MIPIM 2025 NEWS 1 by RX REAL ESTATE SHOWS

Standing up for the industry

A warm welcome to MIPIM 2025, which has gathered delegates and speakers from around the world to bring you the views and insights on the topics that matter the most.

In a time when the globe is being shaped by geopolitical shifts, we have assembled a cast of political experts to guide you, from keynote speaker Dr Mario Draghi to Mayor of London Sadiq Khan. Ministers from Brazil, Denmark, France and Oman will also offer valuable insights, while several mayors of European capitals, from Athens, Copenhagen, Madrid, Rome and Vilnius will be in attendance too. We heard important interventions on the critical topic of homes at Housing Matters!, our one-day summit that took place yesterday. This brought together leading lights from real estate, politics, academia and the non-profit world to explore how the public and private sector are relieving pressures on the residential sector. On Wednesday, don’t miss contributions from executive director of UN-Habitat, Anacláudia Rossbach, an economist with over 20 years of experience in housing, informal settlements and urban policies. MIPIM will showcase five stages offering insights, lessons and networking opportunities, highlighting key geographies, megatrends

and the industry’s dominant asset classes. Our Road to Zero stage will focus on the leading sustainability solutions from sector experts, while powerful change-makers in real estate will speak on the Leaders’ Perspective Stage.

The key topics that matter to you, matter to us. We will examine innovations in artificial intelligence (AI) over a series of talks about how they are changing business practices and the future of work. MIPIM will also explore questions around finding and nurturing talent in sessions exploring the benefits of diversity, equity and inclusion, while our MIPIM Challengers initiative creates space for the next generation of real estate professionals to bring fresh ideas and new perspectives to the industry.

Finally, leaders from key sources of global capital will be in attendance to seek out the best new projects to back, and to network with those generating ideas at the forefront of real estate.

MIPIM has always been about sitting down with industry leaders in order to drive your business forward. We are also proud to stand alongside you in unpredictable times to promote dialogue, growth and action.

MIPIM

MIPIM Director

Nicolas Kozubek

Al Alamein Hotel

Al Alamein Hotel stands as a timeless retreat along the pristine shores of Sidi Abd El Rahman.

It is a historic sanctuary not just a place to stay,it's a cherished destination that holds a special place in the hearts of its guests.

MIPIM Keynote Today

Dr Mario Draghi, former president of the European Central Bank and Italian Prime Minister, will deliver the keynote address examining the economic shifts shaping local, European and international investment and real estate.

Considered one of the greatest economic leaders of our time, Dr Draghi continues to inspire with his insightful analysis of the global economy. As president of the European Central Bank (2011–2019), he was celebrated for his pivotal role in saving the Eurozone, notably through bold monetary policies that led to the creation of 13 million jobs.

Dr Draghi also established himself as a key figure in European politics as the Prime Minister of Italy (2021–2022). His term was marked by critical initiatives, including managing the pandemic and driving forward the European Next Generation EU programme. The economic and political leader is also the author of the report on The Future of European Competitiveness, which outlines a roadmap for Europe’s economic revitalisation.

Logistics, Romania, construction, technology, ESG trends, planning, Japanese development, Bahrain, Norway, hospitality, macroeconomic outlook

LIVING:

Smart investors are innovating across all types of beds

EMERGING ASSET CLASSES: Data centres and life sciences are attracting attention

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

Spotted at MIPIM

Mayor of London, Sadiq Khan, arrived in Cannes to take part in MIPIM for the first time and met with MIPIM director Nicolas Kozubek before speaking at Housing Matters! (see page 7)

DIRECTOR OF PUBLICATIONS Michel Filzi EDITORIAL DEPARTMENT Editor in Chief, Isobel Lee; News Editor, Julian Newby; Sub Editors, Neil Churchman, Joanna Stephens; Proof Reader, Debbie Lincoln; Reporters, Adam Branson, Clive Bull, Ben Cooper, Mark Faithful, Andy Fry, Liz Morrell, Nigel Willmott; Editorial Management, Boutique Media International; Graphic Studio, studioA Design; Layout Designers, Harriet Palmer, Sunnie Newby; Head of Photographers, Yann Coatsaliou/360 Medias; Photographers, Cyril Chateau, Patrick Frega, Phyrass Haidar, Olivier Houeix, Sebastien Nogier PRODUCTION DEPARTMENT Publishing Director, Martin Screpel; Publishing Manager, Amrane Lamiri; Printer CREAMANIA (France).

Advertising contact in Cannes Aswad Regent aswad.regent@rxglobal.com RX France, a French joint stock company with a capital of 90,000,000 euros, having its registered offices at 52 Quai de Dion Bouton 92800 Puteaux, France, registered with the Nanterre Trade and Companies Register under n°410 219 364 - VAT number: FR92 410 219 364. Contents © 2025, RX France Market Publications. Printed on PEFC certified paper

THE NEW ENGINE OF EUROPE

AFTER MORE THEN 30 YEARS OF DYNAMIC ECONOMIC GROWTH, POLAND HAS ESTABLISHED ITSELF AS ONE OF EUROPE’S MOST COMPETITIVE MARKETS. IN 2024, IT WAS THE FASTEST-GROWING LARGE ECONOMY IN THE EU, AND IT IS PROJECTED TO MAINTAIN THIS POSITION IN 2025.

KEY SESSIONS:

POLAND’S LOGISTICS & INDUSTRIAL SAFE BET: What is capturing investors’ attention?

TUESDAY March 11 | 11:30 – 12:30

POLAND’S SILESIA REGION & KATOWICE MEGACITY: A new powerhouse for global investments

WEDNESDAY March 12 | 13:45 – 14:45

AND SESSIONS FEATURING WARSAW AS A GUEST SPEAKER:

INVEST IN… BLACKPOOL, CALAIS, OSTRAVA, OTTAWA, NICE, PORTO, ROMA, WARSAW

TUESDAY March 11 | 16:00 – 17:00

NIGHT-TIME ECONOMY AND 24-HOUR CITIES

WEDNESDAY March 12 | 15:00 – 15:45

JOIN US AT THE POLAND INVESTMENT FORUM AT MIPIM 2025 FOR EXPERT INSIGHTS ON POLAND’S BOOMING INVESTMENT LANDSCAPE.

FINANCING NEIGHBOURHOOD REGENERATION IN EUROPE: Cities and re’s path to tackle the housing crisis without sacrificing climate goals – c40 cities

THURSDAY March 13 | 16:00 – 17:00

DON’T MISS YOUR CHANCE TO CONNECT WITH GLOBAL LEADERS, EXPLORE INVESTMENT OPPORTUNITIES, AND SHAPE THE FUTURE OF EUROPEAN CITIES.

Auditorium K, Palais des Festivals, 4th Floor (Cinema Room)

KATOWICE WARSAW

‘A new government gamechanger’ is a

LEADING experts on housing gathered at the first conference of this year’s MIPIM yesterday to discuss the challenges posed by the global housing shortage in the residential sector.

Senior figures from the worlds of politics, real estate investment and housing development took part in an afternoon of sessions under the Housing Matters! programme, which included a keynote speech by London Mayor, Sir Sadiq Khan.

Panelists across the sessions were asked to consider the factors behind the widespread lack of housing, especially affordable housing, and the role the property industry can play in tackling it.

In a speech ahead of the second Housing Matters! session, the London Mayor admitted that the UK capital “faces an acute housing crisis”, and that “recent years have been challenging” for the authority he leads.

But he added that the election of a new government in Britain, and subsequent reforms and relaxations of the national planning system to enable quicker housebuilding, were “game changers” for the city.

“I firmly believe that the election of a new, pro-growth government marks a turning point and a huge opportunity. Because as far as London is concerned a new government isn’t just a welcome ray of light, it’s a game changer.

“It’s a game changer for our efforts to fix London’s housing crisis and a

game-changer for developers and investors who are tired of being blocked and just want to get on and build projects with local communities.”

Addressing delegates at the first panel of the afternoon, Mahdi Mokrane, head of investment strategy and research at multinational real estate investment firm Patrizia, said that “stability and predictability” in the rules governing capital flows will be key to engaging investors to tackle the global housing shortage.

He said: “The rule of the game is fine. We can operate successfully, win-winwin — win for the tenant, win for the public good and for the capital as long as the rule of the game is predictable and stable. [Change] is something investors do not really like.”

Speaking during the second session of the afternoon, aimed at exploring collaborative solutions to the problem, Svitlana Gubriy, head of indirect real assets at Aberdeen Investments, emphasised the role of Build to Rent (BTR) development as a solution to the challenge.

She said: “BTR is an important part of the provision of social housing overall. BTR allows people who may not have enough capital to buy their own home to live in modern accommodation. That will relieve pressure on the housing shortage and allow other people to have access to affordable and social housing. BTR done correctly can create a sense of community and social value, and at the end we are all about building inclusively and sustainably over the long term.”

Dr. Mario Draghi to open MIPIM 2025

Former President of the European Central Bank and Italian Prime Minister, Dr. Mario Draghi will open MIPIM 2025. Author of the report on “The Future of European Competitiveness”, he will shed light on Europe’s economic transformation plans in a rapidly changing geopolitical climate.

Considered one of the greatest economic leaders of our time, Dr. Draghi continues to inspire with his insightful analysis of the global economy. As President of the European Central Bank (2011–2019), he was celebrated for his pivotal role in saving the Eurozone, notably through bold monetary policies that led to the creation of 13 million jobs.

Dr. Draghi also established himself as a key figure in European politics as the Prime Minister of Italy (2021–2022).

Join us on Tuesday 11 March at 15:00 in the Grand Auditorium

Patrizia CEO pinpoints emerging sector megatrends

WITH a new cycle in a world undergoing rapid transition, while geopolitical uncertainties remain but inflation and interest rates are stabilising, investors should find a more predictable market environment, according to Asoka Wöhrmann, CEO of global asset management advisor Patrizia. Against this shifting landscape, he identified the megatrends of digitalisation, urbanisation, energy transition and living as key forces driving the sector’s recovery and unlocking new investment opportunities, he predicted.

“The convergence of real estate and infrastructure is creating a new emerging asset class that we call ‘RE-infra’. As cities become more connected with technology reshaping urban connectivity, mobility and energy efficiency, investors will increasingly look beyond traditional real estate towards smart real asset solutions that offer resilience, adaptability and stable attractive returns,” Wöhrmann said.

Investors are already seeking out future-proof smart assets where refurbishment, modernisation and decarbonisation are key enablers for long-term value creation, he said, stressing that technology will play an equally critical role in shaping the sector’s evolution as AI, digital twins and data analytics become indispensable in the optimisation of asset performance.

“At Patrizia, we are positioning ourselves at the forefront of these trends. Our goal is to lead this transformation, delivering innovative, sustainable investment opportunities that shape smarter urban living and build the resilient infrastructure necessary for future societies and economies,” he said.

At this year’s MIPIM Wöhrmann believes that value-add living will also be a key area of growth, as urbanisation and demographic shifts drive demand for more affordable, sustainable and digitally connected housing, while decarbonising and smart refurbishment of existing assets will also remain crucial investment themes.

“We are a long-term participant of MIPIM, and MIPIM has become a major business forum for our clients and for Patrizia, where we have the opportunity to showcase our expertise as a leading smart real asset manager and get a better sense of industry trends and investor sentiment,” Wöhrmann said.

“As we expand across Europe, Asia-Pacific and Japan, MIPIM allows us to connect with institutional investors who share our vision for impact-driven investments in our main growth areas of living, value-add, ‘RE-infra’, European infrastructure, and our independent club investment platform, Advantage Investment Partners.”

Europe primed to ‘lead the way’ for global real estate

ITALIAN real estate giant COIMA Group is in Cannes to further its core development agenda of delivering and investing sustainable urban transformation projects.

Led by founder and chief executive Manfredi Catella, a team from COIMA has come to MIPIM to meet with business and city leaders, and to discuss the major trends impacting real estate.

Catella said that Europe is primed to shape the future of the real estate industry, and to face, and resolve, the many economic and political challenges faced by property professionals around the world.

He said: “Europe — and European real estate in particular — has a great opportunity to lead the way on a global stage to align financial performance with sustainability objectives to create more liveable urban communities — and this is COIMA’s mission as well.

“It will be good to hear from the range of different city leaders attending MIPIM this year on these issues as well, particularly as we see political pressures from some quarters to row back on ESG commitments and the wider sustainability agenda.”

He said that in COIMA’s domestic

market a key trend of interest to investors is the great “latent potential” it possesses due to years of underinvestment during a “period of challenging market conditions”.

“Compared to other European countries,” he said, “Italy has a larger stock of obsolete real estate that offers transition opportunities for development and repositioning.

“For years, little has been invested in modern real estate in Italy. Today, with demand increasingly oriented towards quality and sustainable assets, supply is not able to meet the new needs of the market across a range of asset classes.”

Catella pointed to an “acute shortage of modern purpose-built student-living schemes” as a major opportunity, as well as the need for more affordable housing in Italy.

Headquartered in Milan, the group’s investment division, COIMA SGR, currently oversees 30 real estate funds in Italy and internationally, while its property arm, COIMA REM, manages some five million sq m of real estate.

COIMA SGR was responsible for the development of the Porto Nuova project, a transformative 290,000 sq m urban-regeneration scheme in Milan.

Patrizia’s Asoka Wöhrmann

COIMA’s Manfredi Catella

Geopolitical and economic risks top concerns for global investors

REAL ESTATE leaders globally are braced for another challenging year, with lingering inflation, largely driven by geopolitical instability and persistently higher interest rates in some regions potentially delaying a hoped-for recovery in capital markets and occupancy metrics.

This is according to the Emerging Trends In Real Estate Global Outlook 2025 from PwC and the Urban Land Institute (ULI), which is launched at MIPIM today. The report gauges global sentiment for investment and development prospects, amalgamating and updating three regional reports that canvas thousands of real estate leaders across Europe, the US and Asia Pacific (APAC).

This year’s global report notes that political risk is an overarching industry concern, particularly in relation to how policy and legislative decisions will influence

monetary policy, the prospects for economic growth, and the continuing impacts of global conflicts and disputes.

Uncertainty, driven by factors such as the US administration’s tariff policies and broader geopolitical shifts, is reshaping the global investment landscape, the research finds. Financial markets and investment decisions across all three regions are being influenced by growing challenges and increasing regional divergences, potentially creating barriers to joint approaches to global crises. In this context, political pushback against climate targets and the ESG agenda in the US is beginning to influence Europe and potentially APAC. Sentiment varies by region, with 67% of respondents in Europe citing environmental or decarbonisation requirements as key concerns, though these issues rank lower

among APAC and North American respondents.

Among some respondents, however, there is also optimism that the industry is close to ending a three-year journey to recovery. There is also a view that 2025 may be a ‘reset point’ or the beginning of a new cycle, although there is also caution regarding the pace of recovery.

Lisette van Doorn, CEO of ULI Europe, said: “Our annual global weatherglass for real estate investment and development prospects shows that the industry is very keen to turn the page and start a new cycle on the back of lower inflation and subsequent initial interest-rate cuts. However, wider geopolitical risks with potential monetary and macroeconomic knock-on effects will lead to ongoing uncertainty for real estate investors and managers, and this calls for continued caution.”

Opportunity London comes knocking

THE MAYOR of London, Sadiq Khan, is attending MIPIM for the first time to seek record investment for the UK capital and promote London as the greatest city in the world for developers and investors. Khan is leading a delegation that is directly lobbying key developers and investors to deliver more affordable homes and regeneration projects in London, and support the city’s growth, delivering new jobs both in the capital and across the UK.

The mayor will officially launch the new investment prospectus from Opportunity London, the capital investment partnership for the city, which presents opportunities all over London.

Khan said: “I am here at MIPIM

to bang the drum for London and seek the record investment the capital needs to deliver growth, boost the economy and build the fairer,

safer and greener London that all of London’s communities deserve. “London is the greatest city in the world and I am looking forward to

Emerging Trends In Real Estate In 2025 And Beyond will be launched on The Leaders’ Perspective Stage (Palais 5) today at 14:00

meeting with key developers and investors to deliver regeneration, new transport infrastructure and housing across all four corners of our wonderful city.”

Jace Tyrrell, chief executive of Opportunity London, said: “Joining forces with the Mayor of London, the City of London Corporation and London Councils, I’m proud to be championing our capital to the world at MIPIM. This is a pivotal moment for global investors to engage with London’s next phase of growth and innovation, with over £15bn (€18bn) of live opportunities.”

He added: “London has long been defined by its ability to evolve and, as we enter a new cycle of transformation, our Team London delegation is here to showcase the ambition, energy and diversity that makes our city truly distinctive and unsurpassed across the globe.”

ULI Europe’s Lisette van Doorn

Opportunity London’s Jace Tyrrell

Agence spécialisée dans la création et la réalisation de lieux expérientiels et durables.

NEARSHORING SET TO DRIVE DEMAND FOR EUROPEAN LOGISTICS

NEARSHORING will fuel demand for European logistics this year and beyond, Andrew Wooler, CEO at Burstone Group, told MIPIM News.

“The ongoing trend of nearshoring and regionalised supply chains will drive demand for industrial facilities closer to major European transport hubs and manufacturing clusters, which will particularly benefit markets in Central and Eastern Europe, as well as established logistics strongholds in Germany, the Netherlands and France,” he said. “We expect to see a strong but evolving market in 2025 with prime logistics rents remaining resilient, particularly in urban areas where demand continues to outstrip supply.”

Wooler added: “However, higher interest rates mean investors and occupiers are becoming increasingly discerning about asset quality, with sustainability and micro location playing a crucial role in decision-making — reflected in pricing and liquidity.”

Meanwhile, Wooler believes MIPIM remains vital for companies such as Burstone: “Our key focus is on engaging with capital providers, developers and occupiers across European markets as we continue to expand our presence.”

Student living and hotels beckon investors looking for a safe home

INSTITUTIONAL investors are finding the student living and hotels sectors increasingly attractive, according to Jay Ahluwalia, principal director at Dominus.

“While there is wider macroeconomic uncertainty, there is still plenty of capital looking for a home that will deliver sustainable, long-term income,” he said. “We’ve seen increased investment inflows in sectors that were once deemed alternatives but are increasingly part of the mainstream. Assets in sectors such as student living and hotels, which we specialise in, have become increasingly appealing to institutional investors.”

Ahluwalia added that, despite such inflows, the sectors remain undersupplied. “While investment flows have increased in each of these, the supply/demand mismatch means the underlying fundamentals remain strong,” he added. “Both student living and hotels will con-

tinue to attract capital in 2025. There will be an increased push for the development and operation of best-in-class assets in prime locations, especially in key cities where there are structural supply issues.”

In addition, Ahluwalia said, secondary office stock is ripe for investment: “While the push for prime, grade-A office stock has seen an uptick in demand as people return to the office, there is a wealth of secondary obsolete office stock that can be repurposed for alternative use. Developers who can add value through sustainably redeveloping these assets for the long term will continue to have a competitive advantage.”

He added: “There will be increased interest in the operationalisation of real estate, with more and more operators looking at a platform approach to drive efficiencies and a higher ROI, which is especially attractive at times of uncertainty.”

Ageing offices offer ‘big opportunity’

THE NEED to rejuvenate or redevelop the increasing volume of ageing office stock around the world will be one of the significant trends for 2025, according to Adriana Paice Kent, founder and chief executive of asset enhancement specialist firm Woven Spaces.

Large sections of the office markets in most major countries have been made “obsolete” by changing trends and next-generation building designs, Paice Kent added. These offices, she said, are now are at risk of becoming dead assets without redevelopment.

Paice Kent said that the need to “revitalise office spaces at risk of obsolescence” presents a big opportunity to investors and developers globally. She added that this opportunity is also a significant challenge, given the many changes in workplace culture and working patterns over the past

five years, along with increasingly demanding office occupiers.

“The challenge of encouraging a return to the office will remain, with businesses needing to create workspaces that not only meet occupancy and ROI goals but also attract employees back full-time,”

Paice Kent said. “Looking ahead, workspaces will need to foster

meaningful moments of connection through thoughtful design and storytelling to remain competitive.”

Paice Kent also believes that throughout 2025 “sustainability will become an even more pertinent topic”, driving increased interest in energy performance, responsible material use and carbon-conscious design in real estate.

Burstone Group’s Andrew Wooler

Dominus’ Jay Ahluwalia

Woven Spaces’ Adriana Paice Kent

Start MIPIM with a night to remember!

Tuesday 11 March 2025

19.00 to 22.00 Join the Opening Night tonight on the Croisette, Riviera 9 and Gare Maritime, featuring a live band DJ sets, food & cocktails.

CHYBIK + KRISTOF URGES ‘CREATIVE REUSE’ OF CITIES

THE DEVELOPMENT

industry should focus on reusing existing structures rather than demolition and building afresh, according to Ondrej Chybik, co-founder of Chybik + Kristof.

“At MIPIM 2025, we will focus on the creative reuse of cities — our approach to architecture and urban design that integrates adaptation, environmental consciousness and inclusivity,” he said.

“By focusing on repurposing existing structures and transforming brownfield land into vibrant masterplans, we aim to address the housing crisis while creating modern, affordable living spaces. This strategy balances heritage with innovation, emphasising the integration of public spaces and essential infrastructure to meet contemporary community needs.”

In addition, Chybik predicted that his firm’s approach would prove popular at this year’s show. “In 2025, we anticipate a significant rise in adaptive reuse projects, as cities increasingly prioritise resource efficiency,” he said.

“This approach will also play a crucial role in addressing the housing shortage, one of the most pressing crises to tackle.”

Investors show growing interest in alternative residential sectors

THE INCREASING emergence of alternative residential sectors as an attractive asset class for investors will be a highlight at MIPIM this year, a UK residential architectural practice has predicted. But challenges remain for the sector.

“The alternative residential sectors, such as coliving and purpose-built student accommodation (PBSA), have seen some of highest levels of interest among investors, with more of these set to come forward this year. However, inflation and the ongoing building regulation changes, such as the recent revisions to [British Standard] BS9991, will continue to compound viability challenges within the residential market this year,” Jo Cowen, principal CEO at London-based architect Cowen + Partners said.

“There is optimism in the industry ahead of Cannes this year and I foresee opportunities in phased largescale mixed-use urban regeneration

being unlocked by investors able to take a longer-term view.”

The practice, which recently rebranded from Jo Cowen Architects, is seeing significant growth in its strategic advisory services alongside new design-led appointments, including for Modern Wharf, Greenwich for Galliard Homes and City Developments. As a result, Cowen+Partners has expanded its team with five new joiners.

Cowen said that she has a number of meetings organised at MIPIM to discuss specific viability and deliverability challenges with residential developers and investors looking at complex urban sites.

“MIPIM has always been a focal point in the year for our business. This has increased since the pandemic as it has been more senior-led and focused on key areas within the conference, such as the London Stand,” Cowen added. “This senior focus is particu-

larly useful for the strategic advisory side of our business as it is an opportunity to meet directly with investors and developers to discuss a range of challenges and opportunities.”

UK housing crisis tops agenda for HUB

FINDING ways to tackle the housing crisis in the UK will be top of the agenda for developer HUB at this year’s MIPIM, Damien Sharkey, the company’s managing director told MIPIM News.

“The housing crisis is one of the most challenging issues of our generation and I expect this will be high on the agenda for many at MIPIM,” he said.

“However, for the first time in many years, we have a proactive government willing to engage with industry to find

solutions and bring about change.”

Sharkey said that there is no magic bullet when it comes to delivering the homes that the country needs.

“The country’s housing dilemma can only be solved by boosting delivery of all types and tenures, including alternative housing models,” he said.

“Build-to-rent (BTR) delivers homes at scale and pace, providing people with affordable, well-built, community-centric homes. Similarly, coliving — a sub-sector of BTR — can provide

higher quality housing than typical private rentals for those wanting to live in the most central urban locations.”

He added: “Importantly, the delivery of such schemes simultaneously revitalises previously neglected parts of our towns and cities, acting as catalysts for wider regeneration.”

The still-nascent Labour government has made a good start when it comes to housing — but still needs to go further, Sharkey said. “The government has set itself — and the industry — a challenge of delivering 1.5 million homes over the course of this parliament,” he said.

“Progress has already been made in terms of incentivising brownfield development and ruling out rent controls, which had been stalling investment for some time. However, the Building Safety Act remains a huge barrier to housing delivery and regulations must be streamlined if we are to come anywhere close to our targets.”

Chybik + Kristof’s Ondrej Chybik

HUB’s Damien Sharkey

Cowen + Partners’ Jo Cowen

THE SAILS

This project focused on Osaka's potential as a municipality. It attracted the Four Seasons, an internationally competitive luxury hotel, and contributed to the city by fostering a lively area atmosphere through art and landscape planning. Numerous works of art adorn the building, based on the concept of “Journey and Art." The exterior design is reminiscent of the sails of a yacht, and its integrated, high-rise residence+hotel design gives the building an overwhelming presence as a new landmark for Osaka, which is known as a "city of water."

One Dojima Project / Osaka. Japan Project team

Tokyo Tatemono Co., Ltd.

Hotel Properties Limited

Four Seasons Hotels and Resorts

NIKKEN SEKKEI LTD

TAKENAKA CORPORATION

STUDIO PIET BOON

Courtesy of Four Seasons Hotel Osaka Photographer : Seet, Ken

Taking photos without credit：photo by Nacása & Partners Inc.

Discover the UK Hub: A Gateway to Opportunity

11-14 March 2025

Palais des Festivals, Verrière Grand Audi, Cannes

MIPIM proudly presents the UK Hub, an exclusive platform to uncover the wealth of opportunities within the thriving UK property market.

At the UK Hub, international investors, developers, and decision-makers will gain unparalleled access to regional authorities, groundbreaking projects, and key private sector leaders. This premium space is your gateway to discovering the UK’s most attractive investment opportunities, forging high-value connections, and unlocking new business potential.

Discover the UK by MIPIM programme

Exhibiting pavilions

PANEL TO EXPLORE POLAND’S APPEAL TO INVESTORS

IN TODAY’s session Poland’s Logistics & Industrial Safe Bet: What is Capturing Investors’ Attention?, an expert panel will examine the key factors driving Poland’s attractiveness to investors, including the evolving liquidity of asset classes, new capital inflows and the market’s competitiveness. The session will focus on who is investing and which asset classes are most attractive as well as future trends, including ESG and the rising demand for data centres.

The panel includes Renata Osiecka, founder and owner of AXI Immo, which specialises in commercial real estate advisory services in the industrial and logistics, land, office and investment sectors.

In its 2024 report Polish Industrial and Logistics Market, AXI Immo reported that “the transaction volume in the industrial and logistics sector in 2024 reach €1.26bn — 25% of the total for the commercial real estate market — marking a 27% yearon-year increase”. A total of 29 transactions within the industrial and logistics sector were completed in 2024, including nine portfolio deals, the report said.

Poland’s Logistics & Industrial Safe Bet: What is Capturing Investors’ Attention?

Tuesday, March 11

11.30-12.30, Auditorium K

Strategic Madrid project aims to transform Spanish capital

THE MADRID Nuevo Norte project is delivering “massive transformation” to the Spanish capital, according to Álvaro Aresti, president, Crea Madrid Nuevo Norte.

“MIPIM is the perfect global platform to present the Madrid Nuevo Norte project and highlight the massive transformation it will bring to Madrid,” he said. “Right now, the region is experiencing an incredible moment and is firmly on the radar of international investors.”

He added: “This project will provide Madrid with a next-generation business district, more affordable housing and major urban infrastructure improvements. Its unique location, with Spain’s largest railway station at its heart and just 15 minutes from Barajas International Airport, will offer businesses unparalleled connectivity.”

Aresti told MIPIM News the

project is of sufficient scale to catapult Madrid into the premiere league of world cities. “Madrid is at a turning point and Madrid Nuevo Norte is the final push the city needs to consolidate its status as one of the most competitive global capitals,” he said.

“Prestigious reports already rank Madrid as the most attractive city for real estate investment in the EU and thanks to Madrid Nuevo Norte the city will be able to meet this growing demand. With over a million square metres of state-of-the-art office space, Madrid will gain a tertiary building offer comparable to what Canary Wharf brought to London.”

However, Aresti added that Madrid Nuevo Norte is intended to be far more than a business district. “We’re creating a vibrant, human-scale urban environment with Madrid’s renowned lifestyle, featuring affordable hous -

ing, green spaces, retail and leisure options,” he said.

“This means we’re not just building a business district — we’re shaping a vibrant, liveable destination where companies will want to set up shop and people will want to live and work.”

The new challenges of real estate

A NEED to “build more, and build better” is a key issue for this year’s MIPIM, according to Frédéric Bôl, president of ASPIM, the association for French real estate companies. “We are facing climate and social challenges. Real estate needs to adapt to new ways of life with remote working and an ageing population, but also tackle the need to build eco-friendly schemes that are global warming-ready.”

He added that investment strategies need to be in step with these new challenges, supporting both energy-transition goals and the energy-efficient renovation of existing assets. “I expect this MIPIM to be forward-looking, and to explore how we can collectively overcome this crisis for our sector, and above all for cit -

izens, who will need sustainable housing solutions in the decades to come.”

Another key topic will be how to “restore confidence and stimulate investment in real estate once again”, he added.

Higher interest rates have “profoundly destabilised the rental and new-build markets, resulting in a double crisis of both supply and demand, worsened by political instability,” he said.

Bôl noted that obsolete offices have become one of the most pressing topics for the industry, but that the industry, and ASPIM, are working on fixing the problem. “During MIPIM, we should reflect on solutions such as strategies to convert empty offices into housing, or how to better channel savings towards new homes,” he said. “Converting offices is not easy to implement; there are financial, regulatory and technical obstacles to overcome. At ASPIM, we are working on concrete proposals to contribute to the debate.”

AXI Immo’s Renata Osiecka

ASPIM’s Frédéric Bôl

Crea Madrid Nuevo Norte’s Álvaro Aresti

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Hyatt records 50% growth in lifestyle portfolio in one year

HYATT’s lifestyle portfolio has shown strong growth in the last year, Felicity Black-Roberts, senior vice-president of development for Europe, Africa and the Middle East told MIPIM News.

“We are actively leaning into the lifestyle space and our global lifestyle portfolio pipeline has grown by nearly 50% year-over-year, off the back of our acquisition of The Standard brand in 2024,” she said. “Demand for world-class lifestyle hotels will continue to grow — so, I will certainly focus on opportunities to grow our lifestyle brands like Andaz, Thompson and Me and All Hotels across Europe during MIPIM.”

In terms of geography, Black-Roberts said that Hyatt remains very focused on growth opportunities across Europe, with a particular interest in France, Germany, the UK and Italy. “These markets will be well represented by real estate owners at MIPIM, so I’m looking

forward to connecting with delegates through the week,” she said.

“We’re committed to actively expanding Hyatt’s presence across geographies and are open to managed or franchise deals for new builds but also conversions, which can often be more sustainable and a quicker route to market. This includes inorganic growth through strategic master-franchise agreements for larger portfolios — or even M&A.”

Deloitte’s 2025 Commercial Real Estate Outlook ranks hotel assets fifth among the most promising asset classes for real estate investors over the next 12 to 18 months. “This leap from 12th place underscores the investment opportunity for the sector,” Black-Roberts said.

“We’re seeing more movement in the European hotel-investment market, with an increased number of distressed assets coming through — which isn’t nice to

see — and a lot of competition on price.”

She added: “So, there are investment opportunities materialising that were not available last year. We’ve also started to see the return to work bringing activity back to city centres across Europe — and this is clearly positive for urban hotels. And Germany, France and the UK — markets which benefit from strong domestic tourism — will continue to drive leisure spend this year.”

Black-Roberts said that Hyatt plans to expand into 13 new European and African markets by 2028, including Estonia, Iceland, Romania, Cape Verde and Mauritius.

“Spain is at the forefront of this accelerated growth journey, with Hyatt expanding from just four hotels in 2020 to 55 hotels and 14,500 rooms today. We firmly believe in the opportunity for significant growth in the region,”

Black-Roberts added.

Stoneweg targets hospitality and data

STONEWEG will use this year’s MIPIM to explore opportunities in the hospitality and data-centre sectors, Jaume Sabater, the company’s CEO told MIPIM News.

“We are looking forward to exploring how we can apply the deep expertise of the expanded platform in living and logistics to new markets and discussing investment prospects in hospitality and data centres, which are also major targets for us this year,” he said.

More generally, Sabater said that he expected the mood at MIPIM to be brighter than it has been in recent years. “As for the wider in -

dustry discussion, we expect European real estate investors to be in a more positive mood about performance prospects this year against a backdrop of improving fundamentals,” he said. “It is likely key topics will include the segments best positioned for growth, the impact of geopolitical volatility on performance and the polarisation between different types of space.”

Sabater said that Stoneweg has brought a large delegation to Cannes this year. “MIPIM is a chance for us to meet existing and future partners and to introduce the enlarged Stoneweg-Icona group to the investor com -

munity,” he said. “As we enter a year with improving real estate potential backed by falling interest rates, tamed inflation and consistent European GDP and employment growth, it is a way to take the pulse of the industry and clarify the main focus areas for the business. MIPIM is an efficient way to meet many investors in one location which saves travel time, cost and carbon emissions.”

Stoneweg recently completed the acquisition of Cromwell Property Group’s European platform, creating a combined entity with assets under management of around €8bn.

Stoneweg’s Jaume Sabater

Hyatt’s Felicity Black-Roberts

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Affordable housing to become a ‘growing issue worldwide’

GYODER, the umbrella organisation for the Turkish real estate sector, is aiming to inspire the wider industry at MIPIM this year by “showcasing Türkiye’s values to the world”, according to president Neşecan Çekici.

“Türkiye is one of the most resilient countries in the face of global crises and challenges, continuing to be a reliable hub for investors,” Çekici said. Reflecting this resilience, “the Turkish real estate sector stands out globally due to the knowledge and experience it has gained over the years”.

Today, Türkiye is reshaping the industry by developing new business models, investment opportunities, innovative financial tools and sustainable real estate solutions, she said, adding:

“With its strategic position, Türkiye is preparing to build stronger and more lasting connections with global investors.”

Affordable housing is one of the topics that will come under the spotlight at this year’s MIPIM, a growing issue worldwide. “According to many reports, housing accessibility concerns have risen from 20th place to eighth place in Europe and worldwide,” she said.

el, we can accelerate the housing production process, regulate rent prices and provide a permanent solution to the crisis,” she said. The financing for this model, where the public takes the role of landlord, has been supported by various scenarios, including capital-market instruments. The model was presented at last year’s MIPIM, drawing industry plaudits. Looking to the year ahead, Çekici made a number of predictions for real estate. “In 2025, we anticipate that sustainable and accessible housing models will take centre stage, financing mechanisms will diversify and urban transformation will be approached in a more systematic way,” she said. “In Türkiye the demand for housing and the rising prices make alternative solutions a necessity.”

The housing crisis will ultimately require a “holistic policy approach”, Çekici said. “In the long run, accelerating urban transformation and increasing home-ownership rates again will require public-private partnerships, and even division of labour in certain areas. As GYODER, we will continue to provide sustainable solutions to the housing accessibility issue through projects that are in harmony with nature, make the best use of technology and prioritise design.”

‘‘Real estate worldwide has a changing macro backdrop’’

“This crisis, deepened by factors such as population growth, natural disasters, migration and poverty, has now become a global issue. According to UN-Habitat data, by 2030, three billion people, representing 40% of the world’s population, will need access to affordable housing.”

She added that the housing crisis reached its peak in Türkiye “due to the COVID-19 pandemic, waves of migration, the Ukraine-Russia war, excessive rent increases and, most recently, the two major earthquakes in Kahramanmaraş”. GYODER’s proprietary New Housing Model seeks to address this issue and accelerate the urban-transformation process. “If we can implement this mod-

And MIPIM remains a vital meeting place for sharing such messages. “Just as in our country, real estate worldwide has a changing macro backdrop,” she said. “As GYODER, we prioritise being part of this transformation and connecting our members with innovations. MIPIM is an important platform where real estate professionals from around the world come together. Participating in this event offers us the opportunity to keep up with global real estate trends and develop international collaborations.

“Additionally, it allows us to increase the visibility of the Turkish real estate sector on the international stage, share industry knowledge and evaluate sector developments from a broader perspective.”

GYODER’s Neşecan Çekic

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Oslo summit offers Norwegian insight

INVESTORS curious about opportunities in Oslo may find answers to their questions at today’s Oslo Investor Summit, taking place on the Geo Focus Stage in Palais 3 at 13.00. The moderator of the event, Stig L Bech, chairman of the board of Norsk Eiendom, The Norwegian Real Estate Organisation, described some of the summit’s highlights. “We will give an update on the Norwegian market, an overview of key regulatory and political frameworks, and a summary of market practices in transactions. Part of this is an analysis of the state of Norwegian politics, after the recent change of government, as many international players question current developments, tax evasion, et cetera.”

He added: “We have seen how important knowledge of the Norwegian market and Norwegian transaction processes can be for international investors to succeed with investments in Norway. This is particularly true for the speed and transparency that characterise the standardised Norwegian market. In addition, we believe in creating a physical meeting place to help connect the relevant players with each other. This has worked before, and it will work again.”

Bech said that wider topics under the lens at MIPIM are ones that concern all of real estate. “High inflation, high interest rates, flattening incomes and lower loan-to-value ratios are giving many real estate companies more strained liquidity

than before,” he said. “This is often resolved by existing owners injecting fresh equity, but in today’s market, fresh capital is also raised through partial or complete sales of individual assets or portfolios, or through loans and hybrid capital from lenders offering higher loan-to-value ratios than traditional banks. International investors

have previously been an important source of capital in the region, and are once again showing increasing interest in the Norwegian market.”

He added: “MIPIM is an important meeting place for Norwegian players and international investors. That is related to a number of facts, including 20,000 participants from over 90 countries.”

Golden Gate welcomes residents to Bahrain

A NEW luxury residential icon is taking shape in Bahrain, which is expected to attract buyers from all over the world, according to Hussain Yousif, deputy general manager of developer Grnata. “Rising above the breathtaking turquoise waters of Bahrain Bay, Golden Gate is the epitome of modern luxury architecture,” he said, noting that the project seeks to marry world-class design with advanced technology, offering over 70 premium amenities. He added: “At Grnata, our mission is to provide residents in this particular project and future luxurious projects with an exclusive lifestyle while offering investors profitable and sustainable opportunities. As such, Golden Gate will be operated by our own Grnata Signature, a luxury real estate entity.”

Hussain said that over 70% of the work is now finished, with model units currently available for view-

ing. “These exclusive residences feature modern, high-quality interiors, cutting-edge technology, and breathtaking views of Bahrain Bay. Whether you’re looking for a personal residence to enjoy an elevated lifestyle or a solid invest-

ment opportunity, Golden Gate is definitely your ideal choice.”

He said that the project has made possible through first-class teamwork. “At Grnata Real Estate, our leadership has been pivotal in driving the success of the Golden

Gate Project. With our extensive experience in real estate, we have implemented strategies aligning with both our quality standards and our vision of innovation.

“Acquiring Golden Gate was a step toward transforming Bahrain’s real estate landscape, blending international best practices with local expertise.”

Grnata Contracting, the firm’s construction arm, has led the efforts on the ground, with a team of over 500 professionals, including 40 skilled Bahraini engineers.

“These individuals have been integral to the project’s success, ensuring that each milestone is met with precision and excellence. Our leadership’s commitment to fostering Bahraini talent is a core part of our mission, as we believe in empowering local professionals to play a major role in our projects while we continue to adopt global construction innovations,” Hussain said.

The ambitious scheme by Grnata is attracting investors

Didrick Stenersen

The Harbour: MIPIM expands

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Tokyo Tatemono unveils major development slate

JAPANESE real estate developer

Tokyo Tatemono is currently carrying out several large-scale redevelopment projects in the vicinity of Tokyo Station in the city centre.

One is called the Yaesu Project, which is scheduled for completion in 2026 and will include a bus terminal and a cultural centre.

However, the domestic project that Tokyo Tatemono is most proud of at the moment is One Dojima Project, which was recently completed in Osaka, the largest city in west-

ern Japan. “This project is the first high-rise residence in Japan that has been combined with a 5-star hotel,” said director Hideshi Akita. “It is 195 metres tall, and residents can access an assembly room and rooftop deck, from which they can enjoy a full view of Osaka Castle and the Dojima and Okawa Rivers.” The Four Seasons Hotel occupies the middle floor of the building, but condominium residents living above the hotel floor have access to the hotel restaurant and gym via a private elevator.

The first floor is occupied by entrances to both the residences and the hotel, as well as a restaurant and bakery. The surrounding environment consists of lush landscaping and is natural and private.

“10 residences on the upper floors have deep roof balconies,” he added. “The condominiums combine exhilarating outdoor living with a panoramic view of the city, thus increasing the residences’ value enormously.”

Another unique feature of One Dojima Project is the way it incorporates fine art into its interior design. The exterior appearance is

meant to mimic that of a yacht’s sails, while stand-alone art works are distributed throughout the building and in public spaces. “It provides a series of encounters with art that stimulates the aesthetic sense of residents and hotel guests, thus making life an endless journey of curiosity,” Akita said. The company is also looking overseas for opportunities, he added. “We aim to take advantage of business opportunities in growing markets like Asia by leveraging our strengths and experience. We have good relationships with overseas partners in Japan and so can accelerate investment in countries in Europe and other places.” Currently, Tokyo Tatemono is involved with two residential projects in the US and one in Australia, eight residential and logistics projects in Thailand, and three residential and logistics projects in China. With this mission in mind, Tokyo Tatemono thinks it can increase the overseas portion of its revenue from 1% to 10% by 2030. Tokyo Tatemono also has its eye on Europe. “Europe is very promising in terms of advanced environmental initiatives,” he said. “We want to proactively incorporate these initiatives in our development strategy so that they can produce effects that will transcend borders.”

Cross-border opportunities back on the table

INTERNATIONAL real estate

investors are ready to spend funds in a range of geographies, according to Rasheed Hassan, head of global cross-border investment at Savills.

“Beds and sheds remain in favour and we anticipate a good number of investors will enquire about these sectors at MIPIM this year and throughout 2025. However, we are also seeing a material uptick in interest for CBD offices, hotels, data centres and various retail sectors in Europe,” he said.

“This reflects a combination of repricing feeding through into

the market, robust occupational datapoints and the return of cashflow accretive financing in certain sub-sectors, particularly in the Eurozone.”

He added: “The anticipated further cuts in interest rates by the European Central Bank and others will support the growing improvement in investor sentiment and activity. ESG will remain a key consideration for many investors and those holding real estate assets as many European markets have put EPC deadlines in place. The geopolitical environment will continue to be of interest.”

Preferred destinations have evolved, he added. “Southern Europe has become more favourable for investors over the last few years with Spain now the most popular country to invest in, followed by the UK, France, the Netherlands and Germany, according to a recent European and Middle Eastern investor survey we conducted. As a result, we expect to get many more enquiries around these markets at MIPIM and throughout the year.

“MIPIM is always a very good barometer of sentiment, which is helpful for everyone,” he said.

Savills’ Rasheed Hassan

The developer’s One Dojima Project in Osaka

Tokyo Tatemono’s Hideshi Akita

InPark sets out growth plans for projects across Hungary

INPARK CEO Albrecht Armand anticipates further growth and expansion in Hungary’s industrial and logistics real estate sector this year and said that the Budapest-based company aims to make eastern and southern Hungary more attractive to investors, contributing to the region’s economic development and job creation.

“We expect even more international companies to choose Hungary, as demonstrated by the [Chinese car manufacturer] Xinzhi Group project, which selected Hungary — and specifically our industrial park in Hatvan — for its first European investment,” he said. “The key factors for investors include site readiness, development speed and infrastructure quality. Sustainability is also becoming indispensable, which is why InPark is installing energy-storage systems and solar

panels at several industrial parks this year.”

Overall, Hungary’s industrial and logistics market is experiencing stable growth, with increasing investor interest and intensified infrastructure development, he added, with MIPIM providing the company with an opportunity to showcase the investment potential in Hungary.

InPark — which is the brand name for the Hungarian stateowned National Industrial Park Management and Development Company (NIPÜF) — will use the event to emphasise the economic appeal of the country’s regional cities and demonstrate how the industrial and logistics sector has expanded significantly in recent years.

With 900 ha of development land, Armand said that InPark is the only industrial real estate de -

veloper in Hungary with full nationwide coverage. The company is present in 15 counties and 20 cities and is expanding its development areas towards Hungary’s eastern and southern regions.

“We consider it our mission to participate in MIPIM, the world’s leading real estate development exhibition, where the most influential professionals of the industry gather. This event provides us with a unique opportunity to showcase Hungary’s competitiveness and the dynamic growth of our industrial and logistics sector on a global scale,” he added.

“Additionally, it allows us to highlight Hungary’s industrial and logistics developments, particularly in rural regions, and to build strategic partnerships that contribute to the country’s longterm economic growth. In recent

years, we have seen growing investor interest in developments outside Budapest and in regional cities, as these areas offer competitive alternatives within Central Europe.”

Government targets unlock private investment

THE HEAD of real estate at a UK specialist pension fund insurer has said that reforms to the UK’s planning system present numerous new opportunities and challenges to real estate developers and private-sector investors.

James Agar, head of real estate origination at Pension Insurance Corporation, has said that UK real estate developers are approaching the new landscape following reforms to planning laws with “cautious optimism”.

Planning-law reforms have been introduced by the new Labour government in a drive to streamline and speed up real estate development in the UK.

The reforms have been introduced in a large part to deliver more quick-

ly to ambitious housebuilding targets. The government has set itself the target of delivering 1.5 million new homes during the course of this Parliament, alongside some 150 major public projects.

Agar said a number of factors would dictate how successfully private-sector real estate firms and public bodies with shared interests could work together to meet national targets.

He said: “The UK has ambitious targets to meet within the real estate sector, and with new planning reforms in place as well as environmental challenges, meeting these targets will largely come down to sentiment and viability.

“Long-term public-private partnerships will be key to unlock institu-

tional investment, so l hope there will be more conversation and excitement around the potential here.”

Agar said that the presence of such high targets, and the many opportunities they present, would mean an increasing presence of private investment and “private-sector finance” in the affordable housing market.

“I believe there will be continued focus and capital allocation to the living sectors, with affordable housing rising in prominence and transactional activity,” Agar said.

“Private-sector finance entering the affordable space has been long expected, but 2025 is likely to be the tipping point for major investment into the sector, particularly as institutional investors increasingly look to commit to social-impact projects.”

Pension Insurance Corporation’s James Agar

InPark’s Albrecht Armand

Emlak Konut prioritises smart technology and sustainability

YASIR Yilmaz, general manager and CEO of Turkish real estate developer Emlak Konut, said “low-carbon initiatives, green buildings and sustainability” will be top of his agenda for this year’s MIPIM. Speaking to MIPIM News ahead of the event, he added: “We plan to focus on key topics such as mega-city developments, urban transformation, smart-city technologies and innovative financing models. Establishing new partnerships with foreign investors, looking into public-private partnership prospects and showcasing Türkiye’s robust real estate potential will be our top priorities.”

He observed “three major pillars” shaping the real estate sector in 2025. Sustainability and the green tran-

066_ICE_N1_PIM

sition would remain top priorities, both locally and globally. “Investor interests in ESG-compliant developments is expected to rise significantly, reinforcing the need for sustainable urban planning and responsible real estate investments,” he said. Secondly, there will be a rapid acceleration in digitalisation and smart city technologies. “The integration of smart-building systems, big-data analytics and blockchain innovations will play an increasingly vital role in adding value to real estate assets and enhancing urban living standards,” Yilmaz said.

And lastly, despite global economic fluctuations, he expects “strong demand for secure and long-term real estate investments in strategic locations. Mixed-use

ITALY: FROM NORTH TO SOUTH, OPPORTUNITIES EVERYWHERE

In the 2025 edition of Mipim in Cannes, Italy presents itself as a united frontier, creating a bridge between North and South. Housing, social and digital infrastructures, enhancement of real estate assets and waterfronts. These are the themes at the heart of the Italian Pavilion of the main international real estate event promoted by the Italian Trade Agency at the Palais des Festivals from 11 to 14 March.

The ribbon cutting of the Italian Pavilion is scheduled for March 11th at 10:30.

developments, wellness-oriented residential and commercial spaces, and tourism-centric real estate projects will continue to attract investors seeking sustainable and high-yield opportunities.”

His company remains committed to adapting to these evolving trends, Yilmaz said, “driving innovation, and ensuring that our projects align with both market expectations and societal needs. We will continue to foster global collaborations, invest in smart and sustainable solutions, and contribute to shaping the future of the real estate industry.”

Emlak Konut is “deeply committed to expanding its global presence and strengthening its international collaborations,” he said, and MIPIM is central to that strategy. “We consider MIPIM as a critical venue for engaging with global investors, exchanging expertise and identifying new opportunities that align with our long-term vision.”

A new Pavilion to bring visitors into an Italian atmosphere. Italy shows its potential through an Italian Gallery, with pictures representing 10 large real estate projects of national level to show the enormous potential of the country.

The Pavilion also hosts an Arena, with a rich program of Workshops: three days and three macro-themes will be the common thread. In addition to this program, will be eight Side Events that will further explore the themes.

On March 12th, don't miss the Italian Conference: listen to the voice of Italian Real Estate, local authorities, institutional representatives and trade associations awaiting you to discover the best of Italian Real Estate.

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Emlak Konut’s Yasir Yilmaz

With new LVMH investment Tokyu Corporation reimagines

FOR AS long as Shibuya, Tokyo’s celebrated “youth mecca” has been around, the Tokyu Corporation, one of Japan’s major conglomerates as a developer and hotelier, has been the area’s heart and soul in terms of business. Until a few years ago it owned and operated the two big department stores that dominated Shibuya retail, as well as Bunkamura, a cultural and entertainment complex that is now being renovated. Most significantly, Tokyu operates two train lines that terminate in Shibuya, the Toyoko Line that connects Tokyo to Yokohama, and the Denentoshi Line, which connects Shibuya Ward to the affluent suburbs of northern Kanagawa Prefecture.

Akinori Kanayama, Tokyu’s executive officer in charge of hotels and resorts, told MIPIM News that his company is now in the midst of rebuilding Shibuya for the 21st century. “We are a hotel operator,” Kanayama said. “But we are also a developer, and we are working on mixeduse projects that will cover all of

‘‘The legacy of Shibuya as a place to live is day-to-day luxury’’

Shibuya.” As part of this plan, Tokyu tore down its two department stores in Shibuya and is now collaborating with the luxury fashion brand Louis Vuitton as a co-developer and co-investor, working toward a “new shopping culture” that Tokyu can deliver in its future retail spaces. “We also want to make Shibuya a centre of entertainment,” he added. “So in addition to renovating Bunka -

Shibuya

mura” — which boasts a large hall that can handle opera and ballet, a playhouse, museums and cinemas — “we’ve just completed a hotel complex in Tokyo’s main entertainment district of Kabukicho near Shibuya that includes entertainment facilities.” What ties all these projects together is Tokyu’s commitment to keeping things Japanese. “Tourists from other countries want a local experience, so our hotels incorporate Japanese taste and sensibility.” The four hotels that Tokyu operates in Shibuya comprise more than 1,200 guest rooms. These hotels will be integrated with retail spaces that cater to “shoppers with experience”, he said. Beyond the area’s reputation as a place where young people gather, these new projects also take advantage of Shibuya’s nearby high-end residential district. “The legacy of Shibuya as a place to live is day-to-day luxury,” he said, a situation that covers what he calls “Greater Shibuya”, which extends in all directions to encompass other trendy neighbourhoods, like Harajuku and

Ebisu. But he added that this vision of retail accommodates a wider class of consumer who demands “more average prices”. Tokyu is also promoting its long-running property timeshare business called Tokyu Sharing. Though Tokyu’s timeshare business is mostly limited to Japan, it collaborates with other timeshare businesses overseas. Likewise, Tokyu is quickly adapting to the new digital work-life dynamic, which Kanayama says distinguishes Tokyu from other developers in the hotel field.

“Google’s offices are in Shibuya,” he said, emphasising the more forward-looking business sensibility that Shibuya offers.

All these aspects will be discussed during MIPIM, where Kanayama is presenting Tokyu’s projects — especially new hotels— to attract investors to their projects.

“I think they can get a higher, stable return,” he said. The presentation will emphasise Japan as a “country of peace” where inbound tourists can feel secure and at ease, as well as Japan’s close affinity with nature.

Tokyu Corporation‘s Akinori Kanayama

The Tokyu Kabukicho Tower in the district of Shinjyuku

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Growth in Romania drives investment opportunities

MIPIM delegates should explore Romania’s dynamic real estate markets, according to Ciprian Ciucu, mayor of the sixth district of Bucharest. Ciucu emphasised “the country’s strong economic growth, increasing investor interest and favourable business environment”, adding: “Romania has one of the fastest growing economies in the EU, with consistent GDP growth, low corporate taxes — a 16% flat tax — and increasing foreign direct investment.”

He noted that compared to Western European markets, “Romanian real estate offers higher yields, particularly in the office, industrial and logistics sectors”. Romania also benefits from significant EU funding for infrastructure development enhancing transport and logistics capabilities.

“Cities like Bucharest, Cluj-Napoca, Iași and Timișoara are becoming regional business hubs, attracting multinational companies and startups,” he said. This in turn is boosting demand for high-quality residential properties, backed by urbanisation, a growing middle class and increasing mortgage accessibility.

He added: “MIPIM delegates looking for high-growth, highyield opportunities should strongly consider Romania as an emerging market with longterm potential.”

Bucharest’s Sector 6, in particular, presents several “compelling investment and development opportunities across various sectors”, the mayor said.

“The Municipality of Sector 6, with support from the Council of Europe Development Bank, is advancing the construction of a new public hospital. The project aims to enhance healthcare services for approximately 400,000 residents.”

The district has also embarked on a comprehensive energy-efficiency programme. “This initiative includes the thermal rehabilitation of multi-family residential structures and the construction of new, energy-efficient public schools and kindergartens,” Ciucu said. “Sector 6 has furthermore emerged as a hotspot for young families and investors, driven by new residential projects and enhanced public transportation infrastructure. The area has seen significant residential growth, with over 28,500 apartments under development in adjacent zones. Improved connectivity, including new trolleybus lines and the metro line M5, has further increased the area’s appeal, indicating a promising future for property value appreciation.”

He added: “Collectively, these initiatives underscore Sector 6’s commitment to sustainable development and its attractiveness to investors seeking opportunities in healthcare, energy efficiency, international trade and residential real estate.”

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STATE INVESTMENT INCENTIVES SHAPE

CEE REAL ESTATE

STATE incentives across the CEE region continue to attract R&D and business support system (BSS) projects, with government backing covering up to 70% of costs, according to new research from Colliers. Jan Kamoji-Czapinski, director, incentives advisory, Europe at Colliers said: “Most of the countries focus on supporting industrial and R&D projects. However, office projects can benefit from financial aid through cash subsidies and tax incentives in most of the regional and select capital cities, such as Tallinn, Riga, Vilnius and Zagreb.”

He added: “Landlords are often disregarding incentives, but in some locations, they can directly benefit from measures like property-tax exemptions.” The Colliers research finds that tenants, especially large manufacturing companies and shared-services centres, consider the availability of public aid as one of the key factors when selecting a location. If two properties are comparable in terms of costs, location and workforce availability, but one is situated in a region offering a higher level of support, the likelihood of it being leased increases significantly.

WP Carey eyes logistics and and recovering retail assets

THE VIBRANT logistics sector but also recovering retail assets are among target acquisitions for international investor WP Carey this year, according to Christopher Mertlitz, head of European investments. “Industrial and warehouse properties will remain a key part of our strategy, as both segments continue to be driven by sustained ecommerce growth and robust demand for logistics infrastructure,” he said. “Likewise, we continue to see opportunities in grocery and other retail properties given the asset class’ resilience, underpinned by demand for essential goods during times of economic instability.”

This recovery theme reflects more positive sentiment for the wider market, he added.

“After a focus on ‘survive till 2025’ through much of last year, many investors are now hoping the market is poised to thrive this year,” he said. “While the economic outlook remains uncertain, we expect sale-leasebacks will continue to play

a vital role in unlocking liquidity for businesses which can be reinvested into core operations and growth. In addition, we anticipate that we’ll continue to see interest from private-equity firms in sale-leasebacks as a means of financing new acquisitions or bolstering the growth of portfolio companies.”

Emerging asset classes remain under the spotlight, he said: “We also expect some newer sectors to receive an influx of investor capital. Self-storage, cold storage, senior living, hospitality and data centres have emerged as popular investments, with strong operating fundamentals and positive long-term growth potential.”

For Mertlitz, Cannes is the place to discuss all this and more. “MIPIM 2025 offers a good opportunity to get together with our peers and assess the trajectory, trends and topics that will likely dominate the European real estate market this year,” he said. “We are expecting discussions to centre

around evolving monetary policy decisions and the wider economic landscape in Europe, all of which will provide valuable perspectives on how the sector is looking to adapt to shifting conditions.”

UK’s East Midlands in spotlight

THE EAST Midlands region of the UK is rich with opportunities for international real estate investment across a range of sectors, a senior politician from the recently-devolved authority overseeing the area has said.

Councillor Nadine Peatfield, deputy mayor of the East Midlands Combined County Authority (EMCCA), is in Cannes to meet with potential investment and development partners seeking regional opportunities across growth sectors including advanced manufacturing, nuclear energy and engineering. Peatfield is leading the first-ever EMCCA delegation to MIPIM since the authority was formed in February 2024 under a UKwide regional devolution agenda.

EMCCA covers the central counties of Derbyshire and Nottinghamshire, home to internationally renowned companies including Rolls Royce, Boots and Toyota as well as a plethora of manufacturing and engineering businesses. Peatfield, who is also the leader of Derby City Council, said: “We’ve got some big-hitters in the region. Global companies are based here because it’s the centre of the country. Transport links are brilliant, you can get anywhere in England in the space of a few hours.” She added: “We’ve got some big international investment in the region, in advanced manufacturing, green energy and small nuclear reactors. We’re training up the next generation of nuclear engineers.”

WP Carey’s Christopher Mertlitz

East Midlands Combined County Authority (EMCCA) deputy mayor Nadine Peatfield

Increasing diversity in the UK property industry since 2017.

One of MIPIM’s UK Diversity partners, Regeneration Brainery is a not-forproﬁt programme that gives brilliant young minds a pathway into property and regeneration careers.

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Hello Parks predicts year of change and new directions

RUDOLF Nemes, managing director and co-founder at industrial developer Hello Parks, is at MIPIM with an expectation of significant changes and fresh approaches set to emerge in 2025.

As a Hungarian property developer, he said that the company believes that there are encouraging signs, with indications of increased investor attention turning towards the Hungarian real estate market.

“However, the US’ new international role could significantly reshape tenant and investor supply-demand markets. Restoring Europe’s competitiveness will be crucial in maintaining positive real estate market trends,” he said. Nemes also feels that 2025 will be a defining year in terms of the eventual composition of the German government following the country’s recent election results,

European migration policy and the green transition, which he stressed in combination will determine Europe’s future role on the international stage.

“The direction that will emerge by the end of the year poses a serious challenge to predict, even for the most experienced profes -

sionals,” he said.

Hello Parks has established a presence in four locations: Maglód, Fót, Páty and Alsónémedi, with a portfolio of sustainable and energy-efficient megaparks and the company is actively working on the development of over one million sq m of industrial space

Infrastructure investment is key

THE NEED for investment in social infrastructure will be a clear theme at this year’s MIPIM, according to Chris Gill, managing director at Kajima Partnerships, who added that the need for partnership working between the public and private sectors is on the rise.

“The demand for investment in social infrastructure will continue to grow,” he said. “Schools, hospitals and town centres need innovative approaches and sustainable funding solutions.”

To illustrate his point, Gill pointed to Kajima projects such as the 18,580 sq m Rochdale Riverside scheme, as well as the forthcoming Springfield Vil -

lage in London, €596m Health Innovation Neighbourhood in Newcastle and Etruscan Square in Stoke-on-Trent.

“Kajima Partnerships will continue to develop and invest in these vital areas across our key markets, unlocking complex projects that others might overlook,” he said.

“While macroeconomic factors like interest rates will continue to shape the outlook for real assets, they will also create opportunities for long-term, strategic investors who can navigate these challenges and deliver lasting value.”

Gill added that MIPIM presents an “excellent opportunity for us” as there is significant mo -

on a total area of 200ha. The total development value of its completed and ongoing projects is approaching €600m. Nemes described MIPIM as an “excellent platform” to promote the company’s brand and its international presence as a property developer and said that the company’s participation at the event was also important to send a clear message that Hello Parks’ buildings and services are competitive on an international level.

“Our main goal is to gain deeper insight into current investor focus and better understand market demand,” Nemes said. “We place special emphasis on establishing contact with major international tenants and maintaining existing relationships to learn first-hand about their movements and requirements for the coming year. This event provides a unique opportunity to directly experience industry trends and gain a more comprehensive understanding of different market players’ perspectives.”

mentum behind public-private collaboration, with increasing recognition of the crucial role private investment plays in delivering major projects.

“MIPIM reflects this by bringing together property and investment communities alongside political leaders from around the world, while keeping its strong focus on the UK market,” he said.

“At Kajima Partnerships, we invest to make an impact, develop with people in mind and commit for the long term. I look forward to connecting with new and existing partners at MIPIM to explore how we can drive this vision forward.”

Kajima Partnerships’ Chris Gill

Hello Parks’ Rudolf Nemes

One million businesses £350 billion economy 15 million people

TUESDAY

Welcome from Northern local authorities

Hear from Blackpool Council, Salford City Council, Trafford Council, Bolton Council, Wigan Council, and Stockport Council North of England stand

In conversation with Homes England chief executive Eamonn Boylan North of England stand

Faster, bigger, better: How can the North become the UK’s development driver?

Hear from Gateshead Council, Igloo Regeneration, Trafford Council, Wigan Council, Salford City Council, and WSP UK Stage

WEDNESDAY

Flip_it at MIPIM WSP, Layer.studio, and Studio Hoodless introduce Flip_it, an immersive brainstorming session that redefines regeneration North of England stand

THURSDAY

Investible North: Where should investors put their money?

Hear from Liverpool City Council, Newcastle City Council, Blackpool Council, Manchester City Council, Bolton Council, and Stockport Council UK Stage

Place North MIPIM wrap-up

Get the thoughts of private sector giants including Urban Splash founder Tom Bloxham, Muse managing director Phil Mayall, and Igloo Regeneration’s senior development manager Insiyah Khushnood on how MIPIM 2025 has panned out and enjoy some casual drinks as we kick off the MIPIM wind-down North of England stand 10:30am 3pm 4:15pm 2:30pm 11:15am 2:30pm

Hungary’s InnoVinia outlines ambitious expansion agenda

THE HUNGARIAN regional industrial logistics market remains very active and despite the numerous uncertainties in the automotive industry and Europe’s leading economies, this trend is expected to continue, according to Ádám Székely, co-owner of Hungarian industrial and logistics developer InnoVinia.

He said that he is optimistic about future prospects for the sector and added that the Budapest-based company will continue its expansion, which is primarily focused on built-to-suit facilities for manufacturers and 3PLs.

“Hungary’s east-west positioning continues to be attractive for foreign investors and manufacturers, which is why it can also serve as a meeting point for western and east-

057_UNION INVEST_N1a3_PIM

ern investments and developments,” he said. “This is a strategic advantage that we have been emphasising.” He added that rural locations have grown in importance across the country, with east and northeast Hungary continuing to be the geographical focus for foreign investments, while at the same time southern Hungary has been rapidly developing, offering new opportunities.

“Alongside the ever-growing demand feeding the countryside, we are also experiencing a lot of investment in the expansion of existing, operational manufacturing units, partly due to the relocation of other, mainly European, factories to Hungary,” he said.

Székely described MIPIM as an excellent platform to show poten-

tial partners how InnoVinia’s strategically located industrial park network — which now covers all of east and central Hungary — provides an “outstanding business opportunity” and said that he expects that investors interested in long-term goals and value realisation will be attracted by the company’s business model.

InnoVinia’s portfolio of over 200,000 sq m of industrial and logistics real estate is located across nine sites in Kecskemét, Polgár, Miskolc, Debrecen, Tiszaújváros and Karcag. It also has a 28,000 sq m office development and a hotel project in Budapest, and is actively preparing development sites in other cities, including Szeged and Pécs. “We build and hold on to our real estate portfolio, thus creating long-lasting value for our partners. We nevertheless are targeting the broadening of our partnership model, especially as we plan to extend our operation to neighbouring countries,” he said.

InnoVinia’s Ádám Székely

WORK COMPLETED ON BRUSSELS ZIN TOWER PROJECT

THE LARGEST mixed-use project to be developed in Brussels for 50 years has been completed, it has been announced.

Developed by Befimmo and designed by Jaspers-Eyers Architects, 51N4E and l’AUC, the 30-storey ZIN project is a mixed-use redevelopment of the two 1970s former World Trade Center towers located in the heart of the Northern Area, the dedicated high-rise district of Brussels.

The towers now offer some of the largest office floor plates in Brussels and comply with the needs of the Flemish Government, the major occupant of the building. Each tower combines either residential and office or hotel and office. Public spaces are provided in the 1,342 sq m conservatory greenhouse located at ground level and on the shared landscaped rooftop promenade.

The 120,916 sq m mixeduse project includes 81,571 sq m of office spaces, 111 residential units, 180 hotel rooms, 20 serviced apartments, retail areas, sport facilities, 863 parking spaces and 651 bike spaces.

Mood of cautious optimism as investors eye evolving market

THE GENERAL feeling at this year’s MIPIM is likely to be one of positivity tempered by concerns over a slowly recovering market, according to Alex Lukesch, head of European investments and managing director at Madison International Realty.

“I expect a mix of cautious optimism and lingering frustration,” he said.

“While many had hoped for a stronger rebound by now, the reality is that recovery has been slower than anticipated. The mood at MIPIM will likely reflect this as the industry is eager to move forward but is aware of the hurdles still in play.”

However, Lukesch added that the evolving interest-rate environment provides grounds for hope. “A key focus will be interest-rate cuts, particularly in the Eurozone, where improving debt conditions are starting to make financing more attractive,” he said.

“Investors are keeping a close eye on

how this shift will impact underwriting and where the best opportunities lie in today’s evolving market.”

In terms of sectors, Lukesch said that opportunities are emerging in markets that have been out of favour with investors in recent years. “The strong demand for ‘sheds and beds’ continues,” he said.

“But there’s also growing curiosity around the office and retail sectors. Investors are watching for opportunities, especially in prime locations or for assets that have successfully adapted to changing occupier or customer needs.”

He added: “For some time, asset owners and fund managers have been in a holding pattern, navigating tight liquidity and uncertain conditions. However, as confidence slowly returns, we anticipate more transactions where investors like Madison can step in and help previously hamstrung strategies to motor forward.”

Science will help drive UK growth

TECHNOLOGY and innovation

provide a significant opportunity to propel economic growth in the UK, according to Ned Williams, managing director of Evans Randall Investors.

“One of the areas we will be focussing on is the science and innovation space, which we see as a significant driver of growth both in the wider UK economy and the real estate sector specifically,” he said.

“As part of this we are leading the major expansion of MIRA Tech Park (MTP) in the Midlands — Europe’s largest automotive R&D cluster — where we are witnessing a growing emphasis on clusters as fundamental to national economic growth, in line with the UK’s latest Industrial Strategy Green Paper.”

At the end of last year, Evans Randall Investors completed a new 6,690 sq m facility for a high-tech audio occupier and is about to break ground on another unit. In

total, the company has a pipeline of 93,000 sq m of research and development (R&D) and advanced manufacturing space.

“This will be further complemented by the additional 214,000 sq m of planning we secured earlier this year, firmly establishing MTP as the leading mobility R&D centre,” Williams said. “We look forward to discussing the range of investor and occupier demand across the knowl-

edge economy and exploring how this trend is unfolding.”

He added: “We anticipate continued growth in occupier demand across both our office and R&D projects, driving strong rental growth for best-in-class assets. On the investment side, after a quiet few years in London office space, we are seeing increased investor appetite and expect higher-quality stock to emerge through 2025.”

The ZIN project in Brussels

Evans Randall Investors’ Ned Williams

Madison International Realty’s Alex Lukesch

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INVESTORS SET TO RETURN TO OFFICE AFTER UNCERTAINTY

THE OFFICE sector is set to make a comeback after years of uncertainty in the wake of the COVID-19 pandemic, according to Toby Pentecost, senior vice-president and cohead of UK offices at global developer Trammell Crow Company.

“One of the big themes of MIPIM is going to come in the form of what has been, for the past couple of years, the under-loved office sector given the huge opportunities there are for value-add investors for excellently located schemes,” he said.

“As a result, we would expect to be discussing capital flows into, and appetite for, investment into offices particularly amid the historic buying opportunity. The improving debt picture for offices will also be a big theme of this year’s event. We are seeing a surprisingly strong demand from lenders to gain exposure to offices.” Pentecost added that this year’s MIPIM provides the ideal opportunity to discuss the opportunities the sector presents. “We find MIPIM can be most impactful from the perspective of networking with capital groups and brokers from across various markets,” he said.

Public-private partnerships to unlock UK economic growth

THE DELIVERY of new places and urban-regeneration projects by public-private partnerships will be key to the UK’s forward growth agenda, the head of a real estate developer and consultancy has said.

Phil Mayall, managing director at Muse, said that the new UK government’s long-term plans for economic growth can be driven in part by partnerships working between the public and private sector that create better, healthier spaces.

Mayall said: “Regeneration and placemaking will continue to be at the forefront of local, regional and national policy-making. It’s clear the UK is prioritising growth and has ambitious targets for the delivery of new homes across every region.

“We’ll be very focussed on unlocking new opportunities and ensuring the economic and social benefits are felt by the communities which need them. It means good jobs, quality homes and new places to meet and spend time.”

Muse has recently entered into two

new partnership agreements, one with Pension Insurance Corporation and Homes England, known as Habiko; and another, ECF, with Legal & General and Homes England. The Habiko agreement will see the partners build 3,000 new homes in England.

Mayall said that public-private partnerships are the ideal delivery vehicles for ambitious plans for growth and real estate development with social benefits.

“To achieve these, we need to deliver at pace and this needs the public and private sector to come together in new and dynamic ways,” he said. He added that MIPIM provides the perfect setting for firms to find potential development partners from around the real estate world.

“MIPIM is all about partnerships,” he said. “It’s a melting pot of government, combined authorities, local authorities and the private sector. Fundamentally, we are all interested in the same thing — driving growth and investment

across our towns and cities.

“It’s also a unique moment to engage with other European and global cities, to hear about best practice and identify trends or solutions that are working in Frankfurt, Lille or Dubai, and how they might be applied in the UK.”

Student homes key in UK resi sector

PURPOSE-built student accommodation (PBSA) will retain its status as a vital component of the residential sector, according to Alex Taylor, head of the UK’s Telford Living.

“For the foreseeable future, PBSA will remain a cornerstone of the living sector, particularly in the UK where the market is more mature,” he said. “Occupancy levels remain strong in the very best locations, despite growing affordability concerns, making this sector one of the most attractive for investors looking for reliable returns.”

Taylor added that build-to-rent (BTR) is also an attractive subsector, although it has its challenges.

“Mid-market BTR remains among the most attractive asset classes for investors in the longer term, offering a stable income profile and scal-

ability,” he said.

“Short-term viability challenges may result in a watching brief for some developers in 2025 as they look for signs of yield compression and/or flexibility on unit size requirements.”

In addition coliving is rapidly becoming an interesting proposition

in the right locations. “Coliving is starting to play a growing, yet still selective, role in the most core major European cities,” Taylor said.

“In London in particular, coliving has shown itself to be a particularly viable and attractive option in the most central zones, providing an affordable private rental option for residents while delivering higher returns to reflect the operational intensity.”

He added: “Remaining one of the most compelling sectors in UK and European real estate, the living sector is rapidly evolving and presents significant opportunities to domestic and international investors — from the ongoing but tempered rental growth in purpose-built student accommodation, the increasing viability for a mix of tenures in urban schemes to the UK government’s continued push for housebuilding.”

Trammell Crow Company’s Toby Pentecost

Muse’s Phil Mayall

Telford Living’s Alex Taylor

PGIM LAUNCHES OMNILIV IN BIG GERMAN CITIES

PGIM Real Estate has launched OmniLiv, a residential platform dedicated to developing and redeveloping micro-living properties for students and young professionals in Germany’s biggest cities.

The platform is owned by PGIM Real Estate’s closed-ended European value-add strategy, with $212bn (€195bn) of assets under management. According to the company, OmniLiv will focus on developing a portfolio across the top seven German cities with a focus on Berlin, Munich and Frankfurt. The platform also has flexibility to partner with developers on projects.

“Undersupply in the living sector is chronic and we are noticing the needs of several demographic groups changing,” said Nabil Mabed, head of France, Spain and Portugal and senior portfolio manager for the European value-add strategy at PGIM Real Estate. “We are confident that with the team led by Rainer Nonnengässer who has strong local expertise and knowledge, we can aim to generate strong rental growth and alpha for our investors.”

Nonnengässer added:

“Lack of supply continues to drive opportunities across key cities. The platform has launched with strong momentum.”

Institutional investors remain underweight to living sector

LEE COWARD, vice-president, investments Europe at Oxford Properties, expects to see continued strong interest in the living sector at MIPIM, both from the occupational and operational income sides which have “performed phenomenally well in recent times”.

He said that despite the structural shortage of housing of all tenures, especially in the UK, institutional investors remain underweight in the sector, which was another factor driving current investor demand.

“On a macro level, I think discussions at this year’s MIPIM will still be dominated by the interest rates outlook and how further cuts will hopefully increase transaction volumes as investors look to deploy capital,” Coward said. “The US tariff saga will likely feature and it will be particularly interesting to see how that impacts global sentiment towards the US as an investment destination, perhaps driving more capital to Europe instead. I do also think we will begin to see a renewed

interest in prime offices.”

He also predicted that there will be an increase in lender-driven sales as lenders put an end to the extensions that many have offered in recent years, something which is likely to be particularly apparent in the office sector.

Looking back to MIPIM last year, he recalled that interest-rate cuts then were on the horizon and, in anticipation of this, swap rates and gilts were trending downwards, which many in the sector had been waiting for in order to see the market restart.

“Now those cuts have begun, but we’re still seeing long-term swap rates elevated. The question that remains is: what will be the next catalyst for increased transaction volumes?” he said.

Pointing to new construction starts in housing slowing down dramatically and with more deliveries than new starts in UK residential, the full effects on the supply side are likely to be felt in a few years’ time,

which he warned is a problem when demand is at an all-time high.

“For me personally, the conference has proven invaluable for gaining a sense of the broader European investor outlook,” Coward added.

“The international nature of MIPIM is definitely one of the things I value most.”

Rose: concern over UK housing surge

THE UK government’s drive to build 1.5 million new homes in the current parliament could lead to inappropriate development, according to Anna Rose, director at Space Syntax.

“I expect that at the London Stand and UK Hub there will be significant discussions about how to deliver 1.5 million homes in the next five years while also advancing a ‘good growth’ agenda focused on sustainable development,” she said.

“However, there is a real risk of building large numbers of homes in the wrong locations, leading to more out-of-town, car-dependent and carbon-intensive developments and lifestyles.”

Rose also questioned whether the UK actually needs 1.5 million new homes, asking whether the focus

should be more on retrofitting, bringing empty and under-used properties back into use — especially in well-connected locations.

She added: “In many struggling areas, attracting new residents could inject much-needed life and eco -

nomic activity while also preserving the natural environment. I hope MIPIM will provide a platform for meaningful discussions on these opportunities.”

Rose said that while the UK market remains her focus, she would take the opportunity of this year’s show to explore other territories.

“I always take the time to explore developments in other countries and cities, particularly in Germany — my home country — and across Central Europe, which falls within my area of responsibility,” she said.

“The Middle East is an important market for us too, especially for our conceptual masterplanning services, so MIPIM is a good opportunity to get a good overview of what is going on in that whole region.”

Mabed

Space Syntax’s Anna Rose

Oxford Properties’ Lee Coward

City of London shares its vision of Square Mile’s future skyline

TO COINCIDE with MIPIM, The City of London Corporation has released new images that visualise how the skyline of London’s Square Mile will look once the 13 new towers that have received planning permission have been constructed.

As part of this, it has issued new CGIs capturing all the major developments that have been approved or resolved to approve by the Corporation’s Planning and Transportation Committee over a 10-year period. These include the Liverpool Street redevelopment and towers at 8, 22, 55 and 99 Bishopsgate; 55 Old Broad Street; 75 London Wall; 1 and 100 Leadenhall Street; 1 Undershaft; and 60, 70 and 85 Gracechurch Street. The Corporation is at MIPIM to demonstrate to the world’s developers and investors that the UK,

130_ECOLOCKED_N1_PIM_Dos Piqué_Page1

through the City of London, is the best place to build and invest. Research has highlighted the need for at least 1.2 million sq m of additional office space by 2040 to maintain the City’s global competitivenes. According to property consultancy Knight Frank, availability in newly constructed, sustainable office buildings has fallen to 0.5% of availability in the City of London. It was also reported that the City’s tallest office building at 22 Bishopsgate had recently become 100% let. The City Cluster to the east and long-established tall-buildings area will accommodate much of this growth. In addition, the retrofit of existing stock will be encouraged as estimates based on Greater London Authority data predict that job numbers should grow from 687,000 to more than 700,000 by 2040.

The City of London is “a global economic powerhouse, an ancient city and a centre of collaboration and innovation for the hundreds of thousands of people who work here every day”, said Chris Hayward,

policy chair of the City of London Corporation. “These new images clearly illustrate the ever-changing nature of London’s incredible skyline and that the Square Mile’s real estate sector is robust and thriving.” He added: “Delivering growth and attracting new businesses to a dynamic and thriving city, while striking a balance with heritage conservation, is vital for the Square Mile’s future.”

Imagining the future of London’s Square Mile

Branded residential model gains traction as hospitality sub-sector

A REAL estate asset class that shows no signs of slowing within the hospitality space is branded residential, according to Chris Jones, chair of architecture and masterplanning practice 10 Design. He added that the emerging sub-sector is gaining momentum in the UK and Europe, as well as expanding further into the Asian markets.

Jones believes that the sector, which typically features permanent residences located within a hotel resort complex, is continuing to redefine the definition of luxury at a time when hotel guests are prioritising experience over goods. Jones said 10 Design had witnessed this trend in projects across its global architectural studio network, and said he expected conversations at MIPIM to centre on a new generation of hospitality

130_ECOLOCKED_N1_PIM_Dos piqué_Page2

that captures and adapts to rapidly changing guest preferences.

“Cross-regionally, we are witnessing another key trend in its primacy — adaptive re-use and retrofit,” Jones added. “Although not yet fully adopted by the industry, these are attracting increasing investment due to the growing issue of ageing building stock worldwide. The key to taking adaptive re-use to the next level will be experienced project teams, with novel design solutions, that preserve a building’s unique heritage while repurposing it to meet contemporary needs, ultimately driving higher returns on investment.”

Jones is also anticipating strong investor appetite for real estate with robust sustainability credentials, which will future-proof those assets. This will undoubtedly link

back to the topic of net zero, he added, referencing the Net Zero Banking Alliance, which has resulted in half the world’s banks committing to net zero by 2050. “Secondly, decarbonisation re-

mains a pressing topic,” he added. “There continues to be an imbalance between demand and supply for high-quality, newly refurbished space, while assets that are not retrofitted to the latest standards face an increasing risk of obsolescence. In this context, the role of architects in successfully repositioning existing assets — through design that places sustainability at the forefront — will continue to grow.”

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Strong tenant demand in UK driven by active management

THE UK has established itself as one of the “most compelling global real estate markets”, according to Simon Williams, head of national markets at BNP Paribas. “We believe prime office rents are set to see the strongest growth in a generation in the next few years,” he said. “This

BNP Paribas’ Simon Williams

creates a unique window for investors to capitalise on historic pricing dislocation and resilient rental growth.”

Williams added that another key theme this year would be the growing importance of active asset management. “Simply holding real estate is no longer a viable

strategy, and investors must ensure their portfolios align with modern occupier demands. That means upgrading ESG credentials, reconfiguring spaces to enhance flexibility and delivering high-quality amenities that drive strong tenant demand,” he said. “ESG considerations will remain at the forefront, with occupiers increasingly prioritising buildings that meet the highest sustainability standards. This will drive a wave of repositioning and refurbishment across the market, as landlords seek to future-proof their portfolios.”

Another hot topic is flexibility, he said, with occupiers demanding greater adaptability in how space is used. “The ability to accommodate shifting patterns while maintaining strong tenant engagement will be a key differentiator. Ultimately, the

remainder of 2025 will be a year of opportunity, and one where active management, strategic investment and a commitment to quality will define success.”

Williams said MIPIM was a crucial platform for fostering relationships and shaping investment strategies in an evolving market. “It provides a rare opportunity to connect with global investors, developers and occupiers in one place allowing us to gain real-time insights into shifting market sentiment and emerging trends,” he said. “Beyond that, MIPIM is a place for collaboration. By engaging with industry leaders and our peers, we can develop strategies that ensure real estate remains both resilient and attractive in the years ahead. Our conversations will be instrumental in driving confidence and unlocking capital. The event enables us to showcase the strength of the UK market and demonstrate how investors can capture long-term value through active portfolio management.”

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CAIN SCALES UP IN STUDENT HOUSING AND LOGISTICS

CAIN International is expanding its interest in student housing, among other sectors, according to Arvi Luoma, head of European equity at the company.

“Looking ahead, we see strong potential in sectors where the fundamentals are solid and where we have particular expertise,” he said.

“In Europe, we’re scaling up in student housing, logistics and net lease, growing these verticals through targeted developments and strategic partnerships. At the same time, we’re expanding our global luxury real estate and brand-investment platform, using our expertise to drive long-term value in flagship projects.”

Luoma said that Cain International is attending MIPIM in part to source opportunities. “We’re focusing conversations on origination in a point of the cycle that remains challenging but full of opportunity,” he said.

“Elevated interest rates in the US and UK with continued geopolitical uncertainty continue to shape the landscape, making strategic focus and asset fundamentals more important than ever. Euro-based economies benefit from positive leverage which should fuel transaction activity throughout 2025.”

Native Land seeks co-investment with focus on under-utilised sites

WITH the UK’s renewed focus on how to meet the country’s housebuilding targets, Rob Harris, director of regeneration at developer Native Land, said that he anticipates an increased push for the regeneration of under-utilised sites in well-connected towns this year. However, he cautioned that developers need to be given the right tools and support from central and local government to fulfil these opportunities.

“There will be a continued flight to quality, with an increasing appetite for the development of best-in-class assets in better locations. These opportunities are central to Native Land’s mission of creating high-quality, sustainable developments in places where we can add value to the wider locality, bringing to life distressed and under-utilised buildings and places,” Harris said. “A prime example is at Bankside Yards, our £2.5bn (€2.97bn), mixed-use development on the south bank of London’s River Thames and our St Mary’s Wharf project, the redevelopment of the former Debenhams department store in Guildford [south of London].”

He said that the development company is anticipating that ESG and sustainability, as well as the need for stability and clearer regulations in order to meet the UK government’s housebuilding growth and safety target, will be top of the agenda among participating companies at MIPIM this year.

The continued evolution of working patterns is another factor shaping

the future of UK development and a particular area of interest to Native Land, which has recently delivered its Arbor office scheme within the Bankside Yards development in central London, he added. The company has also announced that the 130,000 sq m mixed use scheme will feature a new 171-bed Mandarin Oriental Hotel, set to open in 2028. “I’m actively seeking out further co-investing development opportunities for Native Land, and this will be my focus at MIPIM,” Harris said. “We have the skillset to navigate challenging markets and take on complex sites of scale. We typically seek partnerships and development management roles for mixed-use, residential, retail and office-led schemes, currently focusing on affluent towns and cities in the southeast with excellent connectivity. MIPIM, with its scale and significance, opens valuable doors for me to connect with agents, landowners and potential joint venture and co-investing partners.”

Interest rates ‘high on agenda’

INTEREST rates will be a key issue at this year’s MIPIM, according to Matthew Knight, senior vice-president and head of Europe at Pembroke.

“From a European perspective interest rates will be high on the agenda as talk turns to whether base rates will continue to fall — or will persistent inflation mean only small reductions can be made?” he said.

“In the UK, they could go two ways. The first is that they remain stubbornly high, resulting in the London office market continuing to be subdued whilst housing supply is muted. The second is that the UK government won’t be able to find a silver bullet to create growth and the UK economy will stagnate which will see interest rates fall quicker.”

As for Pembroke, Knight said that the diversifiation of its portfolio remains a top priority in 2025. “We continue to shift from a focus on office buildings in the world’s leading cities to

acquiring and delivering BTR/multi-family and mixed-use properties in the same locations,” he said.

“Our portfolio continues to evolve. We now have 44,130 sq m of residential/BTR across the portfolio and are on track to deliver complex, landmark mixed-use schemes in Boston and Stockholm.”

He added: “To that end, MIPIM is

an opportunity to discuss occupancy and growth strategies for global luxury retailers, specifically for our development, RGNT, in central Stockholm.” RGNT is a 30,000 sq m mixed-use building, including office and residential space, and its 6,000 sq m of retail space is specifically designed for luxury brands keen to access the Stockholm market.

Cain International’s Arvi Luoma

Pembroke’s Matthew Knight

Native Land’s Rob Harris

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This could be the ‘year of recovery’ for logistics

THIS year could well be the year of recovery for European logistics, according to Alistair Calvert, CEO of Clarion Partners Europe.

“Liquidity is improving, capital is returning and early signs of yield compression are already emerging in some markets,” he said.

“While demand and vacancy rates have normalised, market fundamentals remain solid. With under-rented leases providing upside potential and inflation-beating rental growth still on the horizon, logistics continues to offer one of the strongest growth prospects among major property types.”

He continued: “Unlike the previous cycle, where falling cap rates ‘lifted all boats’, this new phase will require investors to be far more selective and hands-on to drive performance. Our strategy remains focused on modern assets in high-barrier-to-entry locations across core western Europe, while selectively targeting gateway markets in southern, eastern and northern Europe.”

Calvert added that occupiers would continue to chase down the

highest quality buildings available.

“On the occupier side, we anticipate the continued ‘flight to quality’ as tenants increasingly prioritise modern, ESG-compliant facilities that deliver cost efficiency, sustainability and flexibility,” he said.

“In fact, nearly two-thirds of leasing activity over the past year has been for newly built space, and we expect this trend to persist. Older logistics portfolios, particularly those lacking ESG credentials, are already showing signs of struggling with occupancy — and the data backs this up.”

Indeed, Calvert said that environmental sustainability would only become more important to occupiers. “Despite some recent backlash, we believe sustainability will be one of the defining investment themes in this new cycle,” he said.

“With the EU tightening regulations on building performance and institutional investors scrutinising ESG credentials more closely, the ‘green premium’ and ‘brown discount’ are becoming increasingly tangible and measurable in asset valuations.”

European economy to grow as markets ‘remain solid’

ECONOMIC growth will continue in Europe at a modest pace as interest rates “slowly drift” throughout 2025, according to the head of a pan-European industrial and logistics investment firm.

Valor Real Estate Partners managing partner and chief executive Christian Jamison, told the MIPIM News that 2025 will be a “year of increasing economic growth, albeit from a low base”, leading to gains for the European real estate markets.

Jamison said: “Investor interest and occupational demand for real estate will pick up off the back of the improving economic environment.

“Performance will vary across sectors, but the outlook for logistics, and specifically urban, infill logistics, looks highly attractive on a relative basis as the structural tailwinds of e-commerce, urbanisation and nearshoring continue to buoy the sector.”

He added that a demand imbalance in the last-mile stage of logistics assets will boost a continued growth and rising rents in the

sub-sector, which he predicts will “outperform” this year.

He said: “Consumer demand for defined-time-slot delivery on either same-day or next-day will underpin tenant demand for urban warehouses.

“Best-in-class urban assets, located close to major populations, can deliver substantial operational savings as the reduced drive times and the increased volume of parcels delivered per hour more than offsets the higher rent.”

Jamison stressed the value of understanding the diversity of European markets, within the EU and the UK, as a key to understanding future investment trends and opportunities.

“Europe is not one homogenous market,” he said. “Understanding the country-specific and even city-specific variances is important.

“I will be particularly interested to compare and contrast the views of market participants from different European countries, to understand what they are seeing on the ground in terms of occupational demand as well as capital markets.”

Clarion Partners Europe’s Alistair Calvert

Valor Real Estate Partners’ Christian Jamison

Industry must work together on climate and UK housing targets

DELIVERING 1.5 million new homes in the UK and driving neighbourhood regeneration will dominate the agenda in 2025, according to Stephen O’Malley, founder and chief executive at Civic Engineers. But he said that the industry is “pa-

tiently waiting” for the UK government to clarify and commit to its associated policy and funding strategy.

“There have been encouraging moves through the revised National Planning Policy Framework that we now need bind to an agile, practical

approach to regulation and delivery to unlock these developments. This will require collaboration across the industry and a willingness to adapt to changing demands, commercial realities and natural environmental needs,” O’Malley said. He warned that flooding is another growing challenge and said that it is clear that a rethink on the design of infrastructure to protect communities from the impacts of climate change is required.

“Resilience is the main objective, but we also need to create thriving landscapes that improve people’s daily experiences. By designing adaptable, integrated urban environments, we can create places that genuinely serve the communities who live there,” he said. “It’s a vital time for us to lead this change, be considerate disrupters and chal-

lenge conventional thinking to build healthier, happier places.”

O’Malley said that MIPIM typically sets the tone for the year ahead and he believes that the focus this year will be on how to collaborate more meaningfully to address the urgent issues presented by climate change. And to make real progress, the industry needs to move beyond isolated efforts and embrace a more open exchange of ideas and insights. “By fostering a culture of genuine collaboration — even with competitors — we can accelerate innovation and create solutions that have a lasting impact. A great example of this is the Engineers Reuse Collective, where we’re working alongside others in the industry to share knowledge and promote sustainable practices. It’s this kind of open, cross-industry collaboration that will drive real change,” he added. O’Malley stressed that housing is another area that will be front and centre this year and described the government’s targets as ambitious but essential.

Genuine collaboration required says Civic’s Stephen O’Malley.

CBRE IM picks up prime shed close to Barcelona

CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired a 26,100 sq m prime logistics development in Castellar del Valles, just 30 km from Barcelona’s city centre.

A brand new, flexible logistics development, the asset represents 24,795 sq m of modern, high-quality warehouse space, as well as 1,200 sq m of office space. Itercon, a leading global design and construction

company, developed the asset.

The asset has been pre-let on a long-term lease to international logistics and transport company, ID Logistics, and has been developed to meet the tenant’s requirements, retaining multi-tenancy capabilities, such as shared access points and utilities. The asset targets BREEAM Excellent and Gold LEED certification.

The asset forms part of Barcelona’s Ring 2 logistics area and boasts exceptional transport connections, being less than 40 minutes’ drive from the centre of Barcelona, and just a few kilometres from the main highways (B-124, C-58 and AP-7) that connect Castellar del Valles to the rest of Spain and France.

Antonio Roncero, head of trans-

actions Iberia at CBRE IM, said: “Barcelona’s unique geography means it’s sandwiched between sea and mountains, leading to a lack of available land and logistics development opportunities.

“As a result, we’ve seen strong supply-demand dynamics in the Castellar del Valles region — indeed, the blended vacancy rate for Barcelona’s Rings 1 and 2 is 2.5%, with no available Grade A stock. This, combined with the fact that much of the existing logistics stock in the surrounding area is typically small or outdated, predominantly occupied by local businesses, made this asset an important strategic acquisition for us, allowing us to deliver high-quality, new warehouse space to the region, with strong sustainability credentials, in line with the strategy for this fund.”

CBRE IM were advised by Cuatrecasas on legal matters, Dokei on technical issues, while CBRE acted as commercial advisor.

Old Kent Road wins additional residential funding

SILBURY Finance, the Oaktree Capital Management-backed specialist lender, has upsized and extended an existing £68m (€82m) facility to Avanton, the London property developer, with a new £33m commitment. This will fund the development of an additional 30 homes at Avanton’s landmark Old Kent Road redevelopment.

The former Carpetright warehouse will now total 292 mixed-tenure homes over two blocks, with the additional homes, for which planning has been secured, meeting a requirement for the inclusion of a second staircase.

The revised scheme, which has a gross development value (GDV) of around £160m, is due to complete in 2027, with 40% of the homes already pre-sold.

To date, Silbury has funded nearly £1.5bn GDV of development

schemes across the UK, focused on the residential-for-sale, buildto-rent, purpose-build student accommodation (PBSA) and retirement living sectors. Backed by Oaktree Capital Management, it is targeting around £500m of new lending this year, with falling interest rates underpinning more favourable market conditions and an uptick in new construction.

Gavin Eustace, CEO of Silbury Finance said: “This is the optimal outcome for one of our longest standing clients. The last couple of years have seen developers grappling with an evolving regulatory landscape, which has forced many to make changes mid-scheme.”

Omer Weinberger, CEO at Avanton, added: “We are pleased we were able to creatively deliver several value-engineering items to enhance the forecasted profitabily.”

The landmark housing development replaces a former warehouse

The prime logistics development in Castellar del Valles

MIPIM Hotel Shuttle

Civitas eyes growth after twin shocks of COVID and inflation

THE WIDER macroeconomic situation in Europe will be a key focus for Tom Pridmore, group director, Civitas Investment Management, at this year’s MIPIM. “In particular, we expect to discuss the impacts resulting from a potential European/US trade war and the current low Eurozone growth projections,” he said.

Headquartered in London, Civitas recently acquired a later-living portfolio in Germany. It now plans to scope out the current state of the German economy and how the latest political developments could influence government policies and the wider labour market. “This may impact not only the real estate market sentiment, but importantly for us the operations of healthcare and later-living operators,” Pridmore said.

Looking to the year ahead, Pridmore is confident that the

‘‘We expect that necessity-led asset classes, such as healthcare, will perform well’’

business climate will pick up.

“Specifically in German healthcare, we expect an improved economic environment due to the improved re-financing position for operators, who are finally able to catch-up following the recent pandemic and inflation shocks experienced over the past three-to-five years,” he said. “As

a by-product of increased operator strength, we would expect to see an increase in investor appetite and therefore more sector transaction volumes, plus a gradual consolidation between operators in what is currently a highly fragmented market.”

He added: “At a higher level we expect that necessity-led asset classes, such as healthcare, will perform well. Generally, we also expect that the wider real estate market will continue to grow momentum throughout the year as bond yields and inflation stabilise and political uncertainty is fading away.”

And Cannes is the ideal place to explore all these themes, he said.

“As MIPIM takes place early in 2025, it also serves as an opportunity to exchange market insights, set targets and create new business prospects for the year ahead. Additionally, it helps strengthen brand recognition and ensures that Civitas remains at the forefront of minds when new opportunities arise.”

Civitas Investment Management’s Tom Pridmore

Anticipez le monde de demain

Investing in the Nordics

SUSTAINED FOCUS ON THE TRANSACTION MARKET IN THE NORDICS DURING BUSINESS ARENA STOCKHOLM 2025

After successfully introducing the Transaction Stage at Business Arena Stockholm 2024, we continue to develop and deepen our focus on the transaction market in the Nordics. We highlight investments in office, residential, public sector properties, and logistics/industrial.

To strengthen networking opportunities, we are organizing two investor lunches in conjunction with the Transaction Stage. Both lunches are exclusive and aimed at invited attendes, offering a unique opportunity for in-depth discussions and valuable industry connections.

For more information contact:

Jimmy B. Lehtinen

jimmy.b.lehtinen@bonniernews.se

+46 702-589 07 02

businessarena.nu/stockholm

17-18 SEPTEMBER 2025 | STOCKHOLM WATERFRONT CONGRESS CENTRE

Investors look to living

The investment community is looking closer at living asset classes as they promise to deliver strong long-term returns

The living sector is now the top target for European cross-border real estate investment, according to CBRE’s 2025 European Investor Intentions Survey. For the first time, living was selected as the preferred European real estate sector, driven by ongoing increased demand across the region. According to the survey, 32% of respondents said living was their top target, followed by logistics at 27% and offices at 16%. Appetite for both retail and hotels grew when compared with last year, with the former increasing from 7% to 10%, and the latter from 7% to 9%.

Of those investors planning to target living assets, almost two-thirds selected build-to-rent due to the subsec -

tor’s strong long-term fundamentals.

Grade A offices in prime locations remain favourable for investors targeting the office sector, with logistics investors looking at modern facilities in major European cities.

A large proportion of investors also plan to pursue alternative investment strategies in 2025, with half of these respondents preferring student living. The rapid growth of AI-driven demand has propelled data centres into second place at 36%, overtaking senior living which now sits in third place at 30%.

Increased optimism

Survey responses indicate optimism across the board, with 71% of respondents expecting market recovery by the

end of 2025. Plans to deploy capital mirror this view, with 92% of investors intending to maintain or increase their buying activity in 2025. 64% of respondents expect to buy more than they did last year, cementing the view that market recovery is well under way.

Tasos Vezyridis, head of thought leadership for Europe at CBRE says: “Our survey tells us that there is a marked difference in sentiment from last year, with increased deal flow expected in 2025. Despite continued disparity in buyer and seller expectations, there is a growing desire to both buy and sell. This, coupled with debt maturities and equity rotation expected, should lead to more product coming to market. As a result, these expectations should start to converge.”

Smart investors are innovating in the living asset classes, including this Berlin apartment project on a shopping-centre roof

CBRE’s Chris Brett

CBRE research also shows that European investors expect the UK to offer the highest returns for the third year in a row. Spain followed, improving from fourth in 2024, with Poland retaining third place. Germany and Sweden completed the top five European investment destinations. At a city level, London is the most attractive for cross-border investment, a position it has held since 2021, followed by Madrid, Paris, Barcelona and Warsaw.

Favoured markets

The top five, however, shifts significantly if domestic investment appetite is considered. While the UK would retain top spot, Germany propels to second, followed by Spain, Italy and Poland, demonstrating the strength of in-country demand in Germany.

Chris Brett, CBRE’s head of capital markets for Europe adds: “London offers a lot to prospective investors. It boasts an unrivalled financial-centre status and is a global leader in innovation and sustainability so it’s no surprise that it retains the top spot in our survey.

“However, competition is fierce and a number of countries across Europe have committed to future-proofing their economies, notably Spain. This, alongside advanced legislation and solid financial infrastructure, has seen Spain rise in prominence with investors looking to deploy capital in Europe, with Madrid and Barcelona key focal points.”

The investor solution has been increased thinking outside the box. Germany’s ECE recently announced plans to add 162 serviced apartments to the roof of a shopping centre, the Gesundbrunnen Center, in Berlin. The units will be operated by the serviced apartments brand Stayery. The apartment building, with two floors and an area of 6,400 sq m on the centre roof, will create additional rental space and an attractive addition to the existing tenant mix of retail, F&B and service providers in the Gesundbrunnen Center. The building will be realised in modular timber construction and will ensure sustainable urban redensification without sealing off further areas, according to ECE, with the opening planned for 2027.

Housing hopes

Meanwhile, much of the UK and EU’s housing and space requirements for the next 15 years could be met by redeveloping brownfield sites and repurposing vacant office space, creating a

€4trn opportunity for investors, according to a new report.

The research comes from Ginkgo, a member of the Edmond de Rothschild Private Equity partnership and was conducted in collaboration with systems change company, Systemiq. The report entitled Urban Regeneration: Turning Obsolescence into Value for Society, Nature, Climate – and Investors, finds that in Europe there is 19,000 sq km of under-used brownfield land — an area 10 times the size of London — and 300 sq km of vacant office space. Redeveloping only a fraction of this could deliver 15-20 million homes and mixed-use spaces.

According to the report these regeneration projects will need €4trn of investment over the next 10-15 years; providing an opportunity for investors to participate to the regeneration, taking into account a number of factors. These include treating urban regeneration as a dedicated asset class, recognising its varied risk profiles, while strengthening due diligence and risk mitigation mechanisms to address specific risk and success factors of urban regeneration projects. The report also recommends building a pipeline of high-potential projects by identifying strategic locations and development partners, and prioritising projects with a strong focus on placemaking, devel -

CONFERENCES AND EVENTS AT MIPIM

The Coliving Era Tuesday, March 11 11.00-12.30

The Residential Workshop Wednesday, March 12 10.00-12.30

Asset Class Stage

oped in close collaboration with local stakeholders, to create lasting economic, social and environmental value. UK and EU policymakers are promoting brownfield-first policies to tackle global housing shortages. The UK’s Labour government has promised 1.5 million homes by 2029 — and allocated £68m (€81m) to fund works that will turn neglected land into new homes. Meanwhile, the EU has set a goal of “no net land take” by 2050, aimed at shrinking the EU’s consumption of virgin land of 450 sq km a year, equivalent to half of Berlin.

Laura Nolier, director of strategy & impact at Ginkgo Advisor, says: “Urban regeneration represents a significant and untapped opportunity for investors with a long-term horizon and a strong focus on urban economies, real estate and infrastructure to fulfil their fiduciary duty to generate financial value while meeting increasing demands for sustainable or even regenerative credentials. Urban regeneration projects deliver on both fronts.”

Francois-Xavier Vucekovic, chief investment officer at Edmond de Rothschild Private Equity, adds: “Urban regeneration has long been seen as a public-sector play. But the need for faster regeneration and the emergence of private remediators for brownfield sites and developers are opening opportunities for private-sector players.”

Changing demographics are boosting the appeal of compact living units

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Following the data

Investors are increasingly inspired by the demand metrics driving a swathe of new asset classes, including data centres and life sciences

The latest research suggests that an unprecedented amount of new data-centre supply will be delivered in Europe this year as providers aim to keep pace with fierce demand.

According to a recent report from CBRE, there are 937MW of new supply expected in European markets this year. If this data-centre supply is delivered, it will set a new record for Europe and would represent an increase of 282MW more than the 655MW of capacity delivered in 2024.

More than half (57%) of this capacity is expected to be delivered in the leading European data-centre markets —

Frankfurt, London, Amsterdam, Paris and Dublin.

In 2024, facilities of unprecedented size were delivered across Europe for the industry’s largest customers, but demand for colocation data-centre space continued to outstrip supply, at 706MW and 655MW respectively. Customer appetite for capacity has grown despite the difficulties data-centre providers are having sourcing power and available land for new facilities.

Nevertheless, a greater proportion of supply will be delivered to Europe’s smaller secondary markets than ever before. CBRE expects double-digit supply growth in five of the 10 secondary European markets tracked in 2025.

There are seven markets, including Milan and Madrid, expected to have 100MW of supply or more by yearend, compared to just four markets at the end of 2022.

Kevin Restivo, head of European data centre research at CBRE said: ‘The data-centre construction boom will continue unabated. Available power and appropriate land, government incentives and hyperscaler ambitions are key factors that are driving the rapid growth of markets such as Milan, as well as the continued expansion of leading markets like London and Frankfurt.”

Data-centre ownership is also expected to evolve this year away from an owner-occupier model, with more real estate investors seeking to get in on the act. Private equity has already made a major play for the sector, with Blackstone now the largest data-centre

Blackstone’s deal for AirTrunk in late 2024 was the largest ever datacentre deal in history

provider in the world. The firm’s recent AUS$24bn (€13.95bn) acquisition of AirTrunk — the leading data-centre platform in Asia-Pacific — was the largest deal globally of 2024 and the biggest ever transaction in the region.

Blackstone’s global co-head of real estate, Nadeem Meghji, says: “Since 2010, global data created, consumed and stored has grown 101 times — an explosion driven by trends including social media, cloud computing, video streaming and artificial intelligence. All this data needs a place to live, and at Blackstone, we saw an opportunity to invest behind these trends by backing some of the world’s largest data-centre platforms.”

While data centres are one of the most conspicuously growing asset classes, it is not the only sector driving swathes of new investment. If data centres are considered a subsector of industrial, then life sciences real estate, a growing segment of the office market, is backed by convincing secular tailwinds.

Recent Savills research highlights the global popularity of such assets. Boston ranks top in Savills global index of the world’s top 30 life-science hubs, followed by San Francisco and the UK’s Golden Triangle of London, Cambridge and Oxford, with the US taking a total of eight places in the top 10, according to Savills.

The international real estate advisor ex-

amined locations based on the depth of their life-science talent pools (including cost of talent), R&D investment and output, fundraising levels, business environment, cost of living and lifestyle factors, and property affordability.

While established US cities, particularly Boston and San Francisco, perform well overall across all categories, Savills says that beyond the top 30 locations many more developing life-science hotspots are emerging to offer greater cost advantages to occupiers without sacrificing access to a highly skilled workforce, with these often centred around academic institutions.

In the US they include Houston, Atlanta and Tampa; in Europe the Randstad cluster of Amsterdam, Rotterdam, The Hague and Utrecht in the Netherlands, Leuven in Belgium, Warsaw in Poland, Milan in Italy, and Edinburgh and Glasgow in Scotland; and in Asia Pacific, Bengaluru and Pune in India and Melbourne in Australia.

Sarah Brooks, associate director in Savills World Research, explains: “While the top 30 locations in our Index continue to grow and offer the strongest ecosystems for life-science occupiers — especially when it comes to accessing VC funding — other developing hubs may offer greater cost advantages to occupiers without sacrificing access to a highly skilled workforce.

“As the life-sciences industry faces increasing pressures related to the cost of

R&D, drug pricing, regulatory changes and broader economic factors, there is a strategic opportunity for real estate strategies to drive cost optimisation.”

In February, property developer Reef Group and BlackRock Real Estate completed The Apex, the first laboratory building at Tribeca, London’s largest purpose-built life-science campus. The Apex is the first phase of the development and comprises over 110,000 sq ft (10,219.35 sq m) of laboratory and office space, set over six floors. As a purpose-built life-sciences campus, The Apex and subsequent phases of Tribeca have been designed to facilitate cutting-edge science and collaboration.

The Francis Crick Institute is supporting 52,000 sq ft of space in the Apex and will offer managed state-of-the-art labs.

Peter Langly-Smith, managing director at Reef Group, says: “Completing The Apex is an exciting step forward for the Tribeca development, where both LBIC [London BioScience Innovation Centre] and the Francis Crick Institute will partner with us to deliver a truly unique opportunity for our occupier partners.”

The LBIC has signed a lease on 39,000 sq ft of space or around 35% of the building, offering scale-up lab facilities to its growing customer base as a world-leading destination for bioscience research and development. One of LBIC’s first occupiers at The Apex is Baseimmune, a discovery-stage bi -

otech developing universal vaccines with variant-proof antigens. The other buildings to be delivered in the second and final phase at Tribeca include Reflector, Assembly and Connector, all of which will offer state-of-the-art lab spaces, with facilities designed for life-science businesses ranging from discovery science through to international pharmaceutical companies. The final phase of delivery also includes a 12-storey residential building, which will deliver both private and affordable homes.

All of the buildings at Tribeca will be delivered to the highest sustainability and connectivity design standards, in accordance with the principles of the London Energy Transformation Initiative (LETI). The Apex has achieved BREEAM Excellent and the final phase is targeting BREEAM Outstanding and a Wired Score Platinum Rating.