Mipim 2018 preview magazine

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PREVIEW February 2018

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SPECIAL REPORT MAPPING WORLD URBANITY

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ONE BELT ONE ROAD China’s global trade initiative opens up new markets

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EDITO

WELCOME to the MIPIM 2018 Preview magazine. Since the event was launched in 1990, MIPIM has sought to serve the international real estate community by providing the opportunity for industry, political and city administration leaders to come together for four days of networking, learning and business.

In a world where demographics and urbanization are driving change at an incredible speed, cities are taking a long, hard look at the role of tech in sustainable development policy. That’s why we have chosen Mapping World Urbanity as the central theme of MIPIM 2018.

We’ll be looking at how city design will evolve as pressure grows to produce environmentally responsible transport systems and policies; how cities will react to an urban population that is getting older; what effect tech, societal and environmental change will have on cities; and how offices will need to adapt to the expectations of a younger generation of workers.

The MIPIM conference programme of over 100 panels is never afraid to be disruptive. This year, we are particularly proud to be hosting a keynote address from 20-year-old Adora Svitak, the American writer and lecturer who will challenge real estate and urban leaders to pay attention to the expectations of the younger generation.

MIPIM seeks to offer the real estate community a 360° experience and that involves rolling out innovative initiatives. In 2018 we’ll be unveiling three new forums devoted to legal and regulation, sustainability and proptech.

Largely unheard of five years ago, the coming together of new technology and real estate is rapidly becoming central to the long-term strategy of real estate companies. Following the success of the MIPIM Proptech Summit in New York last October, June 2018 will see tech and real estate leaders coming together at the first MIPIM Proptech Europe event in Paris. We hope to see you there. And, of course, we will be holding the finals of the popular MIPIM Startup Competition in Cannes in March.

I want to thank you for your continued support for MIPIM. You are a valued member of the MIPIM community and I hope this magazine whets your appetite for the main event in Cannes.

Ronan Vaspart Director of MIPIM

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CONTENTS

39 SPECIAL REPORT

96 YOUR MIPIM EXPERIENCE How to get here • Your badge and registration • Mustattend events • Must-visit areas • Meetings and Map

MAPPING WORLD URBANITY How are cities worldwide developing strategies to deal with the pressures of population growth, climate change and technological disruption?

98 CONFERENCES & EVENTS

PROGRAMME

111 AWARDS

The MIPIM Awards drew a huge entry this year but now the jury of global real estate experts have whittled each category down to a shortlist of four. So who made the cut?

6 NEWS

64 HOT TOPICS

75 MARKETS

Japan welcomes global investors... Lille chosen as World design capital…Dublin’s Capital Dock recruits Indeed

What are the global trends that are going to change the real estate landscape in 2018?

Proptech…China’s One Belt One Road project…Sub-Saharan Africa

Which are the hot property sectors and where is the smart money going this year?

Offices…Logistics…Hotels…Healthcare…

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29 PROJECTS

Around the world in 16 projects from New York to Moscow and from Cyprus to Vietnam

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AEDIFICA HAS SENIOR MOMENT IN GERMANY BELGIAN real estate company Aedifica has expanded its healthcare portfolio by buying three senior housing sites in Germany — two in Bremerhaven and one in Cuxhaven — totalling 186 units.

The total value of the three sites is €27.5m.

The sites are fully let and are operated by Ambulanter Pflegedienst Weser, a private player active in home- and day-care for seniors in a number of cities in northern Germany.

Stefaan Gielens, CEO of Aedifica, said: “Aedifica is continuing to expand its healthcare real estate portfolio with the acquisition of three fully operational senior housing sites.

While primarily designed for independent living with care services available on demand, the sites also offer a complementary range of senior-housing options and services, including day centres, continuous residential care and home care.”

Gielens added that more investments would follow.

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Tokyo skyline

Deregulation and incentives help Japan to attract global investors JAPAN’s government is stepping up its presence at MIPIM 2018 as part of a drive to attract more international capital.

Shinichi Sakaki, deputy director-general of the City Bureau of the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), said the environment for inward investment had been well prepared by deregulation, tax incentives and other policies aimed at improving the conditions for foreigners living and working in Japan. As a result, the 2016 Global Power City Index (GPCI) ranked Tokyo as the third most attractive global business location after London and New York. In addition, the REIT market in Japan amounted to around 20 trillion yen ($177bn) in December 2017,

with the number of foreign tourists visiting the country reaching some 29 million last year.

The government will further strive to improve the business environment in Japan, expand the asset value of the country’s REIT market to about 30 trillion yen and aim for 40 million foreign visitors by 2020, when Japan will host the Olympic and Paralympic Games.

Against this backdrop, Sakaki said that it was important to convey the attractiveness of Japan’s urban development programme to the global investment community at MIPIM. To strengthen the impact of the Japanese pavilion, IT and video technology will be used to highlight key urban projects, especially those in Tokyo.

Henderson Park to buy Paris landmark EUROPEAN real estate investment platform Henderson Park is to buy The Westin Paris -Vendome building from Singapore sovereign wealth fund GIC. The Westin Paris – Vendome is a landmark hotel located in Paris’s 1st arrondissement. It is located near the Place Vendome and Rue du Faubourg Saint-Honore, and overlooks the Louvre Museum, the Tuileries gardens and the river Seine. The building was built in 1878 as part of Baron Haussmann’s reconstruction of central

The Westin Paris – Vendome: sold to Henderson Park by Singapore’s GIC

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MLIT’s Shinichi Sakaki: “Come and join the conversation”

“MLIT and Japan’s local authorities and private companies will be extending a welcome to all MIPIM participants at the Japan pavilion,” Sakaki added. “Come and join the conversation.”

Paris for Napoleon III. It opened as the Hotel Continental, the most luxurious hotel in Paris at the time.

With 28,000 sq m of floor area, the hotel has 428 rooms, three restaurant and bar outlets, extensive meeting space, including three salons, a fitness centre and a spa. It also includes 13 retail units on the ground floor fronting Rue de Rivoli and Rue de Castiglione.

The Westin Paris – Vendome will be Henderson Park’s second landmark hotel in Paris.

The acquisition follows its purchase of the city’s largest hotel, Le Meridien Etoile, in November 2016.

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ANYONE FOR TENNIS (AND NETWORKING)?

A NEW feature at this year’s MIPIM is a tennis competition, combining sport with networking opportunities.

The O1 Properties Tennis Cup at MIPIM will bring together the world’s most popular summer sport with the world’s most influential real estate exhibition. The two-day amateur tournament will be held on March 11-12, immediately before the start of business at MIPIM 2018.

The O1 Properties Tennis Cup at MIPIM is aimed at real estate professionals who are amateur tennis players. It will be held on the courts of the Mouratoglou Tennis Academy at the Mouratoglou Resort in Sophia Antipolis.

The tournament will consist of doubles matches. Delegates can register either as pairs or single players. Those who register alone will be assigned a partner by the tournament organisers. Non-players are also welcome, O1 Properties said: “If you like sport, but don’t play tennis, we will be very happy to see you in our lounge zone as a spectator.”

O1 Properties, which is one of the largest owners of class-A office property in Moscow, organises and is the title sponsor of several tennis tournaments held annually in the Russian capital. These events include the amateur O1 Properties Tennis Cup, held between real estate professionals, and the company’s partners and business-centre tenants. Alexander Ostrovsky, CEO of O1 Properties, is the founder of a tennis academy in Moscow.

Registration for the O1 Properties Tennis Cup at MIPIM closes on February 26. Anyone who is interested in playing, spectating or becoming a partner or sponsor, should email tennis@o1properties.ru.

Birmingham goes ‘from strength to strength’, says Knight Frank

Schemes including 55 Colmore Row are creating a mixed-use environment in Birmingham’s CBD

Birmingham continues to undergo redevelopment and refurbishment in order to house these businesses.

A range of schemes, including Paradise Circus, 103 and 55 Colmore Row and Snow Hill, have created a mixed-use environment of office, retail and leisure in the city’s CBD (central business district) area, with a focus on lifestyle to ensure the location remains attractive to occupiers and employees.

As this redevelopment continues and the appeal of Birmingham increases, commercial investors are maintaining their interest in the city, the Knight Frank report

BIRMINGHAM is thriving as a top UK destination for businesses and young professionals, according to a recent report by consultant Knight Frank.

The Birmingham Report found that the number of active businesses in the UK city in 2017 was up 13.5% on 2016 levels, three times the UK growth rate.

The rapid growth in business numbers is also having an effect on employment, the report said. Jobs across the West Midlands increased by 110,000 over the year to June 2017, the largest rise in the UK.

says. Investors are mainly seeking high-quality buildings with rental growth and yields higher than London. Meanwhile, the proportion of overseas investment in the West Midlands accounted for 30% of commercial deals over the 12 months to September 2017.

Ashley Hudson, partner and head of Knight Frank’s Birmingham office, said: “Birmingham has cemented its place as the location for businesses looking to relocate outside London.

Both office and industrial markets are going from strength to strength, and we expect to see a rise in office values fuelled by rental growth.”

Rockspring buys Amsterdam’s FOZ ROCKSPRING Property Invest- 118 underground parking spaces. and the Zuid-WTC station, which ment Managers has bought the The building has easy access to links the South Axis to the widFOZ building, a fully occupied of- the transport infrastructure, in- er Amsterdam rail network and fice tower in Amsterdam, from an cluding the A10 orbital motorway Schiphol airport. affiliate of the UK’s MCAP Rockspring partner and Global Finance. The acquiPanEuropean fund managsition was made on behalf er Flavio Casero said: “Our of Rockspring’s PanEurostrategy focuses on selected pean PLP fund and follows European locations offerthe €50m in new equity ing low-risk income returns, raised for the fund in June. liquidity and the potential FOZ, which was built in for growth over time. As a 2009 and is located in Amresult of this transaction, sterdam’s South Axis office which will further improve district, consists of 12,700 the quality and sector diversq m of grade-A office sification of the portfolio, space on six floors, with re- Amsterdam’s FOZ building: acquired by Rockspring’s PanEuropean’s value stands tail on the ground floor and PanEuropean fund at over €500m.”

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DISCOVER THE FUTURE OF EATING OUT The all new “Foodtopia” in MyZeil Frankfurt/Main is scheduled to open by spring 2019. Its highlights include a unique combination of food, leisure, entertainment from day to night and outdoor seating overlooking Frankfurt’s skyline. About 80% of the spaces at Foodtopia have already been leased. The tenants include Friends&Brgrs, dean&david, La Maison du Pain or the premium movie theater Astor Film Lounge. This will make MyZeil a premium shopping and leisure experience. www.myzeil-foodtopia.de

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The Vinci building in Krakow: acquired by Benson Elliot

JAPANESE INVESTORS LOOK TO EUROPE WITH low interest rates continuing in Japan, “Japanese institutional investors’ appetite for overseas real estate has increased”, according to Takashi Tsuji, president and CEO of Tokyo-based Diamond Realty Management (DREAM), one of Japan’s leading private real estate management and investment companies.

Tsuji added: “Japanese outbound real estate investment has risen almost 25% since 2016. For overseas investors, low debt cost increases the appeal of core investment opportunities in Japan, where the market is still competitive.”

Whereas in 2016 almost all Japanese outbound investment was in the US, more capital is now going to Europe as a result of currency-exchange issues, Tsuji said. “Both the US and Europe are mature markets and Japanese investors are conservative,” he added.

Overseas investors wanting to diversify into Asia invariably come to Tokyo, which has an economy close to that of Canada and Australia combined, Tsuji pointed out.

DREAM now focuses on tourism facilities and data centres, which show growth potential.

Tsuji will expand on these observations at the MIPIM 2018 Japan Breakfast, Impact Of Capital Flow Trends, which takes place on Wednesday, March 14.

DREAM’S Takashi Tsuji: “outbound investment has risen almost 25% since 2016”

Benson Elliot invests €100m in Poland’s strong regional cities FUND manager Benson Elliot has bought four grade-A office buildings in four Polish regional markets — Gdansk, Krakow, Lodz and Poznan — for €100m, on behalf of its pan-European fund Benson Elliot Real Estate Partners IV. The deals follow the fund’s acquisition of the 350room Warsaw Sheraton Hotel in October 2015.

The Opera in Gdansk was completed in 2012. The six-storey, 8,200 sq m building is let to eight tenants, including Raiffeisen Polbank, KPMG, Lloyd’s Register and Metsa Group Services. In Krakow, the Vinci was completed in 2010. The 13-floor, 20,400

sq m building is let to corporates including Akamai, Heineken, Genpact and Rolls-Royce. Forum 76 is located in the centre of Poland’s second largest city, Lodz. The 7,900 sq m office building’s tenants include BNP Paribas, Bank Zachodni WBK, Airbus, Philips Lighting, Magellan and Deloitte Polska. The Okraglak and Kwadraciak office buildings in Poznan city centre were originally completed in 1955 as the Central Department Store, designed by Polish architect Marek Leykam. The buildings were converted to office use in 2012 and are let to GFT Group, PKO Bank and Bank

Zachodni WBK, among others.

Joseph DeLeo, Benson Elliot senior partner, said: “Poland remains one of Europe’s strongest economies, with GDP growth averaging more than 3% over the past decade. With 75% of trade geared into the EU, the country is a principal beneficiary of Europe’s broader recovery, and continues to be a favoured destination for global outsourcing and shared services. With these four acquisitions, we feel we’ve established a solid position for Benson Elliot in strong regional markets, with prime properties offering real value growth potential.”

Barings acquires retail park in Italy BARINGS Real Estate Advisers, part of real estate investment manager Barings LLC, has bought the 28,000 sq m retail park in Parco Fiore, which is located near Conegliano, north west of Treviso in northern Italy.

Barings took the asset from an Italian SGR (Societa di Gestione del Risparmio, or investment management company) in an off-mar-

ket transaction. The investment is being made through European Core Property Fund Italy, an Italian alternative-investment fund set up on behalf of clients for the purposes of this transaction and managed by Kryalos SGR. Parco Fiore offers 17 units and 1,400 outdoor car-parking spaces. Lettings to date include international brands MediaWorld,

MIPIM PREVIEW • 10 • February 2018

Decathlon, C&A, Roadhouse Grill and Burger King, and Italian brands Mega, Globo, Casa Tua and Center Casa.

Valeria Falcone, managing director for Italy at Barings Real Estate Advisers, said: “This transaction presents a rare off-market opportunity to acquire a newly built retail park with strong tenants and further potential for development.”

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Catalyzing Creativity Schindler at MIPIM 2018 in Cannes The challenges of increasingly densified cities can only be met if we create spaces that grow organically from the people who inhabit them.

Our expanding urbanized world will depend on a fusion of smart technologies with human creativity, and on constructing environments that reflect and enhance our human needs and aspirations.

Join us at our booths to explore Schindler’s innovative approaches and solutions that address the future of urban mobility.

Innovation Forum I Booths P-1.B50 and P-1.A72 I Palais-1

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CARLYLE ADDS ITALIAN ASSETS TO LOGISTICS PLATFORM THE CARYLE Group has extended its European logistics platform by buying five assets in northern Italy on behalf of investment funds.

The 210,000 sq m portfolio was purchased in two separate transactions, with one asset acquired from a European investment fund and the remaining four from Prologis. All the assets are located within the northern Italian logistics corridor that includes Milan, Bologna, Venice and Turin.

Carlyle’s move into the Italian logistics market follows its acquisition of 413,000 sq m of French logistics assets in 2017.

The Italian portfolio is 90% occupied, with two-thirds of the value concentrated in high-quality buildings in logistics hubs near Milan.

Carlyle has identified a number of value-enhancing asset management opportunities, including the lease-up of vacant space, refurbishments, lease re-gears and potential new development. This also marks the start of an ongoing initiative with Logistics Capital Partners, which will assist across the Italian portfolio as it grows.

Anssi Halonen, director of Carlyle Europe Real Estate, said: “Northern Italy is an attractive logistics market of relative undersupply since the global financial crisis and demand driven by the growth of e-commerce and evolving consumer behaviour.”

Carlyle managing director Marc-Antoine Bouyer added: “These investments are the continuation of our pan-European strategy. We continue to pursue a number of strategies in the UK and European real estate markets.”

Fantawild enjoys the ride as Asian theme-park market hits new high FANTAWILD Holdings — one of China’s leading theme-park providers — is riding the boom in theme-park attendance in Asia-Pacific.

Fantawild will be at MIPIM to expand its global theme-park footprint and is looking for local partners with whom to co-operate.

The Asia-Pacific region’s share of the world’s total international theme-park attendance reached 42% last year, up from 35% 10 years ago, according to the 2017 Global Attractions Attendance Report, published by the Themed Entertainment Association (TEA) last May. TEA forecasts that the Asian market will overtake the North American market by 2020.

North America had a 47% share of world theme-park attendance last year.

Fantawild plans to exploit the boom in the sector and intends to double its number of parks, reaching 40 in China in the next five-to-10 years. So far, it has built 20 theme parks across China, which attracted about seven million visitors in the first five months of 2017.

On the drawing board: model of Fantawild theme park

A Fantawild theme park is generally sized around 100,000 sq m. According to the 2017 TEA report, Fantawild is ranked fifth on the list of the most-visited theme park groups worldwide.

Fantawild was acquired in 2001

by electronics major Shenzhen Huaqiang Holdings. The company’s activities span park design, construction and market operations. It is also one of the leading producers of animation programmes in China.

Centrum Marszalkowska goes Dutch GLOBAL flexible workspace company Spaces has leased 4,200 sq m of office space in Centrum Marszalkowska in Warsaw. It is the Amsterdam-based company’s first location in Poland.

Spaces regional vice president Klaus Koponen, said: “Spaces offers workplaces that are suitable for startups, small local companies and international corporations seeking places that encourage creative work. We decided to enter Warsaw because it’s a city with huge potential. It supports the development of the creative sectors.”

Spaces currently operates in 25 countries across six continents.

It offers flexible office space adjusted to the needs of its clients, from a desk leased for an hour or two to a conference room, or larger office modules available round-the-clock.

Centrum Marszalkowska is a Class A+ office and retail project located in the centre of Warsaw, on the crossroads of Marszalkowska and Swietokrzyska streets. It is close to two metro lines, an art gallery, the Warsaw Philharmonic, a cinema, and numerous cafes and restaurants. The building will be developed in place of the Sezam department store.

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Warsaw’s Centrum Marszalkowska: leased to Spaces

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REBRAND FOR ITALY’S DEA CAPITAL DEA CAPITAL has changed the name of two of its asset management companies as it enters a new phase of development.

IDeA Capital Funds, an independent asset manager operating in Italy’s private-equity sector, will change its name to DeA Capital Alternative Funds. Meanwhile, IDeA Fimit, an Italian real estate asset management company, will be renamed DeA Capital Real Estate.

DeA Capital’s strategy is to present itself as the main operator in the alternative investment sector in Italy, both in terms of total assets under management, which stands at more than €11,5bn, and its product range. It now has over 50 investment funds in various asset classes, including real estate, private equity and non-performing loans, along with 200 professional staff, revenues of €60m and an EBITDA (earnings before interest, tax, depreciation and amortisation) of €20m.

Paolo Ceretti, CEO of DeA Capital, said: “DeA Capital has become the most important alternative-asset management platform in Italy. We have achieved this thanks to the wide range of products offered to the 450-plus Italian and international investors who have chosen to invest on our private-equity and real estate platforms.”

DeA Capital’s Paolo Ceretti, CEO: Italy’s “most important alternativeasset management platform”

Capitaland adds Rock Square Mall to its Chinese portfolio

Rock Square mall in Guangzhou: “dominant market position”

CAPITALAND and CapitaLand Retail China Trust (CRCT) have formed a joint venture to acquire all the shares in the company that owns Rock Square shopping mall in the Haizhu district of Guangzhou.

CRCT is the majority shareholder with a 51% stake in the joint venture. The acquisition marks CapitaLand’s second mall and CRCT’s first in Guangzhou, which is the provincial capital of the South China province of Guangdong and one of four first-tier cities in China. The total purchase cost is RMB 3,360.7m, which includes but is not

limited to the company’s interests in Rock Square, with an agreed value of RMB 3,340.7m. The transaction is expected to be completed in the first quarter of this year.

Rock Square — one of the largest malls in Haizhu district — has a gross floor area excluding car park of 84,000 sq m. The mall caters to the 800,000 residents from middle- and high-income households who live within a 3km radius. It is directly connected to Shayuan metro station, which serves Line 8 linking Guangzhou’s eastern and western areas, and Guangfo Line

connecting Guangzhou with Foshan. The planned extension of Line 8 and Guangfo Line by 2019 is expected to increase the mall’s catchment area.

Jason Leow, CEO of CapitaLand Mall Asia, said: “China is an important core market for CapitaLand. We continue to invest in our China shopping mall business under our core city clusters and dominant assets strategy, which focuses on strengthening our presence in five city clusters with quality assets that command a dominant market position.”

PGIM waltzes into Viennese deal PGIM Real Estate has secured a forward commitment on a three-property portfolio in Vienna, on behalf of German and Swiss institutional investors. The portfolio is located in Vienna’s new inner-city development at Praterstern, an office location close to the city centre with direct transport links to Vienna International Airport.

Completion is scheduled for this summer. The portfolio consists of 130,000 sq m of letta-

ble space within a campus of predominantly office buildings.

The project developer is Signa Prime Selection.

The two main office buildings will be leased on a long-term basis (18 years) to UniCredit Bank Austria, which will relocate its headquarters to the new buildings. The third building will include a hotel operated by Roomz, along with a conference centre, canteen, kindergarten and other facilities to service the campus.

MIPIM PREVIEW • 14 • February 2018

Sebastiano Ferrante, head of Germany and Italy at PGIM Real Estate, said: “PGIM Real Estate’s acquisition of the Austrian campus represents an opportunity to add to its portfolios a long-term, secured income-producing asset in a city with strong economic growth and increasing employment.”

PGIM Real Estate is the real estate investment management arm of PGIM, the investment management businesses of Prudential Financial.

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Specialists in Healthcare Real Estate Threestones Capital is a fast growing independent investment management group headquartered in Luxembourg.

The company manages private equity real estate regulated investment vehicles with focus on healthcare since 2006 and it is widely recognized as a leading investor in European nursing home properties.

Threestones Capital Management SA is an AIFM (Alternative Investment Fund Manager) in accordance with the AIFM Directive.

23, rue Aldringen L-1118 Luxembourg Tel : (+352) 24 84 71-1 threestonescapital.com info@threestonescapital.com

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Canada comes to Cannes with coast-to-coast representation

CANADA is going coast-to-coast at MIPIM this year.

In addition to long-time MIPIM exhibitors from Montreal and Toronto, cities from both the nation’s Atlantic and Pacific seaboards will be showcasing their developments and projects at this year’s event.

There are two newcomers to MIPIM 2018: Surrey in British Columbia on the Pacific coast of Canada; and Dieppe in New Brunswick on the Atlantic seaboard. The mayors of both cities will be in Cannes.

Surrey is part of Metro Vancouver and lies just north of the US border and the 49th parallel. The city is injecting C$10bn into infrastructure over the next 10 years as part of its mission to transform itself into “North America’s next metropolitan centre”.

Located within the Greater Moncton area of New Brunswick, Dieppe is booming — its population is young, dynamic and skilled, and has more than quadrupled in less than 30 years.

Based on 2011 census data, 50% of Dieppe’s population is now

Montreal is back in Cannes as part of an expanded Canadian presence

M7 MOVES INTO DENMARK EUROPE-wide investor and asset manager M7 Real Estate has made its first investment in Denmark by acquiring 10 logistics assets for a total of €69.8m on behalf of its M7 European Real Estate Investment Partners IV (EREIP IV) fund.

EREIP IV has a total investment capacity of more than €800m, including gearing, of which €600m has now been deployed.

The new assets, which total 117,000 sq m, are fully let to 11 tenants.

They are located close to the motorway network around greater Copenhagen, on the island of Funen and in the Triangle Region of the Jutland peninsula, which incorporates the cities of Kolding, Vejle and Fredericia. The majority of the assets are single let and have been acquired through sale-and-leaseback structures.

David Ebbrell, M7’s chief investment officer, said: “These Danish acquisitions provide the fund with geographical diversity, while strengthening its income profile.”

EREIP IV targets regional commercial real estate opportunities in Germany, the Netherlands and Scandinavia that are sourced and managed by M7.

aged 35 or younger. A major asset is the city’s bilingual labour force. More than three-quarters of its residents speak both of Canada’s official languages of French and English.

Access to Greater Moncton Romeo LeBlanc International Airport also makes Dieppe an important distribution hub for goods and services for the Atlantic region and the north east of the US. Back at MIPIM again this year are representatives from Canada’s two heavyweight cities, Montreal and Toronto. The Montreal Metropolitan Group’s stand, consisting of 15 partners, will present more than 20 major real estate projects. Notable among these is the multi-use Humaniti development, designed by Lemay Architect and developed by Fonds immobilier de solidarite FTQ. The Toronto and Ontario Investment Alliance, meanwhile, will bring together 10 exhibitors, among which are two MIPIM newcomers: the Ontario city of Thunder Bay, and the Niagara region. Other partners include Welland, Chatham-Kent, Stratford and Hamilton, which is showcasing the Fraunhofer Project Centre for Biomedical Engineering and Advanced Manufacturing (BEAM).

AXA IM - Real Assets in €100m German deal

PAN-EUROPEAN asset manager AXA Investment Managers - Real Assets has bought an urban residential development in Dresden, Germany for €100m on behalf of France’s largest public pension fund ERAFP. The development will deliver 350 new residential units.

The property is located in Johannstadt to the east of Saxony capital Dresden. Known as Guntzareal, the development is sited on the banks of the Elbe river, a 15-minute walk from the old town. It is also close to a number of Dres-

MIPIM PREVIEW • 16 • February 2018

den’s university campuses and major employers.

Guntzareal is scheduled to complete in 2020. Around 50% of the retail area is already let on longterm leases to major German retail operators.

Sven Krumpholz, head of asset management and transactions, Germany, for AXA Investment Managers - Real Assets, said: “We believe that our knowledge and track record in Germany, combined with our development expertise, will support the ongoing delivery and future success of this scheme.”

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Indeed a coup for Capital Dock campus development in Dublin INDEED, which claims to be the world’s number-one job-seekers website, is the second major occupier to commit to the Capital Dock campus development in Dublin. The scheme is a joint venture by real estate investment company Kennedy Wilson, Fairfax Financial Holdings and the National Asset Management Agency.

The announcement follows a forward-funding sale agreement on the 13,000 sq m (130,000 sq ft) 200 Capital Dock building to JP Morgan in May 2017.

Indeed will take all of the 100 and 300 Capital Dock buildings, representing more than 21,000 sq m of office accommodation. On completion, Indeed will enter into 20-year leases, with lease breaks at year 13, occupying the buildings on a phased basis.

“Indeed’s commitment to Cap-

ital Dock is indicated with this milestone signing of the largest office lease completed this cycle in Dublin,” said Mary Ricks, pres-

ident and CEO of Kennedy Wilson Europe.

Capital Dock is located on Sir John Rogerson’s Quay in the heart

of Dublin’s docklands. At 69,000 sq m of new mixed-use space, is one of the largest single-phase developments in Dublin. The campus-style scheme, designed

by Irish architects O’Mahony Pike, will offer 34,000 sq m of office space across 100, 200 and 300 Capital Dock, capable of accommodating more than 3,500 staff.

Dublin’s Capital Dock: 34,000 sq m of office space

Patrizia buys Marble City in Copenhagen

Europa Capital exits Boulogne-Billancourt

GERMAN investor Patrizia Immobilien has bought the Marble City residential development in Copenhagen, Denmark from the pension fund PenSam and the public company City & Harbour.

The acquisition, which consists 259 high-quality apartments in 12 properties, was made on behalf of three Patrizia funds.

Patrizia’s managing director for the Nordics, Rikke Lykke, said the Nordic region and the largest Danish cities are an attractive market for institutional investors: “The ongoing supply and demand imbalance in these cities’ residential real estate markets continues to underpin future development.”

The acquisition is in two stages.

The first consists of 128 two-,

EUROPA Capital has sold its 10,500 sq m waterfront site in Boulogne-Billancourt to BNP Paribas Real Estate.

Europa Fund III purchased the site in the Ile-de-France’s largest commune outside Paris in July 2010 from car manufacturer Renault, with the intention of redeveloping it for office use. Until 2013, the site was occupied by Renault as its convention and exhibition centre. It is the last unde-

three- and four-bedroom apartments across six properties. The second phase consists of 131 apartments in six properties. All the apartments are high-quality units, each featuring a balcony or terrace.

The properties are located in the middle of the Marmormolen peninsula, neighbouring the UN City Building. The peninsula is in the Osterbro district of Copenhagen, 2.5 km from the city centre and close to the Nordhavn train station. The area’s transport infrastructure will benefit from the planned opening of a new metro station in 2020.

Marble City’s waterfront location offers residents access to the harbour and the city’s canal environment.

veloped site in Renault’s original manufacturing plant, which dates back to the late nineteenth century and also includes the Ile Seguin, now part occupied by the Seine Musicale concert hall.

Nic Fox, partner and head of Europa’s Middle Europe business division, said: “Once redeveloped, the site will comprise a world-class property deserving of its prominent waterfront location facing the newly completed concert hall.”

The Boulogne Billancourt waterfront site: sold to BNP Paribas

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news

IT’S ALL ABOUT INNOVATION FOR UK GOVERNMENT AFTER a successful debut in 2017, the UK government will again have a major presence at MIPIM 2018.

The Department for International Trade (DIT) pavilion will host a three-day programme of talks, seminars and discussions, created in partnership with the British Property Federation. Under the theme of innovation, the programme will consider current and future trends in the property sector, how the key players are adapting their business models, and what these developments mean for overseas investors looking for large-scale opportunities in regeneration and infrastructure.

Alongside this, DIT’s Capital Investment Directorate will showcase a host of investment opportunities from across the UK. International trade minister Graham Stuart said: “As an international economic department, DIT is here to support companies as they look to the UK as their global partner of choice. MIPIM is a fantastic platform to demonstrate to international investors the range of opportunities that exist across the UK, and how government policy is creating a positive framework for inward investment.”

And the 2020 World Design Capital is… Lille Metropole LILLE Metropole has been named World Design Capital 2020 by the World Design Organization (WDO). The honour recognises the French city’s “effective use of design to drive economic, social, cultural and environmental development”.

The designated city was revealed on the opening day of the WDO’s 30th general assembly, which was held in Turin, Italy in October. Lille Metropole is

the first French city to hold this biennial honour.

Professor Mugendi M’Rithaa, WDO’s president and member of the WDC 2020 selection committee, said: “As a strategically located metropolis in the heart of Europe, Lille is an intellectual, cultural, socio-economic and creative hub of significance to the sub-region and beyond.”

Damien Castelain, Lille Metropole’s president, added: “This

designation is a wonderful opportunity for both the metropolitan area and the nation to lay down the foundations for a new society by spreading design practices across the region. We are convinced that design is the key to our metamorphosis. It provides the methods and skills that are essential, inspirational and edifying to bringing about the profound societal, economic and environmental changes needed in society.”

Lille Metropole: named the WDO 2020 World Design Capital

Major Paris acquisitions for AEW

UK trade minister Graham Stuart: “positive framework for inward investment”

AEW HAS made a series of major investments across the logistics and office sectors in the Ile-de-France region.

Acting on behalf of a French institutional investor, AEW has acquired two fully let, grade-A logistics properties with 15,000 sq m and 23,000 sq m of space respectively. Both assets are strategically located in the major logistics hubs

of Compans and the ZAC (joint development zone) of Orme Pomponne Ris-Orangis, close to France’s north-south motorway network.

Meanwhile, AEW Ciloger has bought a fully let office-led mixed-use building on Avenue Marceau in Paris’ 8th Arrondissement on behalf of the Fructipierre Fund. The build-

MIPIM PREVIEW • 20 • February 2018

ing, which is located in Paris’ CBD, offers 2,500 sq m of space distributed across eight levels of offices and two street-level retail stores. The property also includes 46 indoor parking spaces.

Fructipierre is a diversified income-focused fund with a portfolio that consists of offices and retail assets in central Paris and Ile-de-France.

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Emirates REIT buys Dubai’s European Business Centre EMIRATES REIT, managed

by Equitativa (Dubai) and described as “the world’s largest Sharia-compliant real estate investment trust”, has bought the European Business Centre in Dubai Investments Park for 130m United Arab Emirates Dirham (AED).

Emirates REIT expects the transaction to generate an estimated IRR (internal rate of return) of 10%. The deal takes Emirates REIT’s total portfolio value, which now consists of 10 properties across Dubai, above the 3 billion AED mark.

European Business Centre: “a prime commercial asset in Dubai Investments Park”

Buenos Aires builds on great work/life balance ARGENTINA’s capital, Buenos Aires, will showcase two major mixed-use development opportunities at MIPIM 2018.

The 16-hectare Buenos Aires Innovation Park includes residential and commercial space, with buildings dedicated to innovation in a setting designed to attract, develop and retain talent. The City Park is a 35-hectare real estate development surrounding a 50-hectare metropolitan park. The project includes residential, commercial and public buildings that will act as catalyst for the development of the city’s southern reaches.

Buenos Aires undersecretary of urban development, Alvaro Garcia Resta, said: “Buenos Aires is known worldwide for its unique human capital and for being a great cosmopolitan city in which to live and work.”

Ezequiel Rebruj, general director of public-private partnerships, added: “Buenos Aires combines good public infrastructure with excellent recreational activities.

Furthermore, its large population and purchasing power provides a fertile ground for business opportunities.”

Located in Dubai’s industrial area, the European Business Centre is a four-storey commercial building with an NLA of 27,000 sq m. It has a current occupancy rate of 87% and a current income of 20 million AED. The building comprises 101 corporate tenants, including Stantec International, UBC Businessmen Service and the German Emirati Business Centre. It also offers 7,000 sq m of retail area on the ground floor, 600 basement car-parking spaces, 24-hour security and inhouse facility management.

Sylvain Vieujot, CEO of Equitativa Dubai, said: “This is a prime commercial asset in Dubai Investments Park, secured at an exceptional price of 476 AED per sq ft.”

SKANSKA’S NEW SOLAR SYSTEM SKANSKA’s Central and Eastern Europe development business will be the first developer in the world to cover office buildings with semi-transparent perovskite solar cells. The technology will be provided by Polish startup Saule Technologies.

The solar cells, which are flexible and can be formed into any shape, are a significant improvement on traditional silicon-based cells. By adding them to building cladding, Skanska claims they will revolutionise the construction of energy self-sufficient buildings.

The initial implementation tests are set to take place this year in Poland.

Katarzyna Zawodna, president of Skanska Commercial Development Europe, said: “It is not a science-fiction vision any more.

Working with the talented scientists from Saule, we are now turning fiction into reality and creating buildings that are more energy efficient and carbon neutral.”

The Buenos Aires Innovation Park: a catalyst for talent

Skanska pioneers the use of semi-transparent perovskite solar cells

MIPIM PREVIEW • 22 • February 2018

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PHILLIPE DEJONGHE Senior Vice President Asset Management

GIANLEO BOSTICCO Senior Director Southern Europe

MAURO VINCI Senior Director, Business Development Italy

VALERIE SCHUERMANS Senior Director France, Benelux & Central Europe

ROBERT VAN DER GRAAF Senior Director Germany, Austria & Switzerland

MATHIJS VAN DALSEN Manager Strategic Development & Analysis

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news

APLEONA AND GVA GO SEPARATE WAYS SWEDISH-based privateequity investor EQT has restructured its European real estate services brands, Apleona and GVA, into two separate subsidiaries.

The separation will allow the two to focus on their respective core markets: GVA on real estate advisory and Apleona on management services.

Meanwhile, Andy Mottram, a former member of JLL’s EMEA board, has been appointed to the role of GVA chairman, strengthening EQT’s governance structure.

EQT partner Andreas Aschenbrenner said: “We are pleased with GVA’s progress and strong financial performance in the year since we acquired it. This provides a solid platform to drive the business forward and the separation from Apleona reflects this potential.”

‘Wonders of Italian biodiversity’ on menu at new Eataly World

FICO Eataly World in Bologna: the world’s largest agri-food park opened last November

FICO Eataly World, the world’s largest agri-food park, opened in Bologna on November 15. Described as embodying “the wonders of Italian biodiversity”, the park represents the diversity of Italian agriculture. It has been developed

by Fondo PAI, one of the 30-plus funds managed by Prelios SGR. Before work on Eataly World could begin in 2016, a new wholesale market had to be created in

Bologna in order to free up the existing 10-hectare market site for redevelopment. The park includes two hectares of open-air fields and stables, eight hectares housing 40 food factories, more than 45 restaurants and refreshment points, a market space, areas specially designed for sport, children, reading activities and services, six classrooms, six large educational carousels, theatre and

cinema facilities, and a congress centre with a capacity of up to 1,000 people.

The ambitious project was conceived by Oscar Farinetti, founder of the high-end Italian food-mall chain Eataly, in a joint venture with CAAB, the agri-food centre of Bologne. Prelios Integra, the project management arm of Prelios, was responsible for delivering the complex and innovative scheme.

Hosting sports can be a loser’s game

Professor Ingrid Nappi-Choulet: beware “white elephants”

IN THEORY, major sports events promise to deliver regeneration benefits to their host cities. In practice, however, this is often not the case.

The sixth annual Cahier De La Chaire from Professor Ingrid Nappi-Choulet, chair of real estate and sustainable development at French business school ESSEC, takes a critical look at the urban and real estate-related effects of major sporting events on the cities that host them. The paper, which will be unveiled at MIPIM 2018, puts the urban and real estate legacy left by previous events in perspective as Paris MIPIM PREVIEW • 24 • February 2018

prepares for the 2024 Olympic and Paralympic Games.

Nappi-Choulet said: “In some instances, the outcomes are mixed or even negative: white elephants are marooned, and the debt left behind has an impact on city finances for decades. On the other hand, in other instances the outcomes are strikingly positive: a neighbourhood is created, or a city changes dimension and trajectory.”

Nappi-Choulet will host a conference session looking at the implications of her research on Wednesday, March 14 from 12:30 to 1:15 pm.

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AFRICA’S AFRICA’S URBAN URBAN FUTURE FUTURE IS COMING IS COMING TO TO MIPIM MIPIM SevenSeven leading leading large-scale large-scale mixed-use mixed-use developments developments acrossacross five countries five countries in sub-Saharan in sub-Saharan Africa.

Africa.

Ghana.Ghana.

Nigeria.Nigeria.

Zambia.Zambia.

Democratic Democratic Republic Republic of Congo. of Congo.

Kenya Kenya

Nigeria Nigeria Rendeavour Rendeavour will bringwill overbring $500 over $500 million inmillion foreignindirect foreign investment direct investment in in infrastructure infrastructure to its projects to its in projects Nigeria. in Nigeria.

Jigna, a mixed-use Jigna, a mixed-use development development in in Abuja, and Abuja, the Public and the Private PublicPartnership Private Partnership with Lagos with State Lagos Government State Government in the in the Lekki Free Lekki Trade Free Zone, Trade willZone, each will provide each provide schools, hospitals, schools, hospitals, places ofplaces employment of employment and homes andforhomes over 100,000 for over 100,000 people. people.

Rendeavour’s Rendeavour’s developments developments in Nigeriain Nigeria will bringwill an estimated bring an estimated $2 billion$2 of billion of additionaladditional investment investment in the country, in the country, and create and tens create of thousands tens of thousands of jobs. of jobs.

Ghana Ghana

NigeriaNigeria

Ghana Ghana Rendeavour Rendeavour is also responsible is also responsible for Ghana’s for largest Ghana’snew largest new city development, city development, Appolonia Appolonia City, in Greater City, in Accra.

GreaterThe Accra. The 941-hectare 941-hectare mixed-use mixed-use and mixed-income and mixed-income urban development urban development includes aincludes variety aofvariety social infrastructure of social infrastructure underpinned underpinned by by world-class world-class construction construction and estate and management estate management services. services.

Appolonia Appolonia City is building City is The building Oxford, The aOxford, middle-income a middle-income residential residential development development with investment with investment from a British from a British consortium. consortium.

Furthermore, Furthermore, on November on November 14, His Excellency 14, His Excellency PresidentPresident Akufo-Addo Akufo-Addo broke ground brokeon ground the first on phase the first of phase of a 2,000-unit a 2,000-unit affordableaffordable housing project housingfinanced project financed

by Ghanaby Ghana Home Loans, Homethe Loans, country’s the country’s largest mortgage largest mortgage provider provider and and a recipient a recipient of financing of financing from thefrom U.S. the government’s U.S. government’s OverseasOverseas Private Investment Private Investment Corporation.

Corporation.

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Kenya Kenya In Kenya,InRendeavour Kenya, Rendeavour is buildingis building FMCG giant FMCG Unilever; giant Unilever; Dormans,Dormans, the the Tatu City,Tatu a $2.6 City, billion a $2.6 development billion development largest coffee largest grower coffeeand grower processor and processor – the largest – theprivate largestconstruction private constructionin East Africa; in EastChandaria Africa; Chandaria Industries, Industries, project inproject East Africa1 in East–Africa1 for over– for over the largest thetissue largest andtissue hygiene and product hygiene product 150,000150,000 new residents new residents and tens and tens producerproducer in East and in East Central andAfrica; Central Africa; of thousand of thousand day visitors. day visitors. and Africa and Logistics Africa Logistics Properties, Properties, which is building which is the building first Grade the first A Grade A Tatu CityTatu is a private City is asector private flagship sector flagship warehousing warehousing facility infacility Kenya,inare Kenya, are project ofproject the Kenyan of thegovernment’s Kenyan government’s investinginvesting in Kenya in thanks Kenyatothanks Tatu to Tatu Vision 2030 Vision blueprint 2030 blueprint for economic for economic City’s provision City’s provision of infrastructure of infrastructure and and development. development.

The 2,000-hectare The 2,000-hectare a controlled a controlled investment investment environment. environment. project recently received received Special Special Kenya Kenya project recently EconomicEconomic Zone status Zone from status thefrom the Kenyan government, Kenyan government, providingproviding low low corporatecorporate taxes andtaxes VAT and freeVAT imports free imports – key drivers – keyindrivers attracting in attracting more FDImore FDI to the region. to the region.

ZambiaZambia

Tatu CityTatu is a game City ischanger a game in changer Sub- in SubSaharan Africa, Saharanattracting Africa, attracting an additional an additional $2 billion$2 in billion investment in investment from from leading multinational leading multinational and indigenous and indigenous companies companies that havethat selected have selected the the development development for their for growth theirplans. growth plans.

Zambia Zambia In Zambia, In Rendeavour Zambia, Rendeavour has developed has developed Roma Park, Roma Lusaka’s Park, first Lusaka’s first mixed-use mixed-use community. community.

Roma Park Roma recently Park recently welcomedwelcomed major major businesses businesses MTN, China MTN, Civil China Engineering Civil Engineering Construction Construction Corporation Corporation (CCECC) (CCECC) and Madison and Madison General Insurance General Insurance to its to its industrialindustrial park, further park,cementing further cementing the project’s the project’s position as position Zambia’s as Zambia’s premier business premier business and residential and residential address. address.

In Roma In Park’s Roma Special Park’sEconomic Special Economic Zone, businesses Zone, businesses enjoy zero enjoy tax zero tax on dividends, on dividends, profits and profits import andduty, import thanks duty,tothanks the development’s to the development’s partnership partnership with the Zambian with the Zambian Development Development Agency. Agency.

The residential The residential areas of Roma areas of Park Roma are Park all butare sold all out, but sold out, and infrastructure and infrastructure across theacross entirethe siteentire is 95% sitecomplete. is 95% complete.

To arrangeToa arrange meetingaatmeeting Mipim contact: at Mipiminfo@rendeavour.com contact: info@rendeavour.com | www.rendeavour.com | www.rendeavour.com

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project news

The world in 16 projects From giant Ferris wheels through eco-resorts to futuristic, floating water towers, the range and ambition of the projects on display at MIPIM 2018 will not disappoint. Here, we profile a cross-section of the schemes that will be attracting attention in Cannes CAMPUS DIAGONAL-BESOS, BARCELONA, SPAIN Education. Presented by Barcelona Catalonia ©GGau-A2studio

LE BELVEDERE, BORDEAUX, FRANCE Mixed use. Presented by Bordeaux Euratlantique

BORDEAUX’s Belvedere district will form part of the metropolitan city centre’s extension on the right bank of the river Garonne. It aims to create a new neighbourhood close to the TGV railway station, which is now just two hours from Paris. The Belvedere district is set to include 50,000 sq m of office space, 72,000 sq m of housing and 10,000 sq m of businesses, including cafes and restaurants, food shops and supermarkets, and sporting and cultural facilities. The project has been masterplanned by Guller+Guller and Hondelatte Laporte to make the most of unrestricted views over the stone city of Bordeaux, which is a UNESCO World Heritage Site.

THE UNIVERSITAT Politecnica de Catalunya’s new Campus Diagonal-Besos, located in the north of Barcelona, will accommodate 3,500 students and 500 researchers in the field of green engineering. The project includes 148,266 sq m of new space, which will be used to house the university, research institutes and a range of innovative companies. The development of the campus will open up investment opportunities for private developers.

Works on the new student residence started last year and will complete in 2019. Procurement is about to begin for a 7,300 sq m co-working/office building in a quality urban space on the Barcelona metropolitan waterfront.

CITY DOX, BRUSSELS, BELGIUM Mixed use. Presented by Atenor

WATERTOWERS, HAMBURG, GERMANY Mixed use.

Presented by LIP

ATENOR is converting a derelict former industrial site in Brussels into a chic, vibrant, multi-generational district, ideally located at the gateway to the city and fronting the Brussels Canal. City Dox includes apartments, business space, shops, a school, a nursery and a rest home, all surrounded by parks and gardens. The first phase of the project, which is already under construction, combines contemporary architectural styling with efficient, low-energy buildings. Based on sustainable development, City Dox gives priority to innovative energy and waste-management techniques, encourages soft mobility and electric-car sharing, and enjoys outstanding access by public transport.

IN HAMBURG’s HafenCity — one of the most important urban development projects in Europe — LIP is developing spectacular high-rise buildings, known as the Watertowers. The unique sculptural design by Karla Szyszkowitz-Kowalski, Graz professor of architecture, won an international architectural competition.

It comprises two free-standing high-rise buildings floating above the water on stilts, which will offer residents stunning views across the city of Hamburg. Around 114 apartments will be developed on up to 15 floors, covering a gross floor area of 13,500 sq m. Additional residential units and a care home are planned for the landward side of the site. Completion is expected in spring 2021.

MIPIM PREVIEW • 29 • February 2018

project news

SOYO, LEEDS, UK Mixed use. Presented by Leeds City Region

MANHATTAN WEST, NEW YORK CITY, US Mixed-use. Presented by Brookfield Property Partners

SOYO is a new neighbourhood in Leeds, providing a heart to the cultural district of the city. The 2.5 ha site, central to the Quarry Hill area, will provide new homes and commercial space, including restaurants, coffee shops, a hotel, student accommodation, offices and extensive, highquality public realm. Developer Caddick has been working with West Yorkshire Playhouse, Northern Ballet, Yorkshire Dance, Leeds City College and Leeds College of Music to create a singular cohesive voice for the area.

Phase one, on site from spring 2017, will bring forward 515 build-to-rent apartments under the Moda brand.

MANHATTAN West is a 3.25 ha, six-building mixeduse development in New York City, stretching from Ninth Avenue to Tenth Avenue and 31st Street to 33rd Street. It will feature nearly 550,000 sq m of Class-A office space, luxury residences and a boutique hotel. A vibrant urban landscape with landscaped gardens and dynamic street-front retail will bring together high-end, experiential shops and innovative culinary concepts, enhanced with public art and events. Manhattan West provides unparalleled transportation access between the soon-to-be-redeveloped Penn Station — the busiest train station in North America — and the new train station at Hudson Yards.

CARGOLUX HEADQUARTERS, LUXEMBOURG Mixed-use. Presented by lux-Airport

VDNH WHEEL, MOSCOW, RUSSIA Mixed-use. Presented by Regions Group

CARGOLUX, Europe’s leading all-cargo airline, and lux-Airport, manager of Luxembourg Airport, have recently started work on the airline’s new headquarters. The brief, won by Frankfurt-based AS+P, was to design a building that would allow the company to bring its operations under one roof and facilitate closer and faster interaction across the business. The new headquarters will be constructed and owned by lux-Airport, while Cargolux has committed to a long-term lease contract. Construction works started at the end of 2017 and Cargolux expects to move into the building in early 2020.

AT 140 metres, the VDNH wheel will be the biggest observation wheel in Europe, equipped with 30 closed cabins, including three VIP cabins.

Its glass walls and cooling and heating system will allow visitors to enjoy panoramic views comfortably all year round. Designed by Сhapman Taylor with technical implementation by Intamin, the project features a winter garden at the entrance, where visitors can relax before embarkation and enjoy souvenir shops, cafes and restaurants, a children’s entertainment park, a multiplex cinema and a wax museum.

MIPIM PREVIEW • 30 • February 2018

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project news

MUI DINH ECOPARK, MUI DINH, VIETNAM Mixed-use. Presented by Chapman Taylor

THE PALM TOWER, DUBAI, UAE Mixed-use. Presented by Nakheel

SET ON the east coast of Vietnam, the 728 ha Mui Dinh Ecopark is a hospitality-led, mixed-use development, inspired by the rich history of Mui Dinh and its Cham tribal culture. Six resort hotels and a boutique hotel will provide 7,000 rooms and 500 ocean-facing villas, served by a theme park, a casino, a beach club and a mountain clubhouse. Sustainability principles are at the heart of the Mui Dinh Ecopark, with everything from the building design to the choice of materials aimed at reducing the scheme’s carbon footprint. Developed by Cap Padaran, the project is scheduled for completion in 2027.

THE PALM Tower is a 52-storey hotel and residential development at the heart of Dubai’s Palm Jumeirah archipelago. The tower consists of 432 luxury residences and a five-star, 290-room hotel offering an array of dining and leisure facilities, including a rooftop infinity pool, a restaurant and a viewing deck. The luxury hotel, St Regis Dubai — The Palm, will occupy the first 18 floors of the building. The residences will offer breathtaking views of Palm Jumeirah, the Arabian Gulf and the Dubai skyline. Directly connected to the tower is Nakheel Mall with its 100,000 sq m of leasable space, 350 shops, nine-screen cinema, medical centre and fitness complex.

NAUTILUS, GDANSK, POLAND Mixed-use. Presented by Arena Gdansk and PFI Future

NAUTILUS Gdansk is a multifunctional leisure and edutainment centre located in one of the most attractive parts of Gdansk, the Letnica. Situated next to the Energa Gdansk stadium, it will become an entertainment and leisure hub for the city. Attractions include a South America-themed oceanarium, a 5D exploration centre, an indoor tropical lagoon featuring natural palm trees, a food court, a themed shopping area, a medical centre and a four-star aparthotel. Developers Arena Gdansk and PFI Future expect Nautilus to draw over five million visitors per annum.

THE PORTAL, STOCKHOLM, SWEDEN Mixed-use. Presented by Stockholm Business Region/Bonnier Fastigheter

AS AN extension of the historic city, the old harbours of Stockholm are being developed into a sustainable urban waterfront. The Portal, which will provide 15,000 sq m of office and commercial space, has brick and metal facades, reflecting the traditional harbour aesthetics. The building’s innovative design will not only provide fully flexible office areas, but also public amenities at street level. A bike-elevator leads to rooftop bicycle parking, a sauna overlooking the harbour and rooftop gardens. The Portal concept is also about ecological innovation. Sustainability and energy efficiency are being optimised through the use of durable materials and ingenious technology and installations.

MIPIM PREVIEW • 32 • February 2018

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(RIVIERA 9) stand

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Małopolska Region – a place where tradition blends in with modernity: • integrated investor service system (one-stop-shop) offered by the Business in Małopolska Centre • preferential conditions for business in special economic zones and zones of economic activity • conveniently located space for investment (e.g. ”Kraków – Nowa Huta of the Future”) • potential of more than 30 universities and high availability of employees • world centre for business services and R&D cooperation • favourable geographic location with fast road connections (A4, S7), rail and air transport links (Kraków Airport) • attractive tourist offer – 15.9 million tourists visited the Region in 2017 • cultural centre (festivals, performances, multiple trade fairs and congresses)

POLAND – MAŁOPOLSKA REGION

project news

GOLDEN CITY, ST PETERSBURG, RUSSIA Mixed-use. Presented by Glorax Development

GOLDEN City occupies a 15 ha site next to the passenger harbour at Vasilievsky Island. Planned for completion in phases by 2024, the scheme will provide 450,000 sq m of offices, retail and housing in a high-quality waterfront environment. Golden City is set to become a new landmark for the 100,000 passengers who arrive every day in the high season to visit the historic heart of St Petersburg. For many visitors, it will become the calling-card of St Petersburg and their first impression of Russia.

SUN CITY SPA RESORT AND RESIDENCES, AYIA NAPA, CYPRUS Mixed-use. Presented by Antonis Antoniou

MERWEDEKANAALZONE, UTRECHT, NETHERLANDS Mixed-use. Presented by Holland Metropole

THE FORMER logistics zone along Utrecht’s Merwede canal is being redeveloped into an urban district with a mix of functions. Over the coming 15 years, the area, which is located adjacent to the city centre, will be transformed into an energy-efficient, sustainable and green urban area, providing expansion space for the city of Utrecht. Between 6,000 and 10,000 residential dwellings and ancillary amenities for 20,000 new inhabitants will be developed by a collaboration of the site’s six private owners and the city council. Utrecht is a partner of Holland Metropole, the metropolitan area comprises the Netherlands’ four largest cities, Amsterdam, Rotterdam, Utrecht and The Hague.

THE WARSAW HUB, WARSAW, POLAND Mixed-use. Presented by Ghelamco Poland THE WARSAW Hub is a complex of three high-rise buildings in the new business centre of Warsaw. The 113,000 sq m of space will offer state-of-the-art office premises, a conference centre and hotel, convenience retail and a fitness centre. An innovative part of the project is the MeetDistrict co-working concept, which will be home to The Heart Warsaw, a centre for European startup collaborations. The Warsaw Hub’s three skyscrapers will form a consistent frontage along Towarowa street.

The project is located close to Warsaw’s metro, tram, bus and train network, as well as the city’s major roads.

SUN CITY is a 32,000 sq m tourist and residential development located a few metres away from the luxurious Ayia Napa Marina. It will feature an exclusive spa hotel, and seafront apartments and villas in a beachfront setting, facing a pristine white beach. Residents and visitors will be able to enjoy five-star services and holistic treatments at the Sun City Spa, while the residential properties will offer luxury finishes and direct access to the award-winning beach.

MIPIM PREVIEW • 34 • February 2018

Advertisement

A productive Union Investment

H

ow do you enter a new property market and make it work for your investors?

Approaches vary widely, but one of the more obviously fruitful is to focus on a single asset class and then broaden matters once a local presence has been established.

Hamburg-based Union Investment Real Estate GmbH is a case in point. This is a company that operates in 23 countries, has offices in almost every global region and yet which derives almost all of its investment capital from 900,000 private and a broad range of institutional investors in its home country.

Martin J. Brühl, chief investment officer puts the point: “We enter a new market via office investment and then this may be extended into retail and hotels.” With this in mind, Union Investment has succeeded in adding to its portfolio in markets as diverse as Japan, Australia and the US. That said, although office property may be at the heart of Union Investment’s activities, with the great majority being in what Brühl terms “core countries”, the hot button appears to have been hospitality: “We had a great run in the last few years in hotels, particularly in the US,” he says, adding that Union Investment has managed to steer clear of the potential pitfall of buying management contracts.

This is a solidly performing company then in a country famed for being an investment safe haven, but is this likely to continue forever?

Brühl notes: “We’re in the 10th year of a very long [economic] cycle, which has been extended by the introduction of a low interest environment.” This, he says, has translated as

The German investment manager knows when to take its foot off the accelerator when it comes to new assets, countries and investment categories. a benign climate for Union Investment and others, but the challenge is working out when to call time on expanding levels of investment.

Brühl says that that point was actually reached for his organization in 2016 when €4.3bn of new investment was made. “We won’t top this, but we don’t want to,” he says. His words are backed by the reality that in the year just gone, new investment by the company in commercial Real Estate was scaled back to €2.3bn.

Does this mean therefore that the glory days are over and that caution and increasingly bleak times lie ahead? Brühl says that Union Investment does not see a looming crash, nothing like it, but that ever-rising levels of investment may be unrealistic.

Meanwhile, this could hardly be described as a company that is on its uppers. On the question of which asset or country Brühl regards as the jewel in the crown, there appear to be a multitude of possible answers: “Our office in Hamburg is certainly impressive and a prime example of a modern green office building. It used to be the headquarters of Unilever. It’s been intensively refurbished several years ago and is the only real high-rise in the whole of Hamburg,” he says, before instancing the Trocadero in Paris, the high-rise at 140 Broadway in Manhattan and an office block on San Francisco’s Mission Street, among others.

Perhaps another way of looking at it therefore is that Union Investment appears to invest largely in prime property around the world in a variety of sectors, including residential, a market that it recently entered. German companies, by their very nature, have a tendency to be

inherently conservative, but careful planning and a long-term stance to assets have made Union Investment one of those that have made a virtue out of what some might occasionally view as a series of constraints.

“It would be presumptuous to call us a global company, but we are a German company with a global reach,” says Brühl. Few would counter the statement.

“As a business, we took two important steps last year to help build on our leading market position in Germany and Europe,” said Dr. Reinhard Kutscher, CEO of Union Investment Real Estate.

Launched in May 2017 by Union Investment and Zentral Boden Immobilien AG, Unilmmo: Wohnen ZBI instantly became the largest residential real estate fund for private investors distributed in Germany. The strategic investment in data room solution Architrave agreed in September 2017 opens up new opportunities for Union Investment to extend its business model in the area of digital property management.

“As with the successful entry into residential and micro-living in 2017, this year we will be considering other opportunities for diversifying our solution offering,” said Dr Kutscher. “That includes developing new skills and exploring new approaches, with our strategic investment in ZBI and Architrave serving as a possible template.”

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MIPIM • Palais Des Festivals-C14

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İSTANBUL WILL BE THE LEADING ACTOR AT MIPIM 2018 We build not only for our country, but also for the world Real estate is a huge sector globally. The sector contributes to national employment and supports more than 300 other sectors.

It also enables our contractors to use their know-how to build the world. Turkey’s exports in construction materials are worth billions of dollars. To date, Turkish contractors have undertaken many projects around the world with a value of more than 350 billion dollars. Our exports in construction materials reached 16 billion dollars in 2017.

Our domestic market is also very active. In Turkey, one million houses on average are sold annually. İstanbul hosts more than 5 billion dollars of foreign real estate investments each year. Real estate sales continue to grow in Turkey due to rising domestic and international demand. İstanbul has the lion’s share in real estate sales as the most attractive city in Turkey.

Turkey grows with its investors We know that our potential is much greater than these figures.

Turkey ranks second in terms of the number of its contractors in the list of top 500 contractors in the world. İstanbul has a unique location with access to 56 countries within 4-hours flight distance.

In addition, its 8500-year-old history and cultural legacy set İstanbul apart from all of its competitors. Our competencies and the unique characteristics of our beautiful city of İstanbul guide us as we take confident steps to become the real estate center of the world.

The reductions in taxes and duties provided to urban transformation projects make all these projects in İstanbul even more attractive. Furthermore, bureaucratic barriers regarding real estate ownership for foreigners in Turkey have been removed.

In fact, a new regulation that came into force in 2017 extends citizenship rights to foreigners who buy real estate in Turkey, making our country a very attractive market. Turkey is one of the leading countries in the world in terms of economic size, population and geopolitical position and someone who gets Turkish citizenship stands to benefit from such power.

İstanbul Chamber of Commerce is ready to conquer MIPIM with a large group!

As the İstanbul Chamber of Commerce, we stand ready to build on the prestige of İstanbul - which is home to ancient civilizations and offers opportunities for modern urbanization - at MIPIM 2018.

The İstanbul Chamber of Commerce represents four hundred and twenty thousand companies. Our membership includes more than sixty thousand companies from the real estate and construction sectors. Our active participation in this fair is an indication of our commitment to the sector. This fair is the largest and most prestigious meeting platform for the real estate sector with 26,000 visitors from 100 countries.

The Turkish construction and real estate sectors as well as the global scale projects and activities in İstanbul will take center stage at this large meeting platform.

Our first attendance was in 2014 with an information booth. This year, we reach the pinnacle of our participation with the İstanbul Tent situated between the tents for Paris and London covering an area of 685 square meters. The “İstanbul Real Estate and Promotion Tent” which will host various activities and networking cocktails extends an invitation to the world to visit İstanbul.

This great gathering will bring together state officials, high level participants from real estate and many other actors from the world in the İstanbul Tent. Turkish companies will have stands in our tent.

Our doors are open to promote our city, provide detailed information about our sector and offer a chance to have one-onone meetings with our companies.

Respectfully Yours,

Öztürk Oran President İstanbul Chamber of Commerce

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SPECIAL

REPORT

Mapping

World Urbanity

The 21st Century is the century of the city. With continued migration from rural to urban areas are cities equipped to deal with the pressure to find homes and workplaces for millions more residents while continuing to meet sustainability targets?

IN THIS SECTION: Cities

41

How can cities, in cooperation with the real estate industry, find the best strategies to build the future urban world?

Demographic challenges

47

In the developed world an ageing population is posing new challenges for cities. Workplaces, housing , healthcare and transport networks need to adapt .

Urban Mobility

49

Innovations like electric vehicles, ride-sharing apps, autonomous vehicles and hyperloop promise disruption for the design and operation of our cities

Planning for the future

53

How can cities future-proof themselves against technological change that could transform the way we live and work?

Citizens’ needs

57

Reflecting changing lifestyles and aspirations, the old barriers between working, living, retail and leisure are coming down.

Keynote

61

Adora Svitak will be MIPIM’s youngest keynote speaker, bringing a fresh perspective to urban design.

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Advertising

Turning your development into a destination.

Giant Wheels are gaining popularity as a valuable addition to mixed use and leisure developments. They create traffic and offer interesting return on investment potential. Integration is key to convincing investors and local authorities.

The Old Port of Montréal, a booming destination in Montreal The wheel opened in September 2017 and expected to contribute significantly to further development of the area and drive tourism growth

G

iant wheels continue to be a popular attraction, offering joy and excitement to its passengers while at the same time being a very good business opportunity for its owners.

Ferris wheels were originally associated with carnival, travelling fairground or attraction parks. With the famous London Eye, a change has been initiated for the giant wheel business and a giant wheel is now more and more considered a stand-alone attraction.

Dutch Wheels has recognized this trend and developed a portfolio of products to suit a wide range of specific business opportunities.

tential to offer people of all ages and backgrounds an experience they are unlikely to forget.

“Turning the wheel into a destination” is key to make it a success. Additional amenities will make visitors “hang around”, spend more money and attract more people. A wheel should be integrated in its environment so local authorities support the project, instead of opposing it, reasoning that they do not want to turn their city into an attraction park!

The giant wheel project in Montréal is a great example of a destination wheel with its roof-top terrace, bistro, coffee shop, icecream corner and central plaza offering even more opportunity to give the visitors to the Old Port of Montreal a reason to come, hang around and come back!

The Centennial Wheel at Navy Pier, Chicago is part of a major redevelopment of the famous Chicago destination. The wheel

La Grande Roue de Montréal, Montréal, Canada

Our mission is to create awareness with local entrepreneurs, real estate project developers, urban designers and local (tourism) authorities, of the enormous potential a giant wheel has to offer. The potential to attract tourists, the potential to generate an impressive return on investment, or the poCapitol Wheel, National Harbor Washington DC, USA

opened in 2016 as part of the 100 year celebrations and replaced a ferris wheel that operated for 20 years. Next to the wheel there is lot to do on Navy Pier from watching street performances to enjoying lunch or making a boat tour to watch dazzling theatre shows.

Centennial Wheel - Navy Pier, Chicago Il, USA

The integration of a wheel in a mixed use or leisure development, creates a synergy that will benefit both the wheel operator and the real estate development A good example is the National Harbor, mixed use development in Washington DC. The project itself opened in 2008 and the giant wheel in 2014. We understand that the wheel significantly and positively impacted the visitor numbers of the development and as such is doing extremely well as an investment itself.

In case you are interested to discuss what a giant wheel can do for your project, city, or capital, do not hesitate to contact Dutch Wheels or visit our stand No. P-1.K68

www.dutchwheels.com mipim2018_add.indd 1

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© Jakarin2521 / iStock / Getty Images Plus

Mapping World Urbanity: CITIES

Urban uprising

T

HIS IS the century of the city. According to UN data, it is now a decade since the world passed the point where more than half of humanity lived in cities and cities have become the driver of global economic growth.

Just 40 city regions are responsible for over two-thirds of the total world economy and most of its innovation. Now, those cities are demanding political power that matches their economic might. Graham Parker reports

But burgeoning populations are putting infrastructure that was often developed piecemeal over previous centuries under increasing pressure. Managing growth is the biggest challenge facing city authorities. Providing homes and employment, and all the services that go

with them, for rapidly growing numbers of people, without sacrificing the quality of life for existing residents, is a massive challenge.

At the same time, the need to address global warming while accommodating growth is adding a whole

MIPIM PREVIEW • 41 • February 2018

new layer of complexity, according to James Alexander, head of the finance and economic development initiative at the C40 Cities Climate Leadership Group. “Lack of access to finance is one of the biggest barriers preventing cities

Mapping World Urbanity: CITIES

So how are city leaders dealing with these issues in practice? James Murray is deputy mayor of London, with responsibility for housing and residential development. And Jean Louis Missika is deputy mayor of Paris, responsible for urban planning, architecture, economic development and attractiveness. In terms of the challenges they face, Murray says the absolute priority is to deliver 66,000 new homes every year to house London’s growing population and to plug the current shortage of homes. He recognises that the UK’s convoluted planning process has been a barrier to delivery — in 2017, less than half the required number of new homes were completed in the UK capital.

The response from mayor Sadiq Khan’s administration has been a new draft of the London Plan that aims to speed up the planning process by giving developers clarity on what they need to offer in terms of the mix of tenure and housing types. This entails giving more than 35% of each project to ‘affordable’ homes to be sold or leased at below-market values.

Developers that comply with this target will be rewarded with fast-track development permits.

“We want to see sites built out by adding affordable housing and build-to-rent to the mix,” Murray says. “We’re aiming for greater density across the board and City Hall is look-

© Olivier Ezratty

from delivering,” he says.

“Cities have the leadership, the powers and the determination to act on climate change, but too frequently lack the financing to take the necessary action.”

London deputy mayor James Murray

ing to be more interventionist in the land market, unlocking sites and using our land assembly powers to the full.”

James Murray:

“City Hall is looking to be more interventionist in the land market, unlocking sites and using our land assembly powers to the full” Murray says another barrier to delivering more homes is the shortage of skilled labour in the construction industry — something that is likely to be exacerbated by Brexit: “We’re making the case for continued access to the single market to ensure continued labour availability. We’re investing to ensure people are trained with the right skills and we’re encouraging investment in off-site construction.”

For deputy mayor Missika in Paris, the issue is not just delivering a quantity of new homes, but ensuring a quality of life in new developments. “One of my goals is to ensure the ‘walkabili-

Paris deputy mayor Jean Louis Missika

ty’ of the city,” he says. “In any new development, there should never be more than 500 metres between shops, homes and workplaces — the quality of life in a city depends on how long it takes to go and buy fresh bread and vegetables every day.”

Jean Louis Missika:

“There should never be more than 500 metres between shops, homes and workplaces — the quality of life in a city depends on how long it takes to go and buy fresh bread” Another priority is to ease pressure on Paris’ congested streets and crowded Metro. “There are more jobs in the western part of our city, but most homes are in the eastern part,” Missika says. “We need more social and functional mixing, with jobs and housing in the same place.” And he adds: “The real estate industry has to rethink how it works.

It is not enough to develop a single-use building.”

But Missika admits he is not

MIPIM PREVIEW • 42 • February 2018

Colliers International’s Walter Boettcher

being helped by the fact that the fastest growing industries are concentrated in intramural Paris, where few Parisians can afford to live. For instance, Station F on the Left Bank is the biggest business incubator in the world at 34,000 sq m. Missika’s solution is to encourage greater co-operation between Paris and the surrounding cities to create an ‘arch of innovation’.

“Innovators are looking for new places rather than traditional office buildings,” he adds.

Both Murray and Missika recognise that city transport networks require radical change, not only to reduce pollution but also to reduce congestion, which harms quality of life and damages business efficiency. London and Paris have both set a timetable to eliminate petrol-powered vehicles. As Missika puts it: “The metropolis of the future is a post-car metropolis.”

But without cars, citizens will need alternative transport routes, and both cities are ploughing massive funds into new networks. In Paris, construction has begun on the €23bn Grand Paris Express network, while London’s £14.8bn (€16.8bn) Crossrail and £6.5bn Thameslink projects open in 2018, potentially to be followed by an equally

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Mapping World Urbanity: CITIES ambitious Crossrail 2.

Murray is clear that it is impossible to have more housing without more investment in infrastructure, and vice versa. “In London, we’ve realised infrastructure and housing go handin-hand,” he says. “Crossrail 2 is a case in point. The line will open up new sites for housing, while the receipts from those housing sites help finance the line. There’s a virtuous circle between housing and infrastructure.”

It is clear that cities need finance, skills and political authority to rise to the challenges of over-crowding, pollution and an ageing infrastructure. But how many can claim to have all three?

Walter Boettcher, director of research and forecasting at Colliers International, believes there are pockets of good practice, but that many cities, especially in Europe, are lagging behind.

Boettcher is an advocate of the US system of city management, where technocrats are responsible for the implementation of city services, independent of the mayor.

“There’s a bit more stability,” he says. Within Europe, he cites Manchester as an example of what can be achieved: “The city has been empowered to market itself as a unit and investors know where to go to get things done.”

Boettcher cites EY’s latest attractiveness survey, which shows that cities that demonstrate this independence are more attractive to investors.

“Investors say devolution makes places more investible,” he adds.

This point is echoed by Melanie Leech, chief executive of the British Property Federation (BPF). “Regions and cities already have a lot of devolved powers, but they need

Melanie Leech:

“Often cities have the land and levers of power, but they don’t have the money to deliver. At the same time, there’s a lot of capital looking for a decent return, and infrastructure investment can do this”

British Property Federation’s Melanie Leech

private-sector involvement to achieve their ambitions,” she says. “Often cities have the land and the levers of power, but they don’t have the money or the expertise to deliver.

At the same time, there’s a lot of long-term capital looking for a decent return, and infrastructure investment can do this. But increasingly, investors are recognising that you need

JLL’s Rosemary Feenan

a clear vision to ensure all the elements happen and to deliver them at the same time. And only cities can do this.”

Research from the Business of Cities — Professor Greg Clark’s urban think tank — conducted in partnership with JLL’s Cities Research Center reveals that an increasing number of cities are looking afresh at their governance structures

to make them more effective in delivering services and attracting investment. For example, Auckland and Toronto are amalgamating multiple authorities into one council under an executive mayor; Barcelona has created a new metropolitan entity representing 36 municipalities; and Berlin has reduced its number of municipalities from 23 to 12 more powerful bodies.

Rosemary Feenan, director of Global Research Programmes at JLL, concludes: “Cities are redefining urban strategies and taking clear positions on the policies required to achieve their visons and style objectives. For real estate investors who are assessing and choosing cities to target, the move away from city hierarchies to these new clusters presents an opportunity to more readily identify very real future opportunities.”

NEOM: BUILDING ‘A NEW WAY OF LIFE’ OCTOBER 2017 saw the unveiling of arguably the most ambitious city development of the 21st century. Neom is a project to rival New Delhi or Brasilia — an entirely new city planned and implemented from first principles.

Located in the north west of Saudi Arabia, Neom will eventually span over 26,500 sq km (10,230 sq miles) on the coast of the Red Sea and the Gulf of Aqaba. The King Salman Bridge to Egypt, which links Asia and Africa, means Neom’s influence will extend across the Egyptian and Jordanian borders.

Crown Prince Mohammed bin Salman has made the Neom project a cornerstone of his drive to position Saudi Arabia for a post-carbon world. The development’s ample wind and sun will allow it to be powered solely by renewable energy.

Prince Salman explains: “Neom will be constructed from the ground up, on greenfield sites, allowing it a unique opportunity to be distinguished from all other places that have been developed and constructed over hundreds of years… We will use this opportunity to build a new way of life with excellent economic prospects.”

MIPIM PREVIEW • 44 • February 2018

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FUTURE SHOPPING

Search online, find offline ECE’s Digital Mall provides information on the product availability in a shopping center, enables customers to reserve a specific size or color online, and to pick it up later.

This is a major step towards a seamless omni-channel experience. Launched in 2016, the Digital Mall at Alstertal-Einkaufszentrum in Hamburg today features more than 120,000 products from over 25 shops. Further stores will follow this year – just as more ECE shopping centers all over Germany will launch their Digital Mall. www.ece.com/ideastoinnovations

Visit us at the Hamburg stand no.

R8.B20

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Summit London 23–24 April 2018 InterContinental London – The O2 Bringing together leaders to drive the thinking and action on the challenges shaping our world.

Keynote address

JB Straubel, co-founder and CTO, Tesla

A global leader in large-scale solar and energy storage and electric vehicles, Tesla’s JB Straubel will highlight the role of innovative technology in creating disruptive business models.

Join the debate and help define the future. Register now at rics.org/wbef

Mapping World Urbanity: DEMOGRAPHIC CHALLENGES

The age of the aged National Innovation Centre for Ageing at Newcastle University

In the developed world, ageing populations and a larger number of smaller households are just a few of the demographic challenges confronting cities. Graham Parker reports

G

RAHAM Parry, group research director at the Grosvenor Group, puts it bluntly: “We’re in uncharted waters demographically. For instance, by 2020 there will be more over-60s in the workplace than under-25s.”

Graham Parry:

“We’re in uncharted waters demographically.

For instance, by 2020 there will be more over-60s in the workplace than under-25s”

Parry says this has implications that are not yet fully understood: “We know that productivity declines once we pass the age of 55, and there are already signs that productivity is falling in the major economies. But rather than designing workplaces to get the best out of the over-60s, we’re designing workplaces for millennials.”

Meanwhile, it is inevitable that we’re all going to have to work longer — the traditional 40-year career is no longer sufficient to grow a pension pot that will finance a retirement that could last another 40 years. “Actually, people want to remain engaged in the workplace,” Parry adds.

“We’re starting to see a more gradual transition out of work, and we’ll see the emergence of more flexible ways of working.”

Grosvenor’s research shows these

demographic changes are impacting upon other parts of the economy as well. For instance, it charts the rise of the ‘silver consumer’.

“The baby boomers will be the richest retirees ever,” Parry predicts. “They’ll still want to indulge their interests, to travel. But they’re also digitally savvy.” This means that retailers and mall-owners are going to have to create environments to appeal to this group of shoppers. “They’ll have to give them a reason to visit a store rather than go online,” Parry points out.

And he warns that retirees are not a homogeneous group: “You have to differentiate. The over-80s have different needs to over-65s. For instance, I can see some supermarkets putting in slow lanes for shoppers who want to stop and have a chat with the till operator.”

However, the biggest impact of

MIPIM PREVIEW • 47 • February 2018

an ageing population is likely to be on the housing market. According to Grosvenor the issue with under-occupation could be solved by encouraging older homeowners to move into purpose-built accommodation. Parry describes it as the “last-timebuyer market”.

“The problem is that housebuilders are focusing on first-timebuyers with micro-apartments that just won’t cut it for seniors,” he adds. “Seniors have more stuff and they may need a live-in carer or visiting relatives.” He predicts that, if the market cannot solve these problems, governments will have to intervene.

In an attempt to understand issues such as these, the UK’s National Innovation Centre for Ageing is being developed at Newcastle University’s Science Central site in Newcastle city centre. The centre’s director, Professor Mike Catt, explains: “The National Innovation Centre will provide leadership on the global question, ‘How do we age well?’ By 2050, the number of people in the world aged 60 years or over is projected to more than double, reaching nearly 2.1 billion. This globally ageing population presents many challenges around quality of life, health and wellbeing, among others, as well as multiple economic and social opportunities.”

The Centre for Ageing is the latest development on Science Central, one of the biggest urban-regeneration projects of its kind in the UK. Set to create more than 4,000 jobs, 50,000 sq m of office and research space, and 450 new homes across a 10-hectare site, the development will become a major hub for scientific research and technology businesses, creating knowledge-based jobs for future generations.

“This exciting new building will act as a beacon for innovation, attracting companies from around the world, and placing the North East as a global leader in this vital area,” Catt says.

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Mapping World Urbanity: URBAN MOBILITY

The journey starts here

Several European cities have pledged to ban the internal combustion engine by 2040 and ride-sharing apps are making private-car ownership less attractive. Meanwhile, innovations including autonomous vehicles and the hyperloop look set to cause even greater disruption. What does this mean for the design and operation of cities, asks Adam Branson

U

RBAN mobility is on the cusp of change, the like of which has not been seen since the widespread adoption of the private car in the postwar period. Rapidly developing technology and the urgent need to decarbonise transport are combining to create a situation where, within less than a decade, urban transport could become virtually unrecognisable.

Starting today, there exists the possibility of creating cities that are both greener and easier to navigate, leading to environmental, social and economic benefits. However, the full potential of new technology will only be realised if some significant hurdles can be overcome.

The question is: can city and industry leaders combine their efforts to realise the benefits on offer?

While the potential of some technologies requires a bit of imagination, others are already proving their worth. In Scotland, for instance, the benefits of deploying transport systems, from buses to ferries, powered by sustainably produced hydrogen fuel cells are already being felt. “At this moment you’ve got Aberdeen, which has the largest fuel-cell bus infrastructure in Europe,” says Fiona Good-

MIPIM PREVIEW • 49 • February 2018

Charging stations are still too elusive

enough, hydrogen project manager at the Scottish Cities Alliance, adding that the rollout in Dundee will begin soon. “The idea is to fully commercialise fuel-cell buses by 2020 — so no more subsidies from the government or councils.”

While the greening of cities’ established public-transport networks is a priority, ending individual citizens’ addiction to the internal combustion engine is perhaps of even greater importance. The take-up of electric vehicles (EVs) is increasing, albeit that different territories are achieving wildly different levels of saturation. In Scandinavia, for instance, around a third of new car sales are EVs, while the UK will be doing well to hit 9% this year.

The big issue in most places is that the charging infrastructure for EVs simply isn’t good enough. To take just one example, Shell now has 10 charging points installed at its service stations in the UK, which is not many when you consider that the petroleum giant has 10,000 stations across the country.

“In most parts of Europe, the charging infrastructure simply isn’t there,” says Mark Charlton,

Mapping World Urbanity: URBAN MOBILITY head of research and forecasting at Colliers International. “It’s one of the areas that is holding back real penetration of electric vehicles. People are nervous about running out of juice.”

It isn’t just the responsibility of the big energy firms, however.

Government too needs to play its part. “It’s down to local authorities to install on-street charging points,” says Daniel Thorpe, research analyst at international property consultancy JLL. “We’re seeing lot of off-street charge points in shopping centres and so on, but we’re not seeing them on streets. That’s a particular issue in large cities, where people don’t have garages or the ability to install their own charging points.”

In the short term, encouraging people to make the move from petrol-powered vehicles to EVs is important. But longer term, it is the potential to combine the environmental benefits of EVs with advances in driverless technologies and the advent of shared systems that is the most significant.

The ideal scenario, as envisioned by a raft of reports from consultancies and think tanks around the world, is that cities move towards transport systems supported by fleets of autonomous EVs. Such a model would, it has been demonstrated, dramatically cut congestion and all but eliminate carbon emissions from the roads.

For instance, a 2015 report from Paris-based International Transport Forum (ITF) based on a modelling exercise in Lisbon, Portugal, found that integrating a fleet of shared autonomous vehicles could make 90% of regular cars obsolete. A similar study published in late 2017 and concentrating on Hel-

sinki, Finland, reached similar conclusions.

The findings of such research have got some people very excited. “Over the next 25 years, say, there will be a transition from 0% to 100% [autonomous vehicles],” says David Levinson, professor of transport engineering at the University of Sydney’s School of Civil Engineering. “But eventually, just as there are essentially no horses in cities — aside from a few police horses — there will be no human-driven vehicles.”

David Levinson:

“Eventually, just as there are essentially no horses in cities — aside from a few police horses — there will be no human-driven vehicles” In addition to the obvious environmental benefits, such infrastructure could also massively

improve health and safety on our streets — although, of course, the technology is at present unproven. “We humans are pretty shitty drivers so, if you have a system that performs better than humans, then you will see a reduction in crashes and fatalities,” says Philippe Crist, project manager at the ITF. “Approximately 90% of vehicle crashes involve some element of human error. By removing that human error, you could reduce that to close to zero.” He admits that this is probably an optimistic assumption, “because the sorts of crash scenarios we see with humans can be dealt with by algorithms”. However, he adds: “New crash situations will present themselves.”

Unfortunately, making fleets of shared autonomous vehicles (AVs) a reality is a pretty daunting task. The planning system is one obstacle. In an ideal world, local authorities in urban areas would be planning for a shared, autonomous future.

But that looks unlikely to happen any time soon, according to Steve Norris, head of retail and town-centre consultancy at Carter Jonas.

“The planning system is very slow to respond to these wid-

A charging station in forward-thinking Amsterdam

MIPIM PREVIEW • 50 • February 2018

er innovations, whether it’s big data or driverless cars,” he says.

“I think it’s on the agenda, but people don’t really understand it. With driverless cars, we’re going to have to rethink our whole approach to transport across cities and regions.”

Certainly, if fleets of AVs are to be introduced, it will require the state to play a major role. “It’s going to be messy unless government gets involved, defining locations and putting the regulations in place to actually impose this sort of thing,” says Alan Harbinson, managing director (cities) at international consultancy BuroHappold Engineering. “It will take a brave city to bite the bullet, but then you will get this domino effect, where success in one location tempts people to do the same in other cities.”

It is clear the road to greener, less congested cities isn’t without obstacles. But given the rewards on offer, it’s a journey worth serious consideration.

CONFERENCES & EVENTS AT MIPIM Urban mobility: infrastructure on the move 14 March 2018 15:15 - 16:00 Main Room, Palais 3

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Mapping World Urbanity: CITY INFRASTRUCTURE

© PPAMPicture / iStock / Getty Images Plus

Building tomorrow today We are on the cusp of seismic technological, societal and environmental change. What does this mean for our cities? Can they future-proof themselves against the trends that are set to transform the way we live, work and move around?

Doug Morrison reports

B

ERLIN has been a magnet for investors, both German and international, in recent times, and it is destined to retain its widespread appeal this year, according to Emerging Trends In Real Estate: Europe 2018, the long-established annual forecast by the Urban Land Institute (ULI) and PwC. For the fourth year in a row, Berlin has taken the top spot in the Emerging Trends Europe city rankings — in other words, of

the 31 European cities covered by the research, the German capital offers the best prospects for real estate investment and development in 2018. In many respects, the city is reaping the rewards of progressive economic policy-making, which some may argue dates as far back as 1991 and the national government’s decision to move its headquarters to Berlin from Bonn following German reunification.

According to Emerging Trends Europe, Berlin’s major selling

points today include the city’s population growth and vigorous business expansion — with the technology sector to the forefront — allied to a highly educated workforce. Berlin has also seen a surge in property values over the past year, but very few, if any, among the 800 senior European real estate professionals surveyed or interviewed for the report anticipate an imminent market correction.

Though Emerging Trends Europe is essentially testing the

MIPIM PREVIEW • 53 • February 2018

temperature of European property markets for the year ahead, it also assesses the likely impact of longer term trends in technology, demographics and, not least, urbanisation. ULI and PwC suggest that the most notable finding from their latest research is that, with all the changes in the way we live, work and move around, nearly 80% of the industry believe the ‘densification’ of cities will continue. In this context, many interviewees express confidence in

Mapping World Urbanity: CITY INFRASTRUCTURE Berlin’s prospects well beyond 2018, because of the economic building blocks already in place and the city’s plentiful supply of development land.

The industry is also signalling that, if major European cities are to thrive generally, then a return to mixed-use development must be on the agenda, paying heed not just to urbanisation but also the blurring of boundaries between people’s professional and personal lives in today’s hyper-connected world.

Factor in the growing influence of the millennials on society and this need for a holistic mix of homes, public spaces, transport and commercial development seems even more persuasive.

Savills Investment Management goes further still in its new Dynamic Cities index, suggesting that the top cities for investors invariably demonstrate a balanced performance across six key areas: investment, innovation, inspiration, inclusion, interconnection and infrastructure.

Against those criteria, Berlin also figures in Savills’ top five ‘Dynamic Cities’ for Europe, alongside Amsterdam, Paris and —

despite the Brexit cloud hanging over the UK — Cambridge and London. They all have strong infrastructure investment and well-developed knowledge networks, boast a global talent pool and have strong cultural amenities to help retain that talent.

What’s more, Savills says, they continue to attract highly skilled labour that creates wealth over the longer term.

Given the predicted growth of disruptive technology, the firm adds, it is becoming increasingly vital to identify the cities that will be likely to show resilience to future change. To that end, technology features prominently in the City of London Corporation’s endeavours to maintain the UK capital’s position as the world’s global centre for business and finance. The Corporation is delivering what it claims will be a “world-leading” free Wi-Fi network offering workers, residents and visitors individual user speeds from 50 to 180 megabits per second. Some 150 Wi-Fi access points will also be provided, using street furniture in public spaces to allow seamless coverage across the Square Mile.

City of London’s Carolyn Dwyer

“We had some catching up to do in terms of our digital infrastructure,” says Carolyn Dwyer, the City of London Corporation’s director of the built environment. The Corporation is also looking to tackle climate change by promoting smart-buildings technology to achieve energy resilience, and reduce waste and carbon emissions — embodied

by Bloomberg’s new City headquarters, which is claimed to be the world’s most sustainable office building.

Though Bloomberg and the other 234 corporate giants headquartered in the Square Mile always make the headlines, the

Berlin tops the investment polls

MIPIM PREVIEW • 54 • February 2018

impetus for the City of London Corporation’s technology drive comes down to supporting a City ‘ecosystem’ that is dependent on small and medium-size enterprises (SMEs). As Dwyer points out, SMEs employ a total of 455,000 people and account for 99% of the 18,000 businesses in the City.

The City of London Corporation is unusual among major municipal authorities in that its remit is restricted to one Square Mile, and yet its role is pivotal to London’s future as a whole.

Against a Brexit backdrop, this year the Corporation will produce a new local plan, which will set out its vision and objectives for the next 20 years. The plan “will be about retaining the City’s global competitiveness as part of a successful London”, Dwyer says.

For all its importance as an enabling force, technology is just one facet of what the Corporation acknowledges is required for a “reinvention of the Square Mile” to enable it to deal with the predicted increases in the number of people coming into the City every day, as well as their health and wellbeing.

The plan will reinforce existing measures to cut the number of vehicles coming into the City, while increasing the number of public spaces.

Mapping World Urbanity: CITY INFRASTRUCTURE The Corporation is using data-based projections and modelling to assess the capacity for new offices to support the City’s economic growth, as well as making better use of historic buildings — popular with SMEs, as long as they are well connected, Dwyer says.

“But also, critically, we’re modelling noise, wind, air quality and daylight, so that we really understand the impact of future development,” she says. “Smart development could actually improve air quality by moving the air around in a different way.

We’re really looking at how development can not only provide the capacity for growth, but actually help with environmental conditions in the City.”

Carolyn Dwyer:

“We’re modelling noise, wind, air quality and daylight, so we really understand the impact of future development.

We’re looking at how development can actually help with environmental conditions in the City” At the same time, the Corporation — though still “proud and supportive” of the City’s financial services USP — is working hard to attract a broader range of occupiers. “Actually,” Dwyer says, “the financial, insurance and related professional services want a diversity of businesses around them as well.”

The move for greater diversity even extends to a proposed cultural district, including a new base for the London Symphony Orchestra. Not so long ago, the idea of future-proofing the Square Mile via the arts would have been dismissed out of hand. But then, as Dwyer suggests, the Corporation is about to unveil “probably the most ambitious local plan the City has ever had”.

One of the conclusions from the Emerging Trends Europe survey is that the interplay between real estate and infrastructure is opening up a new range of ‘real asset’ investment opportunities. Such investment cannot come soon enough.

According to the World Economic Forum (WEF), the global urban population is set to increase by 2.5 billion by 2050, placing huge pressure on cities already battling against the impact of climate change and struggling to provide enough energy.

In its report, Inspiring Future Cities & Urban Services, the WEF identifies the main urban challenges for Europe as migration, climate change, demographic change and environment-resource management — all of them ahead of economic development in importance.

Like the WEF, Michael S Burke, CEO of AECOM, believes there is “an urgent need” for more and better infrastructure and that some form of public-private financing “must be the way forward” for cashstrapped city authorities. “Our cities are on the front line of change,” he says.

Michael S Burke:

“Our cities are on the front line of change”

Savills’ Yolande Barnes

Burke highlights the Organisation of Economic Co-operation and Development’s (OECD) staggering estimate of how much it will cost for infrastructure provision globally — some $71 trillion by 2050. But he adds: “With hundreds of billions of dollars available in investment funds, the private sector can and will continue to play a key role in supporting these efforts.”

Savills’ new Impacts: The Future Of Global Real Estate report also predicts that “a huge amount will be invested in infrastructure globally, and this will be very beneficial for property prices”. But the firm also warns that not all cities will experience the positive effects of urbanisation equally.

“The most resilient piece of infrastructure is the city itself, rather than any particular structure or building,” says Yolande Barnes, Savills’ head of world research. “Ancient cities have stood the test of time, because their locations and layouts are inherently flexible and capable of accommodating change. In this respect, the quality of finegrain streets and urban networks should probably be considered a vital element of any urban infrastructure. Cities created in the late 20th century with vehicular movement in mind will probably find it harder to compete in

MIPIM PREVIEW • 55 • February 2018

an age of driverless and electric vehicles, where the emphasis is on zero carbon and walking and cycling, or personal mass-transport forms not yet invented.”

Yolande Barnes:

“Ancient cities have stood the test of time, because their locations and layouts are inherently flexible and capable of accommodating change” Barnes adds: “Many global cities are, almost by definition, ports on coastal or inland waterways, so will increasingly need flood-defence infrastructure. But, once protected, their resilience will depend on their ability to accommodate people — and all the changes they face — in the environments that they want to be in.”

CONFERENCES & EVENTS AT MIPIM City as a service, the new urban experience 15 March 2018 11:15 - 12:00 Main room, Palais 3

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Mapping World Urbanity: CITIZENS’ NEEDS

The pursuit of flexibility

HB Reavis’ Stanica Nivy project in Bratislava, Slovakia

Reflecting changing lifestyles and aspirations, the old barriers between working and living space, retail and leisure space are coming down. Adam Branson looks at how developers and architects are learning to be more flexible

C

ITIES aren’t what they used to be.

Where once properties could be neatly divided up into the traditional sectors — office, retail, leisure — today’s developments aren’t so easy to pigeonhole.

However, several recent examples go beyond simple mixeduse development, which for some time have striven to include different types of build-

ing to ensure that projects are kept active throughout the day and into the evening. Rather, developments — even single buildings — are being quite deliberately designed to blur the boundaries between work and play. So what’s driving the trend? And how are developers and architects responding?

A prime example of the new breed of flexible, multiple-use developments can be found rising out of the remains of

a demolished bus station in Bratislava, Slovakia, where developer HB Reavis is embarking on its vast Stanica Nivy project. As might be expected, the 130,000 sq m development will ultimately include a shopping centre and offices, as well as a replacement bus station. If that were the extent of the project it would still be a significant addition to Bratislava’s rapidly emerging new business district. But

MIPIM PREVIEW • 57 • February 2018

what sets Stanica Nivy apart is the inclusion of an enormous green space the size of two football pitches on the development’s roof. The idea is both to introduce a new green space to a former industrial zone and, just as importantly, to provide a space where the barriers between workers, shoppers, travellers and visitors are broken down.

“We want the project to become the leisure and social centre of the whole zone,” says Martina Jamrichova, HB Reavis’ country PR and marketing manager for Slovakia. “We want people to have reasons to be there beyond working or shopping or travelling. There will be a botanical path for

Mapping World Urbanity: CITIZENS’ NEEDS local school children, a place for yoga, a 500-metre running track, a place for BBQs… There will be a lot going on.”

Martina Jamrichova:

“We want people to have reasons to be there beyond working or shopping or travelling” According to Jamrichova, the inclusion of the green space is also due to a recognition that people’s expectations of what a building should provide have changed irrevocably. “We know that the needs of working people have changed,” she says.

“Nobody wants to work in closed-off boxes any more. We want to bring in the neighbours as well — their children can play on the green roof.”

Multi-use regeneration on a similar scale can be found at the 136,000 sq m Marine Gateway in Vancouver, Canada. The development comprises two neighbourhood plazas, 15 storeys of office space, an 11-screen cinema and two residential towers, as well as a railway station and bus loop exchange.

According to Ryan Bragg, principal at the project’s architects Perkins+Will, the plazas and high street provide a unique sense of place. “The design of the high street was an important aspect in the success of the development,” he says. “By providing a clear connection from transit to the neighbourhood’s major thoroughfare, the high street brings people into the pedestrian environment and into the retail spaces, creating a vibrant community.”

An understanding that developments must now focus on

bringing people together is not just important on major regeneration schemes, however. Architecture firm Bennetts Associates has noticed that clients across sectors increasingly want the same thing from a development.

“We’re noticing more and more that the lines are blurring between the different building types we’re working with,” says the practice’s director Simon Erridge.

“There’s a sense that office clients want buildings that are a bit more like cultural buildings. Cultural institutions want modern, day-long, multi-disciplinary buildings. And universities want buildings that are more like offices.”

This trend is also informing how existing buildings are being repurposed. “The arrival of mixed-use urban regeneration schemes has forced the barriers between retail, work and living space to shift massively in the last decade,” says Paul Sargent, co-founder and CEO of Queensberry. “However, it’s not just the case of building flexibility into new buildings, but often retrofitting existing space to stand the test of time. There are more existing buildings that will need intervention than there are new ones to be built.”

What is common across all projects is that buildings are having to work harder to persuade people to use them. After all, the ubiquity of digital infrastructure in urban areas means that people can work, learn and access entertainment pretty much anywhere and at any time. As a result, developments have to be both attractive and flexible if they are to still be relevant in 100 years.

“The most fundamental reason you’re seeing this trend is because it’s what people want,”

Marine Gateway, a mixed-use regeneration scheme in Vancouver

says Tom Carroll, director of EMEA and UK corporate occupier research at JLL. “We’ve done a survey of 7,500 office users globally and these are exactly the sorts of things that people want more of: more flexible space, more community and shared space, and more high-quality food and beverage provision.”

Bennetts Associates’ Erridge agrees that social space is now a key differentiator, no matter the type of development.

“Buildings have to be good enough to bring people together,” he says, referencing the practice’s recently opened Storyhouse project in Chester, which combines a cinema, theatre and library. “It’s a place where people go to work or socialise, or go to an event or pick up a book. It’s about multiple uses and getting people with different ideas together. It’s an interesting change from the way it was a few years ago.”

Chris Wieszczycki, principal director at architects tp bennett, adds that, while flexible space is important, developments still require a coherent purpose: “There will be multiple uses, but there will also be a central

MIPIM PREVIEW • 58 • February 2018

purpose and vision that drives the design. It’s not just flexible space, long structural spans or generous floor-to-ceiling heights — it’s a real sense of place and a variety of happily co-existing uses.”

Chris Wieszczycki:

“There will be multiple uses, but also a central purpose and vision” The irony is that, in a world where digital connectivity makes it possible to work, learn, shop and socialise from a single space in front of a laptop, it is developments that concentrate on maximising interaction that are proving the most successful.

Perhaps that should not be so surprising. Human beings are, after all, social animals.

CONFERENCES & EVENTS AT MIPIM

Leisure in the city: standing out from the crowd 14 March 2018 16:30 - 17:15 Market trends Room, Palais 3 Mixed use: the art of sharing 15 March 2018 16:30 - 17:15 Market trends Room, Palais 3

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Mapping World Urbanity: ADORA SVITAK

MIPIM 2018 will feature a keynote speaker with a difference — US writer, speaker and advocate Adora Svitak.

Liz Morrell caught up with the 20-year-old former child prodigy to find out what the global real estate community can learn from the creativity, vision and optimism of young people

Adora Svitak

‘Younger generations look for social good, awareness and adaptability’

A

DORA Svitak has already fitted a great deal into her short life. Born in 1997, she is already a successful writer, public speaker and activist. In 2010, just as she was entering her teenage years, she delivered a TED talk entitled What Adults Can Learn From Kids, which has since received almost 5 million views on TED.com. She has gone on to address numerous audiences around the world.

This March, Svitak will take to the stage as a keynote speaker during the opening ceremony of MIPIM 2018. She will tell the audience of global real estate professionals what young people want from their cities, and share her vision of the future

of those cities in 2030 and 2050.

“Housing is such an important topic of conversation among my generation, particularly as we think about issues like affordability, diversity and what we want our cities to look like,” she says.

“It’s not an exaggeration to say that real estate has the power to shape society and, as such, I think that it’s a vital area for young adults to think about.”

But old ideas of where to live, work and play need to change to be relevant to future generations, Svitak says: “Increasingly, the people I know are looking for better alternatives to the conventional spaces of our predecessors — not too many of my friends fantasise about the suburban house with the white picket fence. Entire Instagram

accounts with tens of thousands of followers exist to promote decidedly unconventional styles of living, like the recent craze for living out of one’s camper van. There’s an idea that living and working space can be a kind of statement, and I think that leaders in the industry need to think about this as they try to appeal to younger generations.”

Svitak believes spaces should be designed not only creatively, but to allow creativity to flourish: “I have a friend who described spending her childhood in a downtown loft apartment. Her dad would just throw a piece of paper down on the concrete [floor] and give her crayons to draw with. The lack of carpet that could be stained or walls that could be ruined meant that

MIPIM PREVIEW • 61 • February 2018

she could go wild. I think back on this anecdote as a powerful example of how the spaces around us shape us and our ability to give ourselves the permission to be creative. With this in mind, it’s crucial to not only design cities in a creative way, but to design cities that let people be creative. Public parks are a great example of such spaces.”

Adora Svitak:

“It’s crucial to not only design cities in a creative way, but to design cities that let people be creative”

Mapping World Urbanity: ADORA SVITAK building she has only seen on a TV series: “I recently finished both seasons of the show The Crown on Netflix, so I suppose at the moment it’s Buckingham Palace — mostly for the secret passageways.”

Svitak’s perfect location would be a mix of open space, accessibility and acceptability. “My dream city would have excellent public transit; a density of cultural activities and work opportunities; affordable housing; no geographic segregation by socio-economic status, as is the case in a lot of American cities that explicitly have ‘bad sides of town’; good sidewalks and bike lanes; and parks and public art, like Seattle’s Olympic Sculpture Park.”

But real estate isn’t just about perfect spaces and Svitak says she will use her MIPIM address to call on the industry to do more to support social good: “Walk into any supermarket and you’ll see myriad goods with some kind of connection to social good — a chocolate bar donating to organisations helping endangered animals, a food company that runs tutorials teaching kids how to cook healthy, and so on. I think the consciousness about social good pervading the private sector is a positive change that has

been catalysed, quite often, by young people, who not only refuse to look the other way when injustice happens, but also ask for more from their favourite companies and brands. This is something I think the real estate market can learn from.”

Adora Svitak:

“I think the consciousness about social good pervading the private sector is a positive change that has been catalysed by young people” She also believes the industry can help youngsters to have more of a social impact themselves. “Younger generations look for social good, awareness and adaptability,” she says. “It would be great to see leaders in the real estate industry give young people the tools to engage in public advocacy. For example, the lack of housing in the San Francisco Bay Area is a huge

© NicolasMcComber / iStock Unreleased / Getty Images Plus

Svitak cites two cities as being among her favourites: her home city of Seattle and Berkeley, where she now studies. “The Seattle library system is one of the best in the world, and Seattle is widely renowned for being one of the most literate cities in the US,” she adds. “Now that I go to school in California, I’m also a big fan of Berkeley. It balances the feeling of city and countryside very well. You can go from bustling Telegraph Avenue with its street vendors and quirky shops to the streets in the Berkeley hills to the north, where the only noise is you and wind-chimes and rustling leaves.

And the trees that line the street bend slightly inward, so it feels like you’re walking under this long arch of branches stretching out to greet you.”

When it comes to specific buildings, she says the Hearst Gym on the Berkeley campus, designed by architects Julia Morgan and Bernard Maybeck, is her second favourite building. “I have the fondest memories of swimming laps in its marble-lined pool and enjoying the view of blue skies and the campus clock tower and Grecian-style reliefs,” she says.

So what’s top of her best-building list? Perhaps surprisingly, her current favourite is a

MIPIM PREVIEW • 62 • February 2018

issue right now, but one that many people in my generation feel somewhat unequipped to respond to. If housing developers allied with youth by building awareness and developing toolkits, etc, this could potentially become an area of collaboration.”

She adds: “As far as adaptability goes, I think that leaders in real estate — as in any industry — should hold listening sessions with some of the youngest members of their organisations in order to gain a sense of how they can change to be more responsive.”

Svitak’s opening address, which will provide relevant, research-backed insights into millennials and generation Z, will be followed by a 10-minute Q&A session. She will also moderate the Thinkers & Leaders: Writing New Urban Rules panel on March, 13.

CONFERENCES & EVENTS AT MIPIM Opening ceremony Urbanity: new rules for new cities 13 March 2018 14:00 - 15:00 Grand Auditorium, Palais 1 Thinkers & leaders Writing new urban rules 13 March 2018 15:00 - 16:00 Grand Auditorium, Palais 1

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HOT TOPICS: PROPTECH

Smartly P does it The real estate market is ripe for disruption as old ways of doing business are replaced by new. From how properties are viewed and marketed to how they are financed, technology is having a major influence on the industry. And, writes Liz Morrell, there’s more to come

ROPTECH — or property technology — has been a major focus at MIPIM for the past two years and will continue to be so in 2018. “The real estate market is experiencing some massive forces and is rapidly changing,” says Bob Courteau, CEO of Altus Group. He adds that the trend towards globalisation means that the competition is now more intense than ever.

Big opportunities exist around making more of data in the commercial real estate (CRE) industry. “Historically, CRE has lagged other industries in big data and analytics spending,” Courteau says, citing CRE’s investment of around $1.9bn, compared to a $19bn spend by the banking and financial-services sector. “That’s a huge gap,

MIPIM PREVIEW • 64 • February 2018

suggesting there still remain data silos and unconnected processes tied to the forecasting, benchmarking, budgeting, reporting, scenario analysis and valuation functions,” he adds.

Fabian Hellbusch, head of real estate marketing at Union Investment, says the opportunities are huge: “Union Investment is driving forward digitisation across various areas, including automating business processes, digital real estate valuation, virtual reality [VR] and smart analytics. External data sources offer many different options for carrying out sentiment analysis. Properties with heavy footfall, for example, such as shopping centres and hotels, attract a host of comments and ratings from the public, thus creating a picture of the prevailing mood towards individual properties. This data can be collated and analysed.”

HOT TOPICS: PROPTECH

Matterport’s 3D and VR tours address the increasing demands of the consumer

But while there are plenty of disruptive technologies emerging, real estate is not proving easy to disrupt. “The real estate market, particularly in the commercial sector, has always been a late adopter in terms of taking on new technology,” says Shaun Simons, director and co-head of city fringe at Colliers International. “However, in this day and age, it’s essential for the sector to modernise and stay relevant,” he adds.

Simon’s views are supported

by The Altus Group CRE Innovation Report, published in November, which suggests that CRE industry leaders are divided about the potential of new technology to drive industry-wide change.

The report surveyed more than 400 CRE executives globally, but found that only a minority of respondents thought that technology had the potential for major disruptive impact. “A high proportion of executives do not fully recognise the potential of some of the new technologies to have game-changing effects on the industry. They

don’t see the potential or the threat,” Courteau says.

He believes that part of the problem is that the CRE industry is still too focused on ROI and not enough on R&D: “The deal on your desk will always be there, but I think it’s imperative that firms look ahead five years and accelerate their investment in advanced technologies and applications, many of which have the potential to completely rewrite the rules of the game.”

Bob Courteau:

“It’s imperative that firms accelerate their investment in advanced technologies and applications, many of which have the potential to completely rewrite the rules of the game”

So what will change? Automation will be key, with more than half of those surveyed by Altus Group indicating that many major CRE processes and workflows could be mostly or completely automated. “With price pressure and yield compression, the need to operate efficiently has also increased,” Courteau says. “This means that being able to scrutinise your portfolio to find the best opportunities to maximise value is key. Investment in and adoption of proptech can allow firms to better analyse risk, standardise data, and provide insight and visibili-

Altus Group’s Bob Courteau

MIPIM PREVIEW • 65 • February 2018

ty into their portfolio on a global basis, giving them the ability to maximise returns.”

Colliers’ Simons believes that 2017 has been a turning point for proptech, with many agencies, landlords and developers now accepting that they need to embrace technology and follow the lead of other early adopters, such as banking and e-commerce. “We have seen industries revolutionise with technology-based platforms and the same changes are afoot for the property sector,” he says.

“Last year saw the launch of a number of commercial property portals allowing tenants to view

HOT TOPICS: PROPTECH availability online. We have also seen huge changes in how large landlords manage their estates through technological platforms.”

Colliers is one company to have adopted such a portal and enjoyed success from it. “During 2017, our agency has completed a number of deals with leads that came from the portal, which in itself completely ratifies the need for agencies to embrace this offer,” Simons says.

Technology-based systems for archaic processes such as rates and land-registry information would also be useful, he adds.

The visualisation of buildings and real estate is also changing thanks to a combination of real-time 3D and cloud computing, which Jean-Maxime Gil, co-founder and CEO of REALiz3D, says will be key in the digital transformation of real estate in the coming years.

“People will no longer design or buy a building or apartment based on a 2D plan and a couple of 3D images,” he says. His technology

allows users to effectively walk through a building, as well as allowing for the customisation and fine-turning of the design of a building.

At Matterport, the company’s 3D and VR tours provide similar benefits to the sales and leasing process, and as well as responding to the changing needs and demands of the consumer, according to the company’s EMEA director, James Morris-Manuel. “Consumers are constantly demanding better and faster access to information and, if businesses can’t provide that, then their customers will look elsewhere. That’s where and when disruption happens — you only need to look as far as Uber or Airbnb to see the way this can take hold,” he says.

The Built-ID platform makes it faster and easier to collaborate on project inspiration and connect with teams behind projects. Next year, the company will be launching new technology including augmented-reality (AR) and im-

OFF TO THE BEST START MIPIM 2018 will witness the final round of the MIPIM Startup Competition, organised in partnership with MetaProp NYC. Preliminary rounds have already taken place at the MIPIM Proptech Summit in New York, at the MIPIM Asia Summit in Hong Kong and at MIPIM UK in London. Just nine startups are left in the competition and they will all have the chance to pitch to MIPIM’s jury of experts in a bid to be crowned the top proptech startup of the year.

THE SHORTLISTED BUSINESSES ARE: From New York: acasa ………………………………………………… www.helloacasa.com PlanRadar …………………………………… www.planradar.com RealAtom …………………………………… realatom.com From London: Disruptive Technologies…… www.disruptive-technologies.com Grid Edge …………………………………… www.gridedge.co.uk Physee …………………………………………… www.physee.eu From Hong Kong: SnapFlat ………………………………………… www.snapflat.hk WorkWell……………………………………… www.workwell.io WeMaintain ……………………………… www.wemaintain.io

Built-ID’s Savannah de Savary

age-recognition software. “We are entering a really exciting period in the digital transformation of the property sector, with a lot of tangible examples of companies integrating and using software solutions,” says Built-ID founder and CEO Savannah de Savary.

Savannah de Savary:

“We are entering a really exciting period in the digital transformation of the property sector, with a lot of tangible examples of companies integrating and using software solutions” With such change already happening, the industry needs to react quickly. “These technologies are absolutely creating competitive advantage for the operators and investors who embrace them,” Courteau says. “To succeed, firms need to embrace start-up technology companies, meet with new innovators in the market, and listen to and better train their internal staff.”

And resistance is futile, according to Colliers’ Simons: “As an agent in the industry, I know my sec-

MIPIM PREVIEW • 66 • February 2018

tor is worried about the change.

However, the change is coming, whether we like it or not, so we have to be supporters, or we will fast become hugely irrelevant.”

If change is not embraced, others will win, according to Matterport’s Morris-Manuel. “If the industry closes ranks and turns its back on tech, then it will find that disruptors will spring up and use the solutions and data available,” he cautions.

Ryan Masiello, co-founder and chief revenue officer of VTS, believes acceptance of change is improving: “The benefits of proptech are becoming apparent and therefore real, from increases in net effective rents to accelerated leasing cycles to more streamlined communication across teams. As a result, we’re seeing a growing openness from the industry’s largest players, who have long experienced the pain points caused by broken systems, but who were sceptical of the new generation of players claiming to solve them.”

CONFERENCES & EVENTS AT MIPIM Startup Competition 14 March 2018 Main room, Palais 3

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HOT TOPICS: CHINA’S OBOR PROJECT

One belt, one road, one world China is on track to create the world’s biggest economic and trading platform through an ambitious plan to reinvent the historic Silk Road. Helen Roxburgh looks at the opportunities presented by the $8 trillion Belt and Road initiative, which aims to reposition China at the centre of world trade

I

T IS not easy to categorise the Belt and Road initiative, also known as the One Belt, One Road (OBOR) project. It is a vast, grandiose infrastructure plan that spreads across more than 65 countries and involves a network of railways, roads, pipelines and infrastructure to link together China with Central, West and South Asia, and across into Europe. The project comprises more than physical connections: it aims to create the

MIPIM PREVIEW • 68 • February 2018

world’s largest platform for economic co-operation and trade.

While it is, at its heart, an infrastructure plan led by the Chinese government and featuring Chinese developers and investors, OBOR has ambitions far beyond China’s borders and implications for a broad range of real estate markets across the world.

“We see there could be really transformative change in frontier markets,” says Adam Rush, regional director, consulting, at

HOT TOPICS: CHINA’S OBOR PROJECT tion developments at the beginning, before activities filter through to other business sectors,” says Harry Tan, head of research, Asia Pacific, at TH Real Estate. “Local real estate markets will benefit from the increase in land prices from such projects, as well as from some of the mega-trends we are seeing across the regions involved in the initiative, such as massive urbanisation.”

Harry Tan:

“Local real estate markets will benefit from the increase in land prices, as well as from some of the mega-trends we are seeing across the regions involved in the initiative, such as massive urbanisation”

Cushman & Wakefield Greater China. “In places like Singapore and Kuala Lumpur, where Chinese players and other international groups are already active, this initiative just adds to what’s already in the market. But in cities like Dar es Salaam in Tanzania or Lahore in Pakistan, the Chinese are really the only international investors present, and those markets are really going to be the ones that see dramatic change.”

A number of huge projects are under way, including a train connection between eastern China and Iran, new rail links with Laos and Thailand, and high-speed rail projects in Indonesia. More than 200 enterprises have signed co-operation agreements for projects along OBOR’s routes.

“The real estate markets of the economies and cities along the One Belt, One Road initiative will certainly benefit from [the] infrastructure and transporta-

The logistics sector across Asia has been one of the earliest to be impacted, largely due to warehousing built around ports where China has entered into infrastructure and financing projects. The effects can already be seen in Pakistan, Myanmar and Sri Lanka, where a 6,000 ha special industrial zone is being built next to Colombo port. The OBOR project involves spending as much as $1.2 trillion on railways, roads, ports and power grids over the next decade, according to Morgan Stanley.

Meanwhile, figures compiled by Grisons Peak, a London-based investment bank, show that total acquisitions by Chinese groups of logistics companies more than doubled to $32.2bn in the first 11 months of 2017,

MIPIM PREVIEW • 69 • February 2018

up from $12.9bn in the whole of 2016. The bank said that the geographical distribution of these logistics acquisitions corresponded clearly with the area covered by China’s OBOR initiative. A recent significant deal in a Belt and Road country was a Chinese consortium’s $11.6bn buyout of Singapore-based Global Logistics Properties, plus HNA Group’s $1bn acquisition of logistics company CWT, which has not yet closed.

After logistics, hotels and tourism-related property markets are set to see demand, especially as new trains link previously disconnected areas of continents.

Hungary recently announced that Chinese tourists would be visa-exempt as part of OBOR negotiations that see China financing a high-speed rail link between Hungary and Serbia. This, in turn, has fuelled the popularity of the Balkan peninsula as a destination for Chinese tourists.

“I could see tourism-related real estate would be another industry that will grow under OBOR, after logistics,” says Frank Fa, director of CBRE Investment Advisory Services, China. “This could be hotels, maybe duty-free shops, plus I would expect some amusement parks — not just for Chinese tourists, but also to meet demand from local people who need some of these facilities.”

Urbanisation will also play a huge role in the success of OBOR. Jakarta and Kuala Lumpur are expected to grow by 4% to 6% per annum, while Manila, Ho Chi Minh and Hanoi are projected to grow by 6% to 8% annually.

Of the 68 nations that China lists as partners in its Belt and Road initiative, the sovereign debt of 27 are rated as junk, or below investment grade, by the top three international rating firms. Another 14, including Afghanistan, Iran and Syria, are not rated.

HOT TOPICS: CHINA’S OBOR PROJECT “The direct real estate impact has been in cities that are quite a long way up the risk curve,” says Jeremy Kelly, director of global research at JLL. “One of the best examples is Nairobi in Kenya, which is benefiting from infrastructure investment from the point of view that there is now a proper link between Nairobi and the coast, and that Chinese contractors are deeply involved in the construction of Nairobi’s skyline, including Africa’s tallest skyscraper. So in terms of direct impact, it’s in locations that are not traditionally on the radar of most international real estate players.”

Although China has openly declared its intention to work with international investors through the OBOR initiative, many have been wary. “The institutional investors are going to want to see government investment frameworks in place first,” Rush adds.

“The fact that a lot of Belt and Road countries still have a lot of concerns around their regulatory environment and political risk, plus the fact that there isn’t

a legal framework set up around inter-border investments in some of those markets, is really slowing the uptake from foreign institutional investors.”

“Most countries are still at the stage of needing infrastructure improvement, and most projects are between the home country and a Chinese company,” CBRE’s Fa agrees. “It’s not really at investment grade yet, and that’s why it hasn’t attracted institutional investment from developed countries.”

Some fear the project may have an over-reliance on Chinese spearheading, which could then fall through and leave half-completed projects should China’s economy crash, or if there is a dramatic reversal of government policy.

Meanwhile, some markets outside of OBOR may feel the chill of being outside China’s focus of investment. As Beijing cracks down on China’s acquisitive conglomerates to restrict capital outflows, it is directing that cash towards OBOR projects and away from global cities, such as London and

Chinese contractors are deeply involved in Nairobi’s skyline in Kenya

New York, which have seen huge investment in recent years.

“There will be an emphasis from China on those OBOR locations where the benefits are with regards to commodities and the economy,” Kelly says. “But some of the schemes do seem quite ambitious and at quite a high

risk of not materialising. The big gateway cities are big enough to deal with the ebb and flow of Chinese capital, which might have a short-term effect. But the biggest risks are those cities that are becoming increasingly dependent on China’s influence and capital.”

Jeremy Kelly:

“Some of the schemes seem quite ambitious and at quite a high risk of not materialising.

The biggest risks are those cities that are becoming increasingly dependent on China’s influence and capital” CONFERENCES & EVENTS AT MIPIM

One Belt, One Road (OBOR): the China initiative 14 March 2018 10:00 - 10:45 Market trends Room, Palais 3 An OBOR train, part of a vision that aims to create the world’s largest platform for co-operation and trade

MIPIM PREVIEW • 70 • February 2018

Asia’s cities: the next 100 14 March 2018 14:00 - 14:45 World Trends room, Palais 3

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HOT TOPICS: SUB-SAHARAN AFRICA

It’s time to invest

The emerging smart city of Eko Atlantic in Nigeria

Sub-Saharan Africa is becoming an established destination for global investors, attracted by the prospect of sustained economic growth and rapid urbanisation. But there are challenges as well as opportunities, says Anika Michalowska

I

N RECENT years, most Sub-Saharan African countries have suffered from currency pressures, high inflation rates, an overall decline in economic activity — especially in those countries dependent on energy and commodity prices — and a lack of political stability. Added to this, there have been a number of additional barriers specific to

real estate investment, notably the high cost of land, poor infrastructure, the cost of debt, comparatively low yields, the cost and time involved in developing projects, and difficulties in valuation and capital repatriation. On top of all that, the African continent is not homogeneous. It consists of 54 countries with very different levels of economic and social maturity, all

of which must be approached on an individual basis.

Despite these negatives and challenges, there are sound opportunities, driven by ever-growing demand. “Sub-Saharan Africa is coming out of a cycle and it is time to think about investing more in real estate there,” says Tom Mundy, head of JLL’s Sub-Saharan Africa research and strategy group.

MIPIM PREVIEW • 73 • February 2018

Tom Mundy:

“Sub-Saharan Africa is coming out of a cycle and it is time to think about investing more in real estate there” And Jean-Michel Huet, partner in charge of the African team at BearingPoint, adds: “East Africa, especially Kenya, Rwanda and the West Coast, including Ghana and Senegal, are showing more mature economics. Some countries, such as the Ivory

HOT TOPICS: SUB-SAHARAN AFRICA Coast, even though it will take 15 years for them to become extremely interesting markets, are worth being looked at right now.

Others, including Nigeria and Gabon, are more jackpot countries. It all depends on the risk investors are willing to take.”

One point is certain, however: whatever your risk profile, the more diversified your African portfolio in terms of countries and real estate assets, the better.

The advice to those contemplating investing in Africa is to take a long-term view. A look at the demographics gives a sense of the future opportunities. In 25 years’ time, the African population — already standing at one billion inhabitants — will have doubled to two billion, while the number of people living in urban areas (400 million today, or 40% of the population) will have jumped to 1.2 billion, or 65% of the total population. While Africa is today the second-fastest urbanising region in the world behind Asia, tomorrow it will be on top.

At the same time, the middle-class population will have risen from 300 million today to 600 million, possibly even 900 million, over the same time frame. The consequences of this shift will be dramatic, driving new demand for housing, schools, hospitals, universities, student housing and airports.

Across Sub-Saharan Africa, smart cities are springing up, often developed via public-private partnerships. These are serving as an engine for economic development and helping to answer the challenges of rapid urbanisation.

Five such cities are already in development: Konza Techno City — dubbed Silicon Savannah — located 60 km outside of Nairobi, Kenya; Eko Atlan-

tic in Lagos, Nigeria, which is expected to house 250,000 inhabitants on land reclaimed from the sea; Hope City and King City in Ghana; and Vision City in Kigali, Rwanda.

Demand for modern retail is part of the new middle-class African lifestyle. In contrast with South Africa, which has 23 million sq m of shopping-centre floorspace, West and Central Africa have a low shopping-centre density, with just 6.4 million sq m. But with more than 200 shopping centres planned in Sub-Sahara Africa by 2020, according to Sagaci Research, retail is becoming the most dynamic real estate sector.

Sagaci logs 27 malls under development in Nigeria, 20 in Kenya and 13 in Angola. “Kenya, Mozambique and Ghana have already attracted retail investors, but well targeted opportunities still exist. On the other hand, the Democratic Republic of Congo is more complicated,” says Sagaci Research partner and managing director Julien Garcier. He lists the most promising destinations for developers as Nigeria, Cameroon, Tanzania, Ivory Coast, Kenya, Mozambique and Ghana, and the best markets for brands as Nigeria, Tanzania, Ivory Coast, Kenya, Mozambique and Ghana.

Julien Garcier:

“Kenya, Mozambique and Ghana have already attracted retail investors, but well targeted opportunities still exist”

BearingPoint’s Jean-Michel Huet

Among the most active retail investors and developers is CFAO Retail, which has Carrefour as its anchor. Carrefour and CFAO Retail opened a 29,000 sq m shopping centre in Abidjan, the Ivory Coast, in 2017. CFAO Retail now plans close to 100 new openings in the coming years.

Grit Real Estate Income Group is a property-income fund focusing on African real estate assets (excluding South Africa). The operation has one objective: to become the leading commercial real estate owner on the African continent within the next five years. With its focus on income-producing assets across the retail, offices, hospitality and industrial sectors, it has already committed funds to Kenya, Mozambique, Morocco, Mauritius and Zambia.

Other active developers include Actis from the UK and various South African players. Some markets, such as Kenya, also have well established domestic developers.

Tourism has become key to development in Sub-Saharan Africa. According to World Tourism: Africa, the region will see 134 million international arrivals by 2030, up from 58 million in 2016. As a result, the hospitality sector is well on the road to maturity, according to JLL, whose latest report on hotel real estate in Sub-Sahara Africa notes: “Long-term demand fundamentals are strong. Those who do their

MIPIM PREVIEW • 74 • February 2018

homework will see better investment returns than other real estate asset classes.”

Total global turnover in hotel real estate is expected to reach $80bn by 2020, up from $60bn in 2016/2017.

In another report, JLL highlights major opportunities in Africa for warehouse and logistics space, which is currently under pressure from the rapid march of e-commerce and the growth of major logistics clusters. JLL estimates that demand for prime industrial space in 11 prominent African industrial nodes over the next decade will be five million sq m. The most promising demand and growth dynamics can be found in East Africa — mainly in Ethiopia but also in Kenya and Tanzania — and the Ivory Coast. One example is the Tatu Industrial Park near Nairobi, Kenya, developed by Rendeavour. Once complete, it will consist of residential, commercial, industrial, warehouse, logistics and hospitality space.

Research by CBRE and DLA Piper in 2017 sums up the new optimism surrounding Africa.

“There is interest in African markets from a variety of investor types and origins,” the real estate consultants and lawyers conclude. “Product quality is improving across all sectors due to the growing influence of international occupiers and developers. Transparency and ease of doing business are improving in some countries, and the high yields available — up to 15% in some places — appear to offer good value, even against a background of high vacancy levels. and soft or falling rents.”

CONFERENCES & EVENTS AT MIPIM Africa: the urbanisation effect 15 March 2018 14:00 - 14:45 World Trends room, Palais 3 Africa: key success factors 15 March 2018 15:15 - 16:00 World Trends room, Palais 3

MARKETS: OFFICES

Smarter, brighter and nicer

KPF’s One Vanderbilt, New York

Younger generations arriving in the workplace with different requirements and expectations have combined with technological advances to bring about a revolution in the way office space is used.

Mark Faithfull looks at how property owners are reacting to the changing demands

E

UROPE’s work spaces are changing dramatically, driven by the changing expectations of a millennial workforce as likely to be turned on by flexible work practices, and social and leisure facilities as by traditional metrics. At the same time, occupiers’ real estate priorities are increasingly focused on introducing efficiency gains and enhancing workplace strategies in a quest to make space work smarter.

MIPIM PREVIEW • 75 • February 2018

According to the latest CBRE European Occupier Survey, 64% of companies cited economic uncertainty as a major challenge to their future operations. The desire for collaboration between customers, colleagues and co-workers is still the top driver of workplace strategy, cited by 65% of occupiers. Half view technology as a component of successful flexible working strategy and 70% had sought to reduce costs over the past year through efficiency.

MARKETS: OFFICES Richard Holberton, senior director, EMEA research, at CBRE, observes that transformation in workplaces across Europe is “quite uneven”, but stresses that the trends are far from confined to SMEs and tech companies. Corporates, he says, are looking to realign their real estate requirements, while ensuring that the buildings meet the requirements of their employees. “To fulfil those needs, we are seeing developers, landlords and occupiers working in partnership, looking to create the right offers for modern office needs,” he adds.

James Pearson, EMEA research analyst at CBRE, says: “These changes have come about first of all because commercial real estate is being influenced by the flexibility we have seen in sectors such as retail and logistics.” He adds that technology’s ability to mobilise the workforce and provide data is helping to give occupiers “a much greater feel for their building needs and the well-being of their staff.”

James Pearson:

“Commercial real estate is being influenced by the flexibility we have seen in sectors such as retail and logistics” Despina Katsikakis, Cushman & Wakefield’s recently appointed head of occupier business performance, believes that three key changes are evident. First, while global corporates have been very focused on flexibility and agility, corporate culture is now much more open. Second, innovation means that almost all companies see themselves as technology companies that happen to serve a specific sector.

That means they are all chasing the same talent pool. And third, that talent is demanding a workplace with authentic company engagement.

Katsikakis feels that, “with peo-

HubHub, Bratislava, one of HB Reavis’ serviced-office projects

New York’s changing skyline

ple representing 85%-90% of operational costs,” many employers have spent too much time focusing on the 10% of building costs, sometimes making cuts that negatively impact upon staff performance. “We’re seeing much more attention on the Well Building Standard [an international rating system focused on human health and well-being in the built environment],” she says. “A great office should promote efficiency, effectiveness and engagement.

There is real business sense behind this — we’re not talking about a nice-to-have.”

est market globally, with over 1,000 serviced and co-working centres.

Evidence of this shifting set of priorities is leading to a number of new initiatives across Europe. Last year, HB Reavis launched HubHub, which consists of fully serviced, flexible shared office space for start-ups and medium-sized businesses.

HB Reavis plans to introduce HubHub into all its existing locations, including London, giving companies the option of inhabiting larger, more social shared areas or selecting from a range of discrete, quiet offices.

Over the past decade, the global flexible office market has been growing at an average of 13% per annum, according to CBRE. Growth rates in EMEA (excluding the UK) and APAC have averaged around 20% per annum, while the more mature and larger markets of the UK and the US have seen an average annual growth of 10% over the same period. Key European cities, including Berlin, Paris and London, have all seen strong yearon-year growth. However, London is by far the larg-

To date, HubHub has over 3,100 sq m of co-working space up and running, including grade-A offices in Warsaw and Bratislava. The plan is to push growth in the CEE, with additional space planned for Bratislava, Prague and Budapest this year. HB Reavis also wants to bring together the various tech start-up scenes to create Central Europe’s own version of Silicon Valley. An initial co-working site in London is already in the planning stages, while a larger space in one of HB Reavis’ London developments is also in the pipeline.

MIPIM PREVIEW • 76 • February 2018

MARKETS: OFFICES

OFFICES OF THE FUTURE? RESEARCH by Skanska and the Infuture hatalska foresight institute into working practices up until 2050 identified a number of key parameters for future office buildings: For the people, by the people: Offices will be characterised by greater openness to accommodate the age, sex, experience and needs of workers. The local community will be increasingly involved, making use of the space after working hours.

In symbiosis with nature: All buildings will be green and make extensive use of solutions based on green infrastructure, such as terraces, roofs and facades covered with vegetation.

Independent and self-sufficient: Each building will become an autonomous unit,

Meanwhile, Bouygues Immobilier, the real estate development subsidiary of Bouygues Group, and AccorHotels have created a 50:50 joint venture to accelerate the growth of Nextdoor in France and Europe.

Nextdoor was created by Bouygues Immobilier in December 2014 to fulfil the evolving requirements of businesses, including increased flexibility and digitalisation, a better quality of working life, greater professional mobility and the pursuit of new collaborations.

The workspaces rolled out by Nextdoor provide a wide selec-

able to operate independently. Buildings will generate 100% of their own energy demand, protecting their operations from disruption as a result of external events.

Adaptability and flexibility: Flexible and not completely defined, office buildings will adapt to their users, both in terms of their shape and functionality, based on advanced technologies.

Invisible architecture: Buildings will become invisible for city inhabitants, blending with their surroundings and using technology to ‘disappear’ from skylines.

tion of services aimed at facilitating networking, and allowing 24/7 accessibility. By the end of 2017, Nextdoor had expanded to eight sites in France and had more than 4,000 clients. Together, the two groups aim to create 80 Nextdoor workspaces by 2022.

Tom Carroll, JLL’s director of corporate occupier research, EMEA and UK, adds: “The workforce and work are changing and staff are very keen to embrace well-being in their offices. The office market remains very active, but real estate is being re-evaluated in terms of

The Porter Building won Well Building accreditation

size, location and technology.

Occupiers are very focused on the talent pool and the changing nature of what the office is and where it’s located.”

But signature office space also continues to define new areas of established cities. One such example is set to become the tallest office tower in Midtown, New York. One Vanderbilt is being designed by architect KPF to help in the transformation of the Grand Central district, joining the Chrysler Building and the Empire State Building as one of three landmark towers defining the city’s skyline. The base of the building will become part of the ‘spatial sequence’ of Grand Central and a gateway to the city, greeting thousands of rail commuters every day via an integrated complex of connections to the terminal, the new East Side Access and an active urban base.

In the UK, meanwhile, the partnership between Landid and Brockton Capital last year completed the UK’s first offices to achieve certification through the Well Building Standard. Chris Hiatt, Landid director, says of the 120,000 sq ft (11,148 sq m)

MIPIM PREVIEW • 77 • February 2018

office in Slough, called The Porter Building: “If you think well-being is just a fad, think again. That’s what they said about sustainability and now it’s mainstream. In five years, every new office will be seeking Well certification, just as today you can’t build an office without a good BREEAM score.”

Chris Hiatt:

“If you think wellbeing is just a fad, think again.

That’s what they said about sustainability. In five years, every new office will be seeking Well certification” “The quality of buildings is, thanks to live and collected data, becoming quantitative,” Cushman & Wakefield’s Katsikakis adds. “We’re able to measure the impact of air quality and lighting, for example. What we’re seeing with the new generation of offices is the first coming together of commercial real estate and HR.”

CONFERENCES & EVENTS AT MIPIM Occupiers’ summit: Customer-centric solutions for end users 14 March 2018 08:00 - 10:00 Gray d’Albion hotel By invitation only Workspace: the office revolution 14 March 2018 12:30 - 13:15 Market trends Room, Palais 3 Workplace: the human factor 15 March 2018 14:00 - 14:45 Market trends Room, Palais 3

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MARKETS: LOGISTICS

In search of fulfilment

Amazon at Airport City Manchester

Thanks largely to the e-commerce revolution, logistics property requirements are polarising between centralised, regional sites and smaller, lastmile depots in urban locations.

Ben Cooper reports

W

HEN it comes to construction, sometimes the only way is up.

Take the Prologis Georgetown Crossroads project, on the outskirts of Seattle, a city where land is in short supply but the appetite for e-commerce is high. Cue a new arrival on the US property scene: the multi-storey fulfilment facility.

It is an interesting case study for a number of reasons. The multi-storey facility might be a newcomer to the US but, in the densely populated cities of Asia, they have become standard

practice. In Europe, the multi-level warehouse has already arrived, and demand is growing, not least in and around big cities. Cities are growing — by 2030, more than 85% of the population of Europe will live in urban environments — and, with every percentage increase, the pressure to keep those cities moving, and supplied, goes up. More streets, more people, more shops, cars, buildings and homes: as the pace of life increases, the faster it all needs to work.

It is not surprising, then, that among the hottest investment

assets of the past year — and undoubtedly one to watch in 2018 — are the buildings that specialise in the crucial final step of the process. The lastmile facility used to be a less attractive asset class than the major regional distribution hub, but not anymore, says Jack Cox, CBRE’s head of EMEA industrial and logistics and capital markets. “There used to be a really sharp separation between last-mile and central hubs,” he adds. “But as investors have come to understand how symbiotic last-mile distribution is to their national or regional distribution hubs, they have started viewing those assets as the important part of portfolios that they are. A smart investor is looking for a balanced portfolio.

It used to be that 6% to 8% of balanced portfolios were made up of logistics. Now it’s 10%, 15% or even above 20%.

That’s a really big shift.”

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Jack Cox: “It used to

be that 6% to 8% of balanced portfolios were made up of logistics. Now it’s 10%, 15% or even above 20%. That’s a really big shift”

Population growth and urbanisation are key driving factors.

But the biggest cultural shift has been in the world of retailing. The digital revolution has added a whole new layer to the business. Shoppers have never had so many options, e-commerce spend is steadily increasing and, with the vast market potential that still exists, there remains plenty to fight for.

Research from CBRE spells out what this has done to the logistics sector. In its 2018 Europe

MARKETS: LOGISTICS Real Estate Market Outlook report, the agency estimates that a third of all logistics-space takeup in the UK — the continent’s most advanced e-tail market — is down to e-commerce fulfilment.

And in Germany and France, a similar pattern is emerging.

The report also reveals that overall take-up is increasing.

Net absorption went from a steady 10 million sq m per year in Tier 1 locations to 13 million in the first nine months of last year. Put these two together and the power of e-commerce is highlighted even further.

Investors, in turn, are thinking differently about logistics. As an asset class, the sector has grown in both stature and complexity, needing a mix of major regional distribution centres and smaller sites to sort deliveries closer to home.

This, according to Alistair Calvert, CEO of pan-European industrial investor and developer Gramercy Europe, is in no small way down to the rise of the e-commerce giants. “I remember Amazon 15 years ago,” he says. “The way its procurement worked was totally different from today. Within logistics, there are various sub-categories now, but I don’t think the two are substituting each other or are

competing. They need each other — it’s not either or. We want to be at the point where we have 10% to 20% of our portfolio as what people would see as urban logistics. There are a lot more packages being delivered now than there were five years ago.”

Alistair Calvert:

“There are a lot more packages being delivered now than there were five years ago” But while the shift in shopping, and shopper habits, is unassailable, the business case for moving into logistics has been less solid. In Europe, rental growth has been disappointing compared to the US and Asia, which has served to put investors off.

But where the US leads, Calvert points out, Europe usually follows: “The US logistics sector is three to four years ahead of Europe. What was happening three to four years ago in the US you can see happening in Europe today. A big part of this has been the macro-economic situation.

There wasn’t the liquidity in Europe to fund it four years ago.”

He adds: “Europe is a long way behind the logistics development of the US. I still believe that a lot of space has got to be constructed for this market to function properly. We believe demand will continue to increase.”

Vanessa Muscara, associate director of property research at M&G Real Estate, believes rental performance will start to improve. “It will be the logistics sector that recovers next,” she says. “We’ve seen rental growth come through in certain markets already. We think we will see above-average rental growth in the logistics sector.”

In its report, The Opportunity In European Logistics, published in September, M&G Real Estate hails the sector as a “core pillar of economic growth” on the continent. Globally, seven out of the top 10 logistics markets are in Europe. Moreover, Muscara predicts that, with changes to EU legislation around the corner, logistics are set to play an even bigger role: “Changes to EU laws around the digital single market and the end of the practice of geo-blocking will have a big ef-

Prologis at Georgetown Crossroads, Seattle

MIPIM PREVIEW • 80 • February 2018

fect and will make the European online market more competitive. At the moment, only 15% of European shoppers shop across borders. This will go up with the end of geo-blocking.”

As logistics grows, it evolves as well. Investors have come to understand the nuances within logistics space better, as the need to separate operations between regional hubs and urban facilities has become more pronounced.

CBRE’s Cox says that, as logistics becomes more popular and more commonly adopted into wider portfolios, optimisation, specialisation and development will follow. “Multi-storey warehouses will be talked about more, particularly automated warehousing,” he says. “That fits in well with the last-mile operators. We’ll be talking more about multi-faceted solutions to the problems in the business of lastmile delivery. That will be a key theme this year.”

CONFERENCES & EVENTS AT MIPIM Urban logistics: the next challenge for cities 15 March 2018 11:15 - 12:00 Market trends Room, Palais 3 Matchmaking logistics 15 March 2018 12:00 - 12:30 Market trends Room, Palais 3

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MARKETS: HOTELS

Living

with Airbnb

The 1,059-room Hilton London Metropole

The much talked-about Airbnb effect has undoubtedly disrupted the lodging industry.

But it’s not all bad news, writes Chris Bown — hotel operators are finding new ways to offer cost and convenience to consumers, and investors are continuing to show confidence in the sector

H

AVING emerged on the scene as a potentially major disruptive force, Airbnb has now settled into its place in the accommodation hierarchy. What started out as a peer-to-peer website for sharing spare rooms has nevertheless become a significant player, with its impact continuing to grow globally.

So what impact has its arrival had on the travel landscape in general and the hotel sector in particular? While there have been

significant changes, it is fair to say that many hotel groups have reacted innovatively to Airbnb, and most continue to thrive.

And investors continue to show confidence in hotel property, seeing no major change in their expectations of a good return from buildings with beds in.

Agent CBRE noted a 33% increase year-on-year in European hotel investment volumes in the third quarter of 2017, with the year-to-date volume standing at more than €14bn. While interest in UK hotels was boosted by a

weaker currency, yields continue to decrease in Germany, where institutional investors are keenly buying hotel developments off plan. Spain, too, was the focus of much investor action through 2017.

Many investors like hotels, because they are buying into a growth market. International outbound tourist arrivals were up 7% in the first 10 months of 2017, according to the United Nations World Tourism Organization, and continue to grow year on year. In Europe, French

MIPIM PREVIEW • 83 • February 2018

hotels recently enjoyed their strongest month for occupancy since 2008, according to consultants MKG Consulting, with the country expecting visitor numbers to grow to 89 million in 2017. Against this, the loss of some market share to disruptors such as Airbnb is having a less noticeable impact on the hotel sector.

Airbnb’s influence has been felt in a variety of ways. Unbranded hotels in major cities have seen demand fall, as local

MARKETS: HOTELS apartments are rented via Airbnb as rival accommodation.

City authorities have taken steps to control the shortterm rental of apartments, concerned planning rules are being ignored. Moreover, some local communities are being troubled by the influx of visitors. The effect has been significant in several European cities, notably Paris, Barcelona and London.

At the same time, hotel companies have reacted, after realising their initial dismissal of Airbnb as an interesting aside was incorrect. Some have bought into the sharing economy, keen to position their brands as offering a wider range of places in which to stay.

French group AccorHotels, for example, has decided it needs to be active in the shar ing space, buying home-sharing groups Onefinestay, Squarebreak and Travel Keys.

AccorHotels CEO Sebastien Bazin said of the acquisitions: “AccorHotels is developing as

AccorHotels has invested in the Onefinestay home-sharing group

Sebastien Bazin:

“We are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals”

Airbnb is continuing to grow market share in cities like Madrid

MIPIM PREVIEW • 84 • February 2018

the worldwide leader of the serviced-homes market. We are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals.”

Other major hotel groups have also examined their offering, accelerating brand updates and giving new hotels a greater connection with their locations. And serviced-apartment specialist BridgeStreet is now listing Airbnb properties, using Airbnb inventory to fill in the gaps in its own portfolio. BridgeStreet’s view is that it must keep its customers and serve them, even if that means using a third-party product to fulfil demand.

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MARKETS: HOTELS

RDI REIT’s Mike Watters

One group keeping a close eye on the impact of the sharing economy is broker Colliers which, with Hotelschool The Hague, monitors the impact of Airbnb in key city markets. The pair reckon Airbnb grew to take almost 11% of the accommodation market share in Amsterdam in 2016, with 1.66 million overnight stays sold. In London, the 2016 figures were 9% of the market share at 4.62 million nights — an increase of 130% over 2015. And in Berlin, where the authorities have restricted Airbnb’s expansion, the platform still grew its business 68% from 2015-2016, taking an 8.5% market share. The consultants expect further significant market growth.

Also sounding concern is Michael Widmann, managing partner of consultants PKF Hotelexperts. “Many people claim Airbnb is plateauing, but we are not sure yet,” he says. While originally the platform made inroads into city hotels and leisure bookings, “it is becoming more of an issue for business travellers”. “We will see a professionalisation of Airbnb,” Widmann adds, citing areas including transparent tax invoicing, and the wider enforcement of zoning, and health and safety legislation.

The serviced-apartment sector has — in private if not in public — thanked Airbnb for

Hampton by Hilton, Gatwick

its intervention. By opening up the minds of consumers to their accommodation options, the platform has allowed aparthotels and hostels to be seen as valid alternatives to hotels, for consideration alongside Airbnb listings.

Landlord RDI REIT, formerly Redefine International, has 18 hotels in its UK portfolio, all with brands such as Holiday Inn, Travelodge and Hampton by Hilton over the door. “There’s a strong demand for brand and those brands drive occupancy,” says the company’s CEO, Mike Watters. “Our hotels are limited service but, to date, we’ve seen no impact from Airbnb.”

RDI REIT’s associated hotel management company, Redefine BDL, gives the group a close insight into changes in the market. CEO Helder Pereira relishes the challenge presented by disruptors, but says Airbnb is just one of several issues currently being faced by the hotel sector,

alongside the cost of online travel-agent commissions.

“The industry is not known for its innovation,” he adds.

“But brands are realising they have to become more relevant.” Pereira has been supportive of updates, such as the open-lobby concept in IHG’s Holiday Inn family, which Redefine BDL and RDI helped launch in the UK.

Helder Pereira:

“The industry is not known for its innovation, but brands are realising they have to become more relevant” Hoteliers face other pressures, too. Jonathan Langston, co-founder of HotStats, recently noted in a presentation

MIPIM PREVIEW • 86 • February 2018

that European hotels may be riding high in terms of revenues, but they are actually not as profitable as they were a decade ago.

That is, in large part, down to the cost of winning customers.

While more and more consumers go online to find hotel accommodation, many end up booking via online travel agents such as Booking.com and Expedia, which charge significant commissions. While hotel brands have fought back with advertising campaigns encouraging customers to book direct for the best deals, the battle against the innovators is by no means over.

CONFERENCES & EVENTS AT MIPIM

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MARKETS: HEALTHCARE

AXA has invested in retirement villages

The new A old age As the world’s population ages, the requirement for supported living, retirement villages and specialist healthcare facilities is growing exponentially. But is the investment community up to the job, asks John Ryan

T 25%, Europe has the largest percentage of population aged 60 or over and this ratio continues to grow, according to the United Nations. Only North America comes close, with 22% of its population in the 60-plus demographic.

Practically, the demographic time bomb is ticking and getting closer to exploding with every passing year. This equates to a race against time to make provision for burgeoning elderly populations in the shape of care

MIPIM PREVIEW • 89 • February 2018

homes, ‘supported living’ and retirement villages. But can supply meet demand and are investors prepared to put money into a sector where profitable exit strategies may not form part of the model?

The first point to be borne in mind is that, unlike other forms of property investment, there is more to entering this market than putting down money to make more money over a specific period of time.

Andrew Ovey, senior fund manager, healthcare, at investment management firm AXA

MARKETS: HEALTHCARE IM — Real Assets, makes the point: “This isn’t a cash-flow business. This is a people business. It’s less about demand.

It’s really about need.”

Andrew Ovey:

“This isn’t a cashflow business. This is a people business.

It’s less about demand. It’s really about need.”

All of which sounds altruistic and relatively unfamiliar in the hard-nosed business of getting a return on investment. But Ovey says that, although there is a clear need, it is currently far from being met: “We’re chasing a £1.3

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trillion downsizing market.

Our biggest problem is that people don’t really know it’s available because it isn’t really available.” Or put another way, if potential senior customers were aware that there are ways of living in later life beyond the traditional care home, need/demand is already lagging behind supply.

Investors, however, are waking up to the potential of a market where returns, in the shape of long-terms revenues, are almost guaranteed, even if portfolios, once acquired and established, might not be quite as liquid as in other asset classes. Yet this may not be a problem. Tom Morgan, senior director of healthcare advisory at CBRE in the UK, says: “Some investors aren’t modelling on exit. Instead, they’re

looking at 30- to 40-year income.” He adds that the UK has “begun to catch up with the rest of the world as far as investment is concerned.

Investors are learning to underwrite the operational risk in this market — [including] what staff costs and occupancy rates should be”.

Morgan says that the majority of the investment during 2017 has been in care homes for the elderly and supported living. “There has been virtually nothing in the private-hospital sector,” he adds. CBRE’s survey of investor intentions shows that of those entering the market, 50% of the available capital is being deployed in the care-home sector, while the balance is headed to supported living.

And the model for care homes is changing. Ovey cites a Finn-

ish supported living scheme in which long, hospital-like corridors have been replaced by highly personalised rooms where residents can make a space their own. This is, in effect, a halfway house between the ‘old people’s home’ and the retirement villages that are attracting growing amounts of investment capital.

To an extent, this is the outcome of a generational cohort that is rejecting the idea of going into a home, according to Phil Schmid, director of the healthcare investment, alternatives, at JLL: “We’ve got to make sure that we’re matching the demographic.

This is the generation that is looking at what’s out there and saying ‘we don’t want that’. They’re challenging the status quo. It’s the party generation.”

MIPIM.COM

MIPIM PREVIEW • 90 • February 2018

MARKETS: HEALTHCARE Phil Schmid:

the south east and south west of the UK. “This is the This sounds like a lot but, when the scale of the future need is considgeneration that is ered — in the UK alone, the Oflooking at what’s fice of National Statistics predicts that, in the decade from 2016-26, out there and the over-65 age group will grow by more than 20% — it is little more saying, ‘we don’t than a drop in the ocean. want that’. They’re The requirement for supported living and retirement villages challenging the should also be seen in the context of loneliness, according to status quo. It’s the Schmid: “Age UK has a big press party generation” on loneliness at the moment. This is a massive drain on the health This is probably why AXA, for service [in the shape of psychiatinstance, has recently acquired ric care]. The best analogy is that, Retirement Villages Group, the when you buy a car, you are interleading developer and manag- ested in the safety features despite er of retirement villages in the the fact that you never intend to UK. The portfolio of 14 retire- be in a crash. The same is true ment villages gives AXA 1,274 of retirement housing. It’s about purpose-built independent liv- supporting a lifestyle and keeping ing units and 402 care beds in people together.”

013_RM HEALTHCARE_PV_PIM

It is a specialist investment market in urgent need of additional capital, therefore. Schmid adds: “Property investors are focusing on providing what the end user wants.” The question, however, is whether this will be enough to stem the tide or whether this is at best a Canute-like endeavour.

Property advisers Knight Frank noted in December 2017 that investment in providing for seniors would hit £15bn — an 18% rise on 2016. Again, this sounds like a healthy and impressively dynamic market. And for those who are involved, this may well be the case. The real problem is that this remains a sector that appears to have too few operators and that ultra-long-term investments require a very different mindset from more traditional asset classes. James Kingdom, head of alternatives research at JLL, says: “It’s a case of investors wanting

to get in [to the market], but they can’t find the right partners. They can’t buy something that’s up and running and make a profit. There has to be a development part to it as well. It’s not something that’s going to be a quick fix.”

It would appear that the more investors that enter the market, the greater the need. And playing catch-up will be difficult. Ovey sums it up: “Healthcare [for the elderly] is the second largest Ponzi scheme in the western world. You say demand, and that’s one thing.

But this is about need.”

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MARKETS: STUDENT ACCOMMODATION

Flat out I

N HENRY James’ classic novel The Wings Of The Dove, the Edwardian heroine implores: “Please, if possible, no dreadful, no vulgar hotel; but […] some fine old rooms, wholly independent, for a series of months.”

She could easily have been a modern-day undergraduate starting her first term at university.

These days, fine old rooms are in very short supply, which is why the delivery of clean, safe, secure student accommodation has become such big business.

In the UK alone in 2016, there were just over 2.25 million stu-

dents in higher education — that’s the equivalent of the population of Paris and only some 50,000 fewer than the population of Rome. In the US, there are 10 times that number.

So what do students want when looking for places to live during term time? Have external providers become like hotels, supplying undergraduates with something at the Travelodge end of the scale, or post-grads with a quality boutique offering?

Jo Winchester, executive director of residential valuations at CBRE, says: “The student market works in a different way to

Demand for safe, secure student housing continues apace — so much so that demand is far outstripping supply in many key markets. Steve Killick reports the hotel sector, if for no other reasons than the length of time spent in student accommodation and the fact that the decision of where to stay is not taken that often over a lifetime. What customers recognise is brand value — especially as it is often the parents who will be paying.”

According to the UK-based Higher Education Statistics Agency, graduate salaries fell in real terms by 7% between 2010 and 2015. “Students don’t want to get saddled with any more debt than they have to, which is why price and value are so important,” Winchester adds.

AXA invested in Resa Holdings, Madrid

MIPIM PREVIEW • 93 • February 2018

“This is what investors must understand when it comes to funding and delivering new schemes.”

Jo Winchester:

“Students don’t want to get saddled with any more debt than they have to, which is why price and value are so important”

MARKETS: STUDENT ACCOMMODATION This drive for affordability among students has led to a number of recent deals by international investors for big chunks of real estate consisting of clusters of self-contained study bedroom built around communal areas where students can meet, relax and cook. For example, UBS Triton Property Fund paid London’s Imperial College $42.11m for Orient House, a purpose-built student accommodation (PBSA) development in Fulham, West London. At 5,388 sq m, the property is arranged over sevPurpose-built student accomodation, Orient House, in Fulham, West London en floors, offering a number of different accommodation options, including 173 en-suite and directly let the rooms to This agglomeration of stubedrooms in a variety of config- students across London. The dents works in cost terms ured cluster flats and 11 studio acquisition brings UBS Triton’s for both UBS and its tenants. apartments. There are also two portfolio to some 800 beds fol- “With a number of student common areas, in addition to a lowing deals in Durham, New- halls of residence feeling tired castle and Belfast. The agents and out-dated, we can offer student reception.

UBS partner Universal Student were Tudor Toone, Lawson & students accommodation that 017_RM NEWS ADVERTISE_PV_PIM is safe, modern and has its Living will manage the building Partners and Knight Frank.

own front door,” says Howard Meaney, head of global real estate, UK, at UBS. “Their parents like the cleanliness and safety of the premises, the students love the quality of the wi-fi, and we have a flexible and adaptable amenity.”

That amenity also bucks the cyclical trends that affect traditional property investment outlets such as retail, office and industrial space — a point that is of particular interest in view of the current commercial uncertainty over Brexit.

Big deals are not confined to UK, of course — although it is not coincidental that the two leading providers of PBSA are both English-speaking, which remains the language of international business and is attractive to overseas’ students looking to improve their language skills.

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The only official onsite publication, available in the Palais and delivered to hotels in Cannes and the surrounding area

Optimise your presence and make sure your company is the one delegates remember

Maximise your visibility before, during and after the event

Contact mylene.billon@reedmidem.com for an advertising strategy that meets your needs

MIPIM PREVIEW • 94 • February 2018

MARKETS: STUDENT ACCOMMODATION Three schools in Chicago — Columbia College, DePaul University and Roosevelt University — have conducted a $201m simultaneous sale-and-leaseback deal with the sale of University Center to a joint venture between Chicago-based Blue Vista Capital Management and AXA Investment Managers – Real Assets of Paris. The building, which provides 1,729 beds over 18 storeys, demonstrates just how much the PBSA market has matured over the last 10 years.

Where once smaller, privately owned properties dominated, now international investors are looking for PBSA opportunities, particularly in cities likely to attract international students, who pay more for their education and accommodation.

Amal del Monaco, AXA IM’s

head of sector specialists, points out that the student market is not just about size of property, but also about the quality and location of both the building and the university. “In this way, it is riskier than residential investment,” she says.

And while the US and UK are the market leaders in the field, European countries are also becoming increasingly aware of the returns and advantages that a well-configured property can bring by attracting high-calibre students.

It was the quality of the portfolio that persuaded AXA IM to acquire the entire portfolio of Resa Holdings, the largest provider of student accommodation in Spain, in a joint venture deal for 33 existing properties that represents 10% of Spain’s

total PBSA. The portfolio, which is spread across 19 Spanish cities, totals 9,309 beds and comes with a further four development opportunities.

Another key factor attracting investors is the scarcity of the product, particularly in the UK. Given the enthusiasm of so many local authorities to provide affordable housing, delivering PBSA is not going to get any easier. As a result, institutional appetite for PSBA has most definitely outgrown the supply.

James Pullan, head of student property at Knight Frank, reckons that some 23,000 purpose-built bedrooms will have been completed by the start of the 2018/19 academic year in 60 university towns and cities across the UK. “We are in a state

Self-contained studios are a growing market segment

MIPIM PREVIEW • 95 • February 2018

of fundamental under supply,” he says, “especially with universities increasingly dependent on the private sector to deliver the new accommodation required.”

And what of the uncertainty surrounding Brexit? Pullan says a shortage of decent international teachers from Europe is likely to have a far greater impact in the UK than any slight tailing off in the number of overseas’ students, despite the money they bring into the country. “Many students are from wealthy families who can afford to pay what is necessary,” he adds.

And just as many students from the Far East are looking to be educated in the UK, so many Far Eastern institutions are looking to invest in buildings that can accommodate them.

your mipim experience

13-16 MARCH 2018 Palais des Festivals, Cannes, France OPENING TIMES 13-15 March 9.00-19.00 16 March 9.00-15.00 Access from 8.00 for exhibitors

13 March: Welcome Reception 19.30, Carlton Hotel

REGISTRATION HOURS 11 March 14.00-19.00 12 March 9.00-19.00 13 March 8.30-20.00 14 March 8.30-19.00 15 March 9.00-19.00 16 March 9.00-13.00

We look forward to welcoming you in Cannes, but first here are some tips to prepare your journey to MIPIM

Prepare for MIPIM in advance Visit the MIPIM website to organise your travel • Book your transportation & accommodation with our partners to get the best deals

Prepare your agenda and meetings ahead of time • Check out the programme of conferences and networking events • Log in to the Online Database and – Fill out your profile and personalise your agenda – Browse participants and attending companies – Send one-to-one messages to other delegates and organise business meetings • Download the Mobile App – Synchronised with the database and your email box – Interact live during conference sessions

Your badge: your key to getting into MIPIM • You received your badge by post Don’t forget to bring it with you • You have your e-ticket Print it out or have it ready on your smartphone to collect your badge at a self-service delivery point at the airport, in the Grand Hyatt Martinez Hotel, The Carlton Hotel, the Majestic Hotel or at the Palais des Festivals. To retrieve your e-ticket, log in to your account at mipim.com or in the MIPIM mobile app • You have your registration confirmation email Pick up your badge in the registration area.

Your badge must be carried all times, and ready to be shown at entry points around the area. Your badge is strictly personal and non-transferable.

Onsite: meet decision makers and get an overview of the market trends Connect, learn, share

MIPIM Awards Ceremony

Welcome Reception

Thursday, 15 March, 18.30 Grand Auditorium

Tuesday, 13 March, 19.30 Carlton Hotel

MIPIM Awards 2018 Official Media Partner

Sponsor of Best Healthcare Development

Open to all

Networking events* • Matchmaking sessions • Thematic networking events * more information online and in the Mobile app

4 DAYS OF CONFERENCES & NETWORKING EVENTS

See the programme p.98 and plan your journey MIPIM PREVIEW • 96 • February 2018

Conference programme Choose among 100+ conferences to stay on top of property and investment trends

your mipim experience

General map of MIPIM

C9

Croisette zone C9 -Catella France

The 1,000m² Innovation Forum explores the most innovative solutions and practices to increase the value of property assets, and features a dedicated programme of conferences, case studies and pitching sessions.

C10 - Bouygues Immobilier C11 - Moscow City Government C10 C11

C12 - Paris Region C14 - Istanbul Chamber of Commerce C15 - London Stand C16.A - Meydan C16.D - Midlands

C12

C16.E - Department of International Trade, UK C17.A - Manchester

C14

C17.B - Gruope Idec C19 - MIPIM Croisette Village

C17.B C17.A

C19 C19

C20 - Nakheel

C16.E C16.D C16.A ality spit Ho suites

Connect with hospitality and property industry professionals in MIPIM’s dedicated Hotel & Tourism area, identify new projects and hotel development opportunities, and promote tourist locations and infrastructure.

C15

C20

Registration Protocol

Industry influencers lead a healthcare real estate seminar exploring the opportunities available in this promising sector.

Network What rooms can you use for your meetings?

Visitors’ Lounges (Palais -1 & 3)

Press Club (Palais 0)

VIP Club (Palais 3)

1st-timers HQ (Palais 0)

• Intended for participants without a stand

• Dedicated to journalists

• Exclusive club, by invitation only

• A dedicated cosy space to make the most out of your 1st MIPIM with trained staff to answer all your questions.

See you soon!

• Include a meeting area, hostesses to help organise your meetings and free coffee

• Includes computers, Internet connection, printers and the assistance of a permanent staff member

See you in Cannes!

• Includes refreshments and a dedicated staff

For further information: www.mipim.com

MIPIM PREVIEW • 97 • February 2018

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CONFERENCES & EVENTS 2018

SPONSORS PROGRAMME SPONSOR

HEALTHCARE GLOBAL SPONSOR

SESSION SPONSORS

SNCF LOGO_SNCF_IMMOBILIER.ai DATE : 15/01/2015

STARTUP COMPETITION Global RE Tech Partner

CYAN

MAGENTA

JAUNE

14, rue Palouzié . 93400 Saint-Ouen Tél : 01 41 66 64 00 . Fax : 01 41 66 64 01

Global Sponsor

RE-INVEST SUMMIT & LUNCH Platinum sponsor

Gold Sponsors

Industry partner

CMS_LawTax_CMYK_from101.eps

Knowledge partner

Lunch sponsor

EVENT SPONSORS Occupiers’ Summit

UK Breakfast

MIPIM AWARDS SPONSORS Official Media Partner

PREVIEW 230 x 285 mm_v16.indd 1

Japan Breakfast

WHITE PAPER SPONSOR

Leaders’ Breakfast

INNOVATION REPORT SPONSOR

Women’s cocktail

CHARITY OF CHOICE

Category Sponsor Best Healthcare Development

26/01/2018 15:06

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CONFERENCES & EVENTS 2018

2018 THEME & HIGHLIGHTS MAPPING WORLD URBANITY What will it mean to develop and invest in real estate when cities rule the world?

What will be the best strategies for building cities in this globalised world?

What will urban life be like in 2030 or 2050?

WORLD POPULATION

+3,6%

41

2/3 URBAN 1/3 RURAL

MEGACITIES

by 2030

WORLD ECONOMY

X2 by 2050

by 2050

by 2030

SPECIAL EVENTS AND NETWORKING FORMATS

MEET. GREET. CONNECT. OPENING CEREMONY

STARTUP

The opening keynote to set the tone and address our 2018 theme, `MAPPING WORLD URBANITY’.

Be inspired by the most promising and innovative startups of 2018. Hear from the 9 finalists of this year’s MIPIM Startup Competition; how they are tackling the world’s biggest real estate challenges and moving the real estate ecosystem forward. A global roadshow also stopping off in New York, London and Hong Kong.

NEW! Inspirational key stakeholders from the public, private and NGO sectors share their insights and vision on living in the city of the future.

NEW! Join the experts to network, learn and discuss how the legal framework impacts the real estate industry. This forum is for lawyers, investors, institutions, By invitation only. notaries and other legal professionals.

AFRICA FORUM

NEW!

The Forum provides investors a comprehensive approach of the African market. Learn from experts how to apprehende the African market in all its diversity, and get key sucess factors from professionals of the industry.

COMPETITION

DESIGN THINKING WORKSHOP Come and learn by doing!

Looking to offer the X factor? In these interactive sessions, experience design-thinking frameworks and techniques to boost the creativity and innovation of you and your business. Organised in partnership with Schoolab innovation studio.

Limited seats, onsite registration.

“Powered by PechaKucha” A one-off, special PechaKucha event showcasing the very best architectural projects from around the world. Presented in 20 images x 20 seconds, a format made famous by the informal, fun and creative PechaKucha Nights held in cities globally.

RE-CHARGE MEET UP The real estate summit for institutional investors. The summit brings together the world’s foremost sovereign wealth funds, pension funds, insurance funds and other leading institutional investors in the real estate industry.

By invitation only.

PROPTECH LAB

NEW!

A session to turn up and plug in, to recharge your phone, your energy and your spirits. Network with peers and speakers. Dispel ‘low battery anxiety’ with the use of our charging stations!

NEW!

A cutting-edge event that gathers RE and Tech decisions makers to discuss the evolution and growth of the PropTech industry!

Stay for a drink and meet with your peers!

By invitation only.

A networking event for women in real estate, starting with 3 inspirational addresses on new styles of leadership.

Join us and network!

By invitation only.

Check www.mipim.com to see the full programme - For any question regarding MIPIM conferences please contact: conferences.dpt@reedmidem.com

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CONFERENCES & EVENTS 2018

SPEAKERS ALREADY CONFIRMED

Andrew ALLEN Head of Global Property Research and Strategy Aberdeen Standard Investments

Josh ARTUS Director & Co-Founder The Centric Lab

Kati BARKLUND Sr. Solution Specialist Modern Workplace Microsoft AB

Robert COURTEAU CEO Altus Group

Florian DE CORMIS Partner, Construction & Infrastructure Grosvenor Clive & Stokes

Rajdeep GAHIR Andra GHENT Managing Partner, CEO Associate Professor of Real Estate and Urban Land Economics CoCreations University of Wisconsin - Madison

Aaron BLOCK Co-Founder and MD MetaProp NYC

Louise BROOKE-SMITH Partner Arcadis LLP

Amanda CLACK Executive Director CBRE Ltd

Linda HEPNER Mayor City of Surrey

Louise KAVANAGH Managing Director, Fund Management TH Real Estate

Ronald LENZ Director Human Cities Coalition

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James ALEXANDER Director, City Finance Programme C40 Cities Climate Leadership Group

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Simon MALLISON Paula MARQUES Executive Managing Director Lisbon Housing Councillor EMEA & APAC Lisbon City Council Real Capital Analytics Ltd

Sadie MORGAN Director dRMM Architects

Debra MOUNTFORD Project Manager OECD

James MURRAY Deputy Mayor for Housing and Residential Development Greater London Authority

Geeta NANDA Chief Executive Metropolitan

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Larry MALCIC Design Principal HOK

John OZINGA Chief Executive Officer AccorInvest Group SA

Nathalie PALLADITCHEFF Executive Vice President & Chief Financial Officer Ivanhoé Cambridge

Sharan PASRICHA CEO Ennismore

David PHYTHIAN Namasivayen POONOOSAMY Head of Real Estate London Managing Director HSBC Board of Investment Mauritius

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Ingrid NAPPI-CHOULET Guy NIXON Professor and Chair holder Founder and Chief Executive Real Estate and Sustainable Go Native Development Chair ESSEC Business School

Andy PYLE UK Head of Real Estate KPMG

Mitch ROSCHELLE Partner & Business Development Leader PwC

Amelia SLOCOMBE Director, Legal Loan Market Association

Alessandro SPARACO Managing Partner Threestones Capital Management S.A.

Adora SVITAK Writer, speaker, advocate

Olivier TERAN Chief Investment Officer Allianz Real Estate

Serge TRIGANO President Mama Shelter

Maarten VERMEULEN Regional Managing Director for Europe, Russia & CIS RICS International (Europe Office)

Sylvain VIEUJOT Deputy Chairman & Chief Executive Officer Equitativa Group

Yannick VILLAR CEO Wx

Duncan VINK Managing Director UFF African Agri Investments

Shinroku WAKAYAMA President & CEO Tokyo Tatemono Investment Advisors Co.,Ltd.

Nick WALKLEY CEO Homes England

Geraint WILLIAMS Director Deloitte LLP

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CONFERENCES & EVENTS 2018

PROGRAMME AT-A-GLANCE MONDAY 12 MARCH 18.30 | 23.00

CLOSED DOOR EVENTS

FINANCE & INVESTMENT

Carlton Hotel

By invitation only

Sponsors: Aberdeen Standard Investments, AXA IM, CMS, KPMG, RCA, Rockspring

TUESDAY 13 MARCH MAIN ROOM

WORLD TRENDS ROOM

PALAIS 3

MARKET TRENDS ROOM

PALAIS 3

14.00 | 14.45

EUROPE

15.15 | 16.00

EUROPE

Brexit: a new face for Europe

ECONOMY

17.45 | 18.30

REGULATION

World economy: creating a new ecosystem

16.30 | 17.15

EUROPE

17.45 | 18.30

EUROPE

France: city trends, analysis & insights

Local markets: specificities to understand

Europe: emerging trends

Sponsor: Neinor

14.00 | 14.45

HEALTHCARE

15.15 | 16.00

HEALTHCARE

Senior serviced residences by Domitys: a french success story to be exported Sponsor: Domitys

London: a special city in a world of cities

16.30 | 17.15

PALAIS 3

Seniors: the new age in urban space Sponsor: Threestones Capital

16.30 | 17.15

SUSTAINABILITY SUMMIT

17.45 | 18.30

SUSTAINABILITY SUMMIT

Low carbon economy: a promising ROI

INNOVATION TRENDS ROOM

14.00 | 14.45

TECH. & SERVICES

15.15 | 16.00

TECH. & SERVICES

DEMOGRAPHICS

Grand Auditorium - Palais 1

15.00 | 16.00

PALAIS 3

Smart solutions: a competitive edge

Smart solutions: a competitive edge

16.30 | 17.15

15.00 | 16.00

IDEACTION

Design thinking: the X-factor

Powered by: Schoolab

TECH. & SERVICES

Smart solutions: a competitive edge

17.00 | 18.00

IDEACTION

Re-charge meet-up

Low carbon economy: a promising ROI

CLOSED-DOOR EVENTS

SPECIAL EVENTS

14.00 | 15.00

CREATIVE TRENDS ROOM

PALAIS -1

By invitation only

DEMOGRAPHICS

Grand Auditorium - Palais 1

07.45 | 12.30

FINANCE & INVESTMENT

Carlton Hotel

12.30 | 14.30

FINANCE & INVESTMENT

Carlton Hotel - Grand salon

OPENING CEREMONY Urbanity: new rules for new cities

Writing new urban rules

Sponsors: Aberdeen Standard Investments, AXA IM, CMS, KPMG, RCA, Rockspring

Sponsors: Aberdeen Standard Investments, AXA IM, CMS, KPMG, RCA, Rockspring, Threestones Capital

16.15 | 17.15

19.30

14.00 | 16.00

16.30 | 18.00

HEALTHCARE

Healthcare corner, networking lounge Palais -1

Sponsor: Threestones Capital

Carlton Hotel

Majestic Hotel - Salon Marta

Welcome reception

REGULATION

IDEACTION

Salon Croisette - Palais 4 Sponsor: Ivanhoé Cambridge

Co-organiser: Lexis Nexis

New ways of leadership

Programme as of January 26th, 2018. May be subject to change.

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26/01/2018 15:06

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CONFERENCES & EVENTS 2018

PROGRAMME AT-A-GLANCE WEDNESDAY 14 MARCH MAIN ROOM

WORLD TRENDS ROOM

PALAIS 3

10.00 | 10.45

MARKET TRENDS ROOM

PALAIS 3

GOVERNANCE

10.00 | 10.45

ASIA FORUM

One Belt, One Road (OBOR): the China initiative

Global cities: the new powerhouses

PALAIS 3

10.00 | 10.45

HEALTHCARE

11.15 | 12.00

ECONOMY

C40 cities: reinventing cities

ASIA FORUM

Japan: ageing cities & great investment opportunities

12.30 | 13.15

11.00 | 13.00

Sponsor: Equiem

TECH. & SERVICES

Transforming the city Sponsor: SNCF Immobilier

TECHNOLOGY

Smart cities: an example for smart countries Sponsor: Holland Metropole

INFRASTRUCTURE

Urban mobility : infrastructure on the move

16.30 | 17.15

14.00 | 14.45

ASIA FORUM

15.15 | 16.00

AMERICAS

Asia’s cities: the next 100

ARCHITECTURE

Architecture: building a changing role

16.30 | 17.15

EUROPE

Powered by: Schoolab

14.00 | 14.45

HOTEL & TOURISM

15.15 | 16.00

HOTEL & TOURISM

16.30 | 17.15

IDEACTION

Design thinking: the X-factor

14.00 | 14.45

TECH. & SERVICES

15.15 | 16.00

TECH. & SERVICES

Smart solutions: a competitive edge

Investment: trends, analysis and insights

Germany: city trends, analysis & insights

IDEACTION

Design thinking: the X-factor

12.00 | 13.00

OFFICES

Territories & hospitality: the growing challenge

Canadian smart buildings: a smart move

10.30 | 11.30

Powered by: Schoolab

Sponsor: Regus

14.00 | 14.45

15.15 | 16.00

HOUSING

Workspace: the office revolution

Co-organiser: ESSEC

PALAIS 3

TECH. & SERVICES

11.15 | 12.00

12.30 | 13.15

ECONOMY

10.00 | 10.30

Future spaces - The latest data driving tomorrow’s buildings

Housing: the affordable challenge

One-shot events: a lifetime legacy

CREATIVE TRENDS ROOM

PALAIS -1

Hospitals of the future: from inpatient to outpatient Sponsor: CAREIT

11.15 | 12.00

INNOVATION TRENDS ROOM

LEISURE

Leisure in the city: standing out from the crowd

Smart solutions: a competitive edge

16.30 | 17.15

15.00 | 16.00

IDEACTION

Design thinking: the X-factor

Powered by: Schoolab

TECH. & SERVICES

Smart solutions: a competitive edge

17.00 | 18.00

IDEACTION

Re-charge meet-up

17.45 | 18.30

ECONOMY

City financing: innovation and investment trends

CLOSED-DOOR EVENTS

SPECIAL EVENTS

16.00 | 17.30

INNOVATION

Grand Auditorium - Palais 1

STARTUP

16.15 | 17.15

By invitation only

HOTEL & TOURISM

Networking area - Palais -1

08.00 | 10.00

ASIA FORUM

Majestic Hotel - Salon Diane

JAPAN

08.00 | 09.30

DEMOGRAPHICS

Verrière Grand Auditorium - Palais 1

Sponsor: Diamond Realty Management Inc

LEADERS’

Sponsor: Lennar International

COMPETITION

BREAKFAST

Global Real Estate Tech Partner: METAPROP NYC Sponsor: Union Investment Real Estate GmbH

Impact of capital flow trends

Urbanity: new rules for new cities

08.00 | 10.00

08.30 | 09.30

DEMOGRAPHICS

Gray d’Albion - Salon 4 Saisons

BREAKFAST

EUROPE

Carlton Hotel - Salon La Côte

Sponsor: Ivanhoé Cambridge

Customer-centric solutions for end users

12.30 | 14.00

Sponsor: GVA Grimley Ltd.

ASIA FORUM

Majestic Hotel - Salon Croisette

ASIA

LUNCH

Programme as of January 26th, 2018. May be subject to change.

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CONFERENCES & EVENTS 2018

PROGRAMME AT-A-GLANCE THURSDAY 15 MARCH MAIN ROOM

WORLD TRENDS ROOM

PALAIS 3

10.00 | 10.45

PALAIS 3

TECHNOLOGY

Data: the new RE business driver

INFRASTRUCTURE

City as a service: the new urban experience

TECHNOLOGY

IoT: human connection in every Sponsor: Siemens building

14.00 | 14.45

11.15 | 12.00

EUROPE

Portugal: city trends, analysis & insights

Sponsor: GECINA

12.30 | 13.15

AMERICAS

South America’s cities: success stories to share

Sponsors: Altus Group, Siemens

11.15 | 12.00

10.00 | 10.45

GOVERNANCE

12.30 | 13.15

EUROPE

Spain: city trends, analysis & insights

14.00 | 14.45

AFRICA FORUM

Africa: the urbanisation effect

Emerging economies: the shift of gravity

MARKET TRENDS ROOM

10.00 | 10.45

HOTEL & TOURISM

11.15 | 12.00

LOGISTICS

Hotels with an urban view: room for innovation

Urban logistics: the next challenge for cities

12.00 | 12.30

CREATIVE TRENDS ROOM

PALAIS -1

10.00 | 10.45

TECH. & SERVICES

11.15 | 12.00

TECH. & SERVICES

PALAIS 3

Smart solutions: a competitive edge

Smart solutions: a competitive edge

10.30 | 11.30

IDEACTION

Design thinking: the X-factor

Powered by: Schoolab

12.00 | 13.00

LOGISTICS

IDEACTION

Design thinking: the X-factor

Powered by: Schoolab

14.00 | 14.45

14.00 | 14.45

OFFICES

Workplace: the human factor

Sponsor: Rendeavour

INNOVATION TRENDS ROOM

PALAIS 3

TECH. & SERVICES

Smart solutions: a competitive edge

14.30 | 15.30

IDEACTION

Design thinking: the X-factor

Powered by: Schoolab

15.15 | 16.00

ECONOMY

Circular economy: the long-term benefits

Africa: key success factors

Sponsor: GECINA

16.30 | 17.30

Co-organiser: LMA

16.30 | 17.15

15.15 | 16.00

HOUSING

16.30 | 17.15

MIXED-USE

Housing: inside the revolution in urban living Sponsor: Holland Metropole

Sponsor: Rendeavour

REGULATION

International rules: the impact on local markets

15.15 | 16.00

AFRICA FORUM

EMEA

MENA: drivers & constraints on the property investment Sponsor: Equitativa markets

Mixed use: the art of sharing

15.15 | 16.00

TECH. & SERVICES

16.30 | 17.15

TECH. & SERVICES

Smart solutions: a competitive edge

Smart solutions: a competitive edge

ARCHITECTURE

Grand Auditorium - Palais 1

By invitation only

18.30 | 19.30

Grand Auditorium - Palais 1

Pecha Kucha Future urbanity: the unthinkable world

IDEACTION

Re-charge meet-up

CLOSED-DOOR EVENTS

SPECIAL EVENTS

11.00 | 12.30

17.00 | 18.00

08.00 | 10.00

DEMOGRAPHICS

Majestic Hotel

13.00 | 14.00

HOTEL & TOURISM

Majestic Hotel - Salon Diane HOTEL & TOURISM

Official media partner: Immobilien Zeitung

People-centric cities

16.30 | 19.00

LUNCH

TECHNOLOGY

Le Tube Restaurant

PropTech Lab

FRIDAY 16 MARCH MAIN ROOM PALAIS 3

10.00 | 11.00

DEMOGRAPHICS

Closing remarks Urbanity: new rules for new cities Sponsor: Aberdeen Standard Investments

Programme as of January 26th, 2018. May be subject to change.

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CONFERENCES & EVENTS 2018

PARTNERS’ PROGRAMME TUESDAY 13 MARCH

WEDNESDAY 14 MARCH

10.00 | 12.00

SALON CROISETTE - PALAIS 4

11.30 | 13.30

VERRIÈRE GRAND AUDI - PALAIS 1

14.00 | 15.30

RUBY ROOM - PALAIS 5

Mapping the Silk Road, The Journey From Turkey to the World

Transformation nation: the future of the Polish economy Sponsor: Poland TodayS 3

16.00 | 17.00

VERRIÈRE GRAND AUDI - PALAIS 1

EG UK Cities Session: the Future of Real Estate Co-organiser: EG

EG Global Session: destination Known Co-organiser: EG

VERRIÈRE CALIFORNIE - PALAIS 5

Barcelona Catalonia conference. Investment goes on!

Sponsor: Barcelona Catalonia

WEDNESDAY 14 MARCH 08.00 | 10.00

MAJESTIC HOTEL

10.00 | 12.00

AUDITORIUM K

10.30 | 11.30

VERRIÈRE GRAND AUDI - PALAIS 1

10.30 | 12.00

SALON CROISETTE - PALAIS 4

EG Tech Session: the ultimate guide to start-up collaboration Co-organiser: EG

The citizen at the heart of public action: challenges & dynamics?

Sponsor: Pitch Promotion

Faces of emerging Europe Sponsor: Poland Today

16.00 | 18.00

10.00 | 12.00

Oslo Investor Summit - Pawn is the new Queen Sponsor & organiser: Oslo Metropolitan Area

RUBY ROOM - PALAIS 5

Developing & Investing in the United States: Where, What & How? Co-organiser: Commercial Observer

08.00 | 08.30

VERRIÈRE CALIFORNIE - PALAIS 5

08.30 | 09.30

VERRIÈRE CALIFORNIE - PALAIS 5

08.30 | 12.00

MAJESTIC HOTEL

09.30 | 10.30

VERRIÈRE CALIFORNIE - PALAIS 5

Nordics gourmet breakfast Sponsor: Newsec

11.00 | 12.30

RUBY ROOM - PALAIS 5

Co-organiser: Chiomenti More details coming soon

12.00 | 13.00

VERRIÈRE CALIFORNIE - PALAIS 5

13.00 | 14.30

SALON CROISETTE - PALAIS 4

How Proptech and digital transformation can dramatically build your company’s competitive edge Sponsor: Poland Today

European residential & student housing investment briefing Sponsor: PropertyEU Events

14.30 | 15.30

VERRIÈRE CALIFORNIE - PALAIS 5

14.30 | 15.30

RUBY ROOM - PALAIS 5

15.30 | 16.30

VERRIÈRE GRAND AUDI - PALAIS 1

16.30 | 17.30

VERRIÈRE CALIFORNIE - PALAIS 5

Why the Nordics offer the better investment opportunity Sponsor: Catella

The Nordics: how to keep riding the economic wave Organiser: Fastighets NYTT

THURSDAY 15 MARCH 08.30 | 10.00

SALON CROISETTE - PALAIS 4

10.00 | 11.00

VERRIÈRE CALIFORNIE - PALAIS 5

11.00 | 12.30

RUBY ROOM - PALAIS 5

11.00 | 12.00

VERRIÈRE GRAND AUDI - PALAIS 1

14.30 | 16.00

VERRIÈRE GRAND AUDI - PALAIS 1

USA Breakfast

Warsaw: a new cityscape on the horizon Sponsor: Cushman & Wakefield

«Inventing Greater Paris Metropolis », let’s go further with the second edition - Official launch event « Inventons la Métropole du Grand Paris » Lancement officiel de l’édition 2 Sponsor: Métropole du Grand Paris

Helsinki Metropolitan Area: a world-class innovation and start-up hub Sponsor: City of Helsinki

BiodiverCity : an international call to action.

Signature of the charter to develop green and biodiversity in cities, in partnership with the city of Paris and C40 Sponsor: IBPC

NOTES

Prepare your MIPIM! www.mipim.com

Warsaw: the capital of poCEEbilities Sponsor: City of Warsaw

2024 Summer Olympics: boosting the urban transformation of the Paris Region Sponsor: Paris Région Entreprises

Russian Breakfast

By Impress Media 3

Nordic investment market: trends and opportunities Sponsor: Newsec

Stockholm: where investments meet growth Sponsor: Invest Stockholm

Programme as of January 26th, 2018. May be subject to change.

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26/01/2018 15:06

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TREAT YOURSELF Indulge a little shopping IN ONE OF THE MANY AIRPORT SHOPS

10 %

*

Present your delegate badge to benefit from a discount in the Nice airport stores featuring the world’s most prestigious brands.

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24/01/2018 01:56

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PARTNERS’ CONFERENCES PROGRAMME

13-16 MARCH 2018

Media Partner Sweden:

WEDNESDAY 14 MARCH 08.00 | 08.30

Commercial information

THE NORDICS DAYS

VERRIÈRE CALIFORNIE - LEVEL 5 BREAKFAST

Nordics gourmet breakfast Sponsored by: Newsec

08.30 | 09.30

VERRIÈRE CALIFORNIE - LEVEL 5 PANEL DISCUSSION

The Nordics: how to keep riding the economic wave Organized by: Fastighets NYTT Moderator: Tomas Ernhagen / Chief Economist / Swedish Property Federation (Sweden)

09.30 | 10.30

Speakers : • Juhani Reen / Head of Advisory in Finland / Newsec Advice Oy (Finland) • Louise Richnau / Partner / Brunswick Real Estate (Sweden) • Bård Bjølgerud / CEO and Partner / Pangea Property Partners (Norway) • Peter Winther / Partner, CEO / Sadolin & Albæk (Denmark)

VERRIÈRE CALIFORNIE - LEVEL 5 PANEL DISCUSSION

Nordic investment market: trends and opportunities Sponsored & Organized by: Newsec Moderator: Per Hjorth / Executive Chairman and partner in Newsec Advisory in Norway / Newsec (Norway)

10.00 | 12.00

During the financial crisis, the Nordics were considered an economic safe haven and they were able to remain prosperous even after the crisis. However, there are still some challenges on the horizon – will the Nordics region be able to keep their economies thriving and to turn these new challenges into opportunities?

Low interest rates and intense market transactions in the Nordics have resulted in record levels of investments. For how long can this trend continue and what are the pros and cons of investing in the Nordic market? Come and hear major investors discussing the matter.

Speakers : • Thorsten Slytå / Director of Nordic Region / M&G Real Estate (Sweden) • Rikke Lykke / Head of Corporate Integration & Managing Director, Nordic Region / PATRIZIA (Denmark) • Michael Swank / Managing director / Blackstone Real Estate (UK)

MAJESTIC HOTEL - SALON LA BAULE PANEL DISCUSSION

Oslo Investor Summit Pawn is the new queen Sponsored & Organized by: Oslo Metropolitan Area.

In cooperation with: DNB, CBRE and BAHR Moderator: Stig Lorentz Bech / Partner/Lawyer / Advokatfirmaet BAHR AS (Norway)

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Oslo is still a safe haven with a rock solid economy.

Find out why Oslo is the strongest market in Europe to invest in. How will Q1 end?

Where are the best deals?

Speakers : • Georges Asmar / Global Head Net Lease / Colony NorthStar, Inc. (USA) • Peter Behncke / Global Head of Investment Banking Division / DNB Markets (Norway) • John Olof Solberg / CEO / CBRE (Norway)

26/01/2018 15:10

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PARTNERS’ CONFERENCES PROGRAMME

13-16 MARCH 2018

Media Partner Sweden:

WEDNESDAY 14 MARCH 14.30 | 15.30

VERRIÈRE CALIFORNIE - LEVEL 5 PANEL DISCUSSION

Why the Nordics offer the better investment opportunity ?

Sponsored & Organized by: Catella Moderator: Dr.Thomas Beyerle / Head of Group Research / Catella AB (Sweden)

16.30 | 17.30

Commercial information

THE NORDICS DAYS

The Nordic real estate markets traditionally form a single unit in the view of international investors – especially as these are often geographically marketed as “Nordics”. But this focus disregards the heterogeneity of the countries, whether it is Sweden, Finland, Norway or Denmark.

The aim of the panel discussion, with representatives of the 4 countries, is to further display the location profiles from an investor perspective and to determine the opportunities in this context.

Because especially in 2018, there will be many opportunities for investors. If not now, then when?

Speakers to be announced.

VERRIÈRE CALIFORNIE - LEVEL 5 PANEL DISCUSSION

Stockholm : Where investments meet growth Sponsored & Organized by: Invest Stockholm

Moderator: Greg Clark / Director / Greg Clark Ltd (UK)

Stockholm’s business and industry is characterized by high-tech industries, innovation and creativity, operating in close collaboration with many prominent universities and science institutes.

Stockholm has a stable growth with easy access to do business with transparency and liquidity.

With 3,8 million inhabitants in the region Stockholm is well positioned, enjoying the benefits of an excellent infrastructure.

Speakers : • Patrick Mesterton / CEO & CoFounder / Epicenter Stockholm (Sweden) • Gertrud R. Traud / Chief Economist / Helaba Landesbank Hessen - Thüringen (Germany)

THURSDAY 15 MARCH 11.00 | 12.00

VERRIÈRE GRAND AUDI - LEVEL 0 PANEL DISCUSSION

Helsinki Metropolitan Area: a world-class innovation and start-up hub Sponsored & Organized by: City of Heksinki Moderator to be announced.

Helsinki Metropolitan Area is one of the fastest growing regions in Europe. The area benefits from a world-class innovation ecosystem that connects research, start-ups and tech talents. Come and find out what is going on in developing campuses in HMA, where innovations meet new entrepreneurship and urban development.

Speakers : • Arja Lukin / Project Director / City of Vantaa (Finland) • Gunnar Suikki / Project Manager / City of Helsinki (Finland) • Jaana Tuomi / CEO / Espoo Marketing Oy (Finland) • Jan Vapaavuori / Mayor / City of Helsinki (Finland)

For regular updates on content & speakers, please check our website www.mipim.com or download the app.

For more information regarding our conference sponsorship, please contact: mylene.billon@reedmidem.com

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PARTNERS’ CONFERENCES PROGRAMME

13-16 MARCH 2018

TUESDAY 13 MARCH 16.00 | 17.00

VERRIÈRE GRAND AUDI - LEVEL 0 PANEL DISCUSSION

At a time of great political, economic and societal changes, what are the main issues facing Central & Eastern Europe? How is the region meeting the challenges of the modern world, such as the tug of war between globalization and insularism, the hunt for talent and the lack of skilled labour?

Faces of emerging Europe Sponsored & Organized by: Poland Today Moderator: Andrew Wrobel / Head of Content Strategy and Publishing / Emerging Europe (UK)

17.00 | 17.30

Commercial information

THE CENTRAL AND EASTERN EUROPE DAYS

How much potential is there in initiatives such as One Belt One Road? And we pose the question: while much of the world polarizes, can CEE pull together and cooperate more closely?

Speaker : • Jacek Jaskowiak / Mayor of the City of Poznan / City of Poznan (Poland) More speakers to be announced.

VERRIÈRE GRAND AUDI - LEVEL 0 COCKTAIL

Poland & CEE Days Cocktail Party

Networking for professionals active in the CEE region

Sponsored & Organized by: Poland Today

WEDNESDAY 14 MARCH 10.30 | 11.30

VERRIÈRE GRAND AUDI - LEVEL 0 PANEL DISCUSSION

Transformation Nation : the Future of The Polish Economy Sponsored & Organized by: Poland Today Moderator and more speakers to be announced.

The generation of Poles entering the workforce is unencumbered by complexes of the past and is demanding its place in the country’s ‘Industry 4.0’ economic future. Well-travelled global citizens, they view the world as theirs for the taking.

Unlike their parents & grandparents, they feel the equals – even the betters – of their peers in the west. Confident, ambitious, proud – and disruptive - can their potential be channeled so that the next stage of Poland’s ongoing economic transformation will be the greatest yet?

Speaker : • Jacek Levernes / Honorary President of ABSL / ABSL (Poland)

12.00 | 13.00

VERRIÈRE CALIFORNIE - LEVEL 5 PANEL DISCUSSION

How Proptech and digital transformation can dramatically build your company’s competitive edge Sponsored & Organized by: Poland Today Moderator and more speakers to be announced.

Real estate is a fast-changing industry but the ultimate aim remains the same – attracting the best tenants who, in turn, must entice the best talent. Bottom line: the best talent wants a fantastic office. We ask: how can this be achieved in the world of Industry 4.0 and digital transformation?

What are the latest global trends in PropTech and are they relevant to your market? What are the business models out there, and how can they be integrated into your company’s competitive edge? This session will help you devise an intelligent development strategy in the seemingly complex world of new technologies.

Speaker : • Bartosz Dobrowolski / Founder / Proptech Poland (Poland) • Julia Arlt / Innovation Real Estate Director PwC / PwC Österreich GmbH (Austria) • Jens Boehnlein / Global Head Office Solution & Design / CA Immo Deutschland GmbH (Germany)

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PARTNERS’ CONFERENCES PROGRAMME

13-16 MARCH 2018

WEDNESDAY 14 MARCH 13.00 | 13.30

Commercial information

THE CENTRAL AND EASTERN EUROPE DAYS

VERRIÈRE CALIFORNIE - LEVEL 5 LUNCH

POLAND TODAY Networking Lunch Sponsored & Organized by: Poland Today

RUBY ROOM - LEVEL 5

14.30 | 15.30

PANEL DISCUSSION

Warsaw: the capital of poCEEbilities Sponsored & Organized by: City of Warsaw Moderator and more speakers to be announced.

With its vast opportunities and a dynamic investment market, Warsaw draws both international players and talented architects. The city reclaims its postindustrial areas: former ports, mills, river banks and railway stations to create a truly dense quality. Sustainability, innovations and global trends in urban planning are crucial for the city.

Warsaw – the capital of poCEEbilities.

Speakers : • Marcin Mostafa / Chairman of the board / WWAA (Poland) • Thomas Pucher / Founder & Architect / Atelier Thomas Pucher ZT (Austria) • Hanna Gronkiewicz-Waltz / The Mayor of Warsaw / The city of Warsaw (Poland)

THURSDAY 15 MARCH 10.00 | 11.00

VERRIÈRE CALIFORNIE - LEVEL 5 PANEL DISCUSSION

Warsaw: a new cityscape on the horizon Sponsored & Organized by: Cushman & Wakefield

Moderator: Charles Taylor / Executive Partner, Head of Poland, MRICS / Cushman & Wakefield Polska (Poland)

Real estate market in Warsaw is shifting rapidly. Many new offices, retail stores and multi-use projects are in the pipeline for the next three years, especially in the Wola district. Which projects have the chance to reshape the urban landscape? What are the challenges for investors to meet the client’s expectations?

Speakers : • Nicklas Lindberg / CEO / Echo Investment (Poland) • Jeroen van der Toolen / Managing Director Ghelamco CEE / Ghelamco (Poland) • Stanislav Frnka / Country CEO / HB Reavis Poland (Poland) More speakers to be announced.

For regular updates on content & speakers, please check our website www.mipim.com or download the app.

For more information regarding our conference sponsorship, please contact: mylene.billon@reedmidem.com

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UPGRADE YOUR MIPIM EXPERIENCE WITH OUR CHAUFFEURED-CAR SERVICE

Airport transfer Nice Airport – Cannes: €125* (Sedan) or €145* (Van–7 Pax)

Evening offer: €340* 4-hour bespoke service

Personalized pick-up at Nice airport

Ask our bilingual and experienced chauffeurs for any transportation need you might have during your stay

Sedan: Mercedes E-Class or equivalent, Van: Mercedes V-Class

*10% VAT included – Subject to conditions

RESERVATION call +33 4 93 43 90 91 | cannes@chabe.fr Chabé Cannes Office: 11-13 rue Latour-Maubourg - 06400 CANNES - Open 24/7

www.chabe.fr Biarritz • Bordeaux • Cannes • Courchevel • Geneva • Lyon • Marseille • Megève • Paris • Toulouse MIPIM-Preview-2018.indd 1

23/01/2018 15:59:14

AWARDS

The JURY Chairman of the jury Meka BRUNEL Gecina CEO France

Serge FAUTRE AG Real Estate CEO Belgium

Paolo GENCARELLI

Poste Italiane Head of Group Real Estate and Procurement Italy

Marco HEKMAN

CBRE Managing Director Continental Europe The Netherlands

John HUGHES RICS President United Kingdom

Frank KHOO Singapore

Tinka KLEINE

PGGM Senior Director Private Real Estate The Netherlands

Barbara KNOFLACH

BNP PARIBAS Real Estate Deputy Chief Executive & Global Head of Investment Germany

Shortlists unveiled for 2018 MIPIM Awards The MIPIM Awards drew a huge entry this year but the jury of global real estate experts have whittled each category down to a shortlist of four. So who made the cut?

E

NTRIES for the 2018 MIPIM Awards were up 6% on last year, with projects from Finland to the Philippines across all market sectors vying for their chance to take to the big stage in Cannes.

That presented the jury of real estate experts from across the globe, chaired by Gecina CEO Meka Brunel, with a challenging task when it came to shortlisting. Even though some tough decisions had to be made, they have arrived at a shortlist of four candidates in each of 11 categories: • Best Healthcare Development • Best Hotel & Tourism Resort • Best Industrial & Logistics Development • Best Innovative Green Building • Best Office & Business Development

Lee MORRIS

Atkins Design Director and Head of Architecture United Arab Emirates

Sergei TCHOBAN

SPEECH architectural office (Russia) and Tchoban Voss Architekten (Germany) Managing Partner

Jean-Michel WILMOTTE Wilmotte& Associés President and Architect France

Olle ZETTERBERG

Stockholm Business Region Chief Executive Officer Sweden

MIPIM PREVIEW • 111 • February 2018

• Best Refurbished Building • Best Residential Development • Best Shopping Centre • Best Urban Regeneration Project • Best Futura Project • Best Futura Mega Project The winners will be selected on a 50:50 basis, with delegates’ votes cast on-site during MIPIM 2018 carrying equal weight with the jury’s own votes. In addition, there is one extra award – the Special Jury Award, which represents the jury’s favourite project from among all the entries they considered.

So now’s the time to start considering which schemes will get your vote. And don’t forget to head to the Awards Gallery between 9am on 13 March and 12 noon on 15 March to cast your ballot.

AWARDS

Best Healthcare Development Sponsored by

agenda

MIPIM Awards onsite vote

Dumfries & Galloway Royal Infirmary

Tuesday 13 March (9.00) to Thursday 15 March (noon)

Dumfries, Scotland

Awards Gallery, Palais -1

Developer: Laing O’Rourke Architect: NBBJ, Ryder Architecture Landscape Designer: Fira

MIPIM Awards prize-giving ceremony Thursday 15 March, 18.30 Grand Auditorium, Palais 1

Hospital AZ Zeno

Followed by a networking cocktail

Knokke-Heist, Belgium Developer: AZ Zeno vzw – AAPROG – BOECKX. – B2Ai Architect: Temporary association AAPROG – BOECKX. – B2Ai

O | 2 Laboratory and Research Building Amsterdam, The Netherlands Developer: VU medical centre Amsterdam Architect: EGM architects

The Maersk Tower Copenhagen, Denmark Developer: The Danish University and Property Agency (BYGST) and the University of Copenhagen Architect: C.F. Møller Architects Other: SLA (landscape), Rambøll (Engineer), P & Partners (Client Consultant), aggebo&henriksen, Cenergia, Gordon Farquharson and Innovation Lab

MIPIM PREVIEW • 112 • February 2018

AWARDS

Best Hotel & Tourism Resort

Best Industrial & Logistics Development

CatholicSocial Institute Michaelsberg Abbey

“Creos” Regional Centre and Workshops

Siegburg, Germany Developer: Archdiocese of Cologne Architect: meyerschmitzmorkramer

Developer: Creos Luxembourg S.A. Architect: M3 Architectes Other: Milestone Consulting Engineers, Goblet Lavandier & Associés

Citizen M La Défense

DEEJ

Paris Nanterre, France

Shandong, China

Developer: Citizen M Hotels, Unibail Rodamco Architect: MAAC Other: Concrete (interior design), HPM (project management), Joseph Ingeniérie (facade consultant), AVAF (Assum Vivid Astro Focus, Art Piece)

Developer: China Resources Land Architect: 5+design

OFF Paris Seine

Panattoni Amazon BTS

Paris, France

Szczecin, Poland

Developer: Novaxia, Euromodules, CitySurfing Architect: Seine Design

Developer: Panattoni Europe Architect: Ferma Kresek

Six Senses Zil Pasyon

The Chapelle International logistics centre

Félicité Island, Seychelles Developer: Felicite Island Development Architect: Studio RHE Other: Six Senses

MIPIM PREVIEW • 113 • February 2018

Roost-Bissen, Luxembourg

Paris, France Developer: SCI Sogaris Paris Les Espaces Logistiques Urbains Architect: A.26 Architectures Other: Ports de Paris, Caisse des Dépôts et Consignations, Eurorail

AWARDS

Best Innovative Green Building

Best Office & Business Development

BGL BNP Paribas Banking Centre

Bloomberg European HQ

Kirchberg, Luxembourg

London, United Kingdom

Developer: BGL BNP Paribas Architect: M3 Architectes Other: SCI Ingénierie, Goblet Lavandier & Associés, Wirtz International NV

Developer: Bloomberg Architect: Foster + Partners Other: Stanhope, BNP Paribas, Sir Robert McAlpine, Akt II, Sweco, AECOM

Marina One, Singapore

Feltrinelli Porta Volta

Singapore

Milan, Italy

Developer: M+S Pte Ltd, Singapore, a company owned by Khazanah Nasional Berhad, Kuala Lumpur, Malaysia and Temasek Holdings, Singapore Architect: ingenhoven architects / ingenhoven LLP, Singapore (Design architect) Other: Gustafson Porter+Bowman London (Landscape Architect), Architects61 Singapore (Project Architect)

ONGC Pandit Deendayal Upadhyaya Urja Bhawan New Dehli, India Developer: ONGC Architect: M/s Architect Hafeez Contractor Other: U.S. Green Building Council

Season Paris, France Developer: SEFRI CIME Architect: Jean-Paul Viguier architecture, Agence SEARCH Investor: AG2R LA MONDIALE

Developer: COIMA Architect: Herzog & de Meuron Interior Design & Space Planning: COIMA Image for Fondazione Giangiacomo Feltrinelli, DEGW for Microsoft House

Real 2 Lima, Peru Developer: Inversiones Centenario Architect: Ateliers Jean Nouvel

SUNAC Chongqing 0ne Central Mansion Sales Office Chongqing, China Developer: SUNAC

融创中国西南区域公司

Architect: AOE 事建组

MIPIM PREVIEW • 114 • February 2018

AWARDS

Best Refurbished Building

Best Residential Development

Antwerp Port House

Îlot Sacré

Antwerp, Belgium

Brussels, Belgium

Architect: Zaha Hadid Architects Occupier: Antwerp Port Authority Other: Bureau Bouwtechniek, Mouton, Ingenium, Interbuild, VBSC, Groven+

Developer: Galika Human Estate Architect: DDS+ Other: Valens (General Contractor), SGI Consulting (Structural Engineer), EMS Yvan Beaufays (M&E Engineer)

Luzhniki Stadium

J. GRAN THE HONOR SHIMOGAMO TADASU NO MORI

Moscow, Russia Developer: Mosinzhproekt Architect: Sergey Kuznetsov Other: State Enterprise BSA Luzhniki

NOI Techpark Bolzano, Italy Developer: Provincia Autonoma di Bolzano, BLS Solution Architect: Chapman Taylor, CL&AA (Claudio Lucchin & Architetti Associati - local delivery architect), Geom. Andrea Cattaccin

Kyoto, Japan Developer: JR West Real Estate & Development Company Architect: Takenaka Corporation

pa1925 | Construction of four residential buildings with a commercial unit, Pasteurstraße 19-25 Berlin, Germany

Other: Bergmeister Studio di Ingegneria Srl, Manens Tifs, Lares Srl, Metall Ritten GmbH, Bettiol Srl, Volcan Srl, Damiani Holz&Ko AG, Cappelletti Srl, Fine Line OHG, Kager Friedrich OHG, Kofler GmbH, DOC Srl

Developer: SmartHoming GmbH Architect: zanderrotharchitekten gmbh Other: Hager Landschaftsarchitekten

The Silo

The Clouds

Copenhagen, Denmark

Paris, France

Developer: Klaus Kastbjerg and NRE Denmark Architect: COBE Collaborators: Balslev and Wessberg

Developer: Carac, Elogie, Nexity Architect: PETITDIDIERPRIOUX ARCHITECTS Client: Elogie, CATAC, Le Foyer les Jours Heureux Other: Khephren (BET Structure), Inex (BET Fluids & HQE), MDETC (Economist)

MIPIM PREVIEW • 115 • February 2018

AWARDS

Best Shopping Centre

Best Urban Regeneration Project

FICO EATALY WORLD Bologna, Italy Developer: Prelios SGR – Pai Fund Architect: Thomas Bartoli

Rive Gauche

Charleroi, Belgium Developer: Saint-Lambert Promotion c/o Iret Development Architect: DDS+ Other: Air Design (Concept mall interior design), Valens-Duchène (General contractor), Franki (Finishing contractor), Arcadis (Structural and M&E engineering)

Kalijodo Park Jakarta, Indonesia Developer: PT. Bumi Serpong Damai Tbk (Sinar Mas Land) Architect: Yori Antar from Han Awal & Partners Architect & ARKONIN Other: PT Anugerah Mandiri (Main Contractor), ARKONIN (Landscape, structure and MEP Consultant), Bike 2 Work (Skatepark Consultant), Studio Hanafi (Monument Artist)

Porta Nuova Milan, Italy Developer: COIMA, HINES Architect: Pelli Clarke Pelli Architects, Kohn Pedersen Fox Associates, Boeri Studio and 20 design architects from 8 different countries selected through design competitions: Inside Outside, Land, Lucien Lagrange, Munoz&Albin, Piuarch, Studio MP2 Associati, William Mc Donough, COIMA Image, Gehl Architects, Antonio Citterio Patricia Viel & Partners, Arquitectonica, Caputo Partnership, Cino Zucchi Architetti, De Lucchi, MCArchitects, Edaw

Suzhou Center

Puhlmannhof

Suzhou, China

Berlin, Germany

Developer: Suzhou Industrial Park, CapitalMalls Asia Architect: Benoy

Developer: Hamburg Team Gesellschaft für Projektentwicklung mbH Architect: Grüntuch Ernst Architekten

Tokyu Plaza Ginza

Zaryadye Park

Tokyo, Japan Developer: Tokyu Land Corporation Architect: Nikken Sekkei Ltd. Other: infix design inc.

MIPIM PREVIEW • 116 • February 2018

Moscow, Russia

Developer: Moscow Government, M.Khusnullin, Deputy Mayor for Urban Development and Construction; Department of Construction of Moscow, A. Bochkarev, Head of Department; JSK Mosinzhprojekt, M.Gazizullin, General Director; Department of culture of Moscow, A.Kibovskiy, Minister of Moscow city Government, Head of Department; Moscow State Autonomous Culture Institution ‘’Zaryadye Park’’, P.Trekhleb, Director.

Architect: International consortium: S.Kuznetsov - project art director, Moscow Chief Architect; Diller Scofidio + Renfro; Hargreaves Associates; Citymakers; CPU Reserve; MAHPI; Architectural Bureau by T. Bashkaev.

AWARDS

Best Futura Project

Best Futura Mega Project

Commercial Bank Headquarters of Taichung

Abu Dhabi International Airport Midfield Terminal Complex

Taichung, Taiwan

Abu Dhabi, United Arab Emirates

Developer: Taichung Bank Architect: Aedas Associate Architect: Y.S.L. Architects & Associates

National Museum of Qatar Doha, Qatar Developer: Qatar Museums Architect: Jean Nouvel Project Management Consultant: ASTAD

Architect: Kohn Pederson Fox Associates Client: Abu Dhabi Airport Company

Hengqin MCC Headquarters Complex Zhuhai Zhuhai, China Developer: MCC International Investment Development Co., Ltd. Architect: Aedas

National Museum of World Writing

Mui Dinh Ecopark

Incheon, South Korea

Developer: Cap Padaran Mui Dinh Ecopark Architect: Chapman Taylor Other: VO GIA Architects

Developer: Ministry of Culture, Sports and Tourism Architect: SAMOO Architects & Engineers

Mui Dinh, Vietnam

Skellefteå Cultural Centre

Xiantao Big Data Valley

Skellefteå, Sweden

Chongqing, China

Developer: Municipality of Skellefteå Architect: White Arkitekter Structural Engineer: Florian Kosche

Developer: Chongqing Xiantao Data Valley Investment Management Co., Ltd. Architect: Progetto CMR

MIPIM PREVIEW • 117 • February 2018

PREVIEW February 2018 www.mipim.com

// DIRECTOR OF PUBLICATIONS // Paul Zilk

// MARKETING DIRECTOR // Mathieu Regnault

/ EDITORIAL DEPARTMENT / Editor in Chief Graham Parker Sub Editor Joanna Stephens Proof reader Debbie Lincoln Contributors Chris Bown, Adam Branson, Ben Cooper, Anika Michalowska, Mark Faithfull, Steve Killick, Mark Moore, Liz Morrell, Doug Morrison, Helen Roxburgh, John Ryan Editorial Management Boutique Editions Head of Graphic Studio Herve Traisnel Graphic Studio Manager Frederic Beauseigneur Graphic Designer Carole Peres

/ GRAPHIC DESIGN AND LAYOUT /

©

– Graphic S tudio

/ PRODUCTION DEPARTMENT / Publishing Director Martin Screpel Publishing Manager Amrane Lamiri Printer Riccobono Imprimeurs, Le Muy (France).

Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNE-BILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2018, Reed MIDEM Market Publications.

Publication registered 1st quarter 2018. ISSN 1962-9974. Printed on PEFC certified paper.

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13-16 MARCH

2018

L E T ’S D IS C US S

DEVELOPMENT

POTENTIAL

YO U’L L F IN D US MO ORED AND BERTHED AT THE STU NNING P O RT P IE RRE C A N TO THRO U G HOU T M IPIM 2 01 8.

We’ll be on hand to meet and discuss our current projects and find out about your developments and investment opportunities.

Established since the early 90s, NL Property develops across multiple residential, mixeduse, commercial and care sectors in London, the Home Counties and the South East.

Opportunities in urban, town centre and edge-of-town locations are often missed, but we see development potential where others don’t.

We look at sites, land or buildings with a different perspective, so why not come aboard and meet us at MIPIM.

Call or email now to arrange a meeting Nigel Berney +44 (0)7711 637 111 nigel@nlproperty.co.uk

NL PROPERT Y | 48 DOVER STREET | LONDON | W1S 4FF 0 2 0 3 6 5 5 7 9 6 5 | O F F I C E @ N L P R O P E R T Y. C O . U K

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SPECIAL REPORT MAPPING WORLD URBANITY

Cities rise to the challenge of the 21st century

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ONE BELT ONE ROAD China’s global trade initiative opens up new markets

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OFFICES Technological and social forces drive workplace change Advertisement

February 2018

www.luxembourgcapital.lu

The official MIPIM magazine

We have been able to establish ourselves as one of Luxembourg’s most dynamic, fully integrated and privately held investment firms.

Above all, we have made it our No.1 priority to serve the needs of our investors and clients. This commitment is reflected in a culture that values integrity, professionalism and a passion for excellence. It also leads us to operate with prudence, financial discipline, a long-term perspective and a clear understanding that trust is something you must earn every day.

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