MIPIM 2020 PREVIEW MAGAZINE

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WOZNIAK TO GIVE MIPIM KEYNOTE

PROPTECH CHASES THE UNICORNS

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EDITORIAL

Welcome to the MIPIM 2020 Preview Magazine, your chance to prepare for four days in Cannes with a look at some of the key topics that will be under discussion in the Palais des Festivals.

As we enter a new decade the real estate industry faces some pressing issues. While the economic climate is broadly positive and property has been delivering attractive returns to investors across most sectors and territories, challenges are looming on the horizon as the industry races to keep pace with both technological and societal changes.

We’ve brought these together under the theme ‘The Future is Human’ and our keynotes and events programmes will drill down into these issues and help the industry formulate solutions.

Technological advances are changing the way buildings are used and the way real estate professionals do business in the capital markets, the leasing markets and in property and asset management. That’s why I’m delighted to announce that our keynote speaker will be Steve Wozniak, co-founder of Apple and a true evangelist for the power of technology to improve everyday life, as evidenced by his philanthropy in the field of education.

Steve’s pioneering personal computers democratised computing by taking them out of the hands of technicians and onto the desks and into the pockets of everyman. Can we do the same in cities and buildings, devolving power to shape the environment from the providers to the users?

Equally changes in society are forcing a reassessment of business practices.

Industry leaders are increasingly recognising that sustainable practices are non-negotiable. And slowly the real estate industry is coming round to the idea that, if it is to meet the needs of businesses and citizens who use its buildings, then it must look and act more like those citizens: diversity and inclusion is certain to be another key theme this year.

Can I also draw your attention to the Hospitality supplement, published with this year’s Preview magazine? Hotels are no longer seen as a niche sector and mainstream investors increasingly see them as part of a balanced portfolio. The magazine looks at some of the forces driving the growth of the sector.

We hope this year’s Preview gives you a flavour of the debates we can look forward to in Cannes. The great strength of MIPIM is its unique status as a gathering for leaders, thinkers and practitioners where words become deeds. That cannot happen without your active participation, so I thank you all for your continued support and I look forward to seeing you at MIPIM 2020.

Ronan VASPART MIPIM Markets Director

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CONTENTS

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NEWS

• Wozniak to give MIPIM keynote.

• Cities lead push for climate - neutral economy.

• Urban logistics on track

PREVIEW

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30 YEARS OF AWARDS

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FEATURES

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DIRECTOR OF PUBLICATIONS Paul Zilk MARKETING DIRECTOR Mathieu Regnault EDITORIAL DEPARTMENT Editor in Chief Graham Parker Sub Editor Joanna Stephens Proof reader Debbie Lincoln Contributors Adam Branson, Chris Bown, Ben Cooper, Mark Faithfull, Steve Killick, Isobel Lee, Mark Moore, Liz Morrell, Sarah Morris, Doug Morrison, David Sands, Paul Strohm Editorial Management Boutique Editions Head of Graphic Studio Herve Traisnel Graphic Studio Manager Frederic Beauseigneur Graphic Designer Carole Peres PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Manager Emilie Lambert Printer Riccobono Imprimeurs, Le Muy (France).

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• The age of the city

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• The user experience

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• Sustainability

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• Diversity & Inclusion

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• Proptech & Innovation

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• Proptech products

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• Hotels

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REGIONS

What’s hot in the world of property?

• UK

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• Nordics

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• Benelux

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• France & Germany

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• Southern Europe

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• Asia Pacific

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• MENA

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YOUR MIPIM EXPERIENCE

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

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& EVENTS

PROGRAMME

107 AWARDS The 30 th edition of the MIPIM Awards celebrates the best new projects worldwide

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news

JV BUYS AUSTRALIA’S BIGGEST STUDENTHOUSING PORTFOLIO A JOINT venture between AXA Investment Managers - Real Assets, Allianz and Dutch investment manager APG has partnered with Scape, owner and manager of student accommodation assets, to acquire Australia’s largest student-accommodation portfolio, which consists of 6,805 beds in Sydney, Melbourne, Brisbane and Adelaide.

AXA IM - Real Assets manages a €2.8bn student-housing portfolio comprising 25,000 student beds across six countries, including assets acquired through its recent acquisition of French student-housing operator Groupe Kley.

Kumar Kalyanakumar, head of Australia at AXA IM - Real Assets, said: “The Urbanest portfolio represents a rare and high-quality opportunity to grow our recently established joint venture through investing in the supply-constrained and high-demand Australian market. The sector has favourable demand drivers and growing institutional appeal, assets are tightly held and the barriers to entry are relatively high, particularly in Sydney, which makes this opportunity even more appealing.”

Australia is the third most popular country for international students behind the US and the UK, and is forecast to overtake the latter in the near term. It currently has eight universities in the World University Rankings, which have experienced a combined 8.0% per annum growth in international students over the past 10 years.

Kalyanakumar added: “We have been attracted to the Australian student-housing sector for some time. We have a near-term ambition to grow our student-housing exposure in Australia, and have identified a number of opportunities to deliver on this.”

Europe’s cities lead the way to climate-neutral economy EUROPEAN urban pressure group Eurocities is co-hosting the Political Leaders’ Summit at this year’s MIPIM. Bringing together the local governments of 130 large cities in 30 European countries, Eurocities provides a platform for sharing knowledge and ideas, exchanging experiences, analysing common problems and developing solutions.

Anna Konig Jerlmyr, president of Eurocities and mayor of Stockholm, is insistent that the prime issue facing Europe’s cities is climate change. “In my city of Stockholm, we are already set to become fossil-fuel free by 2040,” she said. “But we are currently developing a new city-wide climate action plan to set our sights even higher — to make Stockholm not just fos-

sil-fuel free, but climate positive. One way we will be able to do this is by drastically cutting emissions from building and infrastructure consumption.”

Konig Jerlmyr added that cities all over Europe are pursuing policies on climate emissions that are far more ambitious than those of the EU or any European government. “City networks like Eurocities are showing that real change is possible,” she said. “64% of Eurocities’ members have already committed to reach carbon neutrality by 2050. Among them, 12 cities have committed to reach neutrality before 2040. And climate mitigation is only one side of the coin: 87.5% of our cities have adopted climate-adaptation strategies to adapt to the impact of climate change and to protect their citizens.”

Mayor of Stockholm Anna Konig Jerlmyr: “climate positive”

CONFERENCES & EVENTS AT MIPIM Political Leaders’ Summit: the future of resilient & inclusive cities 10 March, 15.30-18.00, GARE MARITIME - SALON MARINA Closed-door event - by invitation only Governance: Building resilient & inclusive cities 11 March, 15.15-16.00, RED ROOM (Palais 3)

Amazon finds fulfilment in robots INDUSTRIAL real estate developer Panattoni has built a facility for Amazon in Gliwice in Poland, which is claimed to be record-breaking in size and functionality. The four-storey 210,000 sq m project is the e-commerce giant’s largest building in Poland

and has been fitted out with Amazon Robotics technology.

The facility is an e-commerce logistics centre for the whole European market and will fulfil customer orders for small and medium-sized items, such as books, electronic equipment and

Panattoni developed the Amazon facility in Gliwice, Poland

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everyday items. The investment will create 1,000 jobs. Around 3,900 transport robots will assist in storing products on shelves, as well as with order-picking operations. Such an approach is intended to maximise warehouse capacity and cut down on shipping lead times.

The Gliwice building is Panattoni’s eighth project for Amazon.

“Poland was the first country in Europe where Amazon Robotics was rolled out [in September 2015],” said Steven Harman vice-president for continental Europe operations at Amazon.

The building developed by Panattoni has been provided with an intelligent building-management system (BMS) and motion sensors in different zones. It has been awarded a Very Good rating under the BREEAM methodology of environmental certification.

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BUILDING AND MOBILITY: BETTER TOGETHER BUILDING and mobility players are joining forces to work together to develop a common knowledge base and are creating business models for the convergence of building and mobility.

The Bouygues Group, the Movin’On sustainable mobility ecosystem led by Michelin, the Renault Group, Schneider Electric and the SBA (Smart Buildings Alliance for Smart Cities) have come together to create the first intersectoral working group on the convergence of building and mobility.

Since 80% of global energy consumption is linked to buildings and transport, and the biggest items of expenditure for families are housing and mobility, the challenge for cities is to provide an environment that is carbon-free and meets the expectations of city dwellers.

The consortium’s objective is to raise awareness among building and ancillary players about the integration of electric mobility with a view to building a common repository. The consortium is giving itself a year to develop the ‘4Mobility’ standard, which can be integrated into the Ready2Services (R2S) label created by the SBA. 4Mobility is designed to be a guide to help building and mobility players take full advantage of digital technology in order to transform buildings into real service platforms, and a tool to enhance the integration of packages of services for both building and mobility.

“A common repository for all stakeholders can carry this convergence forwards, so that citizens and communities become the big winners of a convergence of building and mobility,” said Emmanuel Francois, president of the SBA.

Urban logistics on track to be real estate’s next golden asset FRENCH logistics association Afilog is organising a Logistics Morning on Wednesday, March 11. The event will focus on the theme, Is Urban Logistics The New Golden Asset?

“Logistics may not have the fanciest image, but its financial performance percentage certainly does,” said president of Afilog, Claude Samson, summing up the increasing attraction of logistics as a real estate investment target. He added: “Often more profitable than offices or housing, logistic investment needs creativity to optimise the rates of return. This is even more true in the urban segment: early birds who took positions on atypical locations close to city centres and infrastructures are being well rewarded today, as land scarcity pushes logistics further and further away from the metropolis and from employment areas.”

Samson said local governments needed to be more aware of the need for logistics space, not least to feed populations and supply busi-

Afilog’s Claude Samson: “Often more profitable than offices or housing”

nesses. “Regulating the use of land and dedicating part of it to logistics is essential,” he said. But to use less land, “we need to build denser forms of logistics,” he added.

Construction requirements among European countries differ greatly in terms of fire resistance, cell division and height, Samson said, meaning that “the market needs coherence and standardisation between regulations on logistic buildings on a European scale.”

Afilog is a French association but its members are international

and include Prologis, Goodman, AEW, Segro, CBRE, JLL, BNP Paribas and Colliers. “Almost all real estate logistics players are involved in Afilog,” Samson added.

CONFERENCES & EVENTS AT MIPIM

LOGISTICS MORNING. Panel discussion “Urban logistics: the new golden asset?” followed by a workshop (by invitation only) Wednesday 11 March 2020 from 10.00 to 13.00 Verriere Californie (Palais 5)

C&W takes on 47 Logicor parks REAL estate services firm Cushman & Wakefield has been appointed by logistics owner and operator Logicor to manage a portfolio of 1.7 million sq m of logistics real estate across 47 sites in Central and Eastern Europe (CEE).

The portfolio consists of the 47 logistics parks that Logicor owns and operates in Poland, Hungary, Romania, the Czech Republic and Slovakia. The parks will be managed by Cushman & Wakefield’s EMEA asset-services team.

The Logicor account will be led

by Zuzanna Paciorkiewicz, Cushman & Wakefield’s head of operations for asset services in Poland, who will oversee teams based in MIPIM PREVIEW • 8

Warsaw, Budapest, Prague and Bucharest, as well as on site.

Paciorkiewicz said: “Logicor has one of the largest directly owned networks of logistics real estate in Europe and we are proud to be entrusted with managing a significant proportion of it in the CEE region. The portfolio also takes the total amount of property we manage in Poland to 3.2 million sq m, making us the number-one property management-services provider in the country by space managed.”

The portfolio adds to the 30 million sq m of commercial real estate in 14 countries managed by Cushman & Wakefield EMEA asset services.

• February 2020

Cushman & Wakefield’s Zuzanna Paciorkiewicz: 3.2 million sq m of property under management in Poland

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news

HOLLAND’S TOP TIPS FOR US REAL ESTATE INVESTORS CLYDE Holland of West Coast-based investor Holland Partner Group has a few golden rules for successful real estate investment.

First, make research-based decisions. “We have developed a proprietary system we call predictive market research,” he said. “We perfected this during the global financial crisis and, over the past five years, our target markets have delivered the highest rent growth of any tier in the US.” Next, focus on cycle management. This is of the most appreciated facets of Holland’s investment platform, Holland added.

Also important is to underwrite each specific development site: “Once we confirm a target market, we apply five investment filters: only invest in tier-one, high-barrier markets and sub-markets; only choose walkable urban core locations or locations at transit centres that serve targeted high-barrier markets; only choose locations that are in rapidly expanding Gen-Y employment centres; select sites that are centred in attractive social, entertainment and retail centres in and around Gen-Y employment centres; and ensure that each site has development characteristics that will enable efficient and attractive physical development.”

Holland added: “As part of our investment underwriting, we also consider the cost-to-own versus the cost-to-rent. Our target markets cover eight of the top-10 safest markets to invest in, measured by the excess cost-to-own verses rent.

Up until two years ago, when Austin bumped Portland off of the list, we had all of our target markets listed as being the top10 safest markets in the US.”

Japan throws MIPIM spotlight on Olympics and Osaka Expo SOME of Japan’s most impressive real estate developments — both ongoing and upcoming — will be on view at this year’s Japan Pavilion, organised under the aegis of the Ministry of Land, Infrastructure, Transport and Tourism.

In late 2019, the Japanese government announced that it would be helping to build 50 new luxury hotels nationwide in response to the expected swell in visitors as a result of the 2020 Tokyo Olympic Games. The government is expecting 40 million foreign visitors to Japan in 2020, rising to 60 million by 2030.

Yoshinari Uchida, deputy director general of the city bureau at Japan’s Ministry of Land, Infrastructure, Transport and Tourism, said the 2020 Japan Pavilion would feature Tokyo and Osaka booths. “In

the Tokyo booth, in addition to a model of the new national stadium and a model of the projects of participating companies, there will also be a bird’s-eye fly-through of the rapidly changing urban pattern of Tokyo,” Uchida said. “After the Tokyo Olympics, the Osaka Expo will be held in 2025. At the Osaka booth, the main exhibit will be the development planned in front of Osaka station.”

Uchida added: “Japan survived various social issues after the war and joined the ranks of developed countries.” He said a new model of urban development would be showcased at MIPIM. This includes cutting-edge smartcity technology, as well as disaster-prevention systems and expertise in integrating city planning with railway connections.

Yoshinari Uchida: showcasing Japan’s “technology and know-how”

CONFERENCES & EVENTS AT MIPIM Japan Breakfast 11 March, 08.00-10.00, MAJESTIC HOTEL Closed-door event - by invitation only

Chapeau to Chapelle International CHAPELLE International is an urban transformation project in Paris that is seeing 7 ha of former railway land converted into a 150,000 sq m sustainable neighbourhood of mixed-use developments.

The scheme went to site in 2014.

By the end of last year, half the project had been delivered, with the rest still under construction. The programme consists of 35,000 sq m of offices, 7,000 sq m of urban agriculture (including roofs), 3,000 sq m of sports facilities and 45,000 sq m of multimodal logistics hubs. The last includes 33,000 sq m of urban logistics, which will remove the equivalent of 240 trucks from the roads of Ile-de-France. Other features include a gymnasium, 22,000 sq m of public spaces, a school, a nursery, 56,000 sq m of housing, including accommodation for students and workers,

and 8,000 sq m of SOHO (small office/home office) facilities.

Among Chapelle International’s highlights is Reference, developed

by Sogeprom, which will deliver a complex of 238 dwellings, 400 sq m of shops and 17 SOHOs in two 16-storey towers. Also notable is Lot H, developed by Vin-

ci Real Estate, which comprises two buildings — one 37 m high and the other 50 m high — offering 11,000 sq m of housing with shared services, and 1,800 sq m dedicated to SOHOs. The complex is designed to resemble a ‘garden island’, around which the various facilities will be arrayed.

Chapelle International stands on 7 ha of former railway land in Paris

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„We believe that with the democratization of data and the integration of AI, we can forge a path towards a more sustainable future.

Combining sustainability, people satisfaction and profitability, we enable building owners and investors to effectively manage their portfolios.“ The BuildingMinds Team

Our over 60-strong team is transforming the way buildings around the world are managed. Based in the heart of Berlin, we partner with building owners and investors globally to manage their portfolios, effectively combining sustainability, people satisfaction and profitability.

By creating a Common Data Model, we are driving the transformation of the real estate industry. We combine our integrated cloud platform, a digital building twin and data-driven insights, enabling us to unleash the power of data for our clients.

Leveraging both a holistic, birds-eye view of the portfolio and a grass-roots, granular building focus, we support owners, investors and managers to drive and balance their goals of sustainability, increased profits, and occupant satisfaction. Right alongside us are two exceptional partners - Schindler, with its comprehensive domain expertise, and Microsoft, with its powerful cloud capabilities.

Drop by for a warm welcome at our booth P–1.A51 or meet us outside the MIPIM. Just go to our website and drop us an email: buildingminds.com — info@buildingminds.com

news

ESSEC PRIZES SOCIAL RESPONSIBILITY SOCIAL responsibility and sustainability are the watchwords for real estate in 2020, according to Ingrid Nappi-Choulet, real estate and sustainable development chair at the ESSEC Business School.

“By organising the second edition of the ESSEC Grand Prize for Socially-responsible Cities and Sustainable Real Estate in 2020 the chair demonstrates its desire to promote socially responsible investment by real estate sector players, while showing that private players are investing more frequently in affordable social housing and that solidarity concerns everyone,” Nappi-Choulet said.

Nappi-Choulet will be addressing the challenge of social responsibility on Wednesday, March 11, when she will moderate a panel of experts, including Habitat & Humanisme’s Bernard Devert, Uniopss’ Patrick Doutreligne and Plan Batiment Durable’s Philippe Pelletier. Under discussion will be how best to integrate the needs of the poor, how to achieve social diversity in housing, how to promote social cohesion and how to make cities more inclusive and socially responsible.

Examples of projects that reflect the spirit of socially-responsible investment include shared housing projects, schemes for renting out vacant accommodation and using unoccupied premises for community initiatives. “These projects all symbolise solutions that seek to develop socially responsible cities,” Nappi-Choulet added.

ESSEC’s Ingrid Nappi-Choulet: “Solidarity concerns everyone”

CONFERENCES & EVENTS AT MIPIM Solidarity city & responsible real estate, 11 March, 14.00-14.45, RED ROOM (Palais 3)

Dundee rolls out sustainable future for Michelin tyre site MICHELIN’s Dundee tyre factory is set to become a worldclass innovation park following a £60m (€70m) funding commitment supported by Michelin, Scottish Enterprise and Dundee City Council. The investment will transform the current Michelin site into the Michelin Scotland Innovation Parc (MSIP) over the next 10 years, creating economic and employment opportunities across Dundee, the Tay Cities Region and Scotland.

It is envisaged that the MSIP will drive growth and diversity in the Scottish economy, creating 850 sustainable jobs. It will aim to lead the way in developing and manufacturing the technologies of the future.

The MSIP will also serve as a centre for innovation and skills, where industry and academia come together with a focus on

sustainable mobility, clean transport and low-carbon energy.

The 32 ha MSIP business park will be divided into three areas: space for manufacturing businesses; an innovation campus housing offices, business and innovation support services, a skills academy and an accelerator programme

and space for new developments.

The scheme is already generating significant interest, with inquiries received from more 30 companies. Six priority projects at the detailed planning phase include facilities for electric vehicle and battery manufacture, and hydrogen production.

Aerial view of Dundee’s new Michelin Scotland Innovation Parc

Homes England invites you in IT IS A great time to invest in housing in the UK, according to Homes England, the British government’s national housing agency.

Homes England is on a mission to intervene in the housing market to get homes built where they are needed most — and MIPIM will play a key role in conveying that message to the global real estate community. By partnering with Homes England, investors can access a range of opportunities, establish ambitious partnerships, and make land available for housing and placemaking. Homes England’s remit is to act where the market will not, by buying challenging sites and investing in infrastructure and remediation to make land viable for housing development.

And this approach is already bearing fruit. Last year, along with developer Urban Splash, Homes England helped bring Japanese

Northstowe in Cambridgeshire is the UK’s biggest new-town project for 50 years

housebuilder Sekisui House into the UK housing market for the first time. Sekisui House has invested £22m of new equity into the new ‘House’ development business, with £30m of equity and debt funding coming from the UK government’s Home Building Fund, administered through Homes England.

In Cambridgeshire, Northstowe — the UK’s largest new town since Milton Keynes was built in

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the 1960s — is taking shape on Homes England’s land. The first neighbourhood to be delivered will include 400 homes built using modern methods of construction.

CONFERENCES & EVENTS AT MIPIM Focus on UK: Housing options and innovations – How do we build and invest in what people need, want and can afford?

10 March, 15:00-15:45, INDIGO ROOM (Palais 3)

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Canada back in Cannes with a new world of opportunity CANADA’s MIPIM 2020 delegation includes many familiar faces — long-standing exhibitors like Montreal, for example — along with more recent arrivals including Quebec and a number of Cannes first-timers, including Alberta’s Reed Deer County.

Red Deer County will be showcasing Junction 42, a commercial, industrial and agri-business development located 10 km south of the City of Red Deer. The Junction 42 area, which encompasses 10 quarter sections surrounding the Alberta Provincial Highway No 2 (Queen Elizabeth II Highway) and Highway 42 interchange, is intended to supplement the industrial and commercial parks surrounding Red Deer.

The location allows businesses to connect to the world, offering them easy access to international air, rail and ground transportation routes. The Red Deer Regional Airport, located just 9 km from Junction 42, offers charter and air-cargo services, while Calgary and Edmonton’s international air-

The Quebec City Tramway, due to open in 2026, aims to remove 12,500 cars a day from the city’s roads

ports are easily accessible in just over an hour.

Greater Montreal Group, meanwhile, is heading to MIPIM with

a group of 25 companies, ranging from developers to investors. For the 15th consecutive year, the delegation will be headed by the City

of Montreal and Tourisme Montreal. Key to Greater Montreal Group’s MIPIM presentation will be an interactive ‘Montreal Experience’, aimed at potential investors.

The City of Quebec is in Cannes for the second year with a group of 10 companies. The provincial capital has embarked on a major light-rail project — the Quebec City Tramway — intended to enhance its economy and breathe new life into the city. It is scheduled to be in service by 2026.

The City of Quebec and Reseau de Transport de la Capitale (RTC) are developing the Quebec City Tramway, which aims to increase public-transport usage by 30% and remove 12,500 cars a day from the city’s roads. The project will involve the construction of tunnel sections and 36 stations, five of which will be underground. The two lines include an integrated system of tramways, an electric tram-bus and reserved bus lanes. The first route will be a 23 km line connecting Charlesbourg to Cap-Rouge via Parliament Hill. Some 3.5 km of the tramway will pass through underground sections. The 17 km second route will consist of an electrified rapid-transit line served by articulated buses.

The age of the Super Mega-Region DR NOBUHIRO Okuno is the chair of the National Land Planning Council of Japan’s Ministry of Land, Infrastructure, Transport and Tourism, and the president of the Nagoya Urban Institute. At a MIPIM panel on March 11, he will share his insights on long-term investments in what he calls Japan’s “Super Mega-Region”, which includes the cities of Tokyo, Nagoya and Osaka. These cities will eventually be linked via the new Maglev Shinkansen, a super express train that will cut travel times between the cities to a third of what they are today.

“These cities have become the main focus of the Japanese econ-

omy,” Okuno said. “They are known as the super-hub cities, and connections between the Maglev Shinkansen and other transportation networks will extend their economic effects to other regions in Japan.”

Tokyo needs no introduction, but the cities of Nagoya and Osaka may be less familiar to those outside of Japan. “Nagoya is home to some of the leading manufacturers in the world, as well as related research and development facilities,” Okuno explained.

“Osaka is a vital commercial centre, but it also has leading health and medical industries.” All three cities, but Tokyo in particular, are

attracting young Japanese people — a trend, according to Okuno, that needs to be moderated before it leads to a demographic imbalance.

Okuno, who is also a member of Japan’s National Resilience Council, believes there are strong strategic reasons to promote growth outside of Tokyo. “For instance, in order to minimise damage from the anticipated Tokyo-centred earthquake, the government must promote the development of back-up functions in parts of the Super Mega-Region outside of Tokyo,” he added. “That would require more dispersion of concentrated populations.”

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Dr Nobuhiro Okuno: Tokyo, Nagoya and Osaka are “main focus of the Japanese economy”

CONFERENCES & EVENTS AT MIPIM Japan: long term investment value & super mega-region concept 11 March, 11.15-12.00, INDIGO ROOM (Palais 3)

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VISIT WARSAW AT STAND RIVIERA 8 D1 Warsaw - smart people, smart technology, smart city The Mayor of Warsaw is pleased to invite you to Warsaw events at MIPIM 2020 March 10th 12.00 Panel Session Warsaw & digitalization – transforming real estate and changing people’s lives, at Warsaw stand Riviera 8 D1 Organized with “Top Woman in Real Estate Poland”

March 11th 11.15 Panel Session Blending strategies: public mission, business ambition and human aspiration, at Gare Maritime Organized with Poland Today

March 11th 16.30 Networking Coctail, at Warsaw stand Riviera 8 D1

Our Partners at MIPIM 2020

MIPIM

2020 www.um.warszawa.pl/en | www.mapa.um.warszawa.pl

news

DIAMOND REALTY SET TO SPARKLE IN THE US THE REAL estate investment-management arm of Mitsubishi Corporation — Diamond Realty Management, or DREAM — has launched an open-ended fund specialising in US real estate.

President and CEO Katsumi Nakamoto said this approach is attractive to Japanese investors hoping to enter the US real estate market, and is in keeping with DREAM’s three-pronged approach to investment, which spans private funds, private REITs and mezzanine funds.

In terms of the Japanese market, Nakamoto said: ”The competition for acquisitions is intensifying. That’s due to the inflow of funds into the Japanese real estate market to take advantage of low interest rates. The situation is challenging, so we continue to look for opportunities by utilising our extensive network.”

One of the most exciting sectors in Japan is tourism. The Japanese government has set a target of 60 million visitors by 2030 and, as the number of foreign visitors continues to grow, there is greater demand for accommodation. ”The government has positioned the tourism industry as an important strategic industry,” Nakamoto added. “We see a strong growth prospect for the hospitality industry, in which the real estate business plays a significant role.”

DREAM’s Katsumi Nakamoto

CONFERENCES & EVENTS AT MIPIM Japan Breakfast 11 March, 08.00-10.00, MAJESTIC HOTEL Closed-door event - by invitation only

Warsaw sets out its stall as CEE’s top business location

Warsaw is as welcoming by night as it is by day

THIS year sees Warsaw celebrate its 22nd visit to MIPIM. During that time, the Polish capital has become one of the leading investment destinations in Europe — a fact recognised by, among others, the Financial Times’s fDi Markets investment monitor which, in 2018/2019, ranked Warsaw as Europe’s third most business-friendly City Of The Future.

At this year’s MIPIM, Warsaw is presenting itself as the best location in Central and East-

ern Europe (CEE) in which to run or expand business operations. Its advantages include the availability of high-quality office space (it has more than 5,500,000 sq m of modern office facilities), R&D infrastructure (40% of Polish scientific units are based in Warsaw, with most of them rating in the A+ category) and a multilingual, highly-educated workforce.

Warsaw is also hosting two MIPIM panels: one on technological

solutions in the real estate market and the other on financing urban development via EU and PPP funds.

Warsaw’s 2020 MIPIM delegation consists of 11 partners, who will be showcasing a range of investment opportunities, products and services: Ghelamco, Golub GetHouse, Karimpol, Vastint, CMT, Mayland Real Estate, BBI Development, Skanska, HB Reavis, Unibail-Rodamco-Westfield and Warexpo.

Investors look to key CEE cities THE MAJOR cities of Central and Eastern Europe (CEE) are driving economic growth in the region, according to new research from Colliers International, Skanska and Dentons. And as a result, they are attracting an increasing share of investment activity.

Adrian Karczewicz, head of divestments at Skanska’s commercial development unit in CEE, said: “CEE is the fastest growing region within the European Union, with GDP growth surpassing 4% a year. It’s main cities are becoming global and connected metropolises: Warsaw, Prague,

Budapest and Bucharest have never been closer to Milan or Berlin when it comes to business opportunities.”

He added that the growing popularity of the region’s key cities could be seen in the strategy of investors, which are increasingly targeting specific cities, rather than countries. “Investors are looking for vital hubs of talent and entrepreneurship — and they can easily find these kind of thriving places in the CEE region,” he said.

Piotr Mirowski, senior partner and head of investment services

MIPIM PREVIEW • 16 • February 2020

at Colliers International, noted that global players are now waking up to the potential of CEE. “The region has enjoyed an unprecedented inflow of overseas capital, ranging from South Africa to Singapore, the Philippines, China, South Korea and Malaysia,” he said. “Whereas the majority of South African equity has been deployed in Polish offices and retail, Asian investors have already made purchases in Czech Republic, Slovakia and Hungary, with other [CEE] markets potentially within the scope of their interest.”

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KPMG REVEALS TRUE PACE OF DIGITAL TRANSFORMATION IS YOUR digital future in the right hands? This is the title of KPMG’s annual review of the real estate industry’s ‘journey into the digital age’.

According to the KPMG Global Proptech Survey, the real estate industry is still making progress in terms of its digital transformation. Challenges remain, however, with the full-scale adoption of digital technology still some way off.

The annual survey looks at the progress made in the real estate industry’s relationship with technology over the past year. It examines the differences between regions, industry sub-sectors and stages of the property cycle, and explores the areas in which attitudes and practices may need to change.

The survey found that proptech companies are optimistic about the growth of their market. Of the proptech respondents, 87% believe the real estate companies with which they work will increase spending on proptech solutions in the next 12 months.

No proptech respondents expect investment to stop or decrease.

In the next two years, proptech companies expect digital disruption to affect a number of areas, notably real-time asset-performance data, building optimisation, transactions and customer data.

Property companies, meanwhile, are increasing their engagement with digital. Brokers and advisors are at the forefront of the technological revolution, with automation and digitalisation playing a growing part in their operations. Companies are also putting more emphasis on data, and are increasingly keen to explore the ways in which it can be used to improve their operations.

Industry’s ‘green transition’ tops Copenhagen’s agenda MIPIM 2020 will be the 25th time that Greater Copenhagen, Denmark has exhibited in Cannes — and its pavilion this year will have one focus: actions targeting the ‘green transition’ of the real estate sector.

In November 2019 the Danish parliament passed a new climate law binding Denmark to reduce its emission of greenhouse gases by 70% by 2030. This is an ambitious goal that sets a clear direction for Denmark’s green transition.

Copenhagen recently decided to push the green agenda further still by requiring a significant reduction in the carbon footprint in public development in Copenhagen. The city is also pushing for legislation at national level aimed at creating a greener private real

estate sector.

The lord mayor of Copenhagen, Frank Jensen, will give the opening speech at the city’s MIPIM pavilion. “Copenhagen has the ambitious goal of becoming the world’s first carbon-neutral capital by 2025,” he said. “We are already well on our way — CO2 emissions are down over 40% since 2005. We will become carbon neutral with a green transition of our energy production and energy consumption by supporting new technologies and by changing transport modes.”

But, Jensen said, achieving these goals also requires action from the real estate industry, which is responsible for much of the world’s carbon emissions. “At the Danish pavilion, we want to open

Lord mayor of Copenhagen, Frank Jensen: carbon-neutral mission

and stimulate important discussions and encourage knowledge sharing between different sectors within the industry,” he added.

NZ’s town-centre revolution ACCORDING to developer DDL Homes, the 19 ha NZ$200m Ormiston Town Centre is set to revolutionise the future of town-centre development in New Zealand.

Situated in south-east Auckland, Ormiston Town Centre’s metropolitan environment will combine retail and commercial opportunities with residential and ‘community experiences’ to create a balance for modern living.

Located in one of New Zealand’s fastest-growing suburban areas, Ormiston Town Centre will feature 100 business tenants, a three-level car park and five anchor tenants, including The Warehouse, New World, a Hoyts cinema complex, the existing supermarket Pak’nSave and an additional supermarket. It will also include a gym, a library and an aquatic centre.

DDL’s contribution to the Ormiston Town Centre project is 397 Ormiston Road. The 4 ha devel-

DDL Homes’ 4 ha 397 Ormiston Road development

opment consists of 26 three-bedroom houses, 24 three-bedroom apartments, 128 two-bedroom apartments, and two one-bedroom apartments in three residential blocks.

There is no capital-gains tax in New Zealand and the median house price in Auckland now is NZ$885,000. The median house price in Ormiston, meanwhile, is above NZ$1.0m and, according to DDL, is expected to rise further

MIPIM PREVIEW • 18 • February 2020

after the completion of the Town Centre project. The median price for a house in Ormiston has risen by 0.52% in the last quarter. Town houses and apartments have risen by 9.77% and 1.06% respectively.

CONFERENCES & EVENTS AT MIPIM Governance: a citizen’s experience of the city 11 March, 11.00-11.45, RED ROOM (Palais 3)

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Wozniak keynote to focus on smarter ways of being human er. The latter honoured him for “single-handedly designing the first personal computer” and for redirecting his lifelong passion for mathematics and electronics towards lighting “the fires of excitement for education” in both grade-school students and their teachers.

The tech pioneer’s keynote promises to be a highlight of MIPIM

2020. Reed MIDEM’s director of MIPIM, Ronan Vaspart, said: “Throughout his career, Steve Wozniak has shown how a business successfully transforms and flourishes through the capacity to innovate. More than ever, technology is an integral part of our lives and the real estate industry is no exception. Its entire ecosystem is reinventing itself.”

CONFERENCES & EVENTS AT MIPIM 11 March, 10.00-11.00, GRAND AUDITORIUM (Palais 1) © Photo by Michael Bulbenko

STEVE Wozniak, co-founder of Apple, will give the keynote speech at MIPIM on Wednesday, March 11 at 10.00 in the Grand Auditorium. The Silicon Valley icon and philanthropist helped shape the computing industry with his design of Apple’s first line of products. He also influenced the design of the game-changing Macintosh computer.

In 1976, Wozniak and Steve Jobs founded Apple Computer Inc to market Wozniak’s Apple I personal computer. The following year, he introduced his Apple II personal computer, which featured a central processing unit, a keyboard, colour graphics and a floppy-disk drive. The Apple II is acknowledged as the catalyst for personal computing: its introduction sparked a boom in PC sales in the late 1970s and secured Apple’s position at the forefront of the industry.

Wozniak said: “Technology has the power to transform the way people interact with the buildings and cities where they spend their lives. Already, we have seen tech delivering ever-increasing personalisation in the way people interact with the devices they use for work, communication and entertainment. Smart cities, smart buildings and smart mobility have the potential to take this into new areas, delivering services adapted to the needs and wants of each individual. As the theme of this year’s MIPIM says, the future is human.”

For his achievements at Apple, Wozniak was awarded the 1985 National Medal of Technology and Innovation by the President of the United States — the highest honour bestowed on America’s innovators. In 2000, he was inducted into the National Inventors Hall of Fame and was awarded the prestigious Heinz Award for Technology, the Economy and Employment a year lat-

Vaspart added: “To build our future, leaders in real estate need to anticipate the rapidly changing requirements of the user and adopt new ideas. Thinking differently to deliver innovative solutions is the DNA of forward-thinking entrepreneurs such as Steve Wozniak, who revolutionised the world of technology.

Such challenges and opportunities present a wider space: to develop creativity, encourage innovation and think differently.”

Steve Wozniak: “Technology has the power to transform the way people interact with the cities where they spend their lives”

MIPIM PREVIEW • 20 • February 2020

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STEVE WOZNIAK TO GIVE KEYNOTE SPEECH AT

Technology is no longer optional.

It integrates real estate’s entire value chain, including MIPIM 2020’s focal point: humans. That’s why we’re proud to announce Apple Co-Founder & tech entrepreneur Steve Wozniak as our next edition’s keynote.

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MIPIM AWARDS@30

Thirty years of the best As MIPIM celebrates the 30th edition of the MIPIM Awards this year, now is an opportune time to look back at some of the past winners, which have not only set new standards in design and construction, but which have also stood the test of time.

1991: ONE CANADA SQUARE, CANARY WHARF, LONDON, UK ONE CANADA Square is the building that put Canary Wharf, central London’s third business district, on the map. At 235 metres, the 50-storey building was the tallest office tower in Europe at the time of its completion in 1991.

One Canada Square was designed by Cesar Pelli in partnership with Adamson Associates and Frederick Gibberd Coombes for Canadian developer Olympia & York. The external design features that account for the building’s enduring appeal include the distinctive linen-finish stainless-steel cladding and the pyramid rooftop. Commercially, the large, efficient floorplates mean that One Canada Square has enjoyed near-100% occupancy. The 162,000 sq m of floorspace houses nearly 10,000 office workers.

Integrated into the wider Canary Wharf district through a sub-ground shopping mall, One Canada Square is linked into the DLR and London Underground mass-transit systems.

MIPIM PREVIEW • 25 • February 2020

London’s One Canada Square houses nearly 10,000 workers

MIPIM AWARDS@30

1998: STADTTOR, DUSSELDORF, GERMANY STADTTOR is a 20-storey, 84-metre office tower in Dusseldorf’s Unterbilk district. Designed by local architects Petzinka, Overdiek und Partner for Engel Canessa Unternehmensgruppe, it sits at the southern entrance to the Rheinufertunnel.

Stadttor’s distinctive features include its parallelogram-shaped floorplates, 15-storey atrium and double facade, which allows natural ventilation to permeate throughout the building. On the few days when supplementary heating is needed, waste heat is drawn from a nearby electricity plant, supplemented by heat recovery through the building’s ventilation system.

Stadttor’s total gross floor area of 30,000 sq m houses a range of office tenants, including the state chancellery of the prime ministers of North Rhine-Westphalia.

Stadttor’s 15-storey atrium allows natural ventilation to permeate the building

2003: SOFITEL MAGNICENT MILE CHICAGO, US DESIGNED by Jean-Paul Viguier Architecture for Accor North America and Constructa, Sofitel Magnificent Mile is located near Michigan Avenue, Chicago’s main artery, and provides 412 bedrooms across 34,000 sq m.

The brief was to create an emblematic building in this legendary architectural city. It succeeded: in 2004, Sofitel Chicago was voted the Best New Building In The Last 10 Years In Chicago by the American Institute of Architects.

The hotel tower takes the form of a triangular prism sitting on a base plate. The prow leans out over the street, affording spectacular views from the rooms and drawing guests into the restaurant terrace and the entrance canopy.

Sofitel Chicago: an emblematic building in a city of great architecture

2005: TURNING TORSO, MALMO, SWEDEN TURNING Torso, designed by Santiago Calatrava, is a residential skyscraper in Malmo’s Western Harbour area that forms a prominent landmark at the Swedish end of the Oresund Bridge.

Conceived as the world’s first twisting skyscraper, the 54-storey tower was built and is owned by Swedish co-operative housing association HSB. At 190 metres, it remains the tallest residential building in Scandinavia, offering views as far as Copenhagen, Falsterbo and Helsingborg.

According to Calatrava, the sculptural design “abstracts the form of human movement into a stack of cubes positioned elegantly around a core”. The building’s form is composed of nine box units, each housing five floors of about 2,000 sq m, which function as ‘sub-buildings’ of the tower. The lower two floors comprise 4,000 sq m of office space, while the upper levels contain 147 apartments, varying in size from 45 sq m to 190 sq m. The top two floors house a conference centre.

In August 2015, Turning Torso was awarded The 10 Year Award from the Council on Tall Buildings and Urban Habitats (CTBUH).

Santiago Calatrava’s Turning Torso: “a stack of cubes positioned elegantly around a core”

MIPIM PREVIEW • 26 • February 2020

MIPIM AWARDS@30

2012: D-CUBE CITY, SEOUL, SOUTH KOREA D-CUBE City is a mixed-use complex that consists of department stores, office space, a park, an art centre, a theatre, a hotel, restaurants, a theme park and residential space across a total building area of 320,000 sq m. It was developed by Daeseong Industrial Company, which was also responsible for Roppongi Hills in Tokyo.

D-Cube City is dominated by a 42-storey landmark office and hotel tower, which rises from Seoul’s commercial district, while a new public park connects the project to the Shindorim station. Two adjacent 50-storey residential towers complete the new urban complex.

Green space is integral to the design by Samoo Architects & Engineers and the Jerde Partnership. Some 3 ha of parks, plazas and gardens are spread across the project’s stepped roofs, while its steeland-glass facade and open internal architecture allow the surrounding landscape to enter into the complex. In addition, large atriums house many species of plants, as well as internal water features and a six-storey waterfall.

Seoul’s D-Cube City is dominated by 42-storey landmark tower

2015: LA SEINE MUSICALE, PARIS, FRANCE THE CITE Musicale de l’Ile Seguin in the Paris suburb of Boulogne-Billancourt won the 2015 Best Futura Project award before it was completed. Developed by Bouygues, it was designed by Shigeru Ban Architects Europe and Jean De Gastines Architecte under a Jean Nouvel masterplan for the regeneration of the brownfield site of a former Renault factory in the middle of the Seine.

Now rebranded La Seine Musicale, the music venue consists of a great hall that can house 4,000 people seated or 6,000 standing, a 1,150-seat symphony hall, office space, rehearsal and recording facilities, and stores, cafes and restaurants. All are accessed off the building’s central spine, the Grand Foyer.

A notable feature of La Seine Musicale is the silver sail that protects the interior from direct sunlight. This photovoltaic solar sail is always in motion, orienting itself to follow the course of the sun to allow for optimal energy production.

La Seine Musicale’s silver sail follows the course of the sun

EATALY World in Bologna has been described as the ‘Disneyland of food’. It consists of a theme park devoted to Italian cuisine, where visitors can taste, purchase and learn about the regional foods of Italy.

Developed in the shell of a former wholesale market, the project is both an entertainment and edutainment park, according to Tiziana Primori, vice-president of Eataly and CEO of Eataly World. “We call it ‘from the farm to the fork’, because you can see all the steps of the chain, from the animals and the raw materials to the workshops and the restaurants,” he added.

The development, which comprises 80,000 sq m of space, includes 40 workshops, 25 restaurants, multimedia areas and a business centre. The food offer includes everything from existing Italian restaurants to new ventures and street-food offers.

Eataly World: “from the farm to the fork”

MIPIM PREVIEW • 27 • February 2020

Photo: Gianni Careddu

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FEATURE: THE AGE OF THE CITY

Berlin’s plan to freeze rents for five years is proving controversial

Talk of the town Populations around the globe continue to flow into cities, creating a burden on transportation, infrastructure and real estate. Mark Faithfull looks at the opportunities and challenges of building for an increasingly urbanised world

0

VER the next few decades, the trend towards urbanisation is expected to gather pace. Today, 55% of the global population resides in cities. However, by 2050, some 2.5 billion additional city dwellers will have increased this proportion to 68%. This trend is even more pronounced in emerging markets, with China, India and Nigeria forecast to become the top countries in terms of urban population growth.

As a result, the way cities are designed and engineered will have to be re-assessed. Going forward, sustainable development will play a key role in urbanisation, as society seeks to mitigate

the environmental impact, given that 72% of urban energy use comes from fossil fuels and cities are responsible for 70% of direct carbon-dioxide emissions.

One major challenge revolves around improving the quality of life for urban dwellers. The most basic need is for housing.

Adam Challis, JLL’s EMEA head of living research and strategy, says that not only are urban trends continuing relatively unabated around the world, but there are more single-person households. As a result, the requirement for homes is going up per capita as well.

“There are advantages in increased densities of population, such as it being more efficient to

connect people by public transport,” Challis adds. “But the difficulty of meeting the imbalance between supply and demand inevitably means there is upward pressure on prices and rents.

That then puts pressure on people’s personal finances, as rent becomes a higher element of their disposable income.”

Central and local government are looking at ways to tackle these issues, whether through building more homes or via regulatory controls. There are a number of levers available but, as Challis observes, “housing policy is always highly politicised”. He adds: “One solution is a greater number of smaller units and a move from, for example, three-bed homes to one-bed homes, and apartments rather than houses. There is pressure to build more family homes, but the trend we have seen is that, when these go back on the market, they are often snapped up by private landlords, who then let them out to multiple lessees for greater returns.

MIPIM PREVIEW • 29 • February 2020

So there may be unintended consequences and it’s important we don’t plan around a previous time, rather than today.”

Adam Challis:

“With housing, it’s important we don’t plan around a previous time, rather than today” Challis believes that the housing sector would like to stabilise rent growth in the 2.5%-3.0% range.

Not only would this give tenants greater certainty, but it would also satisfy most institutional investors, “who could live with that rate, given that it offers them stability and reasonable returns”, he adds. “What we don’t want to see are extreme corrections, as has happened in Berlin, which had a huge impact on share prices for the major investors. We have to remember that this also has consequences for pension funds, so a big move like this can impact others as well.”

FEATURE: THE AGE OF THE CITY Indeed, Berlin’s controversial plan to freeze rents for five years has been deemed “unconstitutional” by the German interior ministry. The initiative — put forward by The Left’s Katrin Lompscher, head of Berlin urban development and housing — is intended to ease the burden on tenants, who have seen rents double over the past decade. As a result, Deutsche Wohnen SE, Berlin’s largest housebuilder, has put all its developments in Berlin on hold and has announced it will focus on other German cities instead, claiming the initiative could cost it as much as €330m over the next five years.

Stefan Wundrak, Nuveen’s head of research, real estate, Europe, notes that, while cities are very attractive for real estate investment, residential trends can add a potentially negative note.

“Certainly, some cities are becoming a victim of their own success,” he says. When Nuveen looks at the investment potential for real estate, a key consideration is the prospects for each city over the next 10 to 20 years. For investment, it is looking for locations with a young demographic and good lifestyle characteristics — technology, connectivity and life quality are very important aspects.

Wundrak adds; “We also want to see a city where young people can find somewhere to live, but also might want to stay once they have families. Lack of affordability gentrifies cities and, in time, they become less interesting places to live.”

Stefan Wundrak:

“Lack of affordability gentrifies cities and, in time, they become less interesting places to live”

Similar forces are at play in Russia, according to PIK Group, the country’s largest housebuilder. Yuri Ilyin, vice-president of capital markets and corporate finance explains: “Housing developers now need to be masterplanners, delivering places where people want to live, work and play. “ For example PIK isn’t just focusing on individual unit design, but additional elements such as outside play areas, the retail and education offering, and childcare facilities. Ilyin adds: “Developers are responsible for making people’s lives easier, and our product is becoming more and more amenity-focused, offering residents add-on services, such as food delivery, property maintenance, rental services or even a laundry as standard.”

Inner-city areas are of particular importance as many governments have taken a tough stance on greenfield developments on the edge of cities. Damian Harrington, director and head of EMEA research at Colliers International, says: “Clearly, infrastructure is going to be key, as cities work out how they are going to transport people and lower their carbon footprint, or move towards electric vehicles and manage power.” He says that some parts of the world are already quite well ahead on this, notably the main Nordic cities, the Dutch and the French.

Harrington says that, while a lot has been talked about smart cities, he believes the future will be about “practical cities”. He adds that a major driver will be job creation. Cities below a two-million population may well look to specialise, while those above five million are of such a scale that they will be looking at very broad job creation. At the same time, smaller cities will work more as regions, in order to build a critical mass to compete with large cities. Trying to cope

with larger working populations is going to involve more agile working, not least to improve people’s work-life balance. So we are likely to see a rise in flexible space in hubs although some sectors are further ahead than others in this.

Away from work, Harrington says: “One of the biggest questions is healthcare, especially residential care for the elderly. It’s going to be a huge issue but it’s hardly been touched upon so far.”

Damian Harrington:

“One of the biggest questions is healthcare, especially residential care for the elderly.

It’s going to be a huge issue but it’s hardly been touched upon so far” Alastair Moss, chair for planning and transportation at the City of London Corporation, believes that central business districts (CBDs) also need to look at how they position themselves in terms of quality of life.

“We are really conscious of the need to play to our strengths and to improve the quality of the product on offer,” he says.

“A big part of that is transport and, in particular, putting pedestrians first.” The City of London is looking at ways to make some areas pedestrian priority during parts of the day, such as lunchtime, and encouraging more people to cycle. “We feel that air quality is at the heart of the competition we face from other cities,” Moss adds.

Moss reports that, in terms of planning, City of London is seeing a huge diversity in the applications for offices, with fewer large footplate buildings being proposed, and more quirky and flexible workspaces. “For the large offices, we’re working to

MIPIM PREVIEW • 30 • February 2020

Nuveen’s Stefan Wundrak: “technology, connectivity and life quality are important assets”

ensure that they include public access, such as rooftops and public-realm places,” he adds.

“These should be areas that visitors feel as comfortable in as the people who work there, because the division between private and public space really is merging.”

The City of London is looking to introduce the first zero-emission street in the UK and to reduce speed limits to 15mph in many of its streets. It has also embarked on a wind strategy for tall buildings, which takes a detailed look at comfort levels in terms of wind, cold, heat and natural light.

Nuveen’s Wundrak points out that even fundamentals are seeing a gradual shift in emphasis.

He uses transport as an example: “Connectivity once meant primarily airports, but this is changing. While flight connections are still important, we are seeing a shift towards rail connections becoming increasingly crucial — a great example be-

FEATURE: THE AGE OF THE CITY ing the high-speed link between Barcelona and Madrid, which has effectively taken over from flights between the cities. It’s also about connectivity within the city. Somewhere like Vienna, where travel is kept very affordable, is scoring well.”

Wundrak believes that “planning and a clear direction” are vital: “Perhaps the best example is Copenhagen, where not only has the local authority mixed its strategy of public transport, walking and cycling, but it has been good at ignoring special-interest groups that only promote their own agenda. It has, for example, continued to phase out parking slowly each year. This is a clear direction, but it’s also being done at a speed that does not disrupt the population.”

It seems that planning and direction are also becoming increasingly important in terms of

investment potential. Jo McNamara, managing director, head of Europe at Oxford Properties, adds: “Oxford has always been focused on gateway cities that are of global significance.

In Europe, this currently means we are invested in London, Paris and Berlin. While we are still focused on these major hubs for our office and retail strategies, the emergence of ‘beds and sheds’ as a key growth area for us has resulted in an evolution of this strategy.”

This stems from a recognition that there is an under-supply of housing that meets the needs of the current population, let alone accounting for future population growth, with the affordability of housing in cities like London a key focus.

McNamara concludes: “Our experience in the US market has taught us that having an opera-

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tional platform is key, which is why it is central to our strategy in Europe. We want to create places that are multi-generational and meet the needs of all, not just young professionals. To achieve this there needs to be collaboration with local authorities and central government.”

Jo McNamara:

“We want to create places that are multigenerational and meet the needs of all, not just young professionals” Oxford Properties’ Jo McNamara

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FEATURE: THE USER EXPERIENCE

Good for life

Forward-thinking property owners are working hard to enhance the lives of those who live and work in their buildings, as user experience and wellbeing move up the real estate agenda. Liz Morrell reports

T

HE WORKPLACE environment is no longer just about desks and chairs, and the housing sector no longer just about living space.

Developers, operators and owners are increasingly aware of the importance of wellbeing and the user experience of the occupants of its buildings, as well as the added value this can bring.

Jo McNamara, head of Europe at Oxford Properties, says that wellbeing and the user experience has become “absolutely critical” for both the office and housing sectors. “Gone are the days of stark tower blocks of flats and soulless offices,” she says. “Wellbeing is at the heart of real estate, with residential

and office developments considering which amenities and design features will improve the experience for users. Provisions such as green space, communal areas, retail space and natural light are now as important as quantity of units or desks, as the focus of buildings shifts to comfort, safety and sustainability.”

Jo McNamara:

“Wellbeing is at the heart of real estate as the focus shifts to comfort, safety and sustainability” At IWG, CEO Mark Dixon says wellbeing and the user experi-

ence is crucial not only in terms of the office spaces that his company provides, but the success of the workers who use them.

“In a workplace environment, wellbeing affects your ability to perform, create and innovate just as much as it promotes loyalty and status,” he adds.

JanJaap Boogaard, head of EMEA workplace advisory at Colliers International, says that the workplace environment has, in itself, become a motivational tool: “The office is increasingly being used as a way to attract staff, increase productivity and ensure the health and wellbeing of employees. More and more organisations set the ambition that people should leave the office healthier compared to when

MIPIM PREVIEW • 33 • February 2020

they arrived.”

This has resulted in a change in how buildings are viewed, IWG’s Dixon says: “Talking to our clients, we’re seeing a continual shift in decision-making in real estate towards thinking more about how they recruit and retain talent. They are thinking about what a building says about their brand to customers, clients and the talent they want to recruit.”

The upshot is that more companies than ever are looking at the role of wellness and the user experience in terms of their properties. “We have undertaken wellness assessments for many of our clients,” says CBRE UK head of workplace Kate Smith,

FEATURE: THE USER EXPERIENCE who has worked on ‘healthy office’ research designed to understand the link between work quality and the surrounding environment. “We have produced prioritised action plans, ranging from simple, low-cost service changes or amenities to larger infrastructure recommendations. We have also worked with our occupier clients’ landlords to improve the wellness amenities provided.”

However, ensuring that this is considered early enough in the process is vital, says Neil Burton, global practice lead for customer strategy and brand at Greystar. “It’s not so much a case of whether wellness is important, but at what point in a project it is addressed,” he adds.

Howard Morgan, founder and managing director of RealService, believes that often such consideration is not given at all — or, if it is, too late in the process: “We feel the property industry is only beginning to embrace CX [customer experience] as a philosophy and is still doing things ‘to’ customers, rather than designing and managing ‘for’ or ‘with’ them,” he says.

Howard Morgan:

“We feel the property industry is still doing things ‘to’ customers, rather than designing and managing ‘for’ or ‘with’ them” Greystar’s Burton believes all stakeholders should be involved, from developers to architects.

Ideally, all parties should also have a clear understanding of the end users from the get-go. “The further upstream in the development process wellness is placed on the agenda, the greater the overall impacts can be,” he adds.

Morgan agrees: “All projects need a CX strategy at the out-

CBRE’s Kate Smith: “prioritised action plans”

set. Wellbeing and the user experience should be considered at the development stage, not just by tinkering with operations after buildings have been constructed. In real estate, we tend to build first and ask questions later. This ends up with unnecessary retrofitting and projects that may deliver results on a spreadsheet, but are not what the customer wants.”

When it comes to delivering customer satisfaction, understanding the end use is vital. In the co-working sector, while providing great space, services and amenities is important, IWG’s Dixon warns that one size doesn’t fit all — hence his company’s collection of different workspace brands. “A Regus customer might be looking for a more traditional serviced-office space geared towards a corporate environment, whereas someone using a No18 [due to open at London’s Battersea Power Station in 2021] expects a premium, members club-style service with in-house chefs, an on-site health club and so on,” he adds.

Mixing up spaces that create environments where people can both socialise and work is also important, according to Dixon.

“There are a number of subtle and obvious ways to influence user experience in the work-

space, from functional elements, such as the layout of space and the amenities available, through to the psychological impacts of the lighting, auditory and air conditions.”

This is illustrated by IWG’s Spaces brand, Dixon adds: “Everything is geared towards facilitating an affinity for a workspace where people feel welcome and comfortable but also inspired, productive and collaborative. The first thing you see when you walk in the door is a sign saying ‘Welcome home.

Oops, we mean welcome to work’. I think that immediately influences your expectations of your experience in that space.”

Mary Finnigan, head of real estate transactions, EMEA, for WeWork, says that curated events and wellness initiatives are as important as the space in which people work. “Productivity and wellbeing in the workplace is also no longer just about what, where and how we do our work,” she adds. “Our members’ experience is paramount and it’s more important than ever to provide them with services that enable them to thrive. At our 10 York Road building in London’s Waterloo, for example, we have a bespoke wellness studio, which hosts up to 40 classes per week for the 6,000-plus members, and a meditation room, to promote positive work-life balance.”

An ever more flexible workforce also means that the end user is in greater control of what they want — and that, in turn, means that office buildings need to offer what staff are looking for, or their business occupiers face losing out on talent.

“After salary and location, the third key attraction for talent is the workplace itself, as well as the policies around it,” says Guzman de Yarza Blache, EMEA head of workplace strategy at JLL. “Today, not having an amazing workplace is no

MIPIM PREVIEW • 34 • February 2020

longer an option. In fact, it’s a huge mistake. After all, the benefits of agile working have allowed for a significant footprint reduction that can pay for the extra cost of the rent or for the fit-out works. There are literally no excuses.”

Guzman de Yarza Blache:

“Today, not having an amazing workplace is no longer an option. In fact, it’s a huge mistake.

There are literally no excuses” While physical space certainly plays its part, technology is also increasingly important. Increasingly, property owners are collecting data using sensors or occupancy tracking integrated into the building infrastructure in order to better understand users and their needs.

Oxford Properties’ McNamara says technology will become even more integral: “It can play a really important role in user experience and wellbeing, with tenant engagement through mobile apps becoming increasingly commonplace. These apps help create communities and tackle loneliness, which is particularly prevalent in large capital cities.”

She cites Oxford Properties’ Get Living platform, through which the company puts on events that allow people to meet neighbours — a feature that McNamara says has proved particularly popular.

JLL, meanwhile, is deploying a new generation of community managers, who are encouraging clients to focus on the culture of that spaces they develop “This includes things like creating connections between users and rolling out initiatives that can provide meaning and purpose to employees, such as gatherings, talks, exhibits and more,” de Yarza Blache says.

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FEATURE: THE USER EXPERIENCE It is increasingly clear that developers and operators that underestimate the impact of buildings upon wellbeing do so at their peril. “We interact with buildings every minute of every day and the right environment can help people thrive,” McNamara says. “It’s important that those of us who work in real estate understand the impact we can have on people’s health and wellbeing in the way we design and use our buildings.”

De Yarza Blache believes the sky is the limit when it comes to how forward-thinking property owners can enhance the experience of those who live and work in their buildings. “JLL recently advised a large landlord in Spain to include a swimming pool on the rooftop, akin to any hotel in town. Though the client initially rejected the idea, a flex-space operator leasing space in one of

their other buildings asked for a rooftop pool, which turned out to be a huge success,” de Yarza Blache says.

Urban farming is an equally hot trend, de Yarza Blache adds: “And we’re also seeing the rapid growth of things like open-air gymnasiums and event areas for pop-up food markets and charity events.”

De Yarza Blache believes that buildings should be developed and operated with flexibility in mind in order to ensure they are future-proofed: “Think of them like a blank canvas, where the experiences and activities are created and, subsequently, adapted to the times and the needs of the users. Buildings are becoming, more than ever, centres of experiences. And as experiences change so, too, should buildings.”

However, IWG’s Dixon warns not to overdo such elements:

JLL’s Guzman de Yarza Blache: “As experiences change so, too, should buildings”

“An exaggerated approach to wellbeing can negatively affect productivity. It’s important to maintain a balance of features.”

For example, the basics need be done well: “It’s no good throwing in loads of bells and whistles if you can’t get the basics right, such as customer service, security, strong and reliable internet, and enough meeting rooms.”

Ultimately, however, focusing on

the user experience will determine how successful a property is. “While in many cases residential property is under-supplied, there is an increasing incentive for developers and owners to design with the human experience in mind,” Greystar’s Burton says. “Well-designed products and services command higher price premiums in any category, which will be measurable in both rents achieved and costs of operation. As the metrics of wellness become clearer in the built environment, it’s entirely foreseeable that valuations will have to reflect how ‘well’ a building and its occupants really are.”

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Wellness as a priority for real estate

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PUBLI-RÉDACTIONNEL

Johanna Capoani, Head of Hospitality Portfolio Management, Swiss Life Asset Managers France

« Investing on this scale allows us to capitalise on the diversity of products available »

© Swiss Life Asset Managers France

Determined to make Europe its playing ground, Swiss Life Asset Managers invests in hotels within all of the continent’s main tourist centres.

Johanna Capoani, Head of Hospitality Portfolio Management, tells us why Europe is the right scale for minimising risk and optimising returns.

What is the weighting of hotels in your investment activity?

Overall, last year, Swiss Life Asset Managers generated trading volumes of just under €10 billion in Europe. Around €500 million was invested in project development.

At the end of June 2019, Swiss Life Asset Managers managed a pan-European real estate portfolio worth €86.5 billion.

Globally, we present a solid track record in the hospitality industry since our first foray in 2013, and it represents a growing proportion of our business activity. With a total of 80 hotels at the end of June 2019, the hospitality industry accounted for 9% of our assets under management. And we have great ambitions for the sector, thanks in particular to our Swiss Life REF (LUX) European Hotel Fund SA, SICAV-SIF created

at the start of 2019. This is the fourth fund we have launched for this type of asset, which is very popular with our investors.

Managed by Swiss Life Asset Managers Luxembourg and advised by the Swiss Life Asset Managers hospitality industry skills centre, it is fully in line with our strategy of adopting themed investment solutions across Europe presenting core/core+ yields.

Why do you think that Europe is the right scale in terms of hotel investment?

Investing on this scale allows us to capitalise on the diversity of products available. France is still the number one tourist destination in terms of the number of visitors, while

Spain is most popular in terms of nights spent on leisure trips (ahead of Italy).

Germany offers a wide range of cities where business tourism is synonymous with stable revenue. Each country has its own drivers.

Our aim is to achieve a balanced portfolio.

As such, we aim to meet the expectations of institutional investors. Everyone knows that diversification – both geographically and sector-wise – is a key factor in minimising risk. It is also within this context of securing investments that our fund takes a longterm positioning. This avoids investors being exposed to the peaks that may be experienced in the market – considered more volatile than the office sector – and allows them to benefit from solid yields over the long term.

Hotel Opera Faubourg, Paris

Photo: liewy / iStock / Getty Images Plus

Feature: SUSTAINABILITY

Tackling sins of emission Concrete, glass and steel — the mainstays of construction — generate massive carbon emissions during their production. Does the solution lie in new techniques and technology? Or re-using existing structures so as not to waste their embedded carbon? Adam Branson reports

T

HERE is an elephant in the room. In recent years, developers, architects, contractors and consultants have become adept at designing and delivering buildings that are highly energy efficient and, on the face of it, environmentally friendly. Certification schemes such BREEAM and LEED have helped by providing ratings that are well known by corporate real estate executives, thereby stimulating a race to the top: multinationals’ eco-credentials have never been more important.

However, what none of those schemes measure in any meaningful sense is embodied carbon,

either in terms of the materials used to construct a new building or the materials wasted if an existing structure is knocked down to make way for something shiny and new, no matter how energy efficient. To put it bluntly, embodied carbon is an industry blind spot and one, moreover, that will have to be tackled if the built environment is to get anywhere near making its contribution towards meeting the terms of the Paris Agreement. So what’s to be done?

While the industry as a whole has been slow on the uptake, some organisations have started to develop methodologies to ensure that embodied carbon is taken into account. For in-

stance, the UK Green Building Council (UKGBC) published its Framework Definition for Net Zero Carbon Buildings in April 2019. “It highlighted the importance of considering not just the emissions from running buildings, but the embodied emissions associated with material production, construction, maintenance and end-of-life,” says Julie Hirigoyen, chief executive at UKGBC, who is speaking at this year’s MIPIM. “As energy grids decarbonise, this will become an ever more significant proportion of the building sector’s emissions. A whole-life carbon approach, addressing all emission sources, is what’s

MIPIM PREVIEW • 41 • February 2020

UKGBC’s Julie Hirigoyen: “meaningful emissions cuts across our built environment”

needed to ensure the sector is assuming its full responsibility for tackling the climate crisis, making deep and meaningful emissions cuts across our built environment.”

Feature: SUSTAINABILITY Julie Hirigoyen:

“A whole-life carbon approach, addressing all emission sources, is what’s needed to ensure the sector is assuming its full responsibility for tackling the climate crisis” Abigail Dean, head of sustainability at international developer Nuveen Real Estate, says that enlightened professionals are beginning to wake up to the embodied-carbon issue. “Architects, investors and developers are all starting to address this,” she says. “I think the industry has really started to consider this in a more meaningful way in the last few years or so.

But unfortunately, it is also true that the development industry is still largely dependent on concrete, glass and steel, all of which create massive carbon emissions during their production. As a World Green Building Council (WGBC) study demonstrates, buildings are responsible for 39% of all carbon emissions globally. This figure combines emissions during building operations (28%) and embodied emissions associated with materials and the construction process (11%). More specifically, cement manufacture is responsible for around 7% of global carbon emissions, while steel contributes 7%-9% of the global total emissions.

According to Andrzej Gutowski, associate director at Colliers International in Poland, such materials are still essential for many building types, so the drive has to be to use them as efficiently as possible. “Both cement and steel are crucial for the construction sector, but both involve very energy-intensive production and both are expected to be even

more consumed in the years to come,” he says. “It seems that replacements for those materials for the mass market are still to be found. Therefore, limiting the impacts of such materials through structure re-use, recycled materials or lowering material sourcing and production impacts is the main goal.”

Sophie Walker, head of sustainability at JLL, agrees that using more recycled materials has to be a priority: “The least carbon-intensive materials are those that exist already, so the re-use of entire buildings or at least components — for example, concrete blocks or elements of a steel frame — would be the ideal option.”

Sophie Walker:

“The least carbonintensive materials are those that exist already, so the re-use of entire buildings, or at least components, would be the ideal option” However, Walker also notes that there are some real challenges when it comes to the recycling process, most obviously with concrete. Crushing concrete in order to re-use the aggregates is possible, but the cement needs to be replaced and it is the manufacture of cement that is the most harmful when it comes to carbon emissions. Finding a replacement is therefore essential.

“Finely ground glass has been suggested as an alternative, but it’s still under testing and innovation in concrete production can be challenging,” Walker says.

“There is also the technique of producing concrete that captures and stores carbon during its life, mitigating the emissions associated with its production.

The University of Barcelona is currently testing permeable

Nuveen Real Estate’s Abigail Dean: embodied-carbon issue moving up the agenda

concrete that could support more green walls, which would act as a carbon sink.”

Richard Twinn, senior policy advisor and head of the Advancing Net Zero (ANZ) programme at UKGBC, agrees. “Concrete is mainly just rubble and aggregate, which you can re-use,” he says.

“It’s just the cement that binds it together that you can’t and that’s where the carbon issue lies.

So you can break down and reuse quite a lot of concrete, but you would need another type of cement. Ideally, we need to get to a place where it isn’t cement.

There’s a lot of work going into alternatives, but it’s fair to say that we don’t have all the solutions for that.”

Steel, on the other hand, is fully recyclable. However, there are still issues — most prominently that the recycling process is very energy intensive. Contractors and developers need to bear this in mind when sourcing materials, JLL’s Walker says. “Materials should be sourced from manufacturers that use low-carbon energy for production,” she adds.

It is some way off, but there are some promising developments in terms of clean energy. In late 2019, clean-energy company Heliogen announced that it had — for the first time commercially — concentrated solar energy to exceed 1,000 degrees Celsius. At that temperature, Heliogen claims that its technology can replace the use of fossil fuels in industrial process-

MIPIM PREVIEW • 42 • February 2020

Colliers International’s Andrzej Gutowski: limiting the impact of cement and steel

es, including the production of cement and steel.

In the meantime, another issue with concrete and steel is the lack of demand for greener alternatives. If contractors and developers are not prepared to pay for cleaner materials — or don’t even consider using them — there is little incentive for manufacturers to invest in them.

“One of the key problems is that the cement and steel industries are united on the fact that it will cost money to get us towards low-carbon products,” UKGBC’s Twinn says. “The steel industry will have to invest in electrolysis and hydrogen. The concrete industry may well have to do the same — and probably look at carbon capture and storage as well. But there is currently no demand coming through from the industry at large for low-carbon alternatives, so they don’t necessarily have the money to invest in these solutions.”

Richard Twinn:

“One of the key problems is that the cement and steel industries are united on the fact that it will cost money to get us towards low-carbon products” Of course, to a certain extent, it is possible to use more sustainable materials. The most commonly cited is cross-lam-

Feature: SUSTAINABILITY inated timber (CLT), which combines being renewable with being far sturdier from an engineering perspective than other timber products. “Engineered timber also carries the benefits of precise offsite prefabrication, and safer and faster onsite construction,” JLL’s Walker says. “From an operational point of view, CLT also offers benefits for acoustics and thermal comfort.”

However, there are limits to what CLT can be used for, particularly when it comes to larger buildings, which will still require substantial foundations and structural steel. “But we still have loads of potential for low rise,” Twinn says. “The vast majority of what we build in the UK each year is low-rise homes and there is huge potential to use more CLT there. I’m not saying everything should be

074_HAYMARKET_PV_PIM

built out of it, but there is a lot of potential.”

It also has to be said that CLT is not 100% wood. This means that, at the end of a building’s lifecycle, it either has to be burned to create renewable energy — which could result in highly toxic dioxins being released into the atmosphere due to the adhesives with which the wood is fused — or repurposed into something else. As a result, other products are under development.

“We are seeing materials such as hemp-based concrete being developed as an innovative solution,” Walker says. “While such products still face challenges in achieving acceptance as a replacement for conventional materials used at scale, they are being developed as truly viable substitutes for structural application.”

Finally, for many industry experts, the best solution is to minimise the need for materials — recycled or otherwise — by adopting the default position that buildings should be repurposed rather than knocked down and replaced.

That may not be possible in every instance, but wasting the embodied carbon in the buildings that we already have is increasingly seen as deeply problematic from an environmental perspective.

“The vast majority of embodied carbon is in the fabric of a building, so we should be re-using existing structures whenever we can,” Twinn says. “The problem at the moment is that people just buy a site, knock down whatever is there and start again, rather than thinking, ‘Maybe I could build something that’s less whizzy but that

has got a lower whole carbon footprint if I re-use the existing structure…’.”

Walker concludes: “We’ve reached the point where the industry and even the public understand the importance of sustainability and net zero carbon.

But now the focus has to be on delivery. Rapid action must be taken by architects, developers and contractors from the earliest design stages through to deeply interrogating any decision to demolish and rebuild.”

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FEATURE: DIVERSITY AND INCLUSION

The many faces of success Creating the best places to live, work and play means having a variety of minds on the job. But is the real estate sector diverse and inclusive enough to serve today’s clients and to recruit demanding younger generations? Sarah Morris reports

LGBT real-estate support network Freehold took part in the Pride march in London

M

ANY business leaders and managers see diversity and inclusion (D&I) as buzzwords, but often feel less comfortable talking about them than they do about capital raising and cash flow.

Yet those who fail to understand what promoting D&I can do for the real estate business risk falling behind competitors, warn experts in this young field.

Companies in the top quartile for gender diversity on their executive teams were 21% more likely to experience above-average profitability than companies in the bottom quartile, according to consultancy McKinsey in its Delivering Through Diversity report. For ethnic/cultural diversity, it found a 33% likeli-

hood of outperformance on the EBIT (earnings before interest and taxes) margin. The laggards at the bottom for both gender and ethnic/cultural diversity were 29% less likely to achieve above-average profitability.

Yet the property sector is still slow to act, says JLL UK’s head of diversity and inclusion, Claire England. “The majority of roles are still held by white, middle-class, privately educated individuals, which is not reflective of society,” she adds. “As a sector, we need to better equip ourselves to recruit from a broader range of skills, backgrounds, attitudes and experiences, both to meet our clients’ needs better and to stop overlooking talented individuals from less traditional backgrounds.”

“The majority of roles are still held by white, middleclass, privately educated individuals, which is not reflective of society”

ally born with “inherent” forms of diversity — ethnicity, gender, sexual orientation — whereas “acquired” characteristics give a professional a different perspective on the world. The latter may include time spent working abroad or the insight acquired growing up in a poor family.

England calls on property firms to put their diversity targets on public record, to be included in key D&I benchmarking indices and to invest in D&I teams.

McKinsey research has drawn a correlation between diverse teams and company results, giving businesses a tangible motivation to set targets. It highlights the need for a broader understanding of diversity, looking at both “inherent” and “acquired” characteristics. Workers are usu-

Progress is being made, according to McKinsey. For example, 44% of the companies surveyed now have three or more women in their C-suite, up from 29% of companies in 2015. But too few women are breaking the glass ceiling in the property sector, says Maria Wiedner, CEO of RE:Women (Real Estate Women), pointing to the industry’s gender pay gap, which is largely due to the scarcity of women in

Claire England:

MIPIM PREVIEW • 45 • February 2020

FEATURE: DIVERSITY AND INCLUSION senior management. The mean pay gap in 2018 was 28.1%, down just 3.8% on the previous year, and the mean bonus gap was 63.9% — an improvement of 2.7% , says consultancy PwC. Wiedner co-founded RE:Women to bring women together to network, to gain respite from harassment and discrimination, and to evaluate how to make it on to boards and into top management.

Originally from Brazil, Wiedner starting her career in finance before moving into the real estate industry some 16 years ago. She has worked in Austria, Finland, the US, France and the UK. “The finance industry is definitely more diverse,” she says. “I didn’t feel so discriminated against for being young and a foreigner. The property industry is more old school.”

RE:Women has 400 members, including agents, surveyors, planners and lawyers. “Lots of

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JLL UK’s Claire England

The British Property Federation’s Melanie Leech

RE: Women’s Maria Wiedner

people say women don’t negotiate salaries well,” Wiedner says.

“We talk about those questions: ‘Is it my fault? Is it to do with confidence that we don’t go out and get [top] jobs?’”

RE:Women has produced a white paper and its suggestions include open forums to foster mentoring between company workers in a less formal way, rather than pairing up junior and

senior members in a buddy system; a benchmarking system for companies within the property sector; and a dispute-resolution process for harassment and discrimination claims that is “less HR-orientated and less biased towards managers over staff ”.

Despite the #MeToo movement unleashing awareness and activism in sectors beyond show business, including the media and the French

and UK parliaments, Wiedner says there is too little discussion about harassment in property companies due to non-disclosure agreements.

“I don’t see anybody speaking up yet,” she points out.

Melanie Leech, the chief executive of the British Property Federation, is spearheading a push to redefine real estate’s image after a perception audit revealed that only 29% of the general

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MIPIM PREVIEW • 46 • February 2020

FEATURE: DIVERSITY AND INCLUSION public feel favourably towards the industry. Moreover, 69% of those surveyed thought the sector favoured wealthy people, 53% thought it was dominated by men and 44% found it elitist.

Having worked in different sectors herself, including the police force, the civil service and the food and drink industry, Leech has found the property world “incredibly welcoming.” But she believes that more people from diverse backgrounds are needed.

One measure under way is Pathways to Property, which reaches out to students from, for example, disadvantaged communities.

Mixed-use developer First Base looks outside the industry for ways to boost diversity, says Olaide Oboh, director of partnerships.

“We probably stand out because, across all our schemes, we employ working mothers, older people, younger people, and black and ethnic minority staff,” she says. “We intentionally recruit people who reflect the communities we serve.”

Oboh says First Base has achieved this by looking for people who have taken a different route into the industry, such as tech professionals and creatives. “They bring a different set of cognitive skills to those you gain in the real estate industry, which is process-based,” she says. Oboh worked in sociology and criminal justice before joining real estate: “The thread was people. In the real estate business, we sometimes get fixated on the physical space and forget about the people.”

Olaide Oboh:

“In the real estate business, we sometimes get fixated on the physical space and forget about the people” Monika Rajska-Wolinska, managing partner for Colliers International in Poland, agrees that varied

First Base’s Olaide Oboh

teams help problem-solving. “We build project groups composed of employees with highly diverse personalities, skills and experience,” she says. “The idea is to talk as broadly as possible about a given project, problem or set of client needs.” Flexible working hours, which Colliers introduced 10 years ago, are key to the satisfaction of her 60% female team, she adds.

More companies in the real estate sector are sourcing staff from outsite the traditional channels as a way of broadening their teams.

JLL has started the One+1 programme, which offers work experience to a young person with no connections to real estate for every young person to whom they give experience who has connections to the sector.

Jake Hobson, the business manager responsible for D&I at CBRE, says his company offers jobs to workers, from apprentices to graduates with non-relevant courses, who are then trained inhouse. That approach has been partly responsible for helping CBRE’s ethnic-minority intake at graduate level to reach 23% — well above the UK national average of 13%. The US real estate group also celebrates Black History Month and Asian Heritage Month. “That gives us an opportunity to have strategic conversations about race,” Hobson adds.

The real estate sector’s youngest recruits are driving the diversity agenda. Whereas 47% of millennials want prospective employees

Colliers International’s Monika Rajska-Wolinska

to have a commitment to diversity, that rises to 77% in the case of Generation Z, Hobson says.

The LGBT real-estate support network Freehold agrees that the fierce competition for talent is leading companies to make lesbian, gay, bi-sexual and transgender workers feel welcome. When David Mann, a surveyor at Tuffin Ferraby Taylor, co-founded the association in 2011, early joiners were frequently not ‘out’ at work, fearing it would jeopardise their careers or result in bullying.

“There’s been a huge leap in acceptance in that period,” Mann says, adding that in-house Freehold networks have been started at Cluttons, JLL, CBRE, Savills and Cushman & Wakefield, among others.

Associations including the Royal Institution of Chartered Surveyors (RICS) and the Royal Institute of British Architects (RIBA) have hosted Freehold events, as well as companies like The Crown Estate, which manages Queen Elizabeth II’s property. At all these events, executives endorse the Freehold message: ‘You are welcome here’.

That has made it easier for LGBT workers to come out in their professional life, though there is still work to be done.

Freehold puts LGBT graduates in touch with member colleagues when they join a firm, because many graduates who are out at university return to the closet upon joining the workforce. “It’s difficult living a lie,” Mann says.

“You can never really talk about what you did at the weekend.”

MIPIM PREVIEW • 47 • February 2020

TFT and Freehold’s David Mann

David Mann:

“It’s difficult living a lie.

You can never really talk about what you did at the weekend” Building sites are still difficult places to be out, although homophobic remarks are becoming less common.

“What’s nice now is that it’s often our colleagues who are calling out inappropriate behaviour,” Mann says. He was at an English rugby match recently with a contractor when someone made a homophobic remark. “The client said: ‘I don’t think it’s appropriate to make that comment’,” Mann recalls.

In addition, diverse teams offer obvious results when it comes to planning developments for communities. Women, trans and gender-neutral individuals have different views on what they want from public conveniences, for instance. RE:Women’s Wiener says that, if more women were involved in planning cities and buildings, there would be more toilets in retail spaces and less separation of office space from residential and food-shopping areas.

“When you work with people who don’t think like you, you get a richness,” CBRE’s Hobson adds. “Diversity of thought is really important and we have to have diversity of representation to unlock the maximum potential of that.”

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Bring on the unicorns

w

E ARE moving towards the day when we no longer talk about proptech,” Tanguy Quero, head of EMEA growth at global real estate venture fund JLL Spark, told delegates at last year’s MIPIM PropTech conference in Paris, predicting a future in which “the real estate industry will be part of the tech world.”

A future synergy of property and technology may well be down the line. But for now, proptech is still very much being talked about — as a sector of technology on a rapid growth trajectory, with global investment flows estimated to exceed $20bn this year; as an agent of both evolution and revolution within real estate; and as a phenomenon that, after years of slow but steady growth, is finally establishing itself within an industry that has been resistant to change.

“I believe we’re at a point where the market is recognising that it’s changing,” says James

Morris-Manuel, vice-president, EMEA, at 3D virtual-tour and mapping-tech provider Matterport. “Property companies are employing CTOs and new roles

Investment into proptech continues apace, but the ‘unicorn’ startups that will transform the industry are proving elusive. So what can be done to ease the transition from promising concept to real-world game changer? Ben Cooper looks for answers

they have never had before.

The early adopters have clearly seen the benefits. Now we’re crossing the chasm of the early majority.”

James Morris-Manuel:

“I believe we’re at a point where the market is recognising that it’s changing”

But if most companies are now making their way across the chasm, others are still stuck on the verge, held back by some big questions about the benefits, the necessity and even the definition of proptech in 2020.

So what do we actually mean by the broad, often misinterpret-

source Unissue

MIPIM PREVIEW • 49 • February 2020

Photo: Paul Campbell / iStock / Getty Images Plus

FEATURE: PROPTECH

Caption

FEATURE: PROPTECH ed word? Will real estate really become a seamless part of the tech world one day? And who are the big players — and investors — shaking up the market?

Arguably the easiest way to define what proptech is, is to understand what it is not. The co-living, co-working operators that have sprung up within the office, residential and hospitality sectors have been variously classed as proptech companies.

But while these companies do make up one tranche of the broader sector, Jack Sibley, technology and innovation strategist at global investment firm Nuveen, says that proptech is a far wider field than this. “We look at three areas of proptech primarily,” he says. “There are asset-level technologies — anything that operates on a property level, such as IoT [internet of things] environmental sensors within a building; there’s the tech that provides data and data sets, such as anonymised GPS-tracking data; and there’s the operating layer, such as the co-working pop-ups.”

The pop-up operators and space providers may have grabbed the proptech headlines — for better or for worse — but the talk at MIPIM this year is likely to be about the companies operating within the other two categories Sibley describes. These include companies like Matterport and Wishibam — which enables customers to shop virtually within a mall — through ecommerce link-ups with shopping-centre owners. It also includes companies that are part of what Charlie Wade, UK managing director of proptech investor VTS, describes as the “explosion of solutions” hitting the European market, just as they did in the US a few years ago.

Wade adds: “When we opened the London office, I genuinely think Europe was about five years behind the US. But that’s

Matterport’s James-Morris-Manuel

CBRE’s Thomas Herr

VTS’ Charlie Wade

not true today. It feels like we’re probably two or three years behind. With all these things changing, the industry is looking for solutions.”

And those solutions, Wishibam business development director Steven Mohl says, have become as fragmented as the problems they are designed to solve: “I’m seeing an increasing number of solutions come out that answer niche needs for bricks-and-mortar retail — solutions to measure basics such as footfall, customer loyalty, operating efficiencies, marketing, social media and internal comms between retailers and landlords and tenants. All those things are products that have emerged and, as a whole, sort out some interesting needs in the market.”

Needs, Wade adds, that should help assuage traditional property companies’ reservations about crossing the chasm: “It’s not tech driving it: it’s the industry changing. Property companies are starting to figure out what they need, which means there’s more venture capital coming into proptech now.”

A key challenge identified by Thomas Herr, head of digital innovation at CBRE, is finding the right solutions out of the mass of new companies entering the proptech race. “One of the big problems for institutional investors is that they don’t know if they’re investing in the right products,” he adds.

“There are so many companies offering services, such as apps for rental collection. But the proptech market is maturing, which means we’ll see companies standing out in a market because they’ll have better products and better financing.

There’ll be consolidation and more collaboration between companies within larger companies, and this will be helpful for institutional real estate developers and investors.”

One company that has gained a big-picture perspective on the whole sector and how it is changing is global proptech platform Unissu. The company, which provides a virtual meeting space and marketplace for more than 7,300 proptech providers and property operators seeking tech solutions, has tracked the huge changes in the industry since its inception in the 1990s, and its boom over the past decade.

Unissu’s co-founder Eddie Holmes believes 2020 is likely to see the maturity and consolidation that Herr describes come to fruition. “It should be an interesting year,” he adds. “I don’t think there’ll be many conversations at MIPIM without an element of tech. The conversation has moved beyond the efficiencies — the real benefit of tech is that it can completely change your business model. Cost savings can be the catalyst to think more grandly. That’s the culture shift. It’s in people’s minds and

they know there’s an opportunity there. It’s a sea change and a mentality shift.”

MIPIM PREVIEW • 50 • February 2020

Eddie Holmes:

“The conversation has moved beyond the efficiencies — the real benefit of tech is that it can completely change your business model” But before the future envisaged by JLL Spark’s Quero arrives, there is plenty still to do.

Investors will be at MIPIM this year looking to find answers to the questions that have held them back, along with the solutions that they and their property clients need. Investors talk about unicorns — the perfect, elusive solution — but such simple answers may not exist within such a complex and fragmented industry as real estate. But with need driving tech, not the other way around, there’s a good chance there will be solutions to some of property’s challenges on the market in Cannes this year.

CONFERENCES & EVENTS AT MIPIM Invest in Tech Day, Tuesday 10 March at the Carlton Beach Club.

A full day of networking and inspiration from global leaders as to how proptech brings innovation and efficiencies to their businesses.

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feature: PROPTECH PRODUCT REVIEW

Ones to watch The MIPIM Innovation Forum, which showcases the best of the world of proptech, has become an integral part of the MIPIM experience. The 2020 edition is packed with products and services that are poised to transform the way real estate professionals do business. Here are some to look out for

QOBO: MORE CUSTOMERS, BETTER MANAGED QOBO Group is presenting its award-winning Qobrix real estate software focused on customer acquisition. Billed as an advanced portfolio of next-generation real estate solutions, Qobrix delivers enhanced customer-management features and innovative client acquisition channels, while also capturing all the business processes involved in a real estate operation.

Qobrix was built to assist property developers and real estate agencies to capture more opportunities for growth and profitability by focusing on customer acquisition and service.

Featuring a robust, multi-featured CRM system and innovative portals, Qobrix provides a platform for increasing operational efficiencies and maximising customer exposure through a variety of digital channels.

Anthony Nathanael, CEO of Qobo, says: “We believe that assisting property developers and real estate agencies with acquiring customers through new channels, while enhancing their back-office efficiency is the key value that our software brings to an organisation and we look forward to exhibiting this at MIPIM.”

Quobrix real estate software: “acquiring customers through new channels”

ROOMHERO: FURNISHING MADE EASY ROOMHERO — Europe’s first digital turnkey outfitter for residential, office space and hospitality — specialises in temporary-usage concepts for co-working and co-living spaces, serviced apartments, hotels, and employee, student and business apartments. Clients benefit from the added value of an innovative B2B outfitting service at a fixed price and from a single source.

For residential real estate, Roomhero aims to make furnished rentals more attractive to portfolio managers and capital investors. This is achieved via technologies designed to radically simplify and accelerate complex interior-outfitting services.

With flexible work concepts on the verge of becoming mainstream, office-interior design is becoming increasingly important. Roomhero is an expert in shared-office space, modern work environments and spaces designed to make employees feel at home. Its office configurator enables clients to enter their requirements directly online and receive a tailor-made fixed-price quote.

MIPIM PREVIEW • 53 • February 2020

feature: PROPTECH PRODUCT REVIEW

SALTO SYSTEMS: UNLOCKING THE FUTURE SALTO Systems has been delivering state-of-the-art, wire-free and keyless electronic access control solutions since 2001. Over the last two decades, it has established a strong presence in the retail industry, as well as the working spaces, co-living and residential markets. By developing innovative and reliable electronic-locking products that help real estate operators and investors simplify access management, Salto has helped numerous businesses to increase their productivity, security and operational efficiency in shared, single and multiple locations.

A reliable, stable flexible-management system that requires no software installation, nor the cost of a fully wired electronic product, Salto KS brings cloud-access control to any business, providing vastly better functionality and performance than is possible to achieve with a traditional mechanical solution. The only item needed to manage Salto KS is an online device with an internet connection.

Salto is driven by continuous innovation and is committed to developing the most technologically advanced and aesthetically pleasing electronic-locking solutions.

Salto Systems: simple, safe electronic access

MODERLAB: VIRTUALLY THERE PARIS-based Moderlab has developed a real-time 3D configurator, based on video-game codes, that offers users an immersive experience and allows them to navigate their way through a real estate project in a user-friendly way.

With Moderapp, potential buyers can walk through a project’s green areas, car parks and shared spaces, before entering the apartment or house they wish to view. During their virtual visit, they can customise their unit by selecting different decoration and furniture. The back office then offers them the possibility to take snapshots and send them by email or their social networks to relatives and friends. Finally, buyers can book their unit online from their Moderlab account.

However, Moderlab is more than a visualisation tool. It also serves as a differentiation tool and a sales booster for a range of real estate developer services, from marketing to data strategy.

Moderlab: immersive experience for buyers

ZIGGU: A SMOOTHER CUSTOMER JOURNEY SINCE launching in September 2018, Ziggu has enjoyed rapid growth in Luxembourg and Belgium, and is now harnessing MIPIM’s reach to show the rest of the world what the future of customer service in real estate looks like.

Ziggu offers property developers an online customer portal to better manage and engage homebuyers and investors during their customer journey. Ranging from smoother purchase transactions to construction follow-up and final delivery, Ziggu handles all the interactions between property developer, homebuyer and construction partners. Furthermore, the solution bundles a powerful suite of efficiency tools for property developers, which help save time and money by replacing bulky spreadsheets, confusing email threads and endless phone calls.

Ziggu’s customers range from local to international developers. Among them is Besix Red, whose CEO Gabriel Uzgen says: “Ziggu enables us to offer a great customer experience to our clients by helping us to better manage and inform them in real time, during and after the purchase process, right up until the delivery phase.”

Ziggu: a powerful suite of efficiency tools

PROPRIOO: AGENTS FOR CHANGE AT THE cutting edge of the French proptech movement, Proprioo helps real estate agents to provide a simpler, more reliable and efficient service to their customers by rethinking their everyday activities.

Founded in 2016, Proprioo sells properties on its platform, deploying agents to give free estimates and take photos within 24 hours. The company charges a commission of just 1.99% and offers a range of tools to make the sales process more efficient.

Proprioo’s CEOs and co-founders Henri Pagnon and Simon Primack launched their platform after experiencing first-hand the way in which the real estate business treats its customers. “We were certain that a more modern service at a fairer price was possible,” Pagnon says. His confidence was vindicated when Proprioo raised €26m, allowing it to expand into France’s 15 biggest cities.

“Although we do not believe technology will ever replace agents, we can optimise their day-to-day activities through carefully curated innovations,” Pagnon adds. “Allowing buyers to book a viewing directly on our website is one of the products that illustrates our approach. This improves the user experience, making it more flexible, while allowing us to optimise our agents’ schedule thanks to an in-house algorithm.”

MIPIM PREVIEW • 54 • February 2020

Proprioo: “a more modern service at a fairer price”

feature: PROPTECH PRODUCT REVIEW

SPACEMAKER: GOING BOLDLY INTO CITY DESIGN IN THE age of rapid urbanisation, climate change and population growth, Norwegian startup Spacemaker is on a mission to help build better and more sustainable cities. With its game-changing artificial intelligence (AI) technology, Spacemaker empowers development teams to maximise the potential of a building site through the rapid generation, analysis and evaluation of the optimal design based on physical data, regulations and preferences.

Spacemaker is backed by European venture capitalists Atomico, Northzone and Round Hill Ventures, and is a partner of several major European developers, including OBOS, AF Gruppen and NREP. In 2019, it won Norway’s prestigious Building Industry Innovation Award.

Spacemaker empowers real estate developers and architects to maximise the ‘living’ qualities of their developments, while introducing much-needed optimisations and cost savings into the construction process. The Spacemaker software creates massive value for its developer customers by reducing the planning process by as much as a year, increasing sellable areas by up to 30%, and improving the quality of life for end-users by optimising sunlight and access to views, and reducing noise.

Spacemaker: helping to build better, more sustainable cities

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FEATURE: HOTELS

Room for all

Accor’s new-look Ibis hotels will offer more social lounge space

Despite the talk of disruption by booking platforms and offers including Airbnb, hotels remain one of the most sought-after real estate investment sectors. But to remain attractive in a fast-changing environment, operators must keep their formats fresh and relevant, writes Chris Bown

P

LENTY of private investors have quietly enjoyed the returns that hotels offer given that, for decades, mainstream investors have ignored the asset class, declaring it too complicated. But many more are now coming to realise the defensive qualities of a real estate asset where dozens, even hundreds, of different people pay to rent your building every night.

The financial argument is compelling right now. “From a real

estate perspective, hotels are currently yielding more than offices and retail,” says Andrew Harrington, co-founder of niche hospitality advisor AHV Associates. “There’s the potential to take advantage of a secular trend towards more travel and tourism growth.”

Andrew Harrington:

“From a real estate perspective, hotels are currently yielding more than offices and retail” MIPIM PREVIEW •

Philip Ward, EMEA CEO of JLL’s hotels and hospitality group, echoes the sentiment: “In a low interest-rate environment, hotels offer a higher rate of return. By definition, they are more complicated than, say, an office block — and this applies to all operational real estate.”

Fundamentally, tourism and travel is a global growth industry, Harrington points out. The United Nations’ World Tourism Organization, which monitors annual arrivals, reckons on a typical 4% annual growth. For

57 • February 2020

anyone investing in hotels, that gives great comfort.

The demand for greater returns has also led to some interesting changes in investor strategy.

“Since the financial crisis, a lot of institutions have wanted to pay closer attention to the operational side. It’s still fair to say the bulk of European institutions, particularly in Germany, remain wedded to leases. But, because of IFRS 16, operators don’t want to be exposed to leases. The third-party platforms are looking to take up the

FEATURE: HOTELS

meat-in-the-sandwich position,” Ward says.

Andrew Cruickshank, senior director of BNP Paribas Real Estate’s international investment group, adds: “There’s a requirement from institutional investors to find some yield. Operating retail risk looks to be worth taking.” He notes that L&G and BlackRock have closed operating hotel deals: “And I think we’ll see more of that.”

Investors are also looking for greater operational efficiency and have an eye on future-proofing their investments. Union Investment Real Estate is a German fund that has long invested in the hotel sector. Andreas Loecher, head of investment management, hospitality, comments: “The fact that hotels are highly adaptable and that, in the course of digitalisation, they are also geared to the wishes of guests makes the asset class even more interesting for investors with a long-term perspective.”

There is also a move towards investing in non-hotel concepts. “You’re getting sub-sectors emerging — hostels and serviced apartments, for example,” AHV Associates’ Harrington says. “These enable investors to choose the risk profile that best suits them.”

Loecher, too, likes these investment options: “Business travellers who spend a couple of days or a few weeks in a city are increasingly booking hotels with extended-stay concepts. These are often more homely — for example, with their own kitchenette — and are therefore very close to an Airbnb offer, but supplemented by the professional framework of a reliable hotel operation.”

Loecher sees clear trends: “It’s becoming more common for shortstay and extended-stay offers to be combined under one roof.

This also helps to optimise yield.”

Union Investment Real Estate’s Andreas Loecher: "the asset class is even more interesting for investors with a long-term perspective."

While there was initially much debate about the impact of Airbnb, the passage of time has seen the accommodation-sharing platform take its place in the landscape, with hotels emerging largely unscathed by its arrival.

“There is a maturing taking place and there are many more platforms developing,” says Dirk Bakker, Colliers’ CEO Netherlands. “Airbnb is moving more towards a professional model.”

Looking back, Bakker points out that hotel development was delivering a rooms growth of only 2% a year, against a 4% growth in travel, and that Airbnb helped take up the slack. “We see Airbnb’s market penetration at around 10%-14%, and that’s where it will stay,” he adds.

Meanwhile, tastes are changing, demanding something new from the market. “We have a consumer today who wants it all — and it has to be Instagrammable,” Bakker says. “It’s all about experience.”

Dirk Bakker:

“We have a consumer today who wants it all — and it has to be Instagrammable” MIPIM PREVIEW •

BNP Paribas’ Cruickshank notes that the latest brand from hotel guru Barry Sternlicht, called Treehouse and recently launched in London, is all about sustainability. But alongside that, it offers smaller rooms and a far more inclusive range of public spaces. “People spend more of their time in the common areas — that’s the way hotels are going now,” Cruickshank adds.

Major hotel groups are reacting to the changes in consumer attitude by broadening their brand offerings and by refreshing some of their existing portfolio. Last summer, for example, Accor launched its latest brand, Greet. Designed as a soft brand, it allows independent hotels to work with Accor, while avoiding the need to refit their hotel to strict standards.

Franck Gervais, Accor’s Europe CEO, said at Greet’s launch: “We are upholding our commitment to always offering unforgettable experiences while simultaneously supporting our network of franchisees. With Greet, our aim is to provide an ideal solution to independent hotel owners by offering a brand that combines the regeneration of existing hotel struc-

58 • February 2020

tures with cost control.” The first Greet opened in Burgundy, with several other French sites and a hotel in Darmstadt, Germany coming shortly.

Earlier in the year, Accor revealed plans for a makeover of its internationally known Ibis brand, promising to remove check-in desks and create a more social lounge space. A partnership with music brands Spotify and Sony will see music events staged at some Ibis hotels.

Elsewhere, Hilton’s first Motto brand hotel is close to completion in London. It will offer a combination of different room types, heralding a mix of accommodation similar to that offered by hostels. Also in the UK, Whitbread, the owner of the Premier Inn brand, has launched a cheaper alternative — Zip — with more compact rooms. Zip’s first site is in Cardiff, Wales.

JLL’s Jessica Jahns, head of EMEA hotels and hospitality research, points to innovative ideas such as InterContinental’s Even wellness brand, which has in-room yoga mats; Marriott’s lively Moxy; and Radisson Red, where guests can skip formal check-in, and order drinks and flowers via an app.

“The overall customer experience is becoming more important and hotels are increasingly looking at ways to improve their brands to help them be more attractive,” Jahns adds.

CONFERENCES & EVENTS AT MIPIM Innovation in hospitality, Wednesday 11 March, 16.30-17.15, Beige Room (Palais 3) Hospitality Summit Thursday 12 March, 08.00-11.00, Martinez Hotel - Salon Citrus II. By invitation only

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REGIONS: THE UK

The end of the beginning It’s impossible to talk about UK real estate without mentioning the B word. While some are predicting a ‘Boris bounce’ in the first half of 2020, the long-term picture remains unclear, writes Graham Parker

T

HE UK’s prolonged and fractious process of separation from the EU has been a major distraction for investors and occupiers alike, dampening activity in all sectors of the property market since the referendum of June 2016.

To paraphrase Winston Churchill, formally leaving the EU at the end of January 2020 is not the beginning of the end of this process — it’s only the end of the beginning. Years of negotiation will be necessary before the legal frameworks affecting inward- and outward-bound trade and investment with the UK become settled.

But in the short term, observers are looking for a Brexit bounce in the UK markets in the first half of 2020. “Certainty is the key ingredient of any decision,” says Etienne Prongue, deputy CEO at BNP Paribas Real Estate, pointing out that, in the UK, investment turnover in the office sector is down 36% year on year while central London turnover is down 39%. “That’s as bad as in the global financial

crisis of 2008,” he adds. “It’s a once-in-a-decade fall.”

But Prongue believes that, despite this, “London is the pre-eminent European city. It’s incredibly diverse and it’s on a par with New York and Hong Kong in terms of global reach.

The time zone, the English language and the legal system are all powerful factors.” He expects these to come back into play again in 2020, leading to a bounce in investment activity and tightening of yields, which have risen above those in Paris and the key German cities.

Walter Boettcher, director of research and forecasting at Colliers International, predicts that, in the medium-term, the UK capital will emerge relatively unscathed. “I think London will become the offshore financial capital of Europe,” he says. “The EU doesn’t have the financial services infrastructure to serve its own domestic needs and it won’t have for another 10 years. That gives London time to retain its global position and become a Singapore on the Thames.”

MIPIM PREVIEW •

Walter Boettcher:

“I think London will become the offshore financial capital of Europe — a Singapore on the Thames” While investors have been nervous of London offices in the recent past, Greg Mansell, head of UK research and insight at Cushman & Wakefield, points out that other areas of the market have seen no fall in activity. “Investors have still been willing to make big calls on large portfolios, especially in student housing and hotels,” he says. “In the UK, what were once seen as alternatives are now mainstream and the market’s moving away from a reliance on the big three sectors.”

But he warns that alternatives are anything but homogeneous: “Once you go outside the ‘bed’ sectors — healthcare, hotels and student housing — into areas like data centres and self-storage, there’s a step down in liquidity and a greater need for specialist knowledge.”

61 • February 2020

Colliers International’s Walter Boettcher: “Some may want to get the bad news out of the way”

Colliers’ Boettcher points out that the alternatives’ share of the UK market has been growing since the early 2000s. “We’ve seen them mature and yields in healthcare have fallen to the same level as the mainstream sectors,” he says. However, he also sounds a note of caution: “There’s some regulatory uncertainty over the healthcare and build-to-rent sectors, with talk of rent controls. And in student housing, it’s not clear

REGIONS: THE UK when some markets will reach saturation.”

For those looking for a safer bet, Cushman & Wakefield is predicting logistics will outperform in 2020, as it did in 2019. “We’re over the hump in terms of peak supply, and that should sustain rental growth,” Mansell predicts.

The UK has a higher penetration of online shopping than almost any other developed market at nearly 20% of sales, and this is fuelling demand for last-mile delivery facilities in urban locations as much as for big-box warehouses at transport nodes.

But while this is good news for logistics, it means that retail property is likely to suffer more pain. Colliers’ Boettcher predicts that the tide of retailer failures will continue in 2020, putting rents under even more pressure.

This, in turn, is impacting upon investors. funds that 016_RM Already, NEWS_PV_PIM

are over-exposed to UK retail property are facing a flood of redemptions from clients spooked by talk of an imminent collapse in rental and capital values. “The only question is how fast will values move,” Boettcher adds.

“Given the redemption pressure, some may just want to get the bad news out of the way.”

Cushman & Wakefield’s Mansell says that repricing is already under way. “We are beginning to see more deals on the more challenged investments, which offer a high yield for opportunistic investors,” he adds. And many of these investors are looking at alternative uses for sites that can no longer support retail. Leisure, residential and last-mile logistics are all options, but Mansell warns that it is “a tricky jigsaw puzzle to put together”.

Boettcher agrees: “Cheap debt led to us building shops we just didn’t

need. This will play out over years, but there has to be redevelopment of shopping centres.”

At a fundamental level, BNP’s Prongue feels real estate offers better value than ever with the gap between bond and real estate yields at an historic high.

“My belief is that the European real estate fundamentals are strong, and that applies to the UK too. All the major markets have seen consistent net absorption, which has driven rental growth as vacancy rates have come down. Meanwhile, London’s vacancy rate has been stable at around 6.75% since 2014. Some of the best value in Europe is going to be in the UK,” he concludes.

Etienne Prongue:

“Some of the best value in Europe is going to be in the UK”

BNP Paribas Real Estate’s Etienne Prongue: “Certainty is the key ingredient”

CONFERENCES & EVENTS AT MIPIM Focus on UK: The Post Brexit investment landscape and strategies – What next for real estate?

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62 • February 2020

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REGIONS: THE NORDIC TERRITORIES

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All points north Growing numbers of international investors are eyeing up the Nordic territories — and liking what they see. David Sands explains why

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HEN the European real estate markets began to recover around 2014, the Nordic countries moved on to international investors’ radar screens and buyers started to venture into large-scale purchases.

Nordic countries have traditionally enjoyed stable governments and economies. “Thus international investors are able to focus on the investment opportunities rather than needing to consider

any political risk,” says Johan Astrom, head of real estate, Nordics, at fund manager Nuveen Real Estate.

The Danish krone is pegged to the euro, while other countries follow it closely, adding an additional layer of stability

for investors. Finland’s membership of the eurozone is a big attraction and international investors make up two thirds of buyers here. Around 10% of investors in Sweden are from overseas and 20% in Norway, while investors in Denmark are split 50:50 between foreign and

domestic entities, according to Sami Kiehela, head of capital markets at CBRE Finland.

Johan Astrom:

“International investors are able to focus on the investment opportunities rather than needing to consider any political risk” MIPIM PREVIEW • 65 • February 2020

Nuveen Real Estate’s Johan Astrom

REGIONS: THE NORDIC TERRITORIES UK, German and Dutch investors were the first overseas entrants into the Nordics, followed by US companies. More recently, Asian capital has come into the region, says Thomas Beyerle, head of group research at property advisor and manager Catella Real Estate.

Major recent transactions include 2019’s €57m purchase by global fund manager Tristan Capital Partners and Malling & Co Project Finance of three office buildings in Bryn, Oslo. This followed Tristan’s earlier €122m purchase with local firm Anvil Asset Advisors of a 31,000 sq m office property in the Oslo business district of Helsfyr.

Anne-Jan Jager, Tristan’s executive director, says: “Our main focus is on offices on the back of strong employment growth in the four countries’ capital cities.” Scarcity of supply fuels capital and rental growth, he adds: “There has been a lack of office development historically in the Nordics, as building permits are harder to secure and it can take longer.

Anne-Jan Jager:

“Our main focus is on offices on the back of strong employment growth in the four country’s capital cities” In Finland, several new players have entered the sector in the last year or so. Europe-based Kildare Partners invested €729m in pan-Nordic office investor Technopolis, while BlackRock Real Assets also made its Finnish debut, buying two assets in Helsinki.

According to Peter Helfrich, regional head of north-west Europe at fund manager Patrizia, the most sought-after locations offer core real estate inside Copenhagen’s city ring road and Stockholm’s suburbs; core and

Patrizia’s Peter Helfrich: soughtafter locations in Copenhagen, Stockholm, Helskinki and Oslo

core-plus properties in Helskinki sub-markets, such as Kalasatama, Pasila and Vallila; and core offices in the suburbs of Oslo, just outside the city centre.

Logistics property in all four countries has replaced retail as the second most popular sector among buyers. Helfrich says the best assets are located in Denmark’s north-south corridor and Triangle region, with last-mile facilities around Stockholm, Gothenburg and Malmo proving popular. Also in demand are locations within the Helsinki region’s Keha III ring road and Aviapolis airport, and prime properties in Greater Oslo, notably Groruddalen, near the Alnabru dock terminal.

The residential sector is fast becoming an investor favourite and a series of recent high-profile deals has taken place across the Nordic region. The main focus is on major cities in Sweden and Finland. In July 2019, Aberdeen Standard Investments’ pan-European residential fund acquired a new-build rental portfolio in the Swedish capital for €112m. The transaction followed Sweden’s largest forward-funded deal by a foreign investor in recent times: Barings Real Estate’s Swedish debut with a €128m deal in Stockholm. The company is backing the development of 610 apartment-forrent scheme in Swedish capital, set for a 2022 completion.

Meanwhile, Frankfurt-listed Vo-

novia acquired a 61.2% stake in Swedish multifamily company Hembla from a Blackstone subsidiary in a €1.14bn transaction, making Vonovia one of the largest apartment owners in Sweden.

And in Finland, Catella Residential Investment Management’s pan-European residential fund bought a 300-apartment portfolio in Helsinki’s Tampere and Jyvaskyla districts. International investors are increasingly looking beyond the capital to Finland’s regional cities: German asset manager DWS bought 542 apartments from Finnish construction firm Lehto in Espoo, Turku, Kirkkonummi, Riihimaki and Jyvaskyla.

Denmark, and specifically Copenhagen, is also attracting foreign capital. In June 2019, AXA Investment Managers exchanged on a 396-unit residential portfolio in the Danish capital for €174m — its second deal in the country’s residential sector.

Meanwhile, transactions in the logistics sector continue to make headlines. Allianz Real Estate and CBRE Global Investment Partners jointly bought a €390m Nordic logistics portfolio totalling 400,000 sq m in eight Swedish and Danish properties.

Several major infrastructure improvements are planned or under way across the Nordic region, opening up a variety of new districts to commercial and residential uses. Seppo Koponen, CEO of Savills associate GEM Property, points to the completion in 2024 of the Raide-Jokeri light-rail project, which will connect the eastern and western districts of Helskinki; and the Helsinki City Rail Loop, an urban railway line for commuter trains that will run under the city centre. The latter will start in Pasila and run in a tunnel via Toolo, the city centre, Hakaniemi and back to Pasila.

Last September, Copenhagen’s

MIPIM PREVIEW • 66 • February 2020

new Cityringen (city circle) line opened with 17 new metro stations. And in Stockholm, the metro network is being expanded with 20 km of track and 11 new stations in four sections of the city, to be completed in 2026. Moreover, a new city bypass will connect the southern and northern parts of Stockholm county, and relieve the inner city of traffic congestion when it opens in 2025.

Finland and Estonia have for years considered linking their capitals, which are divided by the Gulf of Finland. A tunnel is being considered that would cut the travel time to 20 minutes from today’s two-hour ferry ride, which is made by thousands of people daily.

Looking to the future, Catella’s Beyerle says the Nordics are “ahead of the curve” in the fashionable cultures of mixeduse development and co-working. “This is not so much a real estate game, but a structural change in society,” he adds. “In Stockholm and Helsinki, around one third of new space is prepared for these new concepts.”

Sustainability will also reach new levels. According to Cushman & Wakefield Sweden’s head of What’s Next, Annika Edstrom.

“The concept of the circular economy is in vogue at the moment — creating vertical cities offering solutions for water, waste and food production together in one system,” she says. “These future-proofed buildings also create possibilities for physical activity and creativity to attract tenants.

All this together will [offer] better possibilities to improve both tenant and landlord business.”

CONFERENCES & EVENTS AT MIPIM The Nordic Investment Summit – Latest trends, opportunities, strategies and partnerships in Scandinavia, Finland and Iceland Wednesday 11 March, 17.30-19.30, Foyer Debussy (Palais 3)

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REGIONS: BENELUX

More after less Geographically, the Benelux countries — Belgium, the Netherlands and Luxemburg — may be flat, but the region’s property market certainly isn’t, writes Steve Killick

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ARLY indications are that investment into Belgium, the Netherlands and Luxemburg slowed during the course of 2019 after hitting a record high the previous year.

But the Benelux market still accounts for nearly 8% of European market turnover, while taking up barely 2% of its area.

The easing of activity this year is not down to any lack of enthusiasm for securing a prime property, according to Lydia Brissy, Savills’ head of European research. “Things have naturally slowed down from the peak,” she says.

“The decrease in volume is mainly due to a lack of supply, as last year saw several very large portfolio deals. We are seeing US capital coming into the region, with activity also coming from the UK, Germany and Asia.”

Lydia Brissy:

“We are seeing US capital coming into the region, with activity also coming from the UK, Germany and Asia” If the right deal is available, there is certainly no shortage of takers. One sizeable portfolio transaction that has completed is the sale of six office buildings around Am-

Amsterdam’s Millennium Tower benefits from first-class transport links

MIPIM PREVIEW • 67 • February 2020

REGIONS: BENELUX sterdam and Utrecht by German asset-manager Commerz Real. The buildings, totalling 120,000 sq m, were owned by Commerz Real’s open-ended real estate fund Hausinvest.

They were sold for around €370m to Curzon Capital Partners’ fifth long-life fund, which was advised by Tristran Capital Partners. Agents NL Real Estate and Knight Frank advised the vendor, and Cushman & Wakefield the purchaser.

The individual properties, all built since 1998, include the 11,000 sq m Orion building in Hoofddorp, 29 km from Amsterdam; the 41,900 sq m Millennium Tower in Amsterdam; and the 35,700 sq m Courtyard Building in Utrecht. The new owner plans to work with Nexus Real Estate, with which it teamed up following the purchase of eight office buildings in

Amsterdam during 2017, on refurbishing the vacant space to a grade-A standard. “These properties are located in some of the most attractive occupier markets in the Netherlands,” says Nexus partner Jochem den Daas. “As a result, we expect to benefit from long-term rental growth and a reduction in vacancy levels.”

Buildings such as Millennium Tower show exactly why the Netherlands in general and Amsterdam in particular is so popular with office occupiers and investors alike. The Millennium Tower benefits from a first-class transport network, being located a short walk from Sloterdijk station. From here, it is a 10-minute trip to Schiphol airport, from where the financial centres of London and Paris are just a one-hour flight away.

Continued investment in the Netherlands’ rail network has

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Savills’ Lydia Brissy: “several very large portfolio deals”

seen €3.1bn spent on the completion of the north-south metro line that runs under the historic centre of Amsterdam.

This is improving travel times for commuters, as well as boosting property prices around the new stations.

Scarce wonder then that, in a report published by the World Economic Forum in 2018, the Netherlands was ranked the best

in Europe in terms of its road, sea and air transport networks.

According to Savills’ data, the 12 months to September saw the investment yield for prime Netherlands’ offices firm up from 3.5% to 3.0%. This compares to 3.43% for the core markets of the UK, France and Germany, and an average EU yield of 4.22%. Prime rents have shifted during the same pe-

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REGIONS: BENELUX riod from €410 to €450 per sq m per annum.

“And don’t forget the tax advantages of being in the Netherlands, which has been so attractive to tech companies’, adds Jordy Diepeveen, head of acquisitions at Savills in Amsterdam. He cites Google, Facebook and Amazon, which occupy space in the port of Eemshaven, Amsterdam and Eindhoven respectively. Uber, Oracle and Dell also have major representation in the country.

Driven by the growth of e-commerce, the logistics sector has unsurprisingly taken advantage of the Netherlands’ first-rate transport network to become the second-most-active sector after offices. For example, Europa Capital and ARC Real Estate Partners acquired €35m of light-industrial estates to add to their Dutch Urban Light Industrial Platform

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(DULIP). The portfolio totals 19 properties across six industrial estates, with assets located in Helmond, Bergen op Zoom, Barneveld, Weesp, Oosterhout and around Schiphol airport, providing a total floor area of 54,000 sq m.

Following its more recent purchase of five estates from Altera Vastgoed, the DULIP portfolio now stands at 31 properties accounting for 160,000 sq m of lettable space. Europa Capital partner James Fortescue says: “All of these assets are close to key urban centres and accessible via major European transport infrastructure. The industrial sector is flourishing, alongside the proliferation of smaller businesses and the growth of online retailing.”

What is happening in the Netherlands has also been rolling out into its neighbour, Belgium. However, whereas the activity in the Nether-

lands is spread across Rotterdam, Utrecht, The Hague and Eindhoven, in Belgium, Brussels is very much the focus for investors from Europe and beyond.

James Burke from Savills’ global cross-border investment team says: “Brussels dominates the scene, with global investors concentrating there. Belgium’s second city, Antwerp, is very much more a focus for more local players.”

A surge in investment activity during 2018 saw €5bn changing hands, sparking fears in some quarters that the Belgian market might overheat and prompt another downturn, as occurred just before the last financial crisis. However, 2019 has continued on robust form, with take-up of 347,000 sq m of offices in the first quarter alone. Prime rents have stabilised at a record €315 per sq m per annum, with yields for a longterm lease compressing to 3.5%.

Alexander van Ravels, senior director of CBRE’s Benelux capital markets team in Brussels, is cautiously optimistic: “Yields are under pressure, and funds and financing are available in both Belgium and Luxembourg.

Additionally, we are seeing new investors enter the market, to some extent seeking an exit from volatile equities.”

Alexander van Ravels:

“We are seeing new investors enter the market, to some extent seeking an exit from volatile equities” Taken as a whole, while 2020 will almost certainly continue the slowdown in the number of transactions, confidence in the Benelux countries remains high.

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REGIONS: FRANCE AND GERMANY

Perfect 2020 vision Europe’s powerhouse real estate markets — France and Germany — have been the big winners of the UK’s decision to leave the European Union. But there’s a long list of other reasons why Europe’s Big Two are going from strength to strength, writes Paul Strohm

Berlin’s new airport terminal will improve connectivity

F

RANCE and Germany were already among Europe’s top destinations for cross-border investors and occupiers. But the boost that the two property markets were given by the prolonged and continuing political uncertainty in the UK looks set to assist their property markets for some time.

But Brexit is certainly not the only — or even the main — reason that the German and French property markets have done so well of late. The Emerging Trends In Real Estate Europe (ETRE) 2020 report, published by the Urban Land Institute and PwC, puts Paris at the top of the list of European cities in terms of its prospects in 2020, while Berlin and Frankfurt respectively complete the top three. In fact, all the German cities that ETRE surveyed

— Berlin, Frankfurt, Munich and Hamburg — are among the top 10.

Among the reasons that Paris topped ETRE’s 2020 top-10 list was the benefits of the forthcoming 2024 Olympic Games and, more immediately, the €36bn Grand Paris Express infrastructure project. The latter — currently the largest infrastructure project under way in Europe — will provide the city and its suburbs with four new rail lines, adding 200 km and 68 new stations to the greater Paris transport system.

Not surprisingly, Grand Paris has generated considerable excitement in the real estate community. “It is going to change the rental map, especially in the north east of Paris and north up to Saint-Denis [the extension of line 14]. These previously poor areas will be transformed,” pre-

dicts Larry Young, head of the international investment group at BNP Paribas Real Estate.

Larry Young:

“Grand Paris is going to change the rental map.

Previously poor areas will be transformed” Undoubtedly, the Grand Paris project will have a positive effect, confirms Laurence Bouard, director of the studies and research department at Colliers International France. Thanks to 40 million sq m of potential development and the emergence of new key centres, “the suburbs will offer solid growth prospects and important sources of value”, she says.

Schroder European Real Estate’s fund manager Jeff O’Dw-

MIPIM PREVIEW • 71 • February 2020

yer agrees: “We’ve been active in picking assets that will benefit from that, especially along line 15 at Saint-Cloud. It has let off modest rents but, in 2020, we expect a strong surge both there and at Boulogne-Billancourt.”

Grand Paris has undoubtedly boosted the image of the French capital, which in 2019 attracted large amounts of South Korean capital — notably to La Defense, where Tour Europe, Tour Dexia (CBX Tower), Tour Majunga and Tour Eqho all sold in the first nine months of 2019. Including assets bought by South Korean investors elsewhere in Paris, a total of about €4.4bn was spent.

The largest deal was Tishman Speyer’s €1.22bn sale of the Lumiere building in south Paris to a joint venture comprised of Hanwha, Samsung SRA Asset

REGIONS: FRANCE AND GERMANY

AEW Europe’s Hans Vrensen: “The big advantage for Germany is that it is not focused on one city”

Europa Capital’s Nic Fox: “Residential has been the big game changer”

Management and Primonial.

If there is a downside to the Grand Paris project, it is that it further highlights the emphasis on the capital. “In France, 70% to 80% of the country’s property-market activity is focused on Greater Paris, which dwarfs France’s other cities,” says Nic Fox, partner and fund manager at investor Europa Capital.

By comparison, data from Savills shows that total investment into France’s second city, Lyon, in the first three quarters of 2019 stood at €1.1bn. Offices were the main target, attracting 67% (€807m) of total investment, with prime yields at around 3.7%. However, international interest is on the rise as Paris becomes saturated, Savills says.

In Germany, investor interest is

Colliers International’s Laurence Bouard: “The Grand Paris project will have a positive effect”

BNP Paribas Real Estate’s Larry Young: “Investors are looking to residential”

Savills’ Marcus Lemli “another new investment record”

more evenly spread. “The big advantage for Germany is that it is not focused on one city. It is polycentric, while France is concentrated on Paris,” says Hans Vrensen, managing director, and head of research and strategy at AEW Europe.

Germany also has a range of infrastructure projects in the pipeline, including the €500m extension of Leipzig airport’s freight facilities, a new main station in Munich, an urban redevelopment in Stuttgart, centred on its main rail station, and the new Berlin airport which, uncharacteristically, is behind schedule.

“Berlin Brandenburg airport will accommodate long-haul flights once it is open, but all of the other key airports in Germany have been renewed or regenerated recently,” Europa’s Fox says. Nevertheless, he adds, “Berlin is emerging as a real capital city.”

In terms of investment volume, Germany continues to dominate where the UK once did. Assessing the first three quarters of 2019, Marcus Lemli, CEO Germany and head of European investment for Savills, said: “In view of this surprisingly high investment volume, and with a number of major transactions expected to close in the fourth quarter, we have raised our projected annu-

al transaction volume from the previous €55bn to €65bn. This would represent another new investment record.”

According to Savills, approximately €18.5bn was invested in German real estate in the third quarter of 2019 alone, making it one of the strongest quarters of all time.

Colliers International’s director of capital markets, Christian Kadel, adds: “Numerous mega deals that had been in the pipeline for some time and that we called for the second half of the year were concluded in Q3.”

Notable among these was the 49-asset Millennium portfolio, which Commerz Real purchased for over €2.5bn.

grace is that the supply of new space is limited, partly due to strong bank regulations. Banks are not doing aggressive lending and they are not funding speculative development. Vacancy rates are still low and there is a shortage of space in most markets. That’s good for investors.”

Schroder’s O’Dwyer runs through Germany’s attractions: “We still see rental growth in a lot of cities. Look at Berlin, Hamburg and, to a lesser extent, Frankfurt. We’re coming off rents where there is room for a little more growth. The supply side is modest and vacancy rates are at record low levels.”

However, the stellar investment volumes have occurred despite some cause for economic concern. “Germany just escaped a technical recession,” AEW’s Vrensen says. “But despite the slowing economic growth, occupier demand remains healthy for the moment. The saving

MIPIM PREVIEW • 72 • February 2020

Hans Vrensen:

“Vacancy rates are still low and there’s a shortage of space in most German markets. That’s good for investors” Although investors have continued to focus on the office sector in both France and Germany, the resultant yield compression has piqued interest in the alternatives. BNP’s Young says: “Yield levels are low but lending rates have also fallen, so investors are looking to residential, including the private-rental sector and student housing, and other sectors, in order to generate a bit more return.”

Fox adds: “Residential has been the big game changer. There are two principal drivers: the enormous appetite of institutional investors and mobile end-users looking for affordable property.”

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REGIONS: SOUTHERN EUROPE

intu Costa del Sol has received the green light

Spoilt for choice Ten years ago, during the European debt crisis, the derisory acronym PIGS was used to categorise Southern Europe’s weakest economies. But a decade is a long time in real estate, writes Isobel Lee — today, Portugal, Italy, Greece and Spain are rewarding investors with diverse opportunities

R

EFLECTING a broader global trend, which has seen asset classes become more tailored to specific use, Portugal, Italy, Greece and Spain now offer investment prospects not only in the traditional fields of offices and retail, but also in logistics, hotels, multifamily, student accommodation, senior living and a host of

alternative segments — including infrastructure and renewable-energy assets.

Driving all this is a new customer-centric real estate model, according to Eri Mitsostergiou, Savills’ director of European research. “The on-demand economy is causing disruption to the industry with occupiers expecting access to services, flexibility and personalisation,” she says.

Key to Southern Europe’s success has been the emergence of hotspots of economic resilience, even if the headline figures suggest ongoing risks.

The International Monetary Fund (IMF) calculates that real GDP growth this year in Italy is 0%, although Portugal (1.9%), Greece (2%) and Spain (2.2%) are all beating the Eurozone average of 1.5%. Pockets

MIPIM PREVIEW • 75 • February 2020

of demand belie national debt figures and signs of economic sluggishness: while Italy has one of Europe’s steepest state debts at €2.4bn, according to Statista, the northern regions of Trentino, Aosta and Lombardy have some of the highest GDP per capita figures in Europe: in excess of €36,000 (the European Union average is €28,000).

Italy’s robust northern cities and their strategic position at the heart of Europe, bordering France, Switzerland and Austria, has created a key logistics corridor — and one that will become even more important now that Italy is at the centre of the EU’s plan to criss-cross Europe with

REGIONS: SOUTHERN EUROPE high-speed railway lines.

More specifically, demand has increased for assets in the lastmile segment, designed to fulfil rapid delivery times for the expanding e-commerce market.

Investors including Barings, Kryalos and Meyer Bergman are all pursuing the logistics trend, with the latter establishing a dedicated last-mile arm targeting Italy and Spain.

Meanwhile, trophy high-street retail assets have been another bright spot in a market with an appetite for snappy dressers and an influx of retail tourism.

“Great weather, stunning historical towns and ancient monuments make the physical Italian shopping experience truly unique,” says Giuseppe Amitrano, CEO of Italian high-street retail specialists GVA Redilco.

“Another key aspect is luxury shopping, which has maintained a strong ‘in person’ appeal.”

Giuseppe Amitrano:

“Great weather, stunning historical towns and ancient monuments make the physical Italian shopping experience truly unique” And a market for alternative investment classes is also emerging. For example, global investor Hines has recently shifted strategy to enter the ‘beds’ sector. Mario Abbadessa, Hines’ senior managing director and country head for Italy, explains: “This includes student housing, multifamily for rent, serviced apartments and senior housing.

Strategic investments in this sector allow us to diversify and to capitalise on the strong imbalance between demand and supply.”

Spain is also seeing a logistics consolidation, as benefitting

from broader economic recovery and a burgeoning tech sector. “We are moving from a general interest in logistics to further specialisation in last mile and urban logistics,” says Adolfo Ramirez-Escudero, CEO of CBRE Spain. “Related to that, we are seeing more interest in light industry.”

“Madrid and Barcelona remain investors’ primary targets,” confirms Neil Livingstone, managing director of Spain at Colliers International. “However, the Spanish market has opened considerably, resulting in rising demand from both logistics operators and investors in cities such as Valencia, Malaga, Bilbao, Zaragoza and Seville.” He highlights hotels and multifamily as the other hot sectors.

A handful of mega-projects are driving Spain’s overall dynamism in logistics, residential and urban development. In particular, the ambitious Madrid Nuevo Norte city project, with more than 1 million sq m of offices, plus residential and commercial properties, will transform Madrid over the next 10 years, according to Ramirez-Escudero.

And in the south, intu Costa del Sol, a 235,000 sq m retail and leisure complex proposed by intu and Eurofund, has received the green light from the authorities.

Portugal, too, is benefitting from the trend of the moment — the expansion of the living segment and the return of an appetite for development risk.

Student-housing assets and young professional-focused schemes are rising up across the country, from Lisbon to Porto.

Investment volumes in Portugal are on track to grow by 25% in 2019, according to Savills, as funds ranging from Patrizia to Varde Partners return to the country in their droves.

Aiding the flow of institutional capital is last year’s establish-

CBRE Spain’s Adolfo RamirezEscudero: interest in last mile and urban logistics

Savills’ Eri Mitsostergiou: «Occupiers expect access to services, flexibility and personalisation»

ment of a REIT regime in Portugal. Experts believe these vehicles are most likely to function as an alternative channel for the big investors to allocate funds to Portugal, moving into the mainstream through 2020.

island’s only five-star hotel, the Cyprus Hilton.

Other investor names to watch include local REIC Trastor, Greece’s oldest listed property firm, which has been active in the office market all year. Global alternative-investment advisor Varde Partners acquired a controlling stake in Trastor in January 2017.

International real estate firm Hines has also renewed its interest in the country, signing a joint venture with the National Bank of Greece to redevelop a shopping centre in Athens into a 22,000 sq m outlet mall.

Paul Gomopoulos, managing director and head of Hines Greece, says the firm is seeking other deals in the light of the country’s improved fundamentals. “The economic environment is much improved, as is the political stability,” Gomopoulos adds. “It won’t be an extremely smooth ride over the next decade, but the country’s back to normality and in recovery mode. So we do feel very confident about Greece.”

Meanwhile, Greece, which fell out of favour in the wake of the global financial crisis, is now in the midst of a REIT-led renaissance. While opportunistic private equity has been big in the region for some time, particularly in hunting down non-performing loan portfolios, there is evidence of a return of core investors. Savills reports that some €446m of commercial real estate deals changed hands in the country during the first half of 2019 — a higher figure than the total annual volumes for each of the past four years.

For example, distressed debt specialist Invel acquired a 66% stake in NBG Pangaea REIC, the largest real estate investment company in Greece, for €653m in December 2013 and snapped up the remaining 32.7% stake for €390m last spring. Pangaea now has a portfolio of 345 assets worth €1.7bn and a net asset value of €1.3 bn.

According to Invel’s founder and managing partner, Christophoros Papachristophorou, hospitality will be a key focus moving forward. Pangea has already bought the Aphrodite Hills resort in Cyprus, and the

MIPIM PREVIEW • 76 • February 2020

Paul Gomopoulos:

“The economic environment is much improved, as is the political stability. Greece is back to normality and in recovery mode”

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Eastern approaches

A

T A TIME of growing global instability, the Asia Pacific region is continuing to outperform other real estate markets on the back of strong economic growth.

Data from global real estate consultancy JLL shows that the region saw $42bn (€37.5bn) of investment turnover in the third quarter of 2019, up 18% on the same period of 2018. By September 2019, Asia Pacific had already seen $128bn invested in real estate since the beginning of the year, putting it on target for full-year growth of 13%.

“Investors in Asia Pacific are seeing past current headwinds, such as slowing growth and trade tensions,” says Stuart Crow, CEO of JLL’s Asia Pacific capital markets business.

“Liquidity has strengthened in markets such as Seoul, Tokyo and Singapore, where occupier fundamentals remain solid. We are expecting Asian investors to further diversify their real estate holdings within the region and globally in the months ahead, as they seek higher yields.”

Stuart Crow:

Singapore’s Duo complex: bought in July 2019 by Allianz Real Estate and Gaw Capital for SGD1.6bn

Real estate investment in the Asia Pacific region is at a decade high, as investors seek high yields and stability amid geopolitical uncertainty and slowing economic growth. Graham Parker reports MIPIM PREVIEW • 79 • February 2020

“We are expecting Asian investors to further diversify their real estate holdings within the region and globally in the months ahead”

REGIONS: ASIA PACIFIC The authoritative Emerging Trends In Real Estate research from PwC and the Urban Land Institute (ULI) highlights Singapore as the best-performing market in the region, sealing its meteoric rise from 21st place in the rankings only three years ago.

“There is an increase in transaction value driven by cross-border capital in 2019 and an improvement in the commercial office sector,” says Yeow Chee Keong, real estate and hospitality leader at PwC Singapore.

“The positive developments have contributed to Singapore’s ranking as the top city by investment prospect in 2020.”

The city-state’s pole position is a testament to its strong fundamentals and investors’ needs for defensive assets in view of the uncertain economic climate.

Yeow adds: “There are still investment opportunities, and we continue to see increased investor interest in alternative asset classes, including data centres, purpose-built student accommodation and healthcare.”

Yeow Chee Keong:

“We continue to see increased investor interest in alternative asset classes, including data centres, purpose-built student accommodation and healthcare” One deal above all others epitomises the global pull of Singapore. In July 2019, German-based Allianz Real Estate and Hong Kong-based Gaw Capital bought the Duo complex, located above the Bugis MRT interchange station, for SGD1.6bn (€1.06bn).

Completed in 2017, Duo consists of 51,835 sq m of office space and 5,562 sq m of retail space, which is currently 97% let.

Allianz Real Estate’s Rushabh Desai: Singapore is “a key headquarter location for corporations in Asia”

Allianz will own a 60% stake and the remaining 40% will be held

by Gaw Capital on behalf of an unnamed sovereign wealth fund.

Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, explains the rationale behind the deal: “Singapore is an established 24/7 city and has one of the most institutionalised commercial real estate markets in the world, given its position as a key headquarter location for corporations in Asia. Duo is a marquee, mixed-used development, providing an unparalleled live-work-play environment, and is poised to establish itself as one of Singapore’s key business hubs.”

But while Singapore has been the regional winner, Hong Kong has seen a slowdown in activity as political turmoil forces investors to put decisions on hold. The special administrative region slumped to bottom place in PwC and ULI’s survey of investor and developer sentiment — the only market in the region where prospects were ranked as ‘generally poor’.

Simon Smith, Savills’ Hong Kong-based senior director, research and consultancy, says: “The few transactions recorded in the commercial investment market were either family sales,

PwC’s Yeow Chee Keong: “an increase in transaction value driven by cross-border capital”

evidenced by our transaction of a majority share of Winway Building, or long-term holdings of over 20 to 30 years, which have seen substantial gains. The outlook for the sector looks grim, with no immediate resolution to both internal and external issues.”

After Singapore, the investors surveyed ranked Tokyo, Ho Chi Minh City, Sydney, Melbourne, Shenzhen, Shanghai and Osaka as their top regional picks.

But despite doubts over Hong Kong, JLL’s Crow sums up the positive sentiment towards the Asia Pacific region: “Asia Pacific’s real estate market is likely to hold steady as investors continue to allocate vast amounts of capital to commercial real estate in their search for yield without exposure to excessive risk.”

Not only is Asia a draw for global investors but, in the past decade, it has become a major source of capital for other markets, as investors from China, Singapore and, more recently, Korea take significant holdings in EMEA and the Americas.

“Asian investors are spreading their capital more broadly and are looking at markets such as continental Europe, where debt costs are low, assets are available and markets such as

MIPIM PREVIEW • 80 • February 2020

Germany and France are seen to be beneficiaries post-Brexit,” says JLL’s Crow.

According to CBRE research, Korean investors accounted for the largest portion of outbound investment flows, and were involved in $6.8bn-worth of deals in in the first half of 2019 alone.

Singaporean investors spent $5.7bn in the same period.

But CBRE’s head of research, APAC/EMEA, Henry Chin, notes that Asian capital is not homogenous: “Low domestic yields and a positive hedging environment were identified as key motivators for Korean investors’ purchasing activity, while Singaporean investors are largely motivated by yield and are more willing to move out on the risk curve and explore alternative property investment options.”

Notable by their absence have been Chinese investors, who made such a splash in the global pool earlier in the decade.

Since capital controls were introduced by the Chinese government at the beginning of 2018, they have been unwinding their positions, becoming net sellers of property in key overseas markets, including London, New York and Vancouver — and taking significant profits in the process.

James Shepherd, head of APAC research at Cushman & Wakefield, says: “Is China pulling back? Not really. It’s not just a matter of capital controls — it’s a matter of debt: they’re selling up because they can’t refinance.”

CONFERENCES & EVENTS AT MIPIM Asia: investment in powerhouses and tiger cub economies Wednesday 11 March, 10.00-10.45, Indigo Room (Palais 3) Asian capitals & outbound investment Wednesday 11 March, 14.00-14.45, Indigo Room (Palais 3)

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REGIONS: MENA

The 438 ha Expo 2020 Dubai site

Great Expotations All eyes will be on Dubai this October as it stages Expo 2020.

Hopes are high that the world fair will shine a light on investment opportunities in the United Arab Emirates in particular and the Middle East and North Africa in general. Doug Morrison reports

L

IKE all world fairs, the significance of Expo 2020 Dubai is as much to do with legacy as the number of overseas visitors it attracts. The event, which opens its doors on October 20, is seen as a key part of the United Arab Emirates’ (UAE) diversification away from oil production towards a knowledge-based economy.

“Expo 2020 is very exciting for the market,” says Steven Morgan, Savills’ CEO Middle East.

“But what’s interesting is the legacy piece, and the team there has spent a lot of time working on that to make sure it’s not just

a flash in the pan.”

In real estate terms, there is already growing anticipation around the immediate effect on Dubai — and not just concerning the 438 ha Expo site.

“Expo 2020 is expected to have

a positive impact on sentiment and may result in increased activity, particularly in the hospitality and retail sectors in the short-to-medium term,” says Dana Salbak, research director at JLL MENA.

Dana Salbak:

JLL’s Dana Salbak

“Expo 2020 is expected to have a positive impact on sentiment and may result in increased activity, particularly in the hospitality and retail sectors”

MIPIM PREVIEW • 83 • February 2020

As a potential confidence booster, Expo 2020 is timely for the region as a whole. Salbak points to “subdued growth in investor and occupier demand” in 2019 due to various factors, including the uncertainty surrounding Brexit and the US-China trade war, volatility in oil prices and geopolitical tensions. Occupiers have been consolidating rather than expanding their operations, she says.

Real Capital Analytics (RCA), the property data firm, says investment volumes totalled €428m across MENA in the 11 months to November 2019.

Even though RCA only records transactions of more than $10m (€9m), its data suggests that the region is struggling to repeat former glories. The most recent market peak was 2014, when the full-year total was €4.2bn.

REGIONS: MENA “It’s clear that volumes have trended down and are well below their average in most markets and sectors, which is in sharp contrast to most of North America, Europe and Asia-Pacific,” says Tom Leahy, RCA’s senior director of EMEA analytics. “At the same time though, outbound capital from the region has started to pick up, which perhaps reflects a desire to move capital away from parts of the world where there is greater political instability to more developed markets.”

According to Salbak, another reason for the capital outflow has been a lack of high-quality investments in the region. However, she believes future supply offers good reason to be optimistic, noting that the Expo 2020 land is just one of several major sites across

the region where large-scale, mixed-use projects are planned or under construction. “Our view of the region remains positive in the medium-to-long term, as government efforts to promote key sectors and the supporting infrastructure remain strong,” she adds.

In fact, government support has reached unprecedented levels with Egypt’s new capital near Cairo and Neom in the Kingdom of Saudi Arabia, both of which are ‘mega-cities’ that are being built from scratch.

These projects may have made headlines around the world, but there is also widespread investment in more prosaic infrastructure, which is considered equally important.

“Rapidly changing demographics, particularly in Saudi Arabia,

are driving the need for improvements in connectivity through developing infrastructure,” Salbak says. “In Riyadh, for example, the anticipated Riyadh Metro is not only expected to facilitate movement and ease access across the city, but is also likely to tap into the country’s potential as a global transport hub, improving the competitiveness of its infrastructure and ultimately providing opportunities for private and foreign investors.”

Mike Moore, CEO of Cushman & Wakefield Saudi Arabia, sees the big Public Investment Fund projects and associated infrastructure — part of the so-called Saudi Vision 2030 investment programme — as a means of “building confidence” among overseas investors. He adds,

Expo 2020 Dubai runs from October 2020 to April 2021

MIPIM PREVIEW • 84 • February 2020

Cushman & Wakefield’s Mike Moore: “building confidence” among overseas investors

however, that there still seems to be “an air of wait and see.”

Moore says: “Given the immaturity of the facilities management and asset management industry in the Kingdom compared to some other parts of the GCC [Gulf Cooperation Council], all too often huge sums have been spent on developments with little or no thought as to their long-

REGIONS: MENA term asset value. Typically, the developer will pay for premium equipment and materials, only to have them badly installed or commissioned and ill maintained — even a Rolls Royce will fail with no maintenance.”

With regards to the Public Investment Fund schemes, he adds: “One assumes that the level of investment in these projects and the fact they are being driven from the very top down will force a sea-change in attitude towards asset management and maintaining asset value, and lead to a move away from the basic O&M [operations and maintenance] mentality that still very much exists in the Kingdom.”

What can be concluded with confidence is that the top-down investment in transport infrastructure is helping a burgeoning logistics sector across the region. Accord-

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Steven Morgan:

“The actual usage of online-driven retail, which is where the main growth from logistics is going to come, is quite small at the moment. The opportunity is there”

Savills Middle East’s Steven Morgan

ing to JLL, Middle Eastern investors spent more on logistics facilities (€284m) than shopping malls (€140m) in the first half of 2019.

As Salbak says, the big draw here is that logistics is “less impacted by cyclical market conditions than other types of real estate”, as well as “heavy” government investment in supporting infrastructure.

Savills’ Morgan goes further: “We’ve got some very good ports and airports, but the actual usage of online-driven retail — the saturation point — which

is where the main growth from logistics is going to come in the region, is quite small at the moment. Logistics has become a huge growth area throughout Europe, where many countries have decreasing and ageing populations. What’s particularly interesting in many parts of the world we operate in is that populations are increasing fairly significantly, and the demographics of those populations are 60%-70% under the age of 35. The opportunity is there.”

Morgan adds: “The driving sectors, almost without exception, in the region are tourism, educa-

tion and logistics, and we’ve seen them growing at various rates in various locations. As those markets mature and the quality of the assets being developed gets better and the cities mature, they’ll start to be on the radar for international investors.

CONFERENCES & EVENTS AT MIPIM Key success stories: a focus on MENA assets Thursday 12 March, 15:15-16:00, Indigo Room (Palais 3) Key success stories: a focus on African social housing Thursday 12 March, 16:30-17:15, Indigo Room (Palais 3)

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10-13 MARCH 2020 Palais des Festivals, Cannes, France

OPENING TIMES 10-12 March 9.00-19.00 13 March 9.00-15.00 Access from 8.30 for exhibitors

10 March: Welcome Reception 19.30, Carlton Hotel

REGISTRATION HOURS 8 March 14.00-19.00 9 March 9.00-19.00 10 March 8.00-20.00 11 March 8.30-19.00 12 March 9.00-19.00 13 March 9.00-13.00

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

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

Prepare your agenda and meetings ahead of time • Check out the programme of conferences and networking events.

• Log in to the Online Database and: – Fill out your profile and personalise your agenda.

– Browse participants and attending companies.

– Send one-to-one messages to other delegates and organise business meetings.

• Download the Mobile App* – Match participants to start networking and live chatting on site.

– Find your way during MIPIM by using the floorplan in the Mobile App. *available at the end of February

Your badge: your key to getting into MIPIM • You received your badge by post Don’t forget to bring it with you.

• You have your voucher Print it out or have it ready on your smartphone to collect your badge at a self-service delivery point at the airport, in the Grand Hyatt Martinez Hotel, The Carlton Hotel, the Majestic Hotel or at the Palais des Festivals. To retrieve your voucher, log in to your account at mipim.com or in the MIPIM Mobile App. • You have your registration confirmation email Pick up your badge in the registration area.

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

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

MIPIM Awards Ceremony Thursday, 12 March, 18.30 Grand Auditorium

Welcome Reception

MIPIM Awards 2020 Official Media Partner

Sponsored by:

Tuesday, 10 March, 19.30 Carlton Hotel Open to all

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

Sponsor of Best Healthcare Development

4 DAYS OF CONFERENCES & NETWORKING EVENTS

See the programme p.88 and plan your journey MIPIM PREVIEW • 86 • February 2020

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

your mipim experience

General map of MIPIM

C9

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

Croisette zone C9 -Catella France C10 - Bouygues Immobilier C11 - Moscow City Government C12 - Paris Region

C10

C14 - Istanbul Chamber of Commerce

C11

C15 - London Stand C16.A - Egyptian Pavilion C16.C - Scottish Government C12

C16.D - Midlands C16.E - UK Government C17.A - Manchester

C14

C19 - MIPIM Croisette Village C20 - Nakheel

Hospitality Lounge sponsored by:

C19 C19

C16.E

C16.D

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Connect with hospitality and property industry professionals in MIPIM’s dedicated Hospitality & Tourism area, identify new projects and hotel development opportunities.

C15

6

PALAIS -1 to 4

In Sa vest ud i

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Registration: - Visitors - 1st Timers - Protocol & Press Bag & Guide Collection

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

Network What rooms can you use for your meetings?

Visitors’ Lounge (Palais -1)

1st Timers HQ (Palais -1)

Press Club (Palais -1, Media Hub)

• Intended for participants without a stand

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

See you soon!

• Dedicated to journalists

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

See you in Cannes!

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

VIP Club (Palais 3, MIPIM Club) Sponsored by:

• Exclusive club, by invitation only • Includes refreshments and a dedicated staff

For further information: www.mipim.com

MIPIM PREVIEW • 87 • February 2020

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CONFERENCE & EVENT Global content sponsor

Healthcare global sponsor

Global conference & welcome reception sponsor

RE-Invest Platinum sponsor

Industry partner

Gold sponsor

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Lunch sponsor

RE-Allocate Platinum sponsor

Gold sponsor

Startup Competition Global RE & Tech Partner

Gold sponsor

Events’ sponsors Japan Breakfast Italian Lunch Health & the city Hospitality Summit

UK Breakfast Gend’Her Networking CEE Investment Summit Cannes first night out

Logistics morning

MIPIM Awards Official media partner

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SPONSORS Conferences’ sponsors

SNCF LOGO_SNCF_IMMOBILIER.ai DATE : 15/01/2015

CYAN

MAGENTA

JAUNE

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

www.mipim.com

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THE FUTURE IS

Human

By 2050, the world will have 9.7 billion inhabitants, of whom 70% will live in urban areas, according to the United Nations.

Cities are poles of business activity, employment, education and innovation; their role is crucial in promoting growth that is sustainable, economic and socially inclusive, as well as in surmounting environmental and social challenges.

The commitment of all users of cities w– reflecting the full range of society – is important in building a common purpose: to implement sustainable goals and to move towards an inclusive future. Local authorities, national and regional governments, and the private sector are an essential component in designing our cities.

However, people – humans – need to be at the heart of every strategy. Central to this is how cities respond to their citizens’ changing needs and the way people relate to each other.

Real estate stakeholders are increasingly incorporating the social dimension in their projects. This is to strengthen social interaction, build communities and a sense of belonging, as well as supporting an improved quality of urban living.

Learn more about MIPIM's theme by attending the conferences sessions

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FOCUS ON SPECIAL EVENTS THINKERS & LEADERS THE FUTURE IS HUMAN

NEW

INVEST IN TECH DAY

Come and hear from international Real Estate decision makers debating how human has to be at the center of their challenges.

Join us on Tuesday 10 March at 14.00 in the Grand Auditorium NEW

POLITICAL LEADERS SUMMIT The annual political rendez-vous in the real estate industry for political leaders. A debate led by EUROCITIES.

Join us on Tuesday 10 March at 15.30 in the Gare Maritime - Salon Marina

Stay ahead of the fast-evolving world of proptech and join us for the first edition of Invest in Tech day. This not-to-be-missed event offers a full day of networking and inspiration from global leaders as to how proptech brings innovation and efficiencies to their businesses.

The MIPIM PropTech Day focuses on: The market: different investment approaches for different markets.

The strategy: business success through the use of Investment in proptech.

The R&D and organization: how to develop a winning strategy.

Join us on Tuesday 10 March from 09.30 at the Carlton beach hotel

STARTUP COMPETITION

NEW

HOSPITALITY SUMMIT A closed door summit - by invitation - dedicated to the hospitality industry, meant to create an exclusive event for a high level networking and discussion.

You will encounter a mix of audience on each table to enable networking with several players.

It is a perfect opportunity to open the debate with your peers and industry experts to build the hospitality of tomorrow.

Join us on Thursday 12 March at 08.00 in the Martinez Hotel Salon Citrus NEW

WELLBEING PROGRAMME

Be inspired by the 6 most promising and innovative startups selected throughout our events in Paris, New-York, and HongKong SAR. Come hear their pitch and how they are tackling the world’s biggest real estate challenges and moving the real estate ecosystem forward.

Join us on Wednesday 11 March at 16.00 in the Grand Auditorium

PECHA KUCHA Presented in 20 images x 20 seconds, a format made famous by the informal, fun and creative PechaKucha Nights held in cities globally. Speakers share their vision and insight on "The future is human".

Join us on Thursday 12 March at 10.00 in the Grand Auditorium

SERVICES RELAX AND ENJOY

Nap cocoons

“FEEL GOOD”

EVENTS

& TALKS

Shoe polisher

DAILY “RENDEZ-VOUS”

Meditation classes in the Meditation room

CONFERENCES

Seated massages – all day long

Wellness talks programme

Fresh fruit juices Yoga sessions at the visitors’ lounge & outdoors

MEET & SHARE WITH WELLBEING EXPERTS!

Relaxation zone

Wellness as a priority for real estate

Outdoor activities

Multi-purpose areas with playground game

View the full programme on www.mipim.com

www.mipim.com

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SPEAKERS STEVE WOZNIAK TO GIVE KEYNOTE SPEECH AT

Mipim 2020

Keynote address by Steve Wozniak

Photo by Michael Bulbenko

Technology is no longer optional. It integrates real estate's entire value chain, including MIPIM 2020's focal point: humans. That's why we are proud to announce Apple Co-Founder & tech entrepreneur Steve Wozniak as our next edition's keynote.

POLITICAL LEADERS

We

Minna ARVE Mayor City of Turku

Cllr Thomas HUW Leader of Cardiff Council

Frank JENSEN Lord Major Copenhagen

Mihhail KÕLVART Mayor City of Tallinn

Jules PIPE Deputy Mayor Planning, Regeneration & Skills Greater London Authority

Dario NARDELLA Mayor Florence

Ricardo RIO Mayor City of Braga

Steve ROTHERAM Metro Mayor The Liverpool City Region

Anna KÖNIG JERLMYR Esther McVey Mayor Minister of State for Housing Stockholm Ministry of Housing, Communities and Local Government

Ullrich SIERAU Mayor City of Dortmund

Anni SINNEMÄKI Deputy Mayor City of Helsinki

INVESTORS

Andrew CREIGHTON Head of Direct Property – Europe, Aberdeen Standard Investments

Frederic DIB President MoZaïC Asset

Isabelle SCEMAMA Chief Executive Officer AXA IM - Real Assets

Lars SCHNIDRIG Chief Executive Officer CORESTATE Capital Holding S.A.

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Peter HAYE Global Head of Investment Research PGIM Real Estate

Gunnar HERM Clyde HOLLAND Head of Research CEO/Chairman & Strategy - Europe, Holland Partner Group Real Estate & Private Markets UBS Real Estate GmbH

Bill HUGHES Head of Real Assets LGIM

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ALREADY CONFIRMED

John ALEXANDER Chair of the Scottish Cities Alliance Scottish Cities Alliance

Anna Lisa BONI Secretary general Eurocities

Aaron BLOCK Co-Founder and Managing Director MetaProp

Faisal BUTT CEO & Founder Pi Labs

Arnaud COLLERY

Kris DAFF

Bernard DEVERT

Hala EL AKL Director PLP Architeture

Claire FLURIN Joanna FRANK Co-founder at Co-Liv President & CEO and R&D+Innovation The Center for Active Director at Keys AM Design

Gemma JOHN Director Human City

Steven KELLETT Sustainability Manager Argent LLP

Global Chief Happiness Managing Director Président-Fondateur and storytelling Officer, Make x Assemble HABITAT ET HUMANISME standupforpassion.com.

Wellbeing Programme ambassador

Olivier GAREIL Director Europe & Middle East Saint-Gobain SageGlass

Tommy LAI CEO General Hotel Management Ltd

Franck GERVAIS CEO Europe Accor

Guy GRAINGER EMEA Chief Executive JLL

Vera LUCAS QUINTELA Catherine McGUINNESS Chair of the Policy & Managing Director Resources Committee BETC City of London Corporation

Farshid MOUSSAVI Architect / Professor at Harvard University Graduate school of Design

Victor CARREAU Chantal CLAVIER Co-founder & CEO Partner, Head of Real Estate, Europe & Africa, CEO Comet Meetings & Board practice member Heidrick & Struggles

Andrew KERR Chief Executive City of Edinburgh Council

Thomas OETTERLI Dr Nobuhiro OKUNO Chairman, National Land Chief Executive Planning Council of Japan's Officer Schindler Group Ministry of Land, Infrastructure, Transport and Tourism

John PAGANO Craig PARKER Philippe PELLETIER President CEO Chief Operating Officer Seqens Solidarités The Red Sea Holland Partner Group and the Sustainable Development Company Building Plan

Xavier PERRIN Axel SCHOENERT Marco SIMONETTI Real Estate and Facility CEO - Architect DPLG Business Unit Director Portfolio Director Axel Schoenert Southern Europe Microsoft architectes SEGRO

Nick SMART Vice President Development - North and West Europe Hilton

Taku TANIKAWA Senior Manager Mitsubishi Estate Co., Ltd.

Alessandro SPARACO Director Threestones Capital Management SA

Joern STOBBE CEO Union Investment Real Estate GmbH

Nick WALKLEY Chief Executive Homes England

Colin WILSON Chief Executive Officer, EMEA Cushman & Wakefield www.mipim.com

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MONDAY & TUESDAY CLOSED-DOOR EVENTS

By invitation only

MONDAY 9 MARCH 18.00 | 22.30 Carlton Hotel Salon la cote

Platinum sponsor:

Industry Partner:

From 18.00 The MIPIM Club Cannes First Night Out

Gold sponsors:

Sponsored by:

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SPECIAL EVENTS TUESDAY 10 MARCH 14.00 | 15.00 Grand Auditorium Palais 1

Open to all

19.30 Carlton Hotel

Sponsored by:

The future is human

CONFERENCES TUESDAY 10 MARCH

11.00

11.00 | 12.00 Ruby Room Palais 5 From smart city to empathic city

Co-organised by :

15.00

15.00 | 15.45 Beige Room Palais 3 Investment trends in hospitality

15.00 | 15.45 Indigo Room Palais 3 Focus on UK: Housing options and innovations - How do we build and invest in what people need, want and can afford?

16.15 | 17.00 Beige Room Palais 3 Bringing emotion in the workplace

16.15 | 17.00 Indigo Room Palais 3 Focus on UK: The Post Brexit investment landscape and strategies What next for real estate?

15.30

16.00

16.30

16.15 | 17.00 Grand Auditorium Palais 1 Emerging trends in Real Estate Co-organised by :

17.00

Join us with fellow delegates to celebrate the start of MIPIM 2020 at the legendary MIPIM Welcome Reception - Carlton Hotel 17.30

Sponsored by:

10 MARCH 2020 - From 19.30

18.00 MAIN THEME

INVESTMENT

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HOSPITALITY

LOGISTICS

HEALTHCARE

LEISURE

WORLD TRENDS

INNOVATION & TECH

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9-10 MARCH

CLOSED-DOOR EVENTS TUESDAY 10 MARCH 08.00 | 12.30 Carlton Hotel Salon la cote

By invitation only

12.00 | 14.00 Carlton Hotel Le Grand Salon

14.30 | 16.00 Salon Croisette Palais 5 CEE Investment Summit Sponsored by:

Platinum sponsor:

15.30 | 18.00 Gare Maritime Salon Marina

Gold sponsors:

CMS_LawTax_CMYK_from101.eps

Industry Partner:

15.00 | 15.45 Coral Room Palais -1 Innovative materials, new uses

16.15 | 17.00 Coral Room Palais -1 Data collection for predictive improvement

The future of resilient & inclusive cities

15.00 | 15.45 Red Room Palais 3 How to adapt housing development in regards to demographics

16.15 | 17.00 Red Room Palais 3 Global innovations in affordable housing

16.00 | 18.00 Foyer Debussy Session by Barcelona Catalonia Sponsored by:

16.30 | 18.00 Verrière Grand Auditorium Palais 1 Silesia the place of the greatest opportunities.

Invest, work and live Sponsored by:

Programme as of 24 January 2020. Information contained in this programme may be subject to change.

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www.mipim.com

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JOIN US TO

WEDNESDAY 11 MARCH

THURSDAY 12 MARCH

WELCOME RECEPTION From 19.30, Carlton Hotel

MOSCOW TONIGHT JAZZ CONCERT From 19.00, Grand Auditorium

AWARDS CEREMONY From 18.30, Grand Auditorium

Sponsored by

In partnership with

Sponsored by

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

TUESDAY 10 MARCH

Please come join us! mipim.com

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TUESDAY 10 MARCH CONFERENCES 09.30

10.00

10.30

11.00

11.30

09.30 | 10.30 Carlton beach hotel Invest in Tech - Networking breakfast

FOCUS ON INVEST IN TECH DAY

Stay ahead of the fast-evolving world of proptech and join us for the first edition of Invest In Tech Day.

10.30 | 11.00 Carlton beach hotel Inspirational Opening Keynote

This not-to-be-missed event offers a full day of networking and inspiration from global leaders as to how proptech brings innovation and efficiencies to their businesses.

11.15 | 11.45 Carlton beach hotel Fireside talk: From 2019 to 2020: a year of tech investment

12.00

12.00 | 12.30 Carlton beach hotel Local trends, global game

12.30

12.30 | 13.45 Carlton beach hotel Invest in Tech - Networking lunch

Join us on Tuesday 10 March at the Carlton Beach Club!

13.00 13.30

14.00

13.45 | 14.30 Carlton beach hotel VC funding soars in the UK. What’s going on?

NEW INVEST IN TECH

14.30

15.00

14.45 | 15.15 Carlton beach hotel How to thrive in the era of VC?

10 March at the Carlton Beach Club

15.30

16.00

16.30

MAIN THEME

15.30 | 16.00 Carlton beach hotel Implementing two-way change management 16.15 | 16.45 Carlton beach hotel Fireside discussion: Proptech plus: the future lies in tech infrastructures INVESTMENT

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HOSPITALITY

LOGISTICS

HEALTHCARE

LEISURE

WORLD TRENDS

INNOVATION & TECH

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WEDNESDAY SPECIAL EVENTS 10.00 | 11.00 Grand Auditorium Palais 1 Keynote

Open to all

10.00 | 10.45 Verrière Californie Logistics morning Urban logistics: the new golden asset?

Sponsored by:

Steve Wozniak Co-Founder Apple

Co-organised by:

CONFERENCES 09.00

09.30

09.00 | 11.00 Gare Maritime Salon Harbour Session by Investment Briefings & Poland Today 09.30 | 11.00 Foyer Debussy Palais 3 Session by Global Business District Innovation Club

Sponsored by:

In partnership with:

Sponsored by:

10.00

10.30

11.00

11.30

11.15 | 12.00 Gare Maritime Salon Harbour Session by Poland Today

11.00 | 11.45 Beige Room Palais 3 Focus on serviced apartment

11.00 | 11.45 Indigo Room Palais 3 Asia: investment in powerhouses and tiger economies Sponsored by:

Followed by a cocktail Sponsored by:

12.00

11.30 | 12.30 Gare Maritime Salon Marina Session by Callison RKTL Sponsored by:

12.15 | 12.45 Beige Room Palais 3 Master Class: Wellbeing in real estate

12.30

12.15 | 13.00 Indigo Room Palais 3 Japan: long term investment value & super mega-region concept

13.00

MAIN THEME

INVESTMENT

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HOSPITALITY

LOGISTICS

HEALTHCARE

LEISURE

WORLD TRENDS

INNOVATION & TECH

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11 MARCH MORNING CLOSED-DOOR EVENTS 08.00 | 09.30 Verrière Grand Auditorium Palais 1

LEADERS’ BREAKFAST

08.15 | 10.15 Gare Maritime Salon Marina Health & the city: ageing the city

By invitation only 11.00 | 13.00 Verrière Californie Logistics morning Logistics workshop

12.30 | 13.45 Majestic Hotel

ASIA

LUNCH

Sponsored by:

Sponsored by: Co-organised by:

08.00 | 10.00 Majestic Hotel

JAPAN

08.30 | 10.30 Carlton Hotel

11.30 | 14.00 Majestic Hotel Salon Diane

BREAKFAST Sponsored by:

Sponsored by:

12.15 | 14.30 Verrière Grand Auditorium Italian Lunch

In partnership with :

Platinum sponsor:

Gold sponsor:

Sponsored by:

11.00 | 11.45 Coral Room Palais -1 Alternative mobility

11.00 | 11.45 Red Room Palais 3 Governance: a citizen’s experience of the city 11.30 | 12.30 Salon Croisette Palais 5 Session by Vilnius City

12.15 | 13.00 Coral Room Palais -1 Address climate change and environmental issues

12.00 | 13.30 Red Room Spanish Conference.

CITyZEN LIFE CYCLE: The Real Estate role, from student housing to senior living

Sponsored by:

Sponsored by:

Programme as of 24 January 2020. Information contained in this programme may be subject to change.

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WEDNESDAY SPECIAL EVENTS 16.00 | 17.30 Grand Auditorium Palais 1

Open to all 18.00 | 20.00 The MIPIM Club Young talent networking event Co-organised by:

Global RE & Tech partner: Global sponsor:

CONFERENCES 14.00

14.00 | 14.45 Red Room Palais 3 Solidarity city & responsible real estate

14.00 | 14.45 Beige Room Palais 3 Luxury and ultraluxury : development challenges

14.00 | 14.45 Indigo Room Palais 3 Asian capitals & outbound investment

15.15 | 16.00 Red Room Palais 3 Governance: Building resilient & inclusive cities

15.15 | 16.00 Beige Room Palais 3 How to build and develop a touristic destination

15.15 | 16.00 Indigo Room Palais 3 Developping city Sponsored by: attractiveness through leisure & entertainment

16.30 | 17.15 Red Room Palais 3 Sustainability Forum Resilient & liveable cities

16.30 | 17.15 Beige Room Palais 3 Innovation in hospitality

14.30

15.00

15.30

16.00

16.30

17.00

17.30

MAIN THEME

INVESTMENT

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HOSPITALITY

LOGISTICS

HEALTHCARE

LEISURE

WORLD TRENDS

INNOVATION & TECH

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11 MARCH AFTERNOON CLOSED-DOOR EVENTS

By invitation only

16.30 | 18.30 Gare Maritime Salon Marina

15.00 | 16.30 Salon Debussy Palais 3 Gend'Her Networking Event

Co-organised by:

Sponsored by:

17.30 | 19.30 Foyer Debussy Palais 3 The Nordic Investment Summit – Latest trends, opportunities, strategies and partnerships in Scandinavia, Finland and Iceland

14.00 | 14.45 Coral Room Palais -1 Case study by: 14.30 | 15.30 Gare Maritime Salon Harbour Session by Panattoni Followed by a cocktail

15.00 | 15.30 Coral Room Palais -1

Sponsored by:

Case study by : SNCF LOGO_SNCF_IMMOBILIER.ai DATE : 15/01/2015

CYAN

MAGENTA

JAUNE

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

16.00 | 16.30 Coral Room Palais -1 Case study

17.00 | 17.30 Coral Room Palais -1 Case study

Programme as of 24 January 2020. Information contained in this programme may be subject to change.

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THURSDAY SPECIAL EVENTS

Open to all

10.00 | 12.00 Grand Auditorium Palais 1

Sponsored by:

CONFERENCES 08.30

09.00

08.30 | 10.00 Foyer Debussy Palais 3 Session by Northern powerhouse Sponsored by:

09.30

10.00

10.00 | 10.45 Red Room Palais 3 Investment: investors views on addressing risks

10.30

Sponsored by:

10.00 | 10.45 Indigo Room Palais 3 Fundiscovered America: finding low risk, high returns in U.S. markets Sponsored by:

10.00 | 10.45 Beige Room Palais 3 New forms of hospitality: focus on co-living Co-organised by:

11.00

11.30

11.15 | 12.00 Red Room Palais 3 Investment: finding value in demographics

11.15 | 12.00 Beige Room Palais 3 New forms of hospitality: focus on co-working

Sponsored by:

12.00

12.30

12.30 | 13.00 Red Room Palais 3 Master Class

12.30 | 13.00 Indigo Room Palais 3 Master Class - Designing for the future: a method delivering social value

12.15 | 13.00 Beige Room Palais 3 How hotels are integrating mixed use buildings

13.00

MAIN THEME

INVESTMENT

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HOSPITALITY

LOGISTICS

HEALTHCARE

LEISURE

WORLD TRENDS

INNOVATION & TECH

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12 MARCH MORNING CLOSED-DOOR EVENTS 08.00 | 12.30 Martinez Hotel Salon Citrus II Hospitality Summit

08.30 | 10.00 Salon Croisette Palais 5 US breakfast

By invitation only 12.30 | 14.00 Majestic Hotel Hospitality & tourism lunch

Sponsored by:

10.00 | 10.45 Coral Room Palais -1 The state of socially responsible investing

11.15 | 12.00 Coral Room Palais -1 The ideal urban tech environment

11.00 | 13.00 Verrière Californie Palais 5 Session by SNCF Immobilier

10.30 | 12.30 Gare Maritime Salon Harbour Session by Investment Briefings

Sponsored by:

Sponsored by: SNCF LOGO_SNCF_IMMOBILIER.ai DATE : 15/01/2015

CYAN

MAGENTA

JAUNE

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

Programme as of 24 January 2020. Information contained in this programme may be subject to change.

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THURSDAY SPECIAL EVENTS 18.30 | 19.30 Grand Auditorium Palais 1

Open to all

19.30 | 00.00 Verrière Grand Auditorium Palais 1 Awards Ceremony Networking Event

CONFERENCES 14.00

14.30

14.00 | 14.45 Red Room Palais 3 Olympic infrastructure: thinking a step ahead for a better urban living

14.00 | 14.45 Beige Room Palais 3 Buildings that take care of human

14.00 | 14.45 Indigo Room Palais 3 The role of Real Estate in improving health

Sponsored by:

Sponsored by:

15.15 | 16.00 Red Room Palais 3 People centric sustainable approach

15.15 | 16.00 Beige Room Palais 3 Hotels changing the face of cities through experience

15.15 | 16.00 Indigo Room Palais 3 Key success stories: a focus on MENA ‘quality of living’ standards

15.00

15.30

Sponsored by:

16.00

16.30

17.00

16.30 | 17.15 Red Room Palais 3 Climate emergency: time for radical change

16.30 | 17.15 Indigo Room Palais 3 Key success stories: a focus on African social housing

16.30 | 17.15 Beige Room Palais 3 Focus on hospitality

Co-organised by:

17.30

FRIDAY 13 MARCH

MAIN THEME

INVESTMENT

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HOSPITALITY

LOGISTICS

HEALTHCARE

10.00 | 11.00 Coral Room Palais -1 Closing remarks

LEISURE

WORLD TRENDS

INNOVATION & TECH

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12 MARCH AFTERNOON Attend the

30 edition th

of the MIPIM Awards Ceremony

Followed by a cocktail reception Open to all participants

Official Media Partners:

THURSDAY 12 MARCH, 18.30 GRAND AUDITORIUM, PALAIS 1

Don’t forget to vote onsite for your favourite project!

Awards Gallery, Palais -1, until Thursday 12 March, noon

14.00 | 14.30 Coral Room Palais -1 Case study

15.00 | 15.30 Coral Room Palais -1 Case study

16.00 | 16.30 Coral Room Palais -1 Case study

16.00 | 17.30 Salon Croisette Palais 5 Investment opportunities through public- private partnerships in the new ISLAND OF BILBAO Sponsored by:

17.00 | 17.30 Coral Room Palais -1 Case study

Programme as of 24 January 2020. Information contained in this programme may be subject to change.

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www.mipim.com

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Up to 10% discount for visitors and exhibitors Call +33 (00)1 44 38 55 55 and state the PROMOTION CODE 9963828

AWARDS

The JURY Chairman of the jury Méka BRUNEL Gecina CEO France

Kai-Uwe BERGMANN BjarkeIngelsGroup Partner Denmark

Hala EL AKL

PLP Architecture Director UK

Serge FAUTRE AG Real Estate CEO Belgium

Paolo GENCARELLI

Poste Italiane Head of Real Estate and Procurement Italy

Marco HEKMAN

CBRE Managing Director Continental Europe The Netherlands

Aqil KAZIM

NAKHEEL Chief Commercial Officer United Arab Emirates

MIPIM Awards 2020 Shortlists unveiled for 2020 MIPIM Awards

T

he entries are in, the jury deliberation is complete, and now it is over to the MIPIM delegates to choose the top projects from the real estate world of 2020.

From a large bag of entries, the MIPIM Awards jury, chaired by Gecina CEO Méka Brunel, have drawn up a shortlist of four projects in each of 11 categories:

• Best Cultural & Sports Infrastructure • Best Healthcare Development • Best Hotel & Tourism Resort • Best Industrial & Logistics Development • Best Mixed-use development • Best Office & Business Development

• Best Refurbished Building • Best Residential Development • Best Urban Project • Best Futura Project • Best Futura Mega Project

The winners will be selected on a 50:50 basis, with delegates’ votes cast on-site during MIPIM 2020 carrying equal weight with the jury’s own votes. In addition, the jury of real estate experts from around the world have the right to award one additional prize – the ‘Special Jury Award’, which goes to their favourite project amongst all the entries they considered.

Be sure to visit the Awards Gallery, in the Palais des Festivals, between 9am on Tuesday 10 March and 12pm on Thursday 12 March to view the shortlisted entries in more detail and to cast your vote.

Don’t forget to put a note in your diary for the awards ceremony at 6.30pm on Thursday 12 March in the Grand Auditorium.

Official Media Partners

Frank KHOO

City Developments Limited Group Chief Investment Officer Singapore

Sergey KUZNETSOV Moscow City Chief Architect Russia

Thierry LAROUE-PONT BNP Paribas Real Estate CEO France

Timothy NEAL RICS President UK

MIPIM PREVIEW • 107 • February 2020

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AWARDS

Best Cultural & Sports Infrastructure

agenda

MIPIM AWARDS ONSITE VOTE Tuesday 10 March (9am) to Thursday 12 March (12pm) AWARDS GALLERY, PALAIS -1

Guardian Art Center

MIPIM AWARDS CEREMONY

Beijing, China

Thursday 12 March, 6.30pm

Developer: China Guardian Auction (Beijing Huangdu Property Development Company Ltd.) Architect: Büro Ole Scheeren

GRAND AUDITORIUM, PALAIS 1 Followed by a celebration cocktail

Irina Viner-Usmanova Rhythmic Gymnastics Palace

Moscow, Russia Developer: USM Development Architect: TPO Pride

Metz Congress Robert Schuman Metz, France Developer: Metz Métropole Moselle Congrès (M3Congrès) Architect: Wilmotte & Associés Other: Eiffage group (construction, site

management, maintenance), Artelia (structure, façade, high environmental quality engineers), Quadriplus (building services engineer), Scène (scenographer), Peutz & Associés (acoustics engineer), Neveux-Rouyer (landscape architect), ENT Design (signage), GL Events (manager of the congress center)

Tottenham Hotspur Stadium London, UK Developer: Tottenham Hotspur Football & Athletic Co. Ltd. Architect: Populous

MIPIM PREVIEW • 109 • February 2020

AWARDS

Best Healthcare Development

Best Hotel & Tourism Resort

Sponsored by

Biomedicum Stockholm, Sweden Developer: Akademiska Hus (client), Karolinska Institutet (tenant) Architect: C.F. Møller Architects Other: Skanska, Nyréns Arkitektkontor, Landskapslaget, Tyréns, Helenius Ingenjörsbyrå, WSP Sverige, Team TSP, Bk beräkningskonsulter, Svensk Låsprojektering, Brandskyddslaget, Hedström & Taube Installationsledning, CondoConsult

CHIREC Delta General Hospital Brussels, Belgium Developer: Centre Hospitalier Interregional Edith Cavell (CHIREC) Architect: ASSAR Architects

Jo&Joe Paris Gentilly Street Art Inside Gentilly, France Developer: AccorInvest Architect: Jean-Paul Viguier & Associés Other: Lee Penson (Interior Design), Demathieu et Bard (General contractor), Bangui (Group Finishing), Neutrino (Convergence Network)

Radisson Collection Tsinandali Hotel Tsinandali, Georgia Developer: Silk Road Group Architect: Septiembre Arquitectura, John Fotiadis Other: Ingo Maurer, Tamara Kvesitadze

Red Cross Care Hotel Zuienkerke, Belgium

Kommunarka hospital Moscow, Russia Developer: Monarh Company Architect: TPO Reserve Company

Developer: Red Cross Flanders Architect: POLO Architects Other: LAND Landschapsarchitecten (landscape architecture), Boydens Engineering (technical engineer), Planet Engineering (structural engineer)

TWA Hotel Viborg A&E unit Viborg, Denmark Developer: Central Region Denmark Architect: AART Architects, Sweco Architects Other: WSP, AFRY

MIPIM PREVIEW • 110 • February 2020

New York, USA Developer: MCR/MORSE Development Architect: Beyer Blinder Belle Architects and Planners, LLP, LUBRANO CIAVARRA Architects Other: Stonehill Taylor (interior design for hotel rooms and select public areas), INC Architecture & Design (event space interior design)

AWARDS

Best Industrial & Logistics Development

Best Mixed-use Development

Hong Kong-Zhuhai-Macao Bridge Hong Kong Port Passenger Clearance Building Hong Kong, China Developer: Highways Department of the Hong Kong Special Administration Region Architect: Aedas and Rogers Stirk Harbour + Partners (Joint Venture Designer) Other: AECOM as Lead Consultant and Engineer

Funan Singapore Developer: CapitaLand Architect: Woods Bagot

Køge Nord Station Køge, Denmark Developer: Banedanmark, Køge Municipality, DSB (Danish State Railways) Architect: Cobe and Dissing+Weitling Other: COWI and Bladt Industries

Îlot Balmoral Montréal, Canada Developer: Société d’Habitation et de Développement de Montréal Architect: Provencher Roy

MIN de Nantes (New national wholesale market) Nantes, France Developer: Nantes Métropole / Loire Océan Métropole Aménagement Architect: EGA Erik Giudice Architecture Other: OTE INGENIERIE (Structural Engineers,

Quantity Surveyor, Cost Consultant, Acoustic Engineers), OTELIO (Environmental, M&E Engineers), EXIT PAYSAGISTES (Landscape Architects), SOCOTEC (Technical controller), ATELIER 59 (Signage consultant), BEGC (Kitchen Consultant), SEFIAL PROCESS (Agri-food expert)

Simons’ multiservice order processing centre Québec, Canada Developer: La Maison Simons Architect: GKC Architectes Other: Reliance Construction Group

MIPIM PREVIEW • 111 • February 2020

MahaNakhon Bangkok, Thailand Developer: PACE Development

Co., Ltd. Architect: Büro Ole Scheeren

MONOPOLIS Lodz, Poland Developer: Virako Sp. z o.o.

Architect: Rafał Grzelewski (Head Architect), Grupa 5 Architekci Sp. z o.o., Konrad Krusiewicz, The Design Group (Offices Architects) Other: Jones Lang LaSalle

AWARDS

Best Office & Business Development

Best Refurbished Building

Closed-Loop Building at World Heritage Site Zollverein

Diamond Exchange, Capital C Amsterdam

Essen, Germany

Developer: Zadelhoff B.V. and Sijthoff Media Architect: Braaksma & Roos Architectenbureau (restauration details), Heyligers design + projects and Müller & van Tol (interior) Other: Van Milt Restaurateurs, Pieters Bouwtechniek, DCV Bouw, Octatube, Peak Development,Endebrug, De Jong

Developer: KÖLBL KRUSE, RAG Montan Immobilien Architect: kadawittfeldarchitektur Other: RAG-Stiftung (Client), GREENBOX Landschaftsarchitekten (Landscape architect), DS-Plan Ingenieurgesellschaft für ganzheitliche Bauberatung und Generalfachplanung (General consultants and energy concept), DS-Plan Ingenieurgesellschaft für ganzheitliche Bauberatung und Generalfachplanung + kadawittfeldconsult (advice on DGNB and C2C), kadawittfeldconsult (Interior designer)

Amsterdam, The Netherlands

Hôtel Lutetia Elektrownia Powiśle Office Warsaw, Poland Developer: White Star Real Estate Architect: APA Wojciechowski Other: Tristan Capital Partners (Investors)

Grand Central Saint Lazare Paris, France

Paris, France Developer: The Set Hotels Architect: Wilmotte & Associés Other: Mace Projects (client’s assistant), Perrot & Richard (Historic Monuments Architect), C&E Ingénierie (structural engineer), Barbanel (building services engineer), Mem-Gimel (acoustic engineer), Wilmotte & Industries (furniture designer)

Le Grand Marché de Québec Québec, Canada

Developer: The Carlyle Group Architect: Ferrier Marchetti Studio

Developer: Ville de Québec Architect: Bisson Associés + Atelier Pierre Thibault

Olympic House

The Cosmopolitan

Lausanne, Switzerland

Brussels, Belgium

Developer: International Olympic Committee Architect: 3XN Architects Other: Itten+Brechbühl

Developer: Besix Real Estate Development (BESIX RED) Architect: Bogdan & Van Broeck Other: VANHOUT nv (BESIX Group)

MIPIM PREVIEW • 112 • February 2020

AWARDS

Best Residential Development

Best Urban Project

Manhattan Loft Gardens The Stratford London, UK Developer: Manhattan Loft Corporation Architect: Skidmore, Owings & Merrill LLP

Oriental Villa Hangzhou, China Developer: Sunac Architect: GOA

Granary Island Gdańsk, Poland Developer: IMMOBEL Group Architect: RKW Architektur + Kwadrat Studio Architektoniczne (Phase1), Mąka Sojka Architekci (Phase2) Other: Multibud (co-developer), UBM (hotel investor)

La Cité Fertile by SNCF Immobilier and Sinny&Ooko Pantin, France Developer: Sinny&Ookoo Architect: Sinny&Ookoo

Moscow river waterfront redevelopment Residenza Ra Curta Montagnola, Switzerland Developer: Arch SA Architect: Arch SA

Moscow, Russia Developer: Government of the city of Moscow, Committee for Architecture and Urban Planning of Moscow, Construction Department of Moscow Architect: State Research and Design Institute for Urban Development of the City of Moscow, Department of capital repairs of the city of Moscow, Architect bureau Wowhaus, LLC “Meganom”

Tivoli GreenCity Brussels, Belgium

WAVE waterside living berlin Berlin, Germany Developer: Bauwerk Capital GmbH & Co. KG Architect: GRAFT

MIPIM PREVIEW • 113 • February 2020

Developer: citydev.brussels (contracting authority), BAM Contractors (economic part: greenbizz.brussels), PARBAM – an association of Pargesy & Kairos (residential part), Entreprise M & M Sitty (Tivoli 10) Architect: BEAI - Bureau d’Engineering et d’Architecture Industrielle (Tivoli 10), architectesassoc. (economic part : greenbizz.brussels), ADRIANA - an association of 4 architecture firms CERAU, ATELIER 55, ATLANTE, YY ARCHITECTURE and landscape architect EOLE (residential part), époc architecture (co-housing) Other: Public partners of greenbizz.brussels : hub. brussels, Bruxelles Environnement, innoviris.brussels, BBRI - Belgian Building Research Institute ; Public partners for the residential part : slrb-bghm.brussels, City of Brussels

AWARDS

Best Futura Mega Project Best Futura Project Badaevskiy Brewery Moscow, Russia Developer: Capital Group Architect: Herzog & de Meuron Other: APEX (project bureau)

Changing cities into forests W350 project for a sustainable future Tokyo, Japan

Inventing the Greater Paris

Developer: Sumitomo Forestry Co., Ltd. Architect: Sumitomo Forestry Co., Ltd. & Nikken Sekkei Ltd.

Metropolis

The Greater Paris Metropolis, France

l1ve

Paris, France

Liangjiang Innovation Zone

Developer: Gecina Architect: Baumschlager Eberle Other: Hines (Project Manager)

Chongqing, China Developer: Chongqing Liangjiang New Area Development & Investment Group Co. Ltd. Architect: Chapman Taylor

The Hellinikon Project Athens, Greece Developer: Lamda Development S.A Architect: Foster + Partners (Master Planner)

The renovation program for Moscow’s residential buildings Moscow, Russia Developer: The government of Moscow Architect: The Committee for Architectural and Urban Planning of Moscow Other: Department of urban policy of Moscow, Construction Department of Moscow

MIPIM PREVIEW • 114 • February 2020

Valley Amsterdam, The Netherlands Developer: EDGE Architect: MVRDV Other: Piet Oudolf

Vitae Milan, Italy Developer: Covivio Architect: CRA - Carlo Ratti Associati

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real estate isn't a big thing, but

a million

little things HAPPY MIPIM 2020 | Luxembourg Pavilion Riviera Level 1 BOOTH R8.D14

www.luxembourgcapital.lu