MIPIM 2024 NEWS 2

Srettha Thavisin talked Thai investment

Thai Prime Minister 17

Finland’s former PM pushed for a green future

Sanna Marin Keynote 15

The MIPIM community came together to network

Opening Reception 07

07

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Conferences

of the latest research, insights and debate

Spotted at MIPIM

Brazil’s COFECI invites delegates to meet with its leaders at 16.00 today to make tracks in Brazilian real estate. Cutting the ribbon on the stand: Marcelo Silveira de Moura (left), João Teodoro da Silva, José Augusto Viana Neto, Aida Turbow, João Eduardo Correa

Shamel Aboul Fadl (left) and Karim Aboul Fadl from Compass Investment Holding travelled to Cannes for MIPIM

Vilma Daucione (left) from Verslo Zinios, Michael Uston of Elba Group and Goda Pereckaite-Paplauske of Verslo Zinios networked

Julie Stern (left), Christine Long and Shuxuan An of Columbia University raised a toast

Rustom Vickers (left) and Meryem Ibrahimi of Blueground enjoyed the reception

The MIPIM Opening Reception saw delegates catch up with old contacts and make new ones in Cannes

European Distribution Centre for Levi Strauss & Co. with 73,000 m² GFA Warehouse with fully automated intralogistics and high-quality office space

Cradle to Cradle optimized, LEED Platinum & Well Platinum certified 30,000 m²/3.5 MWp solar panels and geothermal energy system

Comprehensive initiatives to achieve whole life carbon positivity

Fusion of sustainability, functionality and aesthetics

Cutting the opening ribbon: Jean-Michel Arnaud, SEMEC president (left); Klara Geywitz, German Federal Minister for Housing; Michel Filzi, CEO, RX France; Hugh Jones, CEO, RX Global; Srettha Thavisin, Prime Minister of Thailand; Sanna Marin, former Prime Minister of Finland; Guillaume Kasbarian, French Minister for Housing; Alexandra Dublanche, vice-president of the Ile de France Region; Patrick Ollier, president of Grand Paris Métropole; and Nicolas Kozubek, director, MIPIM

Industry protagonists launched MIPIM 2024 in their own inimitable style, from ribbon-cutting to speech-making, networking to business lunching

The world’s leading investors came together at the RE-Invest Summit to discuss securing capital and deploying firepower in global real estate

Delegates and delegations made sure to extend a warm ‘welcome to MIPIM!’

MIPIM director Nicolas Kozubek showed Guillaume Kasbarian, Deputy of the French National Assembly and Minister for Housing, around the Palais and grounds

At the Hôtel Barrière Le Majestic Cannes, Sophie Hæstorp Andersen, Lord Mayor of Copenhagen, addressed the Political Leaders’ Summit

CBRE Real Estate Investment Banking

Realising potential in every dimension

€35Bn

European Real Estate Investment Banking transactions over the past 36 months

€1.34bn Logistics / Office

Advisor to TPG on its offer to acquire Intervest, a leading Belgian logistics and office REIT.

€258m Retail

Advisor to IGD on the structuring of a closedend RE fund (13 assets) managed by Prelios SGR and financed with preferred equity provided by Sixth Street and Starwood Capital.

SEK5.2bn (€466m) Community Properties

Advisor to Castlelake in connection with a newly formed SEK9.4bn JV with SBB involving a SEK5.2bn loan from Castlelake.

M&A, JVs, Public and Private Capital Markets, Recapitalisations

CBRE offers clients a unique combination of deep real estate knowledge, global institutional investor distribution, and sophisticated real estate investment banking capabilities.

€280m Industrial

Advisor to Fedrigoni on the corporate monetisation of a European industrial portfolio to W.P. Carey.

€1.7bn Fair Value Residential

Advisor to ERES, a Toronto listed-REIT with a portfolio of 158 residential properties with 6,900 units in The Netherlands, in connection with its Strategic Review.

Ongoing takeover of a public company.

Confidential Serviced Apartment

Advisor to Proprium Capital

Partners on the sale of YAYS, a serviced apartment platform, to Numa Group.

Strengthen Numa’s leading digitalised hospitality platform in the Benelux, French and Spanish markets.

cbre.com/investment-banking

IGD will receive €155m cash to repay debt and decrease its Loan to Value by 3.7%.

SBB will use the proceeds to strengthen its financial position and amortise debt.

£1.5bn Life Science

Advisor to Greater Manchester Pension Fund on a £150m strategic minority investment into Bruntwood SciTech.

Strategic investment into preeminent UK innovation and life science platform.

Confidential Live Show Arena

Advisor on the sale of an indirect controlling stake in the largest show arena in Portugal, together with a controlling stake in a top live show promotion business.

Among the largest arenas in the world in terms of annual spectators.

Sale of the largest industrial portfolio in Italy ever.

€250m Hospitality

Advisor to Avenue Capital and Meliá in connection with the sale of a 51% stake in a Spanish hotel company.

One of the largest transactions in the Spanish hospitality sector in 2023.

Largest listed residential REIT in The Netherlands.

$600m

Luxury Residential

Advisor to Dar Global plc, on its US$600m admission to the main market of the London Stock Exchange, raising US$72m.

Opening access to global capital markets for a leading developer of high-end second homes.

Day one of MIPIM saw delegates meet and greet in novel and traditional ways, with sake ceremonies, DIY stands and lightbulb moments bringing smiles to the Palais

Stockholm said no to waste with a stand made of recycled materials. Deputy mayor Anders Österberg (left); with Invest Stockholm’s Erik Krüger and Caroline Strand

Germany’s North RhineWestphalia region is a magnet for bright sparks, NWR general manager international trade fairs, Eva Platz, told MIPIM News

Newsec Advisory’s Liza Jessen (left), Thomas Grauslund Nilesen and Aqleema Waseem Asher collected their badges as they geared up for the first day of MIPIM

On the Silesian Voivodeship stand, Mariusz Gasior represented the spirit of the region’s industrial past — and innovative future

Attending the Japan Pavilion’s sake ceremony were delegates Mitsuhide Motoyama (left), Chuo Nittochi Group; Kanji Matsushita, Takenaka Corporation; Yuichi Oka, Daiwa House Europe; Hideki Nose, Sumitomo Forestry; and seminar host Andrew Eborn

APAC’S LEADING REAL ASSET MANAGER POWERED BY THE NEW ECONOMY

With our industry-leading efforts ranging from capital raising to green initiatives and sustainable operations, ESR has set benchmarks in the industries we serve.

The team from the Administrative Capital For Urban Development, Cairo shared its opportunities with all: Areej Badr (left), Mohamed Al-Desouky, Ali Badawy; Ashraf Fatteen; Hamed Mousa, Ismail Helal; Rona ElShall (front) and Gihan Gadou

The Global Urban Festival proved a celebration of diversity, uniting delegates from all over the world

Sutcliffe’s Martin Peacock (left) and Tahreen Shad of Lovell Partnerships stopped to say hello by the Liverpool Pavilion

The Oman team from the Ministry of Housing and Urban Planning is at MIPIM to promote its latest drives: Sulaiman Al Siyabi (left); Hisham AlZubaidi and Nasser Al Siyabi

Helena Schlamberger (left), Spirit Slovenia Business Development Agency, with City of Ljubljana’s Sašo Rink, promoting the city’s natural beauty and resources

Communications director for the Ville de Paris, Aurélie Sidobre, and Convivio’s Geraldine Lemoine networked in the sunshine on the sea front

THE CLIMATE crisis. AI. The Ukraine War. Gender equality. Populism. Happiness. Former Finnish Prime Minister Sanna Marin deftly covered all of these topics and more in the first keynote of MIPIM 2024 yesterday. If there was a common theme running through all of her remarks, it was the importance of locking horns with humanity’s existential challenges — because inactivity and inertia are not viable options.

As Prime Minister of Finland, Marin set the world’s most ambitious net zero targets — and she urged other countries to do the same. “I believe everyone should meet Finland’s ambition level. I know it’s hard, but we all have to set targets really high, because we can’t negotiate on issues like the climate and biodiversity. Without a green future, there is no future.”

‘Without a green future, there is no future’

Tackling the subject of AI, she argued that the public and private sector should work together more closely. “This transformation is coming, but sometimes politicians don’t get the pace of change. There are so many opportunities in AI, but politicians and businesses need to talk more. This dialogue might be hard but it will also be very fulfilling and beneficial.”

And her position was unequivocal on Ukraine. To applause from a packed Grand Auditorium, she said: “Ukraine has to win, because it is a question of democratic values. To people who live far away from the war, we need to emphasise the importance of the international rules-based order. Without these rules, we all lose.”

Asked why it makes sense for the EU to set more rigorous environmental standards for its businesses than other parts of the world, she said: “When you do things first, you create opportunities. To this audience I would say it is smart to be a front-runner in areas like green steel and green cement, in technology or in finding new ways of living.”

As Finland’s PM, Marin made great strides towards a gender-balanced society. Asked how MIPIM companies might follow suit, she said: “The answer is simple. Employ women and make sure they are at the decision-making tables. Humanity really doesn’t have the luxury of discarding half of the global population’s talent and intelligence.”

Former Finland Prime Minister Sanna Marin

‘For us this is just a starter’

THAILAND is at MIPIM with the message that it is open for business and that the country will return “bigger and better” next year to showcase the investment story for the country, Prime Minister Srettha Thavisin said on a visit to the Thailand stand yesterday.

Thavisin is leader of the Pheu Thai Party and has been in office since August 2023. He said that after nearly two decades of slow GDP growth in Thailand, he was determined to accelerate economic growth and that the first stage to achieving this was a significant upgrade of the country’s infrastructure. Major projects include the opening of a new terminal at Bangkok’s Suvarnabhumi Airport, which has increased passenger capacity from 45 million to 60 million annually, plans to build two new airports in the north and the south of the country, plus a 20 km road bridge to connect the mainland with popular tourist island Koh Samui. Those projects are crucial to give real estate investors the infrastructure platform necessary to develop new schemes, the Prime Minister said. Thavisin has a real estate background and is the former CEO of Thai developer Sansiri. “I was a frequent visitor to MIPIM but this is my first time back in seven years and this time we are here mainly to understand what is going on

around the world,” he said. “However, for us this is just a starter.”

He pointed to the fact that Thailand is Asia’s fourth-largest economy and has already had success in attracting international business including Chinese EV battery manufacturing, plus US corporate giants including Amazon, Google and Microsoft. The country has also prioritised clean energy and he said that sustainability is “top of the agenda” for Thailand in how it develops its urban growth.

“Developing our real estate with high levels of sustainability and increasingly focusing on using clean energy are the two most important factors moving forwards,” he said.

Over the next 12 months the government plans to set out in more detail its strategy to create real estate investment and development opportunities around Thailand, which the country hopes to showcase at MIPIM next year.

“Thailand is a very attractive country for investment and also for multinational companies,” he said, “because for professionals coming to work here, we have excellent international schools, can offer a great lifestyle and have world-class healthcare.”

Prime Minister of Thailand, Srettha Thavisin

RIBA’s Oki calls on young to help build tomorrow’s world

ARCHITECTS and the wider built environment need to work harder to engage with young people, according to Muyiwa Oki, the current president of the Royal Institute of British Architects (RIBA) and the youngest in its history.

“Architects play a big role in creating the built environment that we all want,” he said. “There’s inherent environmental and social value in design, but also in procurement and we have a role to play in that conversation. But I also want to say that we need to get young people involved in decision-making because the future that we’re trying to create is going to be created for the next generation.”

To that end, Oki is acting as a judge for the MIPIM Challengers initiative, which is intended to “inspire, invigorate and encourage a commitment to building sustainable, vibrant and inclusive urban environments for generations to come”, according to the organiser.

“It’s a fantastic opportunity to get this group of people under 30 to engage in the conversation and

London showcases ‘unprecedented scale’ of investment opportunities

LONDON is “united as never before” at this year’s MIPIM, according to Opportunity London CEO Jace Tyrrell. The city is presenting an “unprecedented scale” of investment opportunities totalling nearly £10bn (€11.8bn), with an estimated gross development value of £38bn. Shortly before MIPIM, Opportunity London published an investment prospectus showcasing nine major potential development schemes and flagging more than 100 possible investment sites across the UK capital, targeting

share their innovative ideas for how we can get sustainable urban development going,” Oki said. In terms of the wider net-zero carbon agenda, Oki believes that the built-environment industry is starting to step up to the challenges. But he said that it is time to come up with practical solutions and plans for hitting the 2050 target set out in the Paris Agreement. “From conversations I’ve had over the past few months in my role as president, I believe there is a concerted effort to engage with this topic, especially at the theoretical level and philosophical level,” he added. “Now it’s time to find the technical solutions.”

One solution that Oki backs is to make as much use of existing structures as possible in order to keep embodied carbon to a minimum. “I think that is a key part — it’s not the only part, but it’s a key part,” he said. He added: “Architecture is not just about designing a single building from scratch. It’s not all about using virgin materials. We can expand the scope of what an architect does. And that expansion includes asking: how do we make places using the existing buildings that we have in our cities in the UK and in most developed countries?”

sovereign wealth funds, institutional investors and family offices.

“Very often investors are presented with opportunities but without putting forward the underlying business case, so we spent a lot of time curating these projects, which really brings across the significant scale, the financial returns, the planning consents and the political backing to give investors much more confidence,” Tyrrell said. He added that the co-ordinated London approach is also dedicated to ensuring that any potential inves-

tors “share the same values and the desire to make a social impact as us”. The role of Opportunity London is also to co-ordinate with the London boroughs to help them realise their ambitions and to provide resources and expertise for local councils, particularly around housing. Tyrrell also stressed that the organisation has political backing at all levels.

“We’re very aware that capital goes wherever investors want, so we believe that presenting delivery-ready projects and opportunities is an important step in attracting investors,” he said. “We also believe that this is a model that could be replicated for cities around the UK, so it’s a potential opportunity not just for London but for the whole country.”

Opportunity London’s Jace Tyrrell

RIBA’s Muyiwa Oki

Belfast is at a ‘pivot point’ in real estate growth potential

BELFAST’s wealth of opportunities for real estate investment and its appetite for growth make now the “optimal time” to invest in the city, the council’s chief executive has said. A flourishing screen and media sector, a growing science and tech scene, a healthy pipeline of commercial property development and the benefits of the city’s dual-market access to the Republic of Ireland and the UK have all contributed to Belfast’s “magnetic effect” on investors and development partners, according to John Walsh, chief executive of Belfast City Council.

Speaking to MIPIM News, Walsh said that Belfast is at a “pivot point” in terms of potential commercial property growth, boosted by inward investment coming from the Republic of Ireland, the UK and further afield. “For those considering investing in Belfast, now is the optimal time to do it,”

he added. “Land values are still relatively modest [so] we represent a really good value proposition. Some of our strengths are our reputation in terms of fintech,

cybersecurity, and health and life sciences, and our two fabulous universities. And there is demand for growth. Belfast needs to get to a new sense of maturity, so that it

can attract top talent.”

Walsh is in Cannes as part of a delegation from Belfast seeking to initiate conversations with new partners for development projects, and investors with an interest in the region. The team is highlighting a wide range of current and future development opportunities across all sectors, including residential and student accommodation.

Later this year the city will take a big step forward with the completion of multimodal transport hub Belfast Grand Central Station. Also due for completion in 2024 is a £100m (€117m) project to deliver phase two of the renowned Studio Ulster complex, close to Belfast City Airport. When it is up-and-running, the additional space will make Studio Ulster one of Europe’s major creative hubs for the screen-production industries. Belfast is also benefitting from the increased economic and political stability that has come with the restoration of the Northern Ireland Assembly in February after a two-year suspension.

UK hotels next stop for Schroders

SCHRODERS is at MIPIM to launch an operating hotels fund aimed at the UK market. The vehicle is essentially a sister fund to the company’s European operating hotels fund, which has proved to be highly successful.

“We launched the European operating hotels fund during COVID,” said Sophie van Oosterom, global head of real estate at Schroders.

“We have a team of 40 people across Europe that are able to step in and reposition a brand, launch a brand or get ready for new franchises. It’s fully flexible — the team is able to look at an asset and reposition it.” She added: “We have been very

successful. We did even better than expected when it comes to the returns and, on the basis of that success, we’re now launching a sister fund and moving into the UK. We’re taking exactly the same approach: looking at assets that are undermanaged or can be repositioned or where we can make an impact.”

Schroders is also launching its Capital Investments Outlook:

Real Estate H1 2024 this week, which forecasts an increase in transactions this year. “We see sequential opportunities arising [due to the fact that] a number of different markets have repriced

at different times,” van Oosterom said. “The UK market was the first to reprice and the Nordic markets have significantly repriced as well.” In addition, Schroders takes the view that a more stable interest-rate environment should help boost transactions. “As we understand it, interest rates are stable, or at least have peaked, with some assumptions that they will be more likely to go down than to go up,” van Oosterom said. “For the past year, that was very uncertain. Economies have responded better than I think many were expecting, given the harsh measures of the interest-rate rises.”

Schroders’ Sophie van Oosterom

Belfast City Council’s John Walsh

Warsaw is an open city that supports diversity. In cooperation with external partners improves the quality of life its residents. A city that evolves and responds to the changing people needs.

Contact us and our Partners directly during MIPIM. Feel free for cooperation also after event.

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Investing in the Nordics?

Business Arena is the leading annual real estate event in the Nordics. This is where the investors, real estate professionals, decision makers and municipalities meet to network and do business.

VISIT BUSINESS ARENA IN:

Norway 30th May

Stockholm 18-19th September

Denmark 21st November

Finland February 2025

PANELS TAKE LONG LOOK AT LONDON MARKET ISSUES

THE LONDON Stand’s programme of conference panels kicked off with a deep dive into the UK capital’s build-to-rent and co-living markets.

Legal & General Investment Management head of residential Dan Batterton said: “Demand for single-family houses for rent is enormous but the product hasn’t been there. We did a survey that showed a lot of people like rental because it gives them flexibility.”

Quintain director of corporate communication, Harriet Pask, noted that the sector has changed since the pandemic.

“Amenity spaces we thought would be for relaxation have become more about co-working.”

Félicie Krikler, Assael Architecture director, said demand for longterm rental options has implications for building design. “If you want people to live there as long as possible, you need to think about building a sense of community.”

Vilnius targets big Tech City project at next-gen startups

VILNIUS District Municipality is looking to attract the next generation of technology companies to set up in the Lithuanian capital as it plans for its future development after significant land reform, according to the city’s chief architect.

“We’re really inviting young specialists like startups, fintechs and proptechs to establish themselves in Vilnius because the ecosystem is really very friendly,” said Laura Kairiene, chief architect of Vilnius. “We’re creating the spaces where they can work and live.”

The Tech City project, for instance, will be the biggest development aimed directly at startups in Europe, according to Kairiene. “It’s a former industrial area that we’re converting for offices and co-living,” she said. “It will be like a city within the city.”

The Tech City site is one of many Soviet-era industrial areas the city

authority is keen to regenerate. “We’re planning competitions for architects and also inviting investors [to take part],” Kairiene said. Such activity is only possible due to the fact that land reform in Vilnius is approaching completion more than 30 years after Lithuania’s independence from the Soviet Union. During the Soviet era all land was owned by the state.

“We’re finalising our land reform,” Kairiene said. “In two years’ time, we will have land as a city. Now is the time for planning our territories. We have this two-year window to plan it and then we can immediately go out and say ‘look at these investment opportunities’. “We have locations that we believe are very interesting with the potential for redevelopment. They will become vibrant city spaces. We can open up new locations and will be investing in social infrastructure.”

Focus on Manitoba’s hub potential

A DELEGATION from Canada is at MIPIM this week with the aim of putting the province of Manitoba and its capital city Winnipeg on the world stage.

“We have a central location in North America, and so we’re a prime logistic and transportation hub,” said Frédéric Chieux, foreign direct investment manager for Europe, for the city of Winnipeg. “North America is always organised in north to south corridors. We are the north entrance of the middle of the continent, which covers the biggest industry, especially in the US. So we are here just to make sure that you can tap into that market, especially when you come from Europe, Africa or Asia, and you want to attack the North American market.”

Margot Cathcart, president and CEO of Rural Manitoba Economic Development Corporation was keen to emphasise opportunities

outside urban areas as well.

“There’s a lot of activity happening in rural areas, and they’re often overlooked from an investment perspective. I can think of a number of projects on that logistics front where we’re simply not growing because we need more warehousing and distribution space in the rural areas to be able to accommodate

the local growth,” she said. Chieux added that the goal was not necessarily to compete with the US, but to work with it. “The US is 10 times bigger than Canada in terms of population and economic impact. So you come to Canada not only to address the Canadian market, but also to address the American market,” he said.

Vilnius chief architect Laura Kairiene

Frédéric Chieux, foreign direct investment manager for Europe, for the city of Winnipeg and Margot Cathcart, president and CEO of Rural Manitoba Economic Development Corporation

Panellists discuss build-to-let in London

Oman aims high with ambitious Mountain Destination project

FOR A first-time participant at MIPIM, the Sultanate of Oman’s Ministry of Housing and Urban Planning has no lack of ambition.

It is looking for investors for two multi-billion projects: Mountain Destination, a new town and resort in the Hajar Mountains; and its Downtown regeneration plan for the capital, Muscat.

“Both projects already have government-funded infrastructure, design and land acquisition. Now we need investors and developers,” said Dr Khalfan Al Shueili, Oman’s minister of housing and urban planning.

The $2.4bn (€2.19bn) Mountain Destination project is sited at 2,400 metres on Jabal al Akhdar, known as the Green Mountain.

Masterplanned by AtkinsRealis, in consultation with local com-

munities, it is expected to attract a residential population of 8,000, with 2,350 overnight and 2,000 daily visitors.

Al Shueili also pointed out that, for first time with this kind of project, the freehold ownership of property will be permitted.

One key attraction is the 22°C average annual temperature, with temperatures staying at least 15°C lower than in other parts of the country — not insignificant when temperatures elsewhere in the country can reach 40°C or even 50°C.

There will also be a number of activities — and non-activities.

“We will have a lot of activities for families, including sports, such as high-altitude training, mountain biking and rock climbing,” Al Shueili said. In addition, there will be a variety of experiences, includ-

ing a hotel on a cliff edge over a 1 km-deep canyon, property in an existing wadi and a conservation area for stargazing.

The 3.6 million sq m Al Khuwair Downtown project is a waterfront site in the centre of the city, consisting of both reclaimed land and redesignated land, such as an old power station. A population of 60,000 is proposed, with some buildings of 35-40 floors. There will be a mix of residential, office and retail, along with facilities including a park, health centre and educational institutions.

At MIPIM, Al Shueili is also promoting interest in the Oman Vision 2040, a spatial programme for the development of the country, with a pipeline of projects. “We hope that will attract longterm investors,” he added.

‘Giga projects’ on offer in Saudi Arabia

INVEST Saudi is back at MIPIM for the third time with its largest ever delegation across three pavilions.

“It showcases our commitment to partner with the world, our ambitions and our innovation across giga projects,” said Fahad Alhashem, assistant deputy minister of investment development, service sectors, at MISA’s Invest Saudi.

Saudi Arabia’s national investment promotion platform will host a series of panel sessions and presentations featuring leading figures from the Saudi government and industry, including the Saudi Architecture and Design Commission, the Public Investment Fund, Diriyah Company, King Salman Park Foundation and New Murabba. “The Real Es -

tate General Authority will talk about how they are regulating the market and improving property registry, brokerage, asset management and facility management,” Alhashem added. With more than a million trees being planted, King Salman Park will eventually be four times the size of Central Park in New York. “Imagine building a park in the middle of the desert. It will really showcase our commitment to net zero and our push to reduce carbon emissions,” Alhashem said.

The Diriyah development is another huge scheme in the birthplace of the Kingdom of Saudi Arabia and its foremost historical, cultural and lifestyle destination. By 2030, the 14 sq km site

will feature 38 hotels, more than 100 restaurants and multiple educational institutions. “The Diriyah project is dear to our hearts,” Alhashem said. “It holds strong significance in the history of the kingdom and it’s also an iconic and truly inspiring project in the middle of the city.”

The Saudi market has been growing rapidly and is set to reach record levels as the government’s Vision 2030 plan unfolds. “We are not yet there yet.” Alhashem said. “We have not seen a peak. It’s important that everybody knows they are welcome to be part of this growth. We want companies to come and visit us, look at the opportunities and also take a step forward. And we’ll be there to help and assist them.”

Invest Saudi’s Fahad Alhashem

Oman minister Dr Khalfan Al Shueili

How can a cultural renaissance boost a city’s digital visibility?

As the leading communications agency for the BUILT ENVIRONMENT, we’re here to help.

To access the sixth edition of EUROPE’S MOST TALKED ABOUT CITIES and learn more about our specialised City Strategy Unit go to

FOREIGN CASH BOOST FOR HUNGARY LOGISTICS SECTOR

HUNGARY has performed incredibly well at attracting FDI, with large corporates setting up their new manufacturing plants in the country, primarily linked to emobility, according to Infogroup owner Ádám Székely.

This is partly through direct OEM investment, and partly through suppliers and third-party logistics operations. There has been notable growth in regional markets, and the industrial boom will be characterised by tailor-made, build-to-suit (BTS) developments in the near future, he said, adding that he was confident that the market would expand further.

“Tenants are far more concerned about the quality of space and ESG, which generates more focus on green solutions and extra investments from developers on sustainable and long-term solutions,” he said. “BTS is a key factor in the current market, however that requires proactive developers, who purchase, prepare and design property solutions.”

HelloParks looks to neighbouring countries for international growth

HUNGARY’s industrial property development sector is expanding rapidly thanks to its increased exposure to the countries in the east of Europe and the steady inflow of foreign direct investments.

That is the view of Rudolf Nemes, CEO and co-founding partner of sustainable real estate development company HelloParks, who said that this has had many beneficial effects on the industry, with accelerated

industrialisation, a favourable regulatory environment, the presence of skilled labour locally and sourcing further talent from abroad all playing a crucial role in this.

“In addition, Hungary is geographically well-located and has a positive nearshoring outlook; therefore, non-European businesses have great potential to carry out European manufacturing activities at highly competitive, cost-effi-

cient prices,” he said.

This has created favourable conditions for the sector to grow longterm, although he said he anticipated that the volume of speculative development will decrease as a proportion of the total market. Although HelloParks does not currently have a build-to-suit (BTS) standalone development in progress, the company is looking to create such development in the future.

“We have been dedicated exclusively to developing energy-efficient and sustainable industrial buildings from the beginning. It is now clear that there is a massive demand for such forward-looking buildings,” he said. “We have been chosen by some of the biggest international and global companies because our state-of-the-art buildings can be run on up to 50% less energy than a standard industrial complex built just a few years ago.”

At MIPIM the company is showcasing its development work in Hungary and promoting its international expansion plans.

BTS and spec build needs to be balanced

NOAH Steinberg, chairman and CEO of the Wing Group and chairman of the supervisory boards of Echo Investment in Poland and Bauwert in Germany, believes that the right mix of both build-to-suit (BTS) and speculative development is key to the growth of the Hungarian logistics sector.

“We are committed to serving individual requests in addition to market needs for immediate expansion or standard solutions. Over the past two decades we have built up expertise in customised solutions, we have provided BTS warehouse solutions for GE, Philip Morris, Phoenix Pharma, Wizz Air and fulfilment services provider Webship -

py, among others,” Steinberg said. The company has also concluded a long-term, circa 10,000 sq m BTS agreement with a major CEE parcel logistics group, which has nearly 3,000 pick-up points in Hungary.

Present in three countries — Hungary, Poland and Germany — through its ownership of Echo Investment and Bauwert, Wing’s industrial property portfolio totals nearly 300,000 sq m, plus an additional 370,000 sq m of development potential.

“The inflow of FDI is stimulating the activities of professional real estate developers and attracting significant international attention from investors,” he added.

HelloParks’ Rudolf Nemes

Infogroup’s Ádám Székely

The MIPIM Sustainability Pledge

As the flagship event for the international real estate industry, MIPIM takes its responsibilities seriously and intend to lead by example with a series of concrete commitments.

We are inviting exhibitors to join us in becoming the very first signatories of an ambitious MIPIM Sustainability Pledge.

Signatories agree to 5 commitments

Low carbon transportation

Greener stands

#1

Ensure that 50% of your delegation travels using low-carbon options in 2024 (train, car-pooling, etc.), and increase this proportion to 75% by 2026.

#2

Measure the overall carbon footprint of your delegation’s travel to the show.

#3

Implement at least 3 of the following 5 measures by 2024:

Use more than 90% (by weight) of reused, reusable or recycled materials in the design of your stand; and take into account the second life or end-of-life of construction elements (reuse, donation, overcycling, recycling).

Use only recycled or recyclable materials, without PVC or solvents, and with vegetable or water-based inks for all signage.

Rent all furniture, plants and decorations.

Eliminate single-use products and consumables (gifts, gadgets, plastic bottles, flyers, etc).

Ensure that 100% of your waste is sorted and recycled.

The subsequent aim will be to comply with all these measures in 2025.

Active engagement with the values of diversity, equity and inclusion

#4

Ensure at least one-third of female speakers in sessions with more than 2 speakers (on your stand or in a conference room).

#5

Monitor the number of female participants in your delegation at MIPIM and identify female talents in your organisation, in order to increase the proportion of women by 20% each year until parity is achieved.

‘Keep calm’ and keep focus on premium real estate in core markets

NOW IS the time to be actively investing in premium real estate, according to Holger Matheis, CEO of Swiss Life Asset Managers in Germany. Speaking to MIPIM News, he said: “Some other investors are quite reluctant, but we see good opportunities.”

Matheis said Swiss Life Asset Managers is not unduly worried by the negative mood triggered by high inflation and interest rates: “The difference between us and a lot of other investors is that we take a long-term perspective. The market sometimes drops and sometimes rises, so you need to keep calm. If you stay focused on good properties in core areas and

segments, which have high ESG standards, it’s worth investing.”

Swiss Life’s core markets are Switzerland, France, Germany and the UK, but the company has recently expanded into the Nordics and Italy, Berlin-based Matheis said, with Spain a potential future target. In January 2024, the company acquired Sweden-based Wilfast Förvaltning, which will operate under the Swiss Life brand going forward.

A long-standing business partner, Wilfast manages real estate in Sweden, Denmark and Finland with an underlying value of €1.8bn.

In terms of priority segments, Matheis said: “We have a lot of experience in residential and we know there is huge demand in that area across Europe, because high interest rates mean that people cannot afford properties. But that will change.”

Swiss Life is also focusing on expanding areas, such as core-plus office buildings, life sciences, light industrial and logistics. “At the end of last year, we agreed an important joint venture with LaSalle Investment in the German logistics market,” Matheis said.

As for Swiss Life’s MIPIM priorities, Matheis added: “Most of my time will be spent talking to investors about the market, but we are also looking for partners on the equity side — wherever they come from. I will also be having a lot of meetings with banks. When I get time, I go to conference sessions to get a feeling for the international market.”

Real IS finds new purpose in repurposing existing assets

REFURBISHING a historic Haussmann property in the centre of Paris is about as challenging as it gets, but just such repurposing of existing properties is one way in which the German real estate company Real IS is meeting current market uncertainties.

Traditional outside, modern inside would also be a good description of the company.

Real IS is the real estate investment arm of BayernLB, the seventh largest financial institution in Germany and part of the Sparkassen network of public banks, which together make up the largest financial group in both Germany and Europe.

“There is a growing demand for renewing office spaces to make them attractive to employees or lose them to home working, with the loss of team spirit and creativity that goes with it,” said Christine Bernhofer, who will take over as CEO of Real IS when the current CEO, Jochen Schenk, retires in October.

Schenk pointed to another successful conversion, aimed at prolonging the life of a building and meeting climate targets to cut emissions and energy use. Real IS converted an ageing shopping centre in Berlin with redundant space, which involved replacing half the retail area with offices and turning the remainder space into a neighbourhood shopping centre.

An estimated 32 million tonnes of CO2 have been saved.

“We are now experts in manag -

ing this kind of green conversion,” Schenk added.

Other new lines of business for Real IS include setting up asset-management funds for properties held by pension funds facing growing regulation, and expanding into other territories. In Portugal, Real IS has just made its first €85m investment and, in Australia, it has, over recent years, built up a €1bn portfolio, mainly of state properties — including the federal police building in Canberra. Real IS now has a branch there. Meanwhile, come October, Schenk will not be lost to the industry: he will continue his work as vice-president of German Property Federation ZIA.

Swiss Life Asset Managers’ Holger Matheis

Real IS’ Jochen Schenk

NEWMARK UNVEILS NEW FRENCH TEAM

NEW YORK-based real estate consultancy Newmark has opened the doors to its new Paris office and unveiled a raft of appointments with expertise in the French market.

Among the new hires are noted industry figures François Blin, formerly of JLL, and Emmanuel Frénot from CBRE, who will lead the fledgling office and its growing staff, and focus on the firm’s capital-markets activity.

Blin will serve as chief business officer, while Frénot joins as deputy chief business officer.

Newmark has also recruited Antoine Salmon and Vianney d’Ersu, both formerly of Knight Frank, as co-heads of retail leasing. Jérôme de Laboulaye, who has moved over from CBRE Capital Markets France, has been named as managing director.

Newmark has chosen a site on the Boulevard Haussmann in the 9th arrondissement of Paris.

Decarbonise residential now or get ready to pay the price

THE RESIDENTIAL investment sector needs to wake up to the financial imperative of decarbonising housing or risk the cost of carbon-emission reduction rising far higher in the future, warned Xavier Jongen, Catella’s managing director of residential investment management. He was concerned that the current challenges over high inter -

est rates, inflation and global supply-chain problems have led many investors to “kick the can down the road”. But in the longer term, this will cost the industry far more to solve, he said.

“Residential is a key piece of the puzzle and investors globally need to prioritise decarbonising their portfolios, because the sector is responsible for around 26% of all

emissions,” he said. “What we need to do is work out how to balance decarbonisation while maintaining acceptable costs for occupiers and continuing economic growth.” To coincide with Monday’s Housing Matters! half-day summit, Catella published a special report called European Residential Vision 2024, which argues for the need to focus on mitigation to achieve decarbonisation.

“Mitigation is crucial because as we substitute old technologies such as gas heating with more sustainable options, such as heat pumps, we get a positive multiplier effect and the simple fact is that adaptation will never be cheaper than it is today. If we leave things longer, the costs will be higher and it is longterm investors and pension funds that will pay the price,” he said. Jongen added: “My concern is that progress is actually slowing at the moment and we must get the industry to understand that it needs to act now.”

Ditch debt for sale and leaseback

INFLATION and interest-rate trends will continue to be key factors this year, according to Christopher Mertlitz, W. P. Carey’s managing director and head of European investments. “We do not see interest-rate cuts soon and therefore expect the financing environment to remain challenging,” he said. “However, depending on the market and asset class, there are indications that prices are beginning to bottom out.”

Within this environment, “the sale/leaseback model remains attractive compared to debt, providing a liquidity solution for companies in need of capital”, Mertlitz added. “Companies can

invest this capital in key objectives such as financing expansions, acquisitions or R&D.”

As for trends within sale and leaseback, he said: “Last year, we noted a growing interest from private-equity firms in sale/ leaseback solutions. We expect this trend to continue in 2024.”

By sector, W. P. Carey sees opportunities in manufacturing, logistics, food production and food retail. “We feel optimistic about manufacturing and logistics, having completed the sale/ leaseback of 16 facilities across Italy, Spain and Germany, net leased to Fedrigoni Group,” Mertlitz said.

Catella’s Xavier Jongen

W. P. Carey’s Christopher Mertlitz

Emmanuel Frénot

François Blin

2024

Conferences & Events

16.20 - 18.00

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Verrière Californie

Equality of opportunities in Real Estate

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09.55 - 10.55

The long tail of geopolitical and energy shocks: Impacts and effective strategies for cities and real estate

10.10 - 13.00

The Residential workshop: Shaping the Future of Living Spaces

10.10 - 11.10

Funding Our Future: Navigating Net Zero Finance

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11.15 - 12.15

Trends in U.S.

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AI and real estate: How can it be used properly, what are the implications, how revolutionary will it be?

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Doing business with purpose

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17.10 - 18.40

The Italian market in 2024: trends and perspectives, opportunities and projects

14.10 - 15.10

The Future of Life Sciences Real Estate: Navigating New Frontiers

11.40 - 12.40

Clean Energy Frontiers: Navigating Investment and Innovation

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BUFA to Atelier Gardens: A Sustainable Campus Transformation

10.40 - 11.10

Positive Footprint Wearhouse - The future of logistics

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11.40 - 13.10

The Italian way ahead. Major Italian regeneration projects come to life

09.30 - 10.30

Trojena, from Masterplan to Development - Building and Funding a World-Class Mountain Destination in NEOM

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Europe’s Green Economy: how greener cities can be the key to future prosperity

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Urban Evolution: Building Resilient Net Zero Cities

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The Logistics Workshop - From the grey, white to green swan

Décarboner le futur : L’immobilier peut-il relever le défi de la neutralité carbone ?

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17.10 - 18.10

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Charting the Path to Net Zero: What Building Owners Learned Using the Green Globes Journey to Net Zero Program

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Ensuring Measurement Authenticity: Strategies to Counter Greenwashing and Comply with New Regulations

15.40 - 16.40

Beyond ESG Fatigue: How ESG Enhances Value and Expands Financing Opportunities

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Biotope is the new tech

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Silesia Summit: the Katowice Metropolis as a magnet for talent, innovation and investment

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14.30 Café avec la presse

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Barcelona Catalonia: The Science & the City

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Architectes : vos questions d’assurance en France et à l’international

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18.00 - 19.00

Projets Franco-Saoudiens : Construire l’avenir ensemble

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17.10 - 18.10

Actifs industriels, tertiaires, logements : les acteurs publics face au défi de la résilience

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C14

Palais 3

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Invest in Japan: What dynamics are driving the revitalization and evolution of the Japanese real estate market?

11.10 - 12.10

Navigating Growth in the CEE Region: Trends, Opportunities, and Innovations

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12.40 - 13.40

Moving towards to new urban developments and asset types

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14.10 - 15.10

German Real Estate: Unlocking Value and Capitalizing on Opportunities in the Shifting Landscape

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15.40 - 16.40

Nordic Real Estate: Leading in ESG, Technology, and Investment Opportunities

17.10 - 17.40

Partner Session

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Portugal Conference & Cocktail

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Wednesday 13 March

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BPF UK Investor Breakfast

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The Impact of Major Sporting and Cultural Events

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City Centres - Do or Die

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London 2024: Politics, polling and a tale of two elections

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Real Estate Balance Presentation and Panel

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How is London going to keep its cool? Exploring ecosystem resilience to urban uncool

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UK Investment Zones - Building the innovation economy

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UKCAP city investor panel discussion and reception - A collective approach to attract large scale investment partnerships

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Transformational infrastructure to help realise UK cities of tomorrow

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RIBA Reception Planning for the future: delivering high-quality, sustainable homes

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BPF Building our Future Drinks Reception

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Mons 2035 - Ambitious projects for a dynamic City

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Past simple / Compound future - with/against/on the existing

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Charleroi Metropole: The circular economy and energy efficiency at the service of our region’s development

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Circular Liege - New way of building

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The Productive and Inclusive City - From Idea to Reality

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How is ESG impacting asset value?

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Equality of opportunities in Real Estate

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Logistics investors are looking for stability in interest rates

RENTAL growth will continue to outperform other real estate sectors, while capital values will begin to stabilise and recover given that the underlying fundamentals remain compelling for logistics, according to Paul Rodger, managing director of real estate investor Burstone Europe. He said that with very little new supply of Grade A, sustainable warehousing being delivered, and occupiers in a huge range of businesses requiring efficient and well-located supply chain networks, he expected there to be an influx of capital to the warehousing and logistics market “as soon as investors have a clear line of sight to interest rates reducing, even if only marginally”.

“Everyone has been talking about

Post-COVID

the bifurcation of the office market — 2024 will be the year when we see real bifurcation in the logistics market, driven by a

mixture of regulation, investors demand and tenant obligations,” he added.

Rodger said that at a macro level, investors will be looking for signs that improving sentiment, driven by a more stable interest rate backdrop, will become a more permanent scenario.

“The market in general still feels quite muted, with cautious capital and transaction volumes not really picking up, and the tone coming from the ECB becoming a little more hawkish in recent weeks,” he said.

“MIPIM last year was dominated by the banking issues in the US and then Europe,” he added.

“And I suspect that the finance markets, and in particular how much lending appetite there is,

will be a hot topic this year.”

Looking at the logistics sector, investors are watching to see how prevailing tenant demand reacts to increased funding, occupational and labour costs and if they seek to consolidate costs and ultimately warehouse space as a result, he cautioned.

Rodger also pointed to the US election at the end of this year, and speculated that the industry will be looking out for the extent to which it could impact markets in Europe.

Turning to MIPIM, Rodger said: “As a pan-European business, any event that brings our stakeholders, tenants and consultants together is helpful and we can achieve as much in a couple of days as we would in a couple of months.”

He added that being here enables him to “see the tone of the market in a clear way”.

working patterns having a ‘knock-on’ effect on real estate

THE IMPACT of the pandemic on working patterns and real estate needs is ongoing and continues to shape the industry, according to Allison English, deputy CEO at workplace data specialist Leesman, who is at MIPIM for the first time.

“En masse hybrid working has transformed work patterns, so I expect a lot of discussion around the knock-on effect on real estate,” she said. “Companies are looking to stabilise their hybrid working approach and many are downsizing or relocating, which will undoubtedly have a significant impact on the commercial real estate industry and likely reshape cities.”

She added: “The dust is still settling and many organisations are

unsure how much real estate they need given variables like hybrid working, economic and political factors, ESG initiatives, labour market fluctuations and so on.”

All of which is generating activity in the market, English said.

“Some who quickly shed space during the pandemic are contemplating expanding and those in ‘wait and see’ mode will start making moves,” she said.

“More organisations will be focusing on quality alongside flexibility and agility to avoid being stuck with surplus, sub-par real estate,” she added.

Ultimately, however, English urged that companies should concentrate on the work that their employees need to do rather than where exactly they do it.

“The phrase ‘RTO’ [return to office] has been retired — permanently,” she said.

“The focus instead is on the ‘what’ and ‘how’ of work, rather than the ‘where’. Maybe it’s a hope rather than a prediction, but we should move beyond banal attendance targets.”

It’s a debate that English hopes to have while attending MIPIM.

“I’m of course looking forward to catching up in person with contacts old and new and hearing what others are thinking and doing,” she said.

“MIPIM will be a great opportunity to discuss the latest insights in the real estate industry and especially to share ideas about how to solve some of the sector’s most pressing challenges.”

Burstone Europe’s Paul Rodger

Leesman’s Allison English

Leeds

MIDDLESBROUGH

Liverpool

PRESTON

WOOD IS GOOD FOR FUTURE, BYWATER SAYS

DEVELOPERS need to prioritise the use of wood in design and construction to meet carbon reduction targets, according to Theo Michell, principal at Bywater Properties.

Bywater is currently on site with a timber office building in Vauxhall, London, alongside the Sumitomo Forestry Company (SFC), — originally on board to fund the project, but which subsequently acquired a substantial stake in Bywater. “Everything going forward will be with SFC and will have a mass timber element to it,” Michell said.

Bywater recently bought a site in Soho, London, and has applied for planning permission for another in the city’s Clerkenwell area. It has similar plans in central Manchester.

“Those are older buildings where we’re building with mass timber on top,” Michell said. “I’d say 90% or more of what we’re looking at is about retaining existing structures and adding to them with timber.”

The approach is popular with occupiers and their employees. “Not only is there a drive for occupiers to find buildings that meet sustainability ambitions, there are also themes around worker retention and demonstrating to staff that your business is aligned with the goals they care about,” Michell said.

“There is also the beginnings of some solid research around issues to do with mental health and the positive benefits of working in a timber environment.”

MRP is in Cannes to develop key Belfast regeneration plan

DEVELOPER and investor MRP is attending MIPIM this year primarily to promote opportunities at the huge Weaver’s Cross regeneration project in Belfast, Northern Ireland, on which MRP is working as master developer. Paul Beacom, the company’s development director describes the project as a “generational” opportunity.

The site is anchored by Belfast

Grand Central Station, which, when completed later this year, will be the biggest transport interchange on the island of Ireland and should substantially improve connections between Dublin and Belfast, not least by bringing passengers making the northern journey into the very centre of the city.

Currently, the wider area has outline planning permission for

1.3 million sq ft (121,000 sq m) of mixed-use office, life sciences, residential, student housing, hotels and retail/leisure space. “We are already working hard trying to identify investors, foreign occupiers and so on,” Beacom said.

“The station itself will complete later on this year and then there will be about 12 months of public realm works surrounding the station. So, we are looking to be on site as early as the end of next year with as many uses as we can.”

In addition, MRP is in Cannes to support the Belfast stand and to make the case for investment across Northern Ireland now that the government there has been restored.

“It’s brilliant,” Beacom said. “Both government and business can promote the benefits of the framework agreement. That means we have access to both the EU and GB [Great Britain] markets. If you’re a life-sciences company, for instance, you can access both markets with a single licence.”

Cash squeeze ‘will boost build quality’

THE INCREASED costs of financing will see an end to substandard developments and instead a return to quality, according to Jason Taylor, head of portfolio management at HansaInvest Real Assets.

“The finance was cheap — in some cases too cheap — and this environment promoted some developments that weren’t always good. It will shift more to quality again now,” Taylor said.

He added that the sector was at a turning point. “It will be interesting to see how money will be invested. You won’t see so many new developments — for exam -

ple, our focus will also be to reinvest in existing buildings we already have,” he said. This will include refurbishment on two sites in Paris and Edinburgh. Taylor said the shift would bring new opportunities, particularly in areas such as residential and logistics, as well as ESG, in which HansaInvest has focused its funds in the past couple of years and which it wants to continue to grow.

The company most recently launched a new ESG focused fund, Hansa German Social, targeted at children’s daycare, senior housing and community retail.

MRP’s Paul Beacom

HansaInvest Real Assets’ Jason Taylor

BUILDING NEW PERSPECTIVES.

SOPHISTICATED, DETAILED, CRITICAL AND INSPIRING.

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Pinto sees ‘opportunity on the horizon’ despite many challenges ahead

THE IMPACT of interest-rate fluctuations and inflation on European real estate investment strategies and property valuations, as well as the role of sustainability, are top of Sonae Sierra’s MIPIM agenda, according to Patricia Pinto, director of investor relations.

“We will discuss and explore how the uncertainty surrounding interest-rate fluctuations and inflation is altering market dynamics and influencing investment strategies,” she said. “As we continue to navigate through the economic landscape in Europe, we anticipate that the real estate industry, particularly in the global context, will continue to face significant challenges.” However, some challenges also offer business opportunities, Pinto said. “Despite these adverse conditions, we are also witnessing some positive signs,” she said, adding that, with the anticipated decrease in borrowing costs and inflation slowing, “there’s a growing sense of opportunity on the horizon”.

To navigate this, Pinto said a relationship of trust with an investment-management partner is increasingly important. “The most crucial aspect is finding a partner with a strong background in asset management and a proven track record, emphasising transparency and effective communication,” she added. “Collaborating with business partners will be vital, highlighting the significance of cultivating strong relationships and synergies with other industry players to effectively address the current challenges. Maintaining a focus on long-term value is also imperative, requiring robust investment strategies, active asset management and the ability to anticipate changes in the economic, social and digital landscape.”

Sustainability also remains a “significant concern” for the sector, Pinto said, adding: “Adapting to new requirements, such as ESG goals, will be essential for success in the industry.”

Pinto noted that, at Sonae Sierra, sustainability has been a core priority since the Nineties. “We’re not just discussing it or beginning to act,” she said. “We have always been at the forefront of it. Our dedication to ESG practices over the years [has resulted in] recognition from industry leaders, including the Science Based Targets initiative and GRESB.”

But she said the company would guard against complacency: “While I take pride in these achievements, I also feel the weight of responsibility that comes with them.”

In conclusion, Pinto said Sonae Sierra has three goals for 2024: “We aim to further strengthen our partnerships, enhance our sustainability initiatives and continue to deliver value to our investors through strategic investment and asset-management practices.”

Magnum Estate Projects – Luxury life and vacation in Bali

In recent years, one of the fastest-growing trends in tourism is vacationing on the island of Bali, Indonesia. It's no surprise, considering Bali's stunning nature, vibrant culture, unique beaches, majestic volcanoes, and, importantly, well-deve oped infrastructure. All these attractions are available to numerous tourists year-round.

Sonae Sierra’s Patricia Pinto

Magnum Estate, a property management company, is creating a luxurious experience in Bali that mirrors European comfort standards. Their development projects are coined as the 'black caviar of elite vacations,' with eleven premium residential complexes tailored to the refined preferences of European tourists accustomed to comfort.

Magnum Estate, the leading development company and the largest builder on Bali Island, Indonesia, is participating in MIPIM 2024. The company is currently building 11 premium complexes, and plans to launch 5 of them in 2024, aiming to establish them as iconic landmarks for the island.

Japan turns focus on ESG and inclusive urban policy-making

SACHIO Muto, director of urban policy at Japan’s Ministry of Land, Infrastructure, Transport and Tourism, is heading the government’s delegation to MIPIM this year. “In my presentation, the first thing I want to talk about is digitalisation,” he said, and specifically, a data storage and access tool called Plateau, which the government has devised to help people understand its various schemes for urban development and disaster-planning, using 3D technology.

“The profiles on Plateau are based on data we’ve gathered from 200 cities,” Muto added. “We will expand these models to 500 cities in three years. Since last year we’ve been offering this data to an international audience and have already made some presentations about it

in forums like the UN-Habitat, the G7 meeting and an OECD infrastructure conference.

“Plateau is useful to get more participants involved in infrastructure development, including young peo -

ple and the elderly, who can use it to understand our ideas more easily. It’s important because our urban policy should be more inclusive.”

Muto also wants to focus on green transformation. “We need more green spaces in places like Tokyo,” he said, especially given the reality that summers in Japan will likely become hotter in the future. “The problem is we don’t have much funding for those green spaces and need private investment to augment legislation, as well as developing schemes for evaluating biodiversity and liveability.”

As part of its plans, the ministry is promoting a Horticultural Expo in a suburb of Yokohama in 2027. “I especially want to present this idea to European participants at MIPIM in the hopes that they will

attend the Expo and participate in the exhibitions,” he said.

Another theme that Muto believes will interest foreign investors is disaster resilience, of which earthquake-prone Japan has extensive experience. “Several private companies will make presentations on resilience,” he said. “That includes not only building resilience, but reconstruction — things like setting up shelters and housing following a disaster — and relocation.”

Other key topics include transit-oriented development, sustainable construction practices, and Japan’s labour shortage. “I think it’s important that we have an exchange of knowledge regarding digitalisation and system-making,” he said. “I want more international feedback about the Japanese experience and I hope we can find more collaborators from the international community to co-operate on realistic schemes for redevelopment.”

Sachio Muto

The property leaders’ summit in Asia Pacific

3-4 December 2024

Grand Hyatt, Hong Kong

WELCOMES TWO MANHATTAN WEST

ARCHITECTURAL firm Skidmore, Owings & Merrill (SOM) and Brookfield Properties have completed Two Manhattan West, a LEED Gold-targeting office tower located on the corner of Ninth Avenue and West 31st Street in New York City. The project brings 2 million sq ft (186,000 sq m) of new office space to Manhattan West, built above active railroad tracks on the city’s West Side. The completion marks the final chapter in the development of the new Manhattan West neighbourhood, as part of a larger revitalisation of this area of New York City. Two Manhattan West joins its counterpart, One Manhattan West, a tower completed in 2019, along with four other buildings — three designed by SOM and all but one engineered by SOM — that bring extensive public space, offices, residences, hospitality and retail to a previously undeveloped district.

Jiwa: greater clarity is set to boost market liquidity

WITH greater clarity on the outlook of central banks, improving sentiment and a decreasing differential in price expectations between buyers and sellers, Valesco Group CEO Shiraz Jiwa expects to see increased liquidity in the year ahead.

The Valesco Group is a UK and European specialist real estate manager headquartered in London, with assets of €2.5bn under

management. Jiwa also predicted greater recognition of the differences between real estate sub-asset classes, and more focus on the future-proofing of real estate assets and how best to think like occupiers to meet their needs.

“It goes without saying that the interest-rate environment and availability of debt finance, and what is the product of choice for lenders, will continue to be

core at MIPIM. For asset acquirers and owners respectively, it’s about how you make your asset financeable or refinanceable,” he said.

“There continues to be a lot of talk about pricing dislocation, and how can you differentiate yourself when acquiring assets when the whole market is down. It’s about generating alpha, rather than just the beta that comes as a result of a market downturn,” he said.

Jiwa added that MIPIM is “great for data, intel and deals” as it brings together a wide cross-section of the real estate market.

“In a very short period of time, you can get the views of an influential and representative sample size of the market — investors, landlords, lenders, brokers, occupiers and service providers. It’s also a great place to access off-market deals,” he said.

Landlords ‘must take tech seriously’

PROPERTY companies that fail to keep pace with advances in technology risk falling behind their peers, according Charlie Wade, EMEA managing director at proptech firm VTS.

“To stay competitive landlords must embrace technology at an operational and building level in order to develop a robust data-backed strategy and drive efficiencies within day-to-day workflows,” he said.

“Those already reaping the benefits will double down on their efforts, while slower adopters risk falling behind, unable to be proactive in their approach.”

Wade added that his experience at VTS has taught him that landlords and asset man -

agers increasingly understand the role that data can play in their businesses. “Our custom ers are hungry for data and in sights to provide a competitive edge,” he said.

“More than 13 billion sq ft (1.2 billion sq m) of commercial real es tate and more than 600,000 residential units are being managed on the VTS platform, generating millions of data points every day. That gives us a unique insight into trends and indicators across the asset lifecycle.”

Valesco Group’s Shiraz Jiwa

VTS’ Charlie Wade

The newly completed office tower

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Cox: industrial and logistics will rebuild before rebound

AS THE lead of CBRE’s EMEA industrial and logistics capital markets team, Jack Cox is ideally placed to identify trends and developments in this rapidly-evolving sector. At MIPIM, he sees a wide range of factors pointing to a cautious rebound in 2024, with investors anticipating that 2025 will be “a landlord’s year” in logistics. “2024 looks set to be a year of rebuilding, with real acceleration coming in 2025,” he said. Factors that point in this direction include an increase in ecommerce penetration rates and a material spike in manufacturing activity. “Manufacturers have been among the biggest takers of space in the last couple of years,” Cox said, “and the satellite demand that creates has been demonstrable. One contributor has been the war in Ukraine which has seen businesses

relocate from the east of Europe.”

Increased labour costs in China have also encouraged a trend of reshoring and nearshoring, Cox said, with cities like Dublin and Rotterdam among the beneficiaries. “Overall, we are seeing a move towards shorter, more robust supply chains,” he added.

In terms of recent trends in logistics, Cox has seen a shift from “pronounced liquidity in large format, multi-market logistics portfolios, with a sweet spot around €400m, to best pricing, best liquidity in the sub-€200m bracket.”

Looking ahead, he thinks the auspices look good for logistics rela -

Go granular to complete deals

DESPITE the ongoing gap in bid-to-ask expectations for real estate, Patron Capital senior partner Christoph Ignaczak believes that there will be opportunities for value-add, opportunistic investors this year, although that may mean going to a more granular level to complete deals. Patron Capital is close to concluding the fundraising round for an €850m fund targeting value-add assets and has already deployed capital in light industrial assets in Germany and is in due diligence for further properties in Germany, the Netherlands and Belgium. However, Ignaczak said that he had seen little evidence of a high volume of distressed assets avail -

able for sale and said that instead investors such as Patron needed to work hard to seek out opportunities suitable for investment. “We’re prepared to look at quite small assets of 5,000 sq m to 10,000 sq m and in lot sizes from €5m to €35m, so it’s a granular approach we are taking to find value-add assets,” he said. “While many of the larger asset owners and banks are still holding properties, some of the owners of these smaller assets have strategic reasons for why they want to sell.”

Patron is focused on industrial and logistics, continues to examine opportunities in the residential sector and is also willing to consider good-quality office as -

tive to other asset classes. “A lot of hard work has been done between the buyer and vendor community to narrow the bid-offer spread. It feels that the logistics market is fully repriced and that investment volumes are picking up. The demand to get into the sector is there, it just needs the stability that would come from interest rate cuts and continued deflation.”

Cox said that MIPIM will be a great opportunity to test sentiment among investors.

“The market is an unparalleled opportunity to spend high-quality time with people and establish a meeting of minds. I’ll be trying to discern between those who’ve got enthusiasm to invest and those who’ve got the conviction and ability to do so,” he said.

In terms of segments, he is interested in core investors: “There are small specific examples which suggest that market has been reactivated, and I’ll be trying to discern if that’s a kind of precursor to real momentum buying in the market.”

sets with strong ESG credentials and in what it considers desirable locations in smaller European cities rather than core CBDs. “Although offices are out of favour as an investment class currently, we believe there are still opportunities in the market, but again this requires a detailed consideration of each asset,” he added.

Ignaczak said that Patron Capital is at MIPIM looking to cultivate opportunities for investment in Europe and, with its capital fundraising almost in place, believes that if the transactional market does begin to unlock, there remains a “massive opportunity” to do deals across the asset classes.

Patron Capital’s Christoph Ignaczak

CBRE’s Jack Cox

A DELEGATION of French real estate firms is in Cannes with the Club France group to promote their expertise to the markets and make new international contacts at MIPIM.

Professionals from a range of firms with an interest in real estate — including architects, investors, developers, public sector bodies and communications specialists — are present at the Club France stand.

Club France has been in operation since 2015, founded by two public-relations professionals, Alain N’Dong and Christophe Poujeol, association directors of Paris-based PR firm Treize Cent Treize. The federation seeks to bring together firms from across the French real estate industry, and promote them to potential domestic and international partners.

Industry faces challenges from flexible working and new tech

“EXPECT the unexpected,” is the message to MIPIM delegates from Robert Thornburgh, CEO of Washington DC-based SIOR, the Society of Industrial and Office Realtors. With 3,900 members in 49 countries, the society is well placed to monitor trends in the post-pandemic real estate industry.

Two in particular are pressing, he said. The first is changing office requirements in response to a new norm in flexible working. And second, the influence of technology-driven services.

“An emerging group of decision-makers are rightfully questioning antiquated methods,” Thornburgh said.

He expected managing and leading through volatility, “closely evaluating what worked and what didn’t work”, to be a key theme at this year’s market.

“We are all looking at growth drivers and seeking those unique,

highly impactful ideas to assist in the capturing of additional market share,” he said. In terms of SIOR, he said the society was always looking for knowledge, talent and cutting-edge thinking to improve resources to members. “MIPIM provides an extraordinary forum to interact with industry leaders from across the globe.”

Looking to the rest of 2024, he thought all markets would continue to experience uncertainty and the resulting drag on pricing. “How significant and longterm an impact these changing influences will have on the commercial real estate landscape is anyone’s guess,” he said. “What is clear is that this will continue to push every aspect from building design, valuation, businesses and real estate professionals in ways we have not seen before.”

He remained optimistic, but added: “Those who maintain a quick and nimble mindset will be best equipped to capitalise on whatever tomorrow brings.”

Hines announces investment in Paris student housing schemes

GLOBAL real estate firm Hines has unveiled two student-living projects in Paris. The two investments will create around 650 new beds each, as part of a longer-term strategy to deliver 4,000 beds over five years.

The first of the two new investments is Liberté 1, a 26,500 sq m office building in Charenton-Le-Pont, acquired from Covivio by the Hines European Real Estate Partners III (HEREP III) fund. The second is a 17,000 sq m complex located west of Paris in Hauts-de-Seine, acquired for the Hines European Value Fund 2 (HEVF 2), under the French ‘off plan’ process (aka VEFA). Paul White, fund manager of both HEREP III and HEVF 2 said:

“The creation of professionally managed, highly amenitised, purpose-built student-living schemes in our preferred markets is a high-conviction investment theme for the HEREP fund series. The funds have ambitious plans to con-

tinue growing across Europe.” The investments will be managed by aparto, Hines’ in-house student-living platform. Set up almost a decade ago, aparto operates around 6,000 student beds in the UK, Ireland, Spain and Italy.

SIOR’s Robert Thornburgh

Hines’ new Liberté 1 site in Charenton-Le-Pont

Club France’s Christophe Poujeol (left), and Alain N’Dong

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TSP’S GOODMAN EXPECTS YEAR OF ‘MUSICAL CHAIRS’

THE LONDON office market is on the cusp of a strong recovery after the turmoil of the pandemic and rising interest rates, according to Zac Goodman, CEO of UK investor, developer and asset manager TSP.

“People seem to be gearing up to get back in — especially offices, which have been out of favour for a while now,” he said.

“My personal prediction is that there will be significant investment in core London locations, with international investors sensing a bottoming of the office-investment market, as well as still benefitting from a relatively cheap pound.”

Goodman added: “The London office market is a £206bn (€240bn) behemoth — too big to be ignored for much longer.

The other alternative classes have all started to overheat, so it’s going to be an interesting year of musical chairs.”

Vintage year for investments predicts W Real Estate CEO

WITH interest rates trending down and inflation levelling off, the real estate investment environment has found firmer ground, according to Sascha Lewin, CEO of London-based W Real Estate (W.RE).

And that means that those “legacy projects in tricky situations” can now be looked at again by investors keen to make the most of opportunities to acquire good assets at lower valuations, which

should see investment capital unlocked in 2024.

“I thus expect this year to keep us occupied with some hard graft as well as some exciting new opportunities. Once the dust settles and we gain some perspective, I believe 2024 will prove to be a vintage year for investments in commercial real estate,” he said. While the focus of W.RE’s operations is primarily on Lon -

don’s real estate market, its collaborations extend worldwide and the company’s investor base spans the UK, EMEA, the US and Asia.

“Currently, we engage architects and engineers from Swiss, German, Danish and Australian firms, all of whom have representation at MIPIM. However, MIPIM is more than just a place to meet with existing colleagues. It offers a unique opportunity to forge new relationships,” he added.

“Office-based work is undergoing a seismic shift, and the built environment needs to adapt quickly to meet changes in working patterns. I expect discussions to be around space as a service, the ‘hotelisation’ of office, health and wellbeing in the workplace, and of course, continuing discussions around ESG. On the investment side, the mood seems to be more positive, and I am looking forward to putting my finger on the MIPIM pulse.”

Specialist tech brings benefits

PROPERTY companies can waste resources and create inefficiencies if they attempt to develop technologies in-house, according to Oli Farago, CEO and founder at Coyote Software.

“The commercial real estate sector continues to be shaped by abundant data and affordable analytics tools, prompting organisations to attempt custom software development inhouse,” he said.

“Yet, technology’s rapid evolution, especially with AI and machine learning, demands ongoing innovation, support and maintenance — areas where specialist tech firms excel,” he said.

“Collaboration with these firms offers access to cutting-edge technology, ensuring solutions

adaptable to future changes. Best-in-class providers expertly handle system maintenance and updates, guaranteeing reliability and security,” he said. “The trend of partnering with tech companies is growing among firms recognising the benefits of external expertise in navigating innovation and maintaining competitive and compliant operations.”

Farago added that while digital connectivity is now essential in the modern economy, human interaction remains vitally important. “[MIPIM] proves that the real estate industry will always be built on relationships and connections. It’s still the destination for people in real estate to connect.”

W Real Estate’s Sascha Lewin

TSP’s

Zac Goodman

Oli Farago, CEO and founder at Coyote Software

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Inaugural Global ESG Awards honour drivers of change

YESTERDAY’s inaugural Global ESG Awards ceremony acknowledged the hard work of companies and individuals within the construction and real estate sector in the environmental, social and governance (ESG) arena.

Following 180 nominations across six categories, 6,801 public votes and 2,177 evaluations by a global official jury committee, a ranking was compiled, revealing six clear

winners. These companies and individuals were recognised by their peers with an honorary award for their contributions.

The Global ESG Awards were backed by European Building Innovation Network (EUBIN), MIPIM and sponsor Paul Tech.

“It is groundbreaking that this award finally puts the focus on the young, innovative companies who are developing and offering urgently needed

solutions for the construction and real estate sector,” said Sarah Schlesinger, co-founder at EUBIN.

ESG considerations in construction and real estate encompass a wide range of practices. These factors have become progressively crucial in these sectors to remain competitive, attract investors and meet the expectations of a more conscious market, according to EUBIN.

‘’ESG principles are vital to our company’s vision. They ensure long-term sustainability and boost market competitiveness while cutting risks. Prioritising ESG aligns with our carbon-neutrality targets, attracts like-minded talent and supports environmental and social wellbeing,” said Sascha Müller, CEO at Paul Tech.

THE WINNERS OF THE GLOBAL ESG AWARDS 2024

Compliancy Award for the best solutions that comply with regulations

Winner: Deepki (France)

EcoBalance Award for the best solutions for climate change and pollution

Winner: aedifion (Germany)

Aqua Biodiversity Award for the best solutions for water and marine resources, biodiversity and ecosystems

Winner: Droople (Switzerland)

Resource Excellence Award for the best solutions for resource use and circular economy

Winner: Concular (Germany)

CommuniCare Impact Award for the best solutions for affected communities, consumers and endusers

Winner: Chainels (Netherlands)

ESG Leadership Award for the best corporate ESG personality

Winner: Aleksandra Njagulj, DWS Group (UK)

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The winners of the first Global ESG Awards

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Decarbonising real estate pays a real world ‘green premium’

THE PROPERTY industry still has much work to do in reducing its environmental impact, despite the great strides in ESG awareness of the past decade, an expert in green investment has said.

Emma Harvey-Smith, chief of staff of the Green Finance Institute, is at MIPIM to meet with senior real estate figures and talk about the opportunities and challenges entailed in decarbonising property.

Speaking to MIPIM News, Harvey-Smith said that the industry is gradually finding ways to make positive changes, driven by initiatives such as linking financial incentives to sustainable investment and development.

She added: “2023 was a seminal year for both climate disaster but also climate action. We saw 1.5°C

breached many years earlier than was expected but, at COP28, we saw countries commit to tripling their renewable energy and doubling their energy-efficiency efforts. We know the real estate industry is one of the largest contributors to greenhouse gases, so there is a huge opportunity for real estate to support the decarbonisation of the global economy. But to do that you need finance. That’s what we’ve been looking at at the Green Finance Institute. We’ve been looking at where the barriers are to decarbonising real estate and how finance can come in to help that.”

Harvey-Smith said this financing challenge, along with the high costs and long return-on-investment periods associated with green investment, are deterring real estate firms

from committing to cleaner, green technologies and adopting more sustainable practices. She added that the goal of the Green Finance Institute is to assist sustainable investments to help overcome these financing obstacles, and to provide intelligence and expertise in making green investing more viable.

“We’re at the forefront of looking at how finance can support the decarbonisation of real sectors of the real economy,” she said. “We are at a unique intersection between the public and private sectors.”

Harvey-Smith believes the industry as a whole has made significant progress over the past decade, particularly since the introduction of ESG as a term. This, she said, was being driven by more education and an increased understanding of what she

described as the “green premium” — the financial and reputational benefits to a firm of demonstrating more sustainable investment and development practices.

Green Finance Institute’s Emma Harvey-Smith

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PERFECT OFFICE IS ‘EASY TO GET TO, DIFFICULT TO LEAVE’

THE WORKPLACE has been “changed forever” by social factors, technology and attitudes among employers, a leading real estate expert has said. Kunle Barker, a well-known property writer and broadcaster, and co-founder of architectural and design firm Barker Walsh, told delegates that office occupiers’ expectations have changed and become more flexible as they have adapted to new working practices. “Businesses need to scale up and scale down,” Barker told delegates at yesterday’s Places That People Want To Work session in the London pavilion. “Rather than just thinking about what they want, [employers] are listening to what their staff needs.”

He added that the ideal office and workplace that developers should be working towards is somewhere that is “easy to get to but difficult to leave”. Barker was joined on stage by Jackie Sadek, chair of the UK Innovation Corridor and host of the session, BusinessLDN’s Stephanie Pollitt, JLL London’s Katie Kopec and London Borough of Hounslow’s Niall Bolger.

Thailand’s focus on infrastructure drives equality and the economy

INVESTMENT in infrastructure is critical not just for macroeconomic development but also for increasing equality at a societal level.

That was the overarching message from Thailand’s Prime Minister, Srettha Thavisin, who delivered yesterday’s keynote speech at a session focused on infrastructure.

“One of the central goals of my government is to foster equality through economic growth,” he said. “We firmly believe that infrastructure is at the heart of enabling progress and access across all sectors of the economy.”

He added: “Time and again, we have witnessed that well executed infrastructure projects can lead to immense economic and social benefits, not only for those living in the major cities, but also for everyone, everywhere.”

As an example, Thavisin cited Suvarnabhumi Airport, also known

as Bangkok International Airport, which opened 18 years ago. “This significantly widened the gateway to Thailand,” he said. “In the decade prior to the airport’s completion, we

saw the number of visitors grow by 71%. However, the decade after saw growth of almost 110%.”

This taught Thailand the value of investment in infrastructure, added Thavisin, who prior to entering politics worked for decades in the real estate industry. “It enabled us to become a top global travel destination,” he said. “We learned the vital importance of infrastructure and its far-reaching impact, benefiting not just tourism, but also multi-dimensional industry, including, of course, real estate.”

Other speakers at the session included Dr Khalfan Al Shueili, minister of housing and urban planning in Oman; Michal Mlynár, UN assistant secretary-general and acting executive director at the United Nations Human Settlements Programme; and Chantale Pelletier, global head of infrastructure equity investments at Fidelity International.

Saudi Architecture and Design Commission calls for partners

OPPORTUNITIES for architects and design services are being promoted at MIPIM by the Saudi Architecture and Design Commission, one of 11 commissions set up under the Ministry of Culture to protect, promote and enrich the country’s national identity.

“The Commission is four years old and has reached a level of maturity that we feel is time to reach out to our international partners and make explicit our role among the many commissions in Saudi Arabia,” said Dr Sumayah AlSolaiman, CEO of the Architecture and Design Commission. The Commission covers various disciplines, including architecture, landscape architecture, urban design and planning, and interior, graphic and industrial design. It is

also the regulator for these sectors. Al-Solaiman said the Commission has three aims at its first MIPIM. The first is to improve its visibility and role. The second is to promote the King Salman Charter for Architecture and Urbanism, which sets out a design methodology that highlights Saudi Arabia’s history and culture, “while also serving as a guide for decision-makers, specialists and those interested in architecture and urbanism”, Al-Solaiman said. Thirdly, the Commission has produced a sector report to serve as a guideline for the opportunities in the country. “We want architects to come into the country. We are interested in importing strong local offices to create a more competitive and healthy sector in Saudi Arabia,” Al-Solaiman said.

Thailand Prime Minister Srettha Thavisin

Barker Walsh’s Kunle Barker

Saudi Architecture and Design Commission’s Dr Sumayah Al-Solaiman

Blackbrook reaps rewards of resilient supply-chain assets

ARVI Luoma co-founded Blackbrook Capital just as COVID was ripping its way through the global economy. With the war, inflation and elevated interest rates that followed, the former head of European investments at W. P. Carey is confident that the fledgling firm chose the right sweet spot — mission-critical, future-proofed supply-chain assets.

“We’ve been able to build a very resilient portfolio, diversified across Europe. We’re centred around cash flow, income-driven investing in assets that will still be relevant in 30 or 40 years. Companies need supply-chain resilience and efficiency more than ever — so we’re focused on real estate that addresses areas like ESG and ecommerce, as well as some of the issues we’ve seen in recent years,” Luoma said. The firm started out focusing on sale and leaseback, which was

the background of the company’s principals, but more recently it has diversified into the construction of speculative logistics assets. Today, the company has around $1bn split across the two

areas: “We felt we had the expertise to build assets and tenant them,” he said.

In terms of the locations of the asset builds, Luoma said: “We have spec logistics in the UK worth around €200m, mainly around Birmingham and slightly further north. We also have assets under construction in Germany, France, Poland and have just finished building in Spain. Typical sizes are 200,000–500,000 sq ft (18,500–46,400 sq m).”

Luoma said the real estate market is in a trough right now — and that it will take positive news on interest rates to change that: “It is a very challenging environment for a lot of people. Companies that are well capitalised will deal with it, but we’ve all got to be patient. The key is interest-rate cuts. Whether that happens in three months or nine months, I’m optimistic it will trigger a new more positive cycle.”

Seeing stronger signs of stability

SOME normality is returning to the real estate market, according to Kajima Europe’s head of European investments Daniel Bumpstead. “For the last year everyone has wanted to get back to level ground. Without being too positive, I would say people are getting to a point where they feel they can make decisions and execute a business plan.”

As for his own priorities, Bumpstead said Kajima Europe is currently most active in living and logistics. “A real growth path for us is affordable housing and student housing. We are the owner of the largest student platform in Poland. We’ve had that business for about five years now and grown it from 1,000 to 4,500 beds.”

Bumpstead is optimistic the Poland template can be extended across Europe. “One market we’ve identi-

fied is Italy, where we’re hoping to announce something soon. One of our skillsets is getting into markets early. We learned a lot of important lessons growing the business in Poland and believe we can translate that into Italy.”

The company is also exploring opportunities for student and affordable housing in Spain. On affordable housing, Bumpstead said: “There’s a political risk around controlling rents, but it’s a sector we like. We understand the supply and demand dynamics, and every key city across Europe needs housing. So, in Spain we’ve been entering into tender processes with local authorities in Madrid and Barcelona.”

In terms of his plans for the week at MIPIM, he said: “It’s all about meetings, catching up with local partners, brokers and investors from across the continent.”

NEAR-SOURCING BOOSTS CENTRAL EASTERN EUROPE

CTP IS at MIPIM to educate investors about opportunities within Central and Eastern Europe and the drivers in the market, according to Bert Hesselink, CTP’s group client relationship director.

“We see a very strong interest in Central and Eastern Europe and strong drivers for space,” he said. “There is a skilled workforce that’s more affordable, with salary levels on average a quarter of western Europe.” Such benefits are accompanied by significant investment in infrastructure and the region offers space to develop modern, target-specific properties,” he said.

“Central Eastern Europe is being recognised as a primary region, especially for industrial and logistics real estate, and demand for near-sourcing is coming through too,” he said. “Companies may not admit they are doing it but we see it coming through in our deals. Increased geopolitical risks and disruptions in supply chains are additional reasons why companies are decentralising production,” he added.

Blackbrook Capital’s Arvi Luoma

Kajima Europe’s Daniel Bumpstead

CTP’s Bert Hesselink

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