MIPIM 2022 NEWS 1 by RX REAL ESTATE SHOWS

NEWS

Tuesday 15 March 2022 7_DIT_N1et 3_PIM

ANDY POPPINK The JLL EMEA CEO gives the Propel Station keynote

WELCOME TO MIPIM Filippo Rean previews MIPIM 2022 and its packed schedule

FRANÇOIS HOLLANDE The former French President heads an A-list speaker lineup

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Making homes happen

Talking housing investment? Together we are #MakingHomesHappen. Join the conversation at the UK Pavilion. To understand the role Homes England plays in bringing Government and industry together join us in conversation at our session below. In conversation with Peter Denton, Chief Executive Officer, Homes England and Samantha McClary, Editor, Estate Gazette Tuesday 15 March 12:15pm – 12:45pm UK Pavilion

Scan the QR code to see our full programme of partner sessions, or visit www.gov.uk/homes-england and join the conversation.

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editorial

‘It feels like we haven’t seen you for a while...’ WATCHING the preparations come together for MIPIM in Cannes is a magical experience. As the world-famous Palais des Festivals puts on a new face to gather together real estate delegates from all over the world, and tents and pavilions rise on its grounds, a sense of anticipation hangs in the air. It feels like we haven’t seen you for a while, and in one sense, that’s true. The global health crisis put MIPIM in March on pause for two straight years, although we were delighted to keep in contact through our digital platforms and meet at our exhibitions in Paris in September 2020, and again in Cannes last September. Yet just as we were hoping that the easing of pandemic pressures would shift MIPIM chatter away from sombre current events, the skies of Europe have darkened with a new, terrible reality that touches us all. More than ever, however, it feels of vital importance to offer a meeting place for visitors from all over the world; to set up a table where dialogue is possible; to host debate and deepen understanding. Much has happened in the last two years, and like you, we have also evolved. So it is that this year’s MIPIM launches with our proptech platform, Propel by MIPIM, installed in the heart of the Palais. This engine room of innovation brings together many of the exciting startups that have helped real estate bridge the digital divide in recent years. Beyond this, leading voices at the conference include former French president François Hollande, key investors and technology experts. A rich conference programme allows us to explore, with you, the themes that matter most today — from environmental, social and governance (ESG) issues to investment trends in key sectors such as residential and logistics. As MIPIM moves forward, shaped by the times in which we live, it will also have a new director. I would like to express my warm thanks for Ronan Vaspart’s incredible leadership over the last five years, as he passes the baton to Nicolas Kozubek, the new director of MIPIM Markets. Nicolas has been the heart and mind of Propel by MIPIM for the past four years, and he brings his deep knowledge of the issues driving real estate’s transformation to the role. I wish you a fruitful and insightful MIPIM and thank you for your support and your presence in Cannes this year. Filippo Rean, managing director, RX France

Nicolas Kozubek (left) and Ronan Vaspart

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CONTENTS 7 NEWS Growth through green ideas; Japan’s smart cities, Pi Labs’ robot tech; inflationary winds; urban regeneration; hot hotels; ESG strategies; fund launches; exploring infrastructure opportunities

101 FEATURES GREEN FINANCE: Why ESG initiatives matter for company costs and strategies

DIVERSITY: We profile the firms showing leadership in matters of inclusion

INVESTING IN SPAIN: Regional hotspots and the asset classes investors should target

118 CONFERENCE PROGRAMME All the session details, expert speakers, conferences and events, to help you plan your time at MIPIM and make the most of the latest research, insights and debate

François Hollande

MIPIM KEYNOTE TODAY 15.00-16.00 GRAND AUDITORIUM

Former French President François Hollande takes to the stage today to address the major challenges and opportunities facing the real estate industry and wider society. Hollande led France from the Elysee Palace between 2012-2017, and was president of COP 21 in 2015 when the Paris Climate Agreement was signed. He went on to become a major proponent of this global benchmark, becoming the first leader of an industrialised nation to ratify the pledge for his own country in 2016. From matters of sustainability to the role of business in driving urban change, Hollande is expected to call on the real estate industry to both step up to its environmental, social and governance (ESG) responsibilities and create a pioneering blueprint for the future of cities. Today, he chairs the Foundation ‘France is committed’ which seeks to support all initiatives that contribute to reinforcing solidarity and creating bonds between citizens.

SPOTTED AT MIPIM The delegation from ApexBrasil, the Brazilian Trade and Investment Promotion Agency, grab their badges as they prepare for MIPIM: Renata Silva (left), Emanuelle Souza, Yoman Mattiello, Tereza Mattiello and Cimara Schmidt.

THE MIPIM NEWSROOM IS LOCATED NEXT TO THE ACCREDITATION AREA IN PALAIS -1

NEWS Tuesday 15 March 2022 www.mipim.com

DIRECTOR OF PUBLICATIONS Michel Filzi EDITORIAL DEPARTMENT Editor in Chief Isobel Lee Associate Editor Julian Newby Sub Editors Neil Churchman, Joanna Stephens Proof Reader Debbie Lincoln Reporters Adam Branson, Clive Bull, Ben Cooper, Mark Faithfull, Andy Fry, Liz Morrell, Nigel Willmott Editorial Management Boutique Editions Graphic Studio studioA Design Graphic Designers Harriet Palmer, Sunnie Newby Head of Photographers Yann Coatsaliou / 360 Media Photographers Frederic Dides, Patrick Frega, Phyrass Haidar, Olivier Houeix Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Manager Amrane Lamiri Printer IAPCA, Le Muy (France). Advertising contact in Cannes Mylene Billon mylene.billon@rxglobal.com 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 © 2022, RX France Market Publications. Printed on PEFC certified paper All MIPIM print products are printed on paper from sustainably managed sources using printing processes that comply with the PEFC standard.

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Upbeat Harrington hails the resurgence of real estate “OUR DIARIES are full, we’re having lots of ad hoc meetings. And going by the crowds on the Croisette, it’s going to be a busy market. So, yes, we’re glad to be back at MIPIM. It’s really important to

have the time and space to talk and network,” said Damian Harrington, director and head of research for Global Capital Markets and EMEA at Colliers, the Canada-based global real estate company.

With a market powering back to pre-pandemic levels, led by investment in residential, it’s a good time to analyse the trends taking the market forward. Investors are looking for “big trophy assets”, Harrington said. “There has been a big surge in residential investment. In the Americas it has doubled and is up more than 90% in Europe. This is more evenly distributed than just the top 20 global cities, with smaller tier two and three markets benefitting. In the US, cities like Atlanta, Dallas and Miami, but also Charleston and Phoenix.” But the “latent, frustrated capital” is still defensive and looking for assets it can buy in bulk, such as purpose-built, build-to-rent apartment buildings: “Grade-A ESG-compliant assets.” ESG is also important in the rebounding office sector, where

Colliers’ Damian Harrington

Market majors back low-carbon label LEADING European stakeholders in the real estate industry are uniting this week at MIPIM to support the first pan-European low-carbon label for real estate.

The new Low Carbon Building Initiative boasts founding members from across Europe including : BPI, NSI, WO2, ICAMAP, Generali Real Estate, BNP Pari-

bas Real Estate, Covivio, Ivanhoe Cambridge and Struan Robertson. French association BBCA is providing technical support for the initiative, which promotes the reduction of the carbon footprint of buildings over their entire lifecycle. The real estate industry is a major CO2 emitter, accounting for 39% of global emissions. Christophe Kullmann, CEO at Covivio, said: “Aware of its impacts on the environment, the sector is once again demonstrating its ability to unite on structuring issues. Covivio is delighted to join this initiative involving partners with different profiles. This diversity is a real asset creating this standard.” BBCA’s support reflects pro-

The real estate industry is uniting around the low-carbon challenge

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office space, particularly in Europe and Asia, will need to be retro-fitted to provide a higher quality environment for a more agile work force, with more desk space and higher environmental standards. However, Harrington warned, this may take many years and some capital could be stranded in buildings which may be too difficult to repurpose. Occupiers and investors alike needed to address the issue now, with detailed measuring of buildings and better understanding of how they work, and what they could become. The more unexpected area of expansion is industrial logistics, created by the explosion of ecommerce in the pandemic and nearshoring of production, which looks set to continue as an attractive area for investment. Colliers will be participating in a panel on ESG at MIPIM and, as Harrington put it, “looking to understand what people are talking about and thinking about” at this key moment for the real estate market.

gress made in its home market. Since 2016, around 300 projects in France have registered for or been awarded a BBCA label. Implementation of best low-carbon practices can reduce a building’s carbon footprint by 30-50% compared with traditional construction methods. Olivier Terrenoire, global head of asset, property management and sustainable investing at Generali Real Estate, said: “The decarbonisation of the real estate portfolio is a key priority in our ESG strateg y.” Stephane Villemain, vice-president, corporate social responsibility at Ivanhoe Cambridge, added: “This initiative represents a real opportunity to extend low-carbon practices and to favourably position our portfolio over the long term.”

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news

REI Habitat plants a forest with every new timber construction LEADING French firm in timber-framed construction, REI Habitat, has signed up to plant trees for every new property it builds. The reforestation drive is being carried out in partnership with Fibois France, the association of the French forestry sector, as Paul Jarquin, president of REI Habitat, explained: “This is about offering financial support for the forestry sector, it’s about decarbonising the economy, and promoting the carbon neutrality of real estate projects.” REI Habitat has rapidly become a key player in cross-laminated timber (CLT) construction in France, with key projects including Wood Up, in the 13th arrondissement of Paris. Featuring a wood super-structure, the residential scheme climbs to 50 metres in height over 16 floors, making it one of the tallest timber towers in the world. It was sold to Gecina last year to support the asset manager’s carbon zero ambitions, and is also part of the One Building, One Forest programme. Recently, REI Habitat committed to using local wood for the super structures of all its buildings, in order to attain the ‘bois de France’ building label, which certifies the source.

“Around 80% of the wood we used was already French,” Jarquin says, “but aligning with ‘bois de France’ this has given us the opportunity to deliver further transparency.”

He added: “Alongside Icade and CDC Habitat, we’re also ensuring that all the wood used to build the Olympic Village in Paris for the 2024 Games will be ‘bois de France’ certified.”

REI Habitat’s Paul Jarquin

Avignon tackles cladding issue with fire-safety innovation AVIGNON Capital has received recognition for its leadership in tackling unsafe cladding on buildings, an issue w h i c h was highlighted Avignon Capital’s Gordon Rolfe by the trag-

ic Grenfell Tower fire in London in June 2017. The firm has been consulting on innovative fire-safety solutions, and has successful proposed the instalment of the Intelliclad system, a state-of-the-art warning mechanism, on a number of properties. According to Gordon Rolfe, fire-safety consultant at Avignon Capital, the system provides strategically placed heat detectors, sounders and alarms to deMIPIM NEWS 1 •

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Milan deal underlines attraction of Scalo di Porta Romana BC PARTNERS European Real Estate 2 and Kervis Group have acquired a real estate complex in Milan from Europ Assistance Italy in a deal managed by Dils for advisor Generali Real Estate. The 9,000 sq m site comprises five buildings and is located in the Porta Romana area, overlooking Piazza Trento, Via Crema and Via Trebbia, and previously housed the Italian headquarters of insurance company Europ Assistance, part of the Generali group, which has relocated to Assago Milanofiori. The investor will carry out an extensive mixeduse office and residential redevelopment in an acquisition that, said Dils, underlines the growing attractiveness of the area adjacent to the Scalo di Porta Romana, which has seen increasing investment in urban regeneration and new real estate developments. Dils managed the fivebuilding Porta Romana, Milan, deal

tect any spread of smoke or fire through a property’s cladding. “It is a unique and specialist system developed after the Grenfell Tower disaster, accredited by the Fire Protection Association, but so very few developers and fire safety consultants seem to know about it,” Rolfe said. Furthermore, instalment costs are often covered by the Waking Watch Relief Fund for tenants in high rise buildings. 9

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ADVERTORIAL

Interview with CTP’s CEO Remon Vos, above the firm’s sustainable expansion plans in Europe

CTP pursues a great, green future in Europe Q: You have just launched CTP Germany with a target of €1 bn in last mile logistics following the successful takeover of Deutsche Industrie REIT. Can you describe the potential of this market? Remon Vos (RV): We see enormous potential in the German market and aim to double the size of the starting CTP Germany portfolio by gross lettable area over the next five years, largely in ‘last mile’ logistics in urban infill sites, where the former DIR assets were already well-positioned, but also in science and technology parks. The German e-commerce market received a substantial boost from the COVID pandemic lockdowns, but the penetration of online shopping still lags behind other markets such as the UK and we see no signs of this megatrend slowing down in the next few years. Q: The logistics industry hasn’t always been held to green standards in the way that office buildings are. How is this changing, and how are you participating in the green industrial revolution? RV: Over five years ago, CTP took a strategic decision to ensure all our new developments were built to high environmental standards, targeting a BREEAM ‘Very Good’ sustainability certification as a minimum, so in many ways we were a frontrunner here. Our entire portfolio is BREEAM certified and we now target BREEAM ‘Excellent’ and ‘Outstanding’ for

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new developments. We have eight solar energy plants in the Czech Republic which run at an output rate of 20% higher than we originally envisioned, and our overall installed solar electricity capacity is currently 6.4 MWP. All our projects are built solar ready. What is more, in 2021 external agency SCS validated our carbon neutrality for our own operations (Scope 1 and 2) with the compensation for our carbon footprint coming from our own forests, that we develop and manage to capture CO2. Our approach though is wider than just limiting greenhouse gas emissions, for example in 2020 we introduced water recycling technologies and 11% of our ‘green’ assets are now equipped with grey water systems. We also look at ‘greening’ our parks with trees and general planting, and some larger parks also have community gardens. At CTP we have four pillars to our ESG strategy: to cut greenhouse gas emissions; build communities in and around our CTParks; support well-being and education; and promote integrity/good corporate citizenship, which are aligned with 10 of the key UN Sustainable Development Goals (SDGs). Q: If not mentioned above, can you tell us about CTP’s green financing initiatives? RV: CTP only issues ‘green bonds’ and we were the single largest issuer of ‘ESG-certified’ debt in the entire European real estate investment market in

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ADVERTORIAL

2021. A total of €2.5bn in five separate green bond tranches was issued over the course of last year, including, at 0.5%, the lowest ever coupon achieved for a property company with its assets concentrated in Central and Eastern European markets. CTP also recently returned to the market in early 2022 issuing a further €700m of debt. We believe that with interest rates ticking up and higher inflation expectations becoming embedded in the bond markets, this was a good time to issue our eighth bond. Q: What occupier trends are we seeing in the logistics landscape - what will the future hold? RV: We think some of the trends that we’ve seen during the COVID-19 pandemic, such as the rising penetration of e-commerce’s market share, will continue and intensify. One of our tenants, the Czech e-grocer Rohlik, which achieved start-up ‘Unicorn’ status with a €1bn valuation in 2021, has

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signed new leases at CTParks in Hungary, Romania and the Czech Republic in just the last 12 months, bringing their occupancy up to four locations across our network as they continue their rapid expansion across CEE markets and beyond. We also see sectoral ‘clusters’ emerging, for example in Brno, the Czech Republic’s second city, where a high-tech, R&D hub is forming, benefiting from a highly qualified workforce supported by local high-quality academic institutions and which is actively promoted by the municipality. And ‘logistics’ parks are evolving, the humble warehouse is being elevated into high-spec, high-tech units with a broad range of facilities — more like the modern office business park. CTP is also placing the ‘human factor’ at the centre of our parks, in providing medical centres, retail and catering outlets, accommodation and recreation options, all aimed at creating a more attractive environment to increase workforce satisfaction and employee retention. Q: How is proptech contributing to the industrial and logistics business? RV: Proptech is increasingly becoming an integral part of the logistics and industrial real estate offering, particularly in areas of operational management, where the proptech functions of the building itself are seamlessly integrated into the processes of the business, but also around sustainability in maximising energy efficiency and calibrating usage. This requires a high level of partnership and collaborative planning between the real estate operator and the customer and the blurring of traditional landlord/tenant relationships, notably when large investments in automation and technological processes are required. The days of the empty ‘shed shell’ where the tenant would simply flit from one location to another are fading into memory for most modern businesses.

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news

Pi Labs backs proptech’s global growth, from smart robots to green solutions FROM wall-scaling robots to an app spreading plant life across building facades, the start-ups backed by Pi Labs’ Fund III are smarter and greener than ever, according to Faisal Butt, the firm’s CEO and founder. “One of the proptechs we are funding, Hausbots, from the UK Midlands, helps overcome the need for expensive scaffolding — and supports worker safety — thanks to wall-climbing robots that can paint and plaster,” he said. “Meanwhile, another proptech improves the microclimate of buildings down to an individual asset level, by greening facades to assist in the fight against global warming.” Pi Labs Fund III, which secured $90m (€83m) of backing in an oversubscribed funding process earlier this month, is seeking to support the next generation of proptechs by looking further afield than ever. While Pi Labs has always been seen as the leading proptech VC in Europe, Butt says that it has been building on its global ambitions in recent times. For example, Fund III is backed by investors including Dutch pension provider APG, UAE developer Aldar Properties, London real estate developer Sellar, King’s Cross Central Limited Partnership, Hong Kong-based developers Sino Group and Swire Properties, Nordic sustainable construction solutions firm Kiilto, Canadian Hopewell Group and Germany’s Jaeger Gruppe. “The global profile of our latest fund’s

LPs reflects the surge in institutional allocation towards the proptech sector, and an increased awareness of how startups are successfully scaling and solving critical, large-scale industry issues,” Butt said. Meanwhile the fund — Pi Labs’ biggest to date — has already made around 25 investments in a variety of international startups, from the UK, France, Norway, Israel, Germany, Austria, Romania, Canada and the US. “We really are thinking globally,” Butt said. “We believe proptech is a global asset class: not only because the best startups can emerge anywhere, but because we also want to find proptechs that are building global businesses, not focusing on single, local markets.” Fund III’s primary focus is to invest in early-stage proptech startups — from pre-seed to series-A stage — with average investments ranging from $500,000-$1.5m per deal, plus follow-on capital. Its targets include startups that address sustainability challenges and help real estate owners achieve their decarbonisation goals, construction operations, the future of work and retail, metaverse development, robotics adoption, industrial tech and the enablement of smart cities. Having already built a portfolio of 60 companies across 15 countries and four continents, Pi Labs said that this latest fund-raise would support the

Pi Labs’ Faisal Butt

firm’s ambition to almost double its portfolio to more than 100 companies by 2025. He added: “For us, MIPIM is both an opportunity to touch base with and nurture the existing partners we have, both our global LPs, and the start-ups that are showing at the exhibition. We

want to spend time with them and continue to act as the gateway between the proptech world and the real estate world. We’re also co-hosting the Annual MIPIM Proptech Party with MetaProp on Wednesday night at Carlton Beach, and hope to see many of you there!”

The Pi Labs’ team is financing the latest generation of proptechs

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ADVERTORIAL The Ellinikon’s 3,5km coastal revitalization casts the radiant Aegean light to all its guests and residents.

The Riviera Tower is destined to become a world-renowned icon as the development’s focal point

This green and great transformation of the Attica coast near Athens will create a desirable destination for all, from its public park to luxury residences

The Ellinikon, the largest ever urban regeneration investment in Greece, is set to become a new point of reference for the City of Athens, and a premier destination for visitors and residents alike. Comprising a total area of 6,200,000 sq m, the project involves the transformation of the former Hellinikon airport into a pioneering development featuring landmark attractions. From its dynamic marina to bold new structures, The Ellinikon is set to become one of Europe’s most iconic destinations.

The scheme’s emphasis lies on the creation of a world class metropolitan park covering an area of 2,000,000 sq m, as well as the enhancement of the coastal front, both fully accessible to the public. The project consists of an integrated urban development model that combines the area’s natural beauty and unique inherent characteristics with landmark buildings and state-of-the-art infrastructure. Its “green” and “smart” design approach will offer world-class services and amenities, while improving the living standards of the entire Attica area’s inhabitants. The investment will include a diverse range of residential communities, hotels, shopping centres, family entertainment venues, museums and cultural venues, health and wellness facilities, significant space for sports and recreation, a modern business park with an educational and R&D hub, plus the total regeneration of the existing marina and the entire coastal front. Considered Europe’s largest urban regeneration scheme, The Ellinikon is expected to have a positive effect not only on the Attica region, but on the entire country. By adding significant new investments and uses in

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THE

ELLINIKON Europe’s greatest urban regeneration project

the areas of tourism, culture, entrepreneurship, innovation and the environment, it will be a magnet for FDI, especially in the areas of culture, education, sports and recreation. The Ellinikon represents an investment of €8 bn and is expected to

create 10,000 permanent jobs during the construction period and 75,000 jobs during its maturity. It is likely to substantially contribute to the repositioning of Athens as a major world class tourist destination, through the provision of new units and thematic tourism venues attracting at least 1 million new tourists. It should also significantly increase seasonality, while increasing the length of average stays and tourist spending in Athens. The investment is expected to contribute to the country’s GDP by 2.4% until the development’s completion date, while contributing a total of over €14 bn in taxes to the Greek State over the same timeframe.

Key elements include The Riviera Tower, set to become Greece’s number one green high rise and a world-renowned icon as the development’s focal point. It will act as a catalyst for The Ellinikon and Athens to signal the redevelopment and regeneration of the scheme and city, while providing over 200 residential units. The Cove Villas & Residences stand on some 27 plots of prime coastal land. Distinguished by bespoke design, all the villas will feature sea views and direct beach access. Benefitting from landscaped private gardens, swimming pools, exceptional arrival entrances, and 24hour security, they represent The Ellinikon’s most exclusive products, including 5-6 bedroom homes.

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news

City grouping outlines ambitious plan to reshape UK south coast THE UK city region of Bournemouth, Christchurch and Poole (BCP) is at MIPIM to outline plans for a major regeneration programme that it claims will generate £3bn of investment and more than 13,000 jobs for the local community. Spearheaded by a newly-formed company called FuturePlaces, south coast-located BCP has identified a series of development opportunities that will

reshape its coastline, cityscape and transport infrastructure. Speaking to MIPIM News, FuturePlaces managing director Gail Mayhew said: “The key to this development is that it has a long-term lifestyle-based vision. It’s about place-making and stewardship. In Cannes with Mayhew is Philip Broadhead, deputy leader of BCP Council and chairman of FuturePlaces. He said:

Craig Beevers (left), Gail Mayhew and PhilipBroadhead of FuturePlaces

“There is huge potential. We’re one of the fastest-growing city regions in the UK with 500,000 people and a lot of brownfield sites ripe for regeneration. At MIPIM, we’ve set up meetings with everyone from government and strategic partners to potential hotel partners.” One of BCP’s core projects is the refurbishment of the Bournemouth International Centre, “a venue we believe can bring significant economic benefit to the area”, Broadhead said. “The scale of opportunity is immense. We are working on almost every form of regeneration you can imagine.” Another project taking shape is the redevelopment of Poole Waterfront. In January, FuturePlaces appointed Danish architect CF Moller to lead the regeneration, which encompasses a significant brownfield site, Holes Bay. Also in Cannes is FuturePlaces COO Craig Beevers, who has oversight of the financial planning for BCP’s vision. His message for MIPIM is: “BCP is open for business” adding that the ambitious place-making vision would prove especially attractive to investors working to a long-term horizon.

Buildings will be judged on how they adapt to active travel

ActiveScore’s James Nash

JAMES Nash, co-founder and director of ActiveScore, is in Cannes to extol the benefits of active travel certification to landlords and developers. At a time when people are increasingly choosing to travel into work on bicycles, e-scooters or by foot, Nash told MIPIM News that “certification lets people know your building takes active travel seriously. The benefit is increased interest from potential tenants and longer lease agreements.” Launched five years ago, ActiveScore has built up a client base of around 300 buildings across the UK, US, France, Germany, Netherlands and Aus-

tralia. Nash said: “Companies that choose to be certified are assessed according to facilities like bike racks, laundry facilities, showers and lockers. That accounts for 70% of their score. A further 20% is based around the services they provide, for example bike hire or visits from bike mechanics. And 10% is future-proofing.” Certification lasts two years and can be applied to any property class, from residential to commercial via hotels and retail. “But we also go on a journey with clients to help them improve their offering. To reflect progress, we have certification tiers rising up to Platinum.”

ING takes the whole of Commerce 46 in Brussels DUTCH banking giant ING has signed a nine-year lease agreement with Immobel for Commerce 46, a 13-storey building located in the heart of the Quartier Leopold in Brussels. ING will be sole occupant of Commerce 46 on completion of the building during Q3, 2022. Developed by Immobel and designed by Office KGDVS/Jasper-Eyers Architects, Commerce 46 will replace an obsolete building from the 1970s. The five set-back upper levels allow the new building to fit into the urban fabric while allowing a harmonious densification of the city. Commerce 46 will offer 14,200 sq m of office areas with parking for 70 cars and 67 bicycles in the basement. There is also a 230 sq m private landscaped garden and two large rooftop terraces.

Immobel’s Commerce 46

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M&A, Public Capital Markets, JVs, Fund Placement, Recapitalisations

Global Real Estate Investment Banking transactions in 2021

CBRE offers clients a unique combination of deep real estate knowledge, global institutional investor distribution and advisory expertise across the spectrum of real estate investment banking activities.

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c. £1B Residential

£650M Residential

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Financial and real estate advisor to Akelius on the sale of its Nordic and German platforms to Heimstaden.

Financial and real estate advisor to Moda Living on the formation of a programmatic JV with KKR.

Placement agent on the primary raise for Long Harbour from Cadillac Fairview and PSP.

Financial and real estate advisor to Blackstone and Brunswick on the sale of Kielo, a Finnish office platform to Castellum.

Placement agent for Octopus Healthcare Fund a perpetual fund focused on elderly/specialist care units in the UK.

Largest cross border residential deal in Europe.

JV to become the leading BTR player in the UK.

Creation of a £1.5 billion UK BTR platform.

Largest office transaction in the Nordics post-covid.

Leading healthcare fund in the UK.

SAUDEINVESTE €450M Residential

€213M Healthcare

Confidential Lodging

€200M Healthcare

€150M Residential

Financial and real estate advisor to Castlelake on the sale of BoStad A/S, a Danish residential platform to AP Pension.

Financial and real estate advisor to Fidelidade on the sale of the Saudeinveste fund, owner of four hospital units to Icade Santé.

Financial and real estate advisor to the shareholders of Bluserena SpA (leading Italian Hotel Operator with 4,300 rooms under management) on its sale to Azora.

Financial and real estate advisor to Domus Vi’s on the acquisition of Trinity Care, one of Ireland’s leading nursing home operators.

Placement agent for Catella European Residential Fund III, with a total equity committed of more than €1 billion.

The most significant hotel transaction in Italy in 2021.

First acquisition of Domus Vi in Ireland.

One of the biggest residential funds in Europe.

Largest CRE transaction in Denmark in 2021.

Largest healthcare real estate transaction ever in Portugal.

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‘Map the new world’: Japan’s smart cities are promising future growth THOUGH Japan has done relatively well containing the COVID-19 pandemic, the virus has had a definite effect on the economy. Domestic prices are surprisingly higher than they have ever been, and Shinichi Goto, the director of the General Affairs Division in the City Bureau of Japan’s Ministry of Land, Infrastructure, Transport and Tourism, says it’s because of COVID. “More Japanese people are working from home, and they want more room,” he said during an interview at the ministry’s headquarters in Tokyo. He thinks housing is a good investment right now. The opposite is true of commercial real estate. Employees are working from home, but Goto thinks it’s only temporary. “If all you’re doing is work, then home is fine,” he said. “But offices are better for cultivating communication and sharing ideas with colleagues, so many Japanese enterprises see real value in office environments.” Right now, there is surplus money in the Japanese economy, but Goto thinks in a few years or so this situation may change, which is why he is participating in MIPIM this year by giving a remote talk on foreign investment. “It isn’t just inbound investment,” he said. “Outbound investment is also important. We need to connect with new possibilities by creating networks at MIPIM.” Goto wants to create portals in the future for developers, realtors, general contractors and consultants. “There’s also good value in J-REITs since Japan is the second biggest real estate market in the world,” he added. Another possibility is Japan’s smart cities, of which there are about 50 right now in some stage of development. “The purpose of smart cities is to solve social problems regarding mobility, health care, the environment and energy. When you hear the term ‘smart city’ you think of tall buildings with high-tech features, but the ones we’re making are smaller, more manageable. We use big data from the real world to create simulations in cyberspace that, in turn, help us solve these problems. For example, we can simulate the installation of solar panels on house roofs for better power generation, and make models of efficient public transportation and logistics with drones.” The catchphrase for the smart city campaign is “Map the New World”. “This is open data,” said Goto, “meaning everyone has access to it, including private companies who can use it commercially.” And since one of the central concepts of smart cities is sustainability, they also have benefits for local governments. He mentions two vanguard smart-city projects: Haneda Zone 1, located in and around one of Tokyo’s two international airports, and Kashiwanoha, a suburb of Tokyo being built from the ground up as a more traditional smart city. And efficiency doesn’t have to be unattractive. Goto emphasises the “sensuous” aspects of city living, whose appeal is organic. “People’s relationship to their city is emotional,” he said. “That’s why these smart cities have to have a human dimension,” with amenities that merge the idea of ‘sensuous urban living’ with the high-tech features smart cities are famous for. “The Sensuous City is Manjo Shimahara’s idea rather than mine,” said Goto. “He works for a Japanese private think tank. His idea has a lot of possibilities and is something I want to talk about in relation to the Japanese real estate market.”

MIPIM NEWS 1 • 17 • MARCH 15, 2022

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Newcastle and Gateshead build a bridge to the world at MIPIM A MASSIVE investment programme into the Newcastle and Gateshead 80-hectare Accelerated Development Zone is stimulating business and job growth

— and creating multiple opportunities for international players, according to Jennifer Hartley, director of Invest Newcastle. “Increasing demand in the city is

Invest Newcastle’s Jennifer Hartley,

creating a world of opportunity across four key zones,” said Hartley. “For example, HMRC will be moving 9,000 staff members to the Pilgrim Street area in the centre of Newcastle, which will really give retail a boost. Meanwhile, Newcastle Helix is a landmark 24-acre (9.7-ha) hybrid city quarter, built for international tech and science businesses, which has been designed as a test bed for future city challenges, including issues such as health and aging demographics.” She added: “At MIPIM, we’re also talking to investors about the Stephenson Quarter, another mixed-use development site shaped for strategic sectors, and the Baltic Quarter on the Gateshead side of the river. This is an

arena and conference centre with hotels, F&B and other mixed-use elements. Software giant Sage has just signed a £10m (€12m) contract to make its home there. “Elsewhere, the Newcastle International Airport Business Park and the North Bank of the Tyne also represent fertile ground for investors. “It’s great to be back at MIPIM — we have even more exciting news to discuss in 2022. Six months ago, a consortium comprising PCP Capital Partners, Reuben Brothers and the Public Investment Fund of Saudi Arabia successfully took over Newcastle United Football Club, and we’re now in contact with the owners to see what else they can invest in across the region.”

Development opportunities abound in UK, experts suggest THE UK may be one of Europe’s most mature real estate markets, but development opportunities represent a good entry point for investors, according to Simon Williams, head of investment UK at BNP Paribas Real Estate. “A lot of the market’s hot asset classes today — from life sciences to buy-to-rent residential and later living — don’t exist in a significant quantity across the country. So, a great deal of investment opportunities can be found in the shape of forward-funding deals to develop those assets,” he said. “It is true that we are encountering the headwinds of construction-price inflation, but project

viability is being supported by a shift in values,” he added. While many of the income-driven and alternative opportunities now represent almost half of market volumes, Williams underlines that savvy investors should still consider retail and office deals. “There are interesting pockets of opportunity in retail. Supermarkets have done really well throughout the pandemic and offer a great long-income play. Retail parks, which were initially under-priced, are now looking like fantastic value due to their resiliency and underlining land values. “On the other hand, offices are

here to stay — employees still want to go into the workplace, even if on a slightly different basis. Investors understand that the offices of the future will not just be welcoming and useful spaces, but need to be energ y efficient to ensure their liquidity. “MIPIM is a great chance for investors to get together again after the hiatus of the pandemic and discuss opportunities.”

BNP Paribas Real Estate’s Simon Williams

MIPIM NEWS 1 • 19 • MARCH 15, 2022

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Daun sets out bold strategy to build on Garbe’s growth

Garbe’s Jan Philipp Daun

GARBE Industrial Real Estate is still “hungry” for deals following a rapid period of growth, the firm’s recently appointed managing director and chief investment officer, Jan Philipp Daun has said. The Hamburg-based company is pressing ahead with an ambitious programme of expansion driven by ongoing real estate asset acquisitions and the opening of new offices throughout Europe. Garbe now operates through 16 offices on the continent, following openings in the Netherlands and Slovakia in 2020, France, Poland, Italy and the Czech Republic last year, and the UK and Spain so far in 2022. The firm’s portfolio of assets under management has increased

36% by value since the end of 2021, to its current level of €9.5bn. In total, Garbe’s portfolio covers five million sq m in gross lettable area. In February, Garbe announced that Daun was to join its senior management team as managing director, while also heading up its investment management and portfolio management operations in Germany. Daun, who said that Garbe was set for a further 20% of expansion in the short term, has been with the firm for 10 years, and was promoted from his previous role as head of investment management. He said: “We are still in the backwind of the market. We are still an entrepreneurial company. We’ve

had lots of growth in the last couple of years but we’re still a company with lots of hunger. We want to grow as fast as possible. “We’ve still got that entrepreneurial spirit. We’re a company with a shareholder as an active manager.” Daun said the company was at MIPIM to “get closer to investors” and seek new deals and development opportunities in Europe. Last month, the firm completed a deal to acquire a 44,000 sq m plot of land in the Hamburg metropolitan region. The site is to be primed for a joint venture project with Graubner Holding to develop a mixed-use cross-dock industrial and office plant that will total 26,000 sq m when completed. Planned work to clear the site ready for construction will start later this year.

Applying new tech to make the workplace work, post pandemic EXPERIENCE needs to be at the heart of the office offer to ensure staff are encouraged back to the office environment, according to Julia Paolucci, managing director, France, at workplace experience platform HqO. She said it was particularly important as companies adjusted working practices post-COVID. Paolucci said use of the HqO platform, which offers a range of services, had skyrocketed since the pandemic, despite fewer people being in offices. Platform features include technolog y used by the worker for traditional office services — such as access controls, booking meeting spaces and so on. The data element of the platform is also important in order to understand how spaces and office

services are being used so that they can be optimised for the future, Paolucci said. She added that there were two main drivers for the expansion of such services. “Post-COVID, companies have had to convince people back to the office and have had to create a narrative. The second driver on the real estate side is creating experiences,” she said. “We are here to create the user experience of those spaces.” The HqO platform is now live in 350 buildings across 24 countries, with clients including HPP, JP Morgan and Grosvenor. “For those companies who have a brand it’s about brand recognition,” said Paolucci. “For others it’s about data, such as what’s being used and what will actually

bring them value and help retain tenants.” HqO acquired competitor Office App last October, to expand its presence in Europe and gain additional knowledge to allow it to target the corporate market. “We had been selling to landlords but also now sell to corporates so what were our tenants are now our customers too,” she said. Office App launched in Europe in 2014. HqO, meanwhile, is a Boston-based company which has offices in the US, London and Paris. The deal was said to have created one of the biggest real estate technolog y companies in the world, valued at more than $500m (£300m). The company has raised some $107m in funding to date.

HqO’s Julia Paolucci

MIPIM NEWS 1 • 21 • MARCH 15, 2022

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Brazil pursues

Brazil’s beaches and innovative cities are a step closer at this year’s MIPIM

bold and

sustainable business at MIPIM Brazil’s real estate dynamism is on show for all to see at this year’s MIPIM, according to Lucas Fiuza, business director of government trade agency ApexBrasil. “We’re showcasing a selection of exceptional landmark projects in Cannes this year,” Fiuza said. “One of these projects is BC Ports and Project Maraey, one of the leading commercial real estate investment companies in Brazil.” Maraey, an ambitious tourism and residential development near Rio de Janeiro, represents private investments of US$3bn (€2.6bn) into a botanically diverse coastal area covering 844 ha. Backed by an international consortium, led by two families from northern Spain, the scheme aims to become a stand-out example of sustainable tourism. Added Fiuza: “Brazil´s government is rolling out a bold and visionary strategy designed to attract billions in foreign direct investment (FDI) to build the critical infrastructure, services and technology required for a vibrant economy.

Thanks to its privatisation programme, the Investment Partnership Program (PPI), our country has repositioned itself as a major FDI destination among its competitors.” FDI surged to over €50bn in 2021, nearly double 2020 figures, and Brazil’s economy is expected to make the fastest recovery to pre-pandemic levels among its Latin American peers. The country was also the only emerging economy in Latin America to appear on the Kearney Foreign Direct Investment Confidence Index in 2021. Fiuza noted: “Only private capital can fill the widening gap and limits of governmental budget with higher efficiency and impact. As infrastructure is upgraded, the real estate sector gets a lift as well.” Another jewel in the country’s crown is the Incorpora Brasil programme, which aims to sell the federal government’s vast real estate portfolio of some 750,000 individual assets. Up to €16.8m of properties earmarked for privatisation will be auctioned off in 2022, while the government estimates that public-private real estate schemes could be worth as much as €15bn by the end of 2022. Fiuza adds: “Since 2017, the Brazilian residential real estate market has improved significantly thanks to a normalisation of the mortgage rate. This has led to a new growth cycle due to the steady lowering of the national interest rate. The average mortgage rate has been hovering around 7% annually since 2019. This has resulted in the reallocation of investments from financial to real estate, and especially residential property.” Investors considering Brazil will be reassured by the country’s strong legal framework, as well as a number of regulatory changes in recent years designed to improve the investment climate. Tax incentives are also being considered for international parties, depending on the impact of the real estate project on any given local economy. Says Fiuza: “Thanks to these new policies, Brazil has managed to significantly reduce bureaucracy and admin in the real estate buying process for foreign investors. Today the situation remains much more favourable to foreign investors, whether resident or not, who can now buy real estate in Brazil in a relatively seamless way. “Apex-Brasil has been busy mapping out the countless real estate and infrastructure opportunities for global investors. It will continue to globetrot across New York, Singapore, Paris, Milan, London, Oslo, and other capitals to promote and inform.” Be sure to visit us at our MIPIM booth. Palais -1, H16/J.15

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Inflationary winds drive investors towards operational real estate

ULI Europe’s Lisette van Doorn

LAUNCHING at MIPIM today, Emerging Trends in Real Estate Global Outlook 2022 examines the pressures of a second major economic shock to the industry from war in Ukraine, plus continuing inflationary concerns. This is placed against the increasing need for finance to support the decarbonisation of real estate and the further development of climate tech. “With economies continuing to experience turbulence due to continued high inflation and supply-chain disruptions and adding the geopolitical shock of the devastating situation in Ukraine, this report illustrates that, for real estate, there continues to be much uncertainty in the outlook,” CEO of ULI Europe Lisette van Doorn, said. “After last year’s economic rebound, it does now seem inevitable that global growth will slow again this year.” Gareth Lewis, director, PwC Real

Estate, added: “Coming out of the pandemic we were seeing generally high levels of confidence in the outlook for real estate investors, driven primarily by the availability of capital looking for yield. But along similar lines to previous years, ever present in the background are concerns around the lingering effects of the pandemic, the endurance of the extended real estate cycle and the impact of the structural changes hitting the sector.” Most of those interviewed for the report still see real estate as a good inflation hedge, but are much more cautious about the risk. The research concludes that operational real estate sectors may benefit due to their contra-cyclical nature, and the inherent possibility of adding services or adjusting prices. • Emerging Trends in Real Estate Global Outlook 2022 is presented today at 14.00 in the Hi5 Studio

JTRE commits £500m to London investment SLOVAKIAN developer J&T Real Estate ( JTRE) has committed £200m of equity to building its London portfolio which, combined with borrowing, will give the company £500m to invest in the city. Alex Stocker, development director at JTRE London, said that further funds would be made available. “Initially, the first tranche is £200m in equity,” he said. “That will get us going on an immediate purchase, but there is more to follow over the 12 to 18 months beyond that.” Stocker said that JTRE is “tanta-

lisingly close” to closing deals on two development opportunities, one in the City of London and one elsewhere in the UK capital. “We’d have liked to be in a position to announce them at MIPIM but that is unlikely to be the case,” he said. “We love London. I’ve been there for my whole career, so 30-plus years — and JTRE wanted to move into the city. London is the jewel in anybody’s crown and it was really only a matter of time.” JTRE is currently developing Triptych Bankside, a £400m mixed-use development designed by Squire & Partners. The project

on the south bank of the Thames comprises three towers housing 169 luxury apartments, 80,000 sq ft of grade-A commercial space and 9,900 sq ft of retail. The company’s largest current scheme, meanwhile, can be found in Bratislava, where JTRE has its headquarters. The Eurovea City project promises to deliver a new urban quarter for the Slovakian capital, including the city’s first residential skyscraper.

JTRE London’s Alex Stocker

MIPIM NEWS 1 • 23 • MARCH 15, 2022

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Ahead of what’s next

PROLOGIS PARK MOISSY 2 DC1

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ABOUT THE PROJECT Located in the Grand Paris Sud region, this unique building has built in sustainability at every stage along its journey from brownfield development to 100,000 sqm facility. Going further, Prologis Park Moissy 2, focusses on optimising and reducing energy consumption, implementing digital tools to make it possible to adjust consumption and using carbon-free energy and bio-sourced materials. From construction through operation, it will neutralize a total of 150,000 tonnes of CO2 - that’s the equivalent to the annual CO2 production of a moderate town of 16,000 residents. This building will be the first logistics building in the world to obtain the “Zero Carbon” certification from the International Living Future Institute (ILFI) https://living-future.org. As a member of the CIBI (International Council for Biodiversity and Construction), Prologis has committed to a BiodiverCity® approach, promoting urban biodiversity throughout the site’s lifetime. The platform is now used by Monoprix and is equipped with the robotic technology developed by the French company Exotec.

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Turkey brings biggest-ever slate of projects to MIPIM

Gyoder’s Mehmet Kalyoncu

TURKEY has brought its biggest ever slate of projects to MIPIM, following a significant expansion of the country’s infrastructure to facilitate urban development, according to Mehmet Kalyoncu, chairman of Turkish real estate platform, Gyoder. “We’re in a new era for Turkey,” Kalyoncu said, “after focusing for many years on traditional developments like residential, offices and shopping malls. Now, the completion of many mega-infrastructure projects is providing new opportunities in areas such as logistics, data centres and industrial. Beyond that, the need for student beds and elderly care has not really been addressed by developers, neither domestic or international players.” He added: “Gyoder is bringing investment

opportunities to MIPIM this year in these areas, alongside opportunities in tourism.” Gyoder, which stands for The Association of Real Estate Investors, was established in 1999 by Turkey’s REITs to foster innovation and growth. “As the umbrella organisation for Turkish real estate, we are leading the way in proposing innovative and sustainable business ideas. Here at MIPIM, the Istanbul Pavilion has been equipped with the latest technology, and will host speakers on the topics of design, tech, society and nature. We are offering one-on-one meetings with investors to showcase the biggest raft of projects that Turkey has ever brought to MIPIM.

“A recent report from PwC, providing a favourable, comparative analysis of Istanbul with other cities, underlined just how many opportunities there are. We believe this data will contribute to your investment decision at MIPIM,” he said.

Turkish delegates highlight the country’s strategic location and potential AVI ALKAS, chairman of Turkish real estate services provider Alkas, is glad to be back at MIPIM in Cannes. However, the real estate trailblazer says he was fortunate enough to meet many like-minded property people in Turkey, in December, at the Real Estate 360 event in Istanbul, organised in conjunction with MIPIM. “Five years ago, we started organising RE360 as a precursor to MIPIM in the calendar,” he said. “The seventh edition will be held on December 7, 2022. “RE360 last December was another successful event, with great support from MIPIM’s leaders,

driving the MIPIM brand in Turkey and its continuing expansion in the world through global activities.” For Alkas, Turkey is becoming an international “hub” which is of interest to neighbouring countries and investors, thanks also to improved infrastructure and an attention to climate change. “We hope to continue with the positive efforts and results achieved so far. Turkey is located on the crossroads of civilisations and has a very important place geopolitically.” He added: “In a world going through difficult periods, with the pandemic, with political clashes

and local and regional disturbances we believe that one of the main trends in the Turkish real estate industry will involve greater preparation for seismic activity. We need to strengthen our housing stock, which could involve the refurbishment, regeneration and redevelopment of around 6.5 million housing units. “In any case, with its population of 84 million, with its young and dynamic demographics, I am confident that we can promote our country and our real estate development industry to the world, and that international investors will want to get involved.”

Alkas chariman, Avi Alkas

MIPIM NEWS 1 • 25 • MARCH 15, 2022

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Hilton growth plan doubles properties across France

Hilton’s David Heijligers

HILTON is back at MIPIM as it seeks to double its properties in France over the next three to five years, according to David Heijligers, Hilton’s managing director, development, for France and Benelux. In 2016, Hilton had only seven properties in France. Heijligers was brought in to set up a French development team to increase that number and it now has 20 hotels, with 20 more in the pipeline. The group is bringing new lifestyle brands to France, he said, including the Canopy by Hilton near Trocadero in central Paris, which opened in May 2021. Canopy is described as a modern boutique experience with “guest-directed service and thoughtful local choices”.

The Trocadero Canopy will be joined across the Seine by the Hilton Eiffel Tower. With an interior designed by Philippe Starck and direct views over the tower, the 118-room hotel will be a prestigious addition to the Hilton family. It is set to open in the second quarter of 2023. Heijligers said the strategy was to open in Paris and the bigger cities, basically those with a population of more than 150,000, with particular interest in the Riviera, which has a large international market. Another prime location for Hilton is Dijon, a centre for French gastronomy and wine. A Hampton by Hilton, another of Hilton’s lifestyle brands, is due to open in the centre of the city in summer 2023. It will have 100 rooms, a lobby bar and a fitness centre. He remains upbeat: “We have momentum in France and I believe this will continue in the coming years.”

Perial acquires Club Med mountain resort GLOBAL real estate advisor, CBRE, has advised Covivio on the sale of Club Med Grand Massif in Samoens, France, for €125m. The buyer, Perial Asset Management, is keen to diversify its assets to include the hotel sector. The hotel has operated since its opening under a long-term lease with a fixed rent, allowing the new owner to benefit from a se-

cure income stream. The four-trident resort comprises 420 guest rooms, two restaurants, two bars, accommodation for 165 employees, as well as a range of leisure facilities. Bruno Juin, senior director, Hotels at CBRE said the deal “demonstrates the strong resilience of the sector. The CBRE Hotels team showed its creativi-

ty and expertise throughout the process, allowing us to secure the best outcome for our client”. Sami Mendil, director, Hotels Investment Properties at CBRE added: “The hotel has attracted a lot of interest from investors, especially institutional investors, demonstrating their confidence in the rapid recovery of the hotel market. This asset attracted new

entrants alongside traditional real estate investors.” Stephane Collange, chief investment officer of Perial Asset Management, added: “Club Med Samoens is perfectly in line with the diversification strateg y. This is our first mountain hotel based on the recognised expertise of Club Med, the world leader in premium all-inclusive holidays.”

Club Med Grand Massif in Samoens

MIPIM NEWS 1 • 29 • MARCH 15, 2022

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UNICEF chooses Stockholm city for new global innovation office

Mayor of Stockholm, Anna Konig Jerlmyr

UNITED Nations Agency UNICEF has selected Stockholm, Sweden as the location for its Global Office for Innovation. According to the social-welfare organisation, the location allows UNICEF to connect with impact-makers within Sweden’s public and private sectors to discover innovative ways to realise children’s rights and wellbeing. The city’s robust startup ecosystem was another key reason, says UNICEF’s global innovation director, Thomas Davin. As well as brimming with successful businesses from music giant Spotify to telecoms veteran Ericsson, Sweden as a whole “has always been committed to global social impact and is one of the only countries to devote a significant part of its GDP for this purpose”, Davin said. UNICEF’s Global Office for

Innovation will focus on key targets, such as the pledge that all children worldwide should benefit from access to primary and secondary schooling by 2030. It will also tackle issues ranging from limited healthcare access to a “tsunami” of mental health issues aggravated by the pandemic. “We’re looking for that element of innovation to help us figure out if we can accelerate solutions,” Davin said. The Mayor of Stockholm, Anna Konig Jerlmyr: “We’re quite a small city with a culture of knowledge sharing , so we can perhaps move faster than bigger cities. We hope to address these problems at speed and then share these cutting-edge solutions with the rest of the world. Combined, UNICEF and Stockholm have what it takes to become a force for global change.”

Aareal closes financing on Nobu London luxury hotel AAREAL Bank has announced the closing of a financing agreement with London + Regional Hotels (L + R). The international real estate investor received a senior loan to refinance Nobu’s rebranded and remodelled luxury five-star hotel in London’s Portman Square, which opened in May 2021. As one of the largest privately held property companies in Europe, L + R actively invests in, and develops,

real estate properties in the UK and abroad. The group’s 113-hotel portfolio comprises 23,000 rooms across a range of sectors. Portman Square marks the third collaboration between L + R and Nobu, following existing properties in Ibiza and Monte Carlo. A luxury brand steeped in the Japanese-inspired ideology of Chef Nobu Matsuhisa, Robert De Niro and Meir Teper, the 249-room site

boasts minimalist design, first-rate wellness and meeting facilities, as well as a top dining experience. Bettina Graef-Parker, managing director Special Property Finance at Aareal Bank, said: “Hotels are a very specific asset class that requires careful consideration, particularly in today’s challenging environment. L + R and Aareal Bank’s experience and expertise enables us to thrive in the sector.”

Future-proof properties gain from valuation premium BUILDINGS which are future-proof are likely to experience increasing demand, while inefficient stock is set to suffer tumbling values, according to Sophie Van Oosterom, global head of real estate at Schroders. And, the shift centrestage of environmental, sustainable and governance themes shouldn’t take people by surprise. “A large part of the investor base has been pushing for better reporting for, and there have been many questions around what is being done to improve standing stock. However, the last two years have intensified the pace of change,” she said. “The ESG status of properties is not yet fully reflected in their valuation, but we’ve reached a turning point.” In terms of asset allocations, “big changes make for big opportunities”, she said. While hot sectors such as logistics are challenging due to high prices, emerging segments such as life sciences make for an interesting outlook. “The number of facilities required near university clusters in the UK alone is enormous,” she said. Oosterom is bullish on the potential of hotels for landlords with operational expertise, while savvy office investors should look to refurbishment, and retail hopes rest with prospects such as retail parks. Schroders forecasts that eurozone and UK GDP will grow by around 4-5% in 2022 and by around 2-3% in 2023, although inflation remains a downside risk.

MIPIM NEWS 1 • 31 • MARCH 15, 2022

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Guildford council signals the go-ahead for town-centre regeneration scheme GUILDFORD Borough Council and St Edward — a joint venture between Berkeley Group and M&G Real Estate — have exchanged contracts to enable the development of a key site in Guildford town centre. The project represents the first step in the delivery of the wider Friary Quarter development, which aims to deliver a contemporary new neighbourhood of around 500 homes and a mix of new

ground-floor retail, leisure and amenity space. As part of the plans, St Edward has committed to the pedestrianisation of North Street, improved facilities for market traders, a pocket park and new town squares. A new bus interchange rerouting buses away from North Street will also create a safer, less polluting and more attractive environment for pedestrians and cyclists, according

to the company. Councillor John Rigg, lead member for regeneration at Guildford Borough Council, said: “I am delighted after seven or eight previous failed schemes on this site over three decades — and two years of hard negotiations — we are now under contract with one of the country’s leading housing developers, able and enthusiastic to bring forward such a fantastic regeneration scheme.”

He added: “For us to be able to deliver new, sustainable homes and create an exciting new neighbourhood helping to take the pressure off the green belt, while also aiding the recovery of the high street, is a huge opportunity. The extra wins of a new bus interchange and removal of vehicles and pollution from North Street will create a wonderful, safer new environment for visitors to the town.”

The proposed scheme at North Street. Guildford

Pandemic propels digital development THE COVID-19 pandemic has accelerated the take-up of digital technology in the real estate industry, according to the head of the leading UK proptech umbrella body, which is attending MIPIM to help raise awareness of the potential benefits of the proptech revolution. “COVID-19 has driven property companies to speed up their digital transformation to address both new and existing challenges and that will have a long-lasting impact on the way in which many people operate and interact within their teams and businesses, and with customers,”, managing direc-

tor of the United Kingdom PropTech Association (UKPA) Sammy Pahal, said. She added that lockdown rules were difficult for people, but that they did at least mean that businesses were forced to adopt modern ways of working. “Restrictions imposed on us by the government required us all to get more comfortable with using conferencing technology as standard protocol and collaborative workflow tools to ensure productivity and team morale didn’t falter,” Pahal said. “For some companies, it has allowed them to continue operating

as a business during a challenging time and has acted as a first step towards a digital workforce. For others, further along in their journey, it has highlighted critical problems which can be solved using technology and has acted as a driver for real digital transformation.” According to UKPA, there are currently around 7,000 proptech companies in the world, of which 3,219 are in Europe and 805 in the UK. “There will be rationalisation along the way, but there is no doubt that we are seeing a digital sea-change in the world of property,” Pahal said.

United Kingdom PropTech Association’s Sammy Pahal

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Gecina now wants to become France’s favourite private residential landlord FRENCH commercial real estate specialist Gecina is seeking a new home. The property giant, which for years specialised in office investment, has been expanding its residential credentials since 2017, by deploying a private-rental housing offer in Paris, the Paris region and major regional cities. According to Pierre-Emmanuel Bandioli, executive director residential at Gecina, this choice has been inspired not only by mega trends, but also by the success of its peers. “Since 2008, office yields have fallen significantly, while Gecina’s Pierreresidential yields have Emmanuel held up better. At Bandioli Gecina, the average occupancy rate for

residential properties is 96,8%. However, an office building let to a single tenant can be empty overnight. Furthermore, the complexity of managing residential properties has been reduced thanks to the digitalisation of time-consuming tasks that have not added cost,” he said. Gecina has studied business models including Vonovia in Germany and Grainger in the UK, both of which have carved out a successful strategy, despite the evolving landscape. Bandioli added that residential works particularly when the landlord can offer paying services, for instance, home cleaning or negotiating green energy contracts. With its YouFirst residence brand, Gecina intends to develop quality relations and the wellbeing of its clients, thanks in

particular to the presence of a YouFirst manager on site. With over 9,000 housing units — including nearly 3,000 student beds — worth €3.9bn in prime central Paris and the surrounding suburbs, Gecina is now the leading private residential landlord in the capital. Further schemes are taking shape in Bordeaux and Marseille; while key Paris projects represent some pioneering choices. Last spring, Gecina inked a deal with Woodeum to develop 1,000 low-carbon, timber-framed housing units over the next four years. It complements the partnership signed earlier with Nexity for 4,000 units. “We have demonstrated our deep conviction that the future lies in energy performance. Now we are also targeting scale,” Bandioli said.

European multifamily investments reach record of nearly €100bn A RECORD €97bn was invested into multifamily markets across Europe last year in a “coming of age” for the sector, according to a new report from JLL. The total represents a near 50% rise on 2020, the previous all-time high. Urbanisation trends, changing household formations, affordability challenges and persistent supply-demand imbalances have all affected how the continent’s largest real estate investors allocate capital, according to Gemma Kendall, head of multifamily investment, EMEA,

JLL. “Strong investor demand and limited buying opportunities create a dynamic market in which investor strategies are continually evolving,” she said. “New national markets — such as the UK and Spain — have emerged within investor sightlines in recent years, with further growth predicted.” While mega-deals in Germany such as Vonovia’s €23.5bn takeover of rival Deutsche Wohnen boosted the figures, a range of markets experienced growth. Denmark (€7bn) and Sweden

(€11bn) registered all-time high investment volumes, while the less-established UK and French markets saw record inflows of capital to the sector, 46% and 73% above their respective five-year averages. The data also shows that growing competition for assets and yield compression is driving investors towards segments like single-family rental (SFR), co-living , and affordable housing.

JLL’s Gemma Kendall

MIPIM NEWS 1 • 35 • MARCH 15, 2022

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Curtain rises on the Budapest landmark, House of Music A NEW cultural icon for Budapest, the House of Music, has launched to a standing ovation. Designed and built as part of the city’s ambitious Liget Budapest project, which will transform its central park, the new centre is dedicated to Budapest is alive to the House of Music

the creation of music and sound. “The House of Hungarian Music was conceived with the intention of becoming the latest in a long line of iconic Budapest buildings,” said Benedek Gyorgyevics, CEO of Varosliget, the company behind the entire Liget Budapest scheme. Designed by Japanese architect Sou Fujimoto, the project takes its inspiration from both nature and music. Its floating roof is a wave-inspired visual representation of resonating sound, while the project also encapsulates the symbiosis of the built and natural environments. “The result is a light, airy, open, accessible and harmonious building, carefully planned to the very last detail,” Gyorgyevics added. Part museum, part concert hall and interactive experience, the House of Music will host a range of live music from classical to folk, pop to jazz,

alongside exhibitions and educational programmes designed to create opportunities for anyone to play and experience music. It will also bring Hungary’s rich music traditions and role in the history of European music to domestic and foreign visitors alike. Liget Budapest will make further tracks this spring, with the opening of the new building of the Museum of Ethnography. Expanding the possibilities for the city’s 150-year-old international collection, the building was designed by Hungarian studio NAPUR Architect, and features a huge roof garden contributing to some 7,000 sq m of green space. “The impressive glass facade of the building features a metal grid of almost half a million pixels, representing contemporary re-interpretations of 20 Hungarian and 20 international ethnographic motifs,” Gyorgyevics said.

Diriyah is key to Saudi strategy A CORE part of Saudi Arabia’s ambitious Vision 2030 strategy is a state-of-the-art development project at the historic cultural centre of Diriyah. Located just 20 minutes northwest of Riyadh’s city centre, Saudi plans to transform Diriyah into one of the world’s foremost lifestyle destinations for culture and heritage. The project is being managed by the Diriyah Gate Development Author-

ity (DGDA), whose group CEO Jerry Inzerillo told MIPIM News: “The 11-square km development will feature world-class cultural, residential, entertainment, retail, hospitality, educational and office areas, and include a diverse collection of museums and over 100 places to dine.” Explaining the rationale for the development, Inzerillo said it was a key pillar in the country’s tourism strategy. “DGDA is targeting 27

million visitors by 2030.” Inzerilla said work is well advanced, with phase one due for completion in 2024. Despite this, he said there are opportunities for international players to get involved. “The Diriyah giga-project is the catalyst to ensure Riyadh becomes one of the world’s most vibrant G20 cities. We welcome foreign direct investment,” he added.

New book explores five decades of the people driving French projects A NEW book from a trio of journalists called Architect-Developer: A Recent Relationship traces the evolution of project management in France from 1977 to the present day, detailing the dynamics of the client-architect relationship and how things have changed in five decades. Published by AAM — Ante Prima in collaboration with Business Immo, the book examines a dozen high-profile developments in France, showcasing a series of dialogues between developers and their architects. It was written by three authors, Sandra Roumi, Jean-Francois Pousse and JeanPhilippe Hugron, experts respectively in development, architecture and project management, and collects interviews and testimonials about the process. Written at a distance, during the pandemic, Roumi said: “We found this relationship has become more complex, particularly for the architect. In the past, architects worked for the state and had more power, but the rise of the private developer has created a status shift. Developers have now taken the keys to the city. The new battlefield is not just the building, but also the territory itself. “At MIPIM, we will put architects and developers head-to-head in conjunction with Business Immo TV, to let them debate the theme further.” Noted the book’s co-editor and co-creator, Luciana Ravanel: “We are now planning a second volume and I am sure that architects will regain a more balanced role in the process.”

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Greystar at MIPIM to deploy capital and seek partners AFTER registering some important wins in 2021, rental housing specialist Greystar sees 2022 as an opportunity to build further on its successes. That means coming to MIPIM to find new partners — and spend money. “We have capital to deploy for a number of develop-to-core ventures in key European cities and following the creation of our new pan-European value-add residential strategy,” said Mark Allnutt, senior managing director – Europe, Greystar. “We also opened and on-boarded around 20 new assets in 11 different cities across the region, and broke ground on a number of developments in our €7.4bn pipeline last year.”

He added: “The fundamentals of the residential sector remain incredibly strong. We have good tailwinds supporting the strategy — the demographics speak for themselves. I think there will be marginal impact from Omicron; most markets are exceeding pre-pandemic rent levels and GDP levels; and our US market experience showed that there is plenty of room for the market share of apartments to rise still further.” Greystar launched a new pan-European student brand Canvas last year. While Allnutt admits the student housing sector “hit a bump” during the first year of COVID, he sees the long-term outlook as extremely pos-

itive. “Students want to be on site, learning on campus with other students, and living with like-minded people who have similar cultural considerations to themselves. They came back to student residences as soon as they could, and we are leasing strongly for the upcoming a c a demic year.”

The Student Hotel wins impact financing for Italian projects THE STUDENT Hotel (TSH) has clinched €145m of social and environmental impact financing from UniCredit bank, for the development of two new locations in Rome and Florence, in Italy. Financial insurance company SACE is providing a green guarantee of €54m. The loan foresees the achievement of a BREEAM Very Good rating for both its Rome San Lorenzo and Florence Belfiore projects, and adherence to the EU Taxonomy. TSH will reinvest an agreed discount on the interest rate by offering rent reductions to students from disadvantaged backgrounds. Charlie MacGregor, founder and CEO of TSH, said: “We are proud to be able to redevelop these previously underdeveloped areas in Rome and Florence to become exciting locations where the local communities, guests, students and companies can come together.” With these two new schemes, TSH will have a total of five locations in Italy.

TSH’s Rome project will transform the San Lorenzo area

Greystar’s Mark Allnutt

Heitman makes tracks with first close of European value fund REAL estate investment manager Heitman has unveiled the first close of its European value fund. The fund, which has a target fund size of €350m, aims to aggregate a property portfolio with a focus on the alternative property sectors across Western Europe. This will include opportunities in selfstorage, rented-residential, senior and student housing. Shortly after the closing, the fund made its first investment in a self-storage portfolio in the UK. Maury Tognarelli, Heitman CEO, said: “We are pleased with the closing of this fund, which marks our fifth successful fund launch since the beginning of the pandemic. The European value fund will provide our regional investment team with an opportunity to leverage our broad global investment experience in the alternative property types.”

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The Japan Lounge: improving city life and living well, despite the pandemic

Photo credit: (c) gale/PIXTA

THE JAPAN Lounge at this year’s MIPIM will include presentations from a variety of Japanese scholars discussing their research into the spread of the COVID-19 virus, and how that research influences Japan’s pandemic countermeasures, especially in cities. “Living with COVID” is an unavoidable issue when talking about urban resilience, and these expert scholars are using Japan’s and the world’s experience with the pandemic to improve city life going forward. MIPIM participants are encouraged to join the discussion and come away with fresh insights. The scholarly simulations use resourc-

es such as real people’s mobile phone data and PCR test results. Mobile phones reveal a lot about where a person is at specific times, and offer clues on how infections increase and spread, while PCR tests track those who have contracted the virus, especially those who were asymptomatic and may not have realised they were infected. All these data sets are used to calculate projections of the spread of the virus in various social settings, including concert halls, taxis and trains. They are also used to study whether, say, certain restaurants that had implemented COVID countermeasures were successful in limiting the spread

of the virus. More significantly, they help determine which strategies have had the best results. Does limiting the public’s movement or asking them to stay at home make a difference? And how do such measures, in turn, affect a city’s economy? Since many of these scholars are also active in the media, they have been able to convey the results of their research to the public on an ongoing basis, which is important because the situation surrounding the pandemic is changing all the time. After the Omicron variant became the dominant form of the virus, adjustments had to be made, since the variant

Japanese scholars will present COVID research at MIPIM

spread quickly and remained in the population for a longer time. Using AI simulations, the researchers could formulate measures that would help limit its spread. The overall purpose of the research is to reach some sort of balance in countermeasures that limit the effects of the virus without harming economic activity. Since the media tends to overstate serious outcomes, public reaction has to be measured carefully, which is why the psychological dimension of the research is so vital. So far, projections have been fairly stable owing to the way that the Japanese public normally accepts recommendations from the authorities. However, more sudden changes are often difficult to carry out. In that regard, life in Japan may have already entered the “new normal” phase, since many Japanese people have already adjusted their everyday lives to the pandemic. Before the arrival of the Coronavirus, Japanese people wore masks in public as a matter of course during allergy and flu seasons, so it wasn’t that difficult to enforce mask rules. So far, Japan has done relatively well in terms of keeping serious cases and deaths low, so the real challenge from now on is perhaps how to return Japan to full economic vitality by stimulating investment while controlling the virus.

MIPIM NEWS 1 • 43 • MARCH 15, 2022

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Thor Spain -Thor Portugal, pioneers in sustainable buildings in the nursing home sector

‘Thor Spain’s mission is to contribute to transform the development of healthcare, hospital and poly-sector spaces, in order to respond to the needs that society demands.

Spain can be proud of the excellence that operators are achieving in the important task of caring for our elders. Therefore, Thor Private Equity Spain considers that a higher degree of specialisation in the development of socio-health projects is essential. The key is to conceive spaces thinking about the well-being and comfort of the user, but also that of their families. Spain is currently far from meeting existing demand. Even within 10 years, unmet demand is expected to continue to rise. For Thor Private Equity Spain, the response to this social need must be based on a deep debate about sustainability in social and health infrastructures. It is also necessary to reflect on a paradigm shift in the socio-health care model, with the aim of creating new ecosystems that offer security, quality care and comfort in the operating centre itself, but also from the same providing offshored services. This new hybrid scheme will be born with the aim of creating more inclusive spaces, reducing or even avoiding the potential gap between users of private and public residences. Thor Spain and Thor Portugal approach Thor Private Equity Spain has been operating in Spain in the socio-sanitary and hospital sectors since 2018. In 2021, it was established in Portugal through its subsidiary Thor Port and the future forecast for 2022-2023 is to incorporate new subsidiaries in both Italy and the UK. Thor Private Equity Spain acts as a comprehensive developer of healthcare and hospital spaces, operating in a transversal way in the sector of the elderly, fourth age, polyclinics, hospitals and senior living. Economic balance for 2021 in Spain 2020 was a year of resistance and change in which the health sector was severely affected. However, the pandemic introduced a paradigm shift across the sector, aligned with Thor’s vision, which is based on providing cutting-edge spaces and infrastructure clearly geared towards sustainable investments, in carefully selected locations with the goal of excellence in the care of our elders. Now Thor Private Equity Spain participates with different degrees of sociosanitary development in 31 projects in Spain and 4 in Portugal. During 2021, Thor delivered a project in Vigo, which is already in operation and another in Oleiros (A Coruña), also operational. In addition, the residencies in Cartagena and Lleida are already in the process of starting operations in the upcoming months. The

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rest of the locations have different degrees of development, and they are located in: Castellón (2), Tarragona, Mallorca, Tenerife, Murcia (2), Ourense, Córdoba, León, Oviedo, Sevilla, Lugo, Elche and Alicante. All these buildings provide a total of more than 2,800 beds. According to several studies, in Spain approximately 5,000 new beds are provided each year for the social and health sector. During 2021 only Thor made available to operators 470 new beds, almost 10% of the market, and all of them under the parameters of maximum qualitative standards. In Portugal, Thor has completed the implementation of four new residences for the elderly and dependent in the towns of Setúbal, Guimarães, Algarve and Porto. These projects make possible to create 120 new places each, which is permitted by law on Portuguese lands. In the future, Thor is confident that it will be able to get new locations in this country to generate between 600 and 1,000 beds per year to meet the socio-sanitary needs in the Portuguese country. Thor Spain’s sustainability strategy Thor Spain aspires to continue being pioneers in implementing improvements in all developments that bring value to the entire ecosystem, from the resident and the operator to the management company and society. Thor fully developed its first senior residence in Vigo with the British certification BREEAM, which has been followed by other projects with excellent rating located in Cartagena, Oleiros and Lleida. Thus, all the firm’s projects have this seal of excellence in sustainability. Predictions for the coming years While specialised developers like Thor continue to try to meet the more than 120,000 beds of unfilled demand, the speed of population aging poses a challenge to achieve in the coming years the balance between demand and supply. Other European countries also have imbalances between demand and supply, including Italy, Greece and Portugal. Hence a significant increase in qualitative, responsible and sustainable investments in the healthcare and hospital sector is necessary. Thor Private Equity Spain’s ultimate purpose is to improve the lives of our elderly, increasing in volume and quality the supply of specialised care centres in our country, continuing its strategic plan in the export of the model to European and American countries, including Portugal, Italy, the UK and Ecuador.

13/03/2022 17:58

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M&G Real Estate anticipates fresh insights during MIPIM ‘IT’S JUST great to be back,” said Marc Reijnen, head of investment and asset management Continental Europe at M&G Real Estate, on his team’s return to Cannes. “Humans weren’t made to sit in a room alone talking to screens. Meeting in person is so refreshing.” Since Reijnen joined the M&G Real Estate team five years ago, during a flurry of appointments reflecting growing interest for the firm’s European products, its business in the region has expanded five-fold. “We now have around €5bn in as-

sets under management and have significant plans to expand still further. The M&G European Property Fund, an open-ended, core-balanced fund, has been making increasing forays into residential and other ‘living’ asset classes, reflecting secular trends,” he said. “We are working on delivering student housing in Bologna and Turin in Italy, a market with lots of potential. We are also exploring still further senior living — we have an important deal in the works with a major operator in Paris. It’s important to

choose your service providers wisely in this segment. Beyond that, our off-market logistics investments are paying off. “We’re in an active recruitment period again, strengthening our teams across the region, and will be announcing a few wins at MIPIM. For example, we’ve just inked an important German government tenancy contract for an office we own in Berlin. I’m also looking forward to gathering fresh insights at MIPIM — it’s always so interesting to hear what your peers have to say.”

Hines new open-ended coreplus fund targets Europe GLOBAL real estate firm Hines’ latest diversified, open-ended core-plus fund will focus on key European markets and highly liquid asset classes, according to Jorge Duarte, recently appointed as fund manager. Duarte described Hines European Property Partners (HEPP) as a “dynamic new vehicle in Europe” which will seek to

acquire and develop sustainable assets across a range of sectors including logistics, office and living — residential, student and senior housing — throughout Europe’s leading cities. The fund will launch later this year and aims to attract €1bn in investor equity to the strategy in the first 12 months from launch. It will seek

to maximise value at the asset-level through active management and select developments. Alex Knapp, Hines’ chief investment officer for Europe, said: “HEPP will add to our family of funds, while benefiting from Hines’ established sector-leading credentials in ESG-focused European development and investment.”

La Francaise REM inks further €300m property mandate with PFA DANISH pension fund PFA has awarded a second mandate to La Francaise Real Estate Managers (REM), to the tune of €300m, for the acquisition and management of senior housing and residential properties in Europe, with a focus on France and Belgium. David Rendall, managing director of La Francaise REM – institutional division, said: “La Francaise and PFA have been working successfully together for over two years. PFA awarded us an initial €100m mandate in October 2019 for the acquisition and management of a French senior-housing portfolio. Having successfully deployed this capital, we are delighted to be further developing our partnership and expanding our geographic focus to other European countries and our strategy to the PRS sector.”

Jorge Duarte (left) and Alexander Knapp of Hines

La Francaise REM’s David Rendall

MIPIM NEWS 1 • 45 • MARCH 15, 2022

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L’Etoile Properties plans stellar future as it rebrands to Sienna Real Estate It’s all change for L’Etoile Properties, the pan-European real estate investment manager, which was acquired by Luxembourg-based Sienna Investment Managers (SIM) in August of last year. The friendly merger, which sees Sienna combine its €3 bn of assets under management (AUM) with L’Etoile’s €7 bn AUM, presents new opportunities for the combined group to expand its real estate ambitions. Explains Didier Unglik, CEO of L’Etoile Properties: “Sienna didn’t have a real estate platform, so the combine means that we become the firm’s real estate vertical, rather than being absorbed into an existing department. That means that we can retain our structure and character, to keep the success story that is L’Etoile Properties intact.” The next stage of the story will see L’Etoile rebrand as Sienna Real Estate and take further steps in the fund management business. The additional firepower lent by the takeover permitted the firm to launch its first fund towards the end of 2021, the EP Sienna IM European Broken Core Office Fund. This open-ended vehicle, focusing on office properties in Germany, France, Spain and the Netherlands, aims to bring the assets it acquires into a core classification. “Broken core, a term coined by one of our managers, is for us, a step between Core and Core+. It refers to buildings with core characteristics, but with minor challenges that need fixing, such as low vacancy rates or short weighted average lease terms,” Unglik says. In the past, the firm encountered properties which were not prime enough for a core approach, and too expensive for core+. “Post-COVID, and in a climate of close attention to environmental, social and governance (ESG) matters, it’s an important strategy to improve the profile of assets.”

ETOILE_Advertorial.indd 1

Didier Unglik, CEO of Sienna Real Estate

Unglik warns that the renewed attention to real estate’s sustainable characteristics is likely to result in a number of obsolete properties in the future. “In some jurisdictions, they are already quantifying the level of obsolescence. Clearly, it will also offer opportunities for some investment managers to convert and improve standing assets. But in this, the real estate community no longer has a choice. ESG is now a key parameter, and I hope the industry will soon be able to establish a clear consensus about exactly what is required.” For Sienna Real Estate, the evolution of secular trends means that further funds are already in the works. “We are exploring ideas for funds that invest in logistics, data centres, core properties and other strategies. We’re testing our ideas with investors to gauge their appetite and see what they want as well. “Another example of Sienna Real Estate’s growth prospects and our ambitions to serve an even wider range of strategic partners in the coming years: SIM has recently announced being in exclusive negotiations with Malakoff Humanis and Acofi. This would create some fantastic new opportunities of growth for us if they succeed.”

13/03/2022 17:51

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Honotel helps guests enjoy the length and breadth of France

Honotel’s Helene Gauthier

HOTEL investment and management group Honotel is checking in to a raft of new opportunities, according to CEO Helene Gauthier. “As an asset class, hotels are attracting more and more investors with a wide range of profiles. Until 10 years ago, the hotel industry in France, for example, essentially consisted of independent hoteliers and international chains. Today, the market is mainly driven by large institutional property investors and investment funds. This growing attractiveness allows this asset class to be very resilient.” While Gauthier admits that COVID-19 had a “very significant impact”, she says that “values have not declined”. “The tourism sector, which underpins the economic performance of these assets, is a very dynamic sector. It should return to its pre-crisis level by

2023/2024, depending on the destination, and resume a strong growth rate,” she adds. Honotel manages mainly three- and four-star hotels located in major French cities, where Gauthier sees lifestyle positioning as “a real source of growth”. She adds: “Our lobbies are being transformed into real living spaces for our customers.” While overseas travellers are giving numbers a boost, Honotel also enjoys a significant domestic clientele. “Over the last two years, trends such as staycations, weekends in France rather than in a European capital, low-carbon holidays, and workations, are all here to stay. “Our clientele is looking for authentic and local experiences and our teams have a role to play in recommending the best tips for each location.”

Ambitious B&B Hotels plans 60 openings for this year FRANCE-headquartered economy hotel chain B&B Hotels has slated an ambitious 60 new openings for 2022, with Vincent Quandalle, general manag-

B&B Hotels’ Vincent Quandalle

er Western Europe, saying that all the signs are positive for the group. “We’re at MIPIM to share the dynamism of the brand, and

our very aggressive ambitions in terms of development for the years to come,” he said. “MIPIM is an opportunity for B&B Hotels to meet new real estate investors, but also institutional investors and other real estate companies.” While a wealth of the new openings will be in France, with several more in Italy, Germany and Belgium, the group is also expanding in Brazil. “We’re looking forward to showing what B&B Hotels is today, including our product, our development models, and our preferred search targets. It’s also an opportunity to touch base with many of our daily contacts to advance other projects.”

Making hotel innovation look easy SUPER-budget brand EasyHotel has reached MIPIM in optimistic mood, buoyed by recent successes. According to chief development officer, Marc Vieilledent, visitors to its 42 hotels across 10 countries — nine European locations, plus the United Arab Emirates — have been impressed with recent tech-savvy innovations to facilitate the client journey, “from the start of echeck-in and echeckout implementation, to a new room design”, he said. “Another key focus is a low-carbon positioning, as sustainability is a very important part of our strategy. We are already situated mostly in city centres so our guests can arrive by public transport and often use the local restaurant, but we think we can do more and are actively focusing on the carbon issue.”

EasyHotel’s Marc Vieilledent

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news Demand flourishes for warehouse facilities in Poland SOARING demand for warehouses in Poland is aiding the growth of microlocations outside the top five markets, according to new research. “Warehouse and industrial take-up in Poland for the whole of 2021 hit a record high of over 7.3 million sq m, 40% higher than 2020 and nearly 80% more than 2019,” said Agnieszka Giermakowska, research & advisory director, Newmark Poland. According to estimates, warehouse supply exceeded 3 million sq m in 2021, exceeding the previous peak of 2.7 million sq m in 2019. Added Bartlomiej Krawiecki, chief operating officer of 7R: “Given the current macroeconomic situation and excellent prospects for the warehouse sector, we are able to increase the share of speculative projects to around 30%. We are also expanding into data-centre development.”

7R’s Bartłomiej Krawiecki

Ghelmaco showcases projects with future-proofing at heart PAN-EUROPEAN developer Ghelamco is showcasing its state-ofthe-art portfolio at MIPIM which includes everything from offices that purify the air with UV technology, to sustainable, mixed-use schemes addressing ESG goals. Jeroen van der Toolen, managing director of CEE, says that the company’s projects across Poland, Belgium and the UK will be on display, highlighting the firm’s affinity with innovation and the latest urban trends. “In the Polish capital, Ghelamco created an entire district, which is now the place to be for every Warsaw citizen. In recent years, we completed schemes such as The Warsaw Spire, a former MIPIM Award winner, and the Warsaw Hub complex, with the biggest hotel in the city. There is also the Warsaw Unit, the second highest building in Poland, which we will of-

fer to the investment market here at MIPIM. All these buildings are redefining the skyline of Warsaw. “Currently, we are constructing The Bridge, a tower designed by UNStudio, which will be the most sustainable office building in the city.” Van der Toolen notes that sustainability lies at the heart of these innovative schemes. “When COVID started, we made an alliance with local institutions and universities, exploring how to protect end-users, what landlords can actually do. Thanks to work we started then, all of our new offices are fitted with virucidal UV lights, and other similar technologies which we are showcasing at MIPIM. The jewel in the crown is our bespoke building operating system Signal OS which centralises building management, future-proofing the assets for the next generation of occupiers.”

Ghelamco’s Jeroen van der Toolen

Ecommerce boom propels logistics growth in Europe THE ECOMMERCE boom is continuing to drive demand for industrial and logistics assets across Europe, according to Savills data. Some €62bn was invested into industrial real estate across Europe in 2021, a 79% increase on the previous five-year average. The UK (€19.5bn) outperformed the rest of the continent with 31% of total investment activity. Germany (€8.6bn), France (€6.5bn), Sweden (€5.8bn) and the Netherlands (€5.7bn) also recorded strong levels. “The trend for customers shifting to online shopping throughout the pandemic triggered the ecommerce boom, which has been a major catalyst for this sector’s growth,” said Mike Barnes, Savills European Research. “So far it has shown little

sign of slowing, even as restrictions have lifted.” With prime yields hardening across the board, Savills says that invest-

ment into industrial assets accounted for 66% of European omnichannel investment in 2021, up from 47% in 2019.

Savills’ Mike Barnes

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Swiss Life affirms ESG goals as it plans “growth and far-sighted” investments Swiss Life’s Stefan Maechler

“We have always managed our real estate portfolio sustainably with a long-term focus on value stability. Now it is time to begin actively taking ESG business opportunities to achieve competitive advantage.”

In an exclusive interview with MIPIM Daily News, Stefan Maechler, group chief investment officer for Swiss Life, talks about the firm’s focus on emerging trends and major climate ambitions. Can you outline your 2024 strategy and key focus areas? Historically, we have mainly been active in our three core markets — Switzerland, France and Germany — in both the asset management and insurance business. Since 2016, we have also expanded into the UK and, most recently, Norway. Real estate investments are a cornerstone in our Swiss Life 2024 strategy and our growth ambitions. There is continued significant demand across Europe as institutional and increasingly private investors look for investment solutions providing

stable, long-term cash flows and potential value creation through restructuring and/or development opportunities. This demand is expected to contribute to our growth in all major real estate markets and asset classes in Europe. We are delivering significant growth, organic and inorganic expansion, far-sighted investments in promising emerging trends and gradually shifting the reliance on our proprietary asset management to our third-party asset management business. The main challenges ahead are continued market volatility and uncertainty due to the pandemic and increasing geopolitical and economic risks. What was the thinking behind the acquisition of the real estate business unit of Ness, Risan & Partners AS (NRP)? What benefits does this bring?

NRP is a leading provider of real estate projects and funds in the Nordic countries, which means it complements our offering very well. This partnership will help us expand our activities in the highly attractive Nordic real estate market by bringing in new clients, building our product portfolio and giving investors direct and in-depth market access for Nordic real estate. Since December 2021 the new entity operates as Swiss Life Asset Managers Nordic. I am convinced that we will see big benefits from the expertise of the Swiss Life Asset Managers Nordic team, especially in the logistics real estate asset class. As a leading European real estate asset manager, our Nordic expansion is an important step in our growth strategy in third-party asset management and underlines our am-

bition to further expand our real estate business. How are your decarbonisation and ESG goals tied to your strategy? In line with the Paris Agreement targets, we aim to reduce the CO2 intensity of our direct real estate portfolio by 20% by 2030. We will build on our in-house energy efficiency expertise and embrace new and renewable technologies to accelerate decarbonisation of real estate portfolios. Going forward, we will focus on investing in solar power, low-carbon heating, cooling, ventilation and e-mobility, as well as the management of related resource consumption data. We have a real opportunity to unlock a range of financial benefits for property owners, tenants and our clients.

MIPIM NEWS 1 • 51 • MARCH 15, 2022

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news

Prologis clinches €1.2bn UK logistics portfolio from ECF GLOBAL logistics developer and owner Prologis has acquired the 85% share it did not already own in a £1bn (€1.2bn) portfolio of UK logistics assets from CBRE Investment Management’s European Co-Investment Fund (ECF). The portfolio, comprising some 40 assets located in the UK Midlands, the South East and London was owned by UKLV, a UK logistics joint venture formed in 2017 between CBRE Investment Management and Prologis. Prologis already held 15% of the assets.

Mark Kouters, fund manager for ECF, CBRE Investment Management, said: “The business plan for this JV was to hold the assets for a four-year term and then exit. Working with a proven partner like Prologis, we have achieved what we set out to do — to build a prime logistics portfolio in key logistics locations that has performed exceptionally well for our investors.” The portfolio initially consisted of total of 16 logistics parks comprising a total gross leasable area of 2.5 million sq ft (230,000 sq m) In four years, the

joint venture expanded the portfolio to more than 7.6 million sq ft across 40 assets. The majority of the properties are now stabilised or have been pre-let. Added Kouters: “At the point of sale, we are also benefitting from a robust capital market environment due to high investor appetite for logistics as well as strong occupier demand.” CBRE Investment Management was advised by CBRE, Jones Day, Arendt and Ernst & Young. Prologis was advised by Linklaters, Clifford Chance and Deloitte.

A Prologis asset in Northampton, UK

Brivo makes hybrid working a breeze BUILDING access control specialist Brivo is ready to help a raft of landlords and occupiers manage round-the-clock entry to their properties, as hybrid working becomes the new normal across a range of businesses. Although its cloudbased security platform launched in 2002, the firm saw a fresh opportunity to provide pioneering solutions during the pandemic as cloud-based access controls and issues of cybersecurity became increasingly relevant. “When the pandemic struck, we realised additional uses such as wellness-related features, on the mobile and visitor management platform, to help with occupancy management,” said Brivo founder and CEO Steve Van Till. “Going forward, businesses still want to track how many people enter and move through an office, and we are supporting return-to-work drives with our bespoke solutions.”

Rooftop expert BMI says the sky is no longer the limit

BMI Group’s Damien Soler

THE SKY is no longer the limit according to innovative roofing firm BMI, present at MIPIM to help landlords transform rooftops into important amenity spaces. According to Damien Soler, BMI Group key account director: “Properties today need to both attract tenants and reflect corporate brands more than ever. Quality communal spaces have been linked to performance.” Soler added: “With space at a premium in cities, being able to move

some functions to the roof is very useful. You can put a running track or a gym up there, create a farm or a garden.” Another key aspect, sustainability, can also be addressed. “Flash floods and other freak weather conditions caused by climate change are an increasingly pressing issue. By introducing a buffer, you can both protect roofs from the impact of rain, and channel that rain to water green areas,” he said.

Brivo’s Steve Van Till

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Liverpool City Region Freeport: A Catalyst for Growth The Liverpool City Region puts business at the forefront of Global Trade. One of only eight Freeports in England, the Liverpool City Region combines geographic, operational, financial and commercial advantages that makes it uniquely well-suited to driving business growth, innovation and collaboration. Businesses in the Liverpool City Region are able to easily tap into domestic and foreign markets, while benefiting from a variety of valuable tax and support incentives that range from customs and business rates relief to helping firms build, regenerate, upskill, research and much more. These benefits go handin-hand with the fact that companies will be operating within a pioneering City Region ecosystem that’s infused with world leading technology, skills, ideas and institutions. As a West-facing port, the Liverpool City Region is the UK’s gateway to the Atlantic. This ensures swift connectivity with the USA, Ireland and other thriving markets

in Africa, Asia and Australia. The City Region’s importance to transatlantic trade is underlined by the fact that 45% of all US-UK trade passes through its port. A dynamic domestic market is right on the City Region’s doorstep, with 60% of the demand for container cargo being closer to the Liverpool City Region than Southern ports. Not only is the Liverpool City Region embedded in North West England, the nation’s manufacturing heartland, but its central UK position means a HGV can reach Glasgow or London in five hours, while in eight hours a ship can be in Dublin.

Liverpool City Region Freeport

All this trade and activity takes place in an innovative environment designed to supercharge growth. Firms can rely on a comprehensive package of financial assistance, with support including enhanced capital allowances and relief on stamp duty, land tax relief, national insurance contributions and business rates. By plugging your business into the Liverpool City Region you’ll be working out of a place that loves to work together – putting you in the best position to partner with everyone from major OEMs to world leading universities, an industry 4.0-enabled supply chain and a 50,000-strong, modern manufacturing workforce.

45km Outer Boundary T&C Sites

Stanley Industrial Estate

Primary Customs Site Customs Tax and Customs LCR LAs Motorway Network Railway

Atlantic Park Knowsley Rail Terminal Port of Liverpool Parkside

Borchard Lines

Wirral Waters

Garston Rail Terminal

AstraZeneca

Port Garston

3MG Widnes

Stobart Rail Terminal Liverpool John Lennon Airport

Port Weston

Teva

Port Port Salford Salford

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All of this collaboration goes hand-in-hand with the Liverpool City Region’s commitment to being a sustainable City Region that ensures businesses can achieve their green goals. This is exemplified by projects such as the world’s second largest concentration of off-shore wind farms, a Hydrogen Economy Programme, plans to harness the Mersey tide to produce Gigawatt-scale power and an extensive, interconnected green economy.

John Lucy, Director of the Liverpool City Region Freeport, said:

“It’s no accident that three major automotive manufacturers are based so close to Liverpool’s port. They can quickly, easily and efficiently receive the components they need and then move their cars all-round the UK or send them to North America. What’s more, this is such a wide geographical zone that we’re not constrained and have the space, people and demand to grow - the options are endless! “There’s a comprehensive measure of packages that includes tax relief and support for customs, business rates, planning, regeneration, R&D and upskilling to name just a few. At the same time, new technologies and sustainable innovations are taking centre stage and providing answers to the challenges that a lot of large, complex companies are facing.”

Freeport tax and customs sites have been identified right across the City Region, from Halton to Wirral, to support existing and newly investing businesses to thrive in a high quality, cost competitive environment. The largest of these is Parkside, St Helens, one of the best connected logistics and manufacturing hubs in the North of England, with first phase consent for more than 1 million square feet of space.

Jayne Furnival, Group Property Director of Langtree, who are developing Parkside in a JV with St Helens Council, said:

“We are fully committed to providing the space required to support the Freeport’s ambitions and are developing units speculatively to help ensure a pipeline is available for potential occupiers. The Freeport has the potential to be a gamechanger for the whole City Region economy and we are right behind it.”

COME & SEE US AT THE LIVERPOOL PAVILION C19.A FOR MORE INFORMATION AND GREAT OPPORTUNITIES IN LIVERPOOL CITY REGION CONTACT Alice.Lamb@growthplatform.org OR VISIT

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LA CROISETTE, REWRITING THE LEGACY

Among the many major projects carried out each year, Cannes City Council has embarked on an extensive redevelopment programme for the celebrated boulevard of La Croisette, a showcase for the city, renowned throughout the world. Its aim: To live up to its prestigious reputation, offering residents and visitors a promenade and a venue for hosting exceptional events. Whether a capital, a city or a smaller town, redeveloping and refurbishing an area is key to its overall desirability and the quality of life enjoyed by its inhabitants. The city of Cannes has a distinctive identity, shaped by its history, Mediterranean culture, heritage and stunning landscapes.

La Croisette is an essential part of this local and global identity. The legendary boulevard, which has not been subject to any renovation work since the 1960s, has been undergoing a complete redevelopment which started in 2017. After expanding the surface area of the beaches and streamlining the seafront facilities, a further phase has begun. This is a redesign of all the underground networks, in particular the wastewater treatment system, which had become redundant. As part of an ecological initiative, the creation of an ocean thermal network will make it possible to recover thermal energy generated by waves and currents from the sea, to

supply specific buildings with heating and ventilation.

Starting in early 2024, after the announcement this summer of the winner of the major international architectural competition, launched by Cannes City Council, the development will include a more spacious promenade with new stylish paving, safer pavements and pedestrian crossings, ongoing public transport, and enhanced security video surveillance and lighting. The new La Croisette design, which will address both current and future issues, such as flood risk prevention, protection of the Mediterranean and energy conversion using ocean thermal energy, will be completed by 2025. Through this impressive project, La Croisette is re-energising its almost twocentury old legacy in order to provide one of the world’s most exceptional areas for living, working and leisure.

David Lisnard

Mayor of Cannes President of the Cannes Lérins Metropolitan Area President of the Mayors Association of France

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news

Fifth Wall closes oversubscribed European proptech fund at €140m Miguel Nigorra, a Fifth Wall partner and co-head of the European fund

PROPTECH-focused venture capital firm Fifth Wall has closed an oversubscribed €140m for its first European Real Estate Technology Fund. The fund aims to accelerate European proptech innovation adoption, replicating the success of Fifth Wall’s previous core North American Real Estate Tech funds. It brings Fifth Wall’s capital under management to approximately $3bn (€2.7bn). Like prior Fifth Wall funds, the European fund attracted some of the largest owners and developers of real estate. Co-led by industry veterans Roelof Opperman and Miguel Nigorra, both based in London, the fund aims to create a gateway between the US and European startup communities, and a network for advancing the European proptech ecosystem. “We are thrilled to expand our firm into Europe as we aim to replicate Fifth Wall’s position as the leading proptech

investor in North America with this expansion into Europe and Israel,” said Brendan Wallace, co-founder and managing partner at Fifth Wall. “The success of Fifth Wall’s model is premised on identifying the leading proptech companies and accelerating their growth through Fifth Wall’s global network of more than 90 strategic investors.” The European fund will target investments in high-potential European startups and will also potentially provide co-investing opportunities alongside the firm’s core North American Real Estate Tech funds. It has already completed investments into firms including Clikalia, a Spanish Ibuyer platform, and Gorillas, an on-demand grocery delivery company. The oversubscribed European Fund comes close on the heels of Fifth Wall announcing that the firm raised $1.1bn across its funds in 2021.

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I Loge You Foundation, under the auspices of the Foundation of France, is the leading foundation dedicated to better housing for all, uniting real estate and housing professionals. https://dons.fondationdefrance.org/I_LOGE_UKRAINE/

Following the tragic events that are still ongoing in Ukraine, the I Loge You foundation, under the auspices of the Foundation of France, has decided to take action and launch a special fundraiser to bring assistance to the Ukrainian refugees. As international support is being organised, once the fundraiser is completed, the I Loge You foundation will handle the distribution of donations to the most competent associations, who have the necessary expertise to efficiently supply assistance to the largest amount of people possible to help fight this human tragedy. More than ever, the I Loge You team wishes to promote the values of fraternity, humanism and solidarity.

THANKS FOR YOUR SUPPORT!

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news

JLL helps bridge the divide between real estate and technology the evolution of JLL Technologies and JLL Spark are testament to a growing commitment to the intersection of technology and property.” While the broader organisation has made tech experts a core component of the firm’s real estate teams, JLL Spark invests in third party start-ups with synergies to the core JLL business. Poppink is excited about the role that venture capitalism (VC) can play in further developing the sector. “Early on, although people could see that there was a significant opportunity to digitise the real estate industry, it wasn’t clear how that could also generate revenue and create lasting businesses. Increased VC investment in the sector is affording companies more time to find the right path

in creating an impactful business,” he added. Meanwhile, tech keeps adding to environmental improvements. “Capturing and interpreting property and operational data, enables us to develop ESG plans that can then be executed upon, supporting one’s ESG objectives.”

JLL’s Andy Poppink

Métropole Aix-Marseille-Provence — 58 boulevard Charles Livon — 13007 MARSEILLE — Création : DGACREGE — © F. Moura pour MAMP — 03/2022

ACCORDING to MIPIM 2022 keynote speaker Andy Poppink, CEO of JLL’s EMEA Markets business, real estate and technology are on the road to convergence — and the property world will be all the stronger for it. “We are on an exciting journey,” Poppink said. “The property industry is built on strong fundamentals and a deep history of success and the infusion of complementary technology is swiftly enhancing our ability to accelerate our journey to meet industry objectives.” JLL has proved a pioneer in cementing proptech’s centrality in real estate, providing practical and financial solutions, Poppink added. “We made an early commitment to technology,” he said. “While our initial foray was a bit of a trial run, 119_MARSEILLE_N1_PIM

Retrouvez Aix-Marseille-Provence Stand R7-E57

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10/03/2022 16:21

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DISCOVER THE MOST DISRUPTIVE SOLUTIONS AND BUSINESS MODELS IN THE WORLD OF REAL ESTATE Vote for your favorite startups during 4 panel sessions Propel Station Conference Room – Palais-1 DATA SEMI-FINAL

INVESTMENT SEMI-FINAL

Tuesday 15 March, 16.15-16.45

Tuesday 15 March, 17.15-17.45

Leveraging data science to dynamically price residential real estate projects.

SUSTAINABILITY SEMI-FINAL Wednesday 16 March, 14.00-14.30

USER EXPERIENCE SEMI-FINAL Wednesday 16 March, 15.00-15.30

Attend the Final! The eight runner-ups will be on stage for their final battle on Thursday 17 March 11.15-12.15 Master of Ceremony

Discover the 16 selected semi-finalists

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Julia Arlt

Global Digital Real Estate Leader PWC Austria

Guillaume Bazouin

Head of Startup and Intrapreneur Programs Leonard

Global Industry Partner

Tanguy Quero Principal JLL Spark

Aaron Block

Co-Founder and Managing Partner MetaProp

Final Jury

09/03/2022 10:49

news

NREP plans to explore infrastructure

opportunities in quest to improve cities

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SUSTAINABILITY-focused investment manager NREP has unveiled plans to explore opportunities in infrastructure investment and development, as it seeks to contribute further to the transformation of the urban landscape. The firm recently appointed Heather Mulahasani as partner, based in the firm’s London office, who has experience in both infrastructure and ESG-compliant assets. Mulahasani has held various senior roles at Goldman Sachs over a 20-year period, most recently as one of two partners leading its European Infrastructure team responsible for investing a $2.5bn (€2.3bn) infrastructure equity fund. Mulahasani said: “I am ecstatic to have found an organisation with such deep and shared purpose. I join NREP with tons of excitement around the company’s ability to make a positive difference and create value in every investment. NREP’s

curiosity on infrastructure aligns well with my own path, having a strong foundation in real estate and broadening out towards other components of the urban landscape. “Cities are responsible for over 70% of global greenhouse gases; to make significant reductions, there needs to be a holistic approach to transforming the planning, delivery and operation of buildings, alongside the infrastructure and systems that support them.” Claus Mathisen, CEO of NREP, said: “We are regularly exposed to investable infrastructure challenges through our projects in cities across Northern Europe. These challenges are often caused by the same macro drivers that we look to address in real estate, for example urbanisation and climate change. With Heather’s cross-sector expertise, she is ideally placed to help us explore this further.”

CONFÉRENCE DE LANCEMENT MERCREDI 16 MARS À 16H30

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NREP’s Heather Mulahasani

PARIS LA DÉFENSE LANCE UN APPEL À PROJETS SUR 5 EMPRISES FONCIÈRES. Cette démarche innovante placée sous le signe de l’excellence environnementale offre des opportunités exceptionnelles en matière de développement immobilier et urbain.

Découvrez et participez sur parisladefense.com MIPIM NEWS 1 • 61 • MARCH 15, 2022

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MALDIVES F LO AT I N G C I T Y W W W . M A L D I V E S F L O A T I N G C I T Y. C O M

A BENCHMARK FOR VIBRANT COMMUNITIES BEYOND THE WATERFRONT

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S Y

For centuries, native people from Asia to the Americas have made their lives on the water. Whether perched atop lakes, in streams, the ocean or the sea, far-sighted pioneers have worked with the waves to support their families, homes and communities. Contemporary property developers have long eyed the planet’s unique “floating islands” — envying them for their utility, ingenuity and sustainability. But translating these local dwellings into modern, scalable, commercially viable real estate has always appeared beyond reach. Until now. Maldives Floating City is a development of Netherlands-based Dutch Docklands in cooperation with the Government of The Maldives. Set in a warm-water lagoon 10 minutes by boat from the Maldivian capital, Male – and Male International Airport — this first-of its-kind “island city” with a balanced synergy between typical Maldivian architecture, nature based urban development and state of the art technology. Proven technology used in a different way, in an environment where scarcity of land requires new and innovative solutions in order to protect, preserve and enhance the pristine marine eco-system. It’s the world’s first true floating island city — a futuristic dreamscape finally poised to become reality. The buildings will be low-rise and facing the sea, with shops, homes and services precisely positioned along tidy palm-lined streets. A network of bridges, canals and docks will give Maldives Floating City an overall sense of cohesiveness and facilitate easy access to its wide-ranging amenities. The Maldives Floating City is the backbone for future floating cities and will change the destiny for the Maldives from climate refugees to climate innovators.

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THURSDAY 17 MARCH 2022 FROM 18.30 GRAND AUDITORIUM, PALAIS DES FESTIVALS

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FOLLOWED BY A COCKTAIL RECEPTION OPEN TO ALL PARTICIPANTS

09/03/2022 12:44

news

Team takes shape for Oxford’s new science and tech district Oxford North’s new Central Park

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THOMAS White Oxford, the development company of St John’s College, has agreed a joint venture partnership with Canada-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, and developer Stanhope PLC, to deliver Oxford North, a £700m (€833m) global innovation district in Oxford, UK . A new company, Oxford North Ventures LLP, has been formed with 50% owned by Thomas White Oxford and 50% by Cadillac Fairview and Stanhope. Stanhope has also been appointed as development manager. Outline consent was granted by Oxford City Council for the 64acre masterplan in March 2021, as well as detailed consent for the first phase of new laboratories and work-

space, which will total 15,793 sq m, with a link road and Central Park. Enabling infrastructure works started in August 2021. The Oxford North development will include 480 new homes, of which at least 35% will be affordable. Thomas White Oxford has already entered into an agreement with Hill Group to deliver circa 318 new homes, the first public park and new streets on Canalside, to the south of the A40. Bernard Taylor, chairman, Thomas White Oxford, said: “Oxford North will have a very positive impact on people’s lives. For us, it is about investing responsibly in society and seeking a return for all on that investment so that Oxford North is recognised as a ‘must go to’ home for science and innovation within a wonderful new district with an exemplar approach to sustainable and low-carbon development.” The project is the second joint venture between Cadillac Fairview and Stanhope.

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14/03/2022 16:49

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news

Edge Olympic in Amsterdam includes the latest technical innovations

AUSTRALIA’s Macquarie Asset Management and real estate developer Edge have agreed a strategic partnership to develop sustainable, user-centric commercial real estate. Macquarie said it was acquiring a “significant” minority stake in the hightech office developer, alongside Edge’s founder and CEO Coen van Oostrom. Edge is active in the Netherlands, Germany and the UK, as well as working with joint-venture partners in the US. It is currently developing around €5bn state-of-the-art offices including Berlin’s Edge East Side, Amsterdam’s The Pulse and Edge London Bridge. “I’m thrilled to announce this partnership with Macquarie, which is a powerful testament to our shared commitment to create sustainable value over the long term,” van Oostrom said. “Leveraging Macquarie’s capabilities, we can

\ MIPIM 2022 OPENING CEREMONY TUESDAY 15 MARCH CANNES VIEUX PORT FROM 7.30 PM Join with fellow delegates to celebrate the start of MIPIM 2022!

build on our 25-year track record and further scale our efforts to help portfolio owners and real-estate managers upgrade their property assets, adopt smart building advancements and improve their energy efficiency.” “We are delighted to invest in Edge,” added Dana Gibson, co-head of Real Estate in Europe at Macquarie Asset Management. “We are seeing rapidly growing demand for sustainable, wellbeing-focused office spaces from tenants, investors, governments and financiers.” With the built environment responsible for 39% of global energy-related carbon emissions, the real estate sector has a key role to play in the world’s decarbonisation efforts, according to Edge. Its buildings have consistently set new benchmark scores for sustainability, which have been recognised with BREEAM Outstanding, DGNB Platinum and LEED Gold accreditations. The acquisition is part of Macquarie’s global opportunistic real-estate strategy, which focuses on future-proof assets.

Macquarie and Edge team up on carbon-busting buildings

Open to all participants Sponsored by

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#EGatMIPIM2022

at MIPIM 2022

AGENDA

15th - 16th March 2022 Cannes, France | Salon Croisette LEADING THE UK TO A SUSTAINABLE FUTURE Tuesday 15th - Day 1 09:30 – 09:40 Welcome 09:40 – 10:10 Panel: The UK life sciences vision: Innovation opportunities 10:45 – 11:15 Panel: The future of the office: Is remote work a threat to office space? 11:30 – 12:00 Talk: Data-smart decisions: How EG informs investment decisions 14.00 – 14.30 Panel: Building lasting income streams through BTR

Wednesday - Day 2 09:00 – 09:15 Welcome 09:15 – 10:15 Panel: On the outside looking in: International investment on the value UK cities 10:45 – 11:15 Panel: Keeping big brands in big cities 11:45 – 12:15 Panel: Does levelling up risk levelling down London? 14.00 – 14.30 Panel: ESG as a value driver

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Real estate recruitment market is now experiencing “intense competition” REAL estate firms looking to hire top talent are likely to run into “intense competition” as they seek specialists in an evolving industry, according to Alban d’Artois, senior executive manager and real estate lead at Michael Page in France. “The real estate jobs market has returned to its ‘pre-crisis’ levels of demand, on both sides of the table,” d’Artois said. “In development and investment, intense competition, the diversification of acquisition strategies and the emergence of data analysis are forcing players to densify their teams, in terms of quality and quantity,” he added, noting that expanding environmental, social and governance (ESG) strategies require specialists in areas ranging from soil quality to carbon neutrality. While the industry must still make 048_INTREAL_N1_PIM.pdf

tracks in matters of diversity, equity and inclusion (DEI), d’Artois said that change was under way, particular in matters of gender, race and background. “However, age and disability discrimination remain a problem,” he said. “There is significant unconscious bias, so we offer our clients tools such as DEI audits, team training and brand repositioning to remove these obstacles.” Going forward, d’Artois advised candidates to approach the jobs market with “humility, patience, intellectual curiosity and hard work”. Although companies are prepared to bid more for the right candidates, individuals should still pursue training opportunities, and balance stability with risk-taking. “Today, the need to capture and retain talent puts the onus on the

employee, and their ever-growing requirements. But a great career strategy should also anticipate economic

downturns to better appreciate what employers and managers are currently offering,” he said.

Michael Page, France’s Alban d’Artois

INTREAL Reinforces its Senior Management in Luxembourg and Plans to Grow Quickly International investors wishing to buy into property funds tend to favour one approach over all others: via the fund domicile of Luxembourg. Such investors are familiar with fund vehicles under Luxembourg law, and the country’s regulatory regime is characterised by a certain flexibility while ensuring investor protection at the same time. INTREAL, Germany’s leading third-party AIFM for real estate with a volume of 51.2 billion euros in assets under administration, has been active in Luxembourg for a year now. In April 2021, its subsidiary IntReal Luxembourg S.A. received its licence as AIFM and central administrator from the Luxembourg Financial Sector Supervisory Commission (CSSF). By the end of 2021, its administrated assets had grown to 1.5 billion euros. Another three investment funds and several special purpose vehicles (SPV) are currently in preparation. In order to stay abreast of its growth in Luxembourg, INTREAL Lux also reinforced its team. Tim Kiefer and Rudolf

Kömen were recently appointed to the senior management (subject to approval by the CSSF). The two experts bring decades of experience in the financial and real estate sectors to the job, which they gained largely in Luxembourg. They are assisted by the other Conducting Officers, these being Ronny Wagner, Camille Dufieux and Malte Priester.

Tim Kiefer Conducting Officer Risk Management and Administration

Rudolf Kömen Conducting Officer Portfolio Management

MIPIM NEWS 1 • 69 • MARCH 15, 2022

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Choose Scotland’s new home of manufacturing innovation. Advanced Manufacturing Innovation District Scotland (AMIDS) • Home to two new world-class innovation centres, the National Manufacturing Institute Scotland and the Medicines Manufacturing Innovation Centre, CPI. • World-class high-value manufacturing businesses already based in the district. • Adjacent to Glasgow Airport and only 8 miles from Glasgow city centre • Key strategic site in Scotland’s manufacturing and green investment portfolios. • Site owner Renfrewshire Council is actively seeking Joint Venture partner to develop district

Find out more from Scottish Development International at www.sdi.co.uk/amids

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2022

ULI EUROPE CONFERENCE 11-13 MAY, 2022 | BRUSSELS

Meet with hundreds of senior real estate and land use professionals and hear from internationally acclaimed speakers from the worlds of politics, economics, real estate and more. Develop your network, your knowledge, and your contribution.

We look forward to seeing you there.

europeconference.uli.org

news

Research shows residential ‘is Europe’s preferred asset class’ RESIDENTIAL continues to be the preferred asset class for borrowers of real estate debt, according to the latest data released by FinLoop, the European fintech startup that connects real estate projects with financiers. FinLoop’s analysis of lending and agreements in January 2022 across Europe found that 52% of the loans requested were for residential assets. This continued the trend registered in the second half of 2021, which found that 59% of the €2.7bn loan requests submitted via FinLoop were for ‘living’ types, including student accommodation and senior living properties. “There is clearly a huge appetite for all forms of assets that provide beds and living accommodation,” said

FinLoop’s chief executive, Thomas Schneider. “When you add the loans requested for hotels, the totals are even higher, with a total of €1.5bn of loans requested — far more than loan requests for the other main asset classes.” FinLoop has also seen an increasing focus on the environmental, social and governance (ESG) impacts of investment and lending and, in Q3 and Q4 2021, undertook a study to assess the application of ESG guidelines regarding the €2.7bn financing requests made through the platform in that period. “What became apparent through our study is that several projects were rejected by lenders due to concerns about ESG issues. We can see

First tenant signs for Czech city project LOGISTICS developer P3 has signed up its first tenant for its Ostrava Central project, which is aimed at repurposing a disused industrial site in the Czech city. The tenant, an unnamed supplier of industrial handling equipment, has signed a lease for 2,400 sq m. When complete, Ostrava Central will comprise 160,000 sq m of gross leasable space on a plot of 44 hectares. Work began on the project in the autumn of 2021 on a speculative basis. There are currently three buildings under development comprising around 3,000 sq m.

that lenders are now actively filtering against ESG criteria, which is influencing market activity,” said FinLoop’s co-founder, Nicole Lux. “For this reason, we are now integrating ESG filtering criteria into our platform’s credit analysis,” she added.

FinLoop’s Thomas Schneider

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Looking for Warsaw’s Partners? Warsaw is not only the forceful financial and investment hub in the Central and Eastern Europe, but it is also a regional leader of innovation as well as a modern technology incubator. Major cultural, sport and business events are hosted in Warsaw regularly. Explore this friendly city full of talent, smart technologies and sustainable business environment – the city of endless opportunities.

BBI Development SA BBI Development SA is a WSE-listed property developer that expanded its expertise to cover all aspects of real estate development: from property identification and acquisition, through survey and permit procurement, design and planning, owner’s representation, project management including legal aspects, marketing, sales and property portfolio management. BBI Development’s portfolio includes such projects as: Roma Tower, Rezydencja Foksal, Plac Unii City Shopping, Tel.+48 22 204 00 40 Centrum Marszałkowska, Złota biuro@bbidevelopment.pl 44 and Centrum Praskie Koneser bbidevelopment.pl with over 5 ha of mixed-use space.

Echo Investment Echo Investment is the largest Polish developer, the only one on the market with extensive experience in main sectors of the real estate market, covering residential, retail, services, and office. As a company responsible for urban development, Echo Investment is involved in large city-creating projects combining various functions, such as Warsaw Breweries or Fuzja in Łódź. The company creates places where people can work, live, play, and satisfy their everyday life needs. Since 1996, Echo Investment has been listed on the Warsaw Stock Tel.+48 22 4 300 300 Exchange. It has already completed warszawa@echo.com.pl 200 projects with a total area of over www.echo.com.pl 2 million sqm in dozens of Polish cities.

cmT cmT provides professional construction & project management services as well as full MEP & architectural design. For 18 years it has been operating throughout Europe, with hub offices in Poland, Germany, Spain and Slovakia. cmT’s services are provided to leading international organizations including investors, developers, funds, end users and operators. Sectors of operations include commercial offices, retail, residential, industrial & manufacturing, warehouse & logistic, hotels & leisure. cmT currently employs over 200 real estate and construction engineering experts. In the picture one of cmT flagship projects Norblin Factory where Tel. +48 22 48 77800 cmT provided site supervision and info@cmteam.net www.cmteam.net cost management services.

Ghelamco Poland Ghelamco creates the cities of the future. For over 30 years, as an investor, developer and general contractor, the company has delivered more than 1.2 million sq m of top-class office, residential, retail and warehouse space. Ghelamco was the first company in Poland to start BREEAM certification. It is a leader on the real estate market and a pioneer in innovation, sustainable construction and public spaces. Number 1 on the Polish market.

Tel. +48 22 455 1600 poland@ghelamco.com www.ghelamco.com

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HB Reavis Poland Varso Place is HB Reavis’s mixed-use development in the Warsaw city center, featuring a 310-meter tower designed by Foster + Partners. When complete, Varso Place will provide 145,000 sqm of office and retail space.

Karimpol Group Karimpol Group is European real estate developer established in 1991 in order to develop commercial real estate in the CEE and SEE. Since 1997 Karimpol has been present in Warsaw, Poland. The Group has developed with success 9 office projects with its flagship office project Skyliner – up to date the biggest and most prestigious investment of the Karimpol Group. Total rentable area of all projects is around 200,000 sqm. Over the years the business grew to become one of the most successful privately held real estate developers.

Tel. +48 22 203 4420 www.hbreavis.com

Tel. +48 22 5837 200 office@karimpol.com www.karimpol.com

Mayland Real Estate Sp. z o.o. Mayland Real Estate is a leader in the real estate industry operating in Poland. The company run the extension project of Centrum Serenada in Kraków – leading to creating the largest entertainment and shopping hub in Southern Poland, a residential project with shopping complex in Rzeszów and Libretto – a mixeduse scheme in Warsaw. The mixeduse concept in Warsaw assumes the creation of the innovative and multi-functional district. quality to live and work. Proximity to the centre of Warsaw, urbanized areas and opening towards the Lake Tel. +48 22 546 9800 Czerniakowskie and surrounding biuro@mayland.pl recreational areas will provide

PHN Polski Holding Nieruchomości (PHN) is one of the largest groups in the commercial real estate sector in Poland in terms of the market value of the portfolio. The Group’s portfolio includes ca. 150 property assets with a value of PLN 3.3 billion. PHN’s activity is concentrated in Warsaw and the main regional cities. The total GLA of PHN Group’s properties is ca. 400,000 sqm. PHN has many years of experience in the office, commercial, residental and logistics sectors, both in real estate management and the investment project implementation.

exceptional space.

Skanska office unit in CEE P180 is situated at the intersection of Puławska and Domaniewska Streets, right next to the Wilanowska Metro station in Warsaw. It will provide approx. 32 000 sqm of modern and innovative office space. Planned commissioning: Q3 2022. Studio is a complex of 2 office buildings, offering a total lease area of approx. 40 645 sqm. It is located in walking distance from Daszyński and ONZ metro stations. Studio is equipped with extensive infrastructure for cyclists. Local community will also benefit from the access to the public plaza.

Tel. +48 22 455 1600 Tel. +48 797 229 782 poland@ghelamco.com adrian.karczewicz@skanska.pl www.ghelamco.com www.skanska.pl

Tel.: (22) 850 91 00 e-mail: sekretariat@phnsa.pl www.phnsa.pl

Vastint Poland Vastint is an international real estate organisation with 30 years of experience. The cornerstones of its operations are development of commercial and residential real estate for further active management. Since 1992 the company has been operating successfully on the Polish market, where it develops and maintains comfortable and sustainable living, working and leisure environments.

Tel. +48 22 820 9151 Info.poland@vastint.eu www.vastint.eu

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British Land secures slate of new office deals across its London campuses BRITISH Land has signed 34 new deals totalling 238,000 sq ft (22,110 sq m) across its central London campuses, with lettings 6% ahead of estimated rental value (ERV). Since the half-year results, nine businesses have signed 125,000 sq ft at newly refurbished buildings at Broadgate. New occupiers include customer engagement platform, Braze; proprietary trading firm, Maven Securities; US-based law firm, Jenner & Block; and markets’ infrastructure and technology platform, Symphony. In addition, the firm’s flexible-workplace brand, Storey, sealed 14 deals totalling 47,000 sq ft with a range of tech, financial and life sciences businesses, as demand for such space continues. Darren Richards, head of Real Estate at British Land, said: “As companies consider future ways of working, demand 037_BATIACTU_N2_PIM

is focussed on the very best space, with an emphasis on sustainability, wellness, shared and flexible space and excellent transport connections. Our London campuses deliver this and as a result, we’re seeing excellent leasing activity to innovative businesses in growth sectors, at rents ahead of ERV. “These lettings build on our success in the first half where we saw the busiest period for office leasing in a decade, in addition to effectively fully pre-letting 1 Broadgate four years ahead of completion.” This follows record leasing volumes in the first half, where 819,000 sq ft of deals were signed including to Facebook at 1 Triton Square and JLL at 1 Broadgate, with a further pre-let to Allen & Overy at 1 Broadgate. This brings total office deals signed this year to 1.3 million sq ft.

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UNDERSTANDING HISTORY ANDs’envisage NATURE OF CITIES TO THEN BUILD THEIR FUTURE La ville deTHEdemain inclusive et résiliente

Comment fabriquer une ville durable, deitrelever d’immenses BNP Paribas Real Estate understands howcapable important is for a city to host a plethora of activities, where mixed-use buildings, innovative O’Mathurins à Bagneux Architecteconsiders : MFR Architectes défis environnementaux, urbanistiques et BNP sociaux, en Real Estate designéconomiques, and sustainable goals are paramount. In each project, Paribas how a building will interact with its Illustrateur : Mysis outre, amplifiés par la crise sanitaire mondiale de 2020 ? surroundings, enhance the lives of those that use it and become a key component of the city in the future. Si elles n’occupent que 2% de la surface de la terre, les villes comptent pour 78 % de la consommation énergétique mondiale, génèrent 60 % des gaz à effet de serre et consomment les 2/3 des ressources en eau du globe. Parallèlement, l’ONU estime que les citadins représenteront près de 70 % de l’humanité à l’horizon 2050. Dans son dernier Trendbook, BNP Paribas Real Estate livre une vision éclairée de cette nouvelle ère du « Re » dans laquelle nous entrons de plain-pied : résilience, réhabilitation, restructuration, réversibilité, réemploi, renaturation des sols, régénération, réinvention… Autant de motsThe quiSenckenberg quarter is set to become an integral part doivent être convertis en actions pour construire la ville de demain. of the city, combining living, working and leisure. It is in this neighbourhood that the 99 West / SenckenbergTurmSenckenberg ou de se déplacer, la pandémie met en lumière les vertus des quartiers Résilience urbaine : rebondir pour inventer is to be found. Built to be flexible, unique, modern and of the mixtes qui participent à créer une qualité de vie urbaine. La mixité des de nouvelles urbanités new building a glimpse our future usages,highest comme lequality, précise Olivier Bokobza, «offers favorise le partageofetwhat crée de Resilere, la racine latine de résilience, signifie sauter ou rebondir. metropolises will look like. nouvelles formes de lien social entre habitants, commerçants, salariés,

C d o S p d d p T n r r d

I PLUBLI-REDACTIONNEL I

How do we build a city that adapts to the changing needs, whims and desires of its inhabitants, that embraces change but also stands the test of time, that can protect itself from future risks such as climate change and learn to evolve through events such as a global pandemic?

THE 99 WEST / SENCKENBERGTURM, BRINGING ANIMATION TO FRANKFURT

Et les exemples de villes qui se renouvellent se multiplient ! Madrid compte ainsi parmi les villes européennes qui travaillent avec EIT-Climate-KIC pour atteindre une neutralité carbone et devenir plus résistante au changement climatique d’ici 2030. A Milan, capitale économique de l’Italie, 35 kilomètres de routes ont été transformés en pistes cyclables. Olivier Bokobza, Deputy Chief Executive Officer of BNP Paribas Real Estate in charge of Property Development, rappelle à juste titre que la gouvernance représente le pivot de la réussite d’une ville résiliente : « Elle ne peut pas se concrétiser sans une ligne directrice claire et structurée. La volonté politique des élus qui dessinent la ville est donc primordiale ». De même, la mixité représente elle aussi la clé d’un rebond réussi pour « contribuer àCredits:Cyrus la création d’un environnement partagé et solidaire » précise Olivier Moser Architekten / Illustration non contractuelle Bokobza.

travailleurs indépendants, etc. »

The design is obviously striking, but it has also been built with careful for the resources used. With an emphasis Pas une seule,consideration mais plusieurs villes de demain sustainability, it aims to achieve BREEAM Excellent La «villeonpost-Covid» accélère des tendances quiaémergeaient déjà avantstandard by reducing CO emissions, saving water and providing its la crise. Le monde du travail avait en effet déjà engagé une profonde 2 occupants with links to nature, to a d’années, 400 m² roof mutation vers de nouveaux usages. Il y a thanks une dizaine les terrace collaborateurs des entreprises passaient en moyenne 80 % de leur looking out across the Frankfurt skyline.

temps seul à leur bureau et 20 % en réunion, avant de muter doucement use d’un of recycled aluminium will save more 2,600 tonnes vers le The concept bureau agile et aujourd’hui mobile. Lesthan habitants commeof lesCO pouvoirs publics avaient depuis plusieurs années montré leur and at 106m, it will be the tallest building in Germany 2 volontéclad de seindéfaire d’un urbanisme qui séparait business district, rues this way. commerçantes et quartiers résidentiels au profit de quartiers mixtes voire pour certains d’une ville du quart d’heure. Du côté des logements également, les désirs d’évolutions étaient marqués, au profit d’espaces Covid-19 : quelles conséquences sur la fabrique de la ville ? plus flexibles, intégrant le sans contact sur les équipements partagés ou encore de la généralisation d’espaces extérieurs partagés. Selon Olivier En mars 2020, ce sont près de 3,9 milliards de personnes - soit la moitié Bokobza « Concevoir des villes, c’est avant tout s’appuyer sur les usages de l’humanité – qui étaient appelées à se confiner pendant de longues d’aujourd’hui pour les transformer au profit des usages de demain. L’un semaines. Les mesures de confinement et de distanciation sociales ont des premiers constats de cette crise (…) c’est la vertu de la mixité à chamboulé profondément nos modes de vie, nous obligeant à repenser toutes les échelles ». Séverine Chapus souligne également l’importance nos modèles. Pour Luc Gwiazdzinski, géographe et urbaniste à l’Université Situated moments from the vibrant Covent Garden, Hexagon is deala notion de « territoire ressource » qui met en lumière la diversité de Grenoble : « Cela passe par un travail d’adaptation à l’intérieur des des contextes urbains à prendre en compte pour envisager un nouveau BREEAMdes “Excellent”-rated building designed by world-renowned maisons, commerces, des restaurants, etc. Et à l’extérieur, c’est-àmodèle : ville moyenne versus métropole, politiques locales, niveau de dire dans l’espace public au sens urbanistique et architectural, mais architects Squire & Partners. Originally an office building, this highdéveloppement, particularité sociétales… aussi au sens politique. » end residential refurbishment features show flats dressed by top Cette même approche valorise l’ensemble des ressources d’un La crise initie donc un nouveau rapport à l’espace mais aussi un nouveau designers Studio Ashby and A. London. Offering 15 floors of luxury territoire : le patrimoine urbain et naturel, mais aussi comme aime à le rapport au temps qui pose la question suivante : comment aménager nos apartments, Apartments provides a hotel-style reception rappeler Séverine Chapus « celles des savoir-faire, des talents et des rythmes de vie Hexagon et de développement urbain, pour gagner de l’espace ? solidarités qu’une ville doit permettre de mailler, de transmettre et de foyer, basement parking and 24/7 concierge services. With this Séverine Chapus, Deputy Chief Executive Officer of Property Development démultiplier ». (Commercial & Residential) in charge of Development, souligne qu’au sortir iconic modernist building, BNP Paribas Real Estate has breathed Au cœur de la fabrique urbaine, l’immobilier doit donc offrir des réponses du confinement « l’urbanisme tactique a montré ses potentialités » et new life into the former structure and its aesthetic, with Portland adaptées pour accompagner les villes et leurs acteurs sur le chemin de plus particulièrement l’idée de partager la ville grâce au temps. Selon stone and full-height windows, offering stunning views over the elle « plus il y a d’intensité d’usages plus on est économes en m² et donc la résilience. Pour BNP Paribas Real Estate, les bâtiments sont plus que city. Thed’un development is perfectly placed for London’s bustling vertueux point de vue environnemental ». des immeubles : ce sont des espaces à vivre, à travailler, à échanger de cultural, shopping anddedining scenes. En repensant nos façons travailler, de consommer, de communiquer véritables vecteurs d’inclusion et de partage.

HEXAGON, PERFECTLY INTEGRATED INTO LONDON’S WEST END

Credits:Alex James. / Illustration non contractuelle

L’immobilier d’un monde qui change

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HORTI REVEALS TO THE PUBLIC AN HIDDEN PART OF THE CITY CENTER

La ville de demain s’envisage inclusive et résiliente

ADVERTORIAL

Classical architecture is integral to Milan’s landscape. Indeed, just a stone’s throw from the Gothic cathedral Il Duomo and the famous Via Della Spiga and Via Montenapoleone, the Milanese district of Porta Romana is being revitalized by the project, led in collaboration with the shop keepers of neighbouring streets Comment fabriquer une ville durable, capable deHorti relever d’immenses O’Mathurins à Bagneux

MFR Architectes défis économiques, environnementaux, urbanistiques et sociaux, en 1980s,Architecte Abandoned in the late this : 14,000 sqm treasure languished forgotten. Illustrateur : Mysis outre, amplifiés par la crise sanitaire mondiale de 2020 ? Finally, its acquisition by BNP Paribas saw new life breathed into the building, Si elles n’occupent que 2% de la surface de la terre, les villes comptent restored to glory thanks to the skilful work of architect Michele De Lucchi. pour 78 % de la consommation énergétique mondiale, génèrent 60 % Theressources Horti project rehabilitating three historic buildings that were previously des gaz à effet de serre et consomment les 2/3 des eniseau occupied by the Little Sisters of the Poor. The unique original features have been du globe. Parallèlement, l’ONU estime que les citadins représenteront preserved, including the magnificent, vaulted cellars. The buildings have been près de 70 % de l’humanité à l’horizon 2050. Dans son dernier converted intode a residential complex including six townhouses and modern flats. Trendbook, BNP Paribas Real Estate livre une vision éclairée cette Great care has been taken to keep the history of these emblematic structures nouvelle ère du « Re » dans laquelle nous entrons de plain-pied : intact, while adapting résilience, réhabilitation, restructuration, réversibilité, réemploi,to new ways of living in this animated Italian city. Above all, renaturation des sols, régénération, réinvention… mots isqui theAutant historicde garden being restored, its rare essences and species preserved, and doivent être convertis en actions pour construire la ville de demain. returned to the citizens during daytime hours. Credits:Michele De Lucci – AMDL Circle / Illustration non contractuelle

Resilere, la racine latine de résilience, signifie sauter ou rebondir. ALCALÁ 544 AND ALCALÁ 546, NEW ICONS Et les exemples de villes qui se renouvellent se multiplient ! Madrid compte ainsi parmi les villes européennes qui travaillent avec OF THE MADBIT BUSINESS DISTRICT EIT-Climate-KIC pour atteindre une neutralité carbone et devenir plus

Résilience urbaine : rebondir pour inventer de nouvelles urbanités

ou de se déplacer, la pandémie met en lumière les vertus des quartiers mixtes qui participent à créer une qualité de vie urbaine. La mixité des usages, comme le précise Olivier Bokobza, « favorise le partage et crée de nouvelles formes de lien social entre habitants, commerçants, salariés, travailleurs indépendants, etc. »

Pas une seule, mais plusieurs villes de demain

résistante au changement climatique d’ici 2030. A Milan, capitale The scheme, with Therus scheduled économique de co-developed l’Italie, 35 kilomètres de routesInvest ont étéand transformés en for La «ville post-Covid» accélère des tendances qui émergeaient déjà avant pistes cyclables. completion in 2022, lies at the heart of the new high-tech hub in Madrid. la crise. Le monde du travail avait en effet déjà engagé une profonde mutation vers de nouveaux usages. Il y a une dizaine d’années, les Olivier Bokobza, Deputy Chief Executive Officer of BNP Paribas Real Estate in From outside,Development, Alcalá 546 complex to float the street collaborateurs des entreprises passaient en moyenne 80 % de leur chargethe of Property rappelle àseems juste titre que laabove gouvernance représente le pivot la airy réussite d’une résiliente : « Elle ne peutthe pasvery temps seul à leur bureau et 20 % en réunion, avant de muter doucement thanks to its crisp,deyet lines. Thisville lightness is evident from se concrétiser uneAlcalá ligne 546. directrice claire et structurée. La volonté first momentssans inside The reception area sets the tone with vers le concept d’un bureau agile et aujourd’hui mobile. Les habitants comme les pouvoirs publics avaient depuis plusieurs années montré leur politique des élus qui dessinent la ville est donc primordiale ». De même, its carefully selected materials, soft shades and designer furniture. volonté de se défaire d’un urbanisme qui séparait business district, rues la mixité représente elle aussi la clé d’un rebond réussi pour « contribuer à la création 10,500 d’un environnement partagé » précise Olivier Meanwhile, m² of premium officesetinsolidaire the neighbouring building commerçantes et quartiers résidentiels au profit de quartiers mixtes Bokobza.544) should appeal to demanding users looking for a strategic voire pour certains d’une ville du quart d’heure. Du côté des logements (Alcalá également, les désirs d’évolutions étaient marqués, au profit d’espaces and connected address , at the heart of a new hub dedicated to Covid-19 : quelles conséquences sur la fabrique de la ville ? plus flexibles, intégrant le sans contact sur les équipements partagés ou innovation. The building will have convivial spaces, a roof terrace encore de la généralisation d’espaces extérieurs partagés. Selon Olivier En mars 2020, ce sont près de 3,9 milliards de personnes - soit la moitié offering an unobstructed over àQuinta Torre pendant Arias park, as well as Bokobza « Concevoir des villes, c’est avant tout s’appuyer sur les usages de l’humanité – qui étaientview appelées se confiner de longues Credits:MFR Architectes / Illustration : Miysis / Illustration non contractuelle d’aujourd’hui pour les transformer au profit des usages de demain. L’un other services catering to occupiers’ wellbeing. semaines. Les mesures de confinement et de distanciation sociales ont des premiers constats de cette crise (…) c’est la vertu de la mixité à chamboulé profondément nos modes de vie, nous obligeant à repenser toutes les échelles ». Séverine Chapus souligne également l’importance nos modèles. Pour Luc Gwiazdzinski, géographe et urbaniste à l’Université de la notion de « territoire ressource » qui met en lumière la diversité de Grenoble : « Cela passe par un travail d’adaptation à l’intérieur des des contextes urbains à prendre en compte pour envisager un nouveau maisons, des commerces, des restaurants, etc. Et à l’extérieur, c’est-àmodèle : ville moyenne versus métropole, politiques locales, niveau de dire dans l’espace public au sens urbanistique et architectural, mais développement, particularité sociétales… aussi au sens politique. » Located on a site historically occupied by the Direction Générale Cette même approche valorise l’ensemble des ressources d’un La crise initie donc un nouveau rapport à l’espace mais aussi un nouveau de l’Armement, the O’Mathurins eco-district will eventually include territoire : le patrimoine urbain et naturel, mais aussi comme aime à le rapport au temps qui pose la question suivante : comment aménager nos housing units, an office campus, a diverse range of shops, as rappeler2,500 Séverine Chapus « celles des savoir-faire, des talents et des rythmes de vie et de développement urbain, pour gagner de l’espace ? wellqu’une as serviced accommodation for seniors or students. solidarités ville doit permettre de mailler, de transmettre et de Séverine Chapus, Deputy Chief Executive Officer of Property Development démultiplier ». (Commercial & Residential) in charge of Development, souligne qu’au sortir Conviviality, sustainability, ecology and living together: a beautiful Au cœur de la fabrique urbaine, l’immobilier doit donc offrir des réponses du confinement « l’urbanisme tactique a montré ses potentialités » et of what les thevilles city of the future could bechemin thanksdeto a newadaptéesillustration pour accompagner et leurs acteurs sur le plus particulièrement l’idée de partager la ville grâce au temps. Selon generation district. elle « plus il y a d’intensité d’usages plus on est économes en m² et donc la résilience. Pour BNP Paribas Real Estate, les bâtiments sont plus que vertueux d’un point de vue environnemental ». des immeubles : ce sont des espaces à vivre, à travailler, à échanger de En repensant nos façons de travailler, de consommer, de communiquer véritables vecteurs d’inclusion et de partage.

O’MATHURINS, A MAJOR PROJECT THAT IS PART OF THE TRANSFORMATION OF BAGNEUX

Credits:Fenwick Iribarren Architects / Illustration non contractuelle

L’immobilier d’un monde qui change

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Convenience retail investment volumes display resilience in Europe, Savills says Savills Research’s Eri Mitsostergiou

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ALTHOUGH retail real estate investment across Europe fell to €32bn in 2021, a 5% year-on-year slump and -27% below the five-year average, not all retail segments under-performed. According to new research from Savills, the convenience sector bucked the trend, accounting for almost half the sector’s total investment volumes at €14bn. Eri Mitsostergiou, director, Savills Research, said: “Investors looking to meet higher-return thresholds while managing income risk have discerned that retail parks and grocery stores are often located close to population centres, and are generally less exposed to changes in discretionary spending due to downturns or public-health restrictions.” As a result of this strong demand, prime yields have shown significant compression in the food sector, says Savills. The stability and length of income streams makes this

segment desirable especially for investors with long-term liabilities. Since 2019, the average prime supermarket yield has moved in by 40 bps to 5.3%, while prime shopping-centre yields reached a high of 5.45% in Q4 2021. In 2021, Savills reports that the UK, Germany and France captured 72% of all retail-investment activity. There are some signs of recovery in the UK, Italy and the Nordics, where retail turnover was higher compared to last year. The UK was up 46%, driven by investments in the retail park and food sectors, which exceeded €4.8bn. “Food and convenience sectors will prevail in investor retail strategies once again in 2022,” said Leila Packett, Savills Regional Investment Advisory, EMEA. “Despite the inward yield movement trends, these two segments still provide higher initial yields and stable income streams.”

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Wednesday 16 March, 13.45-15.45, Verriere Californie, 5 Floor

PolaNd, EuroPE's most rEsiliENt ECoNomy: a sNaPshot of thE markEt today & tomorrow

For the 6th edition of MIPIM running

Premiere of the Poland Today film

‘Poland, Europe’s most resilient economy’ Panel 1: ESG and the Built

Panel 2: Capital markets

Environment: Creating the 15-minute community

& sectors overview: Adapting to the new normal

• Guy Perry, Vice President, McKinsey & Company (moderator) • Jacek Jaśkowiak, Mayor of Poznań • Anni Sinnemäki, Deputy Mayor for Urban Environment, Helsinki • Katarzyna Gruszecka-Spychała, Deputy Mayor of Gdynia • Anders Berg Sørensen, Director of Urban Investments, NREP • Andrew Phipps, Head of Business Development EMEA

• Michał Olszewski, Vice Mayor of Warsaw • Maciej Dyjas, Managing Partner, Griffin Capital Partners • Agnieszka Stankiewicz, Partner, Real Estate, Greenberg Traurig • Robert Jacek Moritz, President, Alta (Miasteczko Siewierz Jeziorna) • Martin Erbe, Head of International Real Estate

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Finance for Continental Europe, Helaba

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next to Verriere Californie, hosted by the City of Konin • Join Poland Today & Real Asset Media at the CEE Summit in Warsaw, 28 April • Vote for Warsaw Breweries in the Mipim Awards!

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Bain Capital Credit and Stoneweg check into 168-room Ibiza hotel The Pallaium Hotel Don Carlos in Ibiza

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BAIN Capital Credit and Stoneweg Hospitality, via their real estate hospitality joint venture, have acquired the Palladium Hotel Don Carlos in the coastal town of Santa Eulalia del Rio, Ibiza. The four-star hotel has 168 rooms, 32 of which are suites, and is located 20 minutes’ drive from Ibiza airport. The seafront location has direct beach access and facilities include two restaurants, a bar, a gym and a swimming pool. The JV plans to reposition the hotel towards a lifestyle concept, opening up the communal areas towards the sea and establishing innovative dining options. Palladium Hotel Group will continue to manage the hotel until the end of the 2022 season, when the renovation of the hotel and management by a new operator will begin.

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Fabio Longo, managing director of Bain Capital Credit, said: “Palladium Hotel Don Carlos is a great hotel in a prime location. Our experience in the Spanish hotel sector will allow us to strategically invest in its facilities and rehabilitate the venue to its full potential, in partnership with Stoneweg.” Miguel Casas, managing director of Stoneweg Hospitality, said: “This is our third hotel acquisition with Bain Capital Credit so far this year, which is testament to the strength of our on-the-ground relationships and our commitment to the hospitality sector.” Other deals in 2022 have included the Hotel Los Monteros Spa & Golf Resort in Marbella and Hotel Mimic in Barcelona. Last year the JV acquired Andalucia Plaza in Puerto Banus, Marbella, which it is transforming into a Hard Rock Hotel with 384 rooms.

Do good. Measure it. Prove green. buildingminds.com

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Les syndicats craignent l’annonce d’une restructuration, jeudi, chez ING. Le contexte, délicat, laisse peu de doutes: les effectifs du secteur déclineront dans les années à venir. pp. 24-26

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Pour son édition 2021 - 7 & 8 septembre à Cannes le salon MIPIM (Salon International des Professionnels de l'Immobilier) se transforme et s’hybride. Sous le slogan « Time to reconnect », le salon offrira en effet une expérience « en personne » accompagnée d'une nouvelle plateforme digitale, accessible toute l'année. Trois axes, notamment développés à travers l’important programme de conférences, structureront cette édition : ‣ Population – Répondre aux besoins de tous les utilisateurs de l’espace urbain. ‣ Planète – Construire un avenir à faible émission carbone et une économie circulaire. ‣ Performance – Obtenir une rentabilité financière à l’échelle locale, nationale et internationale.

Le Brabançon est à la tête de la société de vente et d’installation de panneaux photovoltaïques Energreen depuis sa création en 2009 > P. 2

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Prelios-managed fund kicks off with a debut investment in new Milan district MILANOSESTO, an ambitious urban development north of Milan, has taken a step forward with the transfer of the district’s first asset into the Unione 0 fund, managed by Prelios. International real estate firm Hines, along with Kuwait-backed Cale Street, have committed €500m to kick-off the sustainable masterplan which will deliver a range of uses. The initial private lot, covering some 250,000 sq m, represents the first part of the redevelopment of the 1.5 million sq m site in Sesto San Giovanni, the former home of the historic Falck Steelworks. As well as Hines being an investor in the scheme, Hines Italy acts as strategic advisor and development manager for the whole MilanoSesto project, while Prelios, in addition to managing the Unione 0 fund, acts as asset and project manager. “From the very first

From the ashes of a former steelworks north of Milan, a new district is rising

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MIPIM MIPIM 2022

discussions we had on this ambitious project, we understood its great potential and strong social appeal,” said Luigi Aiello, general manager corporate & business development, Prelios. Foster + Partners’ masterplan includes seven Unione 0 buildings, designed by four examples of excellence in Italian architecture. Antonio Citterio Patricia Viel (ACPV) will design the office spaces and a hotel; Barreca & La Varra the affordable housing units; Park Associati the student housing; and Scandurra Studio Architettura the free-market residential units. Excavation work began in January, with construction set to get under way by the end of the year. The estimated turnover for the project upon completion — scheduled for 2025 — is over €1bn, with the creation of over 2,100 jobs.

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Union Investment picks up office and retail building in Cologne city centre GERMAN investment manager Union Investment has secured a planned office and retail building on Schildergasse, a well-known shopping street in Cologne, via a forward-funding deal with its developer, local firm, Bauwens Group. The property, which is located a short walk from Cologne’s main railway station, is expected to be completed in 2024 and will offer 6,950 sq m of rental space. The acquisition will be added to the holdings of open-ended real estate fund Unilmmo: Deutschland. Alejandro Obermeyer, head of Investment Management DACH at Union Investment, said: “This high-quality development is located in a prime highstreet position and also in Cologne’s most sought-after office sub-market. The finished building will be an attractive proposition for occupiers.” 094_RUNZE_N1_PIM

The new office and retail building is under construction in Cologne

Suedkreuz wins top ratings from WiredScore THE RESIDENTIAL neighbourhood of Suedkreuz in Berlin, developed by global real estate firm Hines and acquired in September 2021 by CBRE Investment Management, has been awarded two platinum ratings for its digital infrastructure and connectivity by certification company WiredScore. Joachim Wintzer, managing director at Hines Germany, said: “With city quarter Suedkreuz, we have set new standards in residential development. Thanks to the high degree of digitalisation, the quarter offers its tenants maximum comfort, with the use of high-quality community amenities and service offerings, as well as contemporary living managed in an environmentally

friendly and cost-efficient manner.” Marius Schoener, country manager, Germany, at CBRE Investment Management, added: “The city quarter Suedkreuz is not only in line with our ESG [environmental, social and governance] goals, but it also sets the highest technical standards. We offer all residents excellent access to the digital world.” The development was completed in 2020 and comprises 36,975 sq m of rental space across 11 buildings. It includes 213 micro-apartments and 116 social housing units, as well as a kindergarten, several playgrounds, climbing walls, a g ym, a roof garden, co-working spaces, a cafe and 166 parking spaces.

Following completion in 2024, the seven-storey building is expected to provide a total of 5,450 sq m of flexible office space and 1,500 sq m of retail and storage space. There will be terraces on the first, third and fourth floors, as well as a roof terrace on the sixth floor with a view of the cathedral. The building will be taxonomy compliant and is targeting DGNB Gold certification. “The existing buildings have already been demolished and we plan to start excavating the site in spring. Construction work will begin as soon as planning permission is granted, with completion scheduled for 2024. The new building will be a striking corner development fronting onto Schildergasse. Its high-quality, timeless architecture will significantly enhance the streetscape,” said Timo Wess, managing partner at Bauwens Development.

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Tristan Capital fund acquires six Casino stores in South of France for €72m TRISTAN Capital Partners CCP as the operating partner for the 5 fund has acquired a real estate portfolio. portfolio of six Casino grocery Thibault Ancely, managing direcstores in France from a joint ven- tor, investments at Tristan Capital ture between Fortress and Casino Partners, said: “This portfolio acquisition delivers well-located Immobilier for €71.8m. assets The deal, which covers a total of high-income-producing 50,044 sq m, includes four hyper- from day one. The grocery market markets and two supermarkets has shown itself to be a resilient located along the Mediterranean asset class and is benefitting from coast. According to Tristan, the increased institutional capital inportfolio offers a long weight- vestment. ed average remaining lease term. “We expect to see continued deThrough Tristan’s ‘Manage to mand for these assets as demonESG Strategy’ coupled with Ca- strated by our recent sale of a sino’s ‘CAP’ initiative — Casi- Casino hypermarket in Pessac. no Acting for the Planet — the This latest acquisition is in line environmental performance of with our strategy to build out our the assets will be enhanced with portfolio in France across office, a specific focus to manage waste logistics and retail where we see and reduce energy consumption. value-creation opportunities.” F&A Asset Management will et act2_PIM Maxime Forgeot, founder at 074_VERSLO ZINIOS_N1

F&A Asset Management, added: “This off-market transaction executed in a very short time frame to meet the vendors expectations is testament to the

quality of our relationship with the Tristan team and we look forward to working together to further develop our food-anchored retail portfolio.”

According to Tristan, the Casino stores offer a secure, strong income flow

2–3 June Vilnius, Lithuania

For a successful RE investor, it is crucial not only to stay up to date with the latest trends, but also to surround oneself with industry leaders. I have participated in BREIF both as a speaker and as a participant, and both endeavors resulted in fruitful partnerships. At this event, my team and I have made contacts that helped us pursue ground-breaking developments in hotel and student housing areas. Undoubtedly this is an opportunity not to be missed for any RE enthusiast.

The real estate market is about so much more than bricks and mortar. It’s a people business at its core and BREIF is undoubtedly the most important event of the year for key players in the Baltics to come together, exchange ideas and challenge each other.

Marius Jakulis Jason

Lars Christian Berger

LAWYER, INVESTOR, PHILANTHROPIST (LITHUANIA)

CEO AT BALTIC SEA PROPERTIES AS (NORWAY)

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Brookfield Properties plans ”food hall of the future” at Berlin’s Potsdamer Platz BROOKFIELD Properties has inked a deal to bring the Manifesto Market food-hall brand to Potsdamer Platz in Berlin, supported by ECE Marketplaces. Manifesto will operate a flagship food hub of 4,400 sq m comprising 25 restaurants, convenience grocery, two bars, a chef ’s table and a cultural stage. Manifesto’s sustainable and cashless food hubs gather local gastro entrepreneurs and artisans, as well as Michelin-recommended chefs in one place. “We are place-makers committed to digital-first commerce. Manifesto creates magnetic experiences that bring people together around food and culture,” said Martin Barry, founder and CEO of Manifesto. “Aligning our brand with Brookfield Properties’ regeneration of Potsdamer Platz is a natural and exciting step for us as we embark on an ambitious international expansion. We

Manifesto Berlin will bring together 25 restaurants and other food experiences under one roof

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couldn’t imagine a better partner and couldn’t have picked a cooler city for our first site outside Prague.” Manifesto Berlin will be the fourth and largest food hub launched by US architect and entrepreneur Martin Barry and chief growth officer Hollie Lin, formerly of Google. “We are looking forward to this exciting concept,” said Karl L Wambach, executive vice-president Europe at Brookfield Properties. “Manifesto makes first-class gastronomy an affordable experience and is interesting for both Berliners and visitors. This makes Brookfield Properties and Manifesto Berlin a perfect fit. Together with ECE, we are continuing to work hard to create an attractive and location-appropriate retail offering at Potsdamer Platz and are convinced that Manifesto Market will be a great addition to the neighbourhood ecosystem.”

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GREEN IS THE NEW BLACK

From greenbacks to green bonds The world of property finance is choosing the sustainable path, as lenders and bondholders back firms that align with ESG goals, Isobel Lee reports

f European property investors had any doubts about the importance of their buildings meeting environmental, social and governance (ESG) targets, a tsunami of recent EU regulations may have convinced them otherwise. Today, both ESG and investment officers in real estate firms must crosscheck their assets’ compliance with the EU’s Sustainable Finance Disclosure Regulation (SFDR), follow the recommendations issued by the international Task Force on Climate-related Financial Disclosures (TCFD), and take into account the decarbonisation pathways set by the Carbon

Risk Real Estate Monitor (CRREM). Meanwhile, the EU’s Corporate Sustainability Reporting Directive (CSRD), due in 2023, should take this to the next level by placing the onus on occupiers to provide further key metrics. While heightened health and environmental concerns post-pandemic and the fall-out from last year’s COP26 climate summit in Glasgow made these matters of public debate, the vast majority of the consequences are likely to impact company bottom lines. Today, ESG-compliant assets and behaviours not only attract a ‘greenium’ — a value premium for property companies — but

Green is good for real estate firms like Patrizia seeking to raise long-term capital

increasingly dictate a firm’s access to finance. According to Sophie van Oosterom, global head of real estate at Schroders Capital, investors who are surprised by this turn of events really haven’t been paying attention. “Banks have always offered lower margins for less risky buildings. Lenders recognise when property owners are doing the necessary work to de-risk their assets, and create more sustainable income from tenants going forward. A green premium implies a brown discount, so the act of green lending will become the norm,” she says. A quick snapshot of the real estate lending scene backs up this thesis. Bloomberg data reveals that over $700bn (€622bn) of sustainable and green debt

was issued globally in 2020, up from $250m in 2018. Meanwhile, the intelligence firm forecasts that investment products tailored for ESG factors could reach more than $53trn of assets by 2025. Green bonds — fixed-income instruments that raise capital to finance sustainable projects — are not a new invention, dating back to 2008. But the year 2021 saw their issuance move centre stage in the property world as a more than viable alternative to traditional, secured bank finance. Just as the appetite of banks for big ticket exposures to real estate — a hangover from the global financial crisis — has continued to wane, access to debt capital markets has become easier for real estate funds.

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GREEN IS THE NEW BLACK

Stephane Villemain, vicepresident of corporate social responsibility, Ivanhoe Cambridge

Sophie van Oosterom, global head of real estate, Schroders Capital

An €800m green bond issuance from AXA IM Alts last year for its Logistics Europe fund was notable both for its sustainable credentials, and for the fact that these kinds of resources would have been raised via secured bank debt in the past. Meanwhile, sustainable logistics specialist CTP established its euro medium-term note (EMTN) programme in 2020 flanked by a green framework, issuing its first green bond in October of that year. It has now issued some €3.5bn in green bonds, €2.5bn in 2021 alone, all of which were at least three times oversubscribed. Going forward, the firm says it will only issue green bonds. “Why can we do that? Because since 2019 we have obtained BREEAM building certificates which are Very Good or better for our whole portfolio,” says Jan-Evert Post, CTP’s managing director. “For new build, our standard is BREEAM Excellent certification.” Global real estate investor Ivanhoe Cambridge also unveiled plans to convert its corporate programme of term loans and lines of credit last

year by indexing them to its ESG performance. The corporate financings represent some C$8.5bn (€5.92bn) to date. The announcement came after the firm revealed a new strateg y to make its portfolio carbon-neutral by 2040, in line with the Paris Agreement. Stephane Villemain, vice-president of corporate social responsibility (CSR) at Ivanhoe Cambridge, says: “The conversion of our term loans and lines of credit into ‘sustainability-linked loans’ (SLL) is in line with our global CSR strateg y and aims to align our sustainability performance with our financial performance. “As you may know, we have made CSR a priority in our strategic plan, and we consider it integral to our vision and mission. As a long-term investor, we systematically take ESG criteria into account throughout our investment process.” Through the new initiative, Ivanhoe Cambridge said it also intended to play an active role in promoting new financial practices that respect the environment and promote

“As a long-term investor, we systematically take ESG criteria into account throughout our investment process” Stephane Villemain

sustainable investment. “Similar to our integration of ESG factors into our real estate equity investments, we believe it is also important to integrate ESG considerations in our debt programmes,” Villemain adds. “This direct alignment between our ESG performance and our financing programme shows that we are committed to walking the talk on achieving our ESG targets. For example, if we achieve our carbon targets then our cost of debt will be lower. This gives us an additional incentive.” The other side of the industry coin is the increasing prevalence of impact investment vehicles

— funds designed to generate positive, measurable social and environmental impact alongside a financial return. In February, Patrizia Global Partners, part of the Patrizia Group, launched the first ever Patrizia product dedicated wholly to impact investing , dubbed the Patrizia Sustainable Communities I SCSp-RAIF impact investment fund. To date, the vehicle has already attracted €125m in seed equity as part of its target to raise around €500m in capital, and has unveiled its first investment in Dublin. “It’s very exciting from the outset to have very clear goals around creating affordable and green real estate with a social infrastructure dimension,” says Marleen Bikker-Bekkers, fund manager of Patrizia Sustainable Communities. Among the fund’s goals are the provision of thousands of affordable homes, including social housing , and social infrastructure such as childcare centres, libraries and healthcare facilities. It is targeting underserved communities in some 25 locations in and around major European cities. The first investors to sign up have been two Danish pension funds, AP Pension and PKA. Adds Mathieu Elshout, the fund chairman and Patrizia head of sustainability and impact investing : “Patrizia’s ambition is to become a leading global impact investor in the real assets sector with a meaningful part of its assets under management in impact investments by 2035.”

CONFERENCES & EVENTS AT MIPIM 2022 FINANCING CLIMATE ACTION THURSDAY, MARCH17, 11.30-12.15 – Agora Room

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Feature: DIVERSITY

Diversity in action As diversity, equity and inclusion measures become increasingly important for the real estate industry, a few key firms are standing out for their leadership in the topic, reports Isobel Lee

atters of diversity, equity and inclusion (DEI) in commercial real estate have never been higher on the corporate agenda, but significant effort is still required to achieve change, according to the latest findings. A recent study to benchmark the issue, dubbed The Global Real Estate DEI Survey, found that less than half of commercial real estate firms have a formal DEI programme, or initiatives and policies to improve the issue in the workplace. Senior roles in the industry are still overwhelmingly filled by men, although there are some regional differences, with both Asia and the US employing more women at the top than firms in Europe. Yet despite this disappointing data set, something is changing. The

recent survey authored by Ferguson Partners in conjunction with the world’s major real estate associations, found that 92% of global firms surveyed have introduced some form of DEI initiatives. Meanwhile, even firms which have shown reluctance to evolve are signalling awareness that change is no longer optional. “For some firms in our industry, DEI has been a “check the box” matter historically; now it has greater implications,” says Erin Green, managing director at Ferguson Partners. “Investors are requiring it. They are asking a lot more questions around ESG and workforce demographics, and want to see tougher due diligence around DEI.” For many experts, the momentum around recent efforts started in the wake of 2020’s protests in support

The Peebles Corporation’s Affirmation Tower will seek to concretely represent equity in development

of the Black Lives Matter movement. Meanwhile, greater awareness of female issues in the workplace sparked by #metoo and a focus on growing social inequities during the pandemic also reignited debate. On top of this, the broader movement around ESG compliance — where the S encompasses questions of DEI — is also driving the issue up the corporate agenda. “Diversity and inclusion are essential for the sustainability of businesses, and equity is a fundamental human right,” says Margaret Sweeney, CEO of private residential landlord IRES. “This has always been the case, but I think the pandemic has put a particular spotlight on the topic right now — our ‘re-emergence’ from this turbulent time, as we face up to societal and environmental challenges, must be designed with DEI in mind.” And it’s not just about “doing the right thing” — companies which fail to act now risk financial penalties, according to Sweeney. “Un-

derestimating DEI can affect our investment metrics. This is particularly important for us when making significant long-term investments and costly decisions on fit outs — it is essential to make those decisions considering all angles and reflecting our diverse customer base.” IRES was recently recognised as a best practice leader in the European Women on Boards Gender Equality Index report. As well as considering aspects such as age, gender, social and ethnic background, educational and professional background, cognitive skills, personal strengths and ESG expertise in its hiring policy, IRES endeavours to support its local communities by sponsoring sports clubs and other initiatives. Global property services firm JLL is another business showing leadership in DEI. In 2018, it committed to a goal to improve the representation of females in senior leadership over the three successive years, while building a more diverse tal-

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Feature: DIVERSITY ent pipeline. “Since 2018, we have made considerable progress in gender balance at the executive level, increasing our women in leadership by five points, from 12.9% to 18.1%,” says Anne-Sophie Curet, head of human resources, EMEA, JLL. “In 2020, women accounted for 50% of our promotions in the executive leadership roles.” She adds: “Companies that underestimate the importance of driving a proactive DEI agenda might pay a high price in terms of innovation capacity, resiliency and brand reputation and top talent; global clients and investors will move away from them.” While today JLL already has a highly diverse board across gender, ethnicity and experience, it had also kick-started development programmes to prepare the talent of the future. “In the last 24 months, five CEO positions across the globe have been filled with female leaders, including Italy, India, Central Europe, UK and Ireland and Greater China and women comprise 45% of our independent board members,” Curet says. Although progress is tangible at a number of firms, few can rival the concretely defiant monument

Margaret Sweeney, CEO, IRES

Anne-Sophie Curet, head of human resources, EMEA, JLL

to DEI which is about to break ground in New York. In a city which often lets its buildings do the talking, a new skyscraper is bidding to make a major statement about diversity, representing “equity in development”, according to its developer, entrepreneur and political activist Don Peebles. Developed by The Peebles Corporation and designed by Ghanaian-British architect Sir David Adjaye, the $3.6bn (€3.2bn) Affirmation Tower is being developed,

built, and funded by Black- and female-owned businesses, while most of its tenants will be minority entrepreneurs. Rising at 35th and 36th Streets, 11th Avenue and Hudson Boulevard West, one block from the High Line and Hudson Yards, the project will sit on 1.2 acres (4,800 sq m) of land and include a 1,663-foot (507-metre) tower, two hotels, an observation deck and skating rink as well as commercial office space.

While its roof height is set to exceed One World Trade, the building will be framed as Manhattan’s second tallest building by spire height out of respect for its neighbour’s origins. Peebles describes how the city of New York had always harnessed powerful real estate projects to overcome crises. “After the Great Depression, the Empire State Building and Rockefeller Center ignited growth and signalled it was back. After the terrorist attacks, One World Trade Center was about building back,” he says. The Affirmation Tower represents not only “America coming back from pandemic” but also “highlights the quest for economic and social reform in the wake of protests against systemic injustices ignited by the murder of George Floyd”. The Peebles Corporation has made repeated commitments to DEI in its real estate projects. Peebles himself served on the National Finance Committee of former president Barack Obama. Describing the difficulties facing black and female real estate professionals, Peebles says that the issue of access to capital has often dissuaded minority would-be developers over the years. “Real estate is different to tech. You can build an app in your bedroom and get it up and going, test the concept, prove it, get more capital, and raise funds as you go along.” He concludes: “With developing a building, you have to raise 100% of the capital before you can do anything: that means getting investors to believe in your vision from the very start.”

CONFERENCES & EVENTS AT MIPIM 2022 GEND’HER NETWORKING EVENT: DRIVING THE CHANGE THURSDAY, MARCH 17, 14.30-16.00 – Workshop Room Sponsored by Crew Network, KPMG & Business Immo

Developer Don Peebles (right) with Cedric Bobo, founder and CEO of Project Destined, at Propel by MIPIM in New York

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Feature: INVESTING IN SPAIN

Ready to

rock

The sale of the Hard Rock Madrid reflects the considerable interest in hotels and hospitality in Spain

After a turbulent period during the pandemic, the diverse Spanish market is now bouncing back in resilient and optimistic mood, reports Clive Bull

COVID-19 may have changed the shape of some sectors and accelerated pre-crisis trends, but Spain’s recovery looks set to be swifter and stronger than after the 2008 crisis, with many predicting a record-breaking 2022. “I am really pleasantly surprised,” says Humphrey White, managing director, Knight Frank, Spain. “I think none us knew how the world and the markets were going to react when we were stuck at home in the lockdown, especially in Spain where it was really strict. The different sectors are all moving at different speeds. They have generally bounced back really well and I think we are looking towards a record year with regard to investments.” Sergio Fernandes, JLL’s head of capital markets in Spain, is equally upbeat: “We had a start to the year like we’ve never seen before,” he says. “A lot of activity, a lot of investors trying to get their hands on different assets in Spain. So, I would say — in a nutshell — the market is back.” The hotels and hospitality sector has rebounded particularly strongly. Hotel investment in Spain last year exceeded pre-pandemic levels, reaching €3.2bn, 35% above 2019. This year, Fernandes expects volumes to surpass the 2021 figure as more assets come to market. “There were big question marks about distressed assets and what the effect of COVID would be on the tourism industry, but Spain is a huge travel market and we have a huge hotel stock in Spain,” Fernandes says. “The first deals during lockdown were probably opportunistic and distressed, but with all the mechanisms that the state put in place to help companies to survive during the COVID

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Feature: INVESTING IN SPAIN

Sergio Fernandes, head of capital markets, JLL Spain

Concha Osacar, founding partner, Azora

Humphrey White, managing director, Knight Frank, Spain

period, that has disappeared and what we’re seeing right now is investors trying to get their hand on good assets.” The rejuvenated investment activity in 2021 included Arlaes Management, a privately-owned investment firm recently established in Madrid, acquiring the Hard Rock Madrid hotel for €65m. Says Arlaes’ Ilkim Schuster: “We are strong believers in Spain and it’s growth potential. The Hard Rock hotel Madrid acquisition is a further and a very significant step in our growth strategy in Europe and Spain, which enhances our position in Spain and fits perfectly into our hotel portfolio.” In the residential sector, White says he is expecting the highest number of residential unit sales in over 15 years. “At Knight Frank, we are having our best year in 31 years — which is the amount of time we have been in the country.” He says people have reassessed their living arrangements over the past two years and there have been major shifts. “Some people have gone downtown and others have gone to the outskirts with a garden for example, but there’s been a lot of movement. And then sectors that would previously be considered alternatives such as student, senior, healthcare, buildto-rent, are now very much the flavour of the month. They’ve become institutional.” The build-to-rent (BTR) sector in particular is on the rise. Azora, the Madrid-based private equity real estate manager and Spain’s largest BTR manager, recently teamed up with a global institutional investor to create BRISA, a new vehicle focussed on BTR residential developments across Spain. Including leverage, BRISA will have an implied total investment capacity of over €1bn. Concha Osacar, founding partner of Azora, says: “There is still an acute shortage of good quality rental housing in Spain, most notably for affordable accommodation targeting middle income earners. BRISA aims to

help alleviate that issue through the delivery of more than 8,000 sustainably developed new homes in the most supply constrained micro-locations across Spain over the coming years.” According to Fernandes, retail and logistics are back as well. “Retail was one of the asset classes that was under huge pressure — even before COVID. E-commerce grew a lot and that’s basically what is underpinning the logistics growth, but Spain remains a very robust country for physical retail spaces in high streets, shopping centres or retail parks. Probably the winner during the pandemic was the supermarket industry, but we are now seeing growing appetite for other asset classes within retail.” The figures also showcase the strength of the logistics market in Spain with take-up in Q4 2021 in Madrid reaching around 520,000 sq m, 90% more the Q4 2020, resulting in a record high takeup in Madrid of 1,400,000 sq m — almost 45% higher than 2020. In Barcelona, record figures were also registered: 140,000 sq m in Q4 and 810,000 sq m YTD, 95% more than 2020. The sector looks to be continuing its surge into 2022. In a major deal, EQT Exeter has bought Logicor’s logistics portfolio for around €300m. It comprises four logistics centres spanning around 300,000 sq m. The assets are between Madrid and Guadalajara along the A-2 highway. Despite the impact of working from home in Spain, the office sector is rapidly rebounding. Cushman & Wakefield report striking growth in demand in both Madrid and Barcelona, particularly in the fourth quarter of 2021. “The office sector is not dead,” says JLL’s Fernandes. “It has evolved and will continue to evolve. Outdated assets will need to be refurbished and this creates opportunities. ESG, sustainability, technology and the need for more social space are some of the trends

that COVID has accelerated.” There has also been a surge of interest in alternative asset classes, particularly data centres and life sciences. White believes investors are dabbling, and asking questions. “I think people are trying to understand where the money is to be made. They’re asking for research, they’re trying to understand how much power the occupiers would require, how much space — so we haven’t seen many deals but we have seen a lot of inquisitive investors.” And where are Spain’s hotspots? It depends what you’re looking for. “In terms of big volumes, it’s Madrid and Barcelona, but it depends on asset classes,” Fernandes says. “If we talk about offices, it will be Madrid, Barcelona for sure, but then we have new spots in the secondary cities also growing. Malaga, Valencia, Bilbao, Zaragoza are also attracting attention.” White says cities beyond Madrid and Barcelona are becoming very attractive to occupiers and investors, another trend accelerated by the pandemic. “Malaga seems to be unstoppable — there’s a very business-friendly mayor who is at MIPIM this year. When you turn up at the airport in Malaga there is a huge sign which says Investor Office and gives you an address where you can speak to the local administrators about investing in their city. Bilbao in the Basque country also has a very forward-thinking administration. There are certain areas that seem to have significant growth prospects and I would add Valencia to the list as well.”

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