There are new high-level institutions also heading to Paris-Saclay: “The Ecole Superieur and the Ecole Centrale are coming here in 2017, which means that the crossfertilisation that is currently occurring between the educational, research and private sectors will grow exponentially,” he added.

“Plus a new Metro line will be coming through here on its way to Orly Airport in 2024. With our renewable energy plans, my ambition is to show just how sustainable a new town can be.”

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Paris-Saclay Development Authority’s Philippe Van de Maele

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Turkishceramics sponsors MIPIM Awards to celebrate world’s best

T REI’s Paul Jarquin

WOOD IS GOOD, INDUSTRY TOLD HAVING built six apartment blocks in wood, Paul Jarquin, CEO of eco-specialist REI, is convinced that the material will play an important role in construction in the 21st century: “It’s very simple,” he said.

“Wood has a significantly lower carbon footprint than traditional materials such as concrete and brick — anywhere up to 50%-60% lower. When you take into account that construction accounts for around 40% of all global emissions, wood could be an important factor in lowering the amount of CO2 that the construction industry generates.”

It is also much more fire-resistant than widely believed. “It’s one of the most fire-resistant materials available,” Jarquin added. “And although it’s more expensive than traditional materials, construction time is cut in half, so it ends up costing the same.”

HE TURKISHCERAMICS Promotion Group is sponsoring the MIPIM Awards for the first time this year. The winners will be announced at the MIPIM Awards ceremony tomorrow.

Turkishceramics’ chairman Bahadir Kayan, and board member Erdem Cenesiz, are representing Turkishceramics at MIPIM this year. Kayan said: “Turkishceramics is delighted to sponsor the MIPIM Awards and celebrate the best buildings in the world. Creating great buildings is a complex and difficult task, and the people who are working for a better built environment deserve to be recognised. Turkishceramics shares the belief that we can improve the world around us by creating better buildings and places. That is why we always strive for the highest quality in the materials we produce.”

Turkishceramics represents more than 30 manufacturers of ceramic tiles and sanitary ware that are used in architectural projects across the globe. The company

Turkishceramics’ Bahadir Kayan: striving for “the highest quality”

is hosting a series of events in Cannes, including a private lunch for architects and journalists, a cocktail reception and a VIP reception after the awards ceremony.

The significance of the Turkish ceramics industry is demonstrated by the export figures. Turkey

is the fourth largest ceramic-tile exporter and the fifth largest sanitary-ware exporter in the world.

In 2015, Turkey exported $935m (€841m) of ceramic products, of which $500m consisted of ceramic tiles and $200m-plus of ceramic sanitary ware.

Digital innovation rewrites the rules A “THIRD industrial revolution” is being driven by digital innovation, with transformative new technologies changing every aspect of the way real estate is perceived, a leading French architect has said.

Speaking at a special event yesterday to discuss startup businesses and digital innovators, PCA chief executive Philippe Chiambaretta said emerging technologies were enabling a new “lexus” of thinking among developers, town planners and occupiers as part of a wider economic shift as significant as the invention of the motor car.

Chiambaretta said: “Globalism and the digital economy are changing the working environment and space is becoming

PCA’s Philippe Chiambaretta

a strategic tool for businesses.

There is a whole new set of values around real estate.”

Jean-Louis Kissika, deputy mayor of the City Hall of Paris, said a whole new pattern of economic growth and opportunities for ex-

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citing startup businesses were emerging out of fresh ways of approaching social planning. “Innovation encompasses the whole of human activity from trade to health,” he added. “We have to understand we are going through economic changes at the moment.

There is a whole paradigm shift towards a social economy and the sustainable agenda. There is increased awareness of the scarcity of resources on the planet.”

According to Kissika, the longterm transformation taking place in Paris is “reinventing” the French capital. He said the challenge laid down by planners to developers had been to innovate at every level, using advances in digital technology to deliver Paris’ future masterplan.

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Acquisition of 3,000 sq m on behalf of The London School of Business and Finance.

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NEWS

Brazilian coastal scheme will grow in harmony with nature A view of Vucity

INTERACTIVE MODEL WILL TRANSFORM PLANNING PROCESS VUCITY, a collaboration between Wagstaffs Design, Vertex Modelling, GIA, MSA Survey and Findmaps, debuted its fully interactive 3D digital model of London yesterday in the Innovation Forum. The model covers more than 100 sq km offering unprecedented levels of detail and accuracy, allowing users to overlay and review existing, consented and proposed developments. “Vucity provides an element of future proofing within the urban environment,” Jason Hawthorne, managing director of Wagstaffs said. “It is transforming the planning process by visualising the development of the city landscape and enabling decision makers to interact with the city model, turn on and off proposed developments as well as overlaying insightful data.

This way Vucity can help inform the debate around many of the planning issues and will help those involved to make the best decisions.”

T

HE MASTERPLAN for the Eco Estrela project in Brazil’s Rio Grande do Norte state was unveiled for the first time to the international property sector at this year’s market.

Approval for the 2,500 ha scheme was granted recently and Dragmor, a division of the Gremi Group, is testing the market in Cannes looking for partners to help deliver the sustainable vision for this beautiful coastal site.

Located on the north-easternmost tip of the South American continent, the Eco Estrela project boasts 7 km of virgin beaches and

300 days of sunshine per year. A major tourism destination will be developed in harmony with the natural environment with 80% of the area left untouched.

It will comprise resorts, boutique hotels, offices, residential areas, a golf course, a technology park, retail and service space. A centre for turtle research and protection is also proposed as well as a community sports centre.

“This is one of the best locations in Brazil to invest,” Dragmor’s Piotr Maj said. “What is more, with so much space available the only limits will be down to our partners’ imagination.”

London leads new retail city index

New West End Company’s Jace Tyrrell

A GLOBAL index of retail city destinations, launched today in Cannes, ranks London’s West End as the number one city destination for retail in Europe and number two in the world after New York.

The Window to the World report, commissioned by New West End Company demonstrates how dynamic the West End market is, the reasons behind its significant growth and the exceptional economic potential it adds to the UK’s capital.

New West End Company is a leading business voice for London’s West End, representing the people and organisations within this major Business Improvement District (BID).

It delivers management and marketing services to 25 streets within London’s retail

24

heartland including Oxford Street, Regent Street and Bond Street.

In addition to its existing Occupier BID, which is supported by retailers in the area, New West End Company won approval for a Property Owner BID last December to address the interests of landlords and key stakeholders. The two BIDs will run in parallel sustaining the area’s retail position as a worldclass shopping and leisure environment.

“The West End is closing the gap with New York in terms of retail,” Jace Tyrrell, interim chief executive at New West End Company said. “The completion of Crossrail will have a significant impact with 60 million more visits per year so it is critical to future growth that we think in terms of the entire district, and plan accordingly.”

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NEWS GENSLER TARGETS THE UK REGIONS FOR GROWTH

Smart parking and logistics make MIPIM Startup Competition final

S Gensler’s Duncan Swinhoe

INTERNATIONAL design business Gensler, which has 47 offices globally, has opened a new office in the UK city of Birmingham, as it seeks to make the most of regional opportunities in the country.

Despite having a London office for more than 27 years the company says now is the time to exploit the opportunities offered by other parts of the country. “We see our move into the UK regions as significant for us,” said Duncan Swinhoe, principal and managing director of Gensler.

“For our business London is a massive market and will remain so, but the UK regions, although a relatively new market for us, is one where we see a lot of opportunity,” said Ian Mulcahey, principal and regional managing director for Gensler.

The opportunities were particularly important in Birmingham, said Mulcahey, offering not only access to many of its big clients — Jaguar Landrover, for example — but also a market with access to talent and new development opportunities.

Gensler’s Ian Mulcahey

IMPLYTURE and Urbismart will join two representatives from the UK and another two from Hong Kong in the final of the inaugural MIPIM Startup Competition, sponsored by BNP Paribas Real Estate, today.

The two companies won a live contest in front of a packed audience yesterday to determine today’s final line-up. The overall winner will receive a free exhibition space and participant places at MIPIM 2017.

Following rounds in London and Hong Kong, the MIPIM Innovation Forum in Cannes was the third venue for the competition, aimed at finding innovative technology-based initiatives that can help accelerate digital change in the property industry.

Six finalists were given five minutes each to present their concepts, before being quizzed by a panel of three expert judges. At the end, the two winners were selected to go through to the final round.

Simplyture is a new way of administering your parking facility efficiently. By combining advanced software with licence-

The inaugural MIPIM Startup Competition

plate recognition technology, clients can reduce costs on permission management, get cloud access and a constant overview of the parking facility. Simplyture’s artificial intelligence also provides insights into the parking facility and its customers, allowing owners to optimise parking prices and communicate with customers.

Urbismart is a European ‘metaplatform’ for logistics, which

aims to optimise urban distribution through property, deliveries, reverse logistics and recycling.

In particular, the company has a “one truck per street” policy to try and reduce delivery movements.

“We received over 160 submissions from 30 countries, reflecting the importance of startups to the real estate industry,” said competition host Caroline Pandraud, project director of Fabernovel.

Knowledge crucial in German market WITH growth in the German property market slowing after several very strong years, understanding the opportunities and risk profile of investing in German property has never been more important, said Ralf Klann, head of asset management at real estate services specialist Bilfinger.

Klann, who took up his post in October, said that one of the company’s primary objectives is to provide more foreign investors with in-depth knowledge and an understanding of the nuances of the seven major German city markets.

“Germany is not like the UK and France, where London and Paris are dominant,” he said. “In Germany you have five, perhaps sev-

Bilfinger’s Ralf Klann

en important markets and identifying the risks is very important.

Without that knowledge it can be too easy to re-label or perhaps ignore risk factors.”

He stressed that this is particu-

26

larly important now that the German real estate sector is “slowing or even in some cases stopping” and that across the market there is a “feeling that it is becoming hard to find value at the low yields on offer”.

Outside Germany, Bilfinger has a strong presence in the UK, Poland and the Netherlands, and Klann said that the company is also looking at Southern Europe and has been growing its activities in Turkey.

“We are very interested in increasing our footprint there and in Southern Europe but of course the seed capital for this comes from our positions in Germany and the UK,” he said.

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NEWS RADICAL CHANGES SWEEP LONDON

Orix teams with Vinci to operate and improve Japanese airports

A

Sir Eddie Lister, London Deputy Mayor

SIR Eddie Lister, London’s deputy mayor for planning, has declared “London is on the move”. He was speaking at yesterday’s opening session at the London Stand, The Changing Face Of London, which discussed real estate growth in the UK capital over the past eight years.

“We are in a time of enormous change, a world apart from the situation in 2008,” he said. The main drivers of this change have been a focus on better governance, improvements to transport and changes to the planning regimen which have combined to provide a renewed focus for development.

“Things have changed radically,” he said. “We are now starting to talk about building on land we would never considered before — nothing is sacrosanct. Land is there for development, the only question is how do we bring it forward and make it viable?”

RIVERSIDE OFFICES ON OFFER IN LEEDS THE DEVELOPERS of new riverside office space in Leeds in the UK are at MIPIM to reach out to domestic and international businesses looking to move to the city.

Town Centre Securities, which is developing the Nº2 Whitehall Riverside office project in the west end of Leeds, is in Cannes to meet prospective tenants for the space.

The building, which is the third phase of the wider Whitehall Riverside project, will bring 14,000 sq m of office space to the city.

RELAXATION of the Japanese government’s policy of carrying out the building and running of the country’s airports will see Japanese financial services group Orix and French company Vinci Airports teaming up to take on a €16.3bn, 44-year contract to run Kansai Airport, the main hub for the Osaka area, and the smaller Osaka International Airport, better known as Itami. Each company has taken a 40% stake in the venture, with the rest held by investors including Panasonic and Hankyu Hanshin Holdings.

Passengers on international flights are expected to increase from 13.5 million to about 29 million, generating a roughly €0.7bn operating profit on revenue of €2.4bn.

“We are very happy to have found the ideal partner in Vinci Airports,” Orix vice chairman Hiroaki Nishina said. “Our French partner company has vast experience in this area, and we are looking forward to working with them in order to create new shopping and recreation areas. This project represents a considerable business opportunity, and we

Orix vice chairman Hiroaki Nishina

are already looking at the possibility of taking on other airport projects in Japan.”

MIPIM Japan will be taking place in Osaka, September 8-9, 2016.

New role for Paris air force base

SYLVAIN Tanguy, mayor of Le Plessis-Pate and Alain Gayrard, project director at Francilienne Sud Amenagement are involved in an ambitious project to convert a 300 ha former air force base into a business and leisure park.

Called La Base, the area, which is situated 25 km south of Paris, already features the INRA agricultural research facility and a physical training centre for fighter pilots. Future plans

include a security park for defence and other companies that need enhanced security, an ecommerce area, and a zone based around the take-off and landing runway which will be used for large-scale events.

“We’re 10 minutes from Orly Airport and linked to the road network by two motorways, plus we are on the RER (local railway network),” Tanguy said. “La Base is already a functioning area but we intend for it to be a multiple-occupancy cluster with a high-tech zone, a bio engineering zone and a cablecar system that will link it to the mainline railway and other facilities.”

Situated close by is a source of renewable energy in the form of a major rubbish disposal centre.

“The rubbish plant burns 5,000 tonnes of waste per year, and in so doing generates huge amounts of energy that we will harvest to be used in La Base,” Gayrard said.

“La Base is an open-ended project that will be evolving for at least the Sylvain Tanguy (left), mayor of Le Plessis-Pate and Alain Gayrard of Francilienne Sud Amenagement next 20 years.”

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NEWS

Osaka is open for business as tech companies lead the way

A

Roy Den Hoed, president of Green Planet Architects

GLOBAL FRANCHISE CHAIN PLANNED BY GREEN PLANET SUSTAINABLE architectural design and construction platform Green Planet Architects aims to launch what it claims will be the first global franchised chain of sustainable architect shops, housed in stores in shopping centres worldwide.

“Architecture is one of the last professions in the world where you don’t have a franchise business,” Roy Den Hoed, president of Green Planet Architects said. “We are going to create shops in commercial centres with big windows and we will put them out of their invisible offices, so that the general public can see what they are doing,” Den Hoed said.

He said the first pilot store would likely open in two to three years in a capital city before being then sold as a franchise business.

The network will be built from the company’s search engine platform, which connects sustainable architects with potential clients throughout the world. The platform currently lists 800 vetted sustainable architects from 80 countries throughout the world, as well as offering products, services, investment and news sections.

However Den Hoed said the company planned to rapidly expand its numbers, aiming to have around 10% of the 450,000 qualified sustainable architects around the world on its platform in the next three to four years.

“We give to our members worldwide visibility to get new leads from private clients to real estate developers,” Den Hoed said. “As a user you can find everything you need with regard to green companies, architecture and services and that makes us completely unique,” he added.

RAFT of developments and regeneration projects in the Japanese city of Osaka is attracting new science and technology companies and encouraging more young people to settle there, the vice-mayor has said.

Speaking to MIPIM News yesterday vicemayor Seigo Tanaka said that Osaka was reaching out to international investors looking for opportunities in Japan, with new tourism, commerce, residential and green space due to be delivered in the next four years.

Two large projects are at differing stages of completion in Osaka, including a reinvigoration of the area surrounding the city’s main railway station. City planners are delivering new space aimed at attracting science and technology-based businesses, as well as revitalising the area surrounding the station, which sees more than 2.4 million passengers pass through each day.

Also under way is the third phase of an ambitious project which has seen the creation of three artificial islands off the city. The final island to be developed, Yumeshima, has been designated as the site of a new tourist resort.

The project is due for completion in 2020, af-

ter which Tanaka said that more space could potentially be added to the city.

Tanaka said that the new developments combined with Osaka’s rich cultural identity and central location was encouraging people from throughout Japan to move and settle in the city.

He said: “When people think of Japan much more is known about Tokyo; but Osaka is in a key part of the country and is only 30 minutes from Kyoto by train. We want more people to visit the region and for investors to know that we are open for business.”

FORMER Manchester United and England footballer Rio Ferdinand will arrive at MIPIM tomorrow to promote a new affordable housing and community model, aimed at delivering a “genuine legacy for community living”, Ferdinand told MIPIM News.

Entitled Legacy, the scheme will launch at MIPIM and is closely tied-up with Ferdinand’s Legacy Foundation charity, also supported by footballers Mark Noble and Bobby Zamora, who are attending MIPIM today.

Ferdinand will join UK minister of state for housing and planning, Brandon Lewis, to outline the private sector investment initiative, which aims to deliver an integrated, long term approach to the building of social and keyworker housing within new communities.

The venture was conceived in partnership with Richard Walsh of Colliers International, who has advised on the financial model.

Ferdinand said: “I’m a kid from a Peckham estate and I have a lot of affinity with that community. When I go back with my children now those estates are like a ghost town and so

I really wanted to do something. Through the Legacy Foundation we know that our engagement and sports training really works. This is about bringing that, rented houses, affordable homes, a school, sports and mentoring together.

“We’re happy to be very flexible and to work with local authorities, to give them what they need, not to impose our own model,” he added. “I looked up to community workers during my childhood and I would have followed their path had I not made it as a footballer.

We’ve been looking at doing something tangible and long lasting. I really believe this is it.”

The Legacy Foundation will work alongside development partner McLaren on a model where the local authority provides the foundation with a long lease — perhaps 40 to 45 years — to develop each project, for which the council will receive a percentage of the rent roll. The full scheme will eventually be handed back free to the local authority at the end of the lease period. Two local authorities are currently in negotiations with Legacy.

Osaka vice-mayor Seigo Tanaka

Football star Ferdinand in Cannes to launch social housing initiative

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RIBA seeks sponsors for new global architecture award

Realopedia’s Laura Choueri

ALL THE RIGHT CONNECTIONS A NETWORKING platform described by its creators as the “LinkedIn and Facebook of real estate” is being showcased for the first time at a global event.

The site, Realopedia, brings together a number of networking features and is aimed at all strands of the international real estate industry. The founders and creators are in Cannes to launch the platform and make contact with potential international partners.

Realopedia chief executive Laura Choueri said that the company was looking to disrupt the traditional agency costing model and harness the potential of digital to bring real estate professionals together. “It’s a cost-effective way for everyone to connect,” she said. “The whole idea is value for money. Our dream is to have a presence in 175 countries and add value wherever we are.”

The site, which was soft-launched in Dubai last December, offers members opportunities to make connections, search for and view properties, gain legal advice and consultancy from members in foreign markets, crowdfund projects, and be updated with news and views from a selection of global agencies.

To date, Realopedia lists more than 93,000 properties and has over 14,700 members across the world.

A

T MIPIM looking to talk to potential sponsors for the Royal Institute of British Architects’ (RIBA) new International Prize, Tony Chapman, head of awards, said he has meetings arranged with possible names keen to become involved with the prestigious new award — and is looking to talk to plenty more. “MIPIM is the right venue to meet potential international sponsors,” he said.

The UK’s professional body for architects launched its new International Prize last December.

The winners of the inaugural prize will be announced at a ceremony in London this coming December. The entries will be judged by an expert panel

led by world-famous architect Richard Rogers (Lord Rogers of Riverside). Chapman said: “The intention behind the prize is to discover and celebrate some of the world’s best new buildings and confirm the value of good architecture worldwide.”

The RIBA International Prize will be awarded to the “most significant and inspirational building of the year, anywhere in the world,” Chapman added. “The winning building will demonstrate visionary innovative thinking and excellence of execution, while making a distinct contribution to its users and its physical context.”

The new prize is open to any designer — they do not have to be members of RIBA.

RIBA’s Tony Chapman: International Prize for “world’s best new buildings”

FairFleet’s drones head for US FAIRFLEET is expanding its drone surveys into the US market after successfully launching in Germany at the end of last year.

“We offer a range of services ranging from building 3D models through to providing raw footage that companies can use for marketing campaigns,” said FairFleet CEO Eldar Gizzatov. “We also only work with highly qualified drone pilots that we vet individually. We choose people who work for TV-production companies such as WDF, which means we can offer highly competitive rates by co-ordinating shoots when pilots are already working in an area for other clients. That cuts down travel and other expenses.”

The biggest job that FairFleet has undertaken so far was surveying a 2.4 km road. Using still photography, the company then built a 3D model of the street and surrounding houses.

“We can build 3D models 17 times faster than can be done

using traditional methods,” Gizzatov said. “We also have the capacity to deliver marketing campaigns. But alongside quality,

perhaps the most persuasive aspect of our service is that we are generally five times cheaper than traditional surveying methods.”

Drone surveys enable 3D models to be built 17 times faster than traditional methods

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Europa City development The future looks bright includes rooftop farmland for investment in China

T

HE DEVELOPMENT of Eu ropa Cit y i n France has moved a step further towards delivery following a €3bn investment from Chinese giant Wanda Group.

The company has signed an agreement with Auchan Group to co-invest in the development — a large, integrated cultural, tourism and commercial project in Paris.

The development is located next to the Charles de Gaulle Airport in the north east, around 10km from the centre of the French capital. The development — which covers 80 hectares with a total floor space of 760,000 sq m — will feature an indoor and outdoor theme park, a theatre, hotels, business centre and conference centre and marks the largest single investment project in Europe as well as being the largest project investment in France made by a Chinese company.

Kai-Uwe Bergmann, partner at Copenhagen- and New Yorkbased architect firm Big, which is working on the scheme, said that the project will offer unique features including farmland integrated onto the roof of the scheme, with the aim of combining the density of the city with openess of the natural landscape.

“This is showing how to deal with the conflict of agricultural needs and development needs,” Bergmann said.

This was a major focus of the design, according to Bergmann.

“We are looking to make this development as self-sustaining and resource-conscious as we can, to prove there is no loss of green space and also to source foods used in the development such as herbs in the restaurants,” he said. It is estimated that some 20,000 people will be employed during construction of the vast project, with around 14,000 jobs created once the development begins operation.

ARCHITECT Ian Simpson, of Manchesterand London-based SimpsonHaugh and Partners, is an unapologetic advocate of high-rise development. And he believes it is essential for cities that have to accommodate rapidly growing populations.

“Density allows us to deliver quality, and there’s a real desire on a whole series of

A

CCORDING to JeanFrancois Dufour, head of the China Control Panel at MontsalvyConsulting, now is a very good time to be looking at the investment outlook for China: “10 days ago, the 13th Five-Year Plan was announced, taking us up to the year 2020,” he said at yesterday’s China Investment Outlook panel. “There is a genuine will to reform the market and right now most areas of the economy are open to foreign investment and in the future, there will be even more opportunities.”

There has, however, been a major change in policy towards investment risk: “The Implicit Safety Net that did not allow Chinese companies to go bankrupt by implementing loan rescheduling, also worked in favour of foreign investments because they could not become bankrupt either,” Dufour said. “But since the introduction in 2015 of

levels to intensify development,” he said.

He points to three massive projects currently under way as examples. In Manchester his firm has masterplanned the St John site, formerly occupied by the Granada TV studios, to create a new high-density urban neighbourhood. And in nearby Great Jackson Street 3,500 residen-

34

the Revised Catalogue of Guidance for Foreign Investment, that situation has now changed, and foreign companies can go bankrupt. So there has been a readjustment, which means that there is a transfer of opportunities, but it is now accompanied by a transfer of risk.”

Montsalvly-Consulting’s Jean-Francois Dufour: “even more opportunities”

tial units are planned in towers of up to 62 storeys, overlooking new public space.

“By stacking development we are freeing up space for new public realm,” Simpson said.

And in London The One Blackfriars tower (pictured) on the South Bank of the Thames is emerging as a new landmark on the London skyline.

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NEWS

149 PROJEKTENWICKLUNG_N1a3_PIM

AEW refinances Logistis fund in €420m ING deal

A

EW EUROPE, on behalf of its Logistis fund, has refinanced the French portfolio of Logistis with ING Real Estate Finance acting as sole underwriter and facility agent for a total facility amount of €420m.

The refinanced portfolio, which includes the Corridor portfolio acquired from GLL in December 2015, consists of 55 Grade A, multi-tenant logistics assets totalling 1.6 million sq m in prime logistics locations around Paris, Marseille, Lille, Le Havre, Lyon and Toulouse.

AEW Europe will use the funding to support its expansion of Logistis across the European logistics market through the further acquisition of existing assets and development opportunities.

Luc Bordereau, managing di-

VOTE FOR

rector and head of fund operations and financing, said: “We are pleased to have come to this agreement with ING following a selective tender process that generated strong interest from banks for the Fund profile and the Logistis team’s track record.

ING clearly demonstrated its underwriting and execution capability during the process, which led us to working with the team as our preferred partner on the transaction.”

AEW Europe was one of the first real estate investment managers to offer a specialist logistics fund in 1999 and has since expanded the Logistis portfolio with Grade A logistics assets in France, Italy, Spain, Benelux, Germany and Central Europe.

Clifford Chance and Monassier were advisors to the fund, while De Pardieu Brocas Maffei and Wargny Katz acted for ING.

Jaspers-Eyers’ tour de force

THE TOUR Paradis in Liege, Belgium is now completed.

The Jaspers-Eyers Architestsdesigned project can accommodate 1,100 people in 28,700 sq m of office space and 9,600 sq m of multi-function space, some open to the general public. Facilities include 20 front offices, various meeting rooms, a 500seat restaurant overlooking the Meuse river and archive space.

Developed by Fedimmo, the 28-storey Tour Paradis is the result of a public call for tenders organised by the Belgian Federal Buildings Agency to

NG VOTI E Z O N lais -1

centralise the services of SPF Finances (finance ministry) previously located in various obsolete buildings.

The project was designed as a gateway landmark to advertise the new residential district between the Calatrava-designed Liege-Guillemins railway station and the Meuse river. The sloping facade of the lower section of Tour Paradis allows for a larger plaza to be connected to the pedestrian promenade, currently under construction, which links the railway station and the Meuse.

Pa Gallery, vals Awards Festi s e d is Pala

A D E V E L O P M E N T BY 741 PROJEKTENTWICKLUNG Tour Paradis: Liege’s new gateway landmark ©Jaspers-Eyers/Philippe Van Gelooven

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NEWS 218_CITY PALACE_N1a3_PIM

TH Real Estate unveils new European fund

G

LOBAL property fund manager TH Real Estate has launched an open-ended property fund called the European Cities Fund, guided by proprietary research on the long-term structural growth potential of European investment markets.

The fund will invest in a range of income-producing properties in what TH Real Estate describes as “future-proof cities” across Europe, providing diversified commercial real estate exposure.

Over 200 European cities have been assessed based on various factors including quality of life, technology scores, urbanisation, demographics, discretionary spending and population growth.

This has resulted in a defined list of 42 cities TH Real Estate believes are best placed to benefit from long-term growth in demand for real estate.

The research has further informed individual strategies for each city, so for some invest-

ment will primarily be in retail, for others logistics and for others a mix of retail, offices and logistics.

The fund is currently open for investment, with €200m of coinvestment capital provided by TIAA, and the Luxembourg Special Limited Partnership fund has target equity of €35bn over a five-year period.

Its maximum gearing will be 40%, with a targeted average of 30% LTV. The fund is in due diligence to assemble a seed portfolio of investments.

Alice Breheny, global co-head of research, said it will be a city-based real estate strategy, “underpinned by long-term, structural trends, that strikes the right balance of risk and diversification, while taking advantage of short-term pricing opportunities”.

She said this should ensure the fund achieves above-average portfolio level returns, lowerthan-average volatility, and modest downside risk, for longterm investors.

Bright outlook for Spain THE SPANISH economy is displaying stronger growth than most of the rest of its peers in Western Europe, with the property sector keeping pace with the general recovery, according to the latest Catella Market Tracker for Spain.

Following a turning point in 2014 — when investment volumes hit three times what they had been from 2009 to 2013 — the market has continued to attract investment, initially confined to domestic family offices but then followed by investors from Europe and further afield.

“Investors are clearly taking

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their cue from the general recovery,” said Dr Thomas Beyerle, head of group research at Catella.

Yields for Madrid and Barcelona are 4.25% and 4.75% respectively, revealing the rise in the value of buildings in attractive locations.

By analysing property yields and comparing the results with 10-year government bonds Catella predicts that the current spread of 200 basis points will decrease to some 150 by 2018.

As a result, Catella’s analysts expect investment to pick up in cities such as Seville, Malaga, Bilbao and Valencia this year.

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YARDI TALKS

TECHNOLOGY with VÖLKEL COMPANY Group.

Translating Technology into Client Services

For more than a decade, Dirk Völkel has channelled his passion for retail asset investment into his company, VÖLKEL COMPANY Group, which provides real estate management services in Germany. Founded in 2004, the company today operates 170 properties valued at 1.3 billion euros and handles a high volume of transactions from offices across Germany.

“Our business is family-driven and focused on maintaining long-term relationships with clients,” said Völkel, the company’s founder, main shareholder and managing director. “We are a one-stop-contact in Germany, capable of providing the full spectrum of investment advice and services. Some of our team members have

In an era that has seen the outsourcing of many services, our services are 100% “Made in Germany,” he said. “We handle investments as if they were our own money. We are proud of the good references we have earned. In fact, much of our new business comes from word of mouth among investors who are satisfied with our services.”

While justly proud of his company’s achievements in offering engaged, flexible, quick and successful investment services, Völkel knows well enough that continued success depends on maintaining a keen focus on the future, rather than dwelling on a distinguished past. “We constantly work to improve our high-quality services. Not only that, we continuously measure our clients’ expectations of us. As one extremely

Anticipating future opportunities, VÖLKEL COMPANY Group will look to further leverage its relationship with Yardi®. “Our long-term collaboration with Yardi has been very beneficial.

Yardi is more than a provider of software, they are a real estate specialist and have dedicated themselves to understanding and serving the needs of numerous markets and jurisdictions across the world.” Völkel said.

DIRK VÖLKEL Managing Director, Völkel Company.

INDIVIDUAL CLIENT SERVICE A special point of pride for Völkel is the degree of personal service his company delivers. “For some large, long-established companies, any given client is one among many. For us as a mid-size company, every client is important as an individual, and we take every client seriously.

Yardi Voyager delivers significant value within VÖLKEL COMPANY Group as well as to clients.

“We perform all of our property and financial management operations in one automated platform, which means no more repetitive data entry or unreliable spreadsheets. Operating more efficiently with Yardi Voyager allows us to direct more of our energy and resources to our clients,” Völkel said.

INTEGRATED SOLUTIONS FOR A MULTINATIONAL BUSINESS

Operating more efficiently with Yardi Voyager allows us to direct more of our energy and resources to our clients.

been working in the field for up to 25 years, so we know the difference between real experience and merely good marketing.”

and for our internal processes, we use Yardi Voyager® to automate investment management and reporting. Consolidating information for our clients is fast and easy, no matter how complex the investment structure,” Völkel said. “Along with being Web-based and mobile-enabled, the Voyager property management and accounting platform accommodates all of the multiple language, currency, tax and reporting obligations that we execute on behalf of our clients.”

important example, clients expect our property management and accounting database—and their data in it—to be reliable, secure and fully capable of generating the operational and financial reports that they need to conduct their business,” he said.

LEVERAGING NEW TECHNOLOGY A key aspect of meeting these expectations is employing the most advanced cloud-based property management and accounting software.

“To accommodate our obligations to clients

“There is an especially challenging, complex requirement in Germany and we have been able to rely on Yardi to understand and implement those specific needs very effectively,” Völkel adds, “We look forward to a long term relationship with Yardi and gaining even more benefits from the Voyager platform, both within our company and on behalf of our clients.”

Social. Mobile. Smart.

To learn more call +31.20.565.00.50 or visit www.yardi.eu

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NEWS ACQUISITION BOOSTS NIPPON KOEI’S ASIAN AMBITIONS JAPANESE engineering consultancy Nippon Koei has acquired UK-based international architecture and engineering firm BDP to bolster the expansion of its Asian operations.

The firm has bought BDP for £101.2m (€130m). BDP operates studios throughout the UK and internationally in Ireland, the Netherlands, the Middle East, China and India.

BDP chief executive John McManus said: “Although separated geographically, our two firms share common values and have highly complementary strengths in terms of professional offer and sector expertise.”

Nippon Koei has been in operation since 1946 and listed on the Tokyo Stock Exchange since 1978. It has delivered a range of infrastructure projects in Japan, South America, Asia and Africa.

Panels call for flexible approach to development in UK capital

I

NVESTORS need to be more open to opportunities in London’s build-to-rent pipeline, an expert on the capital’s residential market has said.

CBRE Residential chairman Mark Collins told MIPIM News that a vast pipeline of developments and a major overhaul of the transport network offered “significant opportunities” for investment outside of the traditional central London, build-tosell locations.

Collins, who is also deputy chairman of the London Chamber of Commerce & Industry’s (LCCI) Property & Construction group, said: “Traditionally investors automatically go for the buildto-sell properties and have been very focused around [central] zones 1, 2 and 3. But they are in169_LOMBARDI 22_N2_PIM

creasingly looking at opportunities in the right locations, not just centrally.”

A shortage of housing and a sharp population growth has led to calls from the Greater London Authority (GLA), the LCCI and successive national governments for developers to step up the level of activity in and around the capital. This demand, combined with the Crossrail transport infrastructure project, which is due for completion by the end of 2018, has sparked significant investment and regeneration in previously underdeveloped areas outside of the capital.

Collins was speaking ahead of two key panels hosted at the London Pavilion on Thursday aimed at discussing opportunities in the London residential market. The

CBRE’s Mark Collins

first of these, focused on the capital’s build-to-rent market and private rented sector, will be chaired

by Collins and will feature a panel of speakers tasked with identifying the major opportunities for international investors.

VOTE FOR HOLCOM HQ A NEW LANDMARK IN BEIRUT

a powerful identity based on open interaction between cultures and between modernity and tradition L22 Lead Architect DEGW Space Planning & Interior Design

Project Partners

L22 and DEGW are part of Lombardini22 S.p.A. a leading corporate group in the architectural and engineering Italian background, operating worldwide.

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Le spécialiste de l’immobilier flexible

“

- Bureaux partagés et Coworking

Avec BAP, faites de vos espaces vacants une source de revenus

”

Retrouvez-nous sur le stand C21.F1 - «Innovation Forum»

- Contrats de prestation de services - Locations courtes durées - Gestion d’espaces - TPE / PME / Startups

mipim

NEWS

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Bilfinger GVA appoints its new chief executive

#TEAMLEICESTERSHIRE

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EAL estate consultant Bilfinger GVA, part of service and engineering group Bilfinger SE, has appointed Gerry Hughes as its new chief executive. Hughes takes over from previous chief executive Rob Bould.

Based at the UK headquarters in London, Hughes will lead the Bilfinger GVA business into the next phase of its business strategy, which aims to be Europe’s leading professional consultancy and management services group in the real estate sector.

Gerry Hughes has worked at the company since 1992, most recently as national head of the planning, development and regeneration team. He also sits on the international board of Bilfinger Real Estate.

Over the past six years in London Hughes has helped lead Bilfinger GVA to a position where the company is currently advising on some of the most significant projects in the city,

including the €2.5bn Haringey Development Vehicle and the Winstanley Estate renewal project next to Clapham Junction station.

Dr Joachim Ott executive president of Bilfinger Real Estate said: “We are delighted to appoint Gerry Hughes as chief executive of Bilfinger GVA at a time when we see many opportunities across the UK and Europe to accelerate the growth of our real estate business.”

Bilfinger GVA’s Gerry Hughes

St Petersburg initiative presents winning project T H E CONSORT I U M of KCAP/Orange (The Netherlands) and A.Len (Russia) has won the international architectural contest for the St Petersburg reclaimed land project.

The territory to be developed is located on reclaimed land bordering the new city passenger port in St Petersburg.

Covering a total area of 450,000 sq m, this cluster of buildings includes commercial and public facilities, and is destined to become the new emblem of the city.

Construction is expected to begin in late 2016, with the entire project taking up to eight years

PLEASE VISIT US AT STAND NUMBER R7.C13 FOR MORE INFORMATION CONTACT ianguyler@pedigreefilbert.co.uk

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to complete. “This land development project is being introduced at MIPIM in order to showcase the city’s investment potential,” said Anna Shishkina, marketing director of Glorax Group. “Having thoroughly designed every tiny detail of the project, we are committed to aiming high, both in terms of architectural image, functionality and purpose.”

Also highlighted were architectural and urban development concepts created by firms including Studio 44 (Russia), Ostozhenka (Russia), Cino Zucchi Architetti (Italy) and Snohetta (Norway).

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PROGRAMME OF CONFERENCES & EVENTS

WEDNESDAY 16 MARCH BLUE ROOM PALAIS 3

RUBY ROOM PALAIS 5

CEE Breakfast Forum Discussion

CASE STUDY BY MARICA, BRAZIL 9:30 - 10:00

HOW CEE MARKETS CAN REDUCE RISK AND ATTRACT FOREIGN INVESTORS TO THE REGION’S CITIES 9:15 - 10:45 Sponsor: Poland Today Co-organiser: RICS Pre-registration required

ITALIAN REAL ESTATE: STRIVING FOR EXCELLENCE 10:00 - 11:30

[Deep Design]

Co-organiser: Chiomenti Studio Legale

Poland & CEE Macro Conference

POLAND AND CEE TODAY HOW TO UNDERSTAND THE NEW INVESTMENT ENVIRONMENT 11:00 - 12:30 Sponsor: Poland Today Co-organiser: ABSL

TAKING THE LEAD INVESTING IN POLISH CITIES 12:45 - 14:15

[Deep Design]

THE NEW FACE OF JAPAN’S PROPERTY MARKET 10:00 - 11:00

Poland & CEE Real Estate Conference

FROM WARSAW TO CEE WITH LOVE - VIEW FROM THE REGION’S CENTRE 14:30 - 16:00 Sponsor: Poland Today

MASTERMINDS: A GATHERING OF CEOs FROM LEADING LISTED REAL ESTATE COMPANIES 15:00 - 16:00

US BREAKFAST* 8:30 - 10:00 Sponsor: ABM [Salon Croisette]

INNOVATIVE URBAN SPACES: IS THE WORKPLACE MINGLED WITH HOUSING AND R&D PREMISES COMPATIBLE WITH QUALITY OF LIFE? 9:30 - 10:30 Sponsor: Pitch Promotion Co-organiser: Métropole Nice Côte d’Azur [Verrière Grand Auditorium]

Sponsor: JLL

Sponsor: CORPUS SIREO Holding GmbH

HOW TO CREATE VALUE IN ARCHITECTURE

BY ART AND DESIGN. REAL CASES! 11:30 - 12:30

CREATING VALUE & DERISKING YOUR PORTFOLIO* A networking event for international CRE professionals only 11:00 - 13:00 In association with ADI & RICS

HOUSING THE WORLD* 11:00 - 13:00 Sponsors: Arcadis, UTC Co-organisers: INTA, BPF [Majestic Hotel]

[Majestic Hotel]

*

PULSAR EFFECT OF HOSTING INTERNATIONAL EVENTS 14:00 - 15:00 Sponsor: Plaine Commune

THE FUTURE OF HEALTHCARE REAL ESTATE INVESTMENT 14:30 - 16:00 Sponsors: JLL & Ventas

NEXTDOOR: FROM CORPORATE PROPERTY TO COMMUNITY PROPERTY IS THIS JUST A FAD? 14:30 - 15:00 Sponsor: Bouygues Immobilier

EDMONTON: A PARTNERSHIP MODEL FOR INNOVATION 15:00 - 15:30

BUFFET LUNCH FLASH MOB H&T Special guest: Henrique Eduardo Alves, Minister of Tourism, Brazil 13:00 - 14:30 Sponsor: Brazilian Ministry of Tourism [Networking zone, Hotel & Tourism pavilion, Palais -1]

13:00 - 14:30 Sponsors: Arcadis, UTC [Majestic Hotel]

ITALIAN LUNCH* 13:00 - 14:30 Sponsored by ITA Italian Trade Agency and ANCE Italian National Association of Construction Companies In collaboration with Assoimmobiliare Federimmobiliare [Salon Croisette]

Sponsor: The City of Edmonton

Co-organiser: EPRA

USING RETAIL AND LEISURE TO UNLOCK WATERFRONT REGENERATION 16:00 - 17:00 Sponsors: Bilfinger GVA Real Estate, Liverpool

METROPOLITAN CITIES: ARE HOUSING NEEDS AND DEMANDS ALIGNED? 17:30 - 18:30

INNOVATION DISTRICTS: A NEW URBAN DEVELOPMENT MODEL EMERGING IN THE UNITED STATES 16:00 - 18:00 Sponsor: Lennar International Co-organiser: The Brookings Institution

Sponsor: Istanbul Chamber of Commerce

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[Majestic Hotel]

Sponsor: Emirates Reit

Sponsor: Poland Today Co-organiser: Property EU Pre-registration required

*By invitation only events

OTHER LOCATIONS

RUSSIAN BREAKFAST* 8:30 - 11:30

HOW CAN MAJOR HOTEL COMPANIES MAINTAIN THEIR FAST PACE OF GROWTH IN AN INCREASINGLY COMPETITIVE MARKET WITH NEW OFFENSIVE PLAYERS? 10:00 - 11:00

HEALTHCARE: TAKING CARE WITH A GROWTH MARKET 11:00 - 12:30 EMEA - EMERGING AND DEVELOPED MARKET REITs 12:00 - 13:00

Poland Movers & Shakers Lunch

GREEN ROOM INNOVATION FORUM, HALL 1

ORANGE ROOM PALAIS -1

HOUSING THE WORLD SESSIONS

THE URBAN ENVIRONMENT RE-IMAGINED 15:30 - 17:00

THE IMPORTANCE OF LOGISTICS INFRASTRUCTURE FOR A GROWING REGION 16:30 - 17:30

Sponsor: Schindler

Sponsor: Stockholm Business Region Development

15:00 - 16:00 [Networking zone, Hotel & Tourism pavilion, Palais -1]

CONFERENCE CANADA LIVE, WORK, PLAY REDEFINING LIVING SPACES 17:00 - 18:00

Sponsor: Business Region Göteborg

STOCKHOLM, WHERE INNOVATIONS MEET INVESTMENTS 17:30 - 18:30

LOGISTICS & INDUSTRIAL

INNOVATIVE URBAN DEVELOPMENT 17:00 - 18:30 Sponsor: SNCF Immobilier Followed by a cocktail

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

Co-sponsors: Ivanhoé Cambridge, Montréal, EDCO, The City of Edmonton Followed by a cocktail until 20:00

FINALS 14:30 - 16:00 Sponsor: BNP Paribas Real Estate Partner: Fabernovel [Grand Auditorium]

FUTURE TALENT 17:30 - 18:30 Co-organisers: Business Immo, Génération Immobilier Networking cocktail

[Verrière Grand Auditorium]

[Innovation Forum, Hall 2]

US NETWORKING RECEPTION* 18:00 - 19:00

JAPAN COCKTAIL* 18.00

[NAR Stand - P-1.D84, Palais -1]

[Purple Visitors’ Lounge, Palais -1]

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

10/03/2016 16:59

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NEWS EURO INVESTORS CONTINUE TO LOOK FOR ALTERNATIVES A QUARTER of all European real estate investment activity in 2015 involved alternative assets, up from just 15% in the last market peak of 2007, according to Savills.

Such assets have been steadily rising in popularity over the last 15 years as investors look beyond traditional office, retail and industrial property for higher returns. Niche alternative assets such as student accommodation, senior housing, healthcare/clinics and leisure can offer average prime yields of 6% in the UK, which compares to an average of 4.6% for traditional prime commercial assets.

The UK market accounted for almost 50% of total European alternative asset investment activity in 2015 (excluding hotels and multifamily), followed by Germany at 25% and Sweden at 13%.

EDOs in town to attract interest in US cities, counties and states

U

S ECONOMIC development organisations (EDOs) are a growing presence at MIPIM, according to Conway Data principal David Margolis, organiser of the EDO delegation’s attendance at MIPIM this year.

“The various EDOs are looking to attract investment to their cities, counties and states in the US,” Margolis said. “They’re looking to meet with decision-makers.”

An EDO is an organisation dedicated to the economic development of a town, city, county, province or state. They are typically government agencies, public-private partnerships or non-governmental organisations (NGOs) and work with other bodies to improve the economy within their remit.

Art de La Cruz, representing the Board of County Commissioners of the County of Bernalillo in 194_ODAKYU ELECTRIC_N1et2_PIM

The US EDO delegation at MIPIM

New Mexico, said: “At MIPIM, we’re looking to talk to global investors and indicate the advantages of investing in Bernalillo.”

David Carrington, commissioner of Jefferson County in Alabama, said talking to hotel investors and developers was top of his MIPIM agenda.

And Jeffrey Blair, director of Eu-

46

rope, the Middle East and Africa for the Greater Houston Partnership, said he was keen to showcase Houston’s strengths as an investment destination. “I’d like to get the message across that Houston is the fourth largest city in the USA, and we’re already one of the prime investment hubs in the country,” he added.

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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UK housing crisis.

Who wins and who loses?

As the UK government seeks to ignite residential housing development, we look at who the winners and losers might be – and why.

19-21 October 2016 Olympia, London mipimuk.co.uk The UK’s largest property event.

mipim

NEWS ARES ACQUIRES DESIGNER OUTLET MALLS IN FRANCE A REAL estate fund managed by Ares Management of the US has bought two designer outlet centres in the French towns of Troyes and Roubaix, from Resolution Property for €200m.

They will continue to be managed by McArthurGlen which has a minority investment in the centres as part of the deal. The outlets total 47,000 sq m and feature retail tenants including Polo Ralph Lauren, Nike and Hugo Boss. The Troyes location is the largest outlet centre in France.

“Both of these retail outlet centres have dominant locations and have served as popular shopping destinations in the northeasterly regions of France,” John Ruane, partner in the Ares Real Estate Group said.

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Virtual reality technology set to ‘revolutionise’ real estate

S

ERBIAN design and visualisation firm Case3D is using its debut appearance at MIPIM to launch its 360VR virtual reality offer which, it says, will transform the real estate marketing experience.

A pair of VR glasses are used with the client’s own mobile phone and an app, which links potential buyers to 3D visualisations of projects put together by Case-3D. Both glasses and apps can be branded to the client.

“This year we decided to visit MIPIM to offer new potential clients what we believe is an evolution in marketing,” said Nebojsa Zaklan, art director and partner at Case-3D. “We find this to be a very elegant solution and we expect it to grow hugely in the next

Case-3D’s Danilo Micic and Nebosja Zaklan

couple of years. This offers buyers a new level of immersion to be in the space they want or plan to buy and have this virtual reality experience,” said Zaklan.

This could revolutionise the initial stages of decision-making

for buyers, according to Danilo Micic CEO, partner and architect at Case-3D. “We expect this to be very useful for real estate agents as there is no need to go to building sites in the early stages,” he said.

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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NEWS Peel’s Strategic Waters to deliver 30,000 units

NOMA remodels Manchester A JOINT-venture partnership between the Co-Operative Group and Hermes Investment Management is preparing for the opening of the first of two major developments in the centre of Manchester, UK. The developers, operating under the joint-venture name NOMA, have brought both projects forward to take advantage of the strong demand for office space in the city. The first, Federation House, will be complete this summer, adding 62,000 sq ft (5,760 sq m) of office space in a converted warehouse. Federation House sits on the edge of the Northern Quarter, an area attracting new creative and technology companies from around Manchester and further afield.

Also in the pipeline is Hanover, a 90,000-sq ft listed building

P

EEL Land and Property has announced plans to deliver over 30,000 residential units across its Strategic Waters sites in Manchester, Liverpool, Chatham, Glasgow, Wirral, Trafford and MediaCityUK, which could bring a total investment value of £4.5bn (€5.76bn) over the next 30 years.

Peel’s vision is to transform for- MediaCityUK, on the banks of the mer industrial sites on dockland, Manchester Ship Canal canal and river banks into attractive and sustainable waterfront rector of residential development, living locations that deliver new Neil Baumber. “This is all about infrastructure, public-realm and regenerating urban areas, where environmental improvements. there is a shortage of housing, The schemes will also feature into attractive waterfront locacommercial, retail, educational tions where young professionals, families and key workers can and leisure opportunities.

“The Strategic Waters sites give live. These units will be a mixus a fantastic portfolio of loca- ture of tenure from institutional tions to develop exciting new res- and individual PRS [private rentidential dwellings,” said Peel’s di- ed sector] to open-market sale.”

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that NOMA is converting into new mixed-use space. The project will be made up of predominantly office space, with some retail and leisure elements on the ground floor of the building, which is directly opposite Victoria rail station. It is due for completion by the end of 2017.

David Pringle, director of NOMA at the Co-operative Group, said: “Our decision to bring forward development underlines our confidence in both the product and the market.

Schemes like Federation and Hanover are unique in the local market and their regeneration will contribute hugely to the remodelling of Manchester’s city centre.”

Both buildings fit into the wider NOMA mixed-use project, over a 20-acre (809 ha) site in the centre of Manchester.

To every MIPIM visitor The vote has been launched

Crédit photo :François Moura

Nominated as finalist for the

Hostesses will register your vote in the Awards Gallery

make les docks village the best shopping center 201 6 www.lesdocks-marseille.com

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NEWS

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Contrasting prospects for European cities be facing the most adverse conditions in the near future.

Rents in Poznan are set to fall across all three sectors, while in the capital Warsaw both logistics and office rents are likely to decline.

The Gerald Eve brief says Poznan is in the “current stable, future decrease” category across all sectors.

Istanbul is also reported as showing declining rents in the office sector.

Commenting on the findings, Gerald Eve partner Sally Bruer said: “This snapshot of European real estate shows a market that is in many locations confident of continuing growth over the next six months.

There remains, however, a subdued mood in Eastern Europe, with cities such as Warsaw, Poznan and Istanbul facing the prospect of falls in rents across sectors.”

It is the first time Gerald Eve has published the brief, which has been unveiled at MIPIM. The findings are based on data collated from rental figures from 23 cities in 11 countries across the continent.

FOCUS ON

LOGISTICS & INDUSTRIAL PROPERTY Promote your locations and infrastructures to 320+ logistics property developers, 1,200 corporate occupiers and 1,420 investors Dedicated conferences such as: “Efficient logisticsAccess for a competitive to Riviera 7 & 8 Europe” sponsored by Barcelona Catalonia on Thursday, 17 March, 12.00-13.00, Orange room, Palais -1 N6 0 Media Centre

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Countrywide investigates return of renting in UK

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Return Of Renting, Countrywide reports interest from institutional investors is increasing.

It concludes that institutional investor involvement will grow as the residential asset class provides better returns than most commercial assets, the government has displayed tacit support for the sector through its Build to Rent scheme and there are favourable tax policies for large investors at the same time as newly erected barriers for small, individual investors.

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THE DOMESTIC perception of the UK as a high owneroccupier society is incorrect and it is “puzzling and a little worrying” that the UK does not have a better understanding of the rental sector, according to estate agent Countrywide.

While institutional investors own €6.4bn of rental investments in the UK, this is less than 1% of total ownership, compared with some 13% of US residencies. However, in its latest study How We Live: The

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HE DISPARITY in rental growth between Eu rope’s st rongest cities and more “subdued” markets is set to increase throughout the year, according to a new study.

The report, published by real estate consultancy Gerald Eve, identifies a top tier of European cities showing signs of strong rental growth across the office, logistics and retail sectors, contrasted with a number of locations where current decreases in rents are set to continue.

Among the top tier cities identified in the European Property Market Brief are Paris, Barcelona, London, Dublin and Belfast, which report strong rental growth or stability across all three major sectors.

Barcelona was the only city in the study reporting both current growth and future growth across retail, logistics and offices.

A number of major cities show declining rents, and, the report predicts, are set to see further falls as the year goes on.

Of all the countries covered by the study, Poland was found to

REG

RA IST

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mipim

NEWS Cornerstone sells first SIS Fund property

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ORNERSTONE Real Estate Advisers has sold Wallstrasse 58-59, an office investment in Berlin’s Mitte district, for an undisclosed amount.

Cornerstone was acting as German asset manager of the SIS Fund launched by Institutional Investment Partners for the Stuttgarter Insurance Group.

The purchaser is an institutional investor advised by Savills Investment Management.

The property was the first to be acquired by Cornerstone Germany for the SIS Fund back in

2013. Completed in 2000 the building has a usable floor space of 10,500 sq m. Cornerstone Germany actively managed the property for the last three years.

Nick Puschkasch branch manager of Cornerstone Germany’s Eastern Region said: “Our active management approach enabled us to establish the Wallstrasse property very positively in the market. The rapid and effective way in which we were able to find a replacement tenant for 4,000 sq m within only a few months highlights our asset management and letting expertise in Berlin.”

Wallstrasse, Berlin

Euro Fund for M&G

INTERNATIONAL investment manager M&G Investments has launched a pooled institutional fund to invest in long-lease continental European real estate, building on the experience it has gained with its €3.8bn UK strategy.

The M&G European Secured Property Income Fund offers institutional investors income growing in line with inflation through investment into real estate leased to tenants over the long term. Its first investments totalling €100m are in the leisure and retail sectors in Belgium and Portugal. Exchange on two further deals in Germany and Ireland is expected shortly. M&G has 15 years’ experience of investing in UK long-lease real estate, launching its M&G Secured

Property Income Fund in 2007 for third-party investors. 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.

Simon Pilcher, chief executive, fixed income at M&G Investments said: “A new European financing landscape is emerging following the financial crisis, where pension funds and institutional investors, the natural owners of long-term capital, are providing long-term finance where banks previously dominated the market. European companies are beginning to seek alternative ways to raise finance, with sale and leaseback being an increasingly popular option.”

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

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NEWS

AXA brings its urban campus ‘Assembly’ concept to Bristol

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XA Investment Managers - Real Assets has launched Assembly Bristol as the new brand for its 22,256 sq m (240,000 sq ft) mixed-use urban campus development in Bristol city centre, which it acquired on behalf of clients in November 2015.

The company has appointed architect Alford Hall Monaghan Morris (AHMM) as lead designer for the development. AXA IM – Real Assets said AHMM, which won the Assembly Bristol, overlooking Bristol’s Floating Harbour 2015 RIBA Stirling Prize, stood station. Harry Badham, UK head out to the judging panel for the connected urban district. adaptability of its design and its ap- Overlooking Bristol’s Floating of development Real Assets said: Harbour, the Assembly Bristol “Working with AHMM we aim proach towards low energy usage.

Assembly Bristol furthers the As- site sits within the Bristol Temple to create a contemporary destisembly concept created in 2015 Quarter, one of the largest urban nation that will appeal to today’s with Assembly London, currently regeneration projects in the UK. diverse office occupiers. We will under development. The concept It is also adjacent to Temple Way bring an approach of flexibility to aims to create a community-based main road and close to Bristol’s the design in order to bring this scheme to life.” work environment as part of a Temple Meads principal train occupier-led 171_CITY OF WARSAW_N1_PIM 196_LUXEMBOURG CAPITAL_N2et4_PIM

EUROPA CAPITAL EXPANDS ACROSS CENTRAL EUROPE FUND manager Europa Capital has completed 21,000 sq m of lease transactions in 2015 in Warsaw, Prague and Budapest.

This comprised 15,600 sq m of new lettings, generating €2.8m per year in rent.

Tenants included Philip Morris, Manpower and Kelly Services.

Over 6,300 sq m of lease renewals were concluded, securing a further €1m per year of income and retaining tenants including Cargill, Cap Gemini and Wolf Theiss. Since 1995 Europa Capital has raised eight real estate funds and committed to over 90 transactions totalling €9bn across 18 European countries.

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mipim

NEWS

Grosvenor makes first Hines lets Sequana Tower commitment to Africa

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ROSVENOR Group has made its first investment commitment to sub-Saharan Africa by investing in RMB Westport, a real estate investment management and development firm focused on delivering projects to international standards in sub-Saharan African cities. The investment in RMB Westport Real Estate Development Fund II was made by the Grosvenor’s indirect-investment team.

Grosvenor’s investment is in RMB Westport’s second fund, which will develop a combination of shopping centres, office buildings and industrial assets, targeting primarily Nigeria, Ghana, Angola and Ivory Coast. The total capital raised in the initial close for Fund II is over $200m.

Mark Preston, group chief executive of Grosvenor, said: “This 204-NORRKOPING_N1_PIM

HINES has agreed a long-term lease for Sequana Tower in Issy-les-Moulineaux near Paris.

Europe’s largest hotel operator, Accor Hotels, has signed a 12year lease from January 2016 for the entire 43,000-sq m (462, 848-sq ft) tower.

Sequana Tower is a Class A office building located in one of the main office submarkets southwest of Paris.

“The lease signed by Accor Hotels for Sequana Tower marks a significant step forward for Hines France,” said Xavier Musseau, managing director of Hines France. “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 with a long-term lease.”

investment reflects our ambition to continue to diversify the Grosvenor Group. We have been keeping abreast of the opportunities in sub-Saharan Africa for some time and think that now is the right time to start investing in the region.”

Group investment director Chris Taite added: “The investment in RMB Westport is an opportunity for Grosvenor to gain exposure to a growing market in a region that lacks high-grade office, retail and industrial space.”

Africa has a rapidly growing urban population. According to UN Habitat, around 500 million Africans live in urban centres and there are over 65 African cities with a population of more than one million. However, the developing consumer market is underprovided, hence there are opportunities in the region for investment growth and strong investment returns.

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TODAY’S MIPIM INNOVATION PROGRAMME OF CONFERENCES (Wednesday 16 March) Innovation Forum, Hall 2 08.30–09.30 Meet the MIPIM Awards 2016 Finalists Breakfast 09.30–09.50 Intelligent smart building solutions – Smart for the Developer, the Architect, and end user

BE AHEAD

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10.00–10.20

Spatial recognition: data mining the city

10.30–10.50

Mobility revolution and the Real Estate Industry – Turning low revenue parking into high return assets

11.00–11.20

Smart Cities – Shifting the focus to design

11.30–12.30

Startup Competition Finalists’ Meetup

15.00–15.20

Regeneration of city landscape and community

15.30–15.50

Cities of past & future

16.00–16.20

Monetize empty rooftop spaces. Fresh.

Revolution

16.30

Press and Speakers’ Meetup

17.30–18.30

Flash Mob Future Talent

18.30–19.30

Cocktail by SNCF Immobilier

Green room, Innovation Forum, Hall 1 10.00–11.00

The new face of Japan’s property market

11.30–12.30

How to create value in architecture by art and design. Real cases!

14.30–15.00

Nextdoor: from corporate property to community property - is this just a fad?

Sponsor: Bouygues Immobilier

15.00–15.30

Edmonton: a partnership model for innovation

Sponsor: The City of Edmonton

15.30–17.00 17.00–18.30

The urban environment re-imagined

Sponsor: Schindler

Innovative urban development

Sponsor: SNCF Immobilier

Followed by a cocktail

EXHIBITORS AND CONFERENCES SPONSORS

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PROJECT NEWS DUO, PARIS

mipim

POMERANIAN LOGISTICS CENTRE, GDANSK

Mixed-use –Presented by Ivanhoe Cambridge DUO is a 105,000 sq m urban architectural project in the 13th arrondissement of Paris. DUO consists of two towers with 27 and 39 storeys respectively and was designed by Ateliers Jean Nouvel.

The mixed-use project was selected following a consultation process and competition held by the city of Paris and includes offices, shops, a high-rise luxury hotel, restaurants, a sky bar and an auditorium. DUO will also include a public garden, tree-lined patios and numerous public transport access points.

The scheme will provide collaborative spaces — using concepts such as coworking and fablab.

Workspace design is focused on wellbeing and DUO is one of the first tower developments in France registered under the WELL Building Standard’s WELL Core & Shell Compliance rating. The development is to be built to environmental and energy performance standards including Effinergie+ standard, HQE Exceptional and LEED Platinum.

The project is scheduled for completion in 2020.

Industrial & Logistics – Presented by InvestGDA The 110 ha Pomeranian Logistics Centre lies close to the largest seaport in Poland and one of the most modern container terminals on the Baltic Sea, Deepwater Container Terminal (DCT) Gdansk. The project is progressively expanding and facilities for storage, logistics, production and offices are being built. Among these projects is an office building known as the Koga administrative centre which will provide 8,335 sq m of office space. The building’s modern exterior was designed to suit the dynamic image of potential tenants and is aimed at the shipping and logistics industry. Gdansk’s rapidly growing and modernised infrastructure provides the Pomeranian Logistics Centre and The Koga administrative centre with good connections to national and international road, rail, air and sea routes.

GULLIVER RESIDENTIAL COMPLEX, PERM

BRYGGHUSET, GOTHENBURG

Offices – Presented by Business Region Goteborg Gothenburg-based real estate company Husvarden is currently developing Brygghuset, a new six-storey office building at Lindholmen, scheduled for occupation at the beginning of 2018. Brygghuset, located at Therese Svenssons gata 13, will be the last office building to be developed on the quayside at Lundbystrand. All of the buildings along the dock are meant to have a kinship with each other, but something extra was needed with Brygghuset, partly because it is the last building to be developed there, but also because of its prominent location. Designed by architect Peter Erseus, the 5,000 sq m Brygghuset will be clad in glass and metal instead of using concrete, brick or plaster, as used in the neighbouring buildings. The interior is designed to accommodate open plan use as well as cellular offices and there are a range of fit-out options.

Residential – Presented by Kortros The Gulliver residential complex was designed by French architect Anthony Bechu and is being built in the heart of the city of Perm, near Russia’s Ural Mountains.

More than 170,000 sq m of residential property will be built on the 9.47 ha site along with 5,500 sq m of commercial and public buildings. The project includes a 2 ha public park. Gulliver’s residents also have access to recreational and sports areas and city social infrastructure within walking distance. Six twin towers from 21 to 34 storeys are to be built, which will make Gulliver the highest residential complex in Perm. The complex will also include buildings from 6 to 10 storeys with public buildings which will form a gateway to the city park.

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PROJECT NEWS WATERFRONT, DUNDEE

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ONE VANDERBILT, NEW YORK

Urban development – Presented by Scottish Cities Alliance The £1bn (€1.3bn) transformation of Dundee Waterfront, the third largest regeneration project in the UK, encompasses 240 ha of land stretching 8km along Scotland’s River Tay. The V&A Museum of Design, the only design museum in the UK outside London, will be the focal point of the Central Waterfront. But there are a number of ‘shovel-ready’ mixed-use sites available for development within the Central Waterfront. Almost all of this land is owned by Dundee City Council.

Offices – Presented by KPF As a 21st century successor to the Rockefeller Center, and following such great New York buildings as the Chrysler, the Empire State, and the Woolworth, One Vanderbilt is intended to meet the market demands of Midtown East while transforming the civic needs of the Grand Central District. The architectural design comprises four interlocking, tapered columns whose shape is sympathetic to the nearby Chrysler Building. At the base, a series of angled cuts create a visual procession to Grand Central Terminal, the Vanderbilt corner of the cornice of which has been obstructed for nearly a century. The development includes a new transit hall on the North-East corner of the site and integrates ground and lower levels. A grand stairway connects the transit hall to Grand Central’s concourse level B1.

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PROJECT NEWS

mipim

GLOBAL 100, HAINAN ISLAND

MINSK WORLD, MINSK

Mixed use – Presented by Chapman Taylor Global 100 is a 400 ha, mixed-use entertainment, leisure, retail, hospitality and residential scheme. The development includes a 170 ha film-theme park containing attractions influenced by filmmaking in Europe, China and America. The film-theme park is made up of six different villages, respectively representing China, the Netherlands, UK, Italy, Spain and Germany/Switzerland. Chapman Taylor is developing the overall masterplan for all of the villages for client China Changchun Film Studio, one of China’s principal film studios. The architectural firm is also providing the concept and design for the villages representing China and the UK. The project also includes a resort hotel covering 60 ha. This will have integrated retail facilities as well as a spa inspired by Hainan’s natural volcanic environment. The whole project is being developed in two phases, the first of which is on site.

Mixed-use – Presented by Dana Holdings Minsk World is one of the largest mixed-use construction projects in the world today. The gross floor area of the project will be 3 million sq m on a plot of 380 ha. The project will comprise 30,000 high-quality residential units and villas and 305,000 sq m GLA of Class A office space within a new international financial district.

There will also be conference, events and leisure centres, schools, lakes and green spaces with a new metropolitan park, and a 120,000 sq m GLA shopping, entertainment and leisure centre.

Investment and development company Dana Holdings undertakes residential, industrial, commercial, educational and mixed-use projects, as well as PPP investments in emerging markets and has completed over 500 projects.

216_URBAN LAND INSTITUTE_N_PIM THE URBAN LAND INSTITUTE

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3/10/16 9:55 AM

Global events drive growth Global sporting events and their associated infrastructure can kick-start the regeneration of their host cities, but careful planning is required to lock in the legacy benefi ts. The St Petersburg Pavilion is hosting a conference session on Global Events As A Catalyst For Investment on Wednesday at 16.20

Rio de Janeiro, Brazil 2016 Olympic Games The 2016 Rio Games facilities are centred on Barra di Tijuca, west of Rio city centre, with subsidiary events at Copacabana, Marancana and Deodoro. The construction and refurbishment of games facilities has been costed at R5.6bn (€1.4bn) with R24bn (€5.8bn) invested in new transport infrastructure. The organisers estimate this will deliver a R102bn (€25bn) boost to Brazil’s economy by 2027.

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Russia 2018 Fifa World Cup The competition will be hosted in 12 venues across European Russia. Of these six will be new builds and the others will be refurbished. The total cost of the event is budgeted at 631.5bn roubles (€8bn).

Tokyo, Japan 2020 Olympic Games The Tokyo Metropolitan Council has allocated a budget of 400bn yen (€3.2bn) to the games. Facilities from the 1964 games will be renovated although a plan to completely rebuild the Olympic Stadium has attracted controversy. A cluster of new facilities will be built at Tokyo Bay. An additional $5bn will be spent on infrastructure including constructing 28km of new highways.

Beijing, China 2022 Winter Olympic Games

Qatar 2022 Fifa World Cup Eight stadiums, five completely new, will host the games. The $4bn for these facilities is dwarfed by the associated infrastructure including a $34 bn rail network, $7bn port and $17bn airport.

The Games facilities are located in two clusters, one at the coastal city of Gangneung and the other in the ski resort of Alpensia, about one hour from Seoul by highspeed train. The South Korean authorities promise a budget games by mainly using existing facilities but $7bn is being spent on new infrastructure.

Source: FIFA, IOC 2016 / Design concept: ©

PyeongChang, South Korea 2018 Winter Olympic Games

– Graphic S tudio

Some facilities will be hosted in the 2008 Olympic Park but others will be built in clusters at Yanqing (85km from Beijing) and Zhangjiakou (150km from Beijing) all linked to the capital by a new high-speed rail line.

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15/03/16 16:41

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mipim

FEATURE ITALY

Confidence returns Investor confidence in Italy has boosted the development pipeline right across the country, prompting regions, cities and developers to showcase opportunities at MIPIM. Mark Faithfull reports

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HE ITALIAN Pavilion has doubled in size in order to integrate new regions and, for the first time this year, a number of specially selected private players. To reinforce Italy’s impact at MIPIM, economic development vice-minister Carlo Calenda will be in town for Italian Day, Thursday, March 17, which includes a conference, a lunch and a host of presentations in the Italian Pavilion.

Such has been the recovery in Italy that Aymeric Le Roux, executive director of international advisory and alliances at BNP Paribas Real Estate, describes 2015 as representing “outstanding growth, doubling 2014 results and considerably exceeding the 2007 previous high”.

Noting that the Italian market has become a target for foreign investors, he adds: “These investors come from Asia, the US and the Middle East and have pushed the share of mega deals greater than €100m up 60%.”

Among the schemes being showcased in Cannes is architect Chapman Taylor Italy’s redesign of a new science and technology park on a former aluminium production site in Bolzano. The contemporary design and restoration of two existing buildings and the construction of a new workplace building, dubbed “the black monolith”, is characterised by an aluminium foam facade. The buildings will be home to R&D industries and innovative companies.

Among the host of Italian cities and regions present at MIPIM are Lombardy, Bologna, Piemonte, Torino, Puglia and Trento. Meanwhile, the Marche Region is presenting the construction of an agri-food logistic hub and air-cargo centre at Marche regional airport. The circa 50,000 sq m dry port property includes a 7,500 sq m trade centre, 12,000 sq m of offices and 30,000 sq m of warehouses and stock areas.

The new air-cargo centre is to become the new freight gateway to the mid-Adriatic region and central/south-eastern Italy.

Borio Mangiarotti is showcasing Portfolio Sforzesco, which includes three existing

residential buildings in Milan: Palazzo Litta, located within the historical Teatro Litta complex; Montello, located in another central district close to the Moscova and Garibaldi areas; and Canonica, located close to Arco della Pace and Parco Sempione. Also included in the portfolio is Silva, a residential development plot located to the east of Milan.

Retail is a particularly thriving sector of the Italian economy. Reflecting this, Arese Shopping Center, currently under development in Milan, will become at 92,000 sq m GLA the largest shopping centre built in one single phase in Italy. Designed by a consortium of architects including Michele de Lucchi, Arnaldo Zappa and Davide Padoa of Design International, the project consists of more than 200 shops, cafes, restaurants, and sports, cultural and health facilities. On schedule to open next month, it also includes a “permeable street” with indoor buildings, indoor and outdoor squares, porticos, gates and gardens, along with real trees, different plazas with their own identity, an internal ramp resembling that of the Guggenheim in New York City and a roof supported by one of the largest glulam structures in Europe.

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In January, Eurocommercial acquired Centro Commerciale Collestrada in Perugia, Umbria.

The shopping centre — the leader in its catchment — is situated in the southeast of Perugia, halfway between Florence and Rome. It has a total GLA of 28,000 sq m, including an 11,045 sq m Ipercoop hypermarket and 50 shops, among them Zara, H&M, Media World, Bershka and McDonald’s.

Investors come from Asia, the US and the Middle East and have pushed the share of mega deals greater than €100m up 60% Aymeric Le Roux

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FEATURE FOCUS ON THE US

Ticket to America The US is putting its best foot forward at MIPIM, with a number of cities and states showcasing major schemes at the National Association of Realtors Pavilion as well as a strong delegation from the National Association of Realtors Mark Faithfull reports

T

HE SCOTTSDALE Area Association of Realtors (SARA) from “Grand Canyon

State” Arizona epitomises the opportunities for international investment presented by MIPIM 2016’s US contingent.

“We represent more than 8,000 real estate professionals from all areas of the industry and are the only commercially accredited real estate association in the state,” says Suzanne Brown, director of community and government affairs for SARA. “This year, our commercial division brings two high-level, regionally significant masterplanned communities to premiere — Douglas Ranch/Trillium and The Villages at Vigneto. Both are hot commodities for any asset-based investor.”

The Miami Association of Realtors, the largest local realtor association in the US, is promoting prime investment opportunities in South Florida on behalf of its 41,000-plus members. “The South Florida real estate market has seen record sales activity in each of the last five years and remains the top market in the US for international buyers and investors,” says senior vice-president of international, Lynda Fernandez. “It is also a top market for new residents, for ultra high-networth individuals, vacation and second-home consumers, and international business enterprises. Despite four years of price appreciation, local prices still remain at 2004 levels.

South Florida offers attractive commercial and residential real estate opportunities and an exciting lifestyle.”

Also flying the flag for Florida is the state’s largest trade association, Florida Realtors, which represents more than 155,000 realtors.

At MIPIM, it is promoting Florida real estate investment, positioning the state as a diverse proposition that offers a number of opportunities to international investors. These include investment properties, farmland, holiday homes on the coast and retirement communities.

“Florida’s real estate market continues to offer exceptional benefits and value for international investors, particularly those from the

Americas and Europe,” says Vani Ungapen, director of global business and legislative research at Florida Realtors. “We are keen to show investors and participants at MIPIM all these benefits, and to invite them to visit the Sunshine State.”

Meanwhile, Illinois Realtors is a 100-yearold trade association representing more than

South Florida remains the top market in the US for international buyers and investors Lynda Fernandez

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44,000 professionals. For the second year running, the association is taking part in MIPIM to build awareness of the real estate investment opportunities and the services that its members can offer international clients. The Illinois Realtors delegation includes Chicago vice-mayor Brendan Reilly, who serves as alderman for the city’s central business district and whose office works closely with firms interested in siting projects in Chicago.

Finally, “no state is more perfectly centred” in the US than Missouri, according to Missouri Realtors CEO John Sebree. “Not only is the country’s population centre located in Missouri, but the state is also within 600 miles of 53% of all US manufacturing plants,” he adds.

Travelers from Missouri can reach most cities in the US and Canada in less than three hours by air. Moreover, two of the largest rail terminals in the US are located in Kansas City and St Louis, linking over 4,000 miles of track throughout Missouri.

Among the highlights on the US Economic Development Pavilion is the Greater Houston Partnership, which is showcasing Goodman Global Group’s consolidated campus. The $417m project for Japan’s Daikin Industries will generate an estimated $3.9bn in annual economic impact for the Houston region, directly creating 4,600 new jobs and more than 11,000 indirect jobs.

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Invest in Toronto, Canada Hear from senior officials from Toronto, Brampton, Hamilton and Whitby plus Waterfront Toronto on prime market ready investment opportunities

16.45-17.00

Invest in Ontario, Canada 7&8 Meet with senior offiAccess cialsto Riviera from Brockville, Kingston, Simcoe County and the Southwestern Media Centre Ontario Marketing Alliance to discuss premier investment sites

17.00-17.15

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Ecuador THE BIG 5 - Luxury 6P M1 M15 M Resort Portfolio

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Brussels Airport Nato Hotel

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Sponsored by Brazilian Ministry of Tourism

EXHIBITING COMPANIES & PARTNERS

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H31 H29 H30 H27

13.00–14.30 Buffet lunch & Flash Mob H&T welcoming the Minister of Tourism of Brazil (Networking zone, Hotel & Tourism pavilion, Palais -1)

17.15-17.30

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Sponsored by JLL

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Conference “How can major hotel companies maintain their fast pace of growth in an increasingly competitive market with new offensive players?”

(Orange room, Palais -1)

C46 C44 C42 C40 C38 C36 D37 C34 D35 C32 D33 C30 D31 D29

10.00–11.00

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TODAY’S PROGRAMME (Wednesday 16 March)

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Dedicated bar & lounge and daily cocktails

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sessions sponsored by

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Conferences: keynote and expert-led

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sponsored by

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Showcase of hospitality solutions

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AWARD 2016

THANK YOU! We thank all the sponsors, nominees, winners and guests for a great event!

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FEATURE LONDON’S CROSSRAIL

All aboard for change London’s transport infrastructure is undergoing its biggest change for generations. But is the property industry ready to make the most of the opportunities that Crossrail offers? Liz Morrell reports

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T HAS been a long time since London has experienced such as seismic change in its transport infrastructure. With the imminent arrival of Crossrail in 2019 and the potential for Crossrail 2 in 2030, there are huge opportunities for investment and construction to take advantage of the renewed interest, appetite and requirement for property in the city. Indeed, several major schemes are already under way.

Crossrail will deliver a 10% increase to rail capacity in central London and boost regeneration around the stations along its route, improving accessibility, bringing shorter journey times and giving employers better access to a larger, more highly skilled labour market. It will also bring additional opportunities for development to embrace these new opportunities.

A total of 280,000 sq m of office, retail and residential space is to be delivered by Crossrail itself above 11 new stations, along with more than 185,000 sq m of new and improved public spaces.

Crossrail property development is expected to generate around £500m in profit. “We will reinvest every pound

made back into the project,” says Ian Lindsay, land and property director at Crossrail.

In October last year, London retail property agents Harper Dennis Hobbs revealed the hugely significant that impact that Crossrail will have on the retail scene of London’s West End. It estimated that the project will increase gross development value in the area to at least £2.5bn (€3.25m) and deliver annual sales of around £27m a day. The main beneficiaries will be the areas around Tottenham Court Road and Bond Street. A further 60 million people are expected to visit the West End as part of the 200 million passenger journeys forecast to be made on Crossrail each year.

“Crossrail will extend the West End’s retail catchment area by 27.5% and, most importantly, will boost retailer turnover to £11.25bn by 2020,” says Jonathan De Mello, head of the research team at Harper Dennis Hobbs. “This would put the West End a considerable way ahead of other global retail hubs such as New York, Paris and Hong Kong, and cement its position as the world’s pre-eminent retail centre.”

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FEATURE From a retail point of view, that is already having a huge impact. “Retailers are already bidding against each other for space in the area around Tottenham Court Road and to a lesser extent Bond Street,” De Mello says. “As a result, rents are rising fast.”

Of course, the long timescale of the project means that savvy investors will long ago have invested in Tottenham Court Road — the area that is seeing the largest amount of regeneration. “Now, to avoid extremely low yields, it’s all about the peripheral streets,” De Mello says. “Nearly every street in the West End is developing its own identify and attracting certain forms of retail, which is a good thing for retailers, consumers and investors alike.”

For those investors still wanting to make the most of the opportunities, De Mello advises strategic action: “Buy buildings as close to transport hubs as possible. This is a key growth area and is being actively targeted by retailers that can’t afford or can’t secure space in the station itself.”

Crossrail is also opening up fringe locations to new business in other sectors. “Whitechapel, for example, is emerging as London’s next crea-

Crossrail will boost retailer turnover to £11.25bn by 2020. This would put the West End a considerable way ahead of New York, Paris and Hong Kong Jonathan De Mello 144_AEW_N2_PIM

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tive and digital quarter,” says Jacob Loftus, head of UK investment at Resolution Property, which has two large schemes under way — Dept W on Mile End Road and Black Lion House on Whitechapel Road.

“Both schemes are creating cool office space for creative companies looking for nearby alternatives to the Shoreditch and core Tech City markets,” Loftus adds. “Our investors have certainly seen this potential in Whitechapel and forward-thinking investors should be looking to other Crossrail locations in a similar way.”

While some developers will still be looking for last-minute opportunities, others have already got Crossrail schemes up and running. Canary Wharf Group’s Crossrail Place is already 100% let and occupied two years ahead of the opening of the Crossrail station it accompanies.

“The mix of leisure operators, including Everyman Cinemas and Big Easy, have already made it a popular destination on the estate,” says Canary Wharf Group company secretary John Garwood. “We have also created and opened one of London’s most stunning public spaces on the rooftop of Crossrail Place, including a pavilion restaurant and landscaped gardens under a semi open-air lattice roof.”

And there will be further opportunities to come, according to Martyn Saunders, director of planning, development and regeneration at Bilfinger GVA. “Once operational, Crossrail has the potential to drive a second wave of development interest as peripheral places become better integrated and values increase,” he says.

Chris Hiatt, director of Landid, which has acquired office assets in the western corridor of Crossrail towns, believes that locations outside of central London will benefit too: “With just a few years to go, people are waking up to the idea that Reading and Slough are going to be better connected to London and the rest of the UK than anywhere else. These are the stations I see as the big winners.”

The future of Crossrail 2, meanwhile, will likely be decided before the end of March 2016. The proposed scheme would see a tunnel built from Wimbledon to New Southgate and Tottenham Hale, linking railways in Surrey and Hertfordshire, and enabling up to 270,000 additional people to enter central London every weekday morning at peak.

Completion of the project, however, is unlikely to be before 2030.

The London borough of Haringey would be one of the main beneficiaries of Crossrail 2. It has plans for at least four Crossrail 2 stations and there is also rich growth potential for the priority regeneration areas of Tottenham and Wood Green.

In Tottenham, new stations at Seven Sisters, Tottenham Hale and Northumberland Park would accelerate the delivery of up to 10,000 new homes and 5,000 new jobs. In Wood Green, meanwhile, the project could create some 6,000 new homes and 4,000 new jobs. “That capacity makes securing the line one of Haringey’s top priorities in delivering its growth ambitions,” says councillor Alan Strickland, cabinet member for housing and regeneration at Haringey Council.

Some believe Crossrail 2 has the possibility of delivering the biggest wins. “Potentially, Crossrail 2 can have a much wider impact than Crossrail 1 given the locations it will serve,” Canary Wharf’s Garwood says. Whatever the outcome, the opportunity is most definitely huge.

Once operational, Crossrail has the potential to drive a second wave of development interest as peripheral places become better integrated and values increase Martyn Saunders 78

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VERONA’S NEW ARENA IS FOR SHOPPING

Visit us at Stand P-01.H51

The development of ECE’s new Verona Adige shopping center is progressing rapidly. It will feature an exciting mix of Italian and international retailers, and high-quality dining options. The center accommodates about 130 shops and service providers on a leasable area of approximately 42,000 m².

As shop space is in high demand, ECE is considering increasing the currently planned sales area.

Scheduled opening: spring 2017. www.ece.com