MIPIM 2021 ONE BOOK

September Edition • www.mipim.com 7–8 September 2021 008_ROMA_OB_PIM SE

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One BOOK

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Piccard calls for green transformation

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Real estate reinvented for a new world

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One BOOK

September Edition • www.mipim.com 7–8 September 2021

MIPIM ONE BOOK

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ELCOME to the MIPIM ONE BOOK, your onestop magazine covering the key challenges and opportunities facing the international real estate industry.

The MIPIM and Propel teams are thrilled to welcome the global property industry back to the first major face-to-face business event since the pandemic erupted on the world.

We want to thank everyone who has supported MIPIM during the exceptional challenges the world has faced.

We hope that delegates in Cannes have a memorable experience and those who are unable to attend, but who will interact online using the MIPIM World 365 platform, also have fruitful business discussions. And a special mention goes to our stellar and diverse roster of speakers who have made themselves available.

The central theme of this MIPIM September Edition is ‘New World : New Era, Time to Reconnect.’ In this magazine and throughout the conference programme, we’re taking a look at how the real estate community, alongside urban administrators, will design the future built environment.

From a ‘People’ perspective, this will involve workplaces adapting to the new norms of a post-pandemic world.

It will mean cities responding to a workforce whose aspirations include reduced commuting, hybrid working and a healthier lifestyle.

Then there is the ‘Planet.’ The need for real action to combat climate change is increasingly evident and real estate companies will have their part to play in finding durable solutions. Finally we’ll focus on ‘Performance’ as property companies adapt to attract a more diverse and

Ronan VASPART Head of MIPIM Markets

Nicolas KOZUBEK Propel by MIPIM Director

representative workforce and performance measures evolve beyond simple financial returns.

Since 1990, MIPIM has showcased many of the world’s standout building projects and here in Cannes, we will once again host the MIPIM Awards. Good luck to our finalists and thanks to everyone who entered the competition.

We are also celebrating the future with the ‘Propel by MIPIM Startup Competition.’ This brings together regional tech startups involved in real estate who won heats at MIPIM events in Paris, Hong Kong and New York. Indeed, Propel by MIPIM (Europe) has moved from Paris to the Cote d’Azur and it will be a big part of your experience in Cannes and online, showcasing amazing startup companies and offering a rich programme of conferences.

We hope you find this magazine a stimulating read and wish you an excellent stay in Cannes for the MIPIM September Edition.

DIRECTOR OF PUBLICATIONS Michel Filzi EDITORIAL DEPARTMENT: Editor in Chief Graham Parker Sub Editor Joanna Stephens Proof reader Debbie Lincoln Contributors Chris Bown, Adam Branson, Ben Cooper, Mark Faithfull, Isobel Lee, Liz Morrel, Doug Morrison, Gina Power, 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 Amrane Lamiri Printer Riccobono Imprimeurs, Le Muy (France).

RX France, a French joint stock company with a capital of 90,000,000 euros, having its registered offices at 52 Quai de Dion Bouton 92800 Puteaux, France, registered with the Nanterre Trade and Companies Register under n°410 219 364 - VAT number: FR92 410 219 364. Contents © 2021, RX France Market Publications.Printed on PEFC certified paper.

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The essential tool to extend, augment & improve your business online all year long

CONTENTS 6 | NEWS

41 | MARKETS

Piccard calls for green transformation; UK launches new Office for Investment; Mayor Raggi unveils Smart City vision for Rome

After a turbulent year investors and occupiers are again looking to move forward. Who are the winners and losers in the new paradigm?

41 | UK BAROMETER

46 | FRANCE IN FOCUS

52 | GERMANY IN THE SPOTLIGHT

58 | SPECIALIST HOUSING

63 | HOTELS, TOURISM AND LEISURE

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69 | LOGISTICS

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NEW WORLD NEW ERA, TIME TO RECONNECT

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As the real estate industry plots a course towards a post-COVID world, MIPIM September Edition highlights the key challenges facing the sector. Managing the move to net zero carbon and embracing social change mean rethinking the way the property does business. How will this be achieved in practice?

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MIPIM SEPTEMBER EDITION PRACTICAL GUIDE

18 | THE WORKPLACE 21 | PEOPLE 29 | CLIMATE CHANGE 34 | DIVERSITY IN REAL ESTATE 37 | REGULATION

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84 | YOUR MIPIM EXPERIENCE

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

91 | AWARDS FINALISTS The 2021 MIPIM Awards once again recognise the brightest and the best in the world of real estate. Take your pick of the shortlisted entrants and don’t forget to vote.

105 | CONFERENCES & EVENTS PROGRAMME

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news NEW LEASE OF LIFE FOR WARSAW’S WIDOK TOWERS WARSAW’s Municipal Office has leased 12,000 sq m in the recently completed Widok Towers office building in the Polish capital. The Technical City Hall will occupy 10 of the 28 storeys in the high-rise complex, which was developed

by Austria’s S+B Gruppe and has been owned by Commerz Real’s hausInvest fund since 2014.

The 95-metre-high complex, which is located directly opposite Centrum metro station, provides 28,900 sq m of offices, 3,600 sq m of retail and catering, and 1,800 sq m of storage space. It also offers 130 parking spaces, a large number of cycle stands, changing rooms, lockers and showers. The building is targeting LEED Platinum accreditation and a WELL Health-Safety Rating.

“This lease agreement underlines the significance of Widok Towers as an outstanding landmark building in the heart of the Polish capital,” said hausInvest fund manager Mario Schuttauf.

France turns to timber to create ‘environmentally virtuous’ homes GECINA and Woodeum have formed a partnership to develop 1,000 low-carbon, timber-frame housing units across Paris and the major cities of France over the next four years.

Woodeum, owned jointly by WO2 Holding and the Altarea Group, is a pioneer of timber construction in France. It already has more than 1,700 housing units under way or completed, with another 4,800 in the pipeline. Gecina, meanwhile, has been implementing a strategy since 2017 to create value within its residential portfolio of 6,000 apartments. The new partnership aims to offer healthier, more environmentally responsible housing units with a real architectural signature and comfort levels that exceed the highest regulatory standards.

On completion, the homes developed by the joint venture will be acquired by Gecina’s residential subsidiary, which is now called Homya, and let under Gecina’s YouFirst residence brand.

Gecina CEO Meka Brunel said: “This new partnership with Woodeum confirms Gecina’s commitment to responding to the aspirations of middle-class households to live in environmentally virtuous homes, close to their workplace and with all the facilities needed for a sustainable and balanced lifestyle.”

Philippe Zivkovic, Woodeum-WO2 Group co-founder and chairman, added: “With French

Woodeum-WO2 Group’s Philippe Zivkovic: “guided by a commitment to high quality” environmental regulation RE2020 starting to be rolled out, and faced with the climate emergency, this partnership will enable Woodeum to ramp up its production of low-carbon timber buildings nationwide, guided by a shared commitment to create high architectural quality buildings [that] offer a unique quality of life to their future residents.”

Printzipal rethinks the workspace ICN HAS launched its Printzipal office development in the rapidly changing Cloche d’Or district of Luxembourg City. Scheduled to be delivered in spring 2023, Printzipal is currently being marketed by Inowai.

The developer says that Printzipal has been designed to welcome people back to the office and provide its occupants with a unique working experience. The new office building includes a fully equipped workout room, an auditorium space, a coffee corner, a ‘work garden’ and a panoramic rooftop.

“Our experience with homeworking over the past 18 months will lead to a reduction in the quantity of space companies occupy,” said Chris Lee, ICN’s head of projects, Luxembourg. “But the quality of workspaces is changing too, as we recognise that companies will focus on buildings that offer shared spaces for new forms of individual and collaborative working, for a change of scene [and] for socialising. These two trends are brought together in our Printzipal concept.”

ICN’s Printzipal: designed for “new forms of individual and collaborative working”

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news THE NEXT PEARL OF THE ADRIATIC?

Panattoni launches in Hungary with two projects in Budapest EUROPE’s largest industrial developer, Panattoni, has announced the opening of an office in Hungary — its ninth market in Europe and North America — and has already secured two projects in Budapest.

The developer already operates in the US, Canada, Germany, the UK, the Netherlands, Czech Republic, Poland and Spain. “Our clients are companies that operate in many European markets. We want to give them the best possible conditions for functioning in each of these

Panattoni’s Robert Dobrzycki: “The pandemic has had little impact on the Hungarian warehouse sector”

Sveti Marko is earmarked for development as a luxury resort

MONTENEGRO is promoting the island of Sveti Marko in Tivat Bay as a new destination for luxury tourism. Clad in olive and cypress trees, the island is already one of the most popular adventure-tourism destinations in Montenegro.

A masterplan has been drawn up for up to 80 000 sq m of sympathetic development, led by a 20,000 sq m six-star hotel, spa and casino. The hotel, occupying the central part of the island, will have capacity for 60 luxury rooms and suites.

Another 44,000 sq m has been allocated to 74 villas of various sizes, from 345 sq m to 925 sq m, located in the natural forests at the eastern and western parts of the island. In addition, 12,000 sq m has been earmarked for 100 bungalows, ranging in size from 100 sq m to 145 sq m.

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markets, providing them with the highest class warehouse and production space,” said Robert Dobrzycki, Panattoni’s CEO Europe.

Dobrzycki pointed out that the Hungarian market has proved its resilience over the last 18 months. “As with other countries in the region, the pandemic has had little impact on the Hungarian warehouse and industrial real estate sector. The country is also set to benefit from new trends that were strongly evident last year, including the growth of e-commerce,” he said.

Panattoni’s new Hungarian business will be headed by Laszlo Kemenes, formerly country manager at Prologis. Highlighting the potential of the Budapest warehouse market, Kemenes observed that, out of a stock of 2.35 million sq m, only 183,000 sq m of new space is under construction, despite cumulative demand for 460,000 sq m of warehousing.

Riga sets cap at foreign investors

Riga: the CEE’s Most Dynamically Developing City of the Year HAILED as one of the most business-friendly locations in the CEE region, the Riga Municipality is stepping up the support it provides to foreign companies that relocate to the Latvian capital, according to the Riga Investment and Tourism Agency (RITA).

In March this year, the government initiated a ‘green lane’ for priority investment projects.

And at the beginning of May, Riga City Council entered into an agreement with the TechHub Riga Foundation to co-finance a range of startup ecosystem activities, including support for foreign companies.

The 2021 CEE Business Services Awards saw Riga crowned The Most Dynamically Develop-

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ing City of the Year, reflecting its activities in attracting investments and improving its business environment. “In the long term, this will lead to more events to be proud of, as well as a significant contribution to the economy of Latvia and Riga,” said Rolands Bogdanovs, acting director of RITA. Already SwissCom, Switzerland’s leading telecommunications provider, has opened its second European DevOps centre, employing 200 highly qualified IT specialists, in Riga’s Z-Towers office building. In addition, German IT company q.beyond has set up a business unit focusing on the retail, manufacturing and energy sectors, while international airline Norwegian has established an international service centre in the city.

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KII IS AN EXCLUSIVE, CLIMATE-FRIENDLY AND SUSTAINABLE COMMERCIAL AND OFFICE BUILDING ENSEMBLE

Europe’s largest green façade — an exemplary reply by cities to climate change

© HGEsch Photography

VOTE FOR KII Category: Best mixed used

The future-oriented architecture of the KII not only shapes the new Düsseldorf city centre it uniquely reinterprets modern, mixed-use commercial buildings.

The green façade of KII with an eight-kilometre long hornbeam hedge is an excellent contribution to environmental and climate protection and expression of the entire ensemble’s sustainability.

The hedge serves as permanent heat buffer and natural air conditioning. The 30,000 hornbeam plants function as an inner-city energy transformer, 40 per cent of the energy absorbed is converted into water vapour, leading to an ambient cooling effect. The plants absorb fine dust and CO2 and produce oxygen. The ecological benefit corresponds to that of 80 deciduous trees.

news REDEVCO LETS THE SUNSHINE IN AS PART of its mission to become carbon neutral by 2040, Redevco is accelerating Project Solar, its drive to install solar PV panels on all its retail properties in Belgium. By the end of this year, 28,000 solar panels will have been installed to supply green power to local tenants.

To reach this ambitious target, the first successful partnerships with Auto 5, Brico, C&A, Carrefour and Krefel have already been established. Redevco’s aim is to give all tenants the chance to join Project Solar over time.

Redevco Belgium managing director Kristof Restiau said: “By the end of this year, we expect to have 40 installations operational with a total capacity of around 10MW — or enough electricity for 2,500 households — which will save 2,700 tons of CO2 per year.”

Redevco Belgium: 28,000 solar panels installed this year

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UK’s new Office for Investment targets high-value opportunities POST-Brexit, the UK government has restructured its approach to attracting foreign investment, in the form of the newly established Office for Investment. The new strategy will target high-value investment opportunities in the UK that align with key government priorities, such as reaching net zero, investment in infrastructure and advancing research and development.

The Office for Investment will look to resolve potential barriers to landing these ‘top tier’ investments, including regulatory constraints and planning issues. To achieve this, a highly experienced team drawn from both public and private sectors has been put in place, headed by minister for investment Gerry Grimstone, working in close partnership with the prime minister and chancellor of the exchequer.

Grimstone said: “If we are to build back better from this pandemic, we need to refocus and re-double our efforts to attract foreign investment, which will increase productivity, econom-

ic growth across the country, boost our exports and better our research and development environment. We must sharpen our priorities and transform our investment offer accordingly to meet the demands of a changing global economic outlook — whether that be in greener or increased digitally-led opportunities. The Office for Investment will make it easier for international investors by bringing the very best of the UK directly to them.”

Gerry Grimstone: redoubling “efforts to attract foreign investment”

The Dutch make a mint — literally WILMA Wastiau architects has completed the new production facility for the Royal Dutch Mint in Houten, providing 10,000 sq m of production and warehouse space and 3,000 sq m of offices on a 2 ha site.

The building hosts the minting and storage of coins for a number of countries in a streamlined production process. The offices are situated on the first floor around an elevated interior courtyard, which provides the work floor with an abundance of natural daylight.

Security demands that the vault is a con-

crete bunker of a building. But because the Royal Dutch Mint is located in the urban core of Houten, Wilma Wastiau’s challenge was to design a facade that contributed to the neighbourhood. Deciding to use the multifaceted production process of coins as inspiration, the design team opted for industrial steel cladding with a bespoke gold coating. The cladding panels were fastened to the facade in a three-dimensional pattern, giving the effect of intricate facets of colour and light, similar to the details of a coin.

The Royal Dutch Mint in Houten: intricate facets of colour and light

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industrial, but creative AF*

*as funk!

SPEAKER PROFILE

‘Clean technologies are much more than ecological — they are logical’ Bertrand Piccard — keynote speaker at the MIPIM September Edition — combines his expertise as doctor and explorer to spread his message that sustainability is not incompatible with economic prosperity IT IS in Bertrand Piccard’s DNA to go beyond the obvious and achieve the impossible.

From a lineage of legendary Swiss explorers, who conquered both the stratosphere and the ocean abysses, he made history by achieving two aeronautical firsts — flying around the world non-stop in a balloon and then repeating the feat in Solar Impulse, his solar-powered plane.

A pioneer in considering ecology through the lens of profitability, Piccard began working in the early 2000s to promote renewable energies and clean technologies. Solar Impulse was born to carry this message around the world.

His dual identity as a psychiatrist and explorer makes him an influential voice that is heard by the largest institutions, which con-

sider him to be a forward-thinking leader on the themes of innovation and sustainability.

Founder and chairman of the Solar Impulse Foundation, Piccard has worked with his team to devise 1,000 solutions for protecting the environment in a profitable way. In a third round-the-world tour, he will bring these insights to decision-makers to help them meet their environmental targets while ensuring clean economic growth.

He explains: “We need to embrace clean technologies and efficient solutions, because they are much more than ecological — they are logical. They create jobs and generate profit, while also reducing CO2 emissions and preserving natural resources. Even if climate change didn’t exist, they would make

sense. Clean growth is much better than the dirty status quo we have today.”

Aware that sustainable development is not limited to the protection of the planet’s resources, Piccard is also actively involved in humanitarian causes, fighting for the eradication of Noma, a gangrenous disease caused by malnutrition and lack of hygiene, and associated with extreme poverty.

Whether it is protecting the environment or reducing inequalities, Piccard seeks to highlight solutions by developing synergies where others see only obstacles. To support his approach, he strives to unite the forces involved, raising public awareness and encouraging political action.

A true communicator, Piccard has become a prominent speaker, invited to express his vision at public, private and institutional events. He also enjoys sharing his experiences and ideas through writing, as well as inspiring younger generations.

Piccard is currently United Nations goodwill ambassador for the environment and special advisor to the European Commission.

CONFERENCES & EVENTS AT MIPIM

PLANET 09.30 > 10.15 | Esterel Room - Palais 5 PLANET: NEW WORLD, NEW ERA How to achieve the impossible?

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MAYOR OF ROME, VIRGINIA RAGGI

‘Change, regeneration and resilience’

Rome is leaving its past behind and reinventing itself as a ‘smart city’. And driving its transformation from living museum to intelligent digital hub is the Italian capital’s first female mayor, Virginia Raggi. Isobel Lee reports DESPITE its associations with antiquity and its well-earned ‘Eternal City’ moniker, Rome is focused on becoming one of Europe’s most prominent smart cities within the next 10 years, according to mayor Virginia Raggi.

“At MIPIM, we’ll be displaying the actions we’ve already implemented, plus future plans to deliver a truly smart city within a decade,” Raggi says.

“Our vision for the future envisions a global city capable of interpreting new contemporary ways of living, enhancing all its neighbourhoods.”

Raggi explains that the plans will encompass “the natural wonders of the coast of Ostia, the cosmopolitan atmosphere of the Esquiline, the artistic and cultural heritage of the historic centre, the 20th century utopias of EUR and the industrial archaeology of the Ostiense district”. There are strategies to exploit the areas around Rome’s key railway stations more fully, with the addition of R&D and industrial hubs, along with a sustainable mobility framework, dubbed PUMS, and the regeneration of the Tiburtina/Pietralata district.

The City of Rome will have a significant presence at MIPIM this September — a fact that Raggi says is in line both with the city’s am-

bitions and the event’s effectiveness. “After the challenging months of the pandemic, including the restrictions and changes that the global, economic and social crisis have brought, we finally want to present our new development model for the city of Rome,” she adds. “This model no longer focuses on the expansion of the city and on land consumption — as was the case in the past — but on the regeneration of the existing urban fabric, in a close synergy between public power and private enterprise.”

As a part of this vision, Raggi sees the public sector drawing up urban regeneration plans and dictating key zones, while allowing the private sector to respond with imaginative proposals and investment to produce “work, wealth and redevelop abandoned city spaces”.

Not surprisingly, in recent years Rome has attracted significant interest from international investors, from BNP Paribas and Bvlgari to Apple and La Rinascente. Raggi sees a new approach to territorial government as key to unlocking not only the city’s potential but also driving “the possibilities

for change, regeneration and resilience”.

Raggi cites United Nations estimates that, by 2050, nearly 70% of the world’s population will live in urban areas. “Even today cities, which occupy less than 2% of the globe, produce 80% of the world’s gross domestic product and over 70% of carbon emissions,” she says. “The speed and scale of urbanisation present challenges in terms of ensuring adequate housing, infrastructure and transport.”

In this vein, Raggi will seek to transform entire neighbourhoods of Rome, “passing from a vertical city model to a ‘horizontal city’, which overcomes the disparity between centre and suburbs”. The mayor’s vision includes “power and research centres everywhere, productive settlements and startup incubators, infrastructure and means for sustainable mobility, spaces for culture and aggregation, green areas and urban parks, and digital and smart networks”.

To this end, Rome will also supercharge its public transport links, adding 105 km of subways and tramways in the next 10 years, plus 293 km of additional cycle paths.

CONFERENCES & EVENTS AT MIPIM

GEO FOCUS

TUESDAY 7 SEPTEMBER

10.00 > 11.00 | Verrière Grand Auditorium - Palais 1 ITALY: BACK TO BUSINESS

This open to all event – designed for global and local investors, developers, brokers and political leaders among others – will debate the latest trends, opportunities and challenges in the Italian market post Covid-19. Through a keynote address and panel discussion, this session will enable participants to network and debate the below key topics in an informal, friendly and insightful environment.

• Latest investment trends, opportunities and challenges – exploring the fortunes of asset classes, cities and regions post pandemic • Special focus on housing developments – exploring affordability, quality, speed, volume and MMC • Update on sustainability/ESG developments in Italy now and in future • Examining the latest Italian technology innovations

Giuseppe AMITRANO CEO GVA Redilco SpA

Marco LEONE Senior Advisor Nomisma

Riccardo SERRINI CEO Prelios

Virginia RAGGI Mayor of Rome

• Diversity achievements so far – How far can we go?

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Prologis Park Waalwijk DC3

Applying WELL Building Philosophy and BREEAM certification EXPLORE NOW

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PROVIDES FRESH AND PURIFIED AIR

THE WORKPLACE

The same but different As the world learns to live with COVID, it’s clear that our relationship with the workplace has changed forever. For many, working from home has become the new normal — and some would like it to stay that way. Graham Parker asks what this mean for the providers of office space

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NEW survey from Savills has concluded that rumours of the death of the office may be exaggerated, with 87% of respondents believing that a physical office will remain essential for businesses. This shows remarkably little change from before the pandemic: in January 2020, the equivalent figure was 89%.

But what has changed is how frequently employees want to use their office: only 55% of respondents expect to be in the office at least three days a week. And the older the respondent, the less they want or need an office: younger people are more appreciative of the social side of office life and are less likely to live in spacious homes suited to productive work.

And the Savills survey also found some regional disparities in attitudes: in the Netherlands, nearly 80% believe an office will always be essential for a business to operate successfully while, in Germany, the proportion falls to less than 50%. In the Middle East, only 40% see an office as essential.

Savills’ conclusions seem to be broadly in line with the industry consensus. Andy Poppink, JLL’s markets CEO, EMEA, says: “Work is not somewhere we go, it’s something we do. The physical office will remain the centre MIPIM ONE BOOK

of the work ecosystem. The workplace will be critical to reinforce culture, drive collaboration and innovation, enable professional growth, and support employee health and wellbeing.”

Andy Poppink: “Work is not somewhere we go, it’s something we do. The physical office will remain the centre of the work ecosystem”

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Brazil is open for business Consolidated capital market Brazil has one of the world´s largest financial market infrastructure companies providing trading services in exchange and OTC environment.

211MILLION POPULATION

2020 GDP

US$ 1.4 trillion

Source: IBGE

2020 GDP PER CAPITA

US$ 6,796.84

2020 INVESTMENT FUND INDUSTRY

US$ 1.1 trillion Source: IIFA

DOMESTIC CONSUMPTION

1 .2 TRILLION US$

For more information, please scan me.

146,090 THOUSAND WORKING AGE POPULATION

In 2020, a year of many uncertainties, 301 real estate funds were listed in the stock exchange, the equivalent to US$ 22 billion.

Source: Secovi/SP

021_APEX insert2p_OB_PIM_SE_page2

Invest in Brazil Real Estate Over US$ 70 billion real estate market in tourism, business, residential and logistics/industrial sectors.

For more information, please scan me.

Brazil is in an audacious market opening process, thus entering a virtuous economic cycle. The country has a wide array of investment opportunities

across multiple productive sectors.

Moreover, it is also one of the largest FDI recipients and preferred investment destinations in Latin America.

THE WORKPLACE But how can these lofty ambitions be met in practice?

Savills’ survey questioned respondents on their key requirements in an office environment and the top five responses were: personal safety, low levels of background/ unwanted noise, neutral smell/lack of odour, building security and openable windows.

Paris-based Patrice Courousse, technical and HSE director at management specialist Workman Turnbull, says: “Health, safety and wellbeing in the workplace are no longer just buzzwords — they are now very real concerns

for modern companies looking to entice workers back to the office.”

And Courousse believes technology and data hold the key to delivering the workplace experience that occupiers are now beginning to demand: “COVID has certainly helped accelerate this trend, particularly in certain areas, such as air quality in the office space. However, long-term trends suggest that the uptake in smart-office solutions was already under way. Advances in technology mean that air-quality systems are now easily in-

WeWork adapts Q&A with Kathleen Hartigan, vice-president enterprise sales, WeWork MIPIM News: Has WeWork had to adapt its offer to reflect changing occupier priorities post-pandemic? Have you had to reduce density for instance?

KH: The effects of the pandemic and sustained periods of working from home have transformed how we work and think about the office — every company is now looking at how and where their employees are going to work, and, when it comes to occupier priorities, flexibility and optionality are more important than ever. Regardless of how companies are approaching their workplace plans, access to a convenient accessible space to collaborate and mentor and build culture remains key.

WeWork, rue de Madrid, Paris flexibility and optionality where they no longer have to predict real estate needs for 10 or 20 years’ time, and can scale their space up or down depending on growth. There is also more value in de-densifying HQs and distributing teams across cities or multiple countries in this new era, and we have seen many member companies harness WeWork’s global footprint of 700+ locations to do just that. This approach also opens up access to a whole new and diverse talent pool; crucial for creativity and business performance.

Flexibility is WeWork’s core product, and like many businesses across the globe, we adapted and enhanced our spaces and products to meet these new expectations. From implementing new health and safety measures to working with our members to reconfigure their spaces into collaboration hubs to meet emerging office working styles that emphasise collaboration and teamwork, we remain committed to meeting our members’ evolving needs.

MIPIM News: With more people working from home more often, and with many reluctant to commute to work, are businesses looking at new locations? Is demand growing for suburban rather than CBD locations?

We also accelerated plans to enhance the flexibility we offer through All Access and On Demand models; subscription and pay-as-you-go access to our spaces that help businesses and their employees succeed in the hybrid workplace.

KH: The rise of hybrid working highlights the importance of choice and convenience, and what we’re seeing from our members is an interest in blending convenient city-centre locations with working from home or a ‘third place’. This reaffirms our belief in well-connected workspaces in CBDs and across cities that are coming alive once more as restrictions are easing and we have continued to see the most interest and deal flow within major metropolitan areas.

We have also seen this trend with All Access — the most popular with our members have been city-centre locations in New York, London and Washington DC.

MIPIM News: As the workplace changes do you see increased demand for flexibility?

KH: Absolutely. As businesses navigate how to manage hybrid work environments, having the ability to move into flexible, and turnkey workspaces has become a top priority.

This is underscored by the demand we are experiencing from both SMEs and enterprises that turn to us for agile, bespoke solutions they are unable to find elsewhere.

Companies are recognising the cost-saving benefits of

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THE WORKPLACE stalled, can be scalable based on the As well as transforming the internal ofasset and will result in a marked imfice environment, COVID has forced provement in the occupier experience businesses to reassess their floorspace by providing local control through needs and location choices. After all, if mobile apps and user interfaces.” fewer people are in the office at any An example of an emerging techone time, could a company take less nology that has seen rapid adoption space? And if more people are working post-COVID is the AIDRA (Artificially from home, does the office need to be Intelligent Dynamic Resource Allocalocated in a city centre? tion) occupancy management system “Many are evaluating how to create from GoSpace AI. The software, which greater efficiency in their workplaces, allows employees to book desk space which includes a reduction in their Workman Turnbull’s Patrice Courousse and meeting rooms while giving buildphysical footprint,” concedes JLL’s ing managers a real-time view of occuPoppink. But he cautions: “Any tranpancy levels, has been adopted by JLL’s Americas business. sition to new physical working environments takes time “The pandemic has accelerated the demand for enhanced and capital investment, which dampens the immeditechnology solutions in the workplace,” says Cynthia Kantor, ate impact on the demand for space.” And he predicts: JLL’s chief product officer, corporate solutions. “By staying “Space reductions will be broadly offset by de-densifiagile in the ever-evolving, post-pandemic environment, we cation and growth from job creation as our economies can reimagine a workplace that enhances human perforemerge from the pandemic.” mance, improves space utilisation and remains resilient.”

Poppink concludes: “The workplace is changing and business should embrace the opportunity to create safe Cynthia Kantor: “By staying agile in the ever-evolving, and inspiring spaces around the world that are more hupost-pandemic environment, we can reimagine a man-centric, more resilient and that drive collaboration workplace that enhances human performance” and foster company culture.” 

CONFERENCES & EVENTS AT MIPIM

CITIES

TUESDAY 7 SEPTEMBER

16.15 > 17.00 | Esterel Room - Palais 5 POST-PANDEMIC CITY: BUSINESS DISTRICTS & WORKSPACES

In partnership with

Should we go back to the office?

Hybrid workplace: is it the new future?

Assem EL ALAMI Head of International Real Estate Finance Berlin Hyp AG

MIPIM ONE BOOK

Méka BRUNEL CEO Gecina

Pierre-Yves GUICE CEO Paris La Défense

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Ingrid NAPPI Professor, FRICS, Real Estate & Sustainable Development Chair Professor & Workplace Management Chair Holder ESSEC Business School

SEPTEMBER 2021

people

Re-enchanting the city Barcelona is embracing the concept of the Superblock

As citizens look for a better quality of life — a search that can include moving to a more rural or suburban location — interest has surged among city mayors and urban planners in the 15-minute urban neighbourhood. Doug Morrison and Gina Power find out more

I

N THE post-COVID world, as cities look to build resilience, authorities are turning to the 15-minute neighbourhood as a way to make their cities more attractive and to meet their citizens’ aspirations for hybrid working, less commuting and a healthier lifestyle.

Such neighbourhoods have traditionally been concentrated in wealthier, central city districts. Then, in 2016, Carlos Moreno, the mayor of Paris’ special envoy for smart cities, launched the idea of the ‘15-minute city’, so MIPIM ONE BOOK

named because all the key amenities and services can all be reached by foot or bicycle within 15 minutes.

In themselves such objectives are hardly new, but the overall combination has gained currency since February 2020 when the Paris Mayor, Anne Hidalgo, made the 15-minute city a key pledge in her re-election campaign.

Hidalgo was already known for promoting green policies during her first term in office. But as the re-election campaign rolled on through the first half of 2020, so the 21

SEPTEMBER 2021

people pandemic restrictions made an undeniable impact on how densely populated cities like Paris function. The 15-minute city started to resonate with people who were not only questioning the wisdom of long-distance commutes to work but realising the importance of close social links and local shops and amenities.

Hidalgo was duly re-elected with a large majority in June 2020, and the 15-minute city is seen now as a contemporary response to the climate crisis and the pandemic.

The 15-minute-city model has since been adopted by C40, the global network of cities set up to fight climate change. C40 is currently working with a group of 16 mayors around the world to introduce the concept of the 15-minute neighbourhood to their cities.

“COVID has emphasised the importance of neighbourhoods and of hyper-local living,” says Helene Chartier, senior adviser for C40 Cities. She sums up the four principles of a 15-minute neighbourhood: it must be a ‘complete’ neighbourhood; it must function as a place for everyone, with a range of housing and types of community engagement; it must feature people-centred streets and mobility; and it must offer connected places, both digitally and by public transport.

“The 15-minute city reimagines streets and public spaces to prioritise people, rather than vehicles, and to build more vibrant neighbourhoods,” Chartier continues. This marks a shift away from single-use zoning to embrace more mixed-use neighbourhoods and new, hybrid ways of working. “A move to hybrid working can really help us to shift to a new type of living, with less commuting and a healthier lifestyle,” she adds. “As people spend more time in their neighbourhood, they also spend more locally. This in turn fosters a more polycentric type of urban development. The 15-minute city is a flexible concept that municipalities can tailor to their city’s culture and circumstances, and to respond to specific local needs.”

Already, the concept is finding traction in cities as diverse as Barcelona, Dijon, Hamburg and Paris. As Chartier says: “There is great momentum.” And not before time. According to C40, buildings account for 50% of total emissions in its 97 member cities while construction materials cover over 30% of global resource consumption. More worrying

Helene Chartier: “The 15-minute city reimagines streets and public spaces to prioritise people, rather than vehicles”

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Artwork by 14 local Black artists Built with 34% women and minority labor 4,000 sq.m of open space Affordable micro-retail kiosks Promoting local Black-owned businesses

people

Mobility is the key to dense new neighbourhoods like Hamburg’s HafenCity

still is the forecast that an additional 2.5 billion people will live in cities by 2050, requiring 1 billion new homes.

of Paris by high-speed train.

Most Parisians looking to leave their city give the search for a better quality of life as the main reason. Dijon came top for quality of life in the Arthur Loyd 2020 Barometer for medium-sized cities in France, and it was one of four finalists in the European Green Capital Awards 2022.

Next April, the capital of Burgundy is due to open the International City of Gastronomy and Wine on a 6.5 ha site. The new ‘city’ includes a cultural and training centre, retail, cinemas, a hotel, housing, an eco-district and a 3.5 ha woodland area.

As part of its superblock, or ‘superilla’, programme, the city of Barcelona launched a €37.8m project this summer to reclaim four streets and four squares in the central Eixample district for 5.8 ha of ‘social use’. The aim is also to foster local business. The streets and squares will be fully pedestrianised; trees will account for 10% of the surface area, with 30% of rainwater recycled; solar panels will provide power; curbless paving will open up the space facade to facade; and there will be more children’s play areas and places to relax. The goal is to roll out the model in 21 streets in Eixample, which will mean that every resident will have one of these streets or squares within 200 metres of their home.

The polycentric nature of the 15-minute neighbourhood also plays a key role in boosting the vibrancy of secondary cities. An example is Dijon, 100 minutes south-east MIPIM ONE BOOK

Professor Jurgen Bruns-Berentelg, CEO of HafenCity Hamburg , talks in terms of “a 10-minute city”, or “compact city”, benefiting the 15,000 people who work there today as well as the 3,000 residents. There is already much emphasis on mobility — getting to and from work on foot rather than long-distance commuting — and therefore preserving what Bruns-Berentelg calls “the time sovereignty of the citizens”.

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011v2_MICHAEL PAGE_OB_PIM_SE

Michael Page changes lives

Specialized recruitment Middle & Top Management Stand P4.C29

HeadHunting  HR Consulting  Assessment Coaching  Discrimination & Inclusion Audit � realestate@michaelpage.fr

people After over 20 years of development, Bruns-Berentelg believes future phases of HafenCity will have to become “doubly compact”. In other words, there will be an increased densification of the buildings, albeit with zero carbon emissions, but also an even greater greening of the public areas — not just parks but the streets, too.

Under the plans for a new waterfront project called Grasbrook, for instance, the intention is for public open spaces to take into account water cycles, the urban climate and biodiversity. This port area, which is sealed off today, will be opened up and transformed into a district with “greened roofs and facades”, around 10,000 trees and the preservation of ecologically valuable biotopes influenced by the tide.

The streets here will be largely given over to leisure and recreation rather than cars.

As Bruns-Berentelg says, the “green streetscape environment” will be a key feature across all the future phases of HafenCity. The masterplan calls for the streets to be lined by trees, planted about 10 metres apart. In effect,

this will create “a green umbrella over the street”, which will mitigate high summer temperatures and help prevent evaporation of water. “Basically, there will be a green frame on every street,” he says.

HafenCity has three major urban development initiatives at the planning stage — Billebogen and Science City as well as Grasbrook. Though the masterplans were all drafted pre-COVID, Bruns-Berentelg says there has been no need to make significant amendments because of the pandemic. If anything, HafenCity’s “compact city” principles seem ideal for the post-lockdown era. “Maybe in five years we will fine-tune the plans when we can really see the effects of COVID,” he says.

Bruns-Berentelg points out that HafenCity is preparing to start developing its own headquarters, a 7,200 sq m, “zero emissions” office building. It is designed to be climate neutral throughout its whole life cycle — from its construction, through its management and culminating in its dismantling and disposal.

Photo: sergio Grazia

The Clichy Batignolles project, an ‘ecoquartier’ built around a 10 ha park in north-west Paris, is due for completion in 2023 by Paris & Metropole Amenagement, a public local company

MIPIM ONE BOOK

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SEPTEMBER 2021

010_RM PROPEL_OB_PIM_SE

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game changers shape a better built environment

people In effect, he adds, HafenCity is hoping to demonstrate that the same high standards of sustainability and resource-saving on individual buildings can be applied to entire neighbourhoods, despite their high density of population.

Back in Paris, the birthplace of the 15-minute neighbourhood, the concept became a key pillar of Mayor Anne Hidalgo’s re-election campaign last year. As well as more cycle paths and less on-street vehicle parking, current measures include the opening up of seven main squares, including Place de la Bastille, to create more green public space and to revitalise local retail.

A myriad of 15-minute eco-neighbourhoods are being rolled out across the city, as well as the greater Paris region. The first ‘ecoquartier’ is the 54 ha Clichy-Batignolles project, built around a 10 ha park in north-west Paris and due to be completed in 2023 by Paris & Metropole Amenagement, an SPL, or public local company.

Mayor of Paris Anne Hidalgo

ing the City of Paris, has thrown its weight behind the concept, stating: “The capacity of buildings to convert, evolve and adjust has become crucial in today’s circular urban policy.”

“The capacity of buildings to convert, evolve and adjust has become crucial in today’s circular urban policy” As C40 Cities advisor Chartier concludes: “In terms of emissions and in terms of biodiversity, it is not sustainable if people leave the compactness of the city in search of more space and a suburban way of living. That is why we need to re-enchant the city.” 

More ‘mixity’ of neighbourhoods is also being encouraged by the third round of the Reinventing Paris architecture competition, which focuses on the conversion of vacant offices. United Grand Paris, which represents 18 real estate players in the greater Paris region, includ-

CONFERENCES & EVENTS AT MIPIM

PEOPLE

TUESDAY 7 SEPTEMBER

15.00 > 15.45 | Esterel Room - Palais 5 PEOPLE: NEW WORLD, NEW ERA Making changes together

The working world is moving rapidly since the last couple of months, impacting the way we meet, work and socialize.

How can the human capital take the lead on the ongoing change for a better future?

How to unlock the full potential of all resources?

Loïc DANIEL Managing Director of Nexity Immobilier d’Entreprise NEXITY

MIPIM ONE BOOK

Philippe ZIVKOVIC Cofondateur & Président WO2

Méka BRUNEL CEO Gecina

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MODERATOR Cécile MAISONNEUVE Chairman La Fabrique de la Cité

SEPTEMBER 2021

CLIMATE CHANGE Weeks of torrential rain across northern Germany, Belgium and the Netherlands caused deadly flooding

Sustain and deliver The real estate sector will be in high profile at COP26 in November, as the world’s attention pivots from the pandemic to the urgent need to create sustainable buildings and communities. Ben Cooper asks what more the built environment — the single largest contributor to greenhouse-gas emissions — can do to help save the planet

S

URVEYING the traumatic damage to the town of Schuld in northern Germany after violent flood waters engulfed the region and claimed nearly 200 lives, German chancellor Angela Merkel described the “unreal and horrific situation” before her.

There were, she said, “nearly no words in the German language” to describe the devastation — devastation that was repeated in Belgium and the Netherlands after weeks of torrential rain finally took its deadly toll. Armin Laschet, state premier of North Rhine-Westphalia, said the flooding was a “catastrophe of historic dimensions”.

MIPIM ONE BOOK

The grim reality — and people’s worst fear now — is that Laschet might have been more accurate to say that this was a catastrophe of futuristic dimensions. Should the “bleak” future forewarned in the 2019 UN report into climate change become reality, extreme weather disasters like these could become alarmingly frequent.

If the real estate industry was ever in denial about its role in contributing to the problem — or its potential to be part of the solution — there is one key statistic that the whole profession should keep in mind: of all carbon emissions from human activity globally, an astonishing 29

SEPTEMBER 2021

CLIMATE CHANGE 40% comes from real estate and construction. Put more bluntly: as an industry, real estate is the world’s largest generator of carbon emissions.

True, thanks to progressive regulations, made more urgent since the Paris Accord of 2015, buildings are gradually becoming more efficient. But the cold truth remains that with every new build, regardless of sector and regardless of how efficient the end product might be, the world’s carbon emissions go up.

So, with the 26th UN Climate Conference of the Parties — better known as COP26 — just around the corner and the world being called to answer for its actions, the question is: what should the real estate industry be doing to tackle climate change and address its own negative contribution?

Savills’ Sophie Chick: owning sustainable assets can deliver financial benefits

liability risk (the danger of being held legally responsible). But on the other hand, there are the rewards that, as Chick explained, include the fact that owning sustainable assets can improve an investor’s reputation and deliver financial benefits.

A webinar hosted by London-based real estate agency Savills on World Earth Day in April, entitled Spotlight: Property and Carbon, gave a glimpse into the breadth and depth of the challenge. On the agenda were some big topics, all crucial to the overall conversation: the life cycle of real estate assets, the operational challenges sector-by-sector, embodied carbon in the construction process, the risk-reward equation, the so-called ‘green premium’ on sustainable buildings, low-emissions vehicles and the immense challenge of carbon offsetting.

Some 45% of the UK-based attendees who responded to a survey at the start of the webinar said their company had a climate-change strategy in place, providing some evidence that progress has been made. But to push things further forward, the message was clear: major progress resulting in real results will only be made when real estate firms feel the motivation to do so.

Describing the “horrors of climate change and why cutting emissions is so important”, Savills’ head of world research, Sophie Chick, identified the two key drivers for embracing sustainability and progressing to net zero — one of risk, the other of reward. On one hand, Chick said, there are the “risks connected with climate change and their associated costs”, defined by the Bank of England into three broad categories: physical risk, transitional risk (the cost of transitioning to more efficient portfolios and avoiding ‘stranded assets’) and MIPIM ONE BOOK

Even with such motivations, Professor Dr Sven Bienert, head of the IRE|BS Competence Center of Sustainable Real Estate at the University of Regensburg, says that progress within the industry has historically been slow.

But, he adds, the past few years have been an accelerant, both in terms of understanding and actions.

“I’ve been researching sustainability in real estate for the last 15 years,” Bienert says. “We were the first university to have a dedicated sustainability chair. I have to say the first years were very much about the certifications but I feel that, lately, especially due to regulation picking up and more and more extreme weather situations, markets are now taking this agenda very seriously. Companies are now saying, ‘OK, now we need to do something…’. Everyone is working seriously on it now.”

So what has happened to make real estate firms engage?

Bienert says that, ultimately, it comes down to vested interests versus earlier perceptions that climate change was little more than a matter of corporate public relations. “It’s getting more and more financial,” he adds. “All these topics do now have a price tag. Before, people were talking but not doing anything. There’s less greenwashing now. The talks are more serious. They really want to get to the core of the topic. We are having discussions we weren’t having five years ago.”

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CLIMATE CHANGE Like many major real estate firms, Ivanhoe Cambridge has its own ambitious target in mind — to be net zero carbon by 2040. It also has more immediate goals, including a commitment to reduce carbon intensity by 25% across its international portfolio by 2025 through energy-efficiency initiatives. And echoing Professor Bienert’s comments, Villemain is frank that self-interest is a key part of the motivation for real estate owners and investors: “We need to realise how exposed we are and how it’s clearly in our best interest to commit to strong climate action. That’s the solid point. There are a number of real estate initiatives out there. We must pick the ones that fit our own objectives best. It’s about future-proofing the portfolios.”

University of Regensburg’s Professor Dr Sven Bienert

Stephane Villemain: “We need to realise how exposed we are and how it’s clearly in our best interest to commit to strong climate action. It’s about future-proofing the portfolios”

Professor Dr Sven Bienert: “Before, people were talking but not doing anything.

There’s less greenwashing now” Broadly, there are two potential roles for real estate. One entails investing directly in the infrastructure that will provide the sustainable energies of the future. The other lies in reducing the harmful impact of the industry’s own activities. It is the latter that Stephane Villemain, vice-president of corporate social responsibility at international real estate giant Ivanhoe Cambridge, says is the most immediately achievable for companies attending MIPIM.

Of course, it is about more than just future-proofing investment portfolios. If the terrible floods in Germany, Belgium and the Netherlands showed us anything, it was that lives are also at risk — potentially millions of them — if serious action is not taken soon. As the world’s biggest contributor to carbon emissions, real estate has a greater responsibility than most to see that it is.  CONFERENCES & EVENTS AT MIPIM

PLANET

TUESDAY 7 SEPTEMBER

09.30 > 10.15 | Esterel Room - Palais 5 PLANET: NEW WORLD, NEW ERA How to achieve the impossible?

The impossible is not in the reality but in our own way of thinking.

Therefore, we need to change our believes if we want to find new solutions.

Bertrand PICCARD Initiator & Chairman of the Solar Impulse Foundation

10.45 > 11.15 | Esterel Room - Palais 5 PLANET: NEW WORLD, NEW ERA Finance: lever to fight climate change How can we improve the effectiveness of climate finance?

Is the financial sector the answer to reach the climate agenda objectives?

Lucie PINSON Executive Director Reclaim Finance

Sponsored by

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MIPIM SUSTAINABILITY CHARTER TURNING SUSTAINABLE GOALS INTO A REALITY

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MIPIM SUSTAINABILITY CHARTER TURNING SUSTAINABLE GOALS INTO A REALITY

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As the world’s leading real estate event, we bring together whole industries, in the process playing a role in educating and influencing behaviour with a large number of stakeholders.

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MIPIM has an impact, and we are committed to minimising those that are negative while continually seeking ways to positively contribute to sustainable development and also to drive change in our own company.

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Our approach is guided by the United Nations’ Sustainable Development Goals, prioritising those where we can do the greatest good and demonstrating leadership through programming content and communicating across MIPIM.

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CLIMATE ACTION

RESPONSIBLE CONSUMPTION AND PRODUCTION

MIPIM IS COMMITTED TO:

Reinforce diversity in the programme of conferences

Strengthen reusable, recycle and recyclable materials • Wood furniture for our events & cocktails • MIPIM bags • Use sustainable materials for stands and lounges • MIPIM employees and providers to have their own bottles • Sustainable cups throughout MIPIM • Reusable & ecological dishware • MIPIM badges and lanyards and collected at the end of the show

Offer low impact & seasonable food products for our events & cocktails: • Work with local suppliers • Possibility for the participants to buy local and seasonable products

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Reduce carpet, paper and plastic consumption • Provide drinkable water & stop use of single water bottles • Recyclable carpet or avoid carpet use when possible

Train MIPIM cars and buses drivers in eco-driving

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2 Encourage & promote local employment for the AV equipment, stands, translators, hosts & hostesses, caterers

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4 Food surplus given to local associations

6 Increase % of waste collecting or promote circular economy • Collect paper, plastic, glass, cans, cigarette butts, sanitary masks • Click and collect for materials

8 Offer French manufactured products • Hydroalcoholic gel • Sanitary masks

DIVERSITY IN REAL ESTATE

Everybody welcome

The real estate industry is evolving to attract a more diverse and representative workforce. And not before time, writes Liz Morrell

F

OR AN industry that has been stereotyped as lacking in diversity, things are changing.

“The dial on gender diversity is now shifting significantly, though there’s still work to be done,” says Sue Brown, managing director of Real Estate Balance, a property network committed to improving diversity within real estate. “Construction, for example, has a quite frankly appallingly poor track record on diversity, particularly when it comes to gender,” she adds, noting that technical professions such as planning are also playing catch up.

Other sectors, including investment and finance, have greater representation, Brown says, citing leaders such as Jessica Tomlinson, London head of real estate at Barclays, and Sharon Quinlan, head of real estate finance at HSBC.

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But diversity in real estate needs to cover more than just gender. For example, there are still improvements to be made around the representation of ethnic minorities on boards, according to Sanjeev Sharma, chief property portfolio officer at M&G Real Estate and chair of People in Property. “Compared with other professions, minority groups are still significantly under-represented within the real estate sector,” he says.

So what should be done? Real estate firms are looking to create greater opportunities, such as work experience and apprenticeships, for those from minority and non-traditional backgrounds. However, Brown says that there needs to be greater awareness around these: “There are lots of inclusive real estate training programmes out there 34

SEPTEMBER 2021

DIVERSITY IN REAL ESTATE representation of women in construction.

But the truth is that it is the real estate boards that need to be championing diversity — at all levels and in all forms. “More needs to be done to make the industry accessible to individuals who come from non-traditional backgrounds, whether in terms of ethnicity or social class, since social mobility is an area where improvement is needed,” Sharma says.

This challenge was also highlighted in a Bridge Group report published last September, which showed that on average the real estate firms surveyed had a lower proportion of employees from lower socio-economic backgrounds compared to many other industries.

Sue Brown: “The dial on gender diversity is now shifting significantly, though there’s still work to be done” that people simply don’t know about, so there is work to be done to ensure these opportunities are reaching people from the widest possible backgrounds.”

Radisson Hotel Group (RHG) has won awards for its diversity and inclusion policies. In 2020, its business comprised 137 nationalities and a 41% share of women. Inigo Capell, executive vice-president, global chief people and resources officer at RHG, says the company has widened its diversity and inclusion strategies to include diversity, equity and inclusion (DEI) and that this is driving the company’s approach to attract a more representative workforce.

“The component of equity means consistently engaging to ensure everyone has the same opportunity to grow, contribute, develop and be paid, regardless of their identity,” Capell says. “When we look at the percentage of women in leadership positions, we’ve been growing it year after year, from 16.5% in 2018 to 27.3% in 2019 and 28.7% in 2020. This represents a 70% increase in three years. In some markets, such as the Nordics, the percentage of women in leadership roles is even higher.

Real Estate Balance is preparing to launch a new campaign to coincide with Black History Month in October.

The initiative aims to improve black representation in property and to attract more black students and graduates into the sector.

Sharma believes that greater change around diversity is coming, partly thanks in the growing awareness among companies of ESG (environmental, social and governance) policies. “For instance, REITs are now required to detail the steps they are taking to promote diversity and inclusion as part of their annual reporting,” he says.

And non-listed real estate organisations are also getting in on the act, thanks to increased demands by government regulators, clients and investors, Sharma adds. “This has been driven largely by wider societal changes and, as movements such as Black Lives Matter have gained traction, raising awareness of issues relating to diversity and inclusion.”

Meanwhile, there are many groups working to promote diversity. Brown highlights Freehold, the networking forum for LGBT professionals working within real estate, and BPIC, a network for black and ethnic minority professionals working in construction and the built environment.

Real Estate Balance is also supporting the REbuild Project, a new gender diversity campaign aimed at improving the MIPIM ONE BOOK

M&G Real Estate’s and People in Property’s Sanjeev Sharma

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DIVERSITY IN REAL ESTATE And we are committed to surpassing the 30% of women in leadership positions by 2021 in all the markets where we operate.”

At CBRE, Tim Dismond, chief responsibility officer, says the company is committed to diversity with a range of measures. “CBRE is at its best when people with different backgrounds and life experiences come together to produce great results for each other, communities and clients,” he says. “That’s why the company is focused on increasing awareness about the diverse career opportunities within commercial real estate services and enhancing CBRE’s recruiting and talent development initiatives.”

Radisson Hotel Group’s Inigo Capell

to work on three strategies to help drive change: collecting, monitoring and using data to inform future work programmes and deliver change; engaging, encouraging and influencing suppliers to adopt better practices; and calling on organisations to develop a strategic action plan to inspire, inform and enact cultural change.

At CBRE, Dismond cites the company’s employee business resource groups (EBRGs), which focus on supporting gender, ethnicity, sexual orientation, faith and abilities communities. “The EBRGs often collaborate to host cross-group events, showcasing ‘allyship’ for one another and recognising the complex components of people identifying with multiple diverse groups,” he says.

But Sharma says a holistic approach is needed: “The challenge is that there are lots of organisations working to promote different aspects of D&I when, in fact, a more joined up industry-wide approach is what is required. For individual organisations, it is often difficult to know which issues to prioritise. Treating people as individuals, rather than labelling them and placing them in a particular category, is certainly a good starting point.” 

Tim Dismond: “CBRE is at its best when people with different backgrounds and life experiences come together to produce great results for each other, communities and clients” But change is coming. Sharma says that the industry is benefiting from a ripple effect, as strategies adopted by larger players have fed through to others in the industry. Clients are increasingly demanding the same expectations of their suppliers as their stakeholders have of them.

Real estate companies are also realising the positive commercial impact of embracing diversity. “DEI is relevant for businesses,” Capell says. Sharma agrees: “Only if we have a diverse workforce that can speak up and feels valued by their individual characteristics will we become a topof-mind company.”

So what can be done to promote further acceptance of diversity across the board? Brown encourages companies

CONFERENCES & EVENTS AT MIPIM

INCLUSION

WEDNESDAY 8 SEPTEMBER

08.00 > 09.30 | Workshop Room - Palais 3 GEND’HER NETWORKING EVENT Unlocking the power of diversity

Join us to celebrate and network this special event dedicated to gender balance in the Real Estate industry. Inspirational speakers will share their vision of how gender balance boost creativity and economic growth.

Agnès ROQUEFORT Global Chief Development Officer Accor

In partnership with

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SEPTEMBER 2021

REGULATION

Measuring what matters

Image: DrAfter123/via Getty Images

Performance measures are changing to reflect a broader range of objectives than simple financial returns. Adam Branson asks how investors are adapting to meet the new metrics

MIPIM ONE BOOK

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I

N THE aftermath of the 2008 global financial crisis (GFC), what little progress that had been made towards adopting more environmentally sustainable standards were abandoned. Both industry and government slashed at anything that was seen as a drag anchor on the bottom line in an attempt to shore up the economy.

In the UK, then prime minister David Cameron was reported to have told officials to “cut the green crap”.

What a difference a decade makes.

On paper at least, the economic shock inflicted by the COVID-19 pandemic is even greater than that delivered by the GFC. And yet, nobody appears inclined to roll back regulations or abandon now much-cherished environmental, social and governance (ESG) strategies. In fact, quite the opposite.

Today, all the talk is of “building back better”, which in real estate can be read literally.

To that end, it is clear that the desire for meaningful metrics that funds and developers can use to convince investors of their green credentials has never been stronger. One such tool is the Netherlands-based GRESB, formerly known as the Global Real Estate Sustainability Benchmark, which was founded in 2009 just as many green initiatives were being abandoned.

However, GRESB has proved to be very successful. Participation in the benchmarking scheme has grown in every year since its inception. In 2019, more than 1,000 property companies, including funds, REITs and developers, representing over 100,000 assets and more than $4.5 trillion assets under management participated by providing highly detailed responses SEPTEMBER 2021

REGULATION to GRESB’s annual survey, according to Matt Ellis, CEO and founder of proptech firm Measurabl. Of course, that means there is still a very long way to go to achieve full coverage — but it is still marked progress.

Measurabl’s Matt Ellis

One company that has long been an enthusiastic proponent of GRESB is Patrizia, which has now been commended for performance improvement for seven straight years. In 2020, Patrizia’s PanEuropean fund received the maximum five out of five GRESB stars and was ranked number one in its peer group. Patrizia’s Hanover fund also came top among its peers.

According to the company, both funds have set ambitious targets to continue reducing energy and water consumption, waste and greenhouse gas (GHG) emissions and will adopt a net-zero carbon strategy by the end of the year. “We have continued to push relentlessly to improve standards across the portfolio,” says Flavio Casero, head of the PanEuropean core fund at Patrizia. “The award is a direct reflection of the efforts and innovation of our on-the-ground asset managers stationed across Europe.”

information is a requirement for which programme and when can be a daunting task. It is no surprise, then, that property companies have increasingly called for greater alignment.

Those calls are being heeded, it seems. For instance, last year it was announced that GRESB was joining forces with the World Green Building Council (WorldGBC) in order to recognise companies that sign up to the WorldGBC’s Net Zero Carbon Buildings Commitment. The commitment is a means to celebrate companies that pledge to ensure that their buildings operate at net-zero carbon by 2030 at the latest, as well as to advocate that all buildings to be net zero by 2050, in line with the Paris Agreement. Third-party assurance is a requirement, so the use of GRESB’s annual benchmarking process is seen as a way to streamline the process for all parties.

That is particularly the case due to the fact that the GRESB assessment also recognises where organisations are committed to other ESG reporting protocols, including Principles of Responsible Investment (PRI), Taskforce on Climate-Related Financial Disclosure (TCFD) and the UN’s Sustainable Development Goals.

According to GRESB: “Greater alignment between WorldGBC and GRESB in recognising responsible market practices

Flavio Casero: “We have continued to push relentlessly to improve standards across the portfolio” Encouraged by the recognition from GRESB, Patrizia is looking to use the benchmarking system to drive performance improvements in other funds. For instance, the company launched its Living Cities Fund in late 2019 and submitted data for the 2020 GRESB assessment, gaining its first green star. “Our Living Cities Fund is committed to ensuring that the communities we invest in are inclusive, safe, resilient and sustainable, in close alignment with at least five of the United Nations’ sustainable development goals,” says fund manager Sebastian Dietert.

As useful as many companies find GRESB, it has to be said that it is just one of multiple reporting mechanisms, some of which are dedicated to real estate but many of which are more general. Investors may require participation in different schemes, all of which ask for similar but not identical information. As a result, simply keeping up with what MIPIM ONE BOOK

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REGULATION from leading organisations is crucial to drive these best practices throughout wider industry. Local Green Building Councils that form the WorldGBC network facilitate this market transformation through advocacy work with their members and local governments and by building industry capacity.”

What’s more, further alignment is on the cards. In April, it was announced that GRESB, the Partnership for Carbon Accounting Financials (PCAF) and the Carbon Risk Real Estate Monitor (CRREM) would come together to harmonise their reporting requirements for ‘financed emissions’ — emissions that are derived from the investments that investors make rather than those that can be attributed to investors directly.

“This partnership with GRESB and CRREM is a clear example of the harmonisation efforts that the PCAF has been working on,” says Giel Linthorst, executive director of PCAF. “Alignment and harmonisation with other initiatives is crucial to enable the financial sector to effectively measure, report, set targets and take actions towards net zero.”

UK Green Building Council’s Munish Datta

Munish Datta, director of membership & operations at the UK Green Building Council, explains: “The TCFD guidance issued in 2015 by central banks was a clear signal that investors must consider climate impacts within decision making, both in terms of physical events like extreme weather and in terms of transition risks as assets risk losing their value as we transition to low and zero carbon.

“In providing asset and portfolio level data and analytics, assessment frameworks such as GRESB provide investors with measurement and benchmarking, enabling them to monitor ESG risks to their real estate investments,” Datta adds. “As such, the two work symbiotically enabling flows of capital towards more sustainable real assets. When TCFD reporting becomes a legal requirement for private companies, it will have a material impact on their value.”

Against this backdrop, it would appear that significant strides are being made towards more sustainable investment. However, a caveat is needed here.

Lucie Pinson, founder of Reclaim Finance, points out that participation in initiatives such as the TCFD does not necessarily lead to better environmental outcomes. “When it comes to TCFD, it doesn’t change much in banks, insurers and investors’ activities,” she

Giel Linthorst: “Alignment and harmonisation with other initiatives is crucial to enable the financial sector to effectively measure, report, set targets and take actions towards net zero”

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REGULATION says. “An interesting exercise is to compare the list of financial institutions that have taken part in the TCFD programme with the list of financial institutions that have adopted a robust coal-exit policy or, on the contrary, are still heavily financing either the coal industry or the whole fossil-fuel sector.”

The results of such an exercise, Pinson adds, are not pretty.

So, while it is hugely encouraging that real estate firms are increasingly keen to report on their efforts when it comes to sustainability, it is vital that investors truly make such considerations a critical component in their decision-making protocols. 

Reclaim Finance’s Lucie Pinson

CONFERENCES & EVENTS AT MIPIM

PERFORMANCE

WEDNESDAY 8 SEPTEMBER

PLANET: NEW WORLD, NEW ERA Why ESG matters today

Explore why ESG matters today for real estate and other industries via a series of compelling interviews.

09.30 > 10.00 | Esterel Room - Palais 5

MODERATOR Courtney FINGAR Editor-in-chief Investment Monitor

Brune POIRSON Chief Sustainability Officer Accor

10.30 > 11.15 | Esterel Room - Palais 5

Karin BARTHELMES-WEHR Managing Director ICG Institute

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Peter FREEMAN CBE, Chair Homes England

Aleksandra NJAGULJ Global Head of ESG Real Estate DWS

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Stéphane VILLEMAIN Vice President, Corporate Social Responsibility Ivanhoé Cambridge

SEPTEMBER 2021

UK BAROMETER

Braving a new world

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HE UK real estate market has endured its most turbulent year in living memory, reeling under the twin blows of the pandemic and Brexit. But while the broad picture has been bleak for real estate investors and operators, surprising pockets of resilience have emerged.

The COVID-19 pandemic has left the UK with one of the highest per capita levels of infection and, sadly, deaths, in the developed world. However, through 2021 the rapid roll-out of a mass-vaccination programme allowed an early relaxation of restrictions, with shopping centres, workplaces and leisure destinations once again fully open by the summer.

But all the indications are that the UK real estate sector will face a long road to recovery. For landlords, the biggest challenge has been the loss of rental income as tenants either went out of business or took advantage of a government-imposed moratorium on evictions to simply stop paying rent.

“Nowhere else in the world has the property industry been subject to such punitive measures by a government,” says Melanie Leech, chief executive of the British Property Federation. “The billions of pounds looking to invest in UK real estate will be watching our government’s actions closely.”

The double whammy of Brexit and COVID-19 have certainly shaken the UK real estate market. But the first green shoots are starting to emerge, writes Graham Parker Nuveen Real Estate’s St James Quarter in Edinburgh, a shopping galleria anchored by John Lewis

Melanie Leech: “The billions of pounds looking to invest in UK real estate will be watching our government’s actions closely” The problem was particularly acute in the retail sector, with shopping centres locked down for long periods. British Land, for instance, was unable to collect 29% of the rents due on its retail assets in the year to March 2021.

As a result, profits fell by 34% and the value of British Land’s retail portfolio fell by 25%.

However, the problems are not restricted to retail — the office market faces challenges too, especially in central London where, according to Deloitte, supply is soaring at a time when leasing activity remains subdued. The firm’s annual Crane Survey shows more new office MIPIM ONE BOOK

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UK BAROMETER space will be delivered in London in 2021 than at any time since 2003.

A highly visible reminder of this is AXA’s 22 Bishopsgate, the City of London’s tallest building and, at 1.25 million sq ft (116,000 sq m), its biggest single block of office space. The building welcomed its first occupiers during the first quarter of 2021 and is now 60% let.

Despite the surge in availability, Deloitte director Michael Cracknell sounds a note of cautious optimism. “COVID-19 restrictions and homeworking have inevitably had a considerable impact on central London office leasing, with many businesses adopting a ‘wait and see’ approach before committing to new office space,” he says. “An increase in leasing transactions and the higher level of active requirements in the last couple of months suggests, however, that the leasing market could be over the worst now.”

And Cracknell also sees signs of confidence returning in the capital markets: “In the investment market, travel restrictions made deals difficult to get over the line. As those restrictions now ease, there is a growing expectation that investor appetite will build, with pent-up demand likely to lead to a period of sustained activity.”

organisation’s 95,000 employees access to 3,500 IWG offices around the world. This will give them the option to work in more convenient locations closer to home while benefiting from professional office facilities.

IWG CEO Mark Dixon says firms have been taking “a gradual step towards hybrid working” but Standard Chartered was moving to a more “radically employee-centric approach”.

He adds: “One of the biggest pain points identified by workers globally is the commute and Standard Chartered – by acknowledging the importance of helping employees achieve a better work-life balance as well as significantly reducing their carbon footprint – is demonstrating a modern, forward-thinking outlook, that shows they are in touch with their people’s needs.”

Equally in the retail sector there are signs of increased leasing and investment activity. But in both cases, the buzzword among agents and investors is ‘rebasing’ — an acceptance that rental and capital values have fallen permanently. A case in point is the Touchwood shopping centre in Solihull, which serves a wealthy catchment to the south of Birmingham and is considered one of the sector’s stronger assets. US-based real estate investment manager Ardent Companies has bought Touchwood from Lendlease at a price reflecting a reported 10% yield.

In a sign that London occupiers may be prioritising flexibility over location, in January 2021, the British banking and financial services company Standard Chartered signed a global deal that will enable the London-based

IWG CEO Mark Dixon

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UK BAROMETER As AXA found with the 22 Bishopsgate scheme in the office sector, mega-projects have a momentum all of their own and developers cannot simply turn off the supply tap when the market moves against them. In the beleaguered retail sector, the biggest opening not just of 2021 but for half a decade has been Nuveen Real Estate’s St James Quarter in Edinburgh. An 850,000 sq ft shopping galleria anchored by John Lewis forms the first phase of the 1.7 million sq ft scheme, with hospitality and residential elements set to complete in further phases through to 2022.

Martin Perry, Nuveen’s director of development for St James Quarter, says: “The impact of the pandemic has, of course, had a profound impact on UK retail. However, retail required a rethink long before the pandemic. The high street was already changing, which is why we have been continually working with our partners, retailers and the city as whole to ensure that the St James Quarter continues to be enjoyed by generations to come.”

However, the very forces that have challenged retail have benefitted the logistics sector as UK consumers took to shopping at home in ever-growing numbers. At the end of the second quarter of 2021, online accounted for 39.3% of all UK retail sales, according to KPMG and the British Retail Consortium. This has driven demand for warehouse space to new highs, as retailers set up new online distribution networks to fulfil online orders. Colliers calculates that, in the second quarter of 2021, take-up for units above 100,000 sq ft reached 16.1 million sq ft. This is up 42% year on year and a new record for the sector.

Developers are struggling to keep up with demand and Colliers says the availability of distribution space is at an all-time low, which is driving up rents.

Responding to this, Tritax Big Box REIT is developing the UK’s first ‘mega box’ logistics facility — a 2.3 million sq ft three-storey unit on the south bank of the Thames at Dartford beside the M25 motorway. It has been pre-let to Amazon on a 20-year lease.

Tritax CEO Colin Godfrey says: “Recent macro events are accelerating substantial tailwinds for our business through the ongoing adoption of e-commerce platforms as consumers increasingly shop online.” n

Martin Perry: “Retail required a rethink long before the pandemic. The high street was already changing”

CONFERENCES & EVENTS AT MIPIM

GEO FOCUS

WEDNESDAY 8 SEPTEMBER

11.15 > 12.15 | Workshop Room - Palais 3 UK: BACK TO BUSINESS

Join your peers to debate the UK post pandemic and brexit and explore the fortunes of different asset classes, cities and regions.

A new fresh approach to our geo focus sessions this year. There will be a special emphasis on networking face-toface after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Participants will be entering the room and choosing a table topic of their choice.

Mark DIXON Founder & CEO IWG

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Lord Gerry GRIMSTONE Minister of State for Investment Department for International Trade

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MODERATOR Sebastian SHEHADI Political editor and senior editor Investment Monitor

SEPTEMBER 2021

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7 Madrid, 2021 finalist for “Best Refurbished Building” Among the most emblematic projects of Gecina’s portfolio, 7 Madrid is an ambitious transformation of a 19th century former Jesuit college, located in the central business district of Paris, into a vibrant workplace.

The 7 Madrid project aims to inspire a return to the office by focusing on end-users needs with new services and spaces that promote collaboration and wellbeing.

The attributes of 7 Madrid attracted global workspace provider WeWork to sign an early pre-letting on behalf of two corporate clients, Content Square and Convictions RH.

Located at the heart of Paris Located 5 minutes walk from the St Lazare station transport hub, 7 Madrid benefits from the excitement of one of the most attractive business districts in Paris.

Innovation for a new workplace Faced with the challenge of bringing new life to an historic building, the development team identified a number of innovations that would transform the building into a haven of fresh air.

Creation of a glass roof with an accessible 156 sq. m roof terrace The transformation of unused spaces into communal areas A double-height entrance called The Factory Not only is the project in tune with the evolving needs of the workplace, but it also met ambitious environmental targets. 7 Madrid was awarded for its sustainability.

-74%

FOR FINAL ENERGY*

Rooftop © Drone Press

-66%

FOR PRIMARY ENERGY*

* in kWhFE/sq.m/year (study from July 2020) ** in kgCO2/sq.m/year (study from July 2020)

-87%

CARBON EMISSIONS**

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A word from 7 Madrid users

Empowering shared human experiences at the heart of our sustainable spaces.

“ Co working area © Artisans du film

Interior glass roof © Dubuisson Architecture, Michel Denance

“

7 Madrid meets the need for a hybrid workplace according to feedback from our teams.

”

Oana Migeon Global Workplace Experience Manager, Content Square

Glassroof © Dubuisson Architecture, Michel Denance

When we chose 7 Madrid, we saw that it would be the perfect place to network, to create a collaboration hub, community, gathering.

”

Rebecca Nachanakian General Manager France & Southern Europe, WeWork

FRANCE IN FOCUS

Holding steady

Ardian’s Renaissance project in the Triangle D’Or, Paris

The COVID pandemic has pressed pause on investment across Europe, but France’s property market is faring better than most. The country’s strong fundamentals and an upturn in activity in the Paris office market are causes for optimism, writes Isobel Lee

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UST like many of its European neighbours, France has seen investment volumes contract during the COVID pandemic. However, the country’s strong fundamentals and, in particular, its attractive office stock have helped landlords sail a relatively steady course over the last 18 months, according to local experts.

“Like other real estate markets, France has seen investment in retail

SEPTEMBER 2021

FRANCE IN FOCUS properties go down, while logistics and living-segment assets are in considerable demand,” says Nicolas Verdillon, CBRE’s executive director of Paris region and investment properties. “But what really sets France — and Paris in particular — apart is the appeal of its offices. While 10-year average European transaction volumes pre-pandemic saw some 50% of all trades in office real estate, in France, the figure was more like 65%. French offices remain a compelling investment thesis, despite the trends that the pandemic has wrought and the acceleration in diversification strategies.”

Offering the right amenities is key to attracting the best tenants today.”

While the best new projects are likely to be in significant demand, Bensimon flags a broader problem of falling demand for secondary stock across the Paris office scene: “We are seeing a lot of obsolescence in the centre of Paris, despite many investors tackling refurbishment drives. Occupiers and investors want the best assets and they want to be located as centrally as possible. But that’s also why we’re prioritising adding value to standing assets.”

Paris-headquartered Ardian Real Estate, which acquires office properties in major cities in Europe, says that it remains focused on “value creation in office properties” in its main markets, including the French capital. “We buy assets, reposition, re-lease and sell them,” says Stephanie Bensimon, head of Ardian Real Estate. “In terms of strategy, we haven’t really changed our minds. We still believe that offices are very relevant in the current market and have assembled a pan-European portfolio worth €2bn over the last three years.”

However, Bensimon recognises that the world of work is changing, particularly after the rise of working from home during the COVID-19 lockdowns. “We have seen occupiers become increasingly demanding and we’re working on integrating their needs,” she adds. “The biggest tenants have clearer ideas than ever about what they want, but even smaller tenants want to change the way that they work and attract people back to their offices.”

Stephanie Bensimon: “Occupiers and investors want the best assets and they want to be located as centrally as possible. That’s why we’re prioritising adding value to standing assets”

Ardian is currently tackling a key project in the Paris CBD dubbed Renaissance — a rare new addition to the city’s Triangle d’Or (Golden Triangle). The project’s refurbishment programme, representing an investment of more than €40m, will reshape the entire Rue François 1er in Paris’ 8th Arrondissement. Connecting four historic townhouses, the scheme consists of luxury ground- and first-floor retail and a large new office complex at the heart of the block. “The office’s lobby and meeting-room areas are being designed like a luxury hotel lobby,” Bensimon says. “The future sole office tenant — law firm Allen & Overy — was in part won over by this element.

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FRANCE IN FOCUS Ardian’s Parisian peer Gecina has also traditionally focused on offices. “Location and centrality are the core criteria when selecting an asset. Paris and the western inner rim are still our preferred environment for offices,” says Gecina CEO Meka Brunel.

She believes that Gecina stands out because its portfolio of assets, valued at around €20bn, with 80% consisting of offices, “cannot be duplicated”. She adds: “This portfolio is recognised for its outstanding environmental quality, with 80% of the buildings HQE in-use certified.”

However, today’s real estate investors are also exploring living-segment assets in the spirit of diversification.

“The residential asset class is very resilient,” Brunel adds.

“There is a need to develop a residential rental offering for middle-class households to supplement the existing

rental offering of social or intermediate housing and individual ownership. The current housing supply is not aligned with the rapid growth in the urban population and its expectations in terms of centrality, flexibility and environmental efficiency.”

She reports that Gecina has set up two partnerships: one with Nexity to develop 4,000 housing units in the Paris region and major cities across France; the other with Woodeum to build low-carbon residential buildings.

COVID-related trends aside, post-pandemic Paris is also being shaped by other forces, from politics to major infrastructure drivers. Ardian’s Bensimon says: “Macron’s government ushered in a period of economic dynamism and France is today seen as an important market for in-

Meka Brunel: “Location and centrality are the core criteria when selecting an asset.

Paris and the western inner rim are still our preferred environment for offices”

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FRANCE IN FOCUS ternational investors. It has distinguished itself as an alternative to Brexit Britain for business and as a key start-up nation. Right now, we are emerging from the effects of the pandemic, but local elections resulted in more green representatives in office, which will add traction to the sustainability debate. The global message for investors is that greener assets and avoiding demolition where possible will help create the assets that people want to buy and occupy in the future.”

Gecina’s Brunel agrees that sustainability is a central issue: “We believe that the players that will emerge in the best position over the coming years will be those that show themselves to be uncompromising on sustainable-development issues, that innovate in terms of services and that are committed to developing strong relationships with their clients.

Meanwhile, Grand Paris Express, the largest transport project in Europe, is still on course to create a 200 kmlong web of subway lines that will connect almost all the suburbs in the Ile-de-France in the coming years.

However, the scheme’s impact is not yet being fully felt on the real estate investment markets, suggests Verdillon: “Grand Paris Express is definitely going to make the length of some people’s commute easier. But we think the initial benefits will be even more notable for the inner ring road, the west inner ring and the north inner ring.

Some investors are already focusing on this.”

He adds: “One real estate benefit that Grand Paris Express seems to be bringing is in supporting the development of the ‘Silicon Valley Europeenne’ at Paris-Saclay.” This high-tech, science-focused business cluster will bring together around 15% of France’s public and private research labs, as well as academic institutions.

The latter include the Ecole Polytechnique and the University of Paris-Saclay, which itself encompasses 14 universities, schools and organisations. Connecting all this to the centre of Paris will be the future Metro Line 18, scheduled to join Orly Airport to Versailles by around 2030.

“Overall, I think that the Grand Paris Express will help make certain submarkets more liquid, but not all of them,” Verdillon concludes. “The other big benefit is to the environment. As Paris continues to focus on reducing car use, the city can hope that its improved infrastructure will help it reach key carbon-emissions targets.” n

Meka Brunel: “The players that will emerge in the best position will be those that show themselves to be uncompromising on sustainabledevelopment issues” She adds: “We are targeting carbon neutrality for our operational portfolio by 2030. To accelerate our portfolio’s transformation, we have launched CANOP2030, our carbon net zero plan, and further strengthened the alignment of our project financing with our CSR [corporate social responsibility] goals, requalifying our existing bond debt as green bonds.”

CONFERENCES & EVENTS AT MIPIM

GEO FOCUS

TUESDAY 7 SEPTEMBER

11.45 > 12.30 | Esterel Room - Palais 5 FRANCE: BACK TO BUSINESS Market trends, opportunities, growth, crisis impact: “comment ça va” en France?

Stéphanie BENSIMON Head of Real Estate Ardian

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Christophe BURCKART Country Manager France IWG

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Eric COSSERAT CEO Perial

Eric DONNET CEO Groupama Immobilier

SEPTEMBER 2021

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As at 30 June 2021. Not for Retail distribution: This document is intended exclusively for Professional, Institutional, Qualified or Wholesale Clients/Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This promotional communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. Issued in the UK by AXA Investment

1

Ma 22 De

by ers ent

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Delivering sustainable returns in alternative investments

A truly long-term approach Our Alternatives capability is structured around four investment pillars – Real Estate, Private Debt & Alternative Credit, Private Equity & Infrastructure and Hedge Funds – which, for over 30 years, have launched innovative products in the Alternatives space.

Our conviction is that long-term performance generation, demonstrated over multiple market cycles, can only be built on a fundamental understanding and proximity with the assets we manage, and by fully embedding best-in-class ESG practices in our investment processes.

This is why our clients entrust us with more than €163 billion in assets under management1.

Investments in financial markets involve a capital risk. axa-im.com

Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales, No: 01431068. Registered Office: 22 Bishopsgate, London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.

Design & Production: Internal Design Agency (IDA) | August 2021 | 19-10726 | Photo Credit: Getty Images.

GERMANY IN THE SPOTLIGHT

Good in parts Germany’s safe-haven status has been challenged by COVID-19, with transaction volumes down year on year. But Europe’s largest market is still well placed to deal with the economic and structural correction ahead, writes Graham Parker

T

HE GERMAN real estate sector has been a byword for stability, attracting long-term investors with steady if unexciting growth. But the pandemic has shaken some of the assumptions that underpinned the market and investor confidence will take time to recover.

The authoritative pbbIX index from specialist property lender Deutsche Pfandbriefbank tracks the performance of Germany’s Big Seven office markets and it shows that the sudden downturn in the second quarter of 2020 has continued well into 2021. According to the bank, office market activity is now back at levels seen after the dot.

com bubble burst in the early 2000s. It was only weaker during the global financial crisis (GFC).

According to Real Capital Analytics, the inflow of funds into office properties fell from €7.3bn in the Q4 2020 to €2.1bn in Q1 2021. Deutsche Pfandbriefbank says investors have been cautious in the light of a pandemic-driven decline in macro-economic activity. But it also points to data from the occupational markets, which implies such caution may be misplaced: letting activity has shown relatively little change through the pandemic, although office vacancies have edged up slightly to average 4% across the Big Seven.

The bank also highlights some regional disparities: Ber-

Beuth University plans to place students into the former Tegel airport terminal building in Berlin as part of the Berlin TXL campus

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GERMANY IN THE SPOTLIGHT lin continues to be comparatively stable, while all other sub-markets are deeper in crisis. Deutsche Pfandbriefbank’s analysis concludes: “If the pandemic can be overcome in the next few months, there could be an upswing in the economy over the course of the year, stimulating the office market. On the other hand, there are structural changes in the world of work, which are depressing the demand for space.”

But this uncertainty is not deterring all investors. For example, Commerz Real’s hausInvest open-ended real estate fund has sold Highlight Towers in Munich to a joint venture between the family-owned companies Imfarr Beteiligungs and SN Beteiligungs. Located at the intersection of Munich’s ring road and the A9 highway in Park City Schwabing, the twin towers of 126 metres and 113 metres provide 85,800 sq m of office space. This is let

Hansainvest Real Assets’ Lumen Munich scheme, on the edge of the city centre

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GERMANY IN THE SPOTLIGHT The 11,000 sq m New Work Campus, near Science City Bahrenfeld in Hamburg, is due for completion in 2025

Maja Procz: “We have utilised the ongoing high level of demand for premium properties to attain a result attractive for our investors” to 27 tenants, including Fujitsu, IBM, Amazon, Sol Melia and Design Offices. In addition, the complex incorporates a five-storey mall and a seven-storey hotel with 160 rooms, as well as a three-storey underground car park with 756 parking spaces.

“We have utilised the ongoing high level of demand for premium properties to attain a result attractive for our investors,” says Maja Procz, global head of transactions at Commerz Real. “At the same time, we are gaining leeway for investments in other properties in Munich — for example, in subsidised residential real estate.” Commerz Real was advised by BNP Paribas Real Estate and CBRE.

fice scheme at Sonnenstrasse 23 on the very edge of the city’s historic city centre. Lumen Munich, designed by Allmann Sattler Wappner Architekten, is targeting DGNB platinum certification.

“Both the architecture as well as the location are extremely appealing,” says Nicholas Brinckmann, chair of the management board of Hansainvest Real Assets.

“Thanks to its greened, generously proportioned inner courtyard, Lumen Munich will offer unique quality in terms of light and space throughout the entire building complex. As dictated by the needs of the modern working world, our tenants can expect to find flexible floor layouts tailored to meet their individual requirements and which will suit both classical and innovative office concepts.”

Elsewhere in Munich, Hansainvest Real Assets is pushing ahead with the development of a 13,000 sq m ofMIPIM ONE BOOK

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GERMANY IN THE SPOTLIGHT the partnership and the grand opening in autumn 2023.”

A total of 14 buildings are under construction at the Uberseequartier, accounting for a combined floorspace of 419,000 sq m. The project promises retail, entertainment concepts and more than 40 dining units in a mixed-use neighbourhood incorporating offices offering around 4,000 workplaces, three hotels, a cruise-ship terminal and a total of 650 residential units. The quarter is integrated into the local infrastructure with its own metro station, bus lines and a range of mobility services.

Nicholas Brinckmann: “As dictated by the needs of the modern working world, our tenants can expect to find flexible floor layouts to suit both classical and innovative office concepts” Development activity is continuing in other Big Seven cities, especially in Hamburg, where the Hamburg Economic Development Corporation is celebrating two pre-lettings at its 11,000 sq m New Work Campus on Gasstrasse near Science City Bahrenfeld. Fischer-Appelt Group and Weinmann Emergency have signed for the innovative office complex, designed by Carsten Roth Architekten and developed by Hamburg Team and Harmonia Immobilien.

The project, which is due for completion in 2025, “is an important building block towards developing Bahrenfeld into a science city”, says Dr Rolf Strittmatter, managing director of Hamburg Invest.

And the northern port city has another reason celebrate with the decision by Stuttgart-based fashion and lifestyle retailer Breuninger to take a 14,000 sq m store, which will anchor the €1bn Westfield Hamburg-Uberseequartier project, developed by Unibail-Rodamco-Westfield.

“With its flagship store specifically developed for the location, the quarter is gaining an attractive centrepiece and increasing its national and international prominence,” says Andreas Hohlmann, managing director for Austria and Germany at Unibail-Rodamco-Westfield. “We look forward to

Elsewhere, the opening of the new Berlin Brandenburg Willy Brandt Airport in Schonefeld, just south of the German capital, has finally cleared the way for a massive new development on the 500 ha site of the former Berlin-Tegel Airport. The State of Berlin has commissioned Tegel Projekt to handle the development and management of the site, the masterplan of which envisages a broad mix of uses.

A research and industrial park for urban technologies called the Urban Tech Republic will provide space for as many as 1,000 large and small businesses and around 20,000 employees. And a new residential district called the Schumacher Quartier will deliver 5,000 homes amid a 200 ha landscaped zone, fully served by day-care centres, schools and shopping facilities. At the same time Beuth University will move more than 2,500 students into the former terminal building as part of the wider Berlin TXL campus. n

CONFERENCES & EVENTS AT MIPIM

GEO FOCUS

WEDNESDAY 8 SEPTEMBER

10.00 > 10.45 | Workshop Room - Palais 3 GERMANY: BACK TO BUSINESS Debate what cities and regions are experiencing the biggest growth, the latest tech innovation and the impact of Covid-19 behavioural change on different asset classes.

A new fresh approach to our geo focus sessions this year.

There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Prof. Dr. Thomas BEYERLE Managing Director, Head of Group Research Catella

Larissa LAPSCHIES Managing Director Immobilienjunioren GmbH

Participants will be entering the room and choosing a table topic of their choice.

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Whampoa Street Rejuvenation, Hong Kong Finalist: Best Futura Mega Project category

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SPECIALIST HOUSING

Apache Capital launched Present Made, a concept for vertically integrated single-family housing for rent

Bedding into Europe With demand for senior living, healthcare, student housing and multifamily housing set to grow in Europe’s big five markets, investors are increasingly drawn to specialist living opportunities, writes Mark Faithfull MIPIM ONE BOOK

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Design and image Jo Cowen Architects

ULTIFAMILY, student and senior living was once somewhat scoffed at under the catch-all ‘alternatives’ label, while the grown-up money headed for retail, offices and industrial property. But many investors are now increasing their focus on specialist living or dipping a toe into the sector for the first time.

Research by Savills anticipates increased demand for purpose-built student housing, co-living and multifamily in ‘youthful’ cities (those with the largest share of people aged between 20-39), as well as senior housing and housing with care in ‘aged’ cities (those with the highest number SEPTEMBER 2021

SPECIALIST HOUSING of 65-plus residents). By 2026, the UK will have the largest number of youthful cities in Europe (22), followed by Germany (18) and France (14). Germany will be the country with the most aged cities (25), followed

by France (15) and Italy (14).

Enticed by the opportunities presented by such demographic changes and the increasing urbanisation of populations, investors are increasing their exposure to specialist residential portfolios.

M&G Investments has launched the M&G Shared Ownership Fund in a long-term strategic partnership with UK housing association The Hyde Group, to deliver €580m of affordable homes. The fund has launched with €250m of investment from Cambridgeshire and Northamptonshire local government pension schemes, Homes England and two M&G cli-

ent funds, alongside Hyde. This will enable M&G to buy existing stock and fund much of Hyde’s development pipeline. The first stage is the €71m acquisition of 422 homes from Hyde in London and Kent, which will remain in the regulated social-housing sector and continue to be managed by Hyde.

Meanwhile, the Hines European Value Fund 2 has entered Italy’s residential market with the acquisition and regeneration of a €120m, 40,000 sq m portfolio in Milan. The move is Hines’ latest investment in the living sector in Milan, where it plans to deliver more than 5,000 new homes for rent by 2025.

Also in Italy, France-based care-services group Korian has acquired 90% of the Santa Croce family group to boost its medical and healthcare portfolio in the Pied-

Seetor Living in Nuremberg-Mogeldorf

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SPECIALIST HOUSING mont region around Turin. The platform includes five facilities with a total of 550 beds distributed between a 143-bed post-acute and rehabilitation clinic, and four long-stay care facilities, offering a total of 412 beds and day-care services. Moreover, Federico Guidoni, Korian’s executive vice-president, Italy, predicts that a pipeline of 270 beds should come on line by 2023.

In Germany, Commerz Real has acquired the Seetor Living residential complex from developer GBI for its hausInvest open-ended real estate fund. The scheme, which consists of 97 residential units, is currently under construction in Nuremberg-Mogeldorf. With a total leasable area of approximately 6,000 sq m over six floors, it is part of the 20,000 sq m Seetor City Campus quarter, which encompasses additional apartment, office and hotel buildings. Maja Procz, global head of transactions at Commerz Real, says the purchase “ideally suits our fund strategy with its orientation to social sustainability”.

Capital Bay Group recently completed its first successful acquisition in the assisted-living sector for SPA Living+ Europe, in conjunction with a mandate for the Swiss Prime Investment Foundation. The acquisition comprises five senior-living and nursing-care properties in Germany with a total of 254 apartments and 204 nursing beds, and a total rental area of around 28,150 sq m.

SPA Living+ Europe is focused on investing in the European senior-living sector, but has plans to diversify into student housing, serviced apartments and micro living.

The group has a target volume of more than €1bn.

growing asset class at scale, and we expect sustained demand and changing demographics will make it more resilient, less volatile and correlated with inflation rather than the cycle.”

Dana Gibson: “This sector has emerged as a global mega-trend over the last 10 years” Meanwhile, Singapore’s sovereign wealth fund GIC has bought two student-housing properties in London for €400m from Unite Students, the UK’s largest provider of purpose-built student accommodation, for its 50:50 joint venture with Unite. The vehicle adds to a string of investments by Singaporean government-linked entities for UK student housing. Indeed, GIC previously partnered with Dubai-based Global Student Accommodation Group to buy a portfolio of UK student housing projects from Oaktree Capital Management.

Asian and Australasian investors have also been attracted to Europe, notably UK cities. Australia’s Macquarie Asset Management has established Goodstone Living to focus on the UK’s multifamily sector. The new business is headed by Darryl Flay and Martin Bellinger, who founded Essential Living, the UK’s first private developer-operator of purpose-built rental housing.

Goodstone Living will focus on urban locations, according to Dana Gibson, co-head of Macquarie Asset Management’s real estate team in Europe. “This sector has emerged as a global mega-trend over the last 10 years,” he says. “This has created an opportunity to access this MIPIM ONE BOOK

Apache Capital has launched Present Made, billed as the UK’s first “vertically integrated, single-family housing for rent” platform. Present Made will develop, own and operate more than 3,000 homes in its first phase, with a focus on suburban locations across southern England. The first three sites in the company’s €1.9bn pipeline are in the Oxford-Cambridge Arc. This is Apache Capital’s second venture 60

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SPECIALIST HOUSING into UK residential platforms after its €2.3bn multifamily joint venture with Moda Living, which is delivering upwards of 6,000 apartments for rent in the UK’s largest cities.

Richard Jackson, managing director and co-founder of Apache Capital and CEO of Present Made, says: “Despite record numbers of families renting, no purpose-built single-family rental housing exists in the UK. Present Made will cater to this growing but under-served segment of the rental market.”

Meanwhile, Landsec’s move into rented residential will come as part of its redevelopment of the O2 shopping centre in Finchley, London. The scheme will deliver around 1,900 new homes, 35% of which come under the category of affordable housing, as well as shops and leisure facilities, a park, a community centre and a health centre. Shopping centre REIT Hammerson is also redeveloping some of its retail sites into rental homes, starting with its Highcross scheme in Leicester, while retailer John Lewis has announced plans to build 10,000 residential units for rent on some of its land.

Invesco Real Estate has launched the Invesco Real Estate European Living open-ended fund for European residential assets across Europe, including multifamily, micro-apartments, student residences and individual houses. With initial capital of around €140m, funded by three German institutional investors, Invesco is targeting an initial portfolio of €500m over the next two

Traditional real estate firms are also getting in on the act. British Land’s 12,600 sq m mixed-use development in Aldgate, London will be residential-led, with 159 premium rental homes alongside offices, retail and leisure. In addition, British Land will build between 2,000 and 4,000 homes as part of the flexible planning consent secured at its Canada Water campus in southeast London.

Homes England and Urban Splash are developing Grappenhall Woods in Warrington

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t

SPECIALIST HOUSING to three years, with plans totalling €110m for its first operations in Italy and France. Invesco has increased its exposure to the residential sector over the past five years and, by the end of H2 2020, managed €2.3bn across 38 investments in Europe.

Invesco senior fund management director William Ertz says: “The outlook is positive for urban areas surrounding main agglomerations, since there is insufficient supply in the main cities and long-term imbalances between housing supply and demand.”

lies and seniors wishing to live in their own autonomous space, while at the same time benefiting from a range of services and shared spaces. The aim is to create an environment that will encourage better ways of living together and fostering social diversity.

And modern methods of construction (MMC) are also seeing increased take-up as investors seek higher quality and faster delivery in the housing market. For example Homes England has appointed House by Urban Splash to create 228 new homes at the Grappenhall Woods site in Warrington, north-west England.

House by Urban Splash first formed its partnership with Homes England and the world’s biggest Housebuilder Sekisui House in a £90m deal in 2019; it has since been appointed on new sites across the UK. All of the factory built homes in the company’s portfolio are created using MMC to customer specifications; modules are constructed in the company’s own factory in the East Midlands before being transported to site.

Urban Splash group director Nathan Cornish concludes: “The approach greatly reduces build time and is a more sustainable solution to housebuilding.” n

William Ertz: “The outlook is positive for urban areas surrounding main agglomerations since there is insufficient supply in the main cities” The growing investor appetite for residential is driving innovatoin in the sector. For instance Nexity is responding to the challenges of the aging population by introducing what it calls ‘intergenerational housing.’ It has formed a partnership with senior housing specialiost Alogia Group to launch a platform called Complicity which will develop multigenerational residences for young people, fami-

CONFERENCES & EVENTS AT MIPIM

RESIDENTIAL

TUESDAY 7 SEPTEMBER

17.15 > 18.15 | Workshop Room - Palais 3 WHAT’S HOT IN RESIDENTIAL?

Sponsored by

Debate how the industry can build what people need, want and can afford – and not just meet housing targets – through innovative methods.

A new fresh approach to our asset class sessions this year. There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Participants will be entering the room and choosing a table topic of their choice.

Tom BLOXHAM MBE Chairman Urban Splash

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Alvaro CARDENAS SVP, Global Development Realogy

Lukas WILLHOEFT Development Director The Embassies Of Good Living AG

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MODERATOR Sofia KARADIMA Senior Editor & Researcher Investment Monitor

SEPTEMBER 2021

HOTELS, TOURISM AND LEISURE Tulip Residences, from France’s Louvre group

Better apart?

After a second summer of restricted travel, hotel owners and operators are daring to look to the future. And there are reasons for optimism, writes Chris Bown — the sector is emerging from the pandemic stronger, more flexible and better prepared for a changed world of travel and accommodation

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S COVID-19 spread around the world in early 2020, most travel markets saw a precipitous drop in business as governments acted to restrict the spread of the virus. Today, however, there are brighter signs. China, the market first affected by the pandemic, is racing back to levels of business previously seen in 2019, giving hotel owners, operators and investors confidence in the future.

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Adding to that confidence is polling showing a strong desire from consumers to resume travelling just as soon as their governments allow them to do so. There is also increasing evidence that business travellers, too, are fed up with connecting via Zoom and Teams and are eager to return to face-to-face meetings.

“We know there’s a huge pent-up demand for travel across the globe — and the key to opening up markets is having 63

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HOTELS, TOURISM AND LEISURE a successful vaccination programme. As they’re rolled out globally, travel will return,” says Karin Sheppard, IHG’s senior vice-president and managing director Europe.

contact,” IHG’s Sheppard says. “These include rolling out digital check-in and check-out across IHG’s hotels, along with digital cleanliness checklists. Digital ordering has been also been implemented for food and beverages, while some Karin Sheppard: “We know there’s a huge pent-up dehotels have started using their kitchens as facilities for premand for travel — and the key to opening up markets paring meals for the growing home-delivery food market. is vaccination. As they’re rolled out globally, travel During the pandemic, with the focus on staying apart from will return” other people, hotels suffered while accommodation alternatives with their own front door benefitted. Few wanted Hotels have had to endure a complicated mix of inputs to share a restaurant or buffet breakfast space where they that have affected their capacity to operate. National govmight contract COVID — despite hotel brands racing to reernment lockdowns meant that, for many, their business assure guests by launching accredited cleaning protocols. declined to next to nothing, as consumers were instructed In the short term, serviced-apartment operators benefitted, only to travel for essential reasons. Business trips were as well as those offering home and villa rentals, with coneffectively stopped for anybody who could work online — sumers attracted by the perceived safety of their own prionly those in construction, infrastructure and engineering vate space. Major hotel brand groups, including Choice, IHG were permitted to travel. And leisure travel was banned and Hilton, reported that their serviced-apartment brands during lockdown periods. The easing of restrictions has outperformed their hotel offerings around the globe. allowed tourism to recommence but, with restrictions on The flight to whole home rentals was also seen on bookinternational travel still in force, many consumers have ing platforms such as Airbnb and Booking.com — anyopted for domestic holidays or staycations. thing with its own front door and kitchen facilities was in The massive impact of these travel restrictions is laid bare in demand as consumers looked for family holiday accomthe financial performance of the major hotel groups. Hilton, modation during the summer of 2020. for example, declared a $720m net loss for 2020, with The experience has certainly led to the alternative nichrevpar — the industry’s revenue-per-room measure — down es accelerating their plans for growth. Irish-based 56.7%. Europe-based Accor, meanwhile, posted aparthotel group Staycity refinanced in early 2021, 2020 revenues of €1,621m, 60% down on 2019. allowing it to continue the pace of its European Other landlords and operators coped with expansion, which will take it to 15,000 units. In the downturn as best they could. In many early June 2021, the company also signed up a markets, lenders, property owners and property in Heidelberg for rebranding. those paying the rent were forced to come Big brand groups are also looking at the space. together to work out how to share the pain.

French group Louvre recently launched Tulip Most achieved consensual agreement on rent Residences as an extended-stay brand, with first standstills, deferrals and discounts, helped by sigsites in Joinville-le-Pont in France and Warsaw nificant government support programmes. in Poland. Accor is expanding its Adagio aparthotel network and has also addIn many areas, the pandemic has acted as ed Movenpick Living, which is openan accelerant, forcing changes that were ing in Istanbul this year, to its portalready taking place slowly. “We’ve infolio. And Radisson has declared it vested in cloud-based technology to fastwill ramp up its apartment offering track the rollout of digital enhancements with the opening of a 227-suite that support safe and secure guest aparthotel under the Radisson IHG’s Karin Sheppard experiences and reduce unnecessary brand. Developed by ECHO PartMIPIM ONE BOOK

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HOTELS, TOURISM AND LEISURE ners, the 10-storey block in south Amsterdam will operate under a lease signed by operator Cycas Hospitality.

In France, investor BC Partners has agreed to inject €104m into French serviced-apartment business Edgar Suites. The move will allow Edgar, which currently trades from 18 addresses, to shift from leasing space to owning its own properties. Xavier O’Quin, Edgar president and co-founder, has said the company will look to acquire and convert small office buildings with floor plates that are inefficient for office space.

Union Investment’s Andreas Locher

After many months of waiting and watching, investors are returning to the hotel space with confidence. In April, major German real estate investor Union Investment signalled its return to the German hotel market when it bought a project in Stuttgart, due for completion at the end of 2021. The €137m investment, which will be placed in the UniImmo open-ended fund, combines two preleased properties: an Adina aparthotel and a Premier Inn budget hotel operated by Whitbread.

“The pandemic has passed its peak, so now is the perfect time for us to re-enter the market, enabling us to secure a strong position,” says Andreas Locher, head of investment management hospitality at Union Investment. “We are planning to expand our high-quality portfolio of some 80 hotels and are focusing on core products with resilient

concepts and operators. In this context, we consider the premium budget segment and apartment hotels to be particularly interesting.”

Andreas Locher: “The pandemic has passed its peak, so now is the perfect time for us to re-enter the market, enabling us to secure a strong position” As investors return, one thing that has been missing from the market is bargains. Following the previous financial downturn, private-equity investors were able to purchase distressed hotel assets cheaply as banks took on properties from failing companies. But this time round, there have been few failures, as landlords, lenders and operators mostly found ways to help each other through the pandemic.  CONFERENCES & EVENTS AT MIPIM

HOSPITALITY

TUESDAY 7 SEPTEMBER

09.30 > 10.30 | Workshop Room - Palais 3 WHAT’S HOT IN ATTRACTING HOSPITALITY INVESTMENT? Debate to what extent investors still believe in hospitality in a post pandemic environment and what strategies the industry can employ to attract investment.

In partnership with

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Johanna CAPOANI Head of Hospitality, Portfolio Management Swiss Life

Willemijn GEELS VP Development Europe IHG Hotels & Resorts

Xavier GRANGE SVP Development France& Southern Europe Accor

Alex FIGUEIREDO Chief Operating Officer Apex-Brasil Europe

Tugdual MILLET CEO Covivio Hotels

Vanguelis PANAYOTIS CEO MKG Consulting

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LOGISTICS

The spread of sheds

Prologis Park Waalwijk

The logistics sector has never had it so good, with demand hitting record heights and investors scrambling to snap up stock. But there are challenges ahead, writes Paul Strohm — not least a severe shortage of assets and development sites in the core European logistics markets

W

HILE some real estate sectors — notably offices and retail — have been counting the cost and navigating the uncertainty generated by the pandemic, the logistics property community has had to deal with an altogether preferable problem: a vast increase in demand for logistics real estate from both occupiers and investors.

The pandemic caused “an acceleration of demand”, says Prologis’ chief investment officer Europe Joseph Ghazal.

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“Five years of digitalisation and urbanisation happened in one year. It was an acceleration of a trend that was already ongoing. This trend is not temporary — there are structural shifts that are here to stay.”

When container ship Ever Given turned sideways in the Suez Canal in March, interrupting the passage of freight worth more than an estimated $900bn, it provided a further boost to logistics demand by revealing the vulnerability of supply chains.

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LOGISTICS

When container ship Ever Given turned sideways in the Suez Canal in March of this year, it is estimated that it interrupted the passage of freight worth more than $900bn

“People have realised that global supply chains are fragile,” Ghazal says. “Governments have realised it and don’t want to be reliant on a single source of supply. All this means more logistics.”

E-commerce sales across Europe are expected to increase by $298bn from 2020 to 2025, according to CBRE, which estimates that an additional 28 million sq m of logistics space will be required by 2025.

Germany has featured prominently on investors’ wish lists. According to Colliers, occupier demand for space there hit 1.7 million sq m in the first half of 2021, 39% up on the previous year’s figure and 43% more than the three-year average. The first-half investment total was €4.4bn — among the strongest half-years on record.

A shortage of supply of assets or the land on which to build them remains the main constraint. With large amounts of capital looking for a home and few core and core-plus products available, investors “increasingly dare to approach older and more complex assets”, says Nicolas Roy, Colliers Germany’s head of industrial and logistics.

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Joseph Ghazal: “People have realised that global supply chains are fragile. Governments don’t want to be reliant on a single source of supply. All this means more logistics”

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LOGISTICS “I guess most of our transactions now have some degree of complexity, where they perhaps wouldn’t have done before. We are more able to deal with that complexity than the newcomer to the market,” adds Alistair Calvert, CEO of Clarion Partners Europe. “Germany really has attracted a disproportionate amount of capital. We are still very focused on increasing our German exposure.”

Redeveloping more brownfield land is one potential solution to the supply problem. For example, P3 Logistic Parks is speculatively developing 39,000 sq m in Ebersbach an der Fils, near Stuttgart. The project is being built on a brownfield site, and decontamination and construction will take about 20 months, with occupation of the building expected in January 2023.

Sonke Kewitz, managing director of P3 Logistic Parks Germany and a board member of the recently formed German Brownfield Association says the association’s goal is to reduce land consumption to net zero by 2050.

“However, ambitious sustainability goals must also be followed by action,” he adds.

the moment in our sector,” adds Marco Simonetti, Segro’s managing director, Southern Europe. “Investors that historically were investing in other asset classes like retail and offices now want to invest in logistics as well. That brings more capital to our sector and puts more pressure on the investment deals and on land. Luckily, we have been in the sector a long time and have been able to secure a good pipeline.

The pandemic has also kickstarted e-commerce in a number of markets where pre-COVID internet penetration was low, notably Italy and Spain. Interest in Spain has increased markedly, with recent transactions including Madrid-based private-equity property manager Azora and PGIM Real Estate launching a Spain-focused joint venture targeting last-mile logistics assets in, specifically, Madrid, Barcelona and Valencia.

Urban last-mile logistics facilities inherently often require brownfield development — as is exemplified by Segro’s development at Les Gobelins metro station in the heart of Paris. The joint project with Icade will deliver 14,000 sq m of offices above ground and a subterranean 75,000 sq m logistics centre, with infrastructure geared to electric delivery vehicles of various types.

Supply constraints have held back the French market too.

Industrial investment volume in the first quarter of 2021 was €900m, according to Knight Frank — half that of the same period in 2020. The performance would have been much better if there had been sufficient supply to meet investment demand, Knight Frank says.

“There is a lot of appetite at MIPIM ONE BOOK

Marco Simonetti: “Investors that historically were investing in asset classes like retail and offices now want to invest in logistics as well”

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LOGISTICS The joint venture said in a statement that Spain’s historically low e-commerce penetration rate which, even pre-COVID, was expected to grow by 11% per annum, combined with a wider focus on on-shoring and efficient supply chains as a result of the pandemic, is expected to drive increased demand for fit-for-purpose logistics space in the coming years.

“At a time when demand is increasing exponentially, with Spanish e-commerce penetration beginning to catch up with many other European countries, this venture will allow us to harness our expertise in the Spanish market,” says Cristina Garcia-Peri, Azora’s head of strategy and business development.

at borders, increased levels of administration and paperwork, and higher tariffs — this has been more than counterbalanced by the surge in demand from online retailers.

Knight Frank points out that, in the first half of 2021, take up reached a record 2.9 million sq m, while first-half investment volumes were more than double the 2020 equivalent at £6bn.

“Structural trends, such as the unprecedented level of e-commerce penetration, a limited supply of high-quality assets and robust occupier demand for space, have created the perfect storm and the investor base targeting industrial and logistics assets is continuously broadening,” says Knight Frank’s UK capital markets partner Johnny Hawkins.

“The problem is that Brexit happened at the time of the pandemic, so it’s very difficult to allocate what the Brexit effect was versus the pandemic effect,” adds Clarion Partners Europe’s Calvert. n

The strength of demand for logistics even appears to have resisted Brexit’s potential negative effects. While Brexit is undoubtedly having an effect on the road-haulage industry in the UK — specifically in terms of delays

CONFERENCES & EVENTS AT MIPIM

LOGISTICS

TUESDAY 7 SEPTEMBER

11.00 > 12.00 | Workshop Room - Palais 3 WHAT’S HOT IN LOGISTICS?

Join your peers to debate the latest trends, challenges and opportunities for adynamic hot sector witnessing even stronger demand due to the pandemic.

A new fresh approach to our asset class sessions this year. There will be a special emphasis on networking face-toface after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Participants will be entering the room and choosing a table topic of their choice.

Ronan BOLÉ Operations Director France Amazon

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Christophe CHAUVARD DG France P3 Parks

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Dr. Thomas STEINMÜLLER CEO, CapTen AG

SEPTEMBER 2021

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VORONOVSKOYE MOSCOW INFECTIOUS DISEASES CLINICAL CENTRE

‘A HEROIC DEED’ In March 2020, as Russia ramped up its response to the growing threat of the COVID pandemic, the decision was taken to build a new infectious disease hospital on the outskirts of Moscow — in a month

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tics centre ensured the timely delivery of building materials, equipment and other goods.

ARCH 2020, there was fear, confusion, chaos and uncertainty all around. The situation was changing by the hour but it was clear the world would never be the same. The COVID-19 pandemic touched every one of us, but a Moscow-based team came together to counter the threat. The result is a new infectious disease hospital in the Voronovskoye Settlement on the outskirts of Moscow.

Time was of the essence, as Andrey Bochkarev, deputy mayor of Moscow for urban planning and construction, explains: “We faced a big challenge. Being on a tight schedule, we had to establish a cutting-edge healthcare centre to save the lives of coronavirus-infected people and help people combat other ailments in the future. We completed our mission, having commissioned a healthcare facility that is a unique project not just for Moscow but for Russia.”

More than 80 km of utility networks were laid to the Voronovskoye Moscow Infectious Diseases Clinical Centre. To safeguard the hospital’s smooth and reliable operation, water-treatment plants were established and emergency power-supply systems installed, while an oxygen and gasification unit was built to service the intensive-care unit, medical unit and emergency room.

And to speed up delivery, it was decided to use quick-erect, modular structures to ensure time-efficient construction. However, these structures are not temporary: the hospital has been designed and built to work stably for decades.

In total, the hospital consists of 50 single-storey medical and administrative buildings, along with 14 two- and three-storey staff accommodation buildings across 20 ha of a site that extends to 100 ha in total. The hospital currently provides 800 beds — it will ultimately be extended to 900 beds — every one of which can be re-equipped for intensive care within 24 hours.

It also offers the full range of medical facilities, including imaging suites and operating theatres.

Andrey Bochkarev: “We faced a big challenge. We had to establish a cutting-edge healthcare centre to save the lives of coronavirus-infected people” The tight timeframe and the challenges of constructing a capital facility in the field from scratch required maximum commitment, streamlined co-ordination and the exploitation of complex, technology-intensive solutions. To achieve this, the decision was taken to centralise the management of the project in one place.

General contractor, designer and Moscow’s leading engineering company, Mosinzhproekt, was charged with co-ordinating the day-to-day operations of more than 20 contractors, 11,000 builders and over 1,500 special vehicles.

And to keep up the pace of construction, parallel workflows were employed. Most objectives — the development of project documentation, construction, the procurement of medical equipment — were fulfilled in parallel. In particular, temporary roads and utility networks were being laid even as construction was under way on site.

But before construction could begin, site remediation works had to take place. Due to the complex landscape in the area, builders had to carry out soil removal, dumping and replacement with stable building soils. Roads were laid to ensure immediate, unhampered access to the site. A 24/7 logisMIPIM ONE BOOK

The timescale was breathtaking. The project started on March 12, 2020. Work began on site on March 14 and the first services were laid on March 19. The staff accommodation facilities were under construction by March 21 and all construction was complete by April 4. By April 17, the hospital had been handed over.

Mayor of Moscow Sergei Sobyanin hailed the efforts of the project team: “Our builders commissioned and handed over to medics one of the country’s largest infectious disease centres — a facility that is going to serve us for decades. As this capital facility is fitted with essential infrastructure, the hospital is ready to receive 800 patients. It seems fair to say that the builders did a heroic deed.”

In its first year alone, the Voronovskoye Moscow Infectious Diseases Clinical Centre has performed 3,200,000 tests, more than 17,000 CT scans, around 187,000 PCR tests and, most importantly, saved more than 13,000 lives. n In its first year alone, the hospital has saved more than 13,000 lives 77

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ADVERTORIAL

22 BISHOPSGATE, LONDON

‘AN ENVIRONMENT THAT EMBRACES CHANGE’ AXA IM Alts has begun to welcome the first occupiers at its flagship London development, 22 Bishopsgate, billed as Europe’s first ‘vertical village’

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XA IM Alts’ 22 Bishopsgate, which reached practical completion in December last year, promises to set a new standard for office space. In its construction and operation, the project sets out to support the changing needs of people and businesses. Its people-first approach was conceived at the very outset — and well before the pandemic — with the aim of improving the daily working lives of its residents.

According to AXA IM’s head of leasing, James Goldsmith, nearly 60% of the space, representing around 70,000 sq m, has already been leased and he thinks another 10,000 sq m could be taken by the end of 2021. He adds: “For us, success isn’t about how quickly we let it: it’s about the diversity and ambition of the occupiers that want to be part of the community. That’s what sustains long-term value.”

Occupiers have been drawn from a range of sectors, reaching beyond the traditional financial-services constituency of the City of London to encompass the legal, technology and professional-services sectors. “22 Bishopsgate is less about what sector you’re in and more about your mindset,” Goldsmith says.

“Every business that has come in has said: ‘We want to do something new with our business.’”

In addition, 22 Bishopsgate features the Active Commuter Park, offering storage for 1,700 bikes, along with repair facilities, electric charging points and changing facilities, as well as the UK’s highest free public viewing gallery with a restaurant and bar.

“The analogy we use for the building is that it’s like a university campus,” Goldsmith says. “The big challenge for ambitious businesses is attracting the right talent and university is a place where you build lifelong friendships. It’s where curiosity is encouraged and a diversity of opinions help solve problems. It’s about encouraging different behaviours.”

Delivering on this promise demands a new approach to building management, explains AXA IM’s senior asset manager Phillip Shalless: “The communal spaces are where people come together and create a community. But we don’t want to be prescriptive: our occupiers will dictate how it evolves.” For instance, there is no formal reception space. Visitors entering from the street are greeted by casually dressed hosts armed with tablets to check them in and help them navigate the building to their destination.

22 Bishopsgate’s management team of 15 on-site professionals have been drawn from a range of disciplines beyond traditional property management. “We’re only at the beginning.

We have to create an environment that embraces change,” Shalless concludes. n

James Goldsmith: “22 Bishopsgate is less about what sector you’re in and more about your mindset” Designed by PLP Architecture with Lipton Rogers Developments retained as development partner, the 118,000 sq m workplace is the first major London building to embody the structural and cultural shifts in how people work and live, which have only accelerated as a result of the pandemic.

Embodying its central themes of wellbeing and community, 22 Bishopsgate incorporates 14,000 sq m of amenity spaces. These include The Market, a 1,800 sq m food hub on the second floor, which has already become a meeting place for all the building’s occupiers; a managed innovation floor called The Exchange; a gym, offering London’s first ‘sky-wall’ climbing window positioned 125 metres above ground on the 25th floor; and a wellbeing space on the 41st floor called The Retreat. Other features include auditoria and business-events spaces and services.

MIPIM ONE BOOK

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003_IMMOB ZEITUNG_OB_PIM SE

Get to know the German Real Estate Market.

PRINT EDITION / ePAPER (weekly)

NEWS PORTAL iz.de

RESEARCH PLATFORM iz-research.com

JOB PLATFORM iz-jobs.de

An associate of

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PROJECT PROFILE

ADVERTORIAL

WHAMPOA STREET REJUVENATION, HONG KONG

AN URBAN OASIS IN THE HEART OF KOWLOON Henderson Land Group has started work on one of the most ambitious urban rejuvenation projects in Hong Kong — and a massive vote of confidence in the future of the Special Administrative Region

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HE WHAMPOA Street Rejuvenation in the Hung Hom district of Kowloon is a multi-phase redevelopment split into seven parcels. On completion, it will offer about 151,100 sq m of new space and its 10 towers will provide a distinctive new addition to the Hong Kong skyline.

The first phase will be delivered in 2023, with subsequent phases completed from 2024 to around 2027. Some 91,100 sq m of floorspace will be residential, but the project promises a vibrant mix of uses, including about 16,100 sq m of retail, a 7,300 sq m clubhouse and 13,500 sq m of car parking. Landscaping and public realm will take up another 14,600 sq m.

Lead architect KPF is harnessing the expertise of a team of local architects and consultants to create a tapestry of building types that mix intimate spaces with dramatic towers, while evoking the shipbuilding and industrial heritage of Hung Hom. Henderson’s goal is to create an authentic and rich urban experience filled with elements of surprise. In contrast to the mega building blocks surrounding the project, the site is broken into finely grained urban fabric elements, interwoven with a series of small pavilions and varied public spaces. Vibrant pedestrian flow permeates the site via the streets, passages, plazas and elevated terraces that seamlessly connect the towers, retail podiums and public spaces.

Henderson’s goal is to create an authentic and rich urban experience filled with elements of surprise combine to create a safe and modern environment for the area’s inhabitants.

In addition to the solar panels at street level and achieving LEED certification, the Whampoa Street Rejuvenation is also targeting WELL certification. With the integration of plentiful outdoor terraces and a variety of green-wall designs, the project will function as a true oasis, offering a sense of wellbeing to the people in the community. n

Creating an urban oasis in the heart of Kowloon is an important goal of the design. The team used in-house proprietary software to analyse different massing options. The resulting design is one that minimises cross viewing between the towers, maximises unobstructed views to the city and harbour, and reduces the shadows cast on major public spaces. The massing was further refined to allow multiple wind corridors to pass through the project, providing natural ventilation at both the podium and tower levels, and improving the microclimate in the district.

Another project aspiration is to upgrade the infrastructure around the site. For example, the pedestrian bridge leading from the neighbourhood centre to Hung Hom station is scheduled for modernisation. This and other improvements MIPIM ONE BOOK

Legal note This article serves as a brief introduction to a project that is under the portfolio of Henderson Land Group. It is not intended or purported to promote the sale of any residential property of the developments mentioned herein. All images are artist impressions.

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PROJECT PROFILE

ADVERTORIAL

7 MADRID, PARIS

‘RE-ENCHANTING A WORK ENVIRONMENT’ Among the most emblematic projects in the Gecina portfolio, 7 Madrid is an ambitious transformation of a 19thcentury Jesuit college in the CBD of Paris into a vibrant workplace

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Oana Migeon, global workplace experience manager at Contentsquare, says: “7 Madrid meets the need for a hybrid workplace, according to feedback from our teams.”

HE 7 Madrid project aims to inspire a return to the office by focusing on end-users’ needs with new services and spaces that promote collaboration and wellbeing; by adopting an environmentally responsible approach with 1,000 sq m of green spaces, eco-materials and renewable energy production; and by reconnecting the site to the city through open architecture, epitomised by a magnificent glass rooftop atrium. The building is HQE ‘Excellent’ certified and BiodiverCity labelled.

“This innovative refurbishment, which blends history and modernity, contributes to make 7 Madrid a building offering optimal working conditions,” says Romain Veber, Gecina’s executive director of investments and development.

Faced with the challenge of breathing new life into an historic building, the development team identified a number of interventions that would transform 7 Madrid into a haven of fresh air. First was the creation of a glass roof — a new take on a Parisian roof — which aims to create a dedicated place to foster wellbeing, creativity and social inclusion. This has led to a spectacular and intimate new shared space, crowned by an accessible 156 sq m roof terrace.

Other key innovations include the transformation of unused spaces into communal areas to offer users a new way of working.

For example, parking spaces and archives have been transformed into collaborative spaces, from services to meeting rooms, bathed in light and open to the entire garden floor. And a spectacular double-height entrance hall has been created, offering a welcoming space and opening on to a courtyard garden.

Lastly, the building was extended with a new structure, called The Factory, made entirely of wood. “By placing the wellbeing of the end-users at the heart of the project, we were able to achieve our goal: re-enchanting a work environment inherited from the urban history of Paris,” Gecina’s Britay adds.

Not only is 7 Madrid in tune with the evolving needs of the workplace, but it also meets ambitious environmental targets.

This has been made possible by retaining the existing structure and facades, by choosing low-carbon materials, by using timber to create the four-storey extension and by installing photovoltaic panels. These choices minimised the refurbishment’s waste and carbon footprint, while making it possible to generate renewable energy.

Lastly, more than 1,000 sq m of green spaces were created, from the tree-lined interior garden to the rooftop terrace, providing a haven for biodiversity in the heart of Paris. n

Romain Veber: “This innovative refurbishment blends history and modernity to offer optimal working conditions” The attributes of 7 Madrid attracted global workspace provider WeWork to sign an early pre-letting agreement on behalf of two corporate clients, Contentsquare and ConvictionsRH. “When we chose 7 Madrid, we saw that it would be the perfect place to network, to create a collaboration hub, community and gathering place,” says Rebecca Nachanakian, general manager, France and Southern Europe, at WeWork.

The decision by WeWork to commit early to the project ushered in an exciting period of collaboration between Gecina and WeWork, which resulted in the new 7 Madrid experience. “The choice of 7 Madrid by a major player in the flexible workspace market is a recognition of our know-how,” adds Valerie Britay, deputy CEO in charge of Gecina’s offices division.

At a time when office buildings are being called into question, 7 Madrid provides a concrete response by creating a place where people belong: an open living space that accompanies, welcomes, brings people together, shares, facilitates and stimulates. And the response to 7 Madrid from WeWork and its users has rewarded the Gecina team’s faith in the project.

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PRACTICAL GUIDE YOUR MIPIM EXPERIENCE P 84

EXHIBITION FLOOR PLANS P 86

EXHIBITORS LIST P 88

AWARDS FINALISTS P 91

MIPIM SPONSORS P 100

MIPIM PARTNERS P 102

CONFERENCES & EVENTS PROGRAMME P 105

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YOUR MIPIM EXPERIENCE Hand sanitizing gel Mask bin (Covid 19 mask)

RE GI ST RA TIO N

R9.A MIPIM Lounge

llery Awards Ga Sea

PALAIS 0 to 5 Registration (Visitors, Press, Protocol & Speakers) & One book Collection

Entrance

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Left Luggage

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CONFERENCE & EVENT ROOM

REGISTRATION HOURS 6 September

14.00 | 20.00

Palais 1

Palais 3

7 September

08.00 | 19.00

Toscan du Plantier

Workshop Room

8 September

08.00 | 16.00

Verrière Grand Auditorium Palais 5 Esterel Room

Mipim Lounge (access via Palais 3)

Innovation Room

OPENING TIMES 7 September

09.00* | 19.00

8 September

09.00* | 18.00

*Access as from 08.00 for exhibitors

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HAPPENINGS Mipim Lounge

NETWORK & DEDICATED AREAS MIPIM Lounge

(Access via Palais 3) Enjoy the sunny weather, relax and get new connection in this outdoor area conceived to induce networking.

All day long: food and drinks available (non complimentary)

Propel Station (Palais 4) A dedicated exhibition area to the most innovative solutions and practices.

Hospitality & Tourism area (Palais 3) Connect with hospitality and property industry professionals.

Welcome Reception 6 September 19.00 | 23.30

Welcome coffees 7 & 8 September 09.00 | 09.30

Happy hour 7 September 17.30 | 19.00

Mipim Awards Ceremony & celebration drinks 8 September 15.00 | 17.00

Mipim Awards Gallery

(Mipim Lounge, access via Palais 3) Presents the most outstanding and accomplished projects, completed or yet to be built, around the world, the very best of the real estate industry.

Free connection within the Palais

Terraces (Palais 3 & 4)

•C onnect to « Palais des Festivals WIFI » network.

Relax and get connection with a beautiful view in our outdoor terraces.

WIFI

•U se the number on your badge as password.

ASSISTANCE Free shuttles service

Left Luggage

Check the schedule online, at our partner hotels or at any MIPIM Information Point.

Pick-up and drop-off is at the Pantiero.

Next to the Mipim Entrance (see side).

Cloakroom

Available inside the Palais.

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GENERAL MAP

RE GI ST RA TIO N

R9.A MIPIM Lounge

llery Awards Ga Sea

PALAIS 0 to 5 Registration (Visitors, Press, Protocol & Speakers) & One book Collection

ette rois C a L

Entrance Left Luggage

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PALAIS 0

PALAIS 1

Official Suppliers

Cloakroom

Technical Desk

Access to Palais 3, 4 & 5 & MIPIM Lounge

Gra Verr nd Audière itor iu Access to Palais 1, 3, 4 & 5 and MIPIM Lounge

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REG m

Decorators registration (Palais 0)

TOSCAN DU PLANTIER

ENTRANCE

Hand sanitizing gel

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O ATI R T S

Recycling bin (CSR)

Mask bin (Covid 19 mask)

E ANC NTR CASE E ION AIR RAT ST IST TSIDE G E U R O VIA

Emergency Exit

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PALAIS 4 OPEN TO ALL TERRACES

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Propel Station

VERRIERE CALIFORNIE Stairs to Palais 5

MIPIM LOUNGE

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P3.C2 Access to Mipim Lounge

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Access to Palais 1

Palais 0

Access to Palais 5 & lower levels

Hand sanitizing gel

Recycling bin (CSR)

Mask bin (Covid 19 mask)

Emergency Exit

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EXHIBITORS LIST A ACCOR SA AEDIFION GMBH AFEX ALILA PROMOTION ALACAZA ANAXAGO AQUILEIA CAPITAL SERVICES S.R.L. ARANIL SIA ARLYNK AROUNDTOWN SA ATELIERS 2/3/4/ AUTORITA’ DI SISTEMA PORTUALE DEL MAR LIGURE ORIENTALE

P3.C12 P4.B11 P3.B36 P4.HS1 P4.C32 P4.B16 P3.C 2 P3.C10 P3.B38 P4.C 7 P3.B36 P3.C 2

BARCELONA CATALONIA BEELDI BERLIN PARTNER FUR WIRTSCHAFT UND TECHNOLOGIE GMBH BERLIN TXL BERLIN, CITY OF BERLIN BFH INTERNATIONAL BIECHER ARCHITECTES BRIVO BUILDINGMINDS GMBH BUSINESS IMMO

P3.B 4 P4.C32 P4.C 7

CABINET HERMES CEEVO VAL D’OISE ECONOMIC DEVELOPMENT AGENCY - PARIS REGION CG ELEMENTUM AG CITT METROPOLITANA DI BOLOGNA CITY OF HELSINKI CITY OF JAWOR CITY OF LODZ CITY OF POZNAN CITY OF RIGA (Investment and Tourism Agency of Riga) COMMUNAUTE D’AGGLOMERATION PARIS-SACLAY COMUNE DI GENOVA

P3.B38 P4.C34

DEEPKI DESIGN INTERNATIONAL DEUTSCHE PFANDBRIEFBANK AG

P4.C32 P3.B23 P4.C42

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P3.B44

E.ON SE ECOSTEEL GROUP EM2C GROUPE EMILIA-ROMAGNA REGION ENIA ARCHITECTES EPA ECO-VALLEE PLAINE DU VAR EPA PARIS-SACLAY EQUATOR STOCKHOLM AB EUROMÉDITERRANÉE, ETABLISSEMENT PUBLIC D’AMÉNAGEMENT EUROPA PROPERTY

P4.C 9 P4.C36 P3.B46 P3.B20 P3.B36 P3.B32 P4.C34 P4.C14 P3.B52

FIABCI FLATNYOU FUNDUSZ GORNOSLASKI S.A.

P4.C28 P4.C32 P4.C23

GRAND CITY PROPERTIES GRAND-ORLY SEINE BIEVRE GREATER POLAND ENERGY VALLEY, CITY OF KONIN GRENOBLE-ALPES GVA REDILCO & SIGEST

P4.C 7 P4.C34 P4.C35 P3.B38 P4.HS2

HAFENCITY HAMBURG GMBH HAMBURG INVEST HANSAINVEST REAL ASSETS GMBH

P4.C10 P4.C10 P4.C10

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JOSAS IMMOBILIARE SRL

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P3.B19

P3.C 2 P3.C 2

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KAUFMAN & BROAD GIE KEL FONCIER KOZ ARCHITECTES KRAKOW METROPOLITAN AREA

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P4.B14 P3.B52

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PARIS & CO PARIS LA DEFENSE PARIS REGION PININFARINA ARCHITECTURE PLANRADAR GMBH PLATAN PORTS OF GENOA PRICEHUBBLE PRIZMA GMBH PROCOM INVEST GMBH & CO. KG PROPRIETE LE FIGARO PROVENCE PROMOTION PUGLIA SVILUPPO SPA

RADIO IMMO REAL ASSET MEDIA REAL QUALITY RATING (RQR) RE-CONNECT ROMANIA REDD SRL REDMAN RICHEZ_ASSOCIES ROBERT C. SPIES GEWERBE UND INVESTMENT GMBH & CO.KG ROMA CAPITALE

R9.A P3.B37 P4.C32 P4.C40 P4.B12 P4.C34 P3.B36 P4.C10

SAINT-GOBAIN SAINT-QUENTIN-EN-YVELINES SCHINDLER SCHINDLER DIGITAL INNOVATION GMBH SCHINDLER ELEVATOR LTD SENATE DEPARTMENT FOR URBAN DEVELOPMENT AND HOUSING SEZAAM SILESIA REGION SMART CONCEPTS AG SMINO SOCIETE DU GRAND PARIS SOGARIS SOLARIS TENDE SRL SOPHIA ANTIPOLIS SPACETI SPIRIT INVEST SLOVANIA SWISS LIFE ASSET MANAGERS

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THELEISUREWAY THOR PRIVATE EQUITY SPAIN TUI HOTELS & RESORTS

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VILLE DE MARSEILLE

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WARIMPEX FINANZ UND BETEILIGUNGS AG WOJO

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P4.C32 P4.B 9

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024_POLAND TODAY_OB_PIM_SE

The JURY

President of the jury Méka BRUNEL Gecina CEO France

Stéphanie BENSIMON Ardian France Head of Real Estate France

Kai-Uwe BERGMANN Bjarke Ingels Group Partner Denmark

Akim DAOUDA

FGIS (Gabonese Sovereign Wealth Fund) CEO Gabon

Hala EL AKL

PLP Architecture Director UK

Serge FAUTRE AG Real Estate CEO Belgium

Kathleen FONTANA RICS President UK

Paolo GENCARELLI

Poste Italiane Head of Group Real Estate Italy

Marco HEKMAN

CBRE Divisional President, Advisory Services, Continental Europe The Netherlands

Frank KHOO

City Developments Limited Group Chief Investment Officer Singapore

Sergey KUZNETSOV Moscow City Chief Architect Russia

Henrik SAXBORN Castellum CEO Sweden

AWARDS MIPIM Awards 2021 Find out who the MIPIM Awards 2021 winners are: The competition This year, despite the pandemic, 172 entries from 36 countries entered the MIPIM Awards competition through 12 categories: •B est cultural and 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 shopping centre • Best urban project • Best futura project (total surface area <150,000 sqm) • Best futura mega project (total surface area ≥ 150,000 sqm)

The jury meeting Early in June, the jury, made up of top real-estate leaders and chaired this year by Gecina CEO Meka Brunel, reviewed all the entries and shortlisted the finest projects in each of the 12 categories to represent the 50 finalists of the MIPIM Awards 2021. This year, in addition to the usual criteria, the jury also looked at how the project adapted to the consequences of the pandemic on the way people live, work, shop and entertain themselves.

The vote The winners will be selected on a 50:50 basis, with the jury’s vote carrying equal weight with the MIPIM September Edition 2021 delegates’ vote and, since early August 2021, all of you have been invited to vote online for your favourite project in each of the 12 categories.

The on-site vote will start at the Welcome Reception on Monday 6 September evening and will continue the next day at the Awards Gallery.

Both online and on-site votes will end on Tuesday 7 September at 19.00 (CEST).

The ceremony The winners will be announced at the MIPIM Awards ceremony to be held on Wednesday, 8 September at 15.00. For this special edition of MIPIM in September, the ceremony will be held in the MIPIM Lounge located on the main terrace of the Palais des Festivals, offering a panoramic view over the bay of Cannes, the Old port and the Suquet. In addition to the 12 category winners, the Special Jury Award which goes to the jury’s personal favourite among all projects will be revealed by the President of the Jury, Méka Brunel.

Don’t miss this must-attend event before leaving Cannes, and if you can’t attend, the ceremony will be livestreamed on our digital platform MIPIM World 365.

Katarzyna ZAWODNA-BIJOCH Skanska Commercial Development Europe President & CEO, CEE Region Poland

Official Media Partners

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AWARDS Best Cultural & Sports Infrastructure

AGENDA

MIPIM AWARDS ONSITE VOTE At the Welcome Reception

Cyprus International University Masterplan

Monday 6 September (19.00)

Nicosia, Northern Cyprus

MIPIM LOUNGE, RIVIERA 9

Developer: Levent Group Architect: Arup

At the Awards Gallery Tuesday 7 September (9.00 to 19.00) MIPIM LOUNGE, RIVIERA 9

ONLINE VOTE

Olympic Complex Rezekne

Until Tuesday 7 September (19.00)

Rezekne, Latvia

Scan this QR code to vote with your badge number

Developer: Rezekne City Council Architect: REM PRO Ltd Other: FORMA Ltd

!

United States Olympic & Paralympic Museum Colorado Springs, Colorado, United States

MIPIM AWARDS CEREMONY

Developer: United States Olympic & Paralympic Museum Architect: Diller Scofidio + Renfro (Design Architect, Anderson Mason Dale Architects (Architect of Record) Other: Gallagher & Associates (Exhibition Designers), Barrie Projects (Museum & Content Development), KL&A in collaboration with Arup (Structural Engineer), Kiowa Engineering Corporation (Civil Engineer), Jensen Hughes (Fire Engineering), The Ballard Group (Mechanical & Plumbing Engineer), ME Engineers (Electrical Engineer), Arup (Acoustics, Audio/ Visual, Theater), Ileana Rodriguez (Accessibility), Tillotson Design Associates (Lighting), NES, Inc. in collaboration with Hargreaves Jones (Landscape Architects), Advanced Consulting Engineers (Code), Iros Elevators Design Services (Vertical Circulation), Dharam Consulting (Cost Estimating), Iconergy (Energy Modeling), Heitmann & Associates (Exterior Envelope Consultant), MG McGrath (Facade Fabrication), GE Johnson (Construction Manager and General Contractor)

Wednesday 8 September (15.00) MIPIM LOUNGE, RIVIERA 9 Followed by a celebration drink

Riviera 9

Yacht Park & Marina Yacht Park Gdynia, Poland

Developer: Polski Holding Nieruchomo ci S.A. Architect: Arch Deco Other: DORACO (General Contractor) © Yachting Festival Cannes - Abracadabra Studio

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AWARDS Best Hotel & Tourism Resort

Best Healthcare Development MontLégia general hospital

Club Med La Rosière

Developer: Le Groupe santé CHC Architect: ASSAR ARCHITECTS / ARTAU ARCHITECTURES Other: GREISCH (Structural Engineers), TRACTEBEL ENGINEERING (Building services)

Developer: Club Med Architect: Plexus Other: JMV Jean-Marc Villot (Interior Designer)

La Rosière, France

Liège, Belgium

Hoshino KASUKE Tiantai

Taizhou, Zhejiang Province, China Developer: Greentown Group Architect: GOA (Group of Architects)

Tallmon

Stockholm, Sweden

Developer: Älvkarleby Municipality Architect: Sweco Other: WSP

InterContinental Lyon Hotel Dieu - by IHG Hotels & Resorts Lyon, France

Developer: IHG Hotels & Resorts, Generim/Eiffage Architect: Jean-Philippe Nuel & RLA, Didier Repellin Architecte du Patrimoine Other: Crédit Agricole – Predica (Owner)

The North Wing, Rigshospitalet

Copenhagen, Denmark

Developer: Rigshospitalet, Region Hovedstaden Architect: Link Arkitektur and 3XN Other: Sweco, Kristine Jensen Tegnestue, Nickl & Partner

Kyoto Higashiyama project (Sanso Kyoyamato -Park Hyatt Kyoto) Kyoto, Japan

Developer: TAKENAKA CORPORATION Architect: TAKENAKA CORPORATION Other: Tony Chi (Interior Designer), Yasuo Kitayama (Landscape Architect)

Voronovskoe Infectious Diseases Hospital Moscow, Russia

Developer: Moscow Department of Construction, Development of Social Infrastructure (Independent non-commercial organization), Mosinzhproekt JSC Architect: Mosinzhproekt JSC Other: DSK No. 1 JSC, Merkuriy LLC, PSF STALKON LLC, GK PIK PJSC, KhK GVSU Tsentr JSC, Mospromstroy PJSC, MSU-1 JSC, IBT LLC, DoorKhan LLC, MISK JSC, Gera LLC, PSF KROST LLC, Mosgaz JSC, Mosvodokanal JSC, OEK PJSC, MOESK, Rostelecom PJSC, Mostotrest PJSC and others

Villa Copenhagen

Copenhagen, Denmark

Developer: Strawberry A/S Architect: Arkitekterna Krook och Tjäder AB Other: Kullegaard A/S (Local Architect), Goddaard Littlefair (UK, Interior Architect), Universal Design Studio (UK, Interior Architect), Shamballa jewels (DK+RU, Interior Architect), Earth Studio (DK, Interior Architect), HENT A/S (Construction)

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AWARDS Best Industrial & Logistics Development

Best Mixed-use Development

Integral

Elektrownia Powiśle

Guilin, China

Developer: Esquel Group Architect: Ronald Lu & Partners Other: Ray Chen + Partners Architects (Design Architect for Office Clusters), P Landscape Co., Ltd. (Landscape Architect), Tianjin Zhongtian Architecture Design Institute (Structural & Mechanical, Electrical and Plumbing Engineer (Factory), Guilin Institute of Architectural Design and Research (Structural & MEP Engineer for Dining and Office Clusters)

Warsaw, Poland

Developer: White Star Real Estate Investor: Tristan Capital Partners and White Star Real Estate Architect: APA Wojciechowski, Belotto Design and VSF-Creative

KII

Düsseldorf, Germany

Developer: CENTRUM Gruppe / B&L Gruppe in cooperation with ingenhoven architects Architect: ingenhoven architects, Christoph Ingenhoven Other: Beuth University of Applied Sciences, Berlin (scientific support)

P4 - Pole Paris Pantin Pré-Saint-Gervais Paris, France

Developer: Sogaris Architect: Syvil

Lahofer Winery

Dobšice, Czech Republic

Prologis Waalwijk DC3

Developer: Lahofer Architect: Chybik + Kristof

Waalwijk, The Netherlands Developer: Prologis BV Architect: Johan de Vries

WITH HARAJUKU Tokyo, Japan

Developer: NTT Urban Development Architect: TAKENAKA CORPORATION, Toyo Ito & Associates, Architects Other: Xavier Veilhan (Artist, Art Work), SIRIUS LIGHTING OFFICE (Lighting Design), HIROMURA DESIGN OFFICE (Graphic Design)

The Dutch Vault

Houten, The Netherlands

Developer: Heylen Warehouses Architect: wilma wastiau

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AWARDS Best Office & Business Development

Best Refurbished Building 7 Madrid

22 Bishopsgate

Paris, France

London, United Kingdom

Developer: Gecina Architect: Dubuisson Architecture Other: Oasiis

Developer: AXA IM Alts & Lipton Rogers Developments Architect: PLP Architecture Other: Multiplex (Main Contractor)

CAMPUS ORANGE LYON

87 Richelieu

Lyon, France

Paris, France

Developer: PITCH PROMOTION

Developer: Altarea Entreprise Architect: Wilmotte et Associés Architectes

Architect: HUBERT GODET ARCHITECTES + HARDEL LE BIHAN ARCHITECTES

Other: Builders & Partners (Construction Manager & Coordinator), R.B.S (structure), Arcora (facades), Tem Partners (MEP), Iliade (Construction Economist, sustainability), Bassinet Turquin (Landscaper), Apave (building inspection office) / Vicarini (Lighting Designer) / Eiffage Construction (construction company for the structural and envelop works), Vinci Energie (company for the electrical works), Spie Patricola (company for the ventilation, heating and plumbing works)

Le Monde Group headquarters Paris, France

Developer: REDMAN, Le Monde Group (Owner) Architect: Snøhetta (Norway) / SRA Architectes (France) Constructors: EIFFAGE METAL / GOYER / EIFFAGE GENIE CIVIL / GLAUSER / ETANDEX /MULTISPE / VALLEE /MONTICO / JCMRS / ETMB / DECOR ISOLATION / GAMMA / LEFORT FRANCHETEAU / SANTERNE SNEF / APILOG / AXIMA / SOLSTYCE / SCHINDLER / INEO / EJL / FRACIM / MARCEL VILETTE / PATRICK JEAN PEINTURE / PREVOTAT / FIGUERAS Other: Cicad, Archimage, Sahuc & Katchoura, BOA, Khephren, Arcora, Barbanel, P2i, LASA, Bureau Veritas

The Biotope

Beloit Powerhouse

Beloit, Wisconsin, United States Developer: Beloit College Architect: Studio Gang

Gare Maritime Brussels, Belgium

Developer: Extensa Group NV Architect: Neutelings Riedijk Architecten (Rotterdam, NL), Bureau Bouwtechniek (Brussels, BE) Other: Engineering offices Ney & Partners (Brussels, BE), Boydens engineering (Brussels, BE), Vibrations Engineering & Acoustics Consulting – Venac (Brussels, BE), Fire Protection Consultants – FPC (Antwerp, BE) I General contractor MBG (Antwerp, BE)

The Northern River Terminal of Moscow

Lille, France

Developer: Bouygues Bâtiment NordEst/ Linkcity Architect: Henning Larsen, KeurK Architecture

Moscow, Russia

Developer: The Department of Transport and Road Infrastructure Development of Moscow, LLC Engineering Geology of Historical Territories (General Design Contractor), LLC GeoSphere (General Contractor for emergency works), LLC Artstroitechnology (General Contractor for restoration works) Architect: Belyaev Konstantin

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AWARDS Best Residential Development

Best Shopping Centre

BaseCamp Lyngby

Kogens Lyngby, Denmark

Adana Town Center

Developer: BaseCamp Student Architect: Lars Gitz Architects, Kragh & Berglund (Landscape Designer) Other: Studio Aisslinger (Interior Designer)

Adana, Turkey

Developer: Esas Gayrimenkel Architect: JERDE

Charlie Living

BEO Shopping Center

Berlin, Germany

Belgrade, Serbia

Developer: Trockland Management GmbH Architect: GRAFT GmbH Other: MAN MADE LAND Berlin Germany (Landscape Architect), RUST Architects Tel Aviv Israel (Interior Designer of community spaces)

Developer: MPC Properties, Atterbury Group Architect: Chapman Taylor (Architect) and TT Design (Interior Design Architect)

HOFT - House of the Flying Trees

ICONSIAM

Bangkok, Thailand

Riga, Latvia

Developer: ICONSIAM Company Limited Architect: Urban Architect

Developer: R.Evolution 21 Architect: Design office “Kroks” Other: Design office “OpenAD”

Jackson Apartments

Zijing Paradise Walk

Seattle, United States

Hangzhou, China

Developer: Vulcan Inc. Architect: Runberg Architecture Group Other: Exxel Pacific (General Contractor)

Developer: Longfor Properties Co. Ltd Architect: LWK + PARTNERS (Ferdinand Cheung)

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AWARDS Best Urban Project

Best Futura Project Changi Airport Connector

Badaevsky

Singapore, Singapore

Developer: Changi Airport Group (Singapore) Pte Ltd Architect: Changi Airport Group (Singapore) Pte Ltd

Moscow, Russia

MIYASHITA PARK

International Sports and Culture Exchange Center

Developer: Capital Group Architect: Herzog & de Meuron Other: APEX project bureau

Shibuya, Tokyo, Japan

Shenzhen, China

Developer: Mitsui Fudosan Co., Ltd. Architect: TAKENAKA CORPORATION & NIKKEN SEKKEI LTD

Developer: Shenzhen Bureau of Culture Architect: Aedas

Newcastle Intelligent City of Longevity: Home to The Catalyst

ROOTS

Newcastle upon Tyne, United Kingdom

Hamburg, Germany

Developer: Garbe Immobilien-Projekte GmbH Architect: Störmer Murphy and Partners

Owner: UK National Innovation Centre for Ageing (NICA) Developer: Turner and Townsend (Project Manager), Bowmer and Kirkland (Constructers) Architect: GSS Architecture

Svart Hotel

Moloy Comune, Norway

TRINITY

Developer: Miris AS Architect: Ivaylo Lefterov (SVART Development Director), Jan Mathisen Gunner (CEO), Space Copenhagen (Interior Designer), Snohetta (phase 1 Concept Design Architects)

Paris La Défense, France

Developer: Unibail-Rodamco-Westfield Architect: Cro&Co Architecture

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AWARDS Best Futura Mega Project Bermondsey Masterplan London, United Kingdom

Developer: Grosvenor Britain & Ireland

Architect: Kohn Pedersen Fox Associates Other: Arup (Landscape Architect), Cottrell and Vermeulen (School Architect), AKT II (Structural Engineer), WSP (Structural Engineer), TTP (Sustainability Consultant), Hilson Moran (MEP), Arup Infrastructure (MEP), WSP (Transport Consultant), Gerald Eve (Planning Consultant), Plomp (Visualiser)

Bioma XP

São Roque - São Paulo, Brazil

Developer: XP Investimentos Architect: Studio MK27, Estudio Guto Requena

Tourist and recreational cluster ‘Land of Forts’

Kronshtadt, Saint-Petersburg, Russia

Developer: CRT Group (Fee Developer) Architect: Meganom (Museum), Gerasimov & Partners, Chuvashev & Partners (Landscape), Eggert Engineering (Structural Engineer), HyproGor (Planning) Other: Autonomous Non-Profit Organization for the Development of Tourist and Recreational Cluster in Kronshtadt ‘Land of Forts’

Whampoa Street Rejuvenation

Hong Kong SAR, China

Developer: Henderson Land Development Co. Ltd. Architect: Kohn Pedersen Fox Associates

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007V2_RM MIPIMWORLD_OB_PIM_SE

We are MIPIM,

guiding and influencing the upcoming transformations in the urban world, everywhere MIPIM is about to become an annual business platform, combining ‘in-person’ networking and a digital programme

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CONFERENCES’ SPONSORS AND PARTNERS

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MIPIM 2021 September Edition

07-08 SEPTEMBER 2021

PALAIS DES FESTIVALS - CANNES, FRANCE

CONFERENCES & EVENTS

PROGRAMME Global conference programme sponsor

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ONE BOOK 2021 - 460x285mm_v3.indd 2

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18.30

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16.30

16.00

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15.00

14.30

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13.30

13.00

12.30

12.00

11.30

11.00

10.30

10.00

09.30

09.00

08.30

RIVIERA 9

MIPIM LOUNGE

PARTNER SESSION

BY VILLE DE PARIS

PARTNERS SESSION

17.30 | 18.30

POST-PANDEMIC CITY: BUSINESS DISTRICTS & WORKSPACES

16.15 | 17.00

PEOPLE: NEW WORLD, NEW ERA Making changes together

15.00 | 15.45

HOUSING POLICY: How to successfully combine environmental considerations and need for housing by radio.immo

13.00 | 13.30

FRANCE: BACK TO BUSINESS

11.45 | 12.30

PLANET: NEW WORLD, NEW ERA Finance: lever to fight climate change

10.45 | 11.15

PLANET: NEW WORLD, NEW ERA How to achieve the impossible?

09.30 | 10.15

PALAIS 5

ESTEREL ROOM

WHAT'S HOT IN RESIDENTIAL?

17.15 | 18.15

WHAT'S HOT IN HEALTHCARE AND NURSING?

15.45 | 16.45

WHAT'S HOT IN LOGISTICS?

11.00 | 12.00

WHAT’S HOT IN ATTRACTING HOSPITALITY INVESTMENT?

PALAIS 3

WORKSHOP ROOM

09.30 | 10.30

FRANCE: CITIES IN THE POLITICAL AGENDA

10.00 | 11.30

16.00 | 18.00

KEYNOTE BY CHRISTIAN DE PORTZAMPARC

15.00 | 15.30

CASE STUDY BY WOJO

14.00 | 14.30

11.45 | 12.30

INNOVATION: TECH FOR CHANGE Climate tech comes to RE's rescue

INNOVATION: TECH FOR CHANGE Innovation is dead, long live innovation!

PALAIS 5

INNOVATION ROOM

10.30 | 11.15

TUESDAY 7 SEPTEMBER

CIRCULAR ECONOMY - How owners and landlords are boosting the low-carbon world and value by reusing materials.

By BOOSTER DU REEMPLOI

15.00 | 16.30

CLOSED-DOOR EVENTS

12.30 | 14.00 By invitation only

ROUNDTABLES By invitation only

CLOSED-DOOR EVENTS

08.30 | 12.30 By invitation only

PALAIS 1

TOSCAN DU PLANTIER

CONFERENCES & EVENTS

PARTNER SESSION

BY BARCELONA CATALONIA

PARTNERS SESSION

16.00 | 18.00

PARTNER SESSION

BY DIJON METROPOLE

PARTNERS SESSION

14.30 | 15.30

FRENCH NETWORKING LUNCH - TIME TO MOVE ON

CLOSED-DOOR EVENTS

12.30 | 14.00 By invitation only

ITALY: BACK TO BUSINESS

10.00 | 11.00

PALAIS 1

VERRIERE GRAND AUDI

ONE BOOK 2021 - 460x285mm_v3.indd 3

02/09/2021 10:33

19.00

18.30

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11.30

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HOUSING FOR ALL : What are the challenges that local representatives may face nowadays ? by radio.immo

14.00 | 15.00

GREEN AND THRIVING NEIGHBORHOOD, A PATHWAY TO NET ZERO FEATURING THE 15 MINUTE CITY

11.45 | 12.30

PERFORMANCE: NEW WORLD, NEW ERA Why ESG matters today

10.30 | 11.00

PERFORMANCE: NEW WORLD, NEW ERA Why ESG matters today

09.30 | 10.00

PALAIS 5

ESTEREL ROOM PALAIS 5

CASE STUDY BY SCHINDLER

13.00 | 13.30

UK: BACK TO BUSINESS

11.15 | 12.15

GERMANY: BACK TO BUSINESS

10.00 | 10.45

GEND'HER NETWORKING EVENT Unlocking the power of diversity

08.00 | 09.30

PALAIS 3

WORKSHOP ROOM

YOUNG TALENT MEET UP The Future of the Real Estate Industry

11.30 | 13.00

KEYNOTE & ROUNDTABLES By invitation only

CLOSED-DOOR EVENTS

08.00 | 10.30 By invitation only

PALAIS 1

TOSCAN DU PLANTIER

MIPIM AWARDS 2021 CEREMONY FOLLOWED BY CELEBRATION DRINKS Open to all

15.00 | 16.00 MIPIM Lounge (Riviera 9)

CASE STUDY: BIGDATA and INNOVATION in the Real Estate Asset Management Sector

12.00 | 12.30

CASE STUDY BY LE SHACK: Experience imagineering in a new era – How to reinvent feel good places to work, meet & chill

10.00 | 10.30

INNOVATION ROOM

WEDNESDAY 8 SEPTEMBER

PARTNER SESSION BY PROVENCE PROMOTION, CHOOSE PARIS REGION, GRENOBLE ALPES, TEAM CÔTE D’AZUR, HELLO LILLE

PARTNERS SESSION

11.00 | 13.30

PARTNER SESSION

BY MADRID

PARTNERS SESSION

09.15 | 10.15

PALAIS 1

VERRIERE GRAND AUDI

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02/09/2021 10:33

Alex FIGUEIREDO Chief Operating Officer Apex-Brasil Europe

Vanguelis PANAYOTIS CEO MKG Consulting

Xavier GRANGE SVP Development France & Southern Europe Accor

Tugdual MILLET CEO Covivio Hotels

Sponsored by

Bertrand PICCARD Initiator & Chairman of the Solar Impulse Foundation

The impossible is not in the reality but in our own way of thinking. Therefore, we need to change our believes if we want to find new solutions.

PLANET: NEW WORLD, NEW ERA How to achieve the impossible?

09.30 > 10.15 | Esterel Room - Palais 5

PLANET

Willemijn GEELS VP Development Europe IHG Hotels & Resorts

Johanna CAPOANI Head of Hospitality, Portfolio Management Swiss Life

This open to all event – designed for global and local investors, developers, brokers and political leaders among others – will debate the latest trends, opportunities and challenges in the Italian market post Covid-19. Through a keynote address and panel discussion, this session will enable participants to network and debate the below key topics in an informal, friendly and insightful environment.

Debate to what extent investors still believe in hospitality in a post pandemic environment and what strategies the industry can employ to attract investment.

Marco LEONE Senior Advisor Nomisma

Riccardo SERRINI CEO Prelios

Virginia RAGGI Mayor of Rome

Metropoles and the return of small towns, redistribution of public space, heat islands, carbon neutral strategies, mixed areas, security, health and mobility... In only a few years, these topics have become the priorities of many mayors and public leaders. With a series of ongoing elections (at city, county or region level in 2020-2021, or at presidential level in 2022), France is globally reshaping its vision for the city of tomorrow. Several major public leaders will share their own views and political agenda.

FRANCE: CITIES IN THE POLITICAL AGENDA

10.00 > 11.30 | MIPIM Lounge - Riviera 9

SPECIAL EVENT

Giuseppe AMITRANO CEO GVA Redilco SpA

• Diversity achievements so far – How far can we go?

• Examining the latest Italian technology innovations

• Update on sustainability/ESG developments in Italy now and in future

• Special focus on housing developments – exploring affordability, quality, speed, volume and MMC

• Latest investment trends, opportunities and challenges – exploring the fortunes of asset classes, cities and regions post pandemic

ITALY: BACK TO BUSINESS

WHAT’S HOT IN ATTRACTING HOSPITALITY INVESTMENT?

In partnership with

10.00 > 11.00 | Verrière Grand Auditorium - Palais 1

GEO FOCUS

09.30 > 10.30 | Workshop Room - Palais 3

HOSPITALITY

TUESDAY 7 SEPTEMBER

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02/09/2021 10:33

11.45 > 12.30 | Esterel Room - Palais 5

GEO FOCUS

Sponsored by

Lucie PINSON Executive Director Reclaim Finance

How can we improve the effectiveness of climate finance?

Is the financial sector the answer to reach the climate agenda objectives?

Stéphanie BENSIMON Head of Real Estate Ardian

Christophe BURCKART Country Manager France IWG

Eric COSSERAT CEO Perial

Eric DONNET CEO Groupama Immobilier

Market trends, opportunities, growth, crisis impact: "comment ça va" en France?

Jeanne MASSA CEO & Co-Founder Habiteo

Dr. Thomas STEINMÜLLER CEO, CapTen AG

FRANCE: BACK TO BUSINESS

Anthony FLEURY Head of Expansion EU Outsite

Christophe CHAUVARD Managing Director France P3 Logistic Parks

PLANET: NEW WORLD, NEW ERA Finance: lever to fight climate change

Nordine EL OUACHMI CEO Bureaux and co

Ronan BOLÉ Operations Director France Amazon

Participants will be entering the room and choosing a table topic of their choice.

10.45 > 11.15 | Esterel Room - Palais 5

PLANET

Floris COUCKE Président Neocity Promotion

Sponsored by

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

A new fresh approach to our asset class sessions this year. There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

Join your peers to debate the latest trends, challenges and opportunities for a dynamic hot sector witnessing even stronger demand due to the pandemic.

WHAT'S HOT IN LOGISTICS?

INNOVATION: TECH FOR CHANGE Innovation is dead, long live innovation!

Innovation has of course been a widely used word in the past few years. But how much are we really seeing real change in the real estate industry or just incremental pointless evolution? French PropTech leads the discussion about innovative project examples in the built environment, the challenges they faced and what the market expects to see in future.

11.00 > 12.00 | Workshop Room - Palais 3

LOGISTICS

10.30 > 11.15 | Innovation Room - Palais 5

INNOVATION

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02/09/2021 10:33

Faisal BUTT CEO, Founder & Chairman Pi Labs

By invitation only

Mehmet KALYONCU President GYODER

MODERATOR Hala EL AKL Director PLP Architecture International Ltd

Sponsored by

The lunch brings together the world's foremost sovereign wealth, pension and insurance funds, family offices and other capital owners in the real estate industry.

12.30 > 14.00 | Toscan du Plantier - Palais 1

INVESTMENT

Vincent AUREZ Director Innovation, Sustainable Development Novaxia

Sponsored by

Exclusive event gathering key decision makers from private and investment companies and public officials looking into French Real Estate industry.

RE companies have made good progress in reducing their carbon footprints over the last years. Hear from the best examples of the industry and the unmissable technologies to achieve this goal.

Sponsored by

Ashok BALABHASKARANE VP DEVELOPEMENT WOJO

Stéphane BENSIMON CEO WOJO

Case study : Learn how an end-user managed to optimize its real estate footprint, saving 20% of its RE costs. A no-compromise agility approach to introducing services and flexibility into its real estate strategy, ensuring a high-quality environment for its employees, while significantly reducing its costs.

In this fast-paced world where change is a new defining parameter, how can we ensure that our real estate strategies are both relevant and sustainable?

Agile real estate strategies for the changing workplace needs

CASE STUDY: INNOVATIVE CONCEPT

14.00 > 14.30 | Innovation Room - Palais 5

CASE STUDY

HOUSING POLICY: HOW TO SUCCESSFULLY COMBINE ENVIRONMENTAL CONSIDERATIONS AND NEED FOR HOUSING by radio.immo

13.00 > 13.30 | Esterel Room - Palais 5

RADIO SHOW

Emmanuelle WARGON Ministre déléguée auprès de la ministre de la Transition écologique, chargée du Logement

By invitation only

Gain market insights, identify the future opportunities and create new synergies.

FRENCH NETWORKING LUNCH - TIME TO MOVE ON Let's be creative after the pandemic crisis

12.30 > 14.00 | Verrière Grand Auditorium - Palais 1

GEO FOCUS

INNOVATION: TECH FOR CHANGE Climate tech comes to RE's rescue

11.45 > 12.30 | Innovation Room - Palais 5

INNOVATION

TUESDAY 7 SEPTEMBER

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02/09/2021 10:33

Loic DANIEL Managing Director Nexity Immobilier d'Entreprise

Philippe ZIVKOVIC Cofondateur & Président WO2 MODERATOR Cécile MAISONNEUVE Chairman La Fabrique de la Cité

Cédric BOREL Managing Director A4MT

Isabelle CLERC Head of Investment Real Estate AG2R La Mondiale

Eric DONNET CEO Groupama Immobilier

Christine GREZES CSR and Innovation Director Linkcity

Discover how the “BOOSTER” initiative, a dedicated group of developers, owners, and investors in commercial real estate are already changing the market for reusing demolition waste, just a year after they were first brought together at MIPIM 2020.

CIRCULAR ECONOMY - How owners and landlords are boosting the low-carbon world and value by reusing materials. By BOOSTER DU REEMPLOI

15.00 > 16.30 | Toscan du Plantier - Palais 1

SPECIAL EVENT

Méka BRUNEL CEO Gecina

Christian DE PORTZAMPARC Founder 2Portzamparc

This question of spacing, a central spatial question for making a city, is immediately social. The architecture of space can make density happy. This question of density is physical. Space is the medium in which we live together.

How far apart to place two buildings, that is what the urban planner must know how to answer, depending on the place.

We must make an urbanism of space.

We will not succeed in making a city habitable and sustainable with standards and figures.

We know that a decrease in urbanization will never meet the demographic increase.

The city of the 21st century is going to be one of climate crisis, which is also a crisis of space.

KEYNOTE BY CHRISTIAN DE PORTZAMPARC

PEOPLE: NEW WORLD, NEW ERA Making changes together

The working world is moving rapidly since the last couple of months, impacting the way we meet, work and socialize.

How can the human capital take the lead on the ongoing change for a better future?

How to unlock the full potential of all resources?

15.00 > 15.30 | Innovation Room - Palais 5

CASE STUDY

15.00 > 15.45 | Esterel Room - Palais 5

PEOPLE

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02/09/2021 10:33

Hélène ENGINGER President GINGER BLUE Christophe ROUGEOT CEO ROUGEOT ENERGIE

Sophie BOISSARD CEO Korian

Frédéric DIB President MoZaïC Asset Management

Sebastian SHEHADI Political editor and senior editor Investment Monitor

Discuss the latest hot trends, challenges and opportunities for healthcare and nursing – two sectors that have had to show great resilience, adaptability and innovation.

A new fresh approach to our asset class sessions this year. There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Participants will be entering the room and choosing a table topic of their choice.

WHAT'S HOT IN HEALTHCARE AND NURSING?

15.45 > 16.45 | Workshop Room - Palais 3

HEALTHCARE

Thierry BIEVRE CEO Elithis

Facing the climate change emergency, territories are taking actions and new alliances are being created to invent a more sustainable and more virtuous model of urbanism and land use.

Dijon métropole has decided to become a field of experiments for innovative local solutions as part of the energy transition to meet the global challenge of climate change. As an open-air lab, it welcomes initiatives that bring together the public and private sectors to build the territory’s ecological future together.

Through 5 innovative and exemplary projects, come and discover how the local solutions of tomorrow are being invented.

BUILDING THE ECOLOGICAL FUTURE TOGETHER : Dijon métropole, an open-air lab for the ecological transition

14.30 > 15.30 | Verrière Grand Auditorium - Palais 1

PARTNERS SESSION

Joanna MARSH GM Innovation & Advanced Analytics Investa

Aaron BLOCK Co-Founder and Managing Director MetaProp

JURY MEMBERS

In partnership with

STARTUPS:

Sara SHANK Managing Director, Global Head of Innovation PGIM Real Estate

Christoph HOLZMANN Chief Operating Officer Union Investment

Sponsored by

Takeshi KODAMA Executive Manager 31VENTURES

Be inspired by promising and innovative startups selected throughout our events in Paris, New-York and Hong Kong SAR. Come and hear their pitch and how they are tackling the world's biggest Real Estate challenges and moving the Real Estate ecosystem forward.

16.00 > 18.00 | Innovation Room - Palais 5

INNOVATION

TUESDAY 7 SEPTEMBER

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02/09/2021 10:34

Debate how the industry can build what people need, want and can afford – and not just meet housing targets – through innovative methods.

Opening up cities!

Marc MONTLLEÓ Director of Environmental Projects Barcelona Regional, SA

In partnership with

Méka BRUNEL CEO Gecina

Ingrid NAPPI Professor, FRICS, Real Estate & Sustainable Development Chair Professor & Workplace Management Chair Holder ESSEC Business School

Assem EL ALAMI Head of International Real Estate Finance Berlin Hyp AG

Pierre-Yves GUICE CEO Paris La Défense

Should we go back to the office?

Hybrid workplace: is it the new future?

POST-PANDEMIC CITY: BUSINESS DISTRICTS & WORKSPACES

16.15 > 17.00 | Esterel Room - Palais 5

CITIES

Xavier MAYO Head of International City Promotion Barcelona City Council

Alvaro CARDENAS SVP, Global Development Realogy

Lukas WILLHOEFT Development Director The Embassies Of Good Living AG

MODERATOR Sofia KARADIMA Senior Editor & Researcher Investment Monitor

Sponsored by

Emmanuel GRÉGOIRE Premier Adjoint de la Maire de Paris

Comment chaque projet immobilier peut apporter des externalités positives à son quartier ?

PARTNER SESSION BY VILLE DE PARIS

17.30 > 18.30 | Esterel Room - Palais 5

PARTNERS SESSION

Tom BLOXHAM MBE Chairman Urban Splash

Sponsored by

Participants will be entering the room and choosing a table topic of their choice.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

A new fresh approach to our asset class sessions this year. There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

WHAT'S HOT IN RESIDENTIAL?

PARTNER SESSION BY INCASOL

Reconnecting people, nature, public spaces and green economy.

17.15 > 18.15 | Workshop Room - Palais 3

RESIDENTIAL

16.00 > 18.00 | Verrière Grand Auditorium - Palais 1

PARTNERS SESSION

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Leila ZREIK Head of Accounts Pan-EMEA Wework

Andy POPPINK Chief Executive Officer, EMEA Markets JLL

MODERATOR Jacques PERPÈRE General Secretary ADI

Miguel NIGORRA Partner Fifth Wall

In partnership with

Lionel GROTTO CEO Choose Paris Region

KEYNOTE & ROUNDTABLES By invitation only

GEND'HER NETWORKING EVENT Unlocking the power of diversity

The Occupiers’ Summit, consisting of end users/ tenants, flexible office providers, landlords and investors among others, is a great opportunity to network with potential international business partners.

It is also a perfect platform to debate and learn about the latest occupier trends, expectations, such as the return to the office, flexible workspaces, tech innovation and future trends for logistics providers.

Agnès ROQUEFORT Global Chief Development Officer Accor

In partnership with

Alfonso VEGARA Founder & Honorary President Fundación Metropoli Juan José DE GRACIA General Director of Land Comunidad de Madrid

Begoña VILLACÍS Vice Mayor of Madrid

Adolfo RAMÍREZ ESCUDERO CEO CBRE Spain

Miguel HERNÁNDEZ Director of Strategy and Corporate development Distrito Castellana Norte

Discover the latest trends, challenges and projects in Madrid.

An exceptional panel conformed by public and private players will discuss and show the different opportunities you can find in the city and the region of Madrid.

INVEST IN MADRID

09.15 > 10.15 | Verrière Grand Auditorium - Palais 1

PARTNERS SESSION

In partnership with

Join us to celebrate and network this special event dedicated to gender balance in the Real Estate industry. Inspirational speakers will share their vision of how gender balance boost creativity and economic growth.

08.00 > 09.30 | Workshop Room - Palais 3

INCLUSION

08.00 > 10.30 | Toscan du Plantier - Palais 1

OCCUPIERS

WEDNESDAY 8 SEPTEMBER

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Valérie DE ROBILLARD Head ESG Real Assets Swiss Life Asset Managers

Emilie VAZQUEZ Co-Founder & CEO @ Le Shack

Sandrine CRESSWELL-COBLENCE Interiors Designer @ Le Shack

Mathilde TIGNON Development Director @ Le Shack

Larissa LAPSCHIES Managing Director Immobilienjunioren GmbH

Peter FREEMAN CBE, Chair Homes England

MODERATOR Courtney FINGAR Editor-in-chief Investment Monitor

Karin BARTHELMES-WEHR Managing Director ICG Institute

Stéphane VILLEMAIN Vice President, Corporate Social Responsibility Ivanhoé Cambridge

Aleksandra NJAGULJ Global Head of ESG Real Estate DWS

Explore why ESG matters today for real estate and other industries via a series of compelling interviews

PERFORMANCE: NEW WORLD, NEW ERA Why ESG matters today

Experience imagineering in a new era – How to reinvent feel good places to work, meet & chill

PERFORMANCE

Prof. Dr. Thomas BEYERLE Managing Director, Head of Group Research Catella

10.30 > 11.15 | Esterel Room - Palais 5

MODERATOR Courtney FINGAR Editor-in-chief Investment Monitor

CASE STUDY BY LE SHACK How to reinvent feel good places to work, meet & chill

10.00 > 10.30 | Innovation Room - Palais 5

CASE STUDY

Brune POIRSON Chief Sustainability Officer Accor

Debate what cities and regions are experiencing the biggest growth, the latest tech innovation and the impact of Covid-19 behavioural change on different asset classes.

A new fresh approach to our geo focus sessions this year. There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Participants will be entering the room and choosing a table topic of their choice.

GERMANY: BACK TO BUSINESS

Explore why ESG matters today for real estate and other industries via a series of compelling interviews.

10.00 > 10.45 | Workshop Room - Palais 3

PERFORMANCE: NEW WORLD, NEW ERA Why ESG matters today

GEO FOCUS

09.30 > 10.00 | Esterel Room - Palais 5

PERFORMANCE

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Guillaume PELLEGRIN CEO Tivoli Capital - Newton Offices

MODERATOR Sandra ROUMI CEO Business Immo

Laurent BOIDI Grégory CARDONA Directeur général délégué Head of real estate DIGITAL PHOTO GROUP development The Babel Community

In partnership with

Christophe FREY Directeur Général ARM France

KEYNOTE SPEAKER Jacques PERPÈRE General Secretary ADI

Rebecca NACHANAKIAN General Manager Europe du Sud Wework

https://www.cner-france.com/Agenda/Les-evenements-du-developpementeconomique/Table-ronde-le-futur-des-lieux-de-travail

More details:

We are entering a new era where it is vital to disrupt our working methods and our relationship with our office.

Discover 5 witnesses who have innovated, shaked and rethought workplaces in France and compare view points with experts from the sector and the French Association for Corporate Occupiers.

They will answer key questions and lead us into a future where; a head office can do without a physical headquarter, a metropolis can be link with flex offices and employees can work closer to their home, a highly technological R&D campus works in 3 continents, a company chooses to integrate home working into its physical development and where young talents and entrepreneurs and secure to a territory by being given the opportunity to mix co-living and co-working.

Our conference will be followed by a cocktail where you will be able to discuss with top directors from : ARM (Nice - Côtes d'Azur) - Newton Offices (Lille metro area) - Digital Photo Group (Grenoble Alpes) - The Babel Community (Aix-MarseilleProvence) - WeWork (Paris region).

UK: BACK TO BUSINESS

Lord Gerry GRIMSTONE Minister of State for Investment Department for International Trade

MODERATOR Sebastian SHEHADI Political editor and senior editor Investment Monitor

Akim DAOUDA CEO FGIS (Gabonese Sovereign Wealth Fund)

Meet the next generation of Real Estate players. Hear about their views and expectations and network in an informal way.

We give the floor to the Young Talents.

YOUNG TALENT MEET UP The Future of the Real Estate Industry

11.30 > 13.00 | Toscan du Plantier - Palais 1

YOUNG LEADERS

Mark DIXON Chairman & CEO IWG

Join your peers to debate the UK post pandemic and brexit and explore the fortunes of different asset classes, cities and regions.

A new fresh approach to our geo focus sessions this year. There will be a special emphasis on networking face-to-face after such a long break from us being able to do so.

This session will be a mix of opening keynotes followed by roundtable discussions to encourage much more networking inspired by content of most interest to you.

Participants will be entering the room and choosing a table topic of their choice.

11.15 > 12.15 | Workshop Room - Palais 3

PARTNER SESSION BY PROVENCE PROMOTION, CHOOSE PARIS REGION, GRENOBLE ALPES, TEAM CÔTE D’AZUR, HELLO LILLE The future of workplaces in five French metro areas

GEO FOCUS

11.00 > 13.30 | Verrière Grand Auditorium - Palais 1

PARTNERS SESSION

WEDNESDAY 8 SEPTEMBER

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Christopher POUNTNEY Associate Director Arup

Carlos MORENO Scientific director, ETI Chair University Sorbonne-IAE Paris Eduardo PAES Mayor of Rio

Dominique GATTO President SBLM Ventures SAS

Audrey CAMUS Vice President, Development And Asset Management, Europe Ivanhoé Cambridge

Benjamin ULRICH President INTENT TECHNLOGIES

Sébastien DURAND General Manager NSD NEXITY

Lionel GALFRÉ Executive Manager MonacoTech

A remarkable example of achievement making the Data reliable and used by the greatest number of stakeholders as part of a collaborative Operation and Maintenance work process.

How to strenghten partnerships between all stakeholders to achieve low-carbon results?

What are the basis to build and develop projects In partnership with with high sustainable ambitions?

Hélène CHARTIER Head of Zero Carbon development at C40 Cities

CASE STUDY: BIGDATA and INNOVATION in the Real Estate Asset Management Sector

GREEN AND THRIVING NEIGHBORHOOD, A PATHWAY TO NET ZERO FEATURING THE 15 MINUTE CITY

In partnership with

12.00 > 12.30 | Innovation Room - Palais 5

CASE STUDY

11.45 > 12.30 | Esterel Room - Palais 5

CITIES

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In partnership with

HOUSING FOR ALL : WHAT ARE THE CHALLENGES THAT LOCAL REPRESENTATIVES MAY FACE NOWADAYS ? by radio.immo

14.00 > 15.00 | Esterel Room - Palais 5

RADIO SHOW

Florian TROESCH Head Transit Management Schindler Ltd.

Schindler PORT 4D – an enabler of essential urban reconfiguration.

A post-pandemic world striving to address climate change, population growth, exponential urbanization, worsening congestion and planning uncertainty will require a massively re-configured urban environment in order to thrive. We will discuss how Transit Management can adapt to these needs and actually drive solutions by bringing new tools to the architects of the future.with high sustainable ambitions?

CASE STUDY BY SCHINDLER

13.00 > 13.30 | Innovation Room - Palais 5

CASE STUDY

Joins us to celebrate the best of the industry!

Vote for your favourite projects until Tuesday 7 September at 19.00. Your vote, equally combined with the jury's vote, will determine the winner of each category who will be announced during the prestigious Awards Ceremony.

The jury of high-profile experts and chaired by Méka Brunel, CEO of Gecina, has reviewed over 170 entries and shortlisted 50 finalists across the 12 competition categories.

For its 31st edition, the MIPIM Awards will once again recognise the most outstanding projects in the real estate industry.

Media partners

Open to all

MIPIM AWARDS 2021 CEREMONY FOLLOWED BY CELEBRATION DRINKS

15.00 > 16.00 | MIPIM Lounge - Riviera 9

SPECIAL EVENT

WEDNESDAY 8 SEPTEMBER

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