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CONTENTS

5 NEWS

30th MIPIM; Invest in Stockholm; flex space powers Poland; Istanbul builds on its history; Osaka floats resort island plan; and much more...

68 FEATURES Proptech: Niche no longer, as the industry embraces tech

Global cities: How cities have changed in three decades

76 FULL CONFERENCE PROGRAMME 81 PROJECT NEWS

Around the world in 32 projects

STAT OF THE

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MIPIM KEYNOTE TODAY

BAN KI-MOON, the eighth Secretary-General of the United Nations, will give the opening keynote speech at MIPIM on Tuesday, March 12 at 14.00 in the Palais des Festivals in Cannes. He will share his vision of the new global challenges, from climate change and economic upheaval to increasing pressures involving energy and water.

Ban Ki-moon served two consecutive terms as UN Secretary-General from 2007 to 2016. Born in the Republic of Korea, he is a former Minister of Foreign Affairs and Trade.

One of the Secretary-General’s first major initiatives was the 2007 Climate Change Summit, followed by extensive diplomatic efforts that have helped put the issue at the forefront of the global agenda. His visits to hard-hit areas around the world, persistent advocacy on the issue and even a march through the streets of New York for climate action, helped to push the world to act. The Paris Agreement on Climate Change, adopted in December 2015, was signed by a record number of leaders on April 22 — Mother Earth Day — and became effective on November 4.

FOLLOW THE MONEY

Institutional investors at MIPIM represent $700bn of assets under management

Americas

Europe

$146bn

$382bn Middle East

$97bn

DIRECTOR OF PUBLICATIONS Paul Zilk MARKETING DIRECTOR Mathieu Regnault

NEWS 1 Tuesday 12 March 2019 www.mipim.com

Asia Pacific

$97bn

THE MIPIM NEWSROOM IS LOCATED IN THE MEDIA HUB, PALAIS –1

EDITORIAL DEPARTMENT Editor in Chief Graham Parker News Editor Doug Morrison Sub Editors Clive Bull, Julian Newby, Joanna Stephens Proof Reader Debbie Lincoln Reporters Adam Branson, Ben Cooper, Mark Faithfull, Isobel Lee, Mark Moore, Liz Morrell, Head of Graphic Studio Herve Traisnel Graphic Studio Manager Frederic Beauseigneur Graphic Designers Muriel Betrancourt, Véronique Duthille, Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographers Christian Alminana, Patrick Frega, Olivier Houeix, Michel Johner Editorial Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Printed Communication Manager Emilie Lambert ADVERTISING CONTACT IN CANNES Mylene Billon mylene.billon@reedmidem.com Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNE-BILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2019, Reed MIDEM Market Publications.

Publication registered 1st quarter 2019. Printed on PEFC Certified Paper.

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news

Nakheel seeks European investors for $16bn worth of Dubai projects NAKHEEL is at MIPIM this week to talk to prospective investors as the Dubai developer showcases projects valued at $15.8bn, including a big push into the hospitality sector.

Chairman Ali Rashid Lootah said: “We’re particularly interested in investors from Europe. Numbers of European investors have grown in recent years — they’re now up to 3,500 — and we want to build on that.”

At MIPIM for the third time, Lootah said Nakheel is constantly expanding both in Dubai and abroad and that its success over the past decade has been based on having a strong and excellent team. “That’s the heart of any company,” he said. “The keys to both Nakheel and the Dubai economy in general are optimism, resilience and diversity.”

Nakheel comes to MIPIM 2019 with a new range of real-estate at prime locations across the city.

Among them are ready-to-occupy and off-plan residential units, with prices from $122,000 (€108,000), down payments as low as 5%, long-term payment plans and attractive rental yields. Land plots, also with attractive payment plans, for commercial, residential or hotel development are also available.

Two new Nakheel projects at MIPIM this year are Dragon Towers a twin-building, high-rise apartment complex at Dubai’s Dragon City community; and Jumeirah Park Homes, a collection of four-bedroom terraced homes — each with a private pool — at the high-end Jumeirah Park community. “We’re also looking to talk to institutional investors about our hospitality masterplan which we’ll

be showing at MIPIM. Since its debut at MIPIM in 2016 Nakheel has sold more than $730m

Nakheel’s Ali Rashid Lootah: “groundbreaking landmark developments”

Newcastle reveals digital ambitions THERE’s never been a better time to invest in Newcastle, according to a record delegation from the North East of England, which has 80 participants at MIPIM this year.

“There’s a particular focus on our digital offer this time, as Newcastle is the fastest growing tech city outside of London,” chief executive of Newcastle City Council Pat Ritchie said.

“We’re home to the National Innovation Centre for Data, as part of Newcastle Helix, which is geared for partnering with digital firms.”

Situated just a five-minute walk from St. James Park, Newcastle Helix is a new quarter which encapsulates many of the city’s ambitions. But Newcastle is also preparing to launch another raft of urban projects which are equally plugged in and ready to welcome private sector capital,

Pat Ritchie, chief executive of Newcastle City Council: “exciting time”

according to Ritchie.

“We’re here to showcase the Stephenson Quarter, a £200m MIPIM News 1 •

worth of property with 550 units, collectively worth $300m.

“Nakheel’s past, present and future projects are pivotal to Dubai’s achievements, and we continue to deliver groundbreaking landmark developments that capture the attention of investors the world over,” Lootah said.

(€233m) mixed-use scheme across a six-acre site in the heart of the city. The project’s ready 5

• 12 March 2019

to go – we’re just looking for a private development partner,” Ritchie added. Interested parties should head on over to the presentation at 13.00 today on the Newcastle stand.

The city is also partnering with Gateshead City Council to launch the Baltic Quarter, next to the iconic Gateshead Quays.

This future innovation district will create a dynamic environment in an urban setting, providing opportunities for mixeduse office, residential, leisure and ancillary retail to support a thriving community of entrepreneurs.

“Newcastle has just inked a £600m devolution deal with the government, which means we’ll be electing a mayor for Newcastle, North Tyneside and Northumberland this May, giving the region unprecedented new powers over its future,” Ritchie added. “There’s never been a more exciting time to be a part of the city’s growth.”

news

New York and secondary cities open up new US opportunities A VIBRANT New York offices market and a wide range of thriving secondary and tertiary US locations beyond the gateway cities mean that North America offers an unprecedented range of choice for occupiers, according to Ken Fisher, partner at New York-based Fisher Brothers.

“We are looking forward to discussing the opportunities at MIPIM at what is a really interesting time in the US,” Fisher said. “The advent of some 8,700 Opportunity Zones around the US in 2017 means that many of the country’s secondary and tertiary markets are now very business-friendly and very competitive in attracting occupiers to relocate.”

Citing Nashville, Tennessee and Austin, Texas as two good examples of resurgent cities, Fisher said that he was supportive

Ken Fisher, partner at Fisher Brothers

of these developments, even if it meant more competition for traditional powerhouse locations like New York.

“What it means for somewhere like Manhattan, where much of the office stock is 70 years old or older, is that there is a real impe-

The art and science of the elevator JUDY Marks, president of world leading elevator company Otis, is in Cannes for her first MIPIM. The iconic firm remains at the forefront of the industry it began 165 years ago, with a focus now on digital solutions for intelligent buildings. “Elevators are integral to the development process, they always have been,” said Marks, who will give a keynote at the Thinkers & Leaders event today.

“From our point of view the creation of elevators is not only the science of moving people round buildings, it’s also the art of the possible.”

Apart from being central to the Future Thinker session the Otis president is at MIPIM to “touch base with developers, building owners and architects. They all need lifts in their projects. The earlier we can get together to decide what they want and how it

Judy Marks president of Otis

can be done, the better the final development will be.”

“Two billion people use one of our products every day,” Marks MIPIM News 1 •

said, adding that not many other people-movers in the world can make that claim. “No one understands better than us about the 6

• 12 March 2019

tus for us to look at improving amenities, building management systems and sustainability,” he said. “There has been a significant change even in the last three years and we’re looking at introducing hospitality elements like a concierge or grab-and-go food services in our buildings, and creating better building automation controls through apps.”

The growth of WeWork, which he described as “the largest landlord and the largest tenant” in New York, had also fundamentally changed the market, he said, influencing traditional landlords as they looked to update their buildings in response.

In terms of occupiers, Fisher noted the continuing growth of technology firms, plus finance, insurance and real estate companies, all of whom are looking to attract and retain millennial workers through their workplace environment.

“It’s a very exciting time,” he said. “I believe that what we are doing now is laying out the groundwork for how real estate will be managed for the next 30 to 40 years.” mechanics and the issues involved in moving people around.”

Autonomous transportation is a major issue now and will be more so in the future. “We already do that,” Marks said.

“We’ve been providing autonomous transportation for decades. So much so that we see ourselves as integral to urban mobility.”

The art and science of this kind of “urban mobility” is changing and developing constantly, Marks said. “Without our input, the design and construction of tall buildings is impossible. But whatever architects and developers want in terms of moving people rapidly round buildings, we’ll be able to provide it.”

Marks also noted that Otis lifts are installed in such iconic structures as the Burj Khalifa, the Eiffel Tower, and the Empire State Building. All three were at some point in their lives the world’s tallest building.

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Acquisition of a recently completed freehold block on behalf of Consensus Group from Regal Homes comprising 119 luxury residential units

Acquisition of an iconic 175,000 sq ft office building on behalf of WPP for their new Group HQ

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Ongoing leasing advice on behalf of Genting Group for their 540,000 sq ft hotel, leisure and retail complex

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Former Financial Times HQ comprising 200,000 sq ft jointly acquired on behalf of WPP for their own occupation

40,000 sq ft self contained office building acquired on behalf of UKCBC for their own use as a business college

^ 21 SOHO SQUARE LONDON W1

^ 10 PHILPOT LANE LONDON EC2

28,000 sq ft self contained office building acquired for WeWork

Sale of 14,000 sq ft freehold office building on behalf of private clients

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The 8500 year-old glorious brand

As the mystical city farthest east of the West and farthest west of the East, Istanbul represents the charm of the East and the modernity and innovation of the West.

Istanbul is a unique city, home to the legendary Bosphorus, a city adorned with unique natural beauty joining the continents of Europe and Asia.

This city by the sea is the only city in the world to serve as the capital of three major empires, the Roman, Byzantine and Ottoman Empires.

The beauty bestowed upon the city of Istanbul makes it 8.500 year-old glorious brand.

This city with a history spanning 85 centuries is the oldest “living” metropolitan city in the world and one of the cities which is a brand in its own right.

We are at MIPIM 2019 representing the world-class construction and real estate projects in Turkey and Istanbul. The magnificent Istanbul Tent of the Istanbul Chamber of Commerce is located in the most popular promenade in Cannes and is proud to present one of the most attractive cities in the world.

Let us meet at the Istanbul Tent Along with our mega projects which shape the future, we also provide an

Istanbul Tent Participants • Emlak Konut Reic • Akkuş Group & Boss4 Real Estate Company • Aremas • Cathay • Dome+Partners • Entegre Project Management • Fuzul Group • Gulan Group • Hasanoglu Group of Companies • Herguner Bilgen Ozeke • ICanBuy Real Estate Investments • Istanbul Airport • Istanbul Mineral Exporters’ Association • Istanbul Imar Construction Co • Kalyon Group • Optimal • Oral Architecture • SP Architects • Turkish Tourism Investors Associaton (TTYD) • Vakıf Reit • Yeditepe Inc. Organized by Istanbul Chamber of Commerce

For further inquiries, please do not hesitate to contact us.

Aylin ODABAŞ: Mobile 0090 (533) 959 30 57

opportunity to visitors to hold comprehensive and productive bilateral meetings with project owners.

Foreign investors increasingly prefer Turkey and Istanbul for their real estate invesments. In 2018, foreign investors bought 40 thousand homes. This is a more than 100% increase compared to the previous year. The number of units sold to foreigners in Istanbul alone has reached almost 15 thousand. With recent changes, foreign investors who buy real estate with a value of 250 thousand USD now have the opportunity to become Turkish citizens. I believe that these advantages will bring our friends from other countries closer to Istanbul and Turkey and make them a part of the local community in Istanbul.

Experience what the French writer Lamartine said at your property in Istanbul: “The shores of the Bosphorus are such that they look different every time you gaze on them and, with every gaze, they become new and fresh in beauty.”

I invite you to explore the Istanbul Tent.

Şekib AVDAGİÇ President Istanbul Chamber of Commerce

Istanbul in numbers • Istanbul is the 3rd city in Europe and 9th in the world in terms of the number of tourists it attracts.

• Companies in Istanbul generate approximately 27% of Turkey’s national income and 55% of its foreign trade.

• 17 out of every 100 homes marketed in the country are sold in Istanbul.

• 33 out of every 100 foreign visitors come to Istanbul.

• 4 out of every 10 companies in Turkey are established in Istanbul.

WHAT IS ON AT ISTANBUL TENT? WE WOULD LIKE TO CORDIALLY INVITE YOU TO ISTANBUL: MUCH MORE THAN A CITY

12 March 2019 • The official opening of Turkey and inauguration of Istanbul Tent • Our Press Meeting at 9.45 and live broadcasting of the interviews from the Istanbul Tent.

13 March 2019 • 14.00 p.m. “Traditional Istanbul Tent Networking Cocktail”- all MIPIM Participants are welcome to join.

news

111 billion good reasons to invest in Stockholm THE STOCKHOLM metropolitan area has identified €111bn worth of investment opportunities over the next two decades, according to the head of the city’s inward-investment agency.

Erik Kruger, CEO of Invest Stockholm Business Region, said his organisation had hired consultancy Tyrens to look at the investment opportunities across its 55 municipalities up to 2040. It identified the potential for €111bn of investment, including €60.7bn for housing, representing 400,000 new homes.

The total investment figure also includes significant requirements for transport infrastructure, including high-speed rail, tramways and ports. In particular, Tyrens noted plans for a major extension to Stockholm’s metro. The system currently has 50 stations, but the plans for the network include adding a further 16, requiring €3.1bn of investment.

Croydon Council and uni unveil new creative campus

Taken as a whole, both the growth planned for the region and the investment required are highly ambitious, but Kruger is confident that investors will respond positively. “We’re one of the fastest growing regions in Europe — we’re growing faster than London or Paris,” he said.

“We’re the economic growth engine of the Nordic countries.

So, if you’re a global investor and you’re looking to cover the Nordics, Stockholm is the obvious choice.”

Kruger added that Stockholm’s mix of traditional and cutting-edge technology businesses is highly attractive to investors: “We have quite a lot of global headquarters, some of which date back over 100 years.

And then, if we look at tech, we have at least six unicorns — companies that are valued at more than $1bn. So, it’s a mix of companies from the past and the new tech companies, which creates a business environment that’s very attractive.”

Croydon Council’s Jo Negrini: “We want to create an environment in Croydon that’s about learning”

THE LONDON Borough of Croydon has struck a deal that will see London South Bank University (LSBU) establish a campus in the town’s centre, it was announced at MIPIM this week.

“We’re here to announce a new partnership between the council and London South Bank University, which is the foundation for the new creative campus we want to deliver in Croydon,” said Jo Negrini, CEO of Croydon Council. “They are looking at roughly 10,000 sq m in the centre of Croydon.”

Negrini said the deal was a leap forward in terms of the council’s ambitions to establish a variety of educational opportunities in the town. “What we want to create is an environment in the centre of Croydon that’s about learning,” she said.

“Croydon College and the Sussex Innovation Centre have already located to the town centre, but we want to build on the work we’ve done around tech and trying to create different types of activities.”

Invest Stockholm’s Erik Kruger: “We’re growing faster than London or Paris”

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In part, this strategy stems from the fact that Croydon has the most youthful population of all London’s boroughs — it is home to around 93,000 people under the age of 18, representing a quarter of its population.

“We want to create as much opportunity for young people as possible in terms of education and learning,” Negrini added.

“The thing we’ve really been missing out on is not good primary and secondary provision, but higher-education provision.

We’ve suffered from not having that presence. The South Bank deal changes that.”

Negrini said the courses that LSBU would bring to Croydon would dovetail neatly with the local economy. “There will be an engineering course and Croydon has always been home to a lot of engineering,” she added.

“They are also bringing a huge undergraduate and apprenticeship programme around digital.

And then there is health and social care, which is a huge issue for Croydon and south London more generally.”

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news

Greystar positioned for ‘huge Oslo is on target to reduce opportunity’ of build-to-rent emissions by 95% by 2030 THIS year, Oslo is using MIPIM to celebrate its status as European Green Capital and to communicate how it intends to meet its ambitious carbon-emission reduction targets.

“We want to showcase why we have been chosen as green capital,” said Erling Fossen, CEO of the Oslo Metropolitan Area. “Our goal is to cut emissions by 2030 by 95%. We are on target, but we need to speed up. We have a CO2 budget and it’s going to plan.”

In order to hit the 2030 target, Oslo is concentrating its efforts on transport and real estate. According to Fossen, the Norwegian capital is the world’s first mass market for electric vehicles: this January and February, 40% of all cars sold were electric.

“The Norwegian state said that this is something we should be achieving, so it reduced some of the taxes for electric cars,” Fossen said. “Tesla vehicles are considerably cheaper in Norway

than in other places. We have also built the infrastructure, with charging stations and so on.

Now in Oslo, it’s almost as easy to charge your electric car as it is to go to a gas station.”

In terms of property, almost all new buildings in Oslo must be ‘energy positive’, meaning they must produce more energy from renewable sources than they consume. The Oslo Solar development is a good example, Fossen said.

“Real estate is responsible for around 40% of all CO2 emissions in the world,” he said, adding that the reaction from investors to the city’s energy-positive policy has been positive.

“We weren’t worried, but we did wonder what international investors would do,” Fossen added. “But we have our family of international investors, like Tristan Capital Partners, which has been in Oslo for 20 years.

They love it — there hasn’t been any push back.”

Greystar’s Michela Hancock: “We have huge aspirations”

THE POTENTIAL for buildto-rent in the UK and continental Europe offers a “huge opportunity” for expansion, according to Michela Hancock, Greystar’s newly promoted managing director of development and construction.

Hancock said Greystar was “uniquely positioned to grow and scale”. She added: “We are vertically integrated in that we own, develop and operate only in the rental-housing market.”

Greystar’s long-term aspirations also allow it to create a higher quality product, in which amenities and services are key. “We are a long-term operator, which means we are really motivated to get this right,” Hancock said.

“If we make a mistake at the design stage, we are the ones that will suffer.”

In the UK, Greystar has 5,000 build-to-rent units under development and plans to double

this number within the next two to three years. Meanwhile, it has entered several markets in continental Europe and aims to continue to expand its presence there. “We have ambitions to grow as quickly as we can,” Hancock said. “We have huge aspirations.”

Greystar also has 5,000 student-housing units in the UK and is intending to double that number within five years.

The future of the build-torent market will be examined in today’s Housing: Multifamily Market Trends conference, in which Hancock is a speaker.

The session will explore the asset class’ potential for growth, as well as impact of greater institutional investment on the sector. “With the institutional rental market, it’s a much more consistent and higher quality product and experience,” Hancock said.

Oslo Metropolitan Area’s Erling Fossen: no investor push back

MIPIM News 1 • 11 • 12 March 2019

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YOUNG LEADERS

Meet the talent of the future at MIPIM’s Young Leaders Summit MIPIM has launched a Young Leaders Summit at the 30th edition of the show, with a dedicated conference stream of events being held on Wednesday, March 13.

The programme includes Young Leaders: Convergence Or Divergence, an intergenerational discussion based on the results of a public consultation campaign by Make.

org to provide a glimpse into the city of the future, the results of which will be revealed on the day. Themes will include promoting ecology and respecting the environment, increasing mobility, reinventing city-centre shopping and making buildings more eco-friendly.

A second discussion, Young Leaders: Promoting Talent & Skills, will examine the devel-

opment of talents and skills of the next generation while at 15.00, students will gather for a closed-door brainstorming session to produce the Young Leaders Summit outcome on design thinking. This will be used to draw up the charter for tomorrow’s cities and be presented at the Young Leaders Cocktail, which follows at 16.30.

Industry must offer more to the young THE REAL estate industry has to get better at coaching young talent and encouraging it to move through organsiations, according to Connor Ryterski, managing director at Prizeotel Hotel Group.

“Today my generation, generation Y, is looking for someone to get the best out of us.”

However, he said the right person must avoid overcoaching and blocking younger talent coming through.

Ryterski said the industry has to be more efficient in combining the benefits of experience and new ideas by bringing together all generations in real estate. “We might bring ideas to the table so you need to be able to combine both and don’t be afraid if one will beat the other.

It is slowly changing and we are seeing more young people but there is still a lot of improvement to be had. We are moving away from an industry where the title matters in terms of with whom you should be speaking, to experience sharing with the younger generation. That’s nice to see but there needs to be change from the leadership point of view too,” he said.

Prizeotel managing director Connor Ryterski

MIPIM News 1 • 13 • 12 March 2019

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news

Open platform and free download launched by District Technologies DISTRICT Technologies, an app provider for smart buildings and community services, will launch a new open platform and preview the imminent availability of its app free to download on its website at MIPIM tomorrow.

These two initiatives will widen the availability and development of the app, giving it far wider reach for building users and companies seeking to improve operations within their work communities, according to co-founder and CEO Vanessa Butz.

The District Technologies app is designed to help companies engage with their customers and employees, optimise their building experience through, for example, smoother control of meetings and spaces, and collect and use building and operational data.

Butz said that she wants the app to be “part of the everyday work experience for users” and that the announcements at MIPIM are part of the company’s strategy to work with clients to upgrade

District Technologies’ Vanessa Butz

their working practices.

By creating an open platform, Butz said she hopes to “help companies develop integrations” for the app and said that as “every building is different” the move will make it easier for developers to create their own adaptations, while District Technologies will be running hackathons and other events to encourage take-up and customisation of the technology.

The company will also be announcing the “imminent launch” of a website that will allow businesses to download the app for a limited number of users free-of-charge.

This model follows the strategies of the likes of communications app Skype, Butz said. “We’re trying to bring in the best of standards from other industries which are currently ahead of real estate.”

West End suffers Brexit uncertainty LONDON’s West End is facing a challenging year exacerbated by a lengthy delay in the opening of the long-awaited new underground line through the area, and ongoing uncertainties over Brexit, the head of the area’s Business Improvement District (BID) has said.

Speaking to MIPIM News, Jace Tyrrell, chief executive of New West End Company, said that the drop in the number of new international openings on Oxford Street, Regent Street and Bond Street was partly down a lack of clarity on Britain’s departure from the EU, with companies taking a “wait-and-see” approach.

“We feel that in 2019 we have to take a step back to some extent in order to go forward in 2020,” Tyrrell said. “The delays with the Elizabeth Line and issues over Brexit are causing retailers to put plans on hold until they know more. But when the Elizabeth Line does come we see a £3bn boost coming to the area.”

The three iconic shopping streets, which last year saw a combined turnover of £8.2bn in the shops, including from click-and-collect, are set to benefit from £150m worth of improvement works after the City of Westminster, the local authority for the area, agreed to release the funds.

The works will create cleaner spaces with better access for pedestrians and measures to

reduce traffic flow and, Tyrrell said, will serve as a sign that the council is committed to supporting retailers. “It will give business more confidence in the area,” he said.

In June this year, after years of speculation, Oxford Circus will see the arrival of global computer giant Microsoft’s highly anticipated retail store, its first flagship shop anywhere in Europe.

DREES & SOMMER INVITE STARTUPS TO INNOVATION HUB INTERNATIONAL consultancy Drees & Sommer is calling on proptech start-ups from around the world to take advantage of its newly established innovation hub in Stuttgart.

The company launched the 2,000 sq m centre in its Stuttgart office last month in a bid to support start-ups and accelerate the development and uptake of innovative new technologies in the real estate and construction sectors.

The hub is already home to 10 people, all of whom benefit from either free space or discounted rents, as well as the opportunity to exchange ideas with Drees & Sommer employees. Promising concepts will receive additional development funding, the company said.

In a demonstration of how seriously Drees & Sommer is taking the initiative, chief executive Steffen Szeidl recently moved his office to Stuttgart into the innovation hub.

The idea for the centre began in Aachen three years ago, when Drees & Sommer launched a research and development facility at RWTH Aachen University’s campus, which allowed employees to network with potential partners in both research and industry.

Szeidl said: “Smart business models in the construction and real estate sector only work if they take into account the very complex requirements of planning, construction and operation.

DID YOU KNOW?

3 ,3 5 0

New West End Company’s Jace Tyrrell

MIPIM News 1 • 15 • 12 March 2019

COMPANIES EXHIBITING AT MIPIM

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news

30th MIPIM under way

Making plans for the market

Delegates find their way around the Palais

Already down to business

Catching some rays

MIPIM News 1 • 17 • 12 March 2019

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news

Osaka city government gives green light to ‘dream’ island PLANS for a man-made island in the Osaka Bay Area have been given the go-ahead by the Japanese government.

“The island of Yumeshima, which means ‘dream’ in Japanese, is being developed as a smart resort city,” said Norio Mizuno, manager of the Bay Area development and co-ordination division at Osaka city government’s planning bureau.

“The government has said yes to plans for an integrated resort on a 70-ha plot, comprising a casino, convention and exhibition facilities, and hotels. The government will run a competition later in the year for private development companies to take the project forward.”

Designs for Yumeshima also include a 155-ha allocation of land for the upcoming World Expo in 2025. “The message of Expo 2025 is ‘designing future society for our lives’,” Mizuno said.

“The development will include high-tech medical facilities, with

Hankyu Hanshin Properties’ Azusa Takada and Osaka city government’s Norio Mizuno

an eye on legacy plans for the site. One theme the Expo will be exploring is wearable tech, as we focus on the topics of health and longevity.”

Beyond 2025, plans are in place to transform the Expo site into an exemplary smart city, where technology, real estate and humans communicate seamlessly,

with a focus on wellness and quality of life.

“Osaka was never a city with lots of green places,” Mizuno added. “But all that’s changing now, thanks to another key city project — the regeneration of the Osaka railway-station area.

“Osaka’s station is a high-traffic area — around 2.5 million people catch public transport there every day,” added Azusa Takada, assistant manager in the urban management division of Hankyu Hanshin Properties Corp.

“The ongoing transformation of this neighbourhood, Umeda, is already having a big impact.

Land prices are rising and a new station will cut the journey time to Kansai International Airport to around 40 minutes.”

Here, innovation is also a key theme, according to Takada.

The Umekita Phase 2 development zone will fuse sustainable and innovative projects, encouraging startups to relocate to co-working facilities within a green enterprise zone.

“The future of Osaka will be hightech and connected,” Mizuno said. “The subway will eventually be extended to Yumeshima, while boats will also run from Kobe and Osaka to the new island.”

Sudbury revitalises downtown area THE CANADIAN city of Sudbury is at MIPIM for the first time to attract investment partners for a series of downtown redevelopment projects.

The north Ontario city is one of the world’s largest sources of nickel and cobalt, and also has substantial lithium reserves. But mayor of Sudbury, Brian Bigger, said: “Our key message at MIPIM is that we’re not just a mining centre: we have a bilingual, highly skilled workforce; we’re centrally located with two railway routes, the Trans-Canada Highway and an international airport; and we’re a growing popula-

tion. Kids aren’t leaving greater Sudbury for a better life or job opportunities elsewhere.

They can find it in Sudbury.”

Bigger pointed to two projects: The Junction and the Inno-Tech Park: “We are redeveloping two city blocks in the heart of the downtown area for The Junction, to create a 750-seat convention centre, library and art gallery.” Bigger added that, to realise its full potential, The Junction needs a private-sector hotelier on board: “We want to meet hoteliers at MIPIM, to integrate a hotel into the Greater Sudbury Convention and Performance Centre [GSCPC].

With its 750 automated lift-style seats, the GSCPC will have the ability to interchange between conventions, live performance and banqueting.

The Inno-Tech Park, meanwhile, will add to Sudbury’s knowledge industries. “We anticipate a growing demand for office space for IT professionals, lawyers, accountants and other high-service personnel,” Bigger said.

He added that, although Sudbury has huge mineral resources that will last for hundreds of years, it is also focused on creating a dynamic multi-faceted economy for the future.

MIPIM News 1 • 19 • 12 March 2019

Sudbury mayor Brian Bigger: “we’re not just a mining centre”

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Market now greater than ever, says MIPIM pioneer Freeman 30 YEARS of MIPIM have reflected the cycles of the real estate market but its importance as a show is ever increasing, according to Susan Freeman, partner at London-based law firm Mishcon de Reya and an attendee from the start.

“It has become a really substantial event in the real estate calendar and now the market has become so international it’s more important than ever to be able to make contact with people and bring in investors from all over the world. It’s something that was aspirational [for the organisers] and has now become a reality,” she said.

Freeman said she was proud to see so many UK locations represented at this year’s event, despite the uncertainty of Brexit.

“The message is that we are here to fly the flag. Whatever uncertainty there is at the moment

Mishcon de Reya partner Susan Freeman

will be resolved and then business will carry on as usual,” she said. “People have a choice and

we want them to come to the UK rather than being deterred

by Brexit.”

Freeman said MIPIM’s increased focus on proptech was also working to bring in new and younger talent into the industry.

“There are various different ways of getting young people into the industry but proptech is encouraging a whole generation of disruptors and innovators who are looking at the sector because of the opportunities.

There is also a lot of disruption coming from within the industry. People seem to think innovation has to come from outside of the industry but innovation is coming from within it too,” she said. The challenge is in marrying up proptech solutions with what the problems are, explained Freeman. “There’s a growing focus on bringing those two together.”

Tourism driving Greek recovery AFTER a long and painful crisis, the Greek economy is in its second year of recovery, budget and trade imbalances have been corrected, and sweeping reforms have been implemented, according to Grigoris Stergioulis, chairman of Enterprise Greece.

The national investment and trade agency will be at the Greek Pavilion during MIPIM. Stergioulis said: “Attractive asset prices, privatisations, a booming tourism industry, and new infrastructure projects offer many opportunities for the smart investor. Situated at the crossroads of three continents, Greece is now one of the hottest investment destinations in the Mediterranean.”

Greek tourism is a driving force behind the recovery, with more than 30 million visitors last year. In

Enterprise Greece’s Grigoris Stergioulis

Athens alone, some 5.5 million tourists visited the city in 2018, a 600% increase from five years ago.

“Over the next five years, Greece will need more than €5bn worth of investment in hotel capacity to meet projected demand,” Stergioulis said. “Already world leaders in tourism and hospitality, from Thomas Cook to Wyndham Hotels, have been investing in the Greek tourism sector with dozens of major hotel and resort projects opening their doors or under way.”

Greece currently has 69 infrastructure projects in the pipeline, totalling €21.4bn, including airports, highways, railroads, ports and telecommunications networks, which will support all sectors of the economy, from tourism to logistics to shipping to energy.

MIPIM News 1 • 21 • 12 March 2019

HOTELS ANALYSIS REVEALS TRENDS EMERGING European tourist cities such as Dublin, Lisbon and Madrid, and alternative operating structures such as non-leased operating structures, offer higher yielding opportunities for those investors willing to take on more risk, according to Savills’ latest European hotels trend report.

“As yields continue to compress in many of the core markets such as Paris, Amsterdam, London and the big German cities, those who are willing to move up the risk curve in emerging tourist cities and non-leased operating structures are seeing some attractive yield arbitrage,” said Richard Dawes, director in the Savills hotels team.

European hotel transaction volumes remained high in 2018, exceeding those of 2017.

Cross-border investors made up the lion’s share of transactions, accounting for 65.4% of total volumes in 2018, outstripping the 10-year average of 54.9%.

Marie Hickey, director in Savills’ research team, said growing consumer spend on experiences such as holidays by European residents, alongside global growth in international travel, was driving demand. “Inbound tourist arrivals globally reached 1.4 billion in 2018, according to the World Tourism Organisation UNWTO. Arrivals to Europe accounted for more than half of this, totalling 713 million while increasing 6% compared to the year prior — cementing Europe’s position as global leader in terms of inbound travel and increasing accommodation requirements,” she said.

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Article 25 in Cannes to promote building towards a better world ARTICLE 25, the humanitarian architecture charity, is at MIPIM to spread the word that good design can improve health, livelihoods and resilience to disasters all over the world.

Inevitably this means the poorer parts of the world and often, but not always, after a natural disaster has struck or war has ravaged and traumatised a region.

Article 25 is one of the official MIPIM charities, and its name refers to The United Nations’ Article 25 in the Universal Declaration of Human Rights, which states that everyone has the right to adequate dignified shelter.

“Our vision is of a world where all communities have access to better housing, safe school buildings and effective clinics and hospitals. We provide the skills and knowledge needed to make this a reality,” said Bea

Earthquake-proof housing designed by Article 25 takes shape in Pakistan

Sennewald, director of projects.

“We have worked on more than 90 projects in 34 countries, making us the most far-reaching ar-

chitectural NGO in the world.

Our projects are delivered with local and in-country partners to ensure local knowledge and to

Croatian luxury draws global buyers

CEG’s Dario Luketa: opportunities for international buyers in Croatia says

FOCUSED on development of high-end luxury residential properties in prime tourist locations, Zagreb, Croatia-based Consilium Expert Group (CEG) is at MIPIM showcasing seven new projects.

Of those, two schemes are in the construction phase and the rest are still at the concept stage, said CEG chief executive Dario Luketa: “Coral Residences and Magnificent View are ready to be sold to international buyers, but our goal at MIPIM is to present the rest of our portfolio to potential equity partners.”

Luketa said that, for international buyers, Croatian properties remain attractive as the market is not as developed as other Mediterranean countries and there-

fore luxury property is available at competitive prices, offering annual returns of between 8-10%.

“Our main field of investment is in 5-star-plus tourist resorts because of the significant gap between Croatia and other surrounding tourist destinations,” he said. “Croatia has only 165,000 beds in 4- and 5-star hotels compared with Ibiza which has 360,000. I see great potential to develop such projects and to bring top luxury brands to Croatia.”

CEG’s other five projects include Smrka Bay Marina and Smrka Bay Resort; two projects on the upscale Hvar island and a luxury residential project being developed on the northern Adriatic coast in the Opatija region, a traditional

MIPIM News 1 • 25 • 12 March 2019

ensure the project is most apt and suitable for local requirements.” Sennewald said. Article 25 aims to ensure its projects are lasting and sustainable after its involvement has ended.

“We tend to concentrate on health and education,” Sennewald added. “Far too many people do not have access to decent shelter and housing, adequate school buildings and effective clinics or hospitals. A well-designed contextual building is one of the most important factors in ensuring a good quality of life. Our types of buildings can be powerful tools to build thriving, healthy and strong communities in the face of poverty and hardship.”

Sennewald said the buildings are always constructed from local and local-market materials. “By that I mean we would use ironmongery or lightbulbs that are available in local markets. We avoid importing anything.”

Article 25 works with international development organisations including DFID, Danida, Save the Children, the British Red Cross and Unicef.

seaside resort known for its Mediterranean climate and historic buildings.

“With our partners from the US we have secured enough equity to finance all our projects, but we want to level the risk and with additional equity partners, to expand our project portfolio,” said Luketa. “Overall the project portfolio is up to a total investment value of €700m but Croatia has much greater potential and we don’t want to miss it.”

CEG is celebrating its 30th anniversary at MIPIM’s 30th edition and Duketa said that this experience and knowing the local legal and business framework in Croatia means that the company has been able to anticipate risks for partners and bring its projects to the construction permit stage with its own equity, before raising additional equity from other partners.

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Environment minister talks up Turkey’s green agenda

HINES AND 25HOURS HEAD TO DENMARK PRIVATELY owned global real estate investment firm Hines has inked a deal with European hotel operator 25hours to create a 243-room hotel in Copenhagen. The operator’s first project in Denmark, the new hotel will form the centrepiece of a mixed-use development, including premium retail, on the city’s Kobmagergade.

Hines’ refurbishment will include the creation of 3,000 sq m of retail space within the Kobmagergade’s historical buildings, which date back to the 18th and 19th centuries. Six residential apartments complete the project.

“Kobmagergade’s popular location and the dynamic combination of brands we are looking to partner with will create an attractive destination for international tourists and the domestic market,” said James Robson, managing director of Hines Nordics Real Estate.

Hines acquired the site in May 2018 on behalf of the Hines European Value Fund (HEVF). The new hotel will open to guests in 2021, with the new retail spaces to be available from late 2020.

Turkish minister Murat Kurum: “We have almost achieved our 2023 renewableenergy goal”

TURKEY’s environment and urban planning minister Murat Kurum is at MIPIM to talk about the country’s problems, solutions and opportunities.

“Turkey maintains strong economic growth, while preserving the environment,” said Kurum, who is in Cannes with a strong sustainability message.

He added that the OECD’s Environmental Performance Reviews commend the steps taken by Turkey: “In recent years, we have turned Turkey into one of the world’s leading countries in installed capacity for solar, wind, geothermal and hydroelectric power. The share of renewable energy in total primary energy supply is above the OECD average.”

Kurum said Turkey is promoting electric and hybrid vehicles through lower tax rates.

“Turkish companies play an active role in the global voluntary carbon market,” he added.

“Since the Environmental Performance Review in 2008, Turkey has made major headway in developing and implementing

its National Climate Change Adaptation Strategy and Action Plan. We have almost achieved our 2023 renewable-energy goal.”

Other major initiatives include the Zero Waste Project, under which paper, glass, plastic, metal and organic waste is collected and recycled. “The Zero Waste Project has been put into practice in 14,000 public and private buildings,” Kurum said. “The initiative has saved an estimated 42 million trees. Once the Zero Waste Project spreads throughout Turkey, our target for 2023 is to save TL20m a year.”

Kurum also pointed out that the Turkish construction business and sub-sectors have recorded rapid growth over the past three decades, underpinning the country’s economic performance. “The construction business has grown into a major powerhouse,” he added.

“There are 46 Turkish companies among the world’s top 250 international construction companies, and Turkey ranks second in the world behind China.”

ICADE’S OSMOSE TO ‘SET EXAMPLE’ FRENCH developer Icade is moving ahead with the 15,000 sq m first phase of the Osmose project in the heart of Strasbourg’s Archipel Wacken business district.

Icade won the development competition staged by the city and regional municipal authorities last October, and is due to complete the first phase of Osmose by the end of 2020. The project will eventually extend to 40,000 sq m.

The design by Art & Build Architects and Oslo Architectes is intended to complement the adjacent European Parliament, as well as “set an example in terms of urban integration, ecological footprint and the well-being of the occupants”.

Osmose: integration, sustainability and wellbeing

MIPIM News 1 • 27 • 12 March 2019

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Madison secures controlling interest in Polish specialist INVESTMENT firm Madison International Realty has acquired a majority stake in Capital Park, a Poland-based real estate company, from Patron Capital Partners.

Capital Park owns a diverse portfolio of Polish assets comprising 304,000 sq m of lettable area worth PLN 2.5bn (€600m), of which 77% is in Warsaw.

Madison moved into the Warsaw market last year with the purchase of a 50% interest in the Warsaw Spire office tower.

“Capital Park marks our second acquisition in Poland, where we see great potential,” said Derek Jacobson, Madison’s co-chief investment officer. Madison said the acquisition was on behalf of the Madison International Real Estate Liquidity Fund VI. Patron Capital secured the 65.99% stake in Capital Park in 2004, floating the entity on the Warsaw Stock Exchange

Capital Park’s Royal Wilanow office building in Warsaw

in 2013. “Working with Patron Capital Partners provided us with the strategic understanding and support that has allowed us to build a portfolio of modern Class A office and retail assets,” said Jan Motz, founder and president of Capital Park.

“This transaction fits well with our strategy of investing selectively in listed property compa-

nies with strong sourcing opportunities in growth markets and superior management teams,” said Matthias Cordier, Madison managing director.

After completion Patron Capital Partners will retain a minority stake in the group with the remaining shares held by management, pension funds, investment funds and retail investors.

Prepare for EU’s green measures, Loan Market Association advises REAL estate investors should consider getting ahead of the curve when it comes to sustainable finance regulations and environmental, social and governance (ESG) reporting, according to Amelia Slocombe, managing director and head of legal at the Loan Market Association.

The European Commission intends to bring forward a range of measures, including establishing a unified classification system of sustainable economic activities; improving disclosure requirements on how institutional investors integrate ESG factors in their risk processes; and creating a new category of benchmarks that will help investors compare the carbon footprint of their investments.

However, rather than wait for the new regulations to be implemented, Slocombe said that it makes sound commercial sense for investors to adapt their strategies in advance. “A lot of this regulation that is coming in is

Loan Market Association’s Amelia Slocombe: “Banks are keener to lend if you can show your building is green”

European so it is going to apply to a lot of countries,” she said.

“A lot of it is direct regulation or directives have to be adopted by the national government. So, I think particularly on the sustainable finance and the ESG reporting, a lot of that is European legislation that will require investors to comply with certain standards regardless.

“There will be a transition where people think that it isn’t relevant, but commercially it could be beneficial now, if you’re borrowing money the terms could be more attractive if you get ahead before these standards are legally required. Banks these days are much keener to lend on better terms if you can show that your building is green.”

MIPIM News 1 • 29 • 12 March 2019

AMRO EXPANDS IN SPAIN’S STUDENT HOUSING SECTOR STUDENT accommodation and multi-family specialist Amro Real Estate Partners has continued its growth across Iberia with the acquisition of a second development site in Spain.

The 100,000 sq ft (9,300 sq m) property in Seville will be developed into a 332-bed student housing scheme, including common rooms, group study areas, a canteen, gym and car parking. It is part of the company’s plan to create a 5,000-bed investment platform in the region.

Construction is anticipated to begin this summer, with the scheme opening to students in January 2021.

Construction works are already under way at Amro’s first site in Spain, a 360-bed scheme in Granada, which is scheduled to open in March 2020.

The Seville property is located within reach of campuses for the University of Seville, Universidad Pablo Olavide and Loyola Andalusia University, which have a combined population of 38,600 students.

Raj Kotecha, managing director at Amro Real Estate Partners, said: “The student accommodation market in Seville, much like many of southern Europe’s big student hubs, has an extremely limited supply of beds with limited competition from private providers.

“We are committed to delivering our 5,000-bed vision across the Iberia region, capitalising on a market opportunity that mirrors the UK student accommodation sector 10 years ago. We look forward to opening our first operational property in Granada early next year.”

Alongside Amro’s sites in Granada and Seville, the company has a further 3,000 beds currently under negotiation across both Spain and Portugal.

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Dubai realty adds real value to global investor portfolios

F

ew property markets in the world can claim to offer similar rental yields or capital gains as Dubai – and considering its strategic geographical location, sophisticated infrastructure and cosmopolitan lifestyle, it’s no surprise the city is a magnet for property investors, looking to diversify their portfolios or to invest in a high-yield, high-return property market in the world’s fourth most visited international city.

Dubai real estate assets generated a 120 per cent return for investors in rents and capital gains over the 10 years since the Global Financial Crisis, according to a report by Reidin/Global Capital Partners. In contrast, such assets generated a 75 per cent return in London and 63 per cent in New York. The bulk of the returns in Dubai were achieved through rental increases, the report said as Dubai offers attractive rental yields of between 10 per cent and 12 per cent.

The average property price is also very attractive

to serial property investors or even first-home buyers, ranging from US$354 to US$409 per square foot. A recent Knight Frank report disclosed that US$1 million can buy 138 square metres of prime residential property in Dubai as compared to 25sqm in New York, 28sqm in London, 39sqm in Singapore, 41sqm in Geneva, 46sqm in Paris, 58sqm in Los Angeles, 76sqm in Tokyo and 92sqm in Mumbai.

Confidence is key Confidence in Dubai’s property market is primarily owed to the introduction of regulations and strict enforcement of industry practices by the Real Estate Regulatory Agency (RERA), enabling the sector to reach a new level of maturity.

Nearly 16,000 foreigners invested US$10 billion in Dubai’s real estate market from January to June 2018. Buyers from India spent the largest amount of money among foreign investors, pouring a total of US$1.6 billion into Dubai real

estate through 3,218 investments during the first half of 2018. UAE nationals continued to top the table, snatching up properties worth US$1.85 billion through 2,986 investments, according to the figures released by Dubai Land Department.

Saudi Arabia emerged as the second biggest foreign investor, whose acquisitions reached US$1billion through 1,415 investments. The rest of the top investors by nationality were Dubai expatriates from the United Kingdom, Pakistan, China, Egypt, Jordan and France, respectively.

Top projects to look out: District 2020 District 2020 connects people and spaces in a smart and sustainable urban environment designed to encourage creativity, collaboration and innovation. It is a world-class mixed-use development which embraces a new urban experience, designed to promote an innovation

– driven business ecosystem and balanced lifestyle. Its cutting-edge physical and digital infrastructure inherited from the Expo 2020 event, located between Abu Dhabi and Dubai, close to one of the world’s largest ports (Jebel Ali Port) and what will be the world’s largest airport (AlMaktoum Airport), place it at the centre of the acceleration of Dubai’s development. District 2020 integrates several neighbourhoods that combine offices, collaborative workspaces, residential communities, social and cultural attractions, parks, and a host of business and leisure amenities to encourage a balanced lifestyle. Join us as we connect, create, and innovate.

Dubai South Dubai South is home to the world’s largest airport in the making – the Al Maktoum International Airport (‘AMIA’, IATA code: ‘DWC’). The airport began operating cargo flights in 2010 and passenger flights in 2013. When complete, the airport will be the largest in the world – its five runways capable of transporting 220 million passengers and 16 million tons of cargo annually. Seven distinct districts are currently taking shape around the airport: It comprises of seven distinct zones: Aviation District, Logistics District, Dubai Logistics Corridor, the Business Park Free Zone, Exhibition District, Humanitarian City Golf District and Residential District Dubai South recently unveiled its foremost real estate projects, The Pulse and The Park lane at its Residential District. With an impressive 87 million square feet of real estate being developed at the total estimated cost of US$6.8 billion, the Residential District at Dubai South is the heart of an integrated dynamic city. The preferred place to live, work and invest, a smart and sustainable city, and a pivotal hub in the global economy, Dubai South puts its residents’ well-being at the heart of its development strategy, while offering a tangible urban experience – a unique destination that is aptly called the ‘City of You’.

Mirdif Hills Mirdif Hills is a mixed-use, residential, commercial, and retail development by DIRC and the only freehold development currently in Mirdif. The project is spread across 1 million sq. ft of land and 4 million square feet of built up area that features a four-star hotel with 116 rooms, 128 serviced apartments, retail units, a 230-bed hospital, and around 1,500 apartments comprising a mix of studio, one-, two-, and threebedroom apartments and 3 & 4 duplexes.

Green Community DIP – West Phase 3 Green Community DIP – West Phase 3, is a beautiful ready-to-move-in project which is being developed in Dubai Investments Park through its subsidiary Properties Investment. The completed project covers an area of 1.48 million square feet and comprises a total of 210 townhouses, 122 of which are four-bedroom and 88 are three-bedroom. It will also comprise 16 duplex apartments, retail units, recreational centers, swimming pools, a squash court, and landscaped areas.

are never too far from the buzz of Downtown, Business Bay, and Barsha Heights.

Palme Couture Palme Couture, an exclusive collection of fourteen residential suites, located on Palm Jumeirah, brings a previously unseen beachside living concept to Dubai. The bespoke development is founded on the codes of ‘living by design’, seamless contemporary minimalism and clarity of detail.

Each element has been hand selected to create a customised canvas of experience. The living environments feature enviable arrangements of light and space, high-end Italian production and a unique mix of exquisite marbles. Facilities include sauna, steam room, cigar lounge, underground parking, salt-water swimming pool and juice bar.

The Heart of Europe The Heart of Europe, part of the Kleindienst Group, is a celebration of the best European experiences in an unrivalled holiday home destination comprising six islands – Germany, Sweden, St Petersburg, Switzerland and Main Europe - with 13 hotels and resorts including Portofino Hotel, Ikaria Hotel, Ibiza Hotel, St Petersburg Resort, Côte d’Azur, London Hotel, Scandinavian Hotel, Amsterdam Hotel, Munich Hotel, Empress Elizabeth Hotel, Marbella Hotel and Tsar Hotel. The Heart of Europe is committed to delivering the best of European culture, heritage and lifestyle through traditional architecture, authentic experiences and innovative technology.

The development is located in a cluster of six islands nestled in The World archipelago, 4km from the Dubai coastline. The Heart of Europe brings never-seen-before experiences, including the world’s first floating and underwater living experience, the first dedicated wedding hotel, and the world’s first artificially engineered, climate controlled raining streets.

MAGEYE MAG EYE is an exclusive residential community featuring a stunning array of townhouses and apartments in the heart of the iconic Mohammed bin Rashid City in Meydan Dubai. MAG EYE opens a door to a sophisticated urban lifestyle that is tailored to modern-day preferences and amenities. Living in Meydan means you are only minutes away from all the landmark destinations of Dubai including Burj Khalifa and Dubai Mall.

What’s more, with direct access to Al Khail Road and Sheikh Mohammed bin Zayed road, you

W Residences Dubai The W Residences Dubai project is located on the West Crescent of Dubai’s iconic Palm Jumeirah, featuring 104 homes spread over 8 mansions. The project is due for completion in 2019, and offers exceptional apartments space ranging from 5,000 to over 15,000 square feet. The residents will enjoy access to all of W Dubai – The Palm’s services and leisure facilities, in addition to the exclusive Club 104. The fully serviced club features three floors of relaxation, dining, and entertainment, including the latest fitness facility.

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PFI Future seeks co-investors for ambitious project pipeline POLISH developer PFI Future is seeking investment partners to help fund its pipeline of innovative leisure, tourism and retail projects.

The company has an established track record of building and operating major facilities on behalf of others, not least the largest oceanarium in Poland, situated in its home city of Wroclaw.

Now, however, it is starting to develop its own projects.

“We are a developer and now we are switching more into investments, because we see a lack of modern infrastructure in the tourism market,” said Kamil Pakosz, business development director at PFI Future. “There’s huge potential, but it’s very difficult for cities to make such facilities for themselves. That’s why we have created a pipeline of

projects that we want to invest in and develop ourselves.”

The company’s first such project will be located in Gdansk and will include an oceanarium and exotic lagoon, alongside retail and a 330-room hotel. The idea is that the leisure and tourism elements will act as anchors to support the retail space.

“We have our own equity that we are putting into that project and we are now in the final stage of securing finance from the banks,” Pakosz said. “But we are looking for additional co-investors, because we would like to get started on the next project in the pipeline, which we have already identified. It’s not 100% necessary, but it would be good to have a co-investor for Gdansk as well.”

He added: “People in the retail

PFI Future’s Kamil Pakosz: “lack of modern infrastructure in the tourism market”

industry are looking at entertainment and leisure to bring people into their projects, so that people stay and do some shopping alongside the entertainment. It’s about diversifying the income streams.”

C&W EXPANDS HOSPITALITY TEAM IN FRANCE CUSHMAN & Wakefield (C&W) has appointed Katell Bourgeois to lead its newly formed hospitality team in France. Bourgeois joins C&W from JLL’s hotels and hospitality team in Paris. C&W has also recruited Josephine Duforest from CBRE and Olivier Monteux from Accor, who join Bourgeois as analysts. Bourgeois will be responsible for building a full-service hospitality function for C&W in France, including capital markets, advisory, development and operator selection. Jonathan Hubbard, head of C&W’s EMEA hospitality team, said: “The French hotel market is one of the most important and liquid within Europe. The appointments of Katell, Josephine and Olivier are a real coup and firmly establishes our EMEA hospitality offer in the region.

CEREIT buys French logistics assets CROMWELL European Real Estate Investment Trust (CEREIT) has acquired four French logistics properties totalling around 37,300 sq m for a cumulative €28.2m. The properties will be managed by Cromwell Property Group through its integrated European investment asset management platform.

Located 9 km from Paris, the Gennevilliers logistics asset consists of 7,500 sq m of lettable area, which is let to GRDF, a French state-backed company.

The Sully-sur-Loire logistics asset, located 40 km east of Orleans, consists of 15,500 sq m of lettable space. It is currently let to auto service-parts supplier Inteva Products.

The Parcay-Meslay logistics asset is a freehold property comprising 5,500 sq m of lettable space. It is located in Tours, central France, with excellent

C&W’s Katell Bourgeois

GREEN LIGHT FOR BT IMMO’S E-VALLEY

The 7,500 sq m Gennevilliers logistics asset is let to GRDF

transport links to Bordeaux, Paris and the north of France.

The property is fully let to Atac (Auchan).

The Villeneuve-les-Beziers asset is a freehold logistics property, consisting of 8,944 sq m of lettable area. Strategically located 3 km east of Beziers in the south of France, the property is currently let to DHL.

Diego Roux, Cromwell’s head of investment and disposals in France, said: “This is a strong portfolio of French assets, sourced off-market at an attractive net investment yield of circa 9%. The portfolio also provides value-add and asset-enhancement opportunities, as a number of the assets have development or expansion potential.”

MIPIM News 1 • 33 • 12 March 2019

BT IMMO Group has been granted the building permit for the E-Valley e-logistics smart hub in Nord Pas-deCalais in France. It marks the start of Europe’s largest e-logistics base dedicated to e-commerce and hybrid businesses.

The French site is located on the former 103 air base in Cambrai. It consists of more than 700,000 sq m of warehouses on 355 ha and is being designed to include all the facilities and services that occupants might need.

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Government agency says UK ‘needs to go further’ to solve housing crisis THE UK has made real progress in tackling its housing crisis over the past five years, but “there is consensus that we need to go much further”, according to Sir Edward Lister, chairman of Homes England, the government’s housing agency.

Just over a year after the formation of Homes England, Lister is at MIPIM to support “ambitious local areas” in meeting the challenge of building new housing, which he said is “the UK government’s top domestic priority.”

“England needs more homes in the right places where people want to live,” he said.

Homes England shares many of the goals of its predecessor, the Homes and Communities Agency, but Lister told MIPIM News that above all the new organisation has been established to “act as a housing accelerator and shake up the market.”

“We’re a new type of agency — more muscular and more ambitious with a remit from the UK Government to deliver the 300,000 homes needed each year by the mid-2020s,” Lister said.

“Our job is to make the housing market more diverse and resilient by boosting housing supply, productivity, innovation, quality, skills and modern methods of construction.”

He added: “We are already forging strong partnerships across England — taking a place-making approach, collaborating with local councils, businesses and local enterprises to deliver homes where communities will thrive.”

Homes England is also helping prospective international investors explore the market, making introductions and finding them like-minded delivery partners.

At MIPIM, the agency is expected to unveil an interactive Land Hub, which will show thousands

of acres of disposable land for sale, for both housing and commercial use.

Lister: forging strong partnerships

Demand up for private rental in UK CITY-centre specialist developer High Street Residential has secured its fourth site in the UK city of Birmingham with the acquisition of the larger of two plots at the former Kent Street Baths for £19m (€22m).

The developer already owns a smaller plot on the site and is now drawing up plans for a £133m (€154m) project comprising 580 apartments for private rent across two buildings, as well as some commercial space.

Gary Forrest, chairman of parent company The High Street Group, said: “Almost 19% of the UK population is renting privately and this figure is expected to grow significantly.

In response, we are creating high-quality living spaces, future-proofed through the use of

the latest smart technologies.

“They also offer extremely attractive investment opportunities with yields and capital growth in excess of 7% per annum. These are non-volatile, high-quality assets offering attractive, longterm returns, which we can maximise for our partners.”

High Street Residential is developing or planning a string of similar private rented sector initiatives in major UK cities.

In total, the company’s pipeline has a gross development value of over £1bn and will create more than 3,000 apartments for rent.

€154m housing scheme for Birmingham

MIPIM News 1 • 35 • 12 March 2019

GERMANY’S TREI PLANS TO GROW IN RESIDENTIAL TREI Real Estate, the German-based residential and retail investor, increased its development programme by €185m to €685m during 2018, up from €500m in 2017.

Residential accounts for the bulk of Trei’s pipeline, with the company currently developing 2,400 units in Germany, the Czech Republic, Poland and the US. Trei will hold around two-thirds of this development volume as longterm investment.

“We took a key step on the residential side by entering the US market, where construction began on our first project in Charlotte, North Carolina,” Trei CEO Pepijn Morshuis said. “A second project is in the pipeline. At the same time, we have pressed ahead with our four housing developments in Berlin.”

Trei’s investment portfolio is still dominated by commercial assets because of the company’s roots in the Tengelmann Group. But Trei plans to grow the housing component from 13% to 40% over the next five years.

Morshuis added: “Our aim is to continue expanding the development volume in 2019.

In the US, we plan to launch additional residential developments besides the project in Charlotte that is already under construction. At the same time, we are looking to build residential properties in Poland and the Czech Republic.”

Pepijn Morshuis

173_RM MIF_N1_PIM

Official partners

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news

Coventry gets very light railway as part of regeneration scheme PLANS are under way to overhaul the railway station in the English city of Coventry as part of a wider long-term regeneration scheme that includes a major new mixeduse business quarter.

In November last year Coventry City Council gave the green light for the £82m (€91m) redevelopment of the train station, alongside the existing £700m Friargate project, which is already under way.

Plans for the railway station include a new Very Light Railway (VLR) system similar to the Docklands Light Railway (DLR) in London. The driverless VLR railway system will be developed by local firm Transport Design International, in conjunction with manufacturing firm WMG, part of the University of Warwick.

The city’s railway station is one of the fastest-growing in the country in terms of passenger numbers, which have more than tripled since 2003.

City Council cabinet member and

Coventry and Warwickshire Local Enterprise Partnership (CWLEP) director Councillor Jim O’Boyle said: “The station underlines our continued determination to transform the quarter into a vibrant business area and it will bring added momentum to the whole Friargate project.

Boyle said VLR “will appeal to cities across the UK, Europe and beyond who will see the advantages of a low-impact, low-carbon, driverless rail transport system”.

The redevelopment of Coventry

railway station and all other projects currently under way in the city are set to be completed by the end of 2020. At the start of 2021 Coventry begins its year as the official UK City of Culture.

The Friargate project, which has faced some delays since plans were first tabled in 2010, will deliver a whole spectrum of new builds in the centre of the city aimed at stimulating business growth, including 2.35m sq ft of Grade A office space, 20.000 sq m of retail and dining, and 400 new homes.

Artist’s impression of the VLR system planned in Coventry

Raffles’ tower makes it to the top DEVELOPER and landlord CapitaLand has topped out the eighth and final skyscraper on its Raffles City Chongqing mixed-use development in south west China.

The project includes the world’s highest sky bridge, dubbed The Crystal, at 250m above the ground.

Occupying 9.2 ha, Raffles City Chongqing comprises a 235,000 sq m shopping mall, 150,000 sq m of Grade A office space, around 1,400 apartments and a hotel, among other elements.

Lucas Loh, president, China and investment management, at the CapitaLand Group, said: “The successful topping out of Raffles City Chongqing represents a new milestone in CapitaLand’s track record of building well-designed integrated spaces.

“It demonstrates our multi-faceted capabilities in delivering a vertically-built riverfront urban district,

seamlessly integrated with a major transportation hub comprising ferry, subway and bus stations “Upon Raffles City Chongqing’s structural completion, we are now focusing on the interior fit-out works, including transplanting trees to enliven The Crystal sky bridge, which will feature the tallest obser-

vation deck across Western China.”

Anchor retail tenants already signed up include electric vehicle company NIO, cinema operator CGV, bookstore chain Yanjiyou and gourmet supermarket Ole. The mall will also feature a dedicated zone promoting authentic Chongqing products.

CapitaLand has topped out the final tower on its Raffles City development in Chongqing

MIPIM News 1 • 37 • 12 March 2019

INVESTMENT INTO SPAIN AT FIVE-YEAR HIGH FOREIGN investment into the Spanish real estate market is at a five-year high and now accounts for the vast majority of the overall spend, new research shows.

A report recently published

by Savills Aguirre Newman shows foreign investment into the Spanish market hit 68% in 2018, after a 12% increase over the past three years, and a 23% increase on the previous year.

Foreign investors accounted for €7.3bn out of a total €10.8bn in 2018, attracted by opportunities in e-commerce, logistics and retail.

The majority of the investment came from within Europe and the US. The sharpest increase from 2017 was logistics, which saw a 61% jump in investment year-on-year.

Luis Espadas, executive director in the capital markets division at Savills Aguirre Newman said: “2018 really was the year of foreign investment in Spain. We have had a high volume of portfolio deals across all sectors, with high cross border interest in high street retail, shopping centres, logistics and offices.

“We expect to see increasing demand for all these sectors and investors can expect to see strong returns in a thoroughly positive climate. Rents continue rising and economic indicators for Spain show better evolution than average across the rest of Europe.”

229_MINISTRY_N1_PIM_PAGE1_DOS PIQUE

A PLACE TO FIND COMPETITIVE ARCHITECTURE SOLUTIONS

Welcome to the Brazilian Architecture Stand @ MIPIM 2019 Visit us @ P-1.E61

Platina 220 São Paulo, Brazil Konigsberger Vannucchi

Complexo JK São Paulo, Brazil ArGis Floresta Urbana São Paulo, Brazil Triptyque

Architecture offices in Brazil offer competitive advantages in a series of segments to provide solutions to every scale of projects:

COMERCIAL Corporate Mixed Use Residential Hospitality Healthcare Retail Interior

INDUSTRY AND LOGISTICS

INSTITUTIONAL Education Healthcare

RETROFIT

LANDSCAPE INFRASTRUCTURE AND URBANISM Urban infrastructure Social Housing HIGH END MARKET

229_MINISTRY_N1_PIM_PAGE2_DOS PIQUE

ORLY : CARRIÈRES

LE NOUVEAU VERNACULAIRE

Le plan des maisons offre une double orientation nord-sud et est doté d’ nord qui intègre à l’habitat un espace intermédiaire assurant un confort supplémentaire. L’extension de la maison est donc permise en toute sais décline à la fois à l’extérieur, comme à l’intérieur au sein de chaque serr

Ayrton Senna Square São Paulo, Brazil Benedito Abbud Arquitetura Paisagística

Faubourg Métropolitain Pont de Rungis - Thiais - Orly

Appel à projet – Phase 2 – 31 /07/17

JSmart Fortaleza, Brazil EXP Brasil

VISIT OUR STAND to personally discuss the competitive advantages of hiring Brazilian architecture services for your enterprises!

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Le Faubourg Métropolitain Paris, France Readymake

Inventons la Métropole du Grand Paris

SENAC São Miguel Paulista São Paulo, Brazil Levisky Arquitetos

ALSO PARTICIPATE! Conference: BRAZILIAN ARCHITECTURE AND REAL STATE Join us for breakfast and discover the competitive segments of the Brazilian Architecture: 14-Mar-2019, 08:30 - 10:00 VERRIERE CALIFORNIE

Sponsor

The Brazilian Architecture Stand for the 30th edition of MIPIM is a joint venture between the Embassy of Brazil in Paris and the Brazilian Association of Architecture Offices – AsBEA, with the support of the Brazilian Trade and Investment Promotion Agency – Apex-Brasil.

Execution

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news

Tokyo wooden high-rise marks shift towards the timber tower Hideki Nose, adviser at Sumitomo Forestry

ONE of the boldest projects planned for Tokyo is a 350-metre tall building with a structure that will be 90% wooden, which the developer, Sumitomo Forestry, hopes will become the norm for high-rise construction.

The project, which is called W350 and features at MIPIM this year, will involve the same quantity of 141_BAYERISCHE_N1_PIM

timber that Sumitomo Forestry used in the construction of 8,000 new detached homes throughout Japan last year.

According to Hideki Nose, an advisor at Sumitomo Forestry, W350 is part of the company’s attempt to “change cities into forests”.

As its name implies, the company’s origins are in forest manage-

ment but over several decades it has been difficult to make profits in the face of competition from cheaper timber imports.

In fact, the Sumitomo group of companies started out as a copper mining endeavour on Shikoku island in 1691. With timber needed for reinforcing tunnels and refining copper as fuel, the group cultivated forests.

Today, Sumitomo Forestry still owns forests all over Japan but there is an over-supply of timber. The company is consequently trying to devise ways of utilising this resource for profit while promoting sustainability.

According to the company, tall wooden structures are more environmentally friendly than conventional high-rise building materials, and a modular design will make

them easier to maintain over time.

The W350 project is the most ambitious part of this initiative, which involves Sumitomo Forestry collaborating on the technical side with the Tsukuba Research Institute and on the design side with the architectural firm Nikken Sekkei.

“Other countries are already working on wooden high-rises,” said Taisuke Nagashima, a team manager of the project at Tsukuba. “There is an 81-metre-tall structure under construction in Norway.”

The main challenges in Japan are making the building resistant to fire, wind and, especially, earthquakes. Nose said that when he goes overseas to explain W350 he is always met with shock.

“They always ask me, ‘Why are you building it in Tokyo? It’s so difficult. Build it here’. The point is, if we can build it in Tokyo, which has earthquakes and typhoons, we can build it anywhere.”

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MIPIM News 1 • 41 • 12 March 2019

194_RM YOUNG_N1_PIM

12-15 March 2019 Palais des Festivals, Cannes, France

Young Leaders’ Summit Join an intergenerational discussion about the city of the future : Do we meet the challenges identified and the key priorities?

- MIPIM® is a registered trademark of Reed MIDEM - All rights reserved

NEW!

10.00 12.00

Wednesday 13 March 2019

15.00 16.00

Wednesday 13 March 2019

16.30 18.00

Wednesday 13 March 2019

Divergence or convergence panel discussion • Leveraging employment opportunities panel discussion •

•

• •

10 action plans by young students in a co-development session

Action plan announcement

Cocktail & networking event

142_LIVERPOOL_N1_PIM

news

Low unemployment fuels talent wars across Europe

JOIN US ON STAND Stand R7.G2 TUESDAY 12 MARCH 10.15: Official stand opening Steve Rotheram, Metro Mayor, Liverpool City Region 10.30: Transport for the North Marc Nadim, Mott MacDonald Steve Rotheram, Metro Mayor, Liverpool City Region

Martin Samworth: “environment has a far deeper impact than the financials”

GLOBAL property services giant CBRE is diversifying its range of services at pace, and to meet these changing needs it is focused on attracting a wider pool of recruits, according to group president Martin Samworth.

Samworth, who combines the role with that of CEO of advisory services for the APAC and EMEA regions, said CBRE’s strategy was to “cover everything from the capital stack to the running of the building and all points in between”.

He said: “That’s changed the nature of the people we recruit. Chartered surveyors are now only 50% of our headcount. We like people from diverse backgrounds and are consciously trying to diversify the mix of people.”

And this is already paying off. “The way we have diversified has been a good thing — you get a better-balanced business,” he said.

But he conceded that there is more to be done. “In Russia, 50% of our people are women,” he said. “The UK starts that way but at director level we’re only 25% women.” One way of remedying the imbalance is to make it easier for women to return after career breaks to have children. “We are mindful of the need to encourage people who take career breaks to return and now we are achieving 83% returns,” Samworth said.

Another key factor in recruitment and retention is the workplace environment, and CBRE has embarked on a programme of refurbishments and relocations. “The war for talent is not getting any easier with unemployment low across Europe, so having an environment that people want to be a part of is important,” Samworth said. “People are more productive in a stimulating environment and a lot of corporate occupiers are now looking at the workplace environment and wellness.”

Samworth said CBRE’s European headquarters in London is to be extended and refurbished to become an exemplar of what can be achieved. “We’ve already done that in Madrid, Amsterdam, Paris, and the City of London office,” he said. “It’s been a great example of the way changing the working environment drives change in all areas of the business. It completely refreshes the business and it has a far deeper impact than the financials.”

MIPIM News 1 • 43 • 12 March 2019

11.30: Falconer Chester Hall: Liverpool city centre living: the future Introduction by Joe Anderson OBE, Mayor of Liverpool. Adam Hall, Falconer Chester Hall 14.00: Follow the yellow brick road… or is it concrete?

Steven A Hunt & Associates

WEDNESDAY 13 MARCH 14.00: A New Vision for Liverpool’s Commercial District Richard Cook, Pegasus Hazel Rounding, ShedKM Paul Grover, Arup 14.45: Brock Carmichael: Liverpool’s new Cruise Liner Hotel Chris Bolland, Managing Partner, Brock Carmichael. John Foster, Preconstruction Director, Wates Construction 16.30: Metro Mayors: The Next Challenge Steve Rotheram, Metro Mayor, Liverpool City Region and Andy Burnham, Metro Mayor, Greater Manchester. Moderator: Danielle Gillespie, Homes England 17.00: Drinks Reception

THURSDAY 14 MARCH 10.30: What is the impact of good quality housing on communities and places?

Steve Rotheram, Metro Mayor, Liverpool City Region.

Nick Walkley, Chief Executive, Homes England. Melanie Leech, Chief Executive, British Property Federation

14.30: Morgan Sindall: Inclusive Growth through Construction & Development Mike Horne, Liverpool City Council Barry Roberts, Morgan Sindall

11.30: Peel Land and Property

15.00: The People’s Project – a new stadium for Everton Professor Denise Barrett-Baxendale, CEO, Everton Football Club In Conversation with Jessica Middleton-Pugh, Place Northwest

15.00: Steve Rotheram, Metro Mayor, Liverpool City Region. Ben Derbyshire, President, RIBA and Chairman of HTA Design Paul Monaghan, Liverpool Design.

Champion, Allford Hall Monaghan Morris. Moderator: Emma Shone, Property Week

15.45: Leading UK Cities Tony Reeves, Chief Executive, Liverpool City Council. Joanne Roney, Chief Executive, Manchester City Council.

In Conversation with Alistair Houghton, Executive Business Editor, Liverpool Echo 17.00: Drinks Reception

14.15: Shape Stand event

16.30: Liverpool BID Company Bill Addy, Chief Executive, BID Julie Johnson, Chair, Liverpool Commercial BID 17.00: Drinks Reception

These events are part of a wider programme for Liverpool.

Please contact a member of the team for the full schedule, or visit investliverpool.com

chat, charge up & refresh.

#lplmipim

176_RM HEALTHCARE_N1_PIM

news

Istanbul Chamber of Commerce promotes 8,500-year-old brand FOUNDED in 1882 and currently representing some 420,000 members, the Istanbul Chamber of Commerce (ICOC) is one of the biggest chambers in the world both in size and in the diversity of services it offers. It has been a regular at MIPIM since 2012.

Highlighting some of the ICOC’s key functions, its president Sekib Avdagic told MIPIM News: “The ICOC tracks changes in laws and advises its members and foreign firms that ICOC president Sekib Avdagic intend to invest in Turkey. tivity in different languages and “We also certify foreign trade for supplying new opportunities certificates such as ATR Move- with new partners. ment Certificates, Certificates of “We function as an intermediOrigin, EUR1 and EUR-MED ary in promoting the opporMovement Certificates. And the tunities the 8,500-year-old IsICOC Portal is available for ap- tanbul brand offers the sector. plications for Certificates of Ac- We also draw global attention 213_DOMROEMER_N1_PIM.pdf

to Turkey’s contribution to the real estate sector.”

The ICOC has taken part in many international exhibitions, Avdagiç said. “We follow closely all exhibitions in sectors where Turkey has a competitive advantage, especially the construction and real estate sectors.

“MIPIM stands out as one of the most prestigious and result-focused real estate exhibitions in the world,” Avdagic said. “For many years, we have been putting up the giant Istanbul tent as one of the four spectacular tents on the shore. The Turkish real estate sector gets the opportunity to form effective networks through productive and strategic co-operation with international investors in the Istanbul tent.”

INVESTMENT IN BULGARIA IN 2018 OFFICES were the most attractive sector for investment in 2018, according to advisory firm Colliers’ latest investment market overview of Bulgaria. They accounted for approximately 67% of the total volume, followed by retail property transactions with a share of 29%. The remainder included deals with development land, industrial real estate and hotels.

Investment transactions across all sectors in the second half of 2018 totalled €317m, bringing volumes to almost €668m for the whole year. International buyers, predominantly CEE-focused investment funds, were most active with a share of 70%.

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MIPIM News 1 • 45 • 12 March 2019

204_GREMI_N1_PIM_PAGE1_DOS PIQUE

Investment opportunity

WWW.ECOESTRELA.COM

in the latest destination of award-winning Hotel, Resort & Spa management company Six Senses’ (part of InterContinental Hotels Group).

ença Lic

Gremi International SARL, an international holding company based in Luxembourg (operating in Luxembourg, Netherlands, Brazil, Poland, USA) is developing the “Eco Estrela” project in Baia Formosa, Brazil. It is a new world-class, prestige tourism destination comparable to exotic, luxury locations such as Porto Cervo, Sardinia (Italy), Sotogrande (Spain) and Mayakoba (Mexico). The “Eco Estrela” project will encompass several hotels, resort facilities and luxury residential units. The extraordinary site features 6.5 kilometers (4.1 miles) of Atlantic beachfront and covers an area of 2571 hectares (6,353 acres). The nearest international airport to Eco Estrela Baia Formosa is Natal (99 km by highway). Its proximity to Europe and Africa make it the shortest and most fuel-efficient destination for aeroplanes crossing the Atlantic. The project will be implemented using a phased development approach and has a masterplan (prepared by EDSA) that allows up to 2,641 units to be built. Most importantly, Gremi International holds the final Installation License allowing to start construction, issued on December 31, 2018 by Environmental Agency of the state of Rio Grande do Norte. The resort’s interior and exterior are expected to be completed in 2022.

In January 2019, Founder of Gremi International, Chief Investment Officer at Gremi and General Manager initiated the establishment of RAIF (Reserved Alternative Investment Fund) in Luxembourg. This structure is the optimum investment vehicle for the Eco Estrela project as it will simplify and accelerate the development of the project. RAIF gives investors security as it is managed by an authorised AIFM. At the same time RAIF will help project gain more visibility as it benefits from the European passport granted by the AIFM Directive for marketing to professional investors in the EU.

Distance to the New Airport approx. 99 km

Natal

Federal Highway (BR) 101

Pipa

Baíía Formosa Ba Baía

João Pessoa

Natal - Baía Formosa (1 - hour drive on BR101)

João Pessoa - Baía Formosa (1 - hour drive)

ã

o

de

I n stalaç

On the 13th of February, 2019 IHG (InterContinental Hotels Group) announced the acquisition of Six Senses Hotels Resorts and Spas.

IHG purchased the award-winning hospitality and wellness company from private equity fund Pegasus Capital Advisors for USD 300 million. IHG is one of the world’s leading global hotel companies with a growing number of luxury brands including InterContinental Hotels & Resorts, Regent Hotels & Resorts and Kimpton Hotels & Restaurants.

Recife - Baía Formosa (2.5 - hour drive)

For detailed investor / developer information please visit our stand at MIPIM 2019 (P-1.A20, P-1.B19) Lisbon Miami

6h Natal

Mr. Piotr Maj - Head of EcoEstrela Project E: p.maj@gremi.pl T: +48 609 501 195, +55 84 99686 0330 Mr. Dariusz Bąk - General Manager E: d.bak@gremi.pl T: +48 502 456 659

204_GREMI_N1_PIM_PAGE2_DOS PIQUE

Biggest hospitality project in South America (Brazil)

NEIL JACOBS Brazil’s Eco Estrela project is being developed in harmony with the sustainability and wellness commitments of Six Senses Hotels Resorts Spas. The project, located along 4.5 miles (7 kilometers) of Atlantic Ocean beachfront in the northeast of the country, includes Pool Villas, Family Villas, a Six Senses Spa, a stargazing observatory, an organic farm and Six Senses residences available for private ownership. Additionally, a turtle research center and a polo field is also planned.

It seeks to create a destination which is environment-friendly, pays great attention to ecological concerns and provides opportunities for visitors, employees and investors not yet before seen in South America.

The proposed masterplan at Six Senses Formosa Bay has been designed with 73 one- two- and three-bedroom Pool Villas and 54 two- and three-bedroom Family Villas. In addition, 58 three-, four- and five-bedroom Six Senses Residences are available for private ownership.

The resort opens in 2022 and is located one hour from Governador Aluizio Alves International Airport (NAT) in Natal.

Neil Jacobs CEO Six Senses Hotels Resorts Spas

177_RM H&T_N1_PIM

SHOWCASING THE LATEST HOSPITALITY TRENDS

Connect and forge commercial relations, identify new projects and hotel development opportunities, and promote tourist locations and infrastructure.

800 sqm of exhibition area

Networking bar & area

Hospitality and conference sessions co-organized with PKF Hotel Experts Vienna

TUESDAY 12 MARCH 15.00 - 16.00

Casual & cheap: affordable lifestyle hotels

16.00 - 17.00

Chic & cozy: urban boutique hotels

17.00

PKF hotelexperts cocktail reception

Pitching Area Pitching Area PKF H&T bar

EXHIBITORS & PARTNERS TM

Hotel, T Tourism and Leisure

news

Germany focuses on second cities as the big four start to overheat GERMANY’s self-styled premium-B cities and regions are using MIPIM to woo investors and developers. Bremen, Leipzig and Nuremberg, the city and region of Hanover, and the Rhine-Neckar Metropolitan Region are all part of the German Cities Pavilion.

They are united by their attractive investment prospects, offering relatively secure opportunities and competitive yields at a time when Germany’s A-cities — Hamburg, Munich, Frankfurt and Berlin — are considered overheated.

Alongside investments in traditional core real estate, value-added opportunities are becoming more popular. Between, them the B cities also offer diversity beyond mainstream real estate.

Visitors to the pavilion can hear about Bremen’s city-centre lo077_JSC_N1_PIM

cations as well as its strength in logistics; Leipzig will promote its 50-ha Alte Messe site, a new hub for business, science and leisure; while Nuremberg’s 100ha Sudbahnhof area provides a mix of academic, residential and technology uses. Hanover is exploiting its position as a centre for manufacturing, research and development with plans for a science park next to the new

mechanical engineering campus of Leibniz University.

The Rhine-Neckar region and its largest city, Mannheim, boasts several sites available for conversion to new uses, offering “futuristic” opportunities for development. One of its notable innovations to date is Micro-Hub, a last-mile courier concept designed to reduce the impact of delivery traffic on the city’s roads.

MICHELS & TAYLOR AND FREO SIGN EUROPEAN hotel advisory group Michels & Taylor and asset management firm Freo have signed a strategic partnership deal to co-source investment deals and share market knowledge. Freo has acquired 25% of M&T’s shares as part of the agreement.

“This strategic partnership is the logical next step for our business and will allow us to work even closer with our current and future clients on their hotel and investment strategies,” Hugh Taylor, chief executive of M&T said.

“This relationship will open up significant opportunities for Freo and its investment partners across the full value chain of hotels,” managing director of Freo Management UK, Andrew Hunter, said.

Brisk business is expected at the German Cities Pavilion

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MIPIM News 1 • 49 • 12 March 2019

news

Global real estate investment volumes reach record high

R

eal estate transaction volumes in 2018 were the strongest on record reaching US$1.75 trillion (€1.56 trillion); a 4% year-onyear growth and surpassing previous highs of US$1.68 trillion in 2017, according to new data from Cushman & Wakefield.

In its Global Investment Atlas 2019, launched at MIPIM, the firm forecasts record levels will be maintained in 2019, with around US$1.75 trillion of turnover predicted, as investors target a wider range of markets to find opportunity, and more sellers come forward as real estate strategies adjust to evolving monetary policy, geopolitical tensions and structural change.

The broker predicts that pricing will edge ahead, driven by stable yields and steady rental growth for the best assets rather than yield compression which has typified recent years.

David Hutchings, Cushman & Wakefield’s head of investment strategy EMEA capital markets, said: “The economic environment is weaker than expected just a few months ago but so too is the inflation outlook on a global basis. As a result, while risk is up, the day of reckoning on interest rates for corporates and investors has again been delayed.

The coming year is therefore set to see a further extension of the property cycle, offering investors another chance to get their portfolio into shape ahead of a period of slower growth.”

MIPIM News 1 • 50 • 12 March 2019

news

$1.75 tn 8.0%

$2000 $1800 $1600 $1400 $1200 $1000 $800 $600 $400 $200

7.5% 7.0% 6.5%

Prime Yield

USD Billions

predicted turnover for 2019

6.0% 5.5% 5.0° 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

EMEA

AMERICAS

ASIA PACIFIC

PRIME OFFICE YIELD

Source: Cushman & Wakefield, RCA: Deals over US$5 mn including land

MIPIM News 1 • 51 • 12 March 2019

192_RM FIRST TIMERS_N1_PIM

MAKE THE MOST OUT OF ST YOUR 1 MIPIM! Dedicated 1st Timers accreditation desk

Dedicated 1st Timers lounge

Trained staff

Concierge

Happy hours & Pioneers MIPIM stories

Complimentary breakfast & lunch

Networking sessions

Welcome gift (limited availability)

NEW: dedicated rooftop terrace!

Making it through your 1st MIPIM has never been so easy and enjoyable!

WHERE?

Rendez-vous at the 1st Timers HQ located in the Palais, 5th Floor

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WHEN?

12-14 March 2019 - 9.00-19.00 15 March 2019 - 9.00-15.00

news

Liget Budapest Project AXA and Sirius set up will transform city park business park venture ONE of Europe’s largest cultural projects — the €1bn renewal of Budapest’s iconic Varosliget park — will be promoted at MIPIM this week.

Thanks to the Liget Budapest Project the whole park will be fully revived: the green area will be enlarged and regenerated, while institutional buildings will be either renovated or newly built.

Varosliget’s chief executive Dr Benedek Gyorgyevics told MIPIM News: “The project will raise the profile of Varosliget and its neighbourhood, making it one of Budapest’s leading leisure and cultural districts, and a destination known all over Europe.”

Gyorgyevics added: “Liget Budapest Project is a flagship government-led investment which will enjoy returns through the di-

160_SUMITOMO_N1_PIM

rect, indirect, as well as induced impacts of leisure and tourism. The complex experience of Varosliget will relaunch and reposition not only the park and its neighbourhood but the Hungarian capital city on the European and world tourism map.”

The project is expected to attract over one million new guest nights to the Budapest tourism industry and generate over 11,000 new jobs.

Varosliget’s Dr Benedek Gyorgyevics

AXA Investment Managers – Real Assets (AXA IM – Real Assets) has formed a new business parks joint venture with Sirius Real Estate in Germany.

Known as Titanium, the joint venture was formed following AXA IM – Real Assets’ acquisition of a 65% stake in a portfolio of five properties valued at €168m from Sirius Real Estate.

Subject to suitable investment opportunities, AXA IM – Real Assets said that the joint venture partners would grow the portfolio through the acquisition of individual business park assets with strong tenant profiles and portfolio acquisitions.

The five assets in the 191,000 sq m seed portfolio are located in Berlin, Mainz, Nuremberg and Bayreuth. According to

AXA IM – Real Assets, they are almost fully let to a combination of relatively large tenants with good covenants and to SMEs which are under shorter leases.

John O’Driscoll, European head of transactions at AXA IM – Real Assets, said: “This transaction allows us to invest in an attractive portfolio of assets and provides us with immediate scale in this important asset class in Germany.

“This transaction also enables us to establish a long-term joint venture with Sirius Real Estate, which is a leading operator and investor in branded business parks in Germany. We look forward to working with them on this portfolio and on future opportunities.”

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Medici Living migrates successful co-working formula to residential EUROPEAN and US co-living provider Medici Living Group has appointed Philip Grace as vice-president of global expansion in a bid to replicate the success of the co-working sector.

“What’s happened in the office sector with co-working is now happening in the residential sector with co-living,” said Gunther Schmidt, Medici Living founder and CEO, adding that Grace will co-ordinate the roll-out of the company’s Quarters homes concept, initially across Europe and the US. In 2010, Grace established what is now the UK’s third largest provider of co-working spaces, i2 Office, which has rebranded as Landmark Space. Since his exit in 2016, following the sale of i2 Office, Grace has provid230_GOA_N1_PIM

Medici Living’s Philip Grace: “a flexible solution and a single monthly bill”

ed global consultancy services to private-equity and corporate real estate investors, international hotel chains and co-working operators. He most recently served as executive director of the Global Office Group.

“The way that people work has changed forever,” Grace said.

“Co-working delivers that flexible solution. Co-living offers a solution to ‘where to live’. Quarters delivers a home to transient professionals looking for a flexible solution and a single monthly bill in order to live in the world’s greatest cities at an affordable rate.”

At the end of last year, Medici Living and Frankfurt-listed Corestate Capital Holding, one of Europe’s largest real estate investment managers, agreed to a Europe-wide €1bn investment in the co-living sector over the next three to five years. The deal marks the largest planned investment in the history of the young asset class.

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MIPIM News 1 • 55 • 12 March 2019

SAVILLS BUYS DISTRIBUTION CENTRE IN LYON SAVILLS IM Investment Management (IM) has acquired a newly built distribution centre in France on behalf of its European Logistics Fund (ELF 2), in the largest single transaction to date for the fund.

The purchase of the distribution centre in Belleville-surSaone in Lyon took place as part of an off-market deal, and the price is undisclosed.

The 70,450 sq m site, which was completed last month, is located within Lyon’s expanding logistics and transport hub. The property is leased on a long-term basis to Dutch retail company Action.

Savills IM’s open-ended ELF 2 invests in logistics properties of Grade A quality in core, liquid European markets. Savills IM is launching a successor fund with a

similar focus in 2019.

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news

Buoyant demand for flex space powers Poland’s office market POLAND has seen its highest rate of economic growth since 2007, which is driving demand for office space and construction activity, according to a new report by JLL. Demand for office space in Poland totalled 1.5 million sq m in 2018, on the back of a 5.3% increase in GDP. Some 744,000 sq m of office space was delivered to market, with a further 1.6 million sq m under construction.

The dynamic growth of flexible work spaces was a particularly interesting trend, according to JLL. “The increase of the flex sector is a result of startups developing at an enormous pace, and the excellent conditions for business in Poland,” said Karol Patynowski, JLL’s director of re-

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JLL’s Karol Patynowski: “excellent conditions for business”

gional markets.

He added that, according to a recent ranking by CEOWorld magazine, Poland is the seventh most startup-friendly country in the world, and the third in Europe. “A natural place for startups is flexible office space that promotes creativity and networking, but flex spaces are also gaining traction among corporations,” Patynowski added. “As a result, major flex operators are currently offering 230,000 sq m of office space, of which 60,000 sq m is located outside Warsaw.”

As a result of strong demand for offices, vacancy rates declined in all major markets across Poland.

By the end of 2018, the vacancy rate in Warsaw was 8.7% — the lowest result since 2012.

INVESTORS MOVE IN ON BOOMING CROATIAN MARKET RISING demand for Croatian properties is making the country a popular location for investors interested in building plots and tourist zones along the Croatian coastline and islands.

Demand is being driven by improvements in property regulations, a thriving tourism market and a booming Croatian real estate market, according to Croatia-based agent Broker Real Estate, which is exhibiting at MIPIM. In addition, Croatia is easily accessible from other countries in Europe.

Broker Real Estate claims to offer the largest choice of exclusive holiday villas in Croatia.

It has more than 100 investment projects on its books, including tourist, residential, commercial projects and large agricultural land plots waiting for re-zoning.

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UK office and industrial property the most expensive in Europe THE UK remains the most-expensive European country for occupiers of prime business space — with rents at €1,332 per sq m for offices and €182 per sq m for industrial space — according to the latest Euro Cities research from property consultancy Gerald Eve. The research — launched at MIPIM and drawing on data from the 20 European members of Gerald Eve’s international alliance — shows that both industrial and prime UK office yields are currently at 3.5%. Only France and Germany have lower prime office yields, both at 3%, and no European country has industrial yields at the lows seen in the UK But while the UK has been at the forefront of revolutions in online retail and flexible workspace, the potential growth for such sectors in171_RM Europe WELCOME_N1_PIM could see a narrowing

Gerald Eve’s Patricia LeMarechal

of the affordability gap as take-up rises in line with demand across the continent.

Patricia LeMarechal, partner at Gerald Eve, said: “There has been growth in the online retail sector — to the detriment of physical stores — across Europe, and this has fed into growth of industrial and logistics markets, especially last-mile locations close to urban centres. Similarly, the growth of serviced offices has been one of the main drivers of office take-up over the past year.

“The UK has been ahead of the

curve in embracing new ways of working and shopping and this is reflected in the prices being commanded for property in these sectors, both from an occupational and investment perspective. This means there are opportunities in continental Europe as these trends continue, but also in the UK where such markets are arguably more resilient.”

The weak growth seen in the European economy has constrained rents across the continent. Prime office rents in nearly every country are less than 50% of those seen in the UK, with only France (€780 per sq m) and Ireland (€700) above the threshold. For prime industrial property, only Norway (€127 per sq m) joins the UK above €100, with Portugal (€45 per sq m), France (€46) and Slovakia (€48).

ROUND HILL CAPITAL SEALS DUTCH DEALS INTERNATIONAL investment and management company Round Hill Capital, in conjunction with developer Boelens de Gruyter, has acquired two office and industrial assets for potential redevelopment and expansion, in the Schinkel neighbourhood in Amsterdam. They have a total floor area of 8,000 sq m and are located in an area designated for potential residential re-zoning to meet increasing demand for housing in Amsterdam. In June 2018, the company was in another deal with Boelens de Gruyter to purchase Ring Park, an existing office asset, for potential residential redevelopment in Amsterdam; and last February acquired, with Boelens de Gruyter and G&S Vastgoed, 43,000 sq m in the Merwede Canal Zone in Utrecht for the development of a new urban neighbourhood.

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news

‘Active year’ sees M7 making gains across Central Europe M7 REAL Estate, the pan-European investor and asset manager, completed €75m of sales across Central Europe in 2018 on behalf of both in-house funds and third-party mandates.

M7 maintained assets under management in Croatia, the Czech Republic, Hungary, Slovakia and Poland at €285m, with a portfolio consisting of 375,000 sq m of multi-let office and industrial space. In addition, M7 completed some 50 leasing events, including new and renegotiated leases.

In the Czech Republic, M7 completed the sale of three office and industrial assets on behalf of M7 Central European Real Estate Fund I for €50m, delivering net value growth of over

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30% following the implementation of M7’s asset management strategy by the local management team.

In Hungary, where the portfolio held by CEREF I now comprises 12 office and industrial assets, M7 completed significant leasing

M7’s newly refurbished Csillag Center in Budapest

activity including lease renewals and extensions totaling some 125,000 sq m and increased occupancy to an average of 90%.

In Slovakia, the local asset management team increased the occupancy at Vector Parks to 97%, on behalf of a third-party client via 26 individual leasing transactions totaling 69,250 sq m of space.

In Poland, M7 took over the asset management of a six-property portfolio for a third-party client, while in Croatia M7 achieved a significant increase in occupancy at the Mani Business Park, an asset held in the CEREF I Fund, from 50% to 91%.

Paul Betts, head of Central Europe at M7 Real Estate, described 2018 as “an extremely active year for the business” and said this had resulted in “a stellar performance both in terms of asset management, which has led to us trading a number of assets ahead of valuation and business plan, as well as fund performance”.

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news

Work starts on world-class Paris office redevelopment

Skanska powers ahead in CEE and Nordic markets

A JOINT venture between Benson Elliot, the London-based private-equity real estate manager, and Generale Continentale Investissements (GCI), the Paris-headquartered real estate investment and development group, has started works on a 22,300 sq m office redevelopment in the heart of La Defense in Paris.

The development, dubbed Latitude, will provide 22,300 sq m of Grade A office space over eight floors. Its large floorplates, which are rare in a market dominated by tower blocks, will feature landscaped break-out areas, as well as state-of-the-art amenities for both tenant and public use, according to the joint venture. It is scheduled to complete in Q2 2020.

Remi Monglon, principal and head of France at Benson El-

SKANSKA has reported a record year for its commercial development business, selling 20 buildings for €744m and letting 288,000 sq m in 16 city markets.

Skanska Commercial Development operates in two markets in Europe — CEE and the Nordics. Due to the rapid development of the business-services sector in CEE, the company focuses on delivering prime office space across the region. In 2018, it sold nine buildings for over €431m and leased 153,000 sq m in 10 CEE city markets. Skanska also delivered eight buildings totalling 122,000 sq m and invested €495m in new developments, which will increase its total office stock by 215,000 sq m in the CEE region.

In the Nordics, Skanska offers

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liot, said: “After two years of hard work alongside first-class architects and developers, we are pleased to introduce Latitude. The property has a unique design and, upon completion, will deliver efficient, top-quality office space, with the highest environmental credentials, into a sub-market seeing limited new supply.”

GCI managing director Sharon Raingold added: “We are truly excited about this project and are confident that Latitude will make a significant contribution to the new, vibrant face of La Defense. We are offering our users highly flexible and new ways of working. Our aim is to expand what is possible within a working environment and enhance what this world-class business district has to offer.”

Skanska’s Citygate in Stockholm

offices and other asset types, including warehouses and retail.

The company sold 11 buildings for more than €313m.

Skanska delivered six buildings totalling 95,000 sq m, let 135,000 sq m in six city markets and invested €920m in new developments. As a result, 280,000 sq m is under development in the Nordic market.

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MIPIM News 1 • 63 • 12 March 2019

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news

Survey shows local people should be consulted before regeneration PUBLIC sector organisations and developers undertaking housing estate regeneration projects need to do more to engage residents early in the process if they are to avoid stoking controversy, according to survey by UK analysts YouGov, commissioned by law firm Trowers & Hamlins and unveiled at MIPIM today.

The survey of 2,000 members of the public found that there was overwhelming positive sentiment around the potential of estate regeneration to improve homes, neighbourhood and communities, but that there are concerns around the actual process.

Just 11% of survey respondents agreed that existing residents are always told about any plans and how those plans will affect them; only 9% felt that existing

residents are always consulted about any regeneration plans well in advance; and just 4% said residents are able to influence the outcome of a development.

However, 69% of respondents broadly agreed that public housing estate regeneration has the potential to create better-quality housing for existing residents, while overall 53% agreed that it

The regeneration of the Auckland Rise estate in Croydon

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can create mixed communities and better neighbourhoods.

Overall, 62% of respondents had a positive view of the outcome of public estate regeneration, against just 21% who had a negative view.

Tonia Secker, head of affordable housing at Trowers & Hamlins, said: “This survey demonstrates that while public opinion is broadly positive about the outcomes of estate regeneration, there is limited understanding of the consultation process and a widespread perception that regeneration is something done to communities, rather than with them — and that the majority of the consultation that is carried out does not properly engage residents in the plans. This presents a real potential problem for all those involved.”

RADISSON COLLECTION COMES TO WARSAW RADISSON Hotel Group is to introduce its Radisson Collection brand to the Polish capital of Warsaw with the completion of the refurbishment of the property in May 2019. The site is being upgraded and rebranded from the existing Radisson Blu property, with the support of partner Europa Capital.

The Radisson Collection Hotel, Warsaw, will comprise 311 rooms and suites, a significantly upgraded modern lobby, lounge and open-plan communal areas and a restaurant venue.

“Located in the heart of the city, this property becomes part of a select group of 25 hotels to have joined Radisson Collection since last year,” Radisson Hotel Group executive vice-president and chief development officer, Elie Younes said.

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Tristan closes opportunity fund 100% over-subscribed PAN-EUROPEAN real estate investment manager Tristan Capital Partners has raised €1.7bn for its latest European opportunity fund, having set a target of €1.5bn.

The European Property Investors Special Opportunities 5 (EPISO 5) fund is almost 100% over-subscribed, with around €1.5bn of unfulfilled demand, at a point in the property cycle when some investment managers are struggling to raise capital.

In February, EPISO 5 made its initial investment together with Timeless Investments, acquiring a €54m office complex in Amsterdam.

Ric Lewis, Tristan’s co-chief executive and chairman, said: “We’re still optimistic about the outlook for European real estate markets, but we’ve invested and managed capital through enough cycles to know that this is the point where keeping one’s discipline is wise.

Our focus now is on doing our best to build an ‘all-weather’ portfolio with lower asset-level risk, less exposure to late-stage markets and conservative financing, all of which will help move our strategy toward resiliency in this maturing market cycle.”

EPISO 5 has a total of 39 investors, including existing and new clients, with a repeat investor rate of approximately 60%. Clients are predominantly from the pensions, family-office, insurance and sovereign-funds sectors. More than 55% of EPISO 5’s clients are from Europe, Asia and the Middle East, with 45% from the US. Its predecessor, EPISO 4, raised €1.5bn in four months, which Tristan described at the time as its fastest-ever fund raising.

Sasha Silver, managing director and head of client development at Tristan, said: “We made a conscious pre-offering decision to try to maintain the fund at the same size as EPISO 4, despite a pipeline of demand that considerably exceeded the amount we raised. We are proud that the majority of capital raised comes from a group of loyal clients, a number of which have supported Tristan since day one.”

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LaSalle buys prime office in Mendez Alvaro district GLOBAL investment firm LaSalle has acquired an award-winning office property in Madrid on behalf of a German pension fund.

General Lacy 23, which dates back to the 19th century, was originally a tobacco factory before being converted to an office two decades ago. It is currently being refurbished to meet sustainability standards.

“Thanks to the high quality of the building, with its flexible use for both single and multiple tenants, combined with it’s A location in a European real estate hotspot, the object fits perfectly into the fund strategy,” said Uwe Rempis, head of fund management, Germany, at LaSalle Investment Management.

Spanish oil company Repsol has inked a deal for one of its subsidiaries to become the sole tenant from April 2019. Repsol’s main office is located just 850 metres away, on Calle de Mendez Alvaro. The Mendez Alvaro neighbourhood is currently enjoying a resurgence in interest, with companies including Amazon, Adif, Mahou, CLH and Ericsson all moving into the submarket, or planning future premises there.

MIPIM News 1 • 67 • 12 March 2019

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FEATURE: PROPTECH

The MIPIM Startup Competition showcases the brightest and the best of the proptech world

Niche no longer Every year the MIPIM Startup Competition shines the spotlight on some of the industry’s most promising startups. This year’s competition comes at a time when the property industry is more willing than ever to embrace technology, writes Graham Parker

T

HE PROPERTY mainstream is coming to recognise that proptech is something that cannot be ignored. This is the view of Dan Hughes, CEO of Liquid Real Estate Innovation, who took part in the shortlisting for this year’s MIPIM Startup Competition.

“Property is not the most innovative and fast-moving business,” Hughes says. “In fact, it’s quite slow-moving and that’s one of the things that makes it attractive. But now, more people see proptech as an opportunity and a majority recognise that they have to engage.”

Hughes sees MIPIM as a key barometer of the industry’s engagement with proptech: “Tech started very much on the outside but, over the last three years, it’s come closer to the middle. And last year, it was a real talking point at MIPIM.” He points to two global giants as examples of the way tech can dis-

MIPIM News 1 • 68 • 12 March 2019

rupt traditional business models: “WeWork was seen as a fad just a few years ago, but now we know it’s more than that — they’ve realised that, by leveraging tech, they can deliver great service to the people who use their centres and to the people who sign the leases. Amazon in retail is another example. That’s changed the way a whole industry works.”

And more will emerge, Hughes predicts: “There are some really big monsters coming into the real estate space, which is scary and exciting at the same time. From a customer point of view, it’s exciting because it’s getting very competitive.”

So where will tech make its presence felt first? “A lot of property is process-driven,” Hughes notes, so tasks like reading leases and management accounting are ripe for mechanisation. But no one will be immune. “In brokerage, the data flow will be much more prevalent

FEATURE: PROPTECH

MIPIM STARTUP COMPETITION TOMORROW six ambitious property startups will take to the stage of the Grand Auditorium to pitch their concepts to the MIPIM audience. The candidates have made it through to Cannes after three preliminary rounds: the first in Paris during MIPIM PropTech Europe 2018, the second in the US during MIPIM PropTech New York 2018, and the third in Hong Kong during MIPIM Asia 2018.

For each round the selecting committee reviewed online applications and chose six startups on the basis of their ability to respond to a need in the real estate industry, the quality and scalability of their technical innovation and their potential to be profitable on a global level.

As the final round approaches, now is the chance to decide which one has the best chance of moving the property ecosystem forward.

The shortlist District District is enabling the best buildings in the world to upgrade their tenant experience with an app that connects tenants with services, spaces and smart-building technology. It provides property owners and companies with invaluable data to improve their bottom-line and exceed tenant and employee expectations.

Dan Hughes:

Dan Hughes: “There are some really big monsters coming into the real estate space”

and brokers won’t be able to hold on to a black book of contacts,” he says. “They will have to offer other skills — probably more interesting and more important.”

For Hughes, the MIPIM Startup Competition highlights just how vibrant the proptech universe is becoming. “It’s a really exciting time, with a mass of small com-

“Often, we are seeing a solution in search of a problem.

The real key is that people focus on the end customer: tech for tech’s sake will never work”

panies,” he says. “There are some crazy ideas out there, and some brilliant ideas at the wrong time.

We’ve seen some amazing ideas and some amazing people but, often, we are seeing a solution in search of a problem. The real key is that people focus on the end customer: tech for tech’s sake will never work.”

MIPIM News 1 • 69 • 12 March 2019

Neoma Neoma is a cloud-based platform for hotel staff, empowering them to improve the guest experience.

The AI-powered system creates business recommendations and actions based on data, patterns and requirements.

Kwant Kwant is a construction-management tool that drives unprecedented increases in productivity and on-site safety. It uses predictive analytics and sensors that can be installed in minutes to ensure that the right people and materials are in the right place at the right time.

Sensorberg Sensorberg is an AI-based building-management system. In addition to access control, it can provide building owners and operators with energy savings through the intelligent control of lighting and heating.

Spaceti Spaceti harnesses an integrated network of sensors, data analytics and mobile-user interfaces to enhance the satisfaction, productivity and wellbeing of people in buildings, while improving the bottom line for organisations.

Tatami Developed by architect and real estate developer Han Lo, Tatami’s mission is to address the international affordable-housing crisis through the world’s first universal modular housing system.

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THE MIPIM WORLD We hope to see you at our next events

14-15 Oct. 2019 London 12-13 Nov. 2019 New York

26-27 Nov. 2019 Hong Kong

1-2 July 2019 Paris

10-13 March 2020 Cannes

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28 Nov. 2019 Hong Kong

FEATURE: GLOBAL CITIES

How the world’s cities have changed in three decades Cities have been at the heart of MIPIM for 30 years and yet while many in the old order have remained global superpowers, technology, energy and political change have redefined the world property map. Mark Faithfull picks out some of those global influencers

0

VER the past three decades, a mix of transformational technology, political upheaval and changing lifestyles has elevated destinations that were hardly on the radar at the time of the first MIPIM. In 1990 few would have known much about a little upstart emirate in the Middle East, expected to be reliant for work and life on the technology that emanated from the north and south of America’s west coast, or imagined that Moscow and Shanghai would be among the superpowers of a new world order.

MIPIM launched as the world was at a turning point: the Berlin Wall had just fallen, China was less than a year on from the Tiananmen Square protests and FW de Klerk was six months into the last South African presidency under Apartheid.

Late in 1990 Tim Berners-Lee would begin testing the world wide web and while Microsoft and Apple were established computer businesses, their trajectory to all-powerful tech giants had hardly begun and Amazon and Google were yet to launch.

Berlin: The Wall comes down in 1989 When MIPIM debuted in March 1990 the Berlin Wall had only fallen a few months previously.

Since then Berlin has become the capital of a reconciled Germany, a tourism magnet and a centre for the creative and technology industries, vying with London, Paris and Stockholm as Europe’s

most important startup incubator. Residential is expected to be important in 2019: “There are no cooling measures in [continental] Europe,” says Liam Bailey, global head of research at Knight Frank.

“We are expecting in places like Paris, Madrid and Berlin a price growth of between 5-10%.”

Moscow: Fall of Communism in 1991 opens up Russia Mikhail Gorbachev, the last leader of the USSR, was four years’ into his tenure at the time of the first MIPIM, stepping down in 1991. In the intervening years Moscow has seen its commer-

Berlin

Moscow

MIPIM News 1 • 71 • 12 March 2019

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FEATURE: GLOBAL CITIES cial and residential real estate transform. Russia, along with Turkey, has driven much of Europe’s retail space growth in the past decade, while infrastructure projects around the 2018 FIFA World Cup have improved links between its major cities.

“The office real estate market in Moscow really started in the 2000s, and around 17m sq m of high-quality office space has been delivered to the market since 2002. This has put Moscow fourth among other European capitals, after London, Paris and Berlin,” says Anna Shepeleva, director, research department CBRE Russia. “The international share of foreign capital in Russian commercial real estate investment was around 30% in 2018, although investors were cautious, negotiations on many transactions were delayed, so their closure is expected in 2019. We therefore anticipate that the volume of investments in 2019 will increase compared to last year.”

Shanghai and Beijing: Reforms spark growth in early 1990s China was a decade into its economic reforms by the time of the first MIPIM, most notably through the creation of special economic zones which — fuelled by plentiful and cheap labour —

made China the world’s manufacturing base. However, despite rapid urbanisation in China, it was not until the Pudong district of Shanghai — mainly farmland and industrial waterfront before the 1990s — was transformed that China’s cities began their futuristic evolution to skyscrapers and waves of new infrastructure in a city often likened to Blade Runner.

San Francisco/Silicon Valley: Semi-conductors, dot-coms, Google and Apple Silicon Valley was well established by the early 1970s, home to semiconductor companies, computer firms and programming and service companies, attracting and inspiring Steve Wozniak and Steve Jobs to design the original Apple 1. The mid-1990s spawned the initial wave of internet startups as Silicon Valley became the centre of the dot-com bubble, before collapsing after the NASDAQ went into freefall in April 2000.

During the bubble era, property prices reached unprecedented levels and for a brief time Sand Hill Road, in western Silicon Valley, was home to the most expensive commercial real estate in the world. Google emerged from that era, having been founded in 1998, and the area has continued to drive technological innovation.

San Francisco

By the time MIPIM had reached its 18th edition, the iPhone had been launched by Steve Jobs.

Seattle: The birth of consumer logistics in the mid-1990s Up the coast from Silicon Valley, Microsoft introduced its first edition of Windows in 1985, going on to become the ubiquitous operating system for PCs worldwide. Founded by Jeff Bezos in July 1994, Amazon would join it as a technology powerhouse and latterly as a physical retailer through the acquisition of Whole Foods and the development of its own stores. Amazon has also

redefined the booming logistics market. “Having lived and worked in the San Francisco Bay Area for 20 years up until 2004, I saw firsthand the emergence of Amazon as the global benchmark for retailing innovation,” Mo Barzegar, CEO & chairman, Logicor, recalls.

“Their resilient supply chain combining data intelligence and a global network of storage and distribution hubs enables them to offer quick delivery of a huge amount of individual product lines. This trend for getting goods to end users quickly is here to stay which means logistics occupiers continue to focus on the fundamentals of location and nearby workforce.”

Delhi-NCR: Outsourcing boom in mid-1990s propels property The real estate sector in India is expected to reach a market size of $1tr (€1.12tr) by 2030 from $120bn in 2017 and contribute 13% of the country’s GDP by 2025. Retail, hospitality and commercial real estate are growing significantly, providing the muchneeded infrastructure for India’s growing needs. However, it was the country’s ability to leverage the trend for outsourcing backof-house operations such as IT, accountancy and then call service centres for global operations that not only propelled India’s real estate but also redefined the way many of these services are offered.

Shanghai

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FEATURE: GLOBAL CITIES The Indian research team at Colliers International says: “Delhi’s office market recorded gross absorption of 12,975 sq m in Q3 2018, representing a quarterly contraction of 6.7%. Over the last three quarters, the continued decline in demand can be attributed to a lack of Grade A space in major micro-markets such as the CBD and Aerocity. We expect demand during 2019-2021 to be primarily driven by occupiers looking for front offices at prime locations in the city.”

Dubai: Land reforms of 2002 open up market Dubai’s rulers issued a land reform decree in 2002 allowing foreigners to own real estate in Dubai — a first in any Gulf state – and Dubai became a magnet for high net worth individuals from the Middle East, North Africa, South Asia and the former Soviet Union. JLL touted Dubai, along with Dublin and Las Vegas, as a “World Winning City” that year and the Dubai International Financial Centre (DIFC) free

zone opened in 2002; Internet and Media City free zones followed, as did extraordinary expansion of the emirate’s retail and Dubai’s emergence as both a major travel hub and retail, leisure and business destination.

“Growth is likely to continue in 2019, driven by preparations for Expo 2020 and various regulatory changes aimed at increasing demand and inward investment,” says Craig Plumb, head of research, MENA, JLL. “One of the key factors has

Seattle

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Dubai

MIPIM News 1 • 75 • 12 March 2019

been Dubai’s open and lighttouch regulatory environment and its welcoming attitude towards both long-term expatriates and short-term tourist visitors. A feature of the market in 2019 will be continued relaxation of the current regulations — first, long-term residency visas for investors, key specialists and retirees; second, relaxation in company laws allowing foreign businesses to operate more broadly outside existing Free Zone locations.”

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16.15 | 17.00 WORLD TRENDS UK: REGENERATION & WATERFRONT DEVELOPMENTS

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RUBY ROOM

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proJEct news

Caspian Waterfront Baku, Azerbaijan

Hillside Liege Belgium

Located on land reclaimed from the Caspian Sea, Caspian Waterfront will be a 120,000 sq m entertainment, leisure and dining destination over five floors.

It will be Azerbaijan’s premier entertainment venue. Originally designed by Chapman Taylor in 2007 as a congress centre, the building is being repurposed to include five levels of entertainment, leisure, F&B and retail. The design of the interior is harmonised with that of the exterior to create a homogenous concept for the entertainment centre. A central ‘flame’ tower completes eight angled glass façades inspired by the eight-pointed star on Azerbaijan’s national emblem. The development’s complex geometry was modelled by Chapman Taylor in BIM software.

Hillside Liege, whose developer is BRESA BVBA, will comprise 120 units of luxury housing, including 12 single-family houses and 108 apartments. Two 300 sq m areas reserved for professional practices will energise the new neighbourhood. The project will be characterised by its interconnections created by a central plaza, pedestrian area, meeting points, and a ‘respiration’ area. Planting will provide the link between architecture and urbanism, essential to the creation of a coherent and pleasant living environment, and nature will create a haven of well-being to the inhabitants. Delivery of the construction permit for 24,000 sq m project is expected in January 2020.

Cidade Matarazzo Sao Paulo, Brazil

Bassins du Havre Montreal, Canada

Mixed use – Presented by Chapman Taylor

Residential - Presented by Luc Spits Architecture

Mixed use - Presented by Cidade Matarazzo

Matarazzo is a mixed-use project in the São Paulo megapolis. The project consists of the refurbishment of a former hospital and maternity unit, buildings that are part of the city’s heritage. The project will provide a combination of retail space, gastronomy, entertainment and hospitality, a cultural space – Casa da Criatividade – and a theatre and exhibition hall. There will be 69 nanoshops which present the best Brazilian handcrafts. The project also includes an office building, a chapel and an organic street market. It will also include the largest private park in Sao Paulo. Iconic names such as Jean Nouvel, Philippe Starck, Rudy Ricciotti, Campana Brothers and the Rosewood Hotels brand have already thrown their weight behind the 105,000 sq m project which will welcome its first occupants in 2019-2020.

Residential - Presented by Fonds immobilier de solidarité FTQ, Prével, Claridge and Rachel Julien Bassins du Havre is a residential project in Montreal and is being built on the site of a former Canada Post processing centre, in a previously industrial area transformed into the sought-after neighbourhood of Griffintown. This area now bustles with shops, hotels, restaurants, bars and office buildings. Bassins du Havre is located on the banks of the Lachine Canal and the project provides exceptional views of the Montreal landscape. The project consists of five phases totalling more than 500 condominiums. Pier 4, under construction, will provide 112 condominiums spread over 21 floors including 23 signature suites, refined common spaces, including an urban chalet, a fitness centre with swimming pool, a spa area and a rooftop terrace with swimming pool.

MIPIM News 1 • 81 • 12 March 2019

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proJEct news

Ayia Napa Marina Famagusta, Cyprus Residential - Presented by Ayia Napa Marina

Ocoabay Azua, Dominican Republic

Ayia Napa Marina is an exclusive integrated development which provides luxurious residences, world-class yachting facilities, a variety of retail boutiques, waterfront fine dining facilities, as well as recreational and nightlife experiences.

Its location with crystal clear seas, stunning beaches and views entices boaters, visitors and residents who appreciate a lifestyle of class and elegance. With complete privacy and round-the-clock security for homes and yachts, Ayia Napa Marina is designed as an ideal yachting, social and residential destination, offering everything needed to be able to relax and enjoy the Mediterranean lifestyle. The 320,000 sq m project is planned to open in 2019.

Based around the only vineyard in the Caribbean, Ocoabay will be developed in two phases on a site of 1.5 million sq m. The first phase includes a boutique hotel, 268 villas and an aparthotel with 60 units, as well as a range of activities. The villas are the densest part of the project and will be built around a large central vineyard. The second phase, which will be less dense, is in a natural reserve area so is designed to be low impact. A further 86 units will be added to the aparthotel in the second phase. The resort has been designed to be energy efficient using a high degree of natural lighting, solar panels and thermal insulation.

Hotel - Presented by Green Planet Architects

Le Belvedere, Bordeaux, France

Mixed use - Presented by Bordeaux Euratlantique

Trigoni, Helsinki, Finland

Mixed use - Presented by YIT Finland

YIT’s Trigoni will provide nine tower buildings. The core of the proposal is formed by a podium and five tower blocks envisioned in the western area in Central Pasila. Two towers will be built in the start-up phase. Construction of this €500m first phase will commence in 2020/2021 once the city plan has been confirmed. The first tower in this start-up area will be about 180 metres high with 51 storeys and will include a hotel, apartments and a scenic restaurant. The second tower, 140 metres high with 40 storeys, will house offices and apartments. The podium will include commercial spaces, street-level storefronts and parking facilities. The start-up area is expected to provide 500 apartments, 300 hotel rooms and accommodate 1,000 new jobs. The podium will connect the towers to the Mall of Tripla currently under construction. The western area covers a total of approximately 120,000 sq m and its total value is estimated to be about €1bn.

Bordeaux’s future Belvedere district forms part of the metropolitan city centre’s extension on the right bank of the Garonne, and aims to create a new district close to the TGV railway station. The scheme will provide a mixed-use district with housing and a centre for tertiary businesses which will link to the business centre on the west bank. The site’s prominent location provides unrestricted views over the 18th-century façades of Bordeaux, a city on the UNESCO World Heritage List. Place du Belvedere, a square at the heart of the development and equivalent in size to Bordeaux’s Place de la Bourse, has a variety of ground floor shops. The district will comprise 50,000 sq m of office space, 72,000 sq m of housing and 10,000 sq m of space for cafés/ restaurants, food shops, supermarkets, sporting and cultural facilities. The project, designed by architectural practices Guller Guller and Hondelatte Laporte, will open in phases between 2020 and 2023.

MIPIM News 1 • 83 • 12 March 2019

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Welcome to the Polish National Stand at MIPIM 2019!

© TTstudio-fotolia.com

Palais -1 P-1.G51 Terrace Riviera 9 Join PAIH Influencers Panel Discussion “The vibrant Polish real estate market” free on 12 March (4.30 PM) at Verriere Grand Auditorium (Palais des Festivals, 1 Boulevard de la Croisette Cannes).

The vibrant Polish real estate market will be discussed by:

Mr. Tadeusz Kościński - Undersecretary of State, Ministry of Entrepreneurship and Technology Mr. Krzysztof Senger, PhD - Acting President, Polish Investment and Trade Agency Mr. Tobias Hemmann - Transaction Lead "Daimler Special Real Estate Projects", Daimler Mrs. Monika Rajska-Wolińska - Managing Partner, Colliers International Poland Mr. Marcin Juszczyk - Board Member, CFO/CIO, Capital Park Mr. Brent Watson - Managing Director, Head of Warsaw, Goldman Sachs Accompanying cocktail party is due to start at 5:15 PM.

proJEct news

New Headquarters of Continental Hannover, Germany. Office - Presented by the city of Hannover

Lupi di Toscana barracks, Florence, Italy Residential - Presented by city of Florence

The new Continental campus will comprise eight buildings which will be connected by four bridges. The longest of these, having a span of 71 meters, will extend over Hannover’s Hans-Bockler-Allee. The new buildings symbolise Continental’s ability and willingness to transform itself and the plans from Munich-based architects Henn realise Continental’s values and goals. The combination of a modern architectural concept and intelligent digital technology will enable collaboration that is agile, flexible, connected and secure. This, together with Continental’s robust culture of innovation and networking, enables employees to put pioneering workplace concepts into practice. A day-care centre on the campus is one of numerous elements that promote a healthy work-life balance while transport infrastructure takes into account potential changes in mobility. The planned opening date for the 47,000 sq m complex is 2021.

The Lupi di Toscana (Tuscan wolves) barracks are located in the south-western outskirts of Florence, on the border of the City of Scandicci. The property will be the subject of an urban renewal process, and an international competition for ideas has been launched.

The size of the project and its many potential uses make this urban regeneration project one of the most significant in the city. The aim is to create a new community, mainly residential, across 33,500 sq m. The area has considerable potential, being served by a tramway and already partially urbanised, for reuse as a new settlement with a well-balanced functional mix, no longer enclosed as a military barracks, but open to the city.

Tokyo Tokiwabashi 2027, Tokyo, Japan Offices - Presented by Mitsubishi Estate Co

Terra, Almaty, Kazakhstan Residential - Presented by Tau Development The five-building Terra Residential complex reflects the mission of Tau Development: to create a new generation of comfortable housing in the city of Almaty, significantly improving its architectural landscape and providing citizens with an excellent level of comfort and safety. The project is designed for city dwellers who wish to remain in touch with nature. It has a smart layout and an intelligent external design combined with comfortable well-lit interiors and secure courtyards with play areas for children of all ages. The complex includes vertical green terraces, fashion boutiques, restaurants, a swimming pool, gymnasium, open parking, and multi-purpose business lounge for residents. All five buildings have 16 storeys and a seventeenth technical floor. The basement is designated for parking and the combined floorspace is 102,500 sq m. The planned opening date is 2020.

This large-scale redevelopment by Mitsubishi Estate Co in the Tokiwabashi District in front of Tokyo station, covers an area of 3.1 hectares and will be the largest project in the vicinity. This project entails the development of a 390-metre super-high-rise tower (Building B) that will become a new landmark for Tokyo, and a plaza of approximately 7,000 sq m to support the area as a busy global centre. The project comprises four buildings of 140,000 sq m, 490,000 sq m, 20,000 sq m and 30,000 sq m, providing a mix of offices, retail and parking. The 680,000 sq m project will open in phases between 2021 and 2027.

MIPIM News 1 • 85 • 12 March 2019

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proJEct news

Construction City Oslo, Norway Offices - Presented by Oslo Metropolitan Area

CJ9 Kirchberg, Luxembourg Office - Presented by Drees & Sommer Luxembourg

A business cluster and a 100,000 sq m office building are being built for the construction industry close to Oslo city centre. The project will be a worldleading centre of expertise within the industry, and will focus on sustainability, innovation, collaboration and building knowledge. Future tenants will include some of Norway’s biggest property developers, entrepreneurs, technical firms, and other businesses in the construction value chain such as renovation, telecommunications companies, lawyers and others. OBOS, AF Gruppen and Betonmast will all move their headquarters to Construction City. The planned opening date is 2023.

The European Court of Justice (ECJ) has grown in step with EU enlargement and development of the third tower is the court’s fifth expansion. The extension, situated around the enlarged forecourt of the existing main building, will have 29 storeys and, at 120m tall, will be 15m taller than the existing two towers.

It will have capacity for 750 staff and a 220-space car-park. The total cost of the 50,000 sq m project is €168.7m. The new tower was designed by French architect Dominique Perrault, who designed the existing two towers. The Luxembourg state is constructing and financing the building, leasing it out to the ECJ under a long-term contract after completion in 2019.

Imperial Shipyard Gdansk, Poland

Mixed use - Presented by Stocznia Cesarska Development

The Imperial Shipyard constitutes 16ha of the oldest part of the former Gdansk Shipyard area, located in the heart of the city. With a combination of refurbished buildings and new, contemporary architecture, the project has potential for the development of 400,000 sq m and is a unique opportunity to create a place that fully embraces life in the 21st century in terms of innovation, creativity and inspiration. With its unique history and surroundings and the proximity of water, the Imperial Shipyard area is likely to become one of the most attractive places in Gdansk.

266 Liberdade Lisbon, Portugal Residential - Presented by Avenue

266 Liberdade is located on the main avenue of the city where there is a large number of hotels, office buildings, luxury brands, restaurants and iconic residential buildings. Constructed in 1940, the building was originally the headquarters of newspaper Diario de Noticias, but it is now being renovated and converted to residential space. The 266 Liberdade scheme has been designed to enhance the original award-winning architecture by refurbishing the facades and characteristic features while creating 34 contemporary apartments with areas of 47 to 406 sq m, providing studios to five-bedroom flats.

On the fifth floor there is a single apartment with four suites, a 100 sq m living room and landscaped terraces and balconies. On the ground floor, where there will be a large retail unit, frescoes by Almada Negreiros, a central figure of Portuguese modernism, have been preserved.

Planned opening date for the 8,380 sq m project is 2020.

MIPIM News 1 • 87 • 12 March 2019

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Belyi Rast Transport & Logistic Centre Moscow, Russia. Logistics - Presented by ARMO-Group

Bely Rast will be the first transport and logistics centre in Russia designed to accommodate the ‘just-in-time’ principle. It is located at the intersection of two railways, two federal autoroutes and highways, and close to Moscow’s MKAD Ring road. Belyi Rast will include: railway infrastructure; facilities for reception and processing of container and piggyback trains; short- and long-term storage; a universal warehouse complex; zones for repair and maintenance of containers and engineering support; administrative facilities and a residential complex. Modern engineering technologies will increase the quality of logistics services while reducing freight costs and optimising the process of goods delivery and services. The 258,000 sq m complex has a planned opening date of 2020.

Busan Eco Delta Smart City, Busan South Korea Mixed use - Presented by K-water (Korea Water Resources Corporation) Busan Eco Delta Smart City, located at Nakdong Delta waterfront, is meeting the challenge of creating a 21st century smart waterfront city. Designated a National Smart City Pilot Project in January 2018 the project will apply cuttingedge smart city technology to make ready for the 4th Industrial Revolution.

Busan Eco Delta smart city will provide a global cultural waterfront city where life, work and leisure are combined in attractive settlements. In particular, the Semulmeori District, located at the confluence of three waterways, will become a specialised cultural arena with housing, offices, shopping, hotels, convention facilities, retailing, a museum, R&D and a hi-tech industrial park.

The city will cover an area of 11.7 sq km and the first new buildings will be delivered in 2023.

Oslo Solar Oslo, Norway

Nowy Targ Wroclaw, Poland Offices - Presented by Skanska

The proposed project won a multi-disciplinary, international design-andinnovation competition called Urban+, arranged by Entra ASA in 2015. The objectives of the scheme are to optimise environmental performances of highrise business properties, to provide office and commercial space of exceptional quality, and also to replace an unattractive centrally located building with one that will invigorate the local area. Oslosolar has the highest environmental ambitions and will be a positive -energy building (a net producer of energy) and will have a very small carbon footprint (less than half of an ordinary office building).

Nowy Targ will be the sixth office investment developed by Skanska in Wroclaw and is close to Nowy Targ square, one of the most sought-after locations in the city. Close to Wroclaw City Hall, the site is near to the Old Town and Slodowa Island, where popular cultural and sporting events are regularly hosted. Nowy Targ will have seven storeys above ground which will provide 22,000 sq m of offices accommodating up to 2,500 people. The ground floor will include cafes, services and amenities which and the project’s top floors will include terraces that provide a spectacular view of the city. Fresenius is among the building’s tenants.

Offices - Presented by Entra

MIPIM News 1 • 89 • 12 March 2019

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Folkungagatan 44 Nattugglan, Stockholm, Sweden Offices - Presented by Vasakronoan

Zuidasdok Amsterdam, Netherlands

Until recently the Nattugglan neighbourhood on Södermalm, one of the islands that comprises central Stockholm, has been characterised by typical 1960’s urban planning which focused on providing solutions for vehicular traffic, leaving the pedestrian behind. The new office building at Folkungagatan 44, is part of a project which aims to improve this. Located next to busy square Medborgarplatsen, the 22,500 sq m modern office building, which includes 500 sq m of restaurants and cafés, provides a meeting point in a central part of the city. The project includes a new small internal square and pathways through the building will link adjacent streets. The project has resulted from a new zoning plan and will be finished during 2021.

Amsterdam Zuidas is the Netherlands’ international business centre. It is situated close to Schiphol Airport and is within minutes of Amsterdam’s city centre. Zuidasdok is intended to ensure the long-term accessibility of the district and the northern part of the Randstad conurbation. Zuidasdok involves expanding and upgrading Amsterdam Zuid station, creating a modern station with a range of public transport services, widening the Southern A10 motorway and redesigning the junctions at De Nieuwe Meer and Amstel. A section of the motorway is to be diverted underground, beneath the central area of Zuidas. The overall objective is to dramatically improve traffic flow in preparation for increased urban development. The project will start in 2019 and is scheduled for completion in 2028.

Mixed use - Presented by Holland Metropole

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Buyukyali Istanbul, Turkey

Lipki Island City Resort Kiev, Ukraine

Buyukyali is a new seaside neighbourhood on the Kazlıcesme coastline at the entrance to the Istanbul Strait. The project aims to provide everything needed for residents in terms of service and quality. Historical structures have been meticulously restored and brought to life, integrating the past with modern life.

The development includes a culture and art centre, a fashion design atelier, a music school, a children’s club, a fitness centre, gourmet restaurants, and international brands. Buyukyali is five minutes’ walk from Marmaray Station, and 15 minutes from the Anatolian side of the city using the Eurasia Tunnel.

Lipki Island City Resort will regenerate part of the port area helping to revitalize the urban area. It will create a modern metropolitan neighbourhood with the high-quality public realm and will combine residential, recreational, sports, educational, office and retail space where the docks used to be. The project will create a benchmark for the modernisation of Ukrainian cities in a city resort format. The scheme will provide the benefits of living in the city but in a rich natural environment. A long shoreline enables the creation of a comfortable public promenade and an ultra-modern marina and a yacht club will also be created. The project will utilize a 40-ha site and provides for the construction of more than 6,000 apartments and more than 120,000 sq m of office and retail space, as well as about 27,000 sq m of sports and educational facilities and 6,500 parking spaces with delivery between 2019 and 2021.

Presented by Emlac Konut

Mixed use - Presented by City One Development

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Holloway Head Birmingham, UK Residential - Presented by The High Street Group

District 2020 Dubai

Holloway Head will be a sustainable community in the heart of Birmingham city centre providing 487 one to three-bedroom apartments over 17 storeys.

There will be ancillary commercial space and underground parking. The £120m (€138m) project is situated in the city centre between Holloway Circus Tower and The Mailbox. The High Street Group exchanged contracts on this landmark project in May 2018, when planning consent was obtained.

Construction commenced in 2019. The landmark site has remained vacant for more than 25 years and its redevelopment will continue the wider regeneration of Birmingham city centre. The site will be sold to an institutional investor.

District 2020 will provide a smart and sustainable urban environment designed to encourage creativity, collaboration and innovation. It will inherit physical and digital infrastructure from the Expo 2020 event being staged in Dubai in the year 2020 and will be the first area in the MEASA region to provide 5G technology throughout. District 2020 will also inherit 200,000 sq m of built assets from Expo 2020. These will be converted to residential and commercial units. An additional 2.3 million sq m will be available for third party development as residential, commercial, hospitality, educational and mixed-use space. The masterplan envisages a community of 90,000 people.

Mixed use - Presented by District 2020

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MIPIM News 1 • 95 • 12 March 2019

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ACEC site Herstal, Belgium Mixed use – Presented by SPI, URBEO, City of Herstal

COIMA Headquarters Milan, Italy Offices - Presented by COIMA

The ACEC site is directly connected to Hauts-Sarts, the largest business park in Wallonia with 468 companies and 10,015 jobs. It is an area in transition and bears witness to the transformation from industrial city to connected city with its gigantic industrial buildings and its agricultural plateau. Urban agriculture is part of the city’s transformation, which is supported by the VERDIR (University of Liège) project and its two components: a Smart Box incubator and the Tropical Plant Factory, dedicated to the extraction of molecules for use in biotechnology. These projects are being facilitated by the development of a heating network, whose first phase is due to be delivered in 2021, which provides the leverage for the transformation of the whole site.

The project’s architects are Studio 017 Paola Vigano and Idea Consult.

COIMA Headquarters in Milan is the final addition to Porta Nuova, one of the largest urban regeneration projects in Europe. The headquarters development has created a dynamic liveable space designed to increase human wellbeing, human exchange and human creativity with increased productivity benefiting all stakeholders. COIMA’s core objective as a real estate platform is to create sustainable and innovative places for people to work, live and enjoy. The design of the COIMA headquarters responds to a need for cultural transformation in real estate development: to design and develop around human needs and environmental awareness.

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MIPIM News 1 • 97 • 12 March 2019

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Liverpool Waters Liverpool, UK Mixed use - Presented by Peel Land and Property

Nivo Istanbul Istanbul, Turkey

With an estimated value of £5bn (€5.77bn), Liverpool Waters is one of the largest regeneration projects within Europe and is the largest single development opportunity in Liverpool. Covering some 60ha and spanning 2.3 km of the city’s famous waterfront, Liverpool Waters will create a new mixed-use city district for Liverpool, bringing life back to a swathe of historic dockland.

The Nivo Istanbul Project combines residential and commercial development in an exclusive location that is emerging as a new city centre as Istanbul continues its growth as a megacity. Nivo Istanbul is adjacent to the Basın Ekspres Highway and close to Istanbul International Ataturk Airport, CNR Expo Centre, and TUYAP International Exhibition Centre. Nivo Istanbul is designed as a sophisticated mixed-use project that combines residential use, offices, home-offices, hotel, shops and a retail street with a combined floorspace of 171,820 sq m. The planned opening date is 2019.

Mixed use - Presented by Cathay Invest

Wonderwoods Utrecht, Netherlands

Novo Alto D’ajuda Lisbon, Portugal

Wonderwoods is a high-rise apartment complex being developed close to Utrecht rail station. Its two towers form a ‘vertical forest’ the design and specifications of which are intended to exude the green, healthy and sustainable urban ambition of Utrecht city. The underlying concept, ‘Happiness 2.0’, brings nature back into the city for a healthier life style.

The project’s architects are Stefano Boeri Atchitetti and MVSA Architects. On completion in 2022, the 90 and 70 metre-tall towers will accommodate housing, work, leisure and entertainment.

The tallest building, Croeselaan, has planting incorporated in balconies and external walls. The buildings’ open atria provide a view of the scheme’s interior greenery.

Novo Alto D’ajuda is located in the Lisbon University Campus, next to the Portuguese Royal Palace of Ajuda and Monsanto Natural Park. The project will pioneer housing for the academic community but will be integrated with the surrounding urban fabric. The Lisbon Affordable Rent Program provides investors with land to design, build and operate affordable housing for middle class occupiers. The advantages for investors are that there is no land cost, no building permits are required, profitability is high and investment risk is low, income is stable and around 30% of land is fully owned. Of 15 locations, two have already been allocated. The panoramic views over the Tagus estuary and Belém monumental area are magnificent.

Residential - Presented by Holland Metropole

Residential - Presented by Invest Lisboa

MIPIM News 1 • 98 • 12 March 2019

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WE CREATE THE URBAN MARKET PLACES OF THE FUTURE. As one of many current projects, ECE is planning a complete repositioning and refurbishment of Potsdamer Platz Shopping Arkaden in Berlin in cooperation with Brookfield Properties Germany, the asset manager of Potsdamer Platz.

The repositioning will focus on an entirely new high street concept with six different themed areas, 90 shops – among them up to 15 flagship stores – a modern architectural design with two-story and three-story facades, and a premium tenant and retail mix. The heart of the shopping destination will be a 5,500 m² market hall with premium, fresh and regional food retailers as well as a great range of modern, international restaurants and regional dining concepts.

For more information, go to www.ece.com.

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