MIPIM 2024 NEWS 3

A unique opportunity for investors and developers in the heart of Riyadh, Saudi Arabia, a G20 capital city

13

32

Conferences

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

Spotted at MIPIM

Over 30 participants took on the challenge of swimming one or two kilometres in the open water off Cannes. SwiMIPIM is an event co-hosted by Elliott Wood and dMFK Architects, raising money for the homeless charity Streets of London

Your stands wowed us, enticing delegates to find out more about your business and opportunities to collaborate

Diriyah Company unveiled the concept design for The Arena, as part of its $63.2bn (€57.8bn) masterplan. Located on the outskirts of Riyadh, it has been designed by Londonbased HKS Architects and will have a 20,000-seat capacity to host sports, entertainment and cultural events

Schindler created a novel way to entertain and inform delegates, by inviting them on a 10-minute train journey through the stand including business presentations and videos.

Kaya Construction and architects Gokhan Aksoy are nearing completion on the first phase of a project to deliver 84 new housing units to the Turkish coastal resort of Çeşme. Gokham Aksoy of Gokham Aksoy Architects (left); with Huseyin Kaya and Hasan Kaya of Kaya Construction

In the Neom Pavilion, we caught the sun setting across the fantastic mountain tourism destination of Trojena, which will offer year-round outdoor skiing and adventure sports

Hopping on board: Eric Ohlmann, (left) and Christophe Pouzol, both of Credit Agricole du Languedoc

MIPIM is made by the people who attend it, and you were in sociable and dynamic mood in Cannes

The Mayor of Rome, Roberto Gualtieri, headed the extensive and ambitious Rome delegation at this year’s MIPIM

Exploring MIPIM: Filippo Rean, managing director, RX France; Pascal Boulanger, president, FPI France; Patrick Martin, president of Medef; Dorothée Pineau, deputy director of Medef; and Bruno Arcadipane, president, Action Logement Groupe

Enjoying the sunshine in Cannes: Krista Jamgotchian (left), Derek Le, Maximiliano Bello Ibarguengoitia, Keith Ronca and Felicia DeGasperis of Columbia University

Paris La Defense team members Aurélie Boisselet (left) and Gabriel Charasse strolled along the sea front on day two

5 In the USA Pavilion, Tennessee Realtors Hagan Stone (left), Angela Shields, Michael Shields, Will Sliger and Travis Close stopped to say howdy

You made the most of your time in Cannes to debate, brainstorm, launch ideas and forge new connections in every corner of the Palais

On the UK Stage, Melanie Leach, chief executive of the British Property Federation, called for planning changes.

Pictured: Richard Benson, The Ardent Companies (left); Joanna Averley, Dept for Levelling up, Housing and Communities; Simon Stretch, Innesco; Melanie Leach; and Gus Wiseman, Dept for Business and Trade

Paris-Saclay unveiled a European first in artificial intelligence (AI), launching a system dubbed Urba(IA) to help anticipate, evaluate and manage urban planning’s ecological transition. Grégoire de Lasteyrie, president, Paris-Saclay (left); and Emmanuelle Carlier, Buildrz

The workshop for the inaugural MIPIM Challengers saw the 16 selected professionals under the age of 30 brainstorm new ideas for the future of real estate in a closed-door session

Italian retail property body CNCC organised its first event at MIPIM, with a session focused on retail investment strategies in Italy.

Pictured: Fabio Porreca, Svicom, (left); Fabio Filadelli, Nhood; Silvia Gandellini, CBRE; and Marco Montosi, Savills Italy

imFokus Gipfeltreffen: Transformation Bestand

Am 19.06.2024 in Hamburg

Nur über die Transformation der Bestände, ist der Weg zur Klimaneutralität zu beschreiten. Dabei spielen nicht nur mögliche neue Nutzungsformen eine Rolle, sondern auch die Umsetzung der ESG-Regulatorik. Neben spannenden Vorträgen und Panels werden wir außerdem eine Bestandsentwicklung live vor Ort in Hamburg besichtigen.

Folgende Themen erwarten Sie:

• Welche Herausforderungen warten bei der Bestandstransformation?

• Wie gehen Marktakteure mit den Hindernissen um?

• Welche Rolle kann Digitalisierung und Materialwirtschaft dabei spielen?

• Welche ESG-Regulatorik ist überhaupt zu beachten?

• Und was wollen eigentlich Investoren?

Mehr Infos unter

www.immobilienmanager.de/imfokus

Partner:

THE UK will remain a reliable partner for international real estate investors no matter the outcome of the forthcoming general election, which could take place any time between May and January next year. That was the message from Lord Johnson, minister for investment in the Department for Business and Trade, who delivered the keynote on the UK stand yesterday.

Labour or Conservative, UK is ‘great investment’ destination

goal, which is to get great investment. And I think that differentiates us from the rest of the world.”

Indeed, Johnson believes the greater devolution to city regions — many of them run by opposition parties — that his government has delivered has created even greater confidence among investors.

“We have seen the rise of civic leadership outside London,” he said.

“The reality is that whoever sits in this chair as investment minister from any of the major political parties is determined to get as much money as possible,” he said. “This is really important for the international investor base. I just don’t think there’s any other country out there where you have a consensus around the need to bring in investment.”

Johnson also pointed out that many of the UK cities exhibiting at MIPIM this year, including London, Manchester and Newcastle, are led by Labour politicians and that their stands are still bustling. “A lot of the cities exhibiting are not led by my party,” he said. “But if you’re an international investor, you know that we all have the same

“There has been this political rebirth in regional capitals, with the likes of Andy Street in Birmingham and Andy Burnham in Manchester. That is hugely relevant in terms of attracting investment.”

Asked which investment into the UK made him most proud, Johnson pointed to Tata’s decision to invest £4bn (€4.7bn) in Somerset in order to build a giga-factory. “That was a real cross-government effort,” he said. “That one decision by Tata really turned the tables. Before that, only Nissan had committed to building electric vehicles in the UK, but afterwards many more made their announcements. We saved millions of people’s livelihoods and recreated a new industry.”

Awonuga: why we must seize the opportunity of diversity

AWARD-WINNING speaker

Hannah Awonuga, group head of diversity, equity and inclusion (DEI), and partner at Knight Frank is at MIPIM this week.

“I suppose for me the role is about

taking the organisation on a cultural journey,” she told MIPIM News. “We know that the world is changing. And so we want to make sure that we are reflective of society, that we reflect our clients,

that we attract the best talent, and that we play our role from a social-impact perspective.”

Awonuga said progress is being made, albeit slowly, but there is a consistent conversation taking place. “Whenever I speak to people across the industry, and within our organisation as well, there’s a real thirst, a need, a recognition that there’s lots that we can do, loads of opportunity,” she said. “So what I’d like to see — and what I think we are starting to see — is this real recognition that if we want the best team and want to remain relevant in the industry, then we need to have the most diverse workforce.” When thinking about DEI we need to broaden our mindset, she said. “Often when we think about diversity, equity and inclusion we think

Riyadh scales up for new downtown

NEW MURABBA, the redevelopment of the centre of the Saudi Arabian capital, Riyadh, is up and running. The project will be the largest downtown regeneration globally, with probably the largest building in the world as its centrepiece, bringing with it huge investment opportunities.

The project is presented for the first time at MIPIM by the CEO of the New Murabba Development Company (NMDC), Michael Dyke, who took up his role at the beginning of the year. “The first visit to MIPIM, but one of many to come,” Dyke said. He said that the project was now at the development stage, with work proceeding on the detailed masterplan. NMDC signed a memorandum of understanding with Saudi Arabia’s Tourism and Development

Fund at the end of February and the two will work closely together “to create … the world’s largest modern downtown, serving as a model for future urban development”.

The aim is ambitious: “a true 15-minute city”, based on the

latest technology. It will include 100,000 residential units, 9,000 hotel rooms, retail spaces, offices, leisure facilities and community centres, all within a sustainable, walkable downtown. There will also be a museum and a technolo -

it’s solely about gender. Actually, there are so many more dimensions to diversity, whether that’s race and ethnicity, whether that’s social mobility, whether that’s ability or generations. So we’re not just women or we’re not just black or not just from the LGBT+ community. I think that’s the complexity.”

So are there positive steps Awonuga would like to see taken as the industry continues on this journey? “Absolutely. I think there’s a huge opportunity,” she said. “Often white men find that they don’t feel like they have a place in the DEI conversation. They feel that they don’t really know where they fit — but for me, it’s very clear where they fit: they are allies and they are sponsors. And so what I’d love to see is our senior leaders, our senior CEOs, and senior members in the industry take on that role as sponsors and really use their social and professional capital to bring people into the industry.”

gy and design university, and cultural and entertainment venues. At the heart of this ambitious plan is something audacious: the Makaab, a huge cube-shaped building resting on a spiral base. It will be about the same height as the Empire State Building in New York, but five times as wide and four times as deep.

It will provide 2 million sq m of floor space, with 1 million sq m pencilled in for retail, plus cultural and tourist attractions, residential, hotels and recreational spaces. “An immersive experience,” Dyke said. Dyke, who has the task of delivering the project, comes with a wealth of experience leading projects in construction and infrastructure. Most recently he was a member of Balfour Beatty’s group executive committee, responsible as CEO for the company’s interests in the UK’s high-speed rail project, HS2, Europe’s largest infrastructure project.

Knight Frank’s Hannah Awonuga

New Murabba Development Company’s Michael Dyke

BEYOND FLEXIBLE WORKSPACE SET TO OPEN IN BERLIN

INFINITSPACE, a tech-led provider of flexible workspaces, has entered into a management agreement with Central European investment group J&T to launch its first German flexible workspace location in Berlin’s new Quartier Heidestrasse development. Both parties have chosen MIPIM to make the announcement.

InfinitSpace will launch beyond Quartier Heidestrasse in November 2024.

The Quartier Heidestrasse development is a new mixed-use complex in Berlin’s Europacity project area, an urban district with direct links to the city’s main train station. Spanning almost 4,500 sq m and featuring 700 work stations, the beyond Quartier Heidestrasse workspace will be situated in a six-storey building containing a mixture of residential and office space, with additional facilities including a rooftop bar and a cafe.

Wybo Wijnbergen, CEO and co-founder of infinitSpace, said: “Quartier Heidestrasse in Europacity is everything an urban centre should be — innovative, attractive and built for facilitating human connection.”

There’s a welcome in Cardiff region for global partnerships

CARDIFF Capital Region (CCR) represents a “thriving, prosperous and very diverse” community, according to Kellie Beirne, director of the city region, which represents some 1.6 million people in Wales.

The CCR includes the cities of Cardiff and Newport, a range of market towns, the industrial heartland of the South Wales Valleys, rural communities and a coastal belt. It is a large area geographically but, more importantly, it represents more than 50% of Wales’ total economic output, Beirne said.

“So we’re here at MIPIM because we feel part of the UK city-region network,” she added. “We want to explore global partnerships, knowledge exchange and transfer. We’re here to secure investment for about £15bn [€17.5bn]-worth of oppor-

tunities but, much more than that, we are here to be seen. We are a rising city region. We’ve got strong growth prospects for the future and we care about our whole region.”

CCR’s stated USP is that it has a plan it intends to deliver. “We’re not trying to be all things to all people,” Beirne said. “We’re very clear about what we stand for. That’s cluster growth. It’s contemporary industrial strategy that aligns to our investment prospects. But I think what is unique about us is we’re not trying to win the same race as everyone else.” As well as its investment prospects, Beirne emphasised her region’s “liveability”.

“We’ve got a great natural environment and resources. We’ve got valleys, coastline and mountains. It’s a great place to live as well as to work,” she said.

Regeneration Brainery: working towards a more diverse industry

REGENERATION Brainery was set up in 2017 by the UK real estate industry to address the lack of diversity. Research showed that 70% of those who worked in the industry had a link through friends or family — a big barrier to many sections of the community, said Michele Steel, chief executive of the Manchester-based non-profit academy.

Regeneration Brainery works with young people in schools and colleges to make them aware of the industry and the many different careers available, and to give them a grounding and possible pathways into the industry through mentoring.

“We try to inspire interest so that they can see the property industry as something they can see themselves working in,” Steel said.

Currently, the programme is operating in eight UK cities, working through the education system to identify schools and pupils in underrepresented groups, such as poorer children who receive free school meals, minority ethnic children and refugees.

Two-thirds of those on the programme are from minority ethnic communities, Steel said. Also, attending industry events is part of the awareness process for the academy — and three participants have been given the opportunity to be here at MIPIM.

Cardiff City Region’s Kellie Beirne

MANCHESTER

Leeds

MIDDLESBROUGH

Liverpool

SHEFFIELD

NEWCASTLE

CHESTER

SUNDERLAND

York

PRESTON

MIPIM DEBUT FOR SAUDI MEGACITY PROJECT TEAM

NEOM is exhibiting at MIPIM for the first time to highlight the size and scope of its developments and to demonstrate how it is already delivering, according to Clark Williams, marketing and communications director for Trojena, one of Neom’s four regions.

“We wanted to get across the scale of the project and what we’re trying to do,” he said. “It’s hard to do that in a press release. We have other things, but at MIPIM we’re showing our two mega projects: Trojena and The Line.”

Those projects truly are huge. The Line will one day comprise a city of nine million people that is 170 km long but just 200 metres wide. It will feature no cars, be run entirely on renewable energy and residents will be able to access dayto-day essentials within a five-minute walk.

Williams said it’s important to understand that they are already under construction. “We’re beyond inception,” he said. “Now, we’re signing contracts and building.”

Williams added: “We’re looking for partners. We’re meeting with private investors, the big banks — and others.”

Paillet upbeat on challenge of reaching net-zero targets

TINA Paillet, president of the UK’s Royal Institution of Chartered Surveyors, gave her Net Zero keynote address, Funding The Future, against a background of optimism.

On Tuesday the EU Commission published new guidelines for managing climate risk in Europe. “This will drive change across the continent,” she said.

It was also good news, she said, that change was already happening. Demand from investors and builders to avoid climate risk was driving new construction methods. But research showed that 85% of buildings in Europe would still be in use in 2050 and 80% globally, and would all need to transition to energy efficiency.

Paillet put the estimated cost of the net-zero challenge at $13tn (€11.88tn). This includes about

$750bn a year for green cement and steel, and $500bn a year for buildings. Those funds must reach the whole value chain, including flowing to low- and middle-income countries, she said. “But if we reach climate tipping points, that would be more expensive.” She also emphasised the need for more support for the circular economy. “There is huge potential in the re-use of materials, which could stimulate a whole new industry.” She concluded on a positive note: “We can do this. We can fund our future.”

Aleksandra Njagulj, global head of real estate sustainability at asset manager DWS, stressed the need for clear public policy and regulation. While there would always be companies that led the way and did more

than required, uncertainty was the biggest issue for most. The industry was much more likely to implement change because it had to.

US has ‘reasons to be optimistic’

MIPIM delegates who attended the Trends In US Real Estate And Capital Markets session yesterday were given a first-class assessment of trends across asset classes by execs at the coalface of real estate deal-making.

Michael Lascher, senior managing director and global head of real estate debt capital markets, Blackstone, said: “There are reasons to be optimistic. Inflation is largely in check, and the Federal Reserve has the ammunition to stop raising interest rates.”

TPG Real Estate Equity head of debt capital markets Molly Goldfarb shared that sentiment, adding that: “The valuation gap has

narrowed between buyers and sellers, which will help with transaction volume as well as create a bit more optimism.”

Industrial received a vote of confidence from panellists, with Lascher saying: “Our US business occupancy is at 95%, and we’re seeing 7% year over year rental growth. Some customers are now renting in advance of their supply chains.”

Bradley Weismiller, managing partner, real estate capital markets at Brookfield Asset Management, said “retail financing fundamentals have improved,” noting that the growth of ecommerce and COVID-19 had negatively impacted the sector.

“We’re finding people receptive to the retail story in a way they haven’t been for six or seven years.”

Goldfarb backed the case for data storage while David Bouton managing director, co-head North America CMBS & real estate finance – Citi, drilled down into the robust case around self-storage. Kwasi Benneh, managing director, head of North America commercial real estate lending, Morgan Stanley called the US multi-family sector, “a very interesting asset class. As interest rates normalise I think multi-family will go back to what it used to be, which is fundamentally an attractive business.”

RICS’ Tina Paillet

Clark Williams, marketing and communications director for Trojena, one of Neom’s four regions

Dechert LLP’s David Forti (left); Blackstone’s Michael Lascher; Brookfield’s Bradley Weismiller; TPG’s Molly Goldfarb; Morgan Stanley’s Kwasi Benneh; and Citi’s David Bouton

IT REMAINS likely that there will be interest-rate cuts in the US this year, despite the fact that inflation has proved to be more difficult to tackle than many had expected.

That is the view of Alex Foshay, executive vice-chairman and head of the international capital markets group at Newmark, who led a panel discussion yesterday on global investment on the Leaders Perspective Stage.

“There continues to be an accepted view of a cutting bias, likely resulting in two rate cuts later in 2024,” he said. “This inflationary persistence has made it clear that getting back to target will be more turbulent than some had predicted, but we are continuing to see a general trajectory of returning to target.”

Among others, Foshay was joined on the panel by Megan Walters, global head of research at Pimco Prime Real Estate, and Alek Misev, head of property at Aware Super.

First phase of Egypt’s new-city megaproject nears completion

KHALED Abbas, chairman and CEO of Administrative Capital for Urban Development (ACUD), is back at MIPIM for the second year — and keen to demonstrate the progress made in the last 12 months on Egypt’s New Administrative Capital (NAC), which is located 35 km east of Cairo.

“Last time, we were showcasing the concept, but this time we have nearly completed the first phase of our project and we are able to show people how our new city is developing,” he said.

ACUD is the developer of the NAC — the largest of a number of Egyptian megaprojects that President Abdel Fattah el-Sisi has backed to boost economic development.

In July 2023, government employees transferred to offices built in the first phase of NAC. About 70% of

phase one is now complete, with the emphasis on low-carbon-emission buildings and around 30% of energy produced by solar panels.

“We have almost 48,000 employees coming every day,” Abbas said. “We have built universities and schools, an open-air theatre, which will open in the summer, and a 70-storey tower, which is the tallest in Africa.” He added that an electric train from eastern Cairo began operating last spring and a monorail is due to open soon.

Meanwhile, up to 100,000 housing units have been finished and more than 1,200 families have already moved into NAC, with the population set to increase to around 1.5 million within the next five years. Three further phases are planned to complete the new city. Abbas hopes that the second phase will start in 2025.

With market on positive trajectory AEW eyes logistics and residential

MARKET sentiment is beginning to improve, but investor confidence still needs to return —and that won’t happen immediately, according to Rob Wilkinson, CEO of AEW Europe.

Foshay

“It will take time for investors to re-assess and re-adjust to what they have been through in the last 12 months,” he said. However, the global market feels more positive than it did in the June to September period last year, he added: “It appears we are on a trajectory with lower interest rates starting to come down and inflation under control.”

Wilkinson said AEW’s investment focus has shifted, with the spotlight turning to logistics and residential. The global real estate investor is also “very actively” looking at opportunities within alternatives such as healthcare, life sciences and data centres.

Although its influence has fallen, the office sector still accounts for a third of AEW’s business, while logistics account for around 25% and retail, previously the company’s second largest sector, accounts for some 20%, a figure

similar for residential.

Talking about deals, Wilkinson said he believed the market was “close to the point of stabilisation”. He added: “There is confidence out there, so investors are willing to be active in the right sectors.”

ACUD’s Khaled Abbas

AEW’s Rob Wilkinson

Newmark’s Alex

Unlimited access to all estate news

SUBSCRIBE

Unlimited access to all real estate news

• Premium articles daily

• Breaking news daily

• Exclusive videos content

• Business Immo Global Magazine digital and print

• Business Immo directory (41K professionals listed)

• free access : the event for the real estate leaders

• Conferences free access : event dedicated to special topics

Poland Observer’s Richard Stephens

POLAND ‘POISED FOR COMEBACK’ STEPHENS SAYS

POLAND looks set to witness a return to strong growth in 2024, with the country looking prime for an upturn according to Richard Stephens, founder and editor at Poland Observer, who hosted Poland — Europe’s Fulcrum For Talent And Opportunity at MIPIM on Tuesday.

“Here at MIPIM Poland used to be down in the shadows in Cannes but those times have long gone,” he said.

Michał Olszewski, deputy mayor of the City of Warsaw, echoed the sentiment and highlighted the results of the Warsaw Barometer which is run every six months. “Those numbers are a signal that we are good at attracting talent as talent is looking for places that are comfortable and affordable,” he said.

Meanwhile, Tomasz Walenczak, managing director, ManpowerGroup Poland, outlined the attraction of the Polish capital for Gen-Z talent in particular. “Warsaw fits the needs of Gen Z perfectly,” he said.

Everyone wins if cities get their sport strategies right

WHAT is the impact on a city when hosting a major sporting or cultural event? That was the question addressed in yesterday’s panel session at the London Stand.

Joanna Rowelle, director at Arup, led the regeneration department for the Mayor of London as the city hosted the 2012 Olympics. She said the success had resonated with other cities globally and had emphasised the importance of embedding legacy in the infrastructure early. “It’s also about the social infrastructure, the ability to take people on a journey that allows them to learn new life skills,” she said. Katherine Fairclough, chief executive, Liverpool City Region Combined Authority, said they had expected a short-term economic benefit from hosting last year’s Eurovision Song Contest, but had been completely overwhelmed by the scale of the im-

pact. As well as boosting tourism and hospitality, there had been a social and cultural impact way beyond the event itself.

Andrew Link, director at AECOM, said the two biggest challenges society faces are a mental-health crisis and an ageing population, meaning many of us live for longer but with illness and disability. The good news, he said, is that cities are getting better at prioritising and harnessing the societal impact of sport and culture. Nick Kemp, leader of Newcastle City Council, talked about the city’s long standing culture of sport, and the importance of the city-centre location of Newcastle United’s St James Park football ground. Newcastle also hosts the world’s largest half-marathon, The Great North Run, which he said was another key part of the city’s cultural and sporting strategy.

Koch assesses state of real estate

FOR HENNING Koch, CEO of Germany’s Commerz Real, MIPIM is the place to discover the trends for the year in the real estate market — and this year is hard to call.

“We have had two years of a rather depressed atmosphere in the market and we are waiting for positive signs. A cut in interest rates would help significantly. Any cut by the central banks would at least indicate that the upward trend has stopped. We can run a proper business plan again,” he said.

In terms of the German market, he said there were still more insolvencies and economic distress than in many other markets. This pressure had created more property vendors who needed liquidity to meet their financial obligations. That at least produced some capital flows into the market.

In terms of structural changes, he said the market was moving on from ESG, which was now usually factored into building projects.

“We now need to combine ESG

with renewable-energy generation,” he said. “Not just solar panels, but green energy parks which produce and deliver energy to tenants need to be added to the portfolio.” Commerz Real has a private fund which is invested in renewable energy and infrastructure. Global trends are still significantly impacted by the legacy

of homeworking from the pandemic, he said. In the US, the economic recovery is furthest advanced, but homeworking is still widespread, creating problems in the office sector.

“In Asia, everyone is back in the office. They tend to have small flats and want to go out. Europe is somewhere in the middle.”

Arup’s Joanna Rowelle

Commerz Real’s Henning Koch

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

THE DATA-centre real estate market is continuing to thrive with little sign of slowing, according to a panel at MIPIM titled Unlocking The Potential Of Data Centre Real Estate Investment.

Kirill Zavodov, head of real estate equity, Europe at Pimco, said that the market was being influenced by three key drivers. These include an increase in connectivity and content generation which is tripling each year; an ongoing migration to cloud among corporates and governments; and an acceleration of AI development which has come around in earnest in the last 12 months.

Zavodov said demand for data-centre real estate had increased fourfold in the US and had doubled in Europe, with supply unable to match requirements. This is driving up rent prices. “We are seeing a lot of demand and supply constraints so have seen rents increasing at high single digits and low double-digit figures and we see that continuing as supply won’t catch up with demand any time soon,” he said.

Newmark boss sets out vision for major European expansion

LEADING US-headquartered commercial real estate advisor and service provider Newmark is in Cannes to launch its push into Europe, according to Barry Gosin, the company’s CEO.

Newmark has been doing business in Europe for many years and, until 18 months ago, had an affiliation with Knight Frank. Now, however, the plan is to build the business under its own steam.

“It’s our intention to be fully built out throughout Europe,” Gosin said. “The primary markets where the majority of the transactions occur are UK, France and Germany, so we expect that we will be one of the top two or three in each of those markets. The other markets are much smaller, but we’ll grow out throughout Europe.”

As part of that push, at the start of the week Newmark said that it had established a flagship office in Par-

is, located at 32 Boulevard Haussmann in the 9th arrondissement, that will initially focus on capital markets and leasing.

The move involved poaching some of Newmark’s competitors’ top talent. “We have a model based on talent,” Gosin said. “We believe that if you hire exceptional people, you’ll get an exceptional result. It’s not about being the biggest; it’s about being the best.”

Gosin added that MIPIM was the obvious place to set out its intentions. “It’s really the foundation of capital markets in Europe,” he said. “We are a leading capital markets business — we have an incredibly strong capital markets business in the US — and we will lead with capital markets in the UK and then in France and will do the same in Germany. If you’re going to launch to clients and the European market, this is the place.”

Achieving net-zero targets means turning words into commitments

“CLIMATE action needs strong public support,” was the key message from Sophie Hæstorp Andersen, the Lord Mayor of Copenhagen, in her opening address to the conference session Bridging The Gap: From Commitment To Action In Achieving Net Zero. She outlined how Copenhagen was working within the C40 group of city mayors around the world to swap information on approaches to this issue — and others.

Andreas Farberg, of Norwegian pension fund KLP, posed the climate issue in mythic terms. Too many politicians and business leaders were like Odysseus

with the Sirens: they tied themselves to the mast and filled their ears with beeswax. However, investors who refused to listen and act would end up with stranded assets.

Katarzyna Zawodna-Bijoch of Skanska Europe pressed the need for a public procurement requirement for climate-change action.

On technology, a digital-first approach now could save up 70% of emissions, Mike Kazmierczak of Schneider Electric, said, adding that a modern power-management system alone could remove 42% of emissions, with the other 30% left for later technologies.

Newmark’s Barry Gosin

Lord Mayor of Copenhagen Sophie Haestorp Andersen

Pimco’s Kirill Zavodov

Exclusive offer for MIPIM attendees

Subscribe to Property Week at our MIPIM stand and get your first 3 months for just £20 plus a free expandable silicone water bottle.

This gift will be your ideal bottle for MIPIM - start out full and shrink it down as the day goes on.

Subscribe now to get:

Instant access to propertyweek.com

Weekly digital magazine (47 issues a year)

Property Week app on multiple devices

Tailored newsletters of your choice

Special features and supplements

PLUS £100 off all future Property Week conferences

Subscribe here using the QR code, and come to our stand (Stand 10, London Stand) to show your order confirmation and collect your water bottle.

LEIPZIG FINDS STRENGTH IN REGIONAL UNITY

THE CITY of Leipzig and its surrounding areas have come to MIPIM together, which has enabled the region to put forward a wider picture of its investment opportunities, according to Invest Region Leipzig’s managing director, Michael Körner.

Leipzig has managed to buck Germany’s declining population trend and has grown to become the seventh largest German city, with 629,000 inhabitants. As a result, it has a large available workforce, as well as a strong consumer market for companies moving to the region, Körner said.

“We have very modern infrastructure, which was upgraded after reunification, and we also have the space available to grow,” he added.

“We’re looking to attract mixed-use investment and development to the city and its surroundings. Among the opportunities are a proposed tech park and another for biotech.

We also have strong industry connections with our universities.”

Paris Olympics are ‘a starting point’ not an end destination

THE CHAIR of the inward-investment agency charged with promoting Paris to the world has laid out an ambitious vision for the lasting legacy of this year’s Olympic Games.

Alexandra Dublanche, chair of the Choose Paris Region, told MIPIM delegates that it has long been her conviction that the 2024 Olympic and Paralympic Games should be a “starting point from which to think about the future of the region”.

“This is why we have been working so hard to get here,” she added.

Speaking ahead of the Making The Most Out Of Global Sporting Events session yesterday, Dublanche discussed the “major transformations and transitions” to have taken place in the Paris region to date. But she stressed that, for the project to be a true success, the city and the region must continue to benefit for many years after 2024. She added that history has proved that hosting the Olympic Games can

have a transformative effect on a city “provided they are part of a genuine local and regional development plan”. “This is exactly what we have been doing for the past few years,” she said. Dublanche, who is also vice-president of the Ile de France Region, cited the sentiments of the founder

of the International Olympic Committee, Pierre de Coubertin, in relation to the Olympic Games delivery. She said that she keeps in mind Coubertin’s sentiment that “success is not a goal but a means to aim higher” in her vision for the future of Paris after 2024.

Cities must prioritise inclusivity when planning residential and public spaces

WILL the cities of the future be exclusive or inclusive?

That was the question addressed in a lively session on the Make It Happen Stage on Tuesday. Michal Mlynár, acting executive director of UN-Habitat, said the future of urban development raises a critical question that demands our immediate attention: “Will our cities evolve as exclusive enclaves catering primarily to the affluent? Or will they embrace inclusivity, ensuring the wellbeing and participation of diverse populations?”

Mlynár noted that, in the current landscape, existing exclusive cities tend to amplify the divide

between the privileged and the marginalised. He cited gated communities, high-end developments and premier services catering to a selected demographic. “But there is hope on the horizon; a pathway towards equity and social cohesion,” he added. “That can happen if we clearly prioritise better planning, mixed-use developments, affordable housing options, accessible public spaces that cater to the needs of all residents, and sustainable transportation systems that ensure connectivity for everyone.” That, he said, would foster a sense of belonging and participation in urban life.

Choose Paris Region’s Alexandra Dublanche

UN Habitat’s Michal Mlynár

Invest Region Leipzig’s Michael Körner

CO-OPERATION IS KEY TO LONDON TRANSPORT PLAN

DRIVING London’s sustainable transport agenda further will require more joined-up thinking between public bodies, agencies and the private sector, one of the city’s leading transport experts has told MIPIM delegates. Lucinda Turner, interim assistant director of planning for both the Greater London Assembly (GLA) and Transport for London (TfL), said that “tackling the climate emergency requires us all to take part”, and that co-operation would be vital in “making sure that we continue to drive progress” in the UK capital. Turner was speaking during the panel session held in the London pavilion at MIPIM on Tuesday, on the issue of sustainable transport in the city. Delegates heard from David Lunts, chief executive of Old Oak and Park Royal Development Corporation (OPDC) in west London, Robin Woodridge, head of capital deployment at Prologis, and Kate Willard of the Thames Estuary Growth Board.

Lisbon raises MIPIM profile to boost build-to-rent drive

THE PORTUGUESE capital Lisbon has an even greater MIPIM presence this year, with councillors in Cannes to deliver a dual message about housing strategy and urban planning.

Filipa Roseta, city councillor for housing, said the city is calling on private investors to develop affordable build-to-rent housing. “City Hall has land and is willing to give the land in exchange for building and designing build-to-rent projects,” she said. “This is our main message this time. But of course, we are also going to show a lot of our construction. We are trying to envision a city that is built on three very strong ideas: innovation, culture and social support.”

On urban planning, Joana Almeida, city councillor for urbanism, said environmental considerations are crucial. “We have a green city, green mobility and energy efficiency, and that’s really important for the future of the city. Our main focus is always the

quality of life for residents,” she said. The government Urban Simplex programme has reformed and simplified urban planning and land-use procedures, modernising the planning process to make it faster and more efficient. “That’s very important for the investors and developers because time is money,” Almeida said.

“We have a much stronger presence this year and we are really honoured and proud to be part of this hub where investors are searching for opportunities,” Roseta said. “So come to Lisbon to invest and design some affordable city projects that we really want to build. We are willing to work with you and make it quick and reliable.”

Portuguese cities joining forces to capitalise on inward investment

“THIS is a cities fair, every city in the world should be here,” according to Pedro Baganha, city councillor for urban planning and public space, in Portugal’s second city, Porto.

The city has been coming to MIPIM since 2019, but this year it has increased its presence with a delegation representing the three cities of the metropolitan region — Porto, Matosinhos and Gaia, with a population of 800,000 — as well as 15 local companies.

“We want to promote the city and region and its economy, and place ourselves among the other metropolitan areas of Europe. We are growing fastest in terms of foreign direct investment into Portugal,” Baganha said. Also leading the delegation is

Ricardo Valente, councillor for economy and employment — an indication they said of how the council has broken down silos to integrate urban development into the overall economy, which means there is now a comprehensive strategy for the development of the region.

“Our vision is of a city which is sustainable, comfortable and safe. The city is full of talent and offers a good quality of life, at a gentler pace than bigger cities,” Valente said.

The top priority at the moment is affordable housing to make this a reality. “A big investment is needed,” Baganha said. “We have launched a consultation which finishes in May and we want to present our plans to a pool of investors.”

Lisbon city councillors Joana Almeida (left) and Filipa Roseta

Emma Harvey-Smith (left), of the Green Finance Institute; Lucinda Turner of the GLA and TfL; Robin Woodridge of Prologis; the OPDC’s David Lunts; and Kate Willard of the Thames Estuary Growth Board

Porto City Council’s Pedro Baganha (left) and Ricardo Valente

RIYADH TARGETS SUSTAINABILITY AND WELLBEING

THE RIYADH Municipality is on a mission to develop its city as sustainably as possible for the benefit of all its citizens, according to Saleh Al Saif, assistant deputy mayor of urban planning.

“We have a lot of aims and goals that we want to shoot for in the next few years,” he said. “We are fully committed to community wellbeing through sustainable development, digitalisation, green open space and community engagement, with the objective of an enhanced quality of life.”

By way of an example, Al Saif pointed to the development of King Salman Park in the city, which he described as the “largest garden in the world”. When complete, the park will provide access to nature for Riyadh’s citizens. In addition to a million trees, it will feature sporting facilities, arts and cultural spaces and entertainment venues.

Finland’s ‘Capital of the North’ set for major period of growth

THE FINNISH coastal resort of Oulu is rich with opportunities for foreign direct investors looking to move into Scandinavia, a leading figure from the city’s MIPIM delegation has said.

Karri Oikarinen, project manager for the City of Oulu, is in Cannes as part of the Nordic Coastal Cities group. He said that Oulu is set for a period of major growth in the coming years, which will pave the way for a raft of new urban developments, representing big opportunities for foreign investors and development partners.

Oikarinen said that his region’s reputation for clean-energy production, its high standard of living and the stability and protection afforded by Finland’s recent joining of NATO are big factors in Oulu’s viability as an inward-investment

destination. “We are the biggest city in northern Scandinavia and we are growing,” he said. “We’re the fastest growing green-energy hub in Europe.”

Oulu, which sits 230 km from the Arctic Circle and the same distance from the Finnish-Russian border, is benefitting from the revitalisation of a large part of its city centre, and the freeing up of a large urban space for new sports, leisure, hotel and residential developments. Oikarinen is at MIPIM to meet with potential investors and development partners interested in participating in joint-venture projects within Oulu. He said the city was expanding according to long-term plans that provide for “investments spanning 30-50 years”.

Oulu has been chosen as the European Capital of Culture 2026.

Investors urged to look closer at Romania’s ‘booming economy’

INCREASING the brand awareness of Romania and its capital Bucharest, and attracting the attention of European investors, are key MIPIM priorities for Victor Capitanu, co-founder and coCEO of One United Properties. “I’ve come to network and spread the word about Romania and Bucharest,” he said. “Romania has grown steadily and under the radar and is now one of the most sizeable emerging opportunities in Europe. For me, it’s like a hidden opportunity with huge potential that has not been recognised as an extremely interesting market to discover.”

Romania’s benefits include a thriving economy and low real estate prices, Capitanu added: “The country is now the fastest growing economy in Europe and its capital market has also started to grow, with the largest IPO in

Europe happening last year.” Romania’s economy is set to grow 3-5% over the next five years to a GDP of €750bn, which would make it the biggest Eastern European economy after Poland. In terms of its economy, “Bucharest is almost like a country in itself”, Capitanu said. “It is bigger than many countries around Ro -

mania. It’s a beautiful city with a booming economy and many international companies, such as Amazon, Microsoft and Ford Motors, are present there. The real estate assets are also very low priced — probably the lowest in Europe. It’s a place where debt penetration is low and asset prices are low as a consequence.”

City of Oulu’s Karri Oikarinen

One United Properties’ Victor Capitanu

Riyadh’s Saleh Al Saif

Conferences & Events

18.30 - 19.30

12.30 - 14.00

By invitation only

Open to all

Palais 5 Palais 3 Palais -1 Palais 3 Palais 3 Palais 3

GOLD SPONSOR

RTZ PARTNER

10.10 - 12.40

10.10 - 11.10

Cities in Flux:

Long-Term Demographic Shifts and Their Impact on Cities

11.40 - 12.40

Macroeconomics and raising financing:

What are the latest trends and strategies?

Sponsored by

The Offices Workshop - Latest on the flight to quality battle, revitalisation, retrofitting, repurposing and mixed use best practices

10.10 - 11.10

Circular Economy as a Net Zero Catalyst: Strategies and Solutions

10.10 - 10.40

The Arboretum Campus: Revolutionizing Office Development - the Sustainable Journey of the Largest Wooden Office Building

11.10 - 12.10

Demonstrating Social Impact: Leveraging Qualitative Research for Effective Communication and Reporting

Sponsored by

Content partner

11.40 - 12.40

Comprehensive ESG Rating: How To Increase The Asset Value?

Organised by

08.30 - 10.00

Nordic breakfast

Organised by

10.40 - 11.40

Le Bas carbone change d’échelle !

Organised by

12.10 - 13.10

Madrid Region: The best residential investment destination in Europe - Proyecto Trinity

Organised by

09.15 - 10.45

Conférence le Forum Suisse avec Stefano Boeri

Organised by

11.30 - 12.30

Le bureau de demain : un produit hôtelier bas carbone ?

Organised by

14.10 - 17.00

14.10 - 15.10

The Challengers expectations from the real estate industry

The Hospitality Workshop - The missing diamond to solve the offices problem?

14.10 - 15.10

Alliance for Impact - a collaborative approach towards Net Zero

Sponsored by

14.10 - 15.10

Retrofit vs repurpose: what are the best strategies to achieve net zero in real estate?

Sponsored by

15.40 - 16.40

Brandscapes: Crafting Branded Real Estate Experiences

Organised by

Knowledge partner

14.10 - 15.10

Investir en Azerbaïdjan

Organised by

14.10 - 15.10

Il real estate italiano e i mercati esteri

Organised by

ilQI il Quotidiano Immobiliare

15.40 - 16.40

Aix-Marseille, le territoire méditerrannéen des grandes transitions (UK/FR)

Organised by

15.40 - 16.10

Relance du logement locatif : des investisseurs à mobiliser ?

Organised by

16.30 - 17.30

Think and rethink city access (UK/FR)

Organised by

Grand Auditorium Stage

Hôtel Barrière Le Majestic Hospitality & Tourism Lunch

Thursday 14 March

Palais 3

09.40 - 10.40

US: Latest trends, challenges and opportunities on the road to net zero

11.10 - 13.40

Choose France Conference

Decoding France’s attractiveness

14.10 - 15.10

Transforming the Middle East: Driving Growth and Opportunities

Sponsored by

10.00 - 10.45

Buildings and the climate agenda: Making the Buildings Breakthrough a reality

Sponsored by

11.00 - 11.45

Inclusive Placemaking

Palais 1

09.30 - 10.30

How the Saudi Giga Projects are redefining KSA’s economic landscape through Vision 2030 and beyond

Organised by

11.15 - 12.15

How to put sustainability at the heart of city development?

Organised by

12.00 - 12.20

Launch of New London Agenda

Sponsored by

14.00 - 14.45

Opportunities in Outer London

14.10 - 15.10

Montpellier, ville des transitions

Organised by

15.00 - 15.45

Greening Urban Design

Palais 4

Palais 5 C14

09.30 - 11.00

Brussels Tomorrow - A future for all

Organised by

11.30 - 12.30

Advancing Climate Actions Through Urban Planning Legislation in Europe

Organised by

10.10 - 11.10

New urban developments in Madrid

Organised by

Find

our speakers

Speakers

14.10 - 15.40

Greece: Unveiling Sustainable Investment Opportunities

Organised by

With the support of

15.40 - 16.40

The Futuristic Riyadh

Organised by

Design Hub allows Turkey’s top talent access to the world

TURKISH real estate platform

GYODER is in Cannes with a project called Design Hub Turkey, which it is showcasing in partnership with the Turkey Design Council.

Design Hub envisions Turkey as a pivotal regional hub for cutting-edge building design and engineering excellence, and a gateway through which Turkish building design and engineering companies can access the global stage.

“Our mission is to empower these companies to expand internationally, navigate through changing business dynamics, and drive growth and success in the evolving global order,” Neşecan Çekici, president of GYODER, said.

She added: “With Turkey’s remarkable economic growth post-2000, our major cities have experienced significant transformation through ambitious projects. Our unwavering

commitment is to propel Turkey into a central role, where innovation converges with craftsmanship, setting new benchmarks and shaping the future of the industry across the region and beyond.”

Çekici said GYODER is highlighting its “pioneering stance on technology, design, nature and society within the framework of our main vision, which we call 4T”.

She added that Turkish developers are highly competent and that Turkish legislation is designed to facilitate investors. “We know that one image, one voice and one message is very important in order to make this holistic approach even stronger,” she said.

Looking ahead, Çekici pointed to the worldwide housing crisis. By 2030, UN-Habitat estimates that three billion people, about 40% of the world’s population, will need access to adequate housing. This translates into a demand for 96,000 new affordable and accessible housing units every day. Additionally, an estimated 100 million people worldwide are homeless and one in four people live in conditions that are harmful to their health, safety and prosperity.

“In Turkey, the housing crisis reached a peak with the pandemic, the migrant crisis, the Ukraine-Russia war, exorbitant rent increases and, finally, two major earthquakes centered in Maraş” Çekici said. “Our goal is to implement GYODER’s build-to-rent housing model in 2024 to provide people with access to housing and thus pave the way for urban transformation. Turkey needs to produce approximately 800,000 to 900,000 houses every year. Currently, only 500,000 to 600,000 are being produced. This rate of production cannot meet the demands of those in real need.”

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.

GYODER’s Neşecan Çekici

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.

Australia’s Aware Super opens first European office in London

THERE is “great opportunity” in Europe for real estate investment over the next couple of years — and the UK will be at the centre of the activity.

This is the view of Alek Misev, head of property at Australian superfund Aware Super, which opened its first international office in London last year. Speaking at yesterday’s fireside chat, Looking At Global Capital Flows And Impact Of Trends On London’s Real Estate Sector, on the London stand, Misev said that Aware Super was on a growth trajectory and looking to invest. “The UK is for us at the heart of the property market,” he said. “London is a financial hub of Europe, if not globally. If you want to set up an

office in Europe, then we believe London is the first place to go.”

Aware Super invested in two deals in Spain and the Nether -

lands before launching its first international outpost.

“We wanted to make sure we had a couple of investments here

113_MINDSHARE UR_N1a3_PIM

[in Europe] before we set up an office and put people on the ground,” Misev said. He added that the London office would likely double in size this year.

Aware Super is focused on longterm returns and investing in companies in which it can take a stake, in order to drive better results. “We look at good quality management teams that we can partner with and usually they’re very country-specific,” he said. He noted that this approach mitigates the impact of such factors as political upheaval in the UK: “You need to have a longterm view and then you will have the confidence and conviction to invest long-term.”

Meanwhile, now is a “very interesting time to buy”, with prices still dropping. Misev thinks that, in the next year or two, “some really interesting deals will pop up in the UK and Europe. And we want to be ready.”

Aware Super’s Alek Misev

Le succès du bon d’État rassure les marchés sur la dette belge pp. 18-19

Mardi

Hausse du précompte immobilier : les huit communes bruxelloises se défendent

“Aujourd’hui, avec ce nouveau médicament, je pourrais presque dire : ‘quand j’avais la muco’.”

Raphaël Deby Patient atteint de la mucoviscidose pp. 16-17

“Le plus bouleversant, c’est de constater à quel point des adolescents qui ont vécu si peu ont déjà tant souffert.”

Jérôme Colin Auteur belge p. 35

The property leaders’ summit in Asia Pacific

3-4 December 2024

Grand Hyatt, Hong Kong

AI ‘WILL SPEED SECTOR TO ITS NET-ZERO GOAL’

EXPERTS on the London Stand’s panel, Innovation In The Property Sector, were unanimous that AI’s prowess at interpreting data will accelerate the journey to net zero.

Angela Crowther, director at session sponsor Arup, said AI has a key role to play in turning huge pools of data into actionable insights. “When you’re working with multiple stakeholders you need clear measurement right from the start,” she said.

Sammy Pahal, managing director of the UK PropTech Association, identified AI, innovation in materials and 3D modelling as key developments in pursuing net zero.

Hestia CEO Anna Moore talked about the importance of being pragmatic in the context of retrofitting tenanted properties.

“Loft insulation and solar PV can be done while the tenant is in occupancy, but more complex tasks can wait until vacancy.”

Ben Perrett, co-founder of Ettainabl, explained how carbon-data measurement used to be about compliance but is now more likely to be “investor and occupier driven”.

Prologis targets London sites amid online retailer demand

PROLOGIS is aiming for expansion in London as the industrial and logistics real estate giant seeks to acquire more sites to serve growing demand, especially from online retailers.

UK regional head and senior vice-president, Paul Weston, said that the company had already acquired two former retail parks on the North Circular, to the north of the capital, and was looking for more sites it could convert to logistics use, as he called for more political support for the logistics sector.

“Unsurprisingly there is a huge focus on housing in London but if you build new homes then those people also need logistics infrastructure for deliveries,” he said. “Research we have carried out also shows that distribution locations close to where people live is far more sustainable. It really needs joined-up thinking.”

Outside of London, Prologis is continuing to expand Prologis RFI

DIRFT in the Midlands and Prologis Park Marston Gate, near Milton Keynes, and Weston said that despite a slow down in build-tosuit (BTS) and speculative logistics development in the UK last year, he anticipated that there would be more new supply in 2024.

“A lot of the current supply is being absorbed and I think the market is starting to wake up to the need for more logistics buildings once again. We have speculative projects in Croydon and Hemel Hempstead and we’re expecting to use more of our landbank for BTS schemes this year,” he added.

Prologis currently operates around 33 million sq ft (3 million sq m) of logistics space in the UK and has a land bank of about 15 million sq ft. It also owns a number of data centres and life sciences facilities after its US parent acquired Liberty Property Fund in 2020.

Falcone hails return of confidence as the fundamentals remain solid

THE REAL estate market will start to move this year with the fundamentals of real estate and value-add investing remaining “very good”, according to Valeria Falcone, managing director, head of value-add investing Europe, Barings.

“There are a lot of expectations this year,” she said. “Last year was very low in terms of transactions but we expect to see more movement in the market. The repricing has happened and that will move the market, at least in the second half.” That should lead to more normalisation in the market by 2025, she believes.

Falcone added that the mood at MIPIM seems positive, with a confidence in the market seem -

ingly beginning to return. “The fundamentals of real estate are very good. MIPIM always sets the scene for the rest of the year. The fact that this year it’s busy means there is a lot of interest to look ahead as the fog clears. There is more positivity that we can see this year compared to last year. Now if we bid on an asset there is more competition which is a sign the market is moving.”

She said 2024 was also likely to be the year that we see how ESG is “playing out in terms of numbers” in the real estate sector. “We think this year we should see more evidence of the higher rents you can achieve on those assets and the potential better exit,” she said.

Prologis’ Paul Weston

Barings’ Valeria Falcone

Ettainabl’s Ben Perrett (left); Arup’s Angela Crowther; UK PropTech Association’s Sammy Pahal; and Hestia’s Anna Moore

Data

Leading insights on the financing activities of banks & alternative lenders across European markets

Expert analysis on who is raising & lending capital, the strategies adopted & structures implemented

& commentary on the latest loan deals & securitisations, plus our exclusive debt fund ranking

Combien vaut une villa avec piscine et héliport ?

Nous vous mettons en relation avec des experts de l’immobilier de prestige pour réaliser la plus juste estimation de vos biens.

Là où s’écrivent

les grandes transformations

MÉDIAS B2B | AGENCE DE NOTATION | ÉVÉNEMENTS

FINANCE • DROIT • PATRIMOINE • RESSOURCES HUMAINES ENVIRONNEMENT • IMMOBILIER • ARCHITECTURE TECHNOLOGIES • SANTÉ • INTERNATIONAL GROUPEFICADE.FR

HEALTHCARE: THE VITAL SIGNS ARE LOOKING GOOD

DESPITE a need to be cautious, Xavier Cheval, CEO of Primonial REIM Care, said healthcare real estate could be “the safe haven oasis in this desert of a market”. Speaking at The Healthcare Workshop: Charting A New Course For Healthcare Investment And Development at MIPIM on Tuesday, he said: “The long-term demand for healthcare is there”, with demographics the biggest driver. However, he said the market requires highly specific real estate to serve its clinical needs. Meanwhile, the session’s moderator Chantal Clavier, partner head at Heidrick & Struggles, highlighted the growing emergence of medtail — healthcare services located in a retail setting — citing plans by Westfield to shift its occupier balance to a greater proportion of occupiers dedicated to health and wellness over the next five years. “That medtail trend is coming. We are in the midst of change,” she said.

Aareal Bank celebrates green finance deal with Pro-invest

AAREAL Bank has agreed its biggest green loan to date in Asia Pacific (APAC) with asset manager Pro-invest Group.

The deal will enable the refinancing of key properties in Pro-invest’s hotel portfolio, including Holiday Inn Express Brisbane Central, Holiday Inn Express Adelaide City Centre, Holiday Inn Express Melbourne Southbank, Holiday Inn Express Newcastle and Holiday Inn Express Sydney Airport.

In order for the deal to go ahead, the properties had to meet Aareal Bank’s Green Finance Framework 2023 criteria, with all five hotels achieving or bettering the minimum required 4.5-star rating under the National Australian Built Environmental Rating System (NABERS) energy-rating scheme.

“By prioritising green financing, we aim to encourage a shift towards more sustainable practices across industries,” said Christof Winkelmann, chief market officer at Aareal Bank, “In this context, our partnership

with Pro-invest Group stands out as a prime example of what can be achieved when financial institutions and industry leaders work together. Pro-invest’s dedication to environmental excellence not only meets our stringent criteria but also sets a benchmark for the hospitality sector.” Several design and development initiatives have been incorporated into each of the hotels to significantly reduce energy and water consumption. The energy-efficient initiatives range from sustainably produced and energy-efficient equipment to smart light- and air-conditioning management, occupancy sensors and solar-panel installation. The financing agreement is subject to specific qualitative and quantitative environmental criteria, and contains associated covenants to which Pro-invest as the borrower has committed and which are reviewed on a regular basis.

Ronald Stephen Barrott, founder and chair of Pro-invest Group, said:

“[The deal] is a testament to how strategic financing solutions can align seamlessly with the environmental goals of forward-thinking organisations like ours.”

Surviving the squeeze: how Scape helps cash-strapped public sector

“WE’VE seen good times, mad times and quiet times at MIPIM, but it is always a good event,” said Mark Robinson, CEO of Scape, who has been coming to the market since 2012. Attendances now seem to be coming back to pre-pandemic levels, he added. Scape is a UK public-sector body, owned by a group of local authorities in the Midlands and North of England, that provides “gold standard” frameworks for public-sector procurement, offering best value in a time of squeezed resources. Scape says it has saved local authorities and other public-sector organisations £400m (€468m) in efficiencies since its creation in 2006. Scape provides frameworks for

consultancy, civil engineering, construction and utilities. Robinson said it had 500 clients in the last 12 months from all over the UK, with many more projects and consultancy commissions.

It is previewing its manifesto, Building for the Public Good, due to be published later this year, covering asset management, procurement, the skills agenda, sustainability and social justice.

Aareal Bank’s Christof Winkelmann

Scape Group’s Mark Robinson

Primonial REIM Care’s Xavier Cheval

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

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.

Foundation chief sounds out backers for King Salman Park

GEORGE Tanasijevich, chief executive officer of the King Salman Park Foundation, is at MIPIM to talk with potential investors and developers interested in either entering the market in Saudi Arabia or expanding their presence. The project spans 17 sq km in the heart of Riyadh and is the world’s largest urban park, but it is much more than just a park — something that Tanasijevich is keen to communicate at MIPIM.

“It’s a bit of a misnomer and part of what we’re hoping to achieve this week is to make sure that people don’t have any misperceptions of what King Salman Park is, because of that 17 sq km, about 11 is green space, and the balance of it is a mix of real

estate types,” he said. Construction has begun and the project will progressively open over the rest of this decade.

“We do have some infrastructure that has been completed, including the longest tunnel in Saudi Arabia and one of the longest in the Middle East, which was just completed and partially opened a week or so ago,” he said. The development will include thousands of residential units, substantial office space, and numerous cultural attractions including the Royal Arts Complex and the Visitors Pavilion that will incorporate multi-use halls for events and entertainment, along with cafes and restaurants, and indoor and outdoor spaces.

“Aside from the information

that we would share with the potential investors and developers, we also want to use MIPIM as an opportunity to collect feedback from them to understand how they would like to invest, what form of investment would be ideal for them and learn whether they are looking for a local partner — perhaps we could provide introductions,” he said.

“But we’ll make sure that we walk away from this understanding what the aspirations of the investors are, and how it is that we can frame up an opportunity that works for them and will be attractive for them.

So, it’s really a two-way process in terms of communicating and learning that we’re looking to implement,” he added.

Morshuis warning on ESG paradox

UNDERSTANDING when investors will come back to the market and who will pay for ESG are two of the key questions that Pepijn Morshuis, CEO of Trei Real Estate, hopes to hear answers to at MIPIM this week.

“The big paradox is affordability against sustainability and I’ve not heard anyone with a good solution there,” he said ahead of the show opening.

He said that there needs to be more initiatives from public entities as well as cash from governments to turn ideas into viable solutions. “It’s a necessity — we all know that — but someone needs to pick up the bill. There needs to be more financial support from government. You can tell the market what to do, but you can’t tell them what to pay for it and until government invests more not much will happen,” he said. He said ESG costs were likely to

end up being divided between all involved - including tenants, investors and developers. “It’s a balancing act and that has only just begun. It will take a while to get to an equilibrium,” he said. In terms of investors, Morshuis said he wanted to “hear where investors are and are they ready to get back in the market”. However, he fears it could be 2025 before things pick up, although he is hopeful it could be sooner. “2023 was a difficult year and my personal feeling is that 2024 will be a year of disappointment because there is a big discrepancy between asking prices and bid prices” he said.

Part of this, he said, is an obsession with interest rates. “What keeps amazing me is that most of the talk is about interest rates. The current rates aren’t exorbitantly high, but we got so used to low interest rates.” Instead, he said it is about the market changing its mindset, as well as investors and banks “taking a haircut” to get back to more normalised pricing levels.

King Salman Park Foundation’s George Tanasijevich

Trei Real Estate’s Pepijn Morshuis

VISITORS’ LOUNGE (Palais -1)

• Intended for participants without a stand

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

PREMIUM LOUNGE (Palais 0)

Sponsored by :

• Exclusively for visitors with a Premium Pass, who can bring a guest

• Includes catering & drinks, boosted wifi and a dedicated staff

VIP LOUNGE (Palais 3)

Sponsored by :

• Exclusive club, by invitation only

• Includes refreshments and a dedicated staff

PRESS CLUB (Palais 5)

• Dedicated to journalists

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

SHUTTLES

• MIPIM is delighted to offer to its participants free shuttle from hotels located outside Cannes to the Palais des Festivals.

• 7 routes & 40 hotels served from early morning to late night

- Mandelieu - La Napoule

- Cannes la Bocca

- Le Cannet

- Juan-les-Pins

- Sophia Antipolis

- Nice

- Cannes

Rejoignez les esprits libres

OFFRE SPÉCIALE

Des contenus variés pour s’informer à travers le regard aiguisé de nos journalistes.

La version numérique du journal en exclusivité dès le mercredi soir !

La première année -50 %

(sans engagement)

Les rendez-vous de la rédaction : lettres du Point, newsletters, palmarès, conférences en ligne…

Le journal papier livré chez vous tous les jeudis (en option).

POUR DÉCOUVRIR NOS OFFRES

SCANNEZ CE QR CODE

RENDEZ-VOUS SUR LE SITE :

directabo.lepoint.fr/partenariats

Panel discusses how industry can bring about real equality

MEASUREMENT and accountability are key to delivering on equal opportunities in the real estate industry, according to a panel discussion at MIPIM.

The panel, led by UNESCO peace ambassador Guila Clara Kessous, asked delegates to vote on what they thought should be the priorities to ensure equal opportunities. Salary, female leadership and gender led the pack.

Eliza Reid, First Lady of Iceland, said that for the Nordic country gender equality and other forms of parity were ingrained in the nation’s DNA and were “a target for society as a whole”.

She said Iceland had come closer than any other country to bridging the gender gap in most of the indices, apart from salaries. This had been achieved by government policies such as pa-

rental leave and childcare support, as well as the world’s first law that meant equal pay for equal work.

At Sogeprom, CEO Béatrice Lièvre-Théry said one of the first steps had to be about measurement. “The second step is to have everyone aware of what diversity can bring within an organisation. Many studies have made it clear but there’s a lot of education to do on diversity and training, on prejudices and presumptions,” she said.

Fabege CEO Stefan Dahlbo said they had no specific projects to address equal opportunities, but they were ingrained in the business. “In our management team and board we have more women than men as we have taken the most qualified people. To have the best people you have to pay similar. It’s part of our culture

to have more respect for each other.”

But Iceland’s Reid said equal opportunities had to be driven. “First of all acknowledge that achieving greater diversity and equality is an objec-

tive and that just because you say you are going to be more diverse or equal, it’s not just going to happen. You have to make a really conscious effort to increase gender representation, all kinds of representation and diversity and you have to evaluate it and constantly examine it. Then there’s something about sharing and celebrating your successes that will encourage more and more people.”

UNE SOLUTION DE DATAVIZ, UNIQUE EN FRANCE, DÉDIÉE AUX ACTEURS DE L’IMMOBILIER D’ENTREPRISE

ANALYSER : Visualisez et explorez les données de marché en temps réel* avec un niveau de détail inégalé (chaque transaction est détaillée) *Source CFNEWS DATA, données compilées et structurées par nos analystes, vérifiées par nos journalistes experts du Real Estate

SEGMENTER : Filtrage des données par stratégie, régions, typologie d’actifs, investisseur, valorisation métrique...

SUIVRE : Suivi jour après jour des grandes tendances de l’investissement immobilier

LOCALISER : Cartographie complète des transactions en France avec géolocalisation

EXPORTER : Graphiques et transactions exportables & exploitables immédiatement (Excel, PDF, PNG, JPEG)

DEMANDEZ UNE DÉMO

037_CFNEWS_N_PIM (2)

UNESCO peace ambassador Guila Clara Kessous (left); Fabege’s Stefan Dahlbo; Sogeprom’s Béatrice Lièvre-Théry; and Eliza Reid, First Lady of Iceland

Sustainable logistics trend is moving on

ECONOMIC growth, rising ecommerce penetration and the need for supply-chain resilience are the key factors driving occupier demand within the logistics market. And these trends will only continue to grow, agreed the panelists at yesterday’s Logistics Workshop: From The Grey, White To Green Swan. “We believe that, in the next five years, logistics in Europe will be one of the best performing asset classes,” said Pertti Vanhanen, managing director, Europe, at Cromwell Property Group. However, the ‘need for green’ is having a greater influence than ever, Vanhanen said: “Demand is polarising to green and ESG, and sustainability will be a big theme.” He added that this will drive higher returns for good-quality sustainable projects.

Vanhanen was joined on the panel by Bert Hesselink, group client relationship director at CTP; Edward Plum-

134_SIL_N3_PIM

ley, director of EMEA capital markets and co-head of Colliers’ industrial & logistics practice group EMEA; and Sonja Nitschke, Prologis’ senior vice-president and head of customer-lead solutions, Europe. The session was moderated by Diana Diziain, managing director at Afilog.

Japan remains one of Asia’s top investment destinations

JAPAN “continues to be one of the most attractive investment destinations in Asia” for real estate, said Kanji Matsushita, executive officer and general manager of Takenaka Corporation’s corporate strategic planning division. He was speaking at yesterday’s Invest In Japan session, which looked at the dynamics that are driving the revitalisation and evolution of the Japanese real estate market. Japan’s benefits for investors include easy monetary policies, a favourable financial environment and stable rents, Matsushita said. Compared with other major Asia-Pacific markets, Japan also has relatively high liquidity and cash-on-cash yields. Matsushita reported that office demand is particularly strong, with workers returning to offices at one of the highest rates globally. Moreover, the logistics market is also growing.

“Japan is regaining stability and the market is healthy right now,” added Sachio Muto, director of Japan’s Ministry of Land, Infrastructure, Transport and Tourism’s Urban Policy Division, City Bureau.

Journalist Koko Shinoda said that there are nearly 100 Japanese real estate professionals at MIPIM. “Networking here could be key to unlocking opportunities beyond the Far East,” she said.

Cromwell Property Group’s Pertti Vanhanen

Ministry of Land, Infrastructure, Transport and Tourism’s Sachio Muto

Osaka projects are paving way for World Expo 2025

THERE’s an opportunity to discover more about Osaka at the Japan pavilion. World Expo 2025 will be held in Osaka with 28 million people expected to visit. Yumeshima, the site of the Expo, is an artificial island in the Osaka Bay area. The design is based on the concept of connecting the world through the sea and sky.

The ring-shaped roof in the centre of the island will be one of the world’s largest wooden structures.

“Because of the Expo, many projects are ongoing in order to be ready in time,” said Junya Suzuki, section chief, planning and coordination bureau, development and planning division, Osaka City.

The city itself has a number of regeneration projects under way. The Grand Green Osaka project is a new urban zone featuring a 4.5 ha park on the north side of Osaka station

and comprises hotels, offices and residences. “This is one of our most important projects. Just in front of Osaka station you have this vast green-park space which we think is unique in the world, and will open in September,” Suzuki said.

City of London shifting into tourism and socialising destination

THE CITY of London has “so much more potential” as a multi-dimensional destination to rival the UK’s tourism magnets, the head of policy for the area has said. The ‘Square Mile’, as it is known colloquially, could go beyond its reputation as a centre for financial-sector offices and start attracting more tourists and partygoers, according to Chris Hayward, City of London Corporation’s policy chairman.

Hayward said that whereas once The City “used to go to sleep at night”, it is becoming a thriving and lively quarter in the evenings, offering more to the young professionals working nearby than ever before. This type of shift, he added, needs to be championed and the momentum for change encouraged if The City is to successfully grow into the future.

“I’m unashamedly pro-growth,” Hayward said. “I don’t believe that any city can stand still. We believe the Square Mile has so much more potential and growth opportunities to fulfil.”

Planning policy for The City requires a further 1.2 million sq m of new space by 2040 to keep up with future growth trends. Much of this will be met if the 11 new towers going through the planning phase receive approval and join the existing projects — totalling around 0.5 million sq m — that are currently under construction. However, Hayward said that the Corporation was seeking international partners in Cannes interested in potential co-development and joint-venture opportunities. The future vision for the area, and

the role envisaged for the real estate sector, are detailed in the Corporation’s Destination City programme, launched in 2022. A key pillar of the strategy is to make The City a “world-leading leisure destination” capable of rivalling other parts of London and the UK.

As well as attracting new tourism, Hayward said that The City needs to grow to bolster the UK’s place in the global financial markets.

The City has bucked the negative trend for public-transport usage seen elsewhere and is recording figures in advance of pre-pandemic levels. The latest figures show some 614,000 journeys into The City each day, compared with around 540,000 before the pandemic.

City of London Corporation’s Chris Hayward

Osaka City’s Junya Suzuki with the Expo 2025 mascot Myaku-Myaku

THE NEW EVENT FOR STAKEHOLDERS AND ACCELERATORS OF CHANGE