MIPIM 2024 PREVIEW MAGAZINE

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MIPIM 2024 is the most sustainable ever

Housing Matters! spotlight on residential themes

Your complete guide to MIPIM 2024

Preview Housing Matters! 11 March

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Launch of a new international housing conference MIPIM will host ‘Housing Matters!’, a new half-day international summit focused on sustainable housing solutions in partnership with Co-Liv.

Monday 11 March from 13:00-22:00 Grand Auditorium

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The conference will help the residential sector’s leaders to discuss and uncover affordable and accessible solutions such as built-to-rent, cooperative housing, coliving, multi-family housing, corporate housing… , whilst fostering innovation and collaboration.

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MIPIM opens a window on the world

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Preview 12 - 15 March 2024 www.mipim.com

and social shocks rocked the investment landscape.

But despite the business context, we have continued to witness a deep commitment from the MIPIM community to grow, learn and connect. You have told us that participation in MIPIM is more important than ever as the industry seeks a path towards a brighter future. We are equally committed to providing a consistently useful platform that represents a one-stop-shop for the entire global real estate industry.

We believe that you will always find something new and useful at MIPIM, whether that’s a fresh connection, an unexpected insight, or that elusive contract to take a project forward. Bookings are proceeding at pace, while your exciting ideas for stands and events are nearing fruition.

As the industry’s Global Urban Festival, we see that MIPIM has shifted from being a purely transactional forum for its delegates, to a multi-dimensional learning expedition. While investors will still find business opportunities and capital partners in Cannes, MIPIM is also about expanding your horizons and experience to help future-proof your ideas and investments. We have been at your service for over 30 years, and look forward to supporting your business and dreams in the decades to come.

M I P I M P R E V I E W 2 0 2 4 | E D I TO R I A L

WELCOME to this year’s MIPIM Preview, anticipating the chief topics and themes driving MIPIM 2024. This year’s event in Cannes will be the most innovative and sustainable edition of MIPIM ever held. Read all about our latest commitments to sustainability in this issue, as well as the new stages planned for MIPIM, and other exciting events.

Our roster of inspirational speakers kicks off with keynote, Sanna Marin, former Prime Minister of Finland, who will open MIPIM 2024’s four-day programme of speeches, panels, awards and in-person networking events with some vital insights into today’s real-world challenges. Marin specialises in the topics of geopolitics, strategic autonomy, climate change and female leadership, and was the world’s youngest Prime Minister at 34 when she was elected in 2019.

We will also deliver five stages offering insights, lessons and opportunities to get to know the community better, highlighting regional success stories and the industry’s dominant asset classes. Housing Matters!, meanwhile, will be a dedicated summit on the Monday afternoon at MIPIM to foster industry collaboration and explore innovative solutions for the housing sector.

2023 was, in many respects, another challenging year for global real estate as macro-economic, geopolitical

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A SIGNIFICANT revival of the Greek real estate market is seeing “record-breaking investments pouring into various sectors”, according to Marinos Giannopoulos, CEO of Enterprise Greece. With property attracting a record €2bn in 2022 and impressive volumes continuing into 2023, Giannopoulos said that a “profound transformation” was under way.

“It remains a prime investment destination, offering value, growth and diversification along with new and refurbished office spaces, industrial and logistics infrastructure like warehouses, main ports, regional airports and roads, ESG-driven hospitality projects, luxury second homes and sustainable investments,” he added. “Greece’s real estate land-

scape offers lucrative opportunities for partnerships, suitable for prime residential properties, commercial ventures, or high-yield hospitality and tourism projects.”

Giannopoulos said that delegates to MIPIM would have plenty of opportunities to find out more.

“The Greek Pavilion will be a buzzing hive of activity and interaction.

Here, visitors will have the unique chance to engage with the crème de la crème of the Greek real estate ecosystem including renowned Real Estate Investment Companies (REICs), visionary developers, astute asset managers and top-tier hoteliers, all converging in one place.

“Add to this mix expert consultants, reputable realtors and distinguished

Enterprise Greece’s Marinos Giannopoulos

legal professionals, and you have a powerhouse of industry knowledge and expertise. The presence of Greece’s very own Asset Development Fund underscores the seriousness and potential of the opportunities at hand.”

He underlined that MIPIM would support the investment agency’s ambitions. “This prestigious event serves as a pivotal nexus for showcasing the diverse investment opportunities that Greece’s real estate market has to offer. We’re not just talking about office buildings or industrial and logistics spaces; we’re delving into the vibrant world of hospitality, upscale residential properties, and forward-thinking sustainable investments.

“During MIPIM, we’re embarking on a journey to forge partnerships. This is a golden opportunity to showcase Greece’s flourishing real estate environment and unveil the lucrative opportunities that lie within.”

Italy’s railway regeneration roars ahead FS SISTEMI Urbani, the regeneration arm of Italy’s state railways, was created with the purpose of breathing a second life into former railway properties and yards across the country. At MIPIM, the company will present a series of flagship projects in major Italian cities, offering the international real estate community the chance to get involved with these prime sites, according to CEO Umberto Lebruto. “The objective of FS Sistemi Urbani is to regenerate the railway areas abandoned to the community and return them to the community for the benefit of collective wellbeing; therefore, MIPIM will also represent an opportunity to meet FS Sistemi other Urbani’s Umberto Lebruto

players in the sector and discuss together the best practices to be adopted for increasingly virtuous, sustainable and participatory urban regeneration,” he said. “Over the years our company has worked closely with various public and private operators to successfully conclude redevelopment processes.”

For Lebruto, MIPIM is the ideal place to network and kickstart further projects. “MIPIM has always represented the ideal stage to present our investment opportunities to potential investors,” he said. “We believe that constant comparison is essential to better understand the most recent market trends and the expectations of the various stakeholders.

“Finally, we have noticed how Italy is proving to be increasingly attractive for foreign capital and the development of areas like ours represents the right opportunity for international players to invest in our country, generating shared value.”

Plans are shaping up for the former railway yards in Milan

Image © OMA & Laboratorio Permanente

MIPIM PREVIEW 2024 | NEWS

Multiple opportunities attract investors to rebounding Greece

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MIPIM PREVIEW 2024 | NEWS

Australia’s Aware Super commits to €6bn spend across Europe AUSTRALIAN pension fund Aware Super will direct a A$10bn (€6bn) investment commitment across Europe through its newly established London office. Targeting real estate, infrastructure and private equity, acquisitions will focus on the energy-transition sector, affordable housing, innovation, life sciences, technology and digital infrastructure, according to Aware Super deputy chief investment officer and head of international Damien Webb.

“There has been a lot of consolidation in the Australian superannuation system in recent years, and we are now managing a savings pool of about A$160bn, which is expected to grow to A$250bn by 2030,” Webb said. “We are very keen to increase both our real estate and international

City of London poised to showcase opportunities THE CITY of London is bringing a delegation to MIPIM this year to showcase a “tremendously healthy planning pipeline”, according to Shravan Joshi, chairman of the City of London’s planning and transport committee.

Joshi said that London’s Square Mile achieved an excellent record of project delivery in 2023, and has a range of exciting prospects for the year ahead. “Reports of the decline of office space have been greatly exaggerated,” he added. “We’ll also be talking about the resurgence of worker and visitor footfall back into the Square Mile, as a result of our policies that are transforming it into an inclusive, seven-day-a-week destination for everyone to enjoy.”

Joshi said: “We have also committed

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exposure, with our London office expected to help source relationships in the UK and continental Europe.”

The fund currently has A$17bn invested in the UK and Europe, following entry into the UK’s residential market via a stake in developer Get Living. It also holds an extensive infrastructure and private-equity portfolio in the UK, including investments in Forth Ports and Miller Insurance Services.

Head of property Alek Misev added: “We are interested in sectors backed by strong fundamentals such as industrial, multi-family and senior living. We like to grow by investing in existing platforms and property companies. While there is a clear need for housing in markets including the UK and the Netherlands, we also see op-

to achieving net-zero carbon emissions in our own operations by 2027 and 2040 for all of our directly managed investments and supply chain.”

Chris Hayward, City of London Corporation policy chair added: “The

Aware Super’s Damien Webb

portunities in sectors like self-storage and cold storage, also connected to demographic trends.”

Webb, who has relocated to the UK to spearhead the investment drive, said: “Due to our rapid growth trajectory, we believe the UK is a key platform from which we can further fuel our scale ambitions and diversify our portfolio through access to dynamic investment opportunities in new private markets. The ability to access the UK’s deep investment talent pool will also further furnish our investment team’s capabilities.”

The Global Investors’ Vision, Tuesday, March 12, 14.10-15.10, Leaders’ perspective stage

City Corporation has adopted some of the clearest and most progressive sustainability guidance in the world, in close collaboration with developers.

“We want to encourage future investors and occupiers to engage with us as early as possible. The City Corporation’s City Plan 2040 and the Transportation Strategy are currently open for consultation and will be adopted later in 2024, in order to shape development in the coming years.

“There will be opportunities for working directly with the City Corporation to assist developing and funding selected holdings in their investment and operational portfolio,” he said.

Keynote: What Is The Money Doing?

Wednesday, March 13, 12.00-12.20, London stand City of London’s Chris Hayward

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MIPIM PREVIEW 2024 | NEWS

UN-Habitat tackles the global urbanisation trend as crisis brews WITH half the world’s population currently residing in cities, and that number projected to rise to 70% by 2050, municipal authorities face increasing pressure on infrastructure, housing, sanitation, and public services. Add to that sustainability concerns and social inequality issues, and a major urban crisis is brewing, according to UN-Habitat’s Christine Auclair, speaking on behalf of Michal Mlynár, the organisation’s deputy executive director. “In 2024, UN-Habitat will be strategically addressing the ongoing global urbanisation trend, with a focus on the challenges faced by cities in Africa and Asia,” she added. “Recognising that 90% of urban growth occurs in less developed regions, the organisation aims to tackle issues arising from unplanned growth, such as

Housing Matters!

Monday, March 11, 13.00-22.00, Palais des Festivals

UN-Habitat’s Christine Auclair

Cities In Flux, Thursday, March 14, 10.10-11.10, Leaders’ perspective stage

Energy Management SoftSchneider Electric helps Quadrant: ware 2023. This recognition highlights comprehensive capabilities and proapproach to system integration. firms ‘make real impact’ itsgressive The global energy and climate crises have THE REAL estate sector is in “a state of flux”, according to Estelle Monod, senior vice-president, global building segments, at Schneider Electric.

“All firms coming to MIPIM are grappling with ESG challenges, tightening regulations, a shifting capital markets landscape and evolving investor and tenant demands,” she said. “While all this is going on, it’s impossible to ignore the massive news in the technology sector with the emergence of ChatGPT and other AI tools.

We see a huge opportunity: to focus real investment where it can make a real difference; by embedding advanced technology in portfolios at scale, across the entire asset lifecycle, in order to reduce waste, optimise energy consumption, eliminate carbon emissions and as a result create higher returns and delighted stakeholders.”

Monod said that more and more com-

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the expansion of informal settlements and slums leading to increased urban poverty, inequality and inadequate housing.” Such demographic shifts are compounded by climate change, armed conflicts, pandemics, and other disasters, necessitating transformative action for a better urban future.

“We will be raising these issues at the key events such as the UN Summit of the Future in September 2024; 12th session of the World Urban Forum in Cairo, Egypt, in November 2024; and during COP29 in Baku, Azerbaijan,” she said. “Cities account for a significant portion of global energy consumption, greenhouse gas emissions, and resource use, with urban poor communities being the most vulnerable to climate change-related disasters. UN-Habitat plans to support cities in reshaping

urban planning solutions to be more sustainable and integrated, leveraging innovation and technology.”

Addressing MIPIM delegates, she said: “The real estate community needs to promote sustainable and resilient urban development that prioritise environmental sustainability and resilience to climate change.

“Integrating green-building practices, energy efficiency and climate-resilient infrastructure into real estate developments are essential. The real estate sector already embraces smart-city solutions, digital transformation, and innovative design can enhance the efficiency, sustainabilit, and liveability of urban spaces.”

panies were coming to Schneider Electric “looking to make a real impact”, and that that would be “at the very core of 100% of our conversations this year”.

Speaking on the usefulness of MIPIM, Monod added: “MIPIM is to business what CERN is to quantum physics! It’s an accelerator — it allows us to reach, in a vanishingly short space of time, leaders and change-makers in the real estate industry who we would otherwise take months to engage with.

“It’s a melting pot — it brings the entire financial, architectural, technology ecosystems, as well as public and private stakeholders together for one frenetic week.

I mobilise my entire global team here because I see immense value in terms of speed and execution for our clients.”

Schneider Electric recently earned the leader ranking in Verdantix’s Green

generated a surge of interest in energy management software, as organisations actively seek solutions to address energy price volatility and accelerate the decarbonisation of buildings and other facilities.

Verdantix’s report, the first of its kind by the research and advisory firm, addresses the growing demand from real estate and facilities executives for information on high-quality energy management solutions.

Buildings account for 37% of global carbon emissions, with 26% attributed to building energy consumption, according to the IEA Tracking Clean Energy Progress report. With digital solutions providing the fastest path to net zero, organisations that prioritise efficiency can make significant progress in tackling the climate and energy crisis while unlocking substantial cost savings.

Schneider Electric’s Estelle Monod

Enabling Responsible & Responsive Real Estate, Monday, March 12, 16.20-17.20, Geo Focus stage

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Quebec’s Rebel pursues co-living REBEL Investissement, a co-living champion in Canada bringing new living spaces to the country, believes in a novel approach to housing. “We do real estate differently because our ambitions, like our projects, are unprecedented. We repurpose buildings to create co-living spaces that enhance people’s quality of life and serve the needs of the community. We are the small ones who think big, the ones who design the small units that have the biggest impact on communities,” said Jean Charles Goyeche, Rebel Investissement co-founder.

“We believe that urban sprawl can’t go

on forever and that rural areas deserve to regain their strong, knitted communities,” he added. “After years and years of isolation caused by the suburban lifestyle, the advent of social media and the personalisation of consumption, we believe there’s a strong need for a return to community. We feel it, we know it and we see it now through the different Rebel communities.”

Rebel’s partial focus on rural areas “comes as a relief to single people, who are often the first victims of soaring prices and/or the lack of small units in such areas,” Goyeche said. “In addition to providing them with a roof over their

MIPIM PREVIEW 2024 | NEWS

Fleuve Cité, a 108-unit co-living scheme in Trois-Rivières, Québec

Affordable housing under the spotlight in Spain SPANISH residential REIT Ktesios has made the S in ESG a priority with its approach to affordable housing, according to the president of RKS Group, Henry Gallego.

“At MIPIM 2024 we will cover the trending topics of sustainability and affordable housing. Our Spanish residential REIT Ktesios addresses the lack of affordable housing and the absence of investment in secondary locations. The company has become the first Socimi [Spanish real estate investment trust] to receive the ESG Rating, particularly excelling in the social aspect of the assessment,” he said.

“The company focuses on acquir12

ing discounted portfolios of properties in non-prime areas, but with a favourable micro-economy, from financial institutions and investment funds,” he added. “Holding these portfolios can represent a problem, but we turn this issue into an opportunity, generating returns for investors and social, economic and environmental benefits for communities.” This strategy has seen the company secure a higher ESG rating, while growing its asset portfolio. Since its launch in 2019, the company has demonstrated investors’ confidence in its business model by successfully closing recurring capital increases, taking its

heads, the co-living model — which is in its early stages in our market — helps to break down social isolation and create a sense of community. It’s something that often comes as a pleasant surprise for our co-livers who rediscover the joy of sharing and solidarity. In that way, our co-living spaces offer more than an affordable rent, it creates new support systems for the co-livers.”

The firm’s business model is also a response to the urban crisis. “In the current Québec market, where the number of housing projects are steadily declining and the cost of rent is reaching new heights, the conversion of buildings into co-living space creates a new volume of affordable housing for people living alone, new immigrants, remote workers, undergraduate and graduate students, empty nesters and active elders,” he said. Investors should take note, too. “Even with the rise of interest rates and construction costs, co-living is still profitable in Canada.

The return on investment is stable and will remain as such for a foreseeable future in our opinion.”

market value above €60m. Gallego added: “MIPIM is the perfect platform to showcase to an international audience these atypical projects that demonstrate the possibility to combine profitability with social and environmental responsibility in the real estate sector.”

RKS Group’s Henry Gallego

CITY OF MARICÁ SUMMONS INVESTORS TO CANNES CODEMAR, the economic development company of the city of Maricá in the state of Rio de Janeiro, Brazil, is preparing for a busy MIPIM sharing development opportunities with the international community. “We will be presenting two projects that are interconnected and very important for our strategy: our real estate investment fund and our green-area asset management, which is Mumbuca Verde,” said Hamilton Lacerda, Codemar’s president. “The Codemar real estate investment fund contains our main real estate assets and very important projects in areas such as the hotel, convention centre, mall, technology park and industrial park sectors.” MIPIM will also provide an opportunity to discuss the importance of sustainability and making such projects viable, he added. “We are looking to arouse the interest of Brazilian and foreign investors in Cannes.”

The city of Maricá, Brazil

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Great Investors are building sustainable developments With a strong support system for innovation and creativity, the UK is a leading destination for investment.

To see things differently, choose the UK. Find out more at great.gov.uk

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Japan Conference at MIPIM to highlight development drives ALTHOUGH Japan’s residential market has attracted attention from international investors in recent times, there is also plenty more to explore, according to Kanji Matsushita of general contractor Takenaka Corporation. “Our goal at MIPIM will be to find potential investors and developers interested in Japan,” he said.

Matsushita, who is executive officer and general manager of Takenaka’s corporate strategic planning division, will moderate the Japan Conference at MIPIM. “Japan developed rapidly during the so-called post-war economic growth period, but now that development is more than 50 years old, and the buildings are obsolete, so there’s a lot of redevelopment going on, especially in prime locations.”

Takenaka Corporation’s Kanji Matsushita

Tokyo presents urban planning expertise LAST July, Japan hosted the G7 Sustainable Urban Development Minister’s Meeting in the city of Takamatsu. The main themes were carbon-neutral programmes, resilience to address climate change, a focus on diversity to make all residents of cities feel included and the use of digital technology to address urban challenges.

According to Norifumi Kambara, deputy director-general of the City Bureau of the Ministry of Land, Infrastructure, Transport and Tourism, these themes will form the centrepiece of the ministry’s exhibit, Japan’s Sustainable Urban Development Tricolor, at MIPIM 2024. The tools for re-

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Matsushita tipped the expanding Shibuya district of Tokyo, a popular destination for young people that is now attracting IT businesses. Then there’s the city of Fukuoka in western Japan, which is also being redeveloped as an industrial gateway to the Asian continent.

“There’s also the Kansai region,” he said. “Development in Kyoto and Kobe is very aggressive, and, of course, Osaka will host the 2025 World Expo. On the same island, the newly integrated resort comprising the first casino in Japan will break ground after the Expo.”

Offices, too, are still interesting. “We expect more foreigners to come and work in Japan, and what we’re seeing is an increase in floor area per per-

alising these solutions are green transformation (GX) and digital transformation (DX).

“Urban green spaces are effective in absorbing CO2, which is the cause of climate change,” Kambara said.“They counter the heat island effect that often plagues cities, and ensure biodiversity.”

Japan is planning to revise its Urban Green Space Law in order to ensure the future of such spaces in city environments, and hopes to attract private investment for their development.

“We would also like to invite MIPIM visitors to Japan in 2027 for the International Horticultural Expo 2027 in Yokohama, which aims to promote horticulture that contributes to this sort of green life,” he added.

The Japanese Government’s Norifumi Kambara

son in office environments,” he said.

There is also still more potential for hotel developments, especially for luxurious five-star hotels targeted for increasing inbound tourists. In rural areas, logistics, data centres and even life science and R&D facilities also have development potential.

Matsushita will bring his development team to MIPIM, not only to talk to foreign companies interested in investing in Japan, but to find overseas projects. Sustainability is another key topic. Takenaka just broke ground for an all-wooden high-rise office building that it will construct in central Tokyo for the developer Mitsui Fudosan. “The age of scrap-and-build is over,” he adds.

“From now on we will use existing assets as much as possible through renovation and conversion, bringing older buildings up to meet new sustainability codes.”

Japan’s DX strategy is applying data derived from economic, environmental, and social development programmes in cities to promote ‘human-centred’ urban planning.

“Japan has developed a 3D urban model called Plateau that utilises case studies in urban planning and other fields. You can observe a demonstration of Plateau at the Japan booth.”

Meanwhile, resilience is central to all these purposes as cities with high concentrations of people, industry and assets are vulnerable to natural disasters. “As climate change continues, such disasters become more severe and frequent,” he said.

Japan possesses various technologies to reinforce resilience, such as superior earthquake-proof construction methods and flood-control facilities all linked to hazard maps and early warning systems, all of which will be presented at MIPIM.

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MIPIM PREVIEW 2024 | NEWS

LÉMAN Schroders continues its focus on HORIZON TACKLES AI AT derisking portfolio across Europe MIPIM DESPITE an altered investment landscape, the strategy and ESG priorities of investment manager Schroders Capital have remained constant, according to Jeff O’Dwyer, fund manager of Schroder European REIT. “In recent months, deal sizes on the continent have been smaller, with sub-€30m transactions dominating the market. Many institutions have paused their acquisition activity altogether,” he says. “We’ve remained active, particularly around providing solutions to tenants and improving asset quality. As a house, we are a modest user of leverage, typically 25-30% and depending on risk profile, may utilise higher levels.

We are seeing banks not only reducing LTV’s but being much more

Howden M&A brings padel back to Cannes FOLLOWING the success of last year’s Padel Social Club at MIPIM, backed by Howden M&A, property professionals in Cannes will get another chance to join in some friendly on-court competition and off-court networking this March.

“We’re adding two new sponsors this year, Kroll and RiskPoint, and will be hosting an even bigger padel area, flanked by meeting and changing rooms,” said Jamie Thomson, head of real estate for Howden M&A. “Last year, the padel tournament attracted 36 teams comprising all the major private equity real estate funds, law firms and service providers, creating competitive fun, alongside plenty of networking and socialising,” he added. “The energy was great and it’s incredible how inclusive padel can be — any-

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discerning about the types of real estate they are lending against and the counter party they are lending to.”

However ESG improvements, and specifically derisking the portfolio, remain a chief objective. “We have been driving sustainability for years and thanks to the specialists working with our investment teams, are able to take on older assets, reposition them and re-let them in the long term on higher rents.”. In terms of investment management, he added: “Sustainability audits are a part of our processes, including carbon-net-zero modelling. Our impact assessment and investment is made based on four pillars; people, planet, places and prosperity, which align with the UN sustainable development goals.”

one can have a go and it is suitable for all ages and abilities. This year there will be a big women’s tournament, plus we are looking to invite some French pros to showcase the sport. This kind of international, people-first experience at MIPIM The Padel Social Club at MIPIM

Schroders’ Jeff O’Dwyer

fully reflects the Howden M&A approach to doing business.”

Padel, sometimes called padel tennis, is a racket sport of Mexican origin typically played in doubles on an enclosed court slightly smaller than a doubles tennis court. Although padel shares the same scoring system as tennis, the rules, strokes and technique are different, while the balls have a little less pressure.

ASSOCIATION Horizon Léman, which brings together real estate players in the Lake Geneva region, plans to address some key industry topics at MIPIM this year, and share innovative projects that will contribute to the area’s sustainable development. One of its panels will deal focus on artificial intelligence at the service of real estate, the association’s principal theme for 2024.

Another event, the Swiss Forum, will welcome architect and urban planner Stefano Boeri, who designed the Bosco Verticale in Milan.

Association manager Pauline Mathey and president Yves de Coulon said: “We have had a presence at MIPIM for nearly 25 years — it’s extremely important to us as an exceptional platform for networking, sharing and comparing innovative ideas. We look forward to further strengthening partnerships and meeting key players this year.”

A busy stand at last year’s event

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MIPIM PREVIEW 2024 | NEWS

Nomura flags wide-ranging opportunities for investors exploring Asia STABLE Japan with its low yen and the wider Asian market are increasingly attracting foreign capital, according to Makoto Haga, executive vice-president of Nomura Real Estate Holdings. “Cash flow is strong in the residential sector, and while interest rates will likely go up, they won’t increase to the level of what they are, say, in the US. Economic growth is also stable, across all industries,” he added. “Prices for new apartments are going up because there are not enough new ones.”

Another sector that shows promise is tourism, which also benefits from the low yen. In the past year, the number

Coima builds on a vision of ‘more inclusive’ Milan MILAN, Italy is still very much at the beginning of its transformation when compared to other major European cities, but that implies “huge opportunities for sustainable urban regeneration”, according to Manfredi Catella, founder and chief executive of Coima. A series of next-generation projects are expected to advance the city’s renaissance over the next decade, including the Milano Innovation District and Milano Santa Giulia, as well as Coima’s Porta Romana, which will host the 2026 Winter Olympic Athletes’ Village, plus the second phase of Porta Nuova. “MilanoSesto, which is one of the largest urban regeneration projects in Europe, is one of the most significant of these next-generation projects, and

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of incoming visitors has rebounded to pre-COVID levels. “That means more accommodations are needed,” Haga said. “It’s the real estate sector with the most growth potential, simply because hotel use fell so low during the pandemic.”

In terms of office space, vacancy rates have increased over the past two years. “But Nomura is looking at the long term,” Haga said. “Japanese business is very healthy right now. Teleworking in Japan is not as popular as it is in other countries. That’s why the long-term situation surrounding office space is good.”

Nomura is even carrying out an am-

provides an opportunity to further raise the bar when it comes to innovation in developing cities and addressing complex regeneration in a

bitious development project which will become its future headquarters in the waterfront area of Tokyo. “Unlike New York, Singapore and Sydney, there are not many tall buildings in Tokyo that have a view of the sea,” he said.

There are also a lot of opportunities in greater Asia, the source of 10% of Nomura’s revenues in the past eight years.

“It’s basically residential development,” Haga said. “We export Japan’s know-how in developing condominiums while respecting the culture of the country we do business in. There’s a lot of growth potential in that area in Asia, and less competition in residences than there is in, say, office space.”

Nomura Real Estate Holdings’ Makoto Haga

responsible way,” Catella said.

The scheme will see Coima team up with affordable-housing specialist Redo, while the operating platform includes Intesa San Paolo, Unicredit, Banca Popolare di Milano and IFIS. “Working with our partners, our vision is to create an international benchmark for sustainable,

mixed-use urban development. In 2024 we will reset the masterplan with the aim of establishing an economically sustainable development programme that will deliver a largescale zero-carbon development along with a substantial amount of affordable housing that will help to build a more inclusive Milan.”

The ambitious MilanoSesto is already in the works

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Sanna Marin to open MIPIM 2024 M I P I M P R E V I E W 2 0 2 4 | M I P I M K E Y N OT E

“Being involved and making a difference represent civil rights for me. Changing things takes commitment”

The former Prime Minister of Finland is an expert on topics ranging from geopolitics to climate change and female leadership SANNA MARIN, the former Prime Minister of Finland (2019-2023), will open MIPIM 2024’s four-day programme of speeches, panels, awards and in-person networking events.

Recently nominated strategic counsellor to the Tony Blair Institute, Marin became the world’s youngest Prime Minister, at 34, when elected in 2019.

During her premiership, Marin led her country through the quickest NATO accession process in the alliance’s history. Her government passed many progressive reforms in Finland, including the world’s most ambitious climate laws aiming for carbon neutrality 20

by 2035, as well as major reforms improving gender equality, healthcare, education and human rights.

Marin’s government is widely regarded as one of the most successful in managing the COVID-19 pandemic, particularly in terms of minimising both the loss of lives and the economic impact resulting from the outbreak.

Marin specialises on the topics of geopolitics, strategic autonomy, climate change and female leadership.

Nicolas Kozubek, MIPIM director, said: “We are honoured to welcome such an outstanding world leader as Sanna Marin to MIPIM. Under Marin’s exceptional leadership Finland blazed a trail towards carbon neutrality, setting a blueprint for other countries.

“As strategic counsellor in the Tony Blair Institute, we are looking forward to hearing from Marin’s vision and international perspective on the future of cities, the real estate industry and MIPIM itself.”

Marin has been actively engaged in politics since 2006.

“Being involved and making a difference represent civil rights for me. Changing things takes commitment.

The welfare state or the ground rules for working life should not be taken for granted; they are the result of hard work and determined efforts,” Marin said.

Environmental values are also close to her heart: “Climate change and loss of biodiversity are some of the biggest problems of our times. Addressing them takes strong political will and determination.”

Kozubek added: “In March, MIPIM signed up to the Road to Zero Alliance of high-profile businesses to take more effective action to decarbonise the built environment. And MIPIM 2024 will mark our most sustainable event yet, focusing on making our cities cleaner, greener and more diverse, Marin’s commitment to environmental values and her insights will be invaluable for all MIPIM delegates.”

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The Administrative Capital for Urban Development (ACUD) Welcome to the heart of innovation and modernity – The Administrative Capital for Urban Development (ACUD). Our mission is clear: to create, manage, and transform Egypt's New Administrative Capital into a must-visit destination on local, regional, and global worlds standards We're proud to introduce the latest in smart infrastructure systems, setting a new standard for smart cities worldwide. All this, while embracing the rich heritage and spirit of sustainability rooted in Egypt's ancient history and its time-honored traditions of innovation and self-reliance.

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M I P I M P R E V I E W 2 0 2 4 | R O A D TO Z E R O

MIPIM leads sustainability race for 2024 The Global Urban Festival intends to lead by example after setting targets to be the most environmentally and socially aware MIPIM yet

T

his year’s MIPIM is set to be a pioneering event in matters of sustainability, according to the show’s organisers.

“MIPIM 2024 will mark our most sustainable event yet, focusing on making our cities cleaner, greener and more diverse,” says Nicolas Kozubek, MIPIM director. “Our commitment is woven into the fabric of our events, initiatives and partnerships. We intend to actively involve our clients in this journey,” he adds.

According to Kozubek, this will be achieved both by inviting partners, visitors, and stakeholders to play an

Get ready, set, go for the greenest ever MIPIM

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active part in making the show more sustainable, as well as defining MIPIM’s place in the global ecosystem of environmental action. “Last year, MIPIM signed up to the Road to Zero Alliance of high-profile businesses to take more effective action to decarbonise the built environment,” Kozubek confirms.

Le Grand Paris and Le Grand Lyon have both signed a new pledge for French exhibitors to promote sustainable development at the show.

The pledge includes committing to low-carbon transportation to reach MIPIM, a greener stand and active engagement with the values of di-

MIPIM’s Nicolas Kozubek

versity, equality and inclusion. International exhibitors will be invited to sign up next year.

This year’s event is distinguished by four main engagements to making MIPIM cleaner, greener, more diverse and more equitable, starting with waste minimisation.

“Minimising the waste that MIPIM generates is a key priority that we share with our partners, visitors and stakeholders to make improvements year-on-year,” Kozubek says. In 2023, MIPIM generated 32% less waste than in 2022, despite an increase in visitor numbers. The event’s goal is to continue to reduce waste by around 10% every year, and to continue to communicate updates both about recent accomplishments and future goals.

“To that end, we have already consulted with the decorators that operate at MIPIM, setting out our targets

and expectations for the creation and handling of waste at our next event,” he adds. New print-at-home badges with cardboard frames are fully recyclable, while MIPIM 2024 will use significantly reduced volumes of carpet Another key goal is carbon footprint reduction. RX is a founding partner of the UFI pledge which commits the events industry to achieve net zero carbon by 2050. MIPIM is developing its own pathway, tailored around the event. “We offer a free all-day shuttle service between the Palais des Festivals and many hotels, all official MIPIM cars are electric or hybrid and the paper used for MIPIM publications comes from sustainably managed forests,” Kozubek says. “We are working hand-in-hand with caterers with eco-responsible labels and the Palais des Festivals has its own certifications.

Cannes was also recently rewarded ‘sustainable innovative destination’’,” he adds. Meanwhile, MIPIM’s Road to Zero zone helps focus industry efforts around decarbonisation by uniting leaders in the field, and the MIPIM Awards take sustainability into account right across the board.

In a third pledge, MIPIM 2024 will be more diverse, accessible and safer for all, according to Kozubek, “reflecting the world in which we live and the communities that we serve”.

In line with this, conference panels with three people or more will aim to feature at least one woman, while MIPIM will also partner with different associations promoting diversity, while several events will de dedicated to DEI

themes. For the differently abled, the Palais des Festivals is accessible to all.

Meanwhile, a new initiative, MIPIM Challengers, has been introduced to improve access to the event for younger professionals. This will see free passes and accommodation made available to selected delegates under 30 years of age.

“The inaugural MIPIM Challengers initiative will see 16 real estate professionals under the age of 30 take part in the full event programme at MIPIM 2024 and make the case for new solutions to the biggest challenges facing the real estate industry,” Kozubek says.

The 16 Challengers were selected on the basis of a short essay question — What is the most crucial challenge confronting global urban development, and how can young professionals contribute to its solution?

Over 150 essays were submitted from a total of 20 countries. Most entries came from Western Europe but the final cohort includes entries from further afield, including Mauritius, South Africa and the US. Essays were judged on their originality, understanding, critical thinking, and global perspective by an expert panel including Kozubek, Muyiwa Oki, RIBA president, and Annette Kröger, CEO Europe, Pimco Prime Real Estate.

At MIPIM, the Challengers will take part in a full programme of events, talks and panels, and networking. Following a workshop session hosted by UNESCO Ambassador Guila Clara Kessous, they will present the best ideas with an expert panel of senior leaders in property development and investment.

“Minimising the waste that MIPIM generates is a key priority that we share with our partners, visitors and stakeholders to make improvements year-on-year” Nicolas Kozubek

M I P I M P R E V I E W 2 0 2 4 | R O A D TO Z E R O

A diverse and engaging panel from last year’s RTZ stage

Kozubek adds: “It has been an incredibly exciting and invigorating process to read so many fantastic entries from the future of our industry on how we can solve the biggest challenges our sector faces.

“Congratulations to everyone who entered — selecting a final 16 was a real challenge in itself as the standard was so high. We cannot wait to welcome our inaugural cohort to MIPIM 2024 to take part in a full programme of events, talks and debates.

“I am particularly looking forward to listening and hearing from new and diverse voices. The range of professions and nationalities are a microcosm of real estate’s diversity — from architects to investors to planners through to local government surveyors and neuroscience researchers.

‘Together, in one place at MIPIM, our Challengers now have the platform to inform and drive forward the debate, taking us a step closer to uncovering the solutions that we all must deliver.”

MIPIM’s final pledge to be more sustainable focuses on creating an even broader positive social impact.

“We collect and re-use a range of materials through our partnership with non-profit association GreenBee, to share resources with local communities,” Kozubek explains.

A raft of inspiring stories came out of last year’s recycling initiatives.

For example, former Road to Zero banners were transformed into pencil cases for school children, through GreenBee, as part of the Fondation de Cannes’ eco-school project. Elsewhere, panels and partitions were given to the Fondation de Nice, which is using the wood to furnish its facilities, including a kitchen, library and storage spaces.

It will also be used to fit out social housing projects in the Alpes-Maritimes region, with the building being carried out by people on job-opportunity schemes to integrate them into the world of work.

Other initiatives represented a triumph of imagination: around 150 sq m of scrap carpet was donated to the Nice Curling Club association, to line the side lanes of the curling rinks, as an ideal non-slip material.

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MIPIM 2024 is our most sustainable exhibition to date distinguished by

four main engagements to making MIPIM cleaner, greener, more diverse and more equitable.

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The Stockport Interchange in the UK is heading towards a bold new future

MIPIM PREVIEW 2024 | ESG

Joining forces on ESG Collective effort from governments, individuals and the private sector will be essential to move the dial on the ESG agenda in real estate, as key deadlines near

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he importance of environmental, social and governance (ESG) strategies and outcomes continues to rise up the global real estate agenda. Given the increasingly obvious social and, especially, environmental challenges the world faces, perhaps that should come as no surprise.

However, the way in which both the public and private sectors are thinking about ESG issues is changing, in terms of regulatory ambition, market mechanisms and the re-use of existing structures. So, as the world’s leading cities and property companies gather for this year’s MIPIM, what are the major themes and developments that

we should be thinking about?

Most recently, the environmental movement in real estate received a major fillip at the COP28 climate change conference in Dubai, where the governments of France and Morocco, together with the UN Environment Programme (UNEP), launched the Buildings Breakthrough. The initiative is intended to get countries joining forces to accelerate the transformation of the sector with a view to making near-zero emissions and climate resilient buildings the new normal by 2030. 27 countries have so far pledged their commitment to the Buildings Breakthrough, part of the Breakthrough Agenda, which provides a framework for countries, businesses and civil society

“The buildings sector is pivotal for future investments due to its cultural, economic, environmental and social impact” Christophe Béchu

to join up and strengthen their actions.

Together, the nations represent around 34% of the global population, account for about 51% of global greenhouse gas emissions, and contribute to approximately 64% of global gross domestic product. In addition, the European Commission and 18 international initiatives have announced their support.

The Building Breakthrough is co-led by the Ministry for Ecological Transition and Territorial Cohesion of France and the Ministry of National Territory Planning, Land Planning, Housing, and City Policy of the Kingdom of Morocco, and co-ordinated under the auspices of the UNEP-host27

MIPIM PREVIEW 2024 | ESG

ed Global Alliance for Buildings and Construction (GlobalABC).

“The buildings sector is pivotal for future investments due to its cultural, economic, environmental and social impact,” says Christophe Béchu, minister for ecological transition and territorial cohesion in France.

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Roland Hunziker, director, built environment, at the World Business Council for Sustainable Development (WBCSD), describes the Building Breakthrough as “significant” and says that the statement of intent is “ambitious”. However, he is also painfully aware of the lack of progress made to date.

“If we look at the global numbers, we’re not making a lot of progress,” he says.

“Every year, the Global Alliance for Buildings issues a global status report for buildings and construction and that shows us that in the last couple of years, emissions have not really started going down. There was a little bit [of a reduction] in 2020 due to the pandemic, but then they increased again.”

That said, Hunziker also believes that some countries are starting to get serious. “In the UK, there are now efforts being made to really understand whole life carbon and how we can make progress just through better design and better construction of buildings,” he says.

“You see cities such as London that are starting to require whole life carbon assessments on projects. Countries like Denmark and France also have quite advanced building regulations coming into force taking that kind of carbon budget approach, saying that new buildings can only have so much CO2 per square metre.”

Other countries are also taking positive steps. According to Marinos Giannopoulos, CEO at Enterprise Greece, on a per capita basis, Greece is one of the top 10 producers of solar power in the world, is one of the fastest growing in Europe and is increasing the export of clean energy to countries across the region.

“In the production of wind energy, Greece is the eighth largest producer in the European Union, and will be ramping up its generating capacity over the next two to three years with

the creation of new offshore wind parks. Just in 2023, in the first eight months of the year, Greece produced 17 terawatt hours (TWh) of electricity from renewable sources, surpassing power generation from fossil fuels by almost four TWh.” He adds: “Combined with the cross-border electrical interconnec-

from direct subsidies to tax breaks — and a fast-track programme for strategic investments,” Giannopoulos says.

“Specifically in the property sector, Greece also has put in place a number of incentives — as well as a few mandates — to promote sustainability.

For example, there are incentives for energy-efficient buildings, for energy Greece is driving a green transition to protect its natural resources

demolition and rebuild is the only viable option for high-rise buildings.

For that reason, he says, Schindler has developed a new tool to allow for the effective re-use of buildings. “We have beautiful skylines around the world in all our metropolitan cities, but actually they hide quite an inconvenient truth — that at the moment they are not really up to the requirements of their occupants in the post-pandemic world,” he says.

“To a high degree, they are empty. So, the one way forward is repurposing, transforming, fixing our cities. This is why we are so excited that we have this new solution that gives architects and developers and investors a new tool to really transform cities and enable mixed-use buildings on a totally new level and, most importantly, really drive the road to net zero in a really dramatic way.”

Finally, the ’S’ in ESG should not be forgotten. In many ways, this requires a far more localised approach than environmental sustainability, something that Paul Richards, chief executive of the Stockport Mayoral Development Corporation in the North West of England describes as fundamental.

“We really want to ensure that the work that’s been done benefits the wider community, particularly in the town centre,” he says. “What we’re not looking to do is to create an island of regeneration. It needs to be stitched into everything else and there are various ways of doing that be it social infrastructure, skills or training.”

Cycling and walking bridges in UK towns reflect urban progress

tions Greece is now developing — to the Balkans, to the Middle East and North Africa, to central Europe — the country is becoming a driver in Europe’s green transition. A whole new industry is being created and Greece is becoming a ‘green battery’ for the region and the EU.” This, among other initiatives, has been achieved through a carrot and stick approach. “The country offers a wide variety of investment incentives — ranging

conservation and for incorporating renewable energy. But there are also some regulations that are in-line with EU directives.”

Then there is the small matter of making better use of existing buildings, rather than knocking them down and starting again. According to Dr Florian Troesch, head of GLP transit management at elevator manufacturer Schindler, it is still all too often the case that architects and developers conclude that

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Solutions like stacked residential blended with industrial are rising in London

Housing Matters!

As MIPIM launches the Housing Matters! summit, governments and the real estate industry explore what they can do to improve housing accessibility across thousands of urban areas

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y 2030, The United Nations Human Settlements Programme (UN-Habitat) estimates that three billion people, about 40% of the world’s population, will need access to adequate housing. This translates into a demand for 96,000 new affordable and accessible housing units every day. Additionally, UN-Habitat reports that an estimated 100 million people worldwide are homeless and one in four people live in harmful conditions that to their health, safety and prosperity.

What can the private commercial real estate sector contribute? Well, it turns out quite a lot. “The private and public sectors need to come together now more than ever,” says Nick Whitten, head of JLL’s EMEA & UK living re-

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search. “The UK is building just a third of the homes it needs to meet national targets, Germany around half, and France, around 60% of the required stock. There is a need for an environment where investors can play a much bigger role. Affordability is also a key issue, as is the range of homes — we need more student beds, more co-living, single family and multi-family rental properties to ease the housing burdens that many governments face.”

Global real assets investment giant Patrizia has been working with local authorities to provide affordable and sustainable homes in European cities through Sustainable Communities, its first SFDR Article 9 strategy fully dedicated to impact investing. With an ambition to ultimately provide thousands of homes across as many

“We need more student beds, more co-living, single family and multi-family rental properties to ease the housing burdens that many governments face” Nick Whitten

as 25 metropolitan areas, to date the strategy has invested in two affordable and social housing projects in Dublin, Ireland where it is delivering a pipeline of 1,600 apartments for lower-to-middle income residents. It also recently announced a joint venture in the UK with Man GPM, the private markets investment business of Man Group, to develop new-build single-family rental homes in locations around the UK where housing affordability is poor. The JV has already commenced its £100m (€116m) investment programme with a commitment to forward-fund the development of 70 new-build homes on long-term affordable rents in Milton Keynes, just north of London.

“We decided to team up with Man GPM as they are local to the UK and

Patrizia’s Marleen Bikker-Bekkers

Neat Developments’ Youssef Kadiri

need for housing, Neat Developments and BlackRock Real Assets have just won planning consent for a mixed-use scheme comprising 33,000 sq m of stacked industrial space together with 1,800 new homes.

Around 35% of the site will be public open space, including a new waterside park overlooking the Walthamstow Wetlands near London. The scheme is anticipated to involve a 10-year development period and will represent over £650m (€760m) in investment by site owners BlackRock Real Assets.

Youssef Kadiri, managing director at Neat Developments says: “Uplands is a case study on the potential of stacked developments to unlock mixed co-locations, enabling the shared use of limited space for both light industrial and residential space.

“It has taken four years and a lot of co-ordination between all parties to make this scheme possible, but we believe it could prove a template to help alleviate both the shortage of industrial and residential land in London and other large cities.”

While phase one will consist of 18,000 sq m of new stacked industrial space over four floors and 119 build to rent (BTR) homes, of which 35% are affordable, phase two will comprise 15,000 sq m of industrial space and up to 1,680 new homes. The development is targeting BREEAM

Excellent for the industrial and commercial buildings will construction due to start in 2025.

Through contributing to housing provision, the private sector ultimately has an opportunity to tackle ESG targets.

“While housing naturally plays well towards the S in ESG, by solving a social problem, there is also an opportunity to improve the E,” Whitten says. “Delivering green, new homes and retrofitting properties or changing energy sources is equally crucial. We will see more and more focus on the actual measurement of in-use data, for residential buildings and non, to see how we use our housing stock and how that can be improved.”

Finally, MIPIM is also contributing to the debate with the creation of a special half-page summit dubbed Housing Matters! Taking place on Monday afternoon and curated by MIPIM and Co-Liv, the summit will foster industry collaboration to find solutions to the current housing crisis, including co-living.

CONFERENCES & EVENTS AT MIPIM 2024

MIPIM PREVIEW 2024 | RESIDENTIAL

are focused on housing, with a community housing fund already up and running,” says Marleen Bikker-Bekkers, Patrizia Sustainable Communities fund manager and Patrizia Global Partners head of European investments. “Together we are ensuring that the houses we provide are extremely sustainable — EPC A-rated homes, which are unusual in the UK. We believe that energy costs should be part of the definition of affordable.”

She adds: “Our Sustainable Communities strategy has three themes — affordability, sustainability, and inclusion and connectivity. This latter issue addresses loneliness and social isolation too which have wider implications for healthcare and society. As a real estate investor, we want to create community space which is free to use, we want to build public facilities, identifying what is missing in an area — from libraries to childcare, education and healthcare — and we also look at running programmes that tackle what social failure looks like.

“Around 75 million people are isolated across Europe. Governments are focused on solving these issues, but private capital is needed as well to add development expertise and other skills.”

With aging demographics also altering the shape of society across Europe, much housing stock fails to suit the needs of modern households. “There are more and more people living alone,” Whitten says. “Over 50% of Amsterdam’s houses are single-person households. Unsurprisingly, that’s also the city with the largest co-living sector in Europe in terms of existing beds and upcoming pipeline.”

Co-living has become a key generational trend aligning with a post-student grouping and slightly older professionals, offering a flexibility of tenure which Whitten calls “increasingly useful”. He notes: “Some workers might just need a bed in a city for three nights a week for work, before returning to a family home on weekends. Also, with a high number of marriages ending in divorce it has become a solution for a range of scenarios.”

As cities and societies evolve, so will property types. Reflecting rising demand for urban last-mile sites and the

NEW AT MIPIM: HOUSING MATTERS! MONDAY, MARCH 11 13.00-22.00

One of Sustainable Communities’ Dublin projects

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MIPIM PREVIEW 2024 | DEI

Melting-pot cities like New York can inspire a more diverse industry

Uniting around diversity

M

atters of diversity, equity and inclusion (DEI) in commercial real estate have never been higher on the corporate agenda, but significant effort is still required to achieve change, according to the latest findings.

A recent study to benchmark the issue, dubbed The Global Real Estate DEI Survey, found that some 95% of real estate firms surveyed are now addressing DEI either through a formal programme or by enacting

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As the real estate industry grapples with its responsibilities around diversity, equity and inclusion, a few key firms are standing out for their leadership in the topic

DEI initiatives and policies. The most impactful policies from a staff viewpoint include employee communication, work/life balance and interviewing under-represented candidates, according to the research.

Yet the data suggests that there is still much to be done, with men continuing to dominate the industry, particularly in leadership roles.

The issue is further complicated by the economic pressures hampering the industry in recent months, slashing internal budgets, and altering the focus of some firms. “Stakeholder

buy-in for diversity, equity, and inclusion is high but action has been low and slow,” says Wendy Mann, CEO of the US-headquartered Commercial Real Estate Women Network (CREW Network), in an analysis of the past year. She adds: “Research indicates that companies with greater diversity are more innovative and have stronger bottom lines.”

CREW Network has been working globally for more than 30 years to advance gender equity and diversity in commercial real estate, and has more than 14,000 members in 18 coun-

“Building effective women leaders is key to strengthening the industry” Wendy Mann

ages to approach the issue from both sides, whilst leading the field in its production of research on gender and diversity matters in commercial real estate. Mann adds: “We have 135 companies that have signed the CREW Network CRE Pledge for Action — this is an important first step in a company’s commitment to advancing women and diversity in commercial real estate. Each year, we ask our signatory companies to provide an update on their progress towards our six progress goals, which is voluntary.”

Mann argues that it’s not just the right choice but is often important for a firm’s bottom line. “Companies that have allowed their DEI efforts to lag are seeing their business impacted by weaker performance, lower bench strength, lower engagement and less ability to meet customer needs,” she says.

“Strong diversity policies have a notable impact on employees and fosters a strong sense of belonging, which translates to increased engagement and retention. In addition, the majority of candidates today are more likely to apply for a job at a company with a strong diversity and equity initiative.”

Leading employers in the industry confirm this view. Global professional services and investment management firm Colliers was recently recognised once again by Forbes as one of the world’s top companies for women.

Participants were asked if they would recommend their employer to friends or family, and to rate the corporation on both general workplace practices and gender-specific issues including gender pay equity, the management of employee discrimination cases, and whether men and women have the same opportunities for advancement. The Forbes list is based on a survey of approximately 70,000 women working for multinational corporations across 37 countries.

“Being named on Forbes’ list of World’s Top Companies for Women reflects our commitment to nurture and promote inclusiveness and belonging at Colliers,” says Becky Finley, global chief brand & people officer. “We’re making great strides towards gender equality, through initiatives such as mentorship programmes, employee resource groups, learning and development opportunities and our global goal to achieve 40% female share of total employees and management roles.”

Professional services firm CBRE, meanwhile, secured a place in November once again on the Financial Times ranking of the best companies in Europe for diversity. The global real estate advisor ranked 130 out of approximately 15,000 eligible companies and of the 850 companies that received the highest total score, The report recognises the European companies and institutions that are considered the most inclusive employers across Europe, based on the views of more than 100,000 employees across the continent.

CREW Network ‘s Wendy Mann

Colliers’ Becky Finlay

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Banke Odunaike, chief culture officer, CBRE said: “To be recognised once again as a diversity leader in Europe is testament to all the work we are doing to ensure that diversity and inclusion is an intrinsic part of CBRE’s cultural DNA. “We are pleased that the survey respondents noted gains in our efforts over the past year, demonstrating our ongoing commitment to constantly advance belonging and unity in every corner of our organisation and create an environment where all individuals can thrive.”

Survey participants were asked their opinions about the extent to which their employer promotes diversity and their views on topics related to age, gender, ethnicity, disability and sexual orientation. Corporations from all industry sectors employing at least 250 people in 16 countries were eligible.

Despite all the positive signals in the industry, Mann suggests that more must still be done. “The COVID-19 pandemic delayed progress for women’s advancement as many had to step back because of the disproportionate demands of home on their work life,” she says. “Women have returned to the workforce —and now is the time to regain their trust and prioritise efforts to advance them.

“With much of the world employing a combination of remote, hybrid and in-office workers, companies need to work harder at ensuring all employees are full participants in the workplace.

Employees who work in an inclusive environment that strives toward meaningful diversity, equity and inclusion goals often experience more satisfaction in their work, are more motivated, have higher levels of productivity, and tend to stay in their jobs longer.”

Mann concludes with a blueprint for the industry: “Companies can implement business practices with an eye to promote a more equitable workplace, employee wellbeing, and inclusion and diversity measures.

No matter where your company is on its diversity journey, engaging your stakeholders and establishing a framework to get the effort going is an excellent way to get started.”

MIPIM PREVIEW 2024 | DEI

tries, including established CREW Network groups in the UK and Paris. Mann says: “Building effective women leaders is key to strengthening the industry. We dedicate significant resources to providing women with high-level leadership development training, and opportunities to serve on global boards and committees to develop and hone applicable leadership skills.”

By both collaborating with firms that want to learn and improve, and directly helping women in the industry, CREW Network man-

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Scaling new heights I

Proptech’s continuing expansion will depend on both increased investment in startups, as well as shattering urban myths around AI

t’s an old story: capital-hungry startups often need a lot of cash (and plenty of hard work) to get off the drawing board and into real-world applications. But how that funding is sourced, structured and managed can be as important as the original idea, according to Faisal Butt, co-founder of Europe’s first proptech venture capital (VC) firm, Pi Labs.

Butt’s VC business launched its proptech Fund I in 2015 “as an entirely new investment concept within the sector at the time”, he says. “We launched fund I confident in our thesis that investing in the best property technology startups at the earliest stages of the sector’s digitisation would allow investors to achieve sizeable returns.

“The proptech concept hadn’t even been coined yet, and this meant that we were able to find attractive entry points in companies that we believed would go on to scale at pace globally while reshaping how the sector operates.”

At the end of 2023, Pi Labs fully exited that fund, delivering a 10-times return to its investors, eight-times after costs — “they got $8 back for every $1 invested”, he says. As well as marking the first time a European proptech investor has fully exited a fund, Butt says the fund’s conclusion is meaningful for several reasons. “There is a lot of hype and buzz around proptech and a lot of the interest is about the innovation side and doing things differently. But for proptech to be

Novel approaches to real estate require ever more innovative thinking

the better. Central to this is the use of data.” Through Measurabl’s data-management platform, commercial real estate landlords across 93 countries are able to measure, manage and rate ESG performance, “making it by far the largest dataset on sustainability in real estate”, Ellis adds. “It’s only with this level of accurate, timely, and up-to-date information on ESG performance that the global industry can start to play its part in meeting decarbonisation targets.”

SmartWorkPlus is another techbacked firm which deploys sensors in buildings to improve their management. Says CEO, Aidan Donnelly: “Our solution is based on the idea that a targeted deployment of sensors gives us occupancy data that can transform how customers view their buildings.

“With more information available, they can make informed decisions that lead to carbon reductions. We often see unoccupied rooms being heated for days because the lack of easily accessible insights has meant no one is aware. For the sake of our planet, this needs to change.”

Tech meanwhile has shifted even further centre-stage over the last 12 months due to the rapid expansion of AI applications. Alongside enthusiasm for its potential, there has also come fear and speculation about the future of human workforces.

Butt says: “It’s important to distinguish between artificial general intelligence — solutions like ChatGPT — and AI point solutions. Point solutions include Contillio, a construction technology we invested in which monitors active build sites to identify mistakes and defects.

“A lot of these kinds of applications address the broader issue within real estate of labour shortages, helping firms get round the problem of not being able to find the right staff.

I don’t see AI as replacing people — it’s rather solving the workforce gaps that emerged in recent years.”

What about the much-discussed

MetaProp’s Aaron Block

Measurbl’s Matt Ellis

potential threats of AI? “Artificial general intelligence is not really at the stage yet where it can be rolled out at scale within real estate,” Butt says. “We are exploring the idea of building a ChatGPT equivalent which is specific to real estate, and although we haven’t found it yet, this could be a useful application of AI for the industry.”

Aaron Block, co-founder and managing partner of proptech venture capital firm MetaProp, says: “AI is a very powerful and very scary technology. The good news is that there’s nothing so new here. Machine learning and AI has been an aspect of every tech business we’ve been investing in for several years. It’s been brought into the consciousness of the mainstream observer because ChatGTP was released over a year ago, and large language models became relevant for the first time.

“I’m more interested in getting beyond the hype and getting more use cases of value established, and seeing where companies can successfully use AI to make real decisions that drive operations.”

For Block, all the signs are bright for continuing investment in the sector. “We haven’t seen a wholesale reduction in spending in the cutting edge, innovation side of the property business. In fact, we’re in something of a super-cycle for proptech investments,” he says.

MIPIM PREVIEW 2024 | PROPEL BY MIPIM

an asset class in its own right, you really need to be able to deliver and crystallise returns. We have proved we can do that, and meaningful returns should ultimately attract the institutional capital that the sector needs for further growth.”

Pi Labs Fund I helped launch a slate of firms which have already gone on to become major success stories.

Bulgarian-founded OfficeRnD, which is used by flexible-office operators to manage workspaces, is currently serving over 2,000 workplaces in 70 countries in North America, Europe and Asia. The recent exit from this business generated a 60x return for Pi Labs. Other successful Fund I firms include London-based LandTech, a land acquisition solution for developers, and Switchee, which helps over 100 social-housing providers in the UK and Netherlands to manage their portfolios and reduce fuel bills for residents, underpinning Pi Labs’ ESG focus for its initial fund.

While positive results abound, Butt concedes that the world of proptech VCs has also been impacted by recent macro-economic conditions, leading to a “difficult fundraising environment”. Yet he remains optimistic about the outlook, thanks to Pi Labs laser focus and proven track record. “I think the top tier of generalist VC managers will continue to do well, as will the small and medium-sized specialists. There is a lot of new ESG-linked capital about, so solutions helping real estate decarbonise will continue to be popular. We are receiving many approaches, particularly from northern European and Nordic LPs, on this basis.”

Matt Ellis, CEO of data-driven ESG real estate platform, Measurabl, adds: “From reporting your portfolio’s environmental impact, and pinpointing the heaviest contributing factors, to developing solutions that assist in retrofitting existing buildings and cutting carbon emissions, technology has the capacity to truly transform the way buildings are managed for

CONFERENCES & EVENTS AT MIPIM 2024 AI AND REAL ESTATE WEDNESDAY, MARCH 13 14.10-15.10 Leaders’ Perspective stage Pi Labs’ Faisal Butt

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The Global Urban Festival Pre-opening 11 March

12-15 March 2024 Palais des Festivals Cannes, France

Sanna Marin to open MIPIM 2024

MIPIM® is a registered trademark of RX France - All rights reserved.

©Jukka-Pekka Flander

Sanna Marin is the former Prime Minister of Finland (2019-2023). Recently nominated strategic counsellor to the Tony Blair Institute, Marin became the world’s youngest Prime Minister at 34 when elected in 2019.

Marin’s government is widely regarded as one of the most successful in managing the COVID-19 pandemic, particularly in terms of minimizing both the loss of lives and the economic impact resulting from the outbreak.

Marin specialises in the topics of geopolitics, strategic autonomy, climate change, and female leadership.

Tuesday 12 March at 15:10, Grand Auditorium

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mipim.com

01/02/2024 12:11

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hen European real estate fund manager The Valesco Group completed one of the largest office deals on the continent last year — the €460m acquisition of Sequana Tower in Paris — investment specialists took note.

The 26-storey tower, that serves as the global headquarters of hospitality giant Accor, was the first purchase for Valesco’s new fully discretionary fund, signalling ongoing appetite for office properties. Shiraz Jiwa, founder and CEO of The Valesco Group, says: “Mission critical offices have a

vital role to play in the performance of corporates and in the development of talent. Their essence is to create an ecosystem and environment where talent can thrive and self-actualise whilst delivering for the collective — there must be a return on experience in any future-proof office along with sustainability at its core.”

The Valesco Group isn’t the only investment manager betting on offices. AXA IM Alts, another major real estate player, sees huge potential both in low-carbon, high quality new builds and the chance to lead on the transition of older generation offices into prime headquarter buildings.

“The office is rediscovering its place,”

says Emilie Jaskula, global head of offices within AXA IM Alts’ asset management team. “For many years, it was considered a core and stable asset class, and although investors are today looking at a diverse range of options, it is still a fundamental component of investor portfolios.”

At the heart of the office’s future is a strong sustainability score, for which AXA IM Alts has developed a proprietary ‘scorecard’, assessing “the six factors of accessibility, comfort and wellbeing, conviviality, ESG, digitalisation and flexibility”, Jaskula adds.

“ESG performance can be assessed through two pillars — intrinsic, and operational. The intrinsic part relies on the quality and performance of the envelope and technical equipment of a building, and we invest proactively to improve this performance.

“But the operational performance is

essential as well: we collaborate on the operational side, with tenants, property managers and facility managers, to ensure that the day-to-day approach is right.”

Jiwa also places sustainability at the heart of the sector’s future — but warns that not all standing stock can be saved. “The future of Class B and below office stock will depend on its bones,” he says. “Those office assets that have the capability of being tomorrow’s office today, including for example appropriate floor-to-ceiling heights, manageable floor plates and room for amenitisation and service provision, relevantly located and a clear pathway to ESG excellence, should find that capex will be accretive to value and this category of secondary product will have a future as an upgraded office space.”

Redefining the workplace

MIPIM PREVIEW 2024 | OFFICES

Although the world of work is changing, smart investors are still finding ways to invest in a new breed of offices which are fit for the future

A Spacemade office at Fulham Works, London

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MIPIM PREVIEW 2024 | OFFICES

Sequana Tower in Paris

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Conversely, he argues that an absence of these qualities will render the additional spend “futile in terms of value creation”. At that point, “the alternative can only be a repositioning to residential for example if the micro-location deems that possible along with any planning constraints, or in some cases — again micro-location dependent — a demolition and rebuild.”

Other factors defining the fate of the office sector include expectations around flexibility and the demands of a new generation of workers.

“The average working week in the office is between three and three point five days in Europe,” Jaskula says. ‘It’s a trend that may become permanent.

Some degree of flexibility is highly attractive, and frankly a must-have, for the majority of employees.”

Proptech firm Leesman, which specialises in analysing the employee experience, helps companies understand their performance with data-driven persona profiling, mapping personas, and workplace design proposals. Founder Tim Oldman says: “Detail is everything when making decisions in regard to hybrid working policies. When offices are outstanding — i.e. proactively designed to support what employees actually go there to do — our data shows that employees do willingly return to the office.” Yet the right amenities and tech-backed services are often key to this, he notes, including intuitively designed desk booking apps in a context of desk sharing. All this, too,

throws up harder and longer-term realities, such as training managers in a new set of skills needed to manage a hybrid team. Organisations and their management teams will have to be far more intentional about building a sense of community, knowledge sharing and brand loyalty.”

In the midst of this revolution, other property owners and sector specialists are looking to increase the provision of flexible offices and co-working facilities. Flex office provider Spacemade can take over part of an office — a couple of floors — or the whole building on behalf of a landlord, to provide amenity-rich office facilities offering flexible occupancy.

Founder Jonny Rosenblatt says that many modern office owners “want to let to traditional tenants but also want to offer flex space. Our brand creates fluidity within the fabric of the building by offering events spaces, meeting rooms and other overflow space.”

The relative shift to mainstream of the flex-office movement is illustrated by the tenant types today — fewer single-desk co-working types and many more small and mid-sized corporates, Rosenblatt notes. “The average client is probably a business taking desks for 20-30 people, but sometimes it’s as many as 150,’ he says. ‘It’s replacing traditional leases, especially for firms which are slightly uncertain as to how the team will operate, and don’t want to fit out a huge office or worry about supplies.

You can move in the next day with no lengthy legal process required.”

Spacemade’s Jonny Rosenblatt

He adds: “Flex offices are still only around 10% of total office use in the UK, but most studies suggest that could rise to 20 or 30% in the near future, so there’s lots to play for.”

Recent Savills research backs the likelihood of the sector’s expansion.

Its data highlights a growing trend of landlords recognising that flexible office space as a part of the amenity offering in a building can help support the letting performance of a scheme. Furthermore, there are an increasing number of corporate occupiers who will only consider buildings which provide this offering when relocating amid the greater demand for tenant flexibility.

While the world of work has changed irrevocably, pioneering landlords and service providers are demonstrating one thing — the office still has a future.

The Valesco Group’s Shiraz Jiwa

CONFERENCES & EVENTS AT MIPIM 2024 THE OFFICE WORKSHOP THURSDAY, MARCH 14 10.10-12.40 Asset Class Stage

The soaring fundamentals of logistics real estate may have been checked in part by macro-economic headwinds, but this dynamic sector has a bright, green future

D

ealmaking is happening in the logistics space again, and as pricing settles across Europe, sector specialists are pouncing on interesting, counter-cyclical opportunities.

“The last 12 months have been positive for us,” says Rory Buck of Clarion Partners Europe, an industrial and logistics investment and management platform. “We are in a market where specialist investors with a track record of providing certainty can execute transactions. There is a lot of investor tourism out there — people looking

at deals but with no real appetite to execute on them — whereas we have closed a number of sizeable acquisitions across several jurisdictions.”

Clarion Partners Europe returned to the UK market early in 2023, after a gap of seven years, acquiring two distribution warehouses in the East Midlands for £52m (€59m) from Johannesburg-listed REIT Equites Property Fund. The firm struck again in the summer, picking up three distribution centres in Widnes. Buck adds: “We have found that the UK has repriced the most quickly, but Germany is not too far behind in terms of the pace of

Clarion Partners Europe’s Rory Buck

adjustment, with the Netherlands and France just behind that. These are the markets that we think are looking interesting right now from an occupier fundamental perspective, coupled with where values are.”

Following the UK deals, Clarion pounced on five German assets from Blackstone for €264m, taking its activity this year to just under half a billion.

Yet, while in active buying mode, Buck concedes that the occupier landscape is changing. “E-commerce related take-up is down on last year. There was a race for space during the pandemic, a lot of land grabbing in anticipation of growth. As such there are now buildings leased to third-party logistics providers who don’t currently have contracts to fill the entire property and this is effectively grey space in the market, which implies that real vacancy rates are actually higher. But while tenant

M I P I M P R E V I E W 2 0 2 4 | LO G I S T I C S

The space race

CTP recently commenced construction on a new scheme near Łódź Airport 39

M I P I M P R E V I E W 2 0 2 4 | LO G I S T I C S

An asset purchased by Clarion in Widnes last year

demand has fallen, so has the development pipeline. Construction costs are still quite high, and there is still an issue of too much obsolete stock — old buildings which don’t match current occupier requirements.”

One solution for this is upgrading existing stock, and for Buck, this is still the most ESG-aligned option. “Buying secondary assets and creating value gives you more exit options, as ESG credentials attract more core investors,” he says.

There’s also a bigger picture to consider.

“ESG is not only the right thing to do from an ethical perspective, but sustainable buildings can lessen overheads for tenants and can translate into higher rents for landlords.”

CTP, a major pan-European developer, owner, and manager of industrial and logistics properties is also highly focused on improvement drives. Earlier this year, the firm secured €200m in financing from the European Investment Bank (EIB) for the roll-out of its large-scale programme of solar panel installation across its European business park portfolio.

Peter Ceresnik, chief operating officer of CTP, says: “CTP has long been a pioneer in the development of sustainable industrial and logistics space and we now applying the same long-term vision and ambition to renewable energy.

“The European Investment Bank’s

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financing will accelerate our plans to maximise the solar potential of our portfolio and help us meet our medium-term goal of installing 400MWp by 2026. It will also help us achieve our longer-term vision for our parks to become energy positive, meaning they can produce and share excess renewable energy, benefitting not only our clients and the local communities where we operate, but also the planet.”

CTP, which has a portfolio of 10.9 million sq m (GLA) across the CEE, with a growing focus on Western Europe, in markets like Germany, Austria and the Netherlands, is targeting rapid growth in the generation of renewable energy across its portfolio and has established its own energy company to oversee an ambitious programme of solar PV installation.

ESG alignment isn’t just for big box specialists. Valor Real Estate Partners, the last-mile platform, also sees opportunities to improve urban areas with its sustainable approach, according to CEO and managing partner Christian Jamison. “We primarily focus on acquiring older buildings and making them more efficient. It’s easier to get a higher BREEAM or GRESB score with a brand-new asset — but half of the carbon footprint is from the construction of the building, so knocking down a functional

older property isn’t necessarily the greenest approach.

“Most of our assets are in urban areas, so we don’t just tackle aspects like energy efficiency, we are also investing a lot in local communities and improving the aesthetics of inner-city industrial estates, as well as indirectly providing jobs,” he adds. Valor also teams up with initiatives like The Academy of Real Assets, which helps kickstart careers in real estate through increasing access to the industry for a diverse set of young people.

Like many of its peers, dealmaking was slower for Valor for a spell in 2023, but Jamison currently sees “cyclical adjustment creating a lot of opportunities”. In December, Valor acquired a value-add property in Paris and refinanced a slate of assets in London. The two capital cities as well as Berlin comprise the firm’s primary markets, although Valor has ambitions to enter new geographies, including the Netherlands, Italy and Spain, with a particular focus on Amsterdam, Barcelona and Milan.

He adds: “Price corrections are allowing us to widen our aperture a bit. We have been laser focused in the past, but at moments like this it’s worth looking more broadly including at regional distribution centres, where there is the potential to lock in deals at an attractive basis below replacement cost.”

Data from professional services firm

Cushman & Wakefield backs this positive outlook. According to the firm, the ongoing retail shift to online, nearshoring of manufacturing and demand for sustainable spaces will continue to fuel medium- to long-term demand, meaning that 2024 take-up volumes “are expected to reach pre-pandemic levels”.

In a new report, the advisor confirms: “The expectation of a more meaningful recovery in investment activity is tied to overall confidence in the sector, with investors having earmarked capital for investment in logistics and industrial assets based on value-added or opportunistic approaches.” As inflation cools from 2022 peaks and central banks approach the end of their rate hike cycles, logistics and industrial will be an exciting space to watch.

CONFERENCES & EVENTS AT MIPIM 2024 THE LOGISTICS WORKSHOP WEDNESDAY, MARCH 13 15.40-18.10 Asset Class Stage

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Building our Future

The BPF General Election Manifesto The BPF is the voice of the UK real estate industry. Our ambition is to work in partnership with national and local government, and with local communities, to create places we can all be proud of. Our recently launched general election manifesto ‘Building our Future’ invites the next Government to work with us to: • Build for productivity and growth • Build more homes • Build stronger town centres • Build the green economy

Find out more

Visit www.bpf.org.uk for more information or contact us at regions@bpf.org.uk

Smart infrastructure investors expect to surf a wave of opportunities in the coming decades

MIPIM PREVIEW 2024 | INFRASTRUCTURE

Blue-sky thinking

Secular trends and an institutional impetus around ESG alignment are broadening interest in infrastructure — in both traditional forms and its newest guises

A “

ccelerating mega-trends” are backing both a growth in infrastructure demand, and institutional investor appetite for the asset class, according to Gianfranco Saladino, head of value-add infrastructure at Swiss Life Asset Managers. “Decarbonisation, digitalisation, disruption of logistic chains, demographics and new mobility, which derives from decarbonisation, are all driving the future urban infrastructure,” Saladino says.

In tandem with this, the evolution of the asset class and increasing investor focus on environmental, social

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and governance (ESG) goals mean that firms are considering a broader range of acquisition targets than ever before. From renewable energy to transport and healthcare facilities, Saladino sees societal development spawning new sub-sectors in infrastructure which can all have a strongly positive ESG impact.

The firm recently achieved first close on Swiss Life Funds (LUX) ESG Global Infrastructure Opportunities Growth II, collecting capital commitments in excess of €560m for a strategy targeting small to mid-market value-add infrastructure assets with strong value creation potential across OECD markets.

Swiss Life Asset Managers is taking a value-add approach to the sector, which Saladino underlines is driven by its requirements for “substantial new investment and the high proportion of young and growing businesses in the space”. The fund is focussing on the less crowded markets of small and medium-sized companies. Also, there is an increasingly agile approach to the definition of green infrastructure.

“We have invested in an EV-charging company which is rolling out infrastructure in Spain and Italy. That is a clear decarbonisation play. In the healthcare context we are also screening various opportunities, including

Nick Green, head of energy, renewables and infrastructure at Savills, sees the real assets investment community coalescing around infrastructure assets with a strong ESG focus for a number of reasons. “Renewable energy infrastructure, in particular, has become an asset class in its own right,” he says. “It has the core benefit of offering energy security, low carbon power and lower costs. We are also seeing investors add infrastructure investment to support the existing real estate assets in their portfolios, and even remove them from the grid.

“From an investor perspective, there are multiple advantages with infrastructure investment. You can invest at different stages in the asset’s lifecycle; you can start with a small transaction and then scale up. You can just take the rent on the land from an infrastructure

operator, or make a bigger development and operational play.

“Today, solar power is probably seen as the most flexible and fastest option in the renewables sector from a plug and play perspective. In the UK, investment in onshore and offshore wind farms has slowed a bit due to the time it takes to get it up and running. But overall, the public sector is increasingly allocating resources to integrate renewable energy into the grid as we are all working towards the same goal.

“Macro-economic headwinds have caused a few generalist investors to cool on infrastructure and focus back on their core investment goals, but energy has proven to be fairly recession proof in the past, and renewable technologies can help tackle inflation.”

Ignacio Olivares, partner, energy infrastructure & logistics at real assets investor Azora, thinks the face of infrastructure investing is changing due to “macro trends surrounding the energy transition revolution, transport mobility and digitisation”. The business, which focuses on energy transition, urban mobility and data-centre investment, is inspired by commitments to reduce European carbon emissions by 55% by 2030 and reach net zero by 2050. “Azora has extensive experience in developing, financing, building and operating solar PV and wind assets, having developed more than 1.2 GW in Europe and the US,” he says. “Going forward, we will keep investing in solar and wind assets and will analyse opportunities in green hydrogen, energy storage and biomethane.”

On the urban mobility front, he expects a transformation “not seen since the early days of the automobile” towards electric vehicles. “In this light, our focus remains on developing investment strategies centred on critical transportation hubs, EV charging stations and other urban mobility infrastructure.”

Finally, expectations around the increased consumption of data over the current decade are inspiring a data-centres strategy. “Azora is currently developing a network of specialised middle-edge data centres in Iberia

and analysing opportunities to take advantage of the dramatic increase of demand driven by AI applications and the transformation of traditional data centres into green energy efficient facilities,” Olivares says.

Savills‘ Nick Green

Stonal’s Robin Rivaton

Swiss Life Asset Managers’ Gianfranco Saladino

A final part of the puzzle, indeed, is technology’s role in transforming the efficiency of infrastructure. Matt Ellis, CEO of real estate ESG platform Measurabl, says: “The need for green infrastructure is increasing year on year. Experts predict that we need to invest $90trn in sustainable infrastructure by 2030 to truly combat climate change.”

For Ellis, “digitalisation and decarbonisation go hand-in-hand”. He adds: “Digitalisation is pivotal in facilitating the transition of the energy system, enabling the effective management of carbon emissions. The more information we gather on infrastructure, the easier it is to manage and act according to mandates and regulations implemented by governments.”

Robin Rivaton, CEO of data-backed platform Stonal, agrees. “The adoption of standardised practices shared by the different tech providers, robust cybersecurity measures, and education and training programmes are essential considerations for the industry’s successful transition to a more sustainable and technologically advanced future.

“When developing green infrastructure, nothing should be done without precise, detailed and centralised data to understand ESG performance.”

MIPIM PREVIEW 2024 | INFRASTRUCTURE

temperature-controlled containers for transporting pharmaceuticals and diagnostic imaging centres, where an increasing number of patients is expected to undergo MRI and CT scans.”

For Saladino, assessing for ESG alignment isn’t just about looking at environmental factors but necessitates a “bigger picture” view of governance and society. He explains: “EV charging in countries where apartment-living is the norm means that there is a need for more public charging infrastructure, as EV owners can’t charge from their own homes. The rise of temperature-controlled containers reflects the pharmaceutical industry’s increasing shift toward biological drugs driven by increases in vaccines, gene therapy and specialised treatments, as well as an aging population dealing with more diseases.”

He adds that this latter factor also increases the need for diagnostic imaging facilities. “These are all examples of essential services, backed by hard assets, with high barriers to entry, all of which are key characteristics defining infrastructure assets,” he says.

Connecting these assets to ESG is fundamental not just to align with the fund’s values, but also for an eventual exit strategy. “Going forward, you will struggle selling an asset which isn’t an ESG champion, that’s a given,” he says.

CONFERENCES & EVENTS AT MIPIM 2024 NEW AT MIPIM: THE INFRASTRUCTURE WORKSHOP TUESDAY, MARCH 12 11.10-13.10 Make It Happen Stage

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MIPIM PREVIEW 2024 | FINANCE

Show me the money

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As the private credit market evolves, capital sources for real estate are proliferating

The growth of non-bank finance is supporting real estate in a time of turmoil, but challenges remain around refinancing events, development and funding ESG-alignment

S

tructural shifts in the public financing markets have enabled private debt to continue to expand, cementing its status as an established asset class attracting a wide range of long-term investors. New research from BlackRock suggests that the global private debt market could reach $3.5trn (€3.2trn) in AUM [assets under management] by year-end 2028.

As the private credit market evolves, the sources from which companies can raise capital are proliferating. Borrowers are increasingly looking for flexible capital or customised funding solutions, using private and public funding sources simultaneously. The banking industry meanwhile is serving ever-larger borrowers, leaving a hole in the middle-market for private market lenders to step into, the BlackRock report says.

CBRE data suggests that all this and more finance will be needed in the coming years as a wall of refinancing events arrives in real estate. CBRE anticipates that Europe’s debt fund-

ing gap could reach €176bn between 2024 and 2027, after a total of €640bn in private real estate debt was originated across Europe between 2019 and 2022. Rising interest rates and falling real estate values have led to tighter lending conditions in commercial real estate markets, with debt being less available and more costly. The office sector could be one of the worst hit segments with a debt gap of €82bn, but multi-family isn’t safe according to the CBRE research, risking a shortfall of €68bn. All told, the real estate sector needs to be ready for a challenging refinancing environment, even as market conditions improve.

“These estimates provide a broad gauge for the scale of the refinancing issue and indicate the sectors and markets facing the largest challenges,” says Chris Gow, head of debt & structured finance Europe at CBRE. “In practice, we should recognise that lenders and borrowers have been agreeing loan extensions and amendments to allow more time for the market to stabilise

Abrdn’s Anne Breen

ICG’s Jai Patel

and for funding issues to be resolved in an orderly way.”

Despite this complex scenario, “a lot of opportunistic capital is looking at the market and concluding that it’s a great time to be a debt investor,” says Jai Patel, managing director and co-head of real estate debt at ICG, a firm with an active debt strategy. ICG Real Estate currently has around €6bn AUM across debt and equity, with the debt business representing about twothirds of its overall real estate book, “primarily focused on a higher returning strategy, now in its sixth vintage”, Patel says. He notes that a lot of global firms, including US lenders, see Europe as the next big debt opportunity.

“The UK has already added around 45% non-bank financing to the sector, which started in the wake of the global financial crisis, while Continental Europe is only now in the midst of that structural change,” he says. “Add to that a higher interest-rate environment, and repriced real estate valuations, from a risk-adjusted perspective you are see-

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ing the highest quality debt returns available for a generation.”

ICG’s real estate debt platform has generated those returns supporting transition risk, such as refurbishment or development, at higher leverage points to the banks historically. Patel says that market dislocation today is allowing them to generate those returns with high quality sponsorship at lower risk points. “Towards the end of 2023, we closed a build-to-rent (BTR) development deal with Related Argent for 484 units in Tottenham Hale. It’s a high-quality scheme with excellent sustainability credentials. “We’re seeing other opportunities in hospitality, logistics and self-storage which are also backed by strong cashflows with higher quality sponsorship. At the same time, ESG is a big focus across Europe as all buildings need strong credentials to attract occupier and investor demand.”

Even if there are positive interest rate signals coming out of Central Banks from the US to Europe, Patel underlines that alternative lending is here to stay. “Regulations mean that it’s harder for banks to be lenders on direct real estate, and capital charges continue to trend higher. For us, it’s a long-term business. Meanwhile, with estimates that the refinancing wall in Europe over the next couple of years could be as much as €300bn, there will be more than enough space for alternative lenders.”

Anne Breen, global head of real estate at abrdn, sees opportunities arising for both lenders and investors over the year ahead. “We believe direct real estate valuations will reach the bottom in 2024,” Breen says. “In today’s world, any debt-dependant real estate investors are focused on refinancing conditions, equity injections and soft versus hard covenant breaches. As values stabilise and the market adjusts expectations back to rate cuts, new financing might rear its head again.

“However, lenders will be more focused and polarised than in any previous cycle.

Against the backdrop of a swathe of refinancings, energy will be focused on the existing book of loans. Opportunities for investors to pick up high-quality sustainable assets at discounted prices will increase through this phase, prior to a broader market recovery.”

Finance will also be needed to back new

development, where “quality of space is key”, she says. “The recent turmoil in market pricing hasn’t helped the basic lack of supply of high-quality space to live in.

The same applies across other sectors.

“Since the global financial crisis, the real estate market has not experienced an uninterrupted development cycle.

The Eurozone crisis, Brexit, the COVID-19 pandemic, the war in Ukraine and now the current interest-rate spike, have limited new supply for a decade. With 30% higher construction costs, labour shortages and expensive development financing today, the outlook for new supply across sectors is shrinking rapidly. A two-speed market between future-fit buildings and the rest is ever-clearer.”

According to Breen, the other emerging challenge is paying for ESG alignment. She suggests that much of the capital that will be needed for retrofitting hasn’t been budgeted for, and the costs associated with ESG data gathering, reporting and disclosure — plus the actual improvement of stock — are only set to rise.

“That means there is a need to develop efficient processes and data reporting tools, to actively engage with emergent regulatory requirements via consultation, and to have in place strong sustainable investing governance structures,” she says. At the end of the day, “there is often some degree of return on the costs of delivering ESG performance”, she says, but “a supportive policy mix of government would serve to limit missed opportunities in ESG alignment and the sustainable development of buildings.”

CONFERENCES & EVENTS AT MIPIM 2024 MACROECONOMICS AND RAISING FINANCE THURSDAY, MARCH 14 11.40-12.40 Leaders’ Perspective Stage

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M I P I M P R E V I E W 2 0 2 4 | H OT E L S

Hospitality transitions to greener future

The hotel industry is increasingly embracing its environmental responsibilities

ESG commitments are coming to the fore for hospitality investors and operators as travellers return in ever greater volumes

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he hospitality sector is back with a bang, as re-opened borders worldwide and record tourism numbers boost hotel occupancy across Europe. Yet while many of the pandemic-era problems are over, increased guest numbers with ever greater demands, particularly in the luxury sector, are bringing environmental, social and governance (ESG) issues to the fore.

Saskia Gentil, senior vice-president sales, Accor Europe & North Africa, says: “ESG challenges are now at the top of the agenda for companies worldwide, even more so since the

beginning of the health crisis.

“To adapt accordingly, our group is accelerating its transition to sustainable growth and affirming its environmental values. This is part of our commitment to deliver an ever-more sustainable hospitality model, making positive impacts, both locally and globally.”

Accor today applies social and environmental criteria when assessing its performance, and has plans in place to certify all its hotels by 2026. Gentil adds: “After banning the single-use plastic in our hotels, we are now actively fighting against food waste — whether it’s true smarter breakfast

buffets, partnerships with associations like TooGoodToGo or thanks to connected scales via artificial intelligence.”

“Having a clear and well-defined ESG strategy to cover risks and generate valueadd across our hotel portfolio is critical” Gonzalo García-Lago

Another firm which takes sustainability seriously is real assets investment firm Azora, which has adopted a strict ESG policy for some years now across all its investment strategies, including hospitality. Gonzalo García-Lago, partner hospitality investments at Azora, says: “We are extremely committed to ESG and firmly believe that investors, hotel guests and employees will become incrementally more demanding in ESG matters in the coming years, so having a clear and well-de-

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Accor’s Mercure Dunkerque Centre Gare

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fined ESG strategy to cover ESG risks and generate value-add across our hotel portfolio is critical to us.”

For Azora, putting this into practice means carrying out an ESG due-diligence process before acquiring any asset, with a specific focus on climate change; obtaining BREEAM certifications with “very good” scores; monitoring and measuring water, energy and gas consumption across the portfolio; carrying out carbon footprint assessments; participating in GRESB; and, says García-Lago, “making sure that we have a steady improvement in ESG indicators and in our carbon footprint.”

For García-Lago, there are also plenty of wins to be achieved on the governance side, while the firm works closely with its hotel operators “to make sure that our ESG policy is applied at operating level. and that we also advance in social matters, improving our relationship with clients, employees and communities in which we operate”, he notes. “Within our asset management team, we monitor the ESG impact across our portfolio, and Azora, as a manager, has a specific ESG committee supervising all ESG actions and performance across the different real estate asset classes so we can share learnings.”

Azora also addresses the bigger picture surrounding its carbon footprint via an infrastructure strategy. “We are making investments in renewable-energy generation facilities and water management across our hotel portfolio, which allows us to substantially improve energy efficiency and reduce emissions in our hotels, at an attractive rate of return.

“We have recently committed ESG investments of over €20m and we are

targeting further investments in the coming months.”

ESG concerns for the sector are more and more important as hospitality rides the wave of increased travel volumes boosting development activity in turn across Europe.

“We can proudly say that business travel and leisure travel are back, with figures similar to 2019,” says Accor’s Gentil. “The domestic markets increased significantly over the last few years, while international travellers who are back in Europe, especially the Americans, increasing the occupancy rates of hotels.”

Apart from re-opened borders post-pandemic, other key factors are in play. “The ‘bleisure’ trend is getting stronger since the end of the COVID-19, no matter the destination,” Gentil adds. “For ibis, we are deploying innovative concepts adapting to the new trends of co-working and bleisure such as ibis Flexible and the Social Hub design.

“At Pullman Montparnasse, we are pioneering the future of meetings with the introduction of the C2 in Europe. The specially designed C2 space within the hotel redefines the MICE (meetings, incentives, conferences and exhibitions) experience, setting a new standard that goes beyond just physical space — it encompasses a transformative event experience that we believe will shape the future of MICE products.

“Additionally, we are exploring the innovative concept of the All Purpose Room, aiming to enhance versatility and utility within our properties,” she says.

Technology is a critical tool in all this, she notes. “We are massively investing in artificial intelligence which we believe to be a major disruptor that has the potential to significantly change hospitality.

Pandox’s Liia Nõu

Accor’s Saskia Gentil

CONFERENCES & EVENTS AT MIPIM 2024 THE HOSPITALITY WORKSHOP THURSDAY, MARCH 14 14.10-16.40 Asset Class Stage

“One of our goals is to strategically and responsibly deploy AI to optimise the guest journey, while providing support for our teams and delivering added value for our owners.” To do this, Accor is supporting startups, including Fullsoon, a system addressing food waste, and Alltheway, a city-centre luggage check-in system which is starting to be deployed in Paris.

All the signs are promising for the sector’s further growth. “The year 2023 was very dynamic for the hotel industry in Europe and especially in France with the Rugby World Cup. “We are building on the legacy of this world event for 2024 and its key event: the Olympic and Paralympic Games of Paris 2024.

“This year will be very busy all over the Europe and North Africa region, but the teams are ready and we are looking forward to welcoming the world to our hotels,” Gentil adds.

Liia Nõu, CEO of Northern European hotel owner and operator Pandox, agrees that it’s an exciting time for the sector. ”Valuations stand on firm ground and hotel properties deserve more attention as an asset class,” she says.

Founded in 1995 in Stockholm, Sweden, Pandox owns and leases hotel properties to major hotel operators in the principal markets of Sweden, Germany, the UK and Ireland, Finland, Norway, Denmark and Belgium. The firm’s science-based climate targets were recently validated by the Science Based Targets initiative (SBTi), and Pandox was able to sustainably link two existing bank loans with SEB and Swedbank worth SEK2.2bn (€196m).

The credit margins of the loans are tied to the yearly outcome of three well defined ESG targets which will be reported in the annual sustainability report, the firm says.

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The French capital returns to the global spotlight this summer

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , F R A N C E

Fun and games

Colossal efforts to upgrade Paris for the Olympic Games have fired the starting pistol on a new era for real estate in France, igniting investor interest

“

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ogether, let’s get the most out of the Games!” So went a bulletin from the Office du Tourisme de Paris, in November last year.

A simple enough statement. But there was a subtext to the message, aimed at hoteliers in the French capital. Hotel owners have been so reluctant to free up space for guests that prices for rooms next summer have risen to outrageous levels — over 300% the normal price and rising.

The hotel industry might be thinking short term. But real estate as a whole sees much further into the future.

France is still reeling from the three major shocks of the past four years: lockdowns, the climate crisis and ESG requirements, as well as recent interest-rate rises. At the end of 2023, the real estate market was stuck in an uneasy, transitionary period marked by distinctly muted transaction volumes across the board.

With vast swathes of infrastructure investment and development

across the Greater Paris region now nearing completion, there’s no doubt that the Olympics will be a boost. But France is more than just Paris. And France’s struggles go beyond the short-term boost the Games can bring.

So what will it take to get French investors buying and selling again?

Where are the opportunities? And how are the smart players thinking as the year unfolds?

France is by no means alone when it comes to disappointing investment

“Our projection for investment volumes in France by the end of 2024 is €20bn, reflecting a 30% rebound” Lydia Brissy

All of the analysis at the end of last year was of further tough times ahead, even of potential recessions in Europe. But they came with the kicker that many are hoping for: volumes are expected to return by the end of 2024.

The result has been something of a standoff. There’s no doubt that investors want to start buying and selling again. The question is, on what terms, and at what values?

Jérémy Convert, head of investments for France at AEW, believes that activity will begin again when one of the key variables, yields, reach a more auspicious level.

He says: “An increase in yields which would make the real estate

sector as a whole more attractive and competitive against bond markets or real estate debt markets.

“If the yields are back to 5%, 5.5% or 6.5%, this will compare advantageously to the bond market at 4%.

This was not the case in the first half of 2023. We see the values evolving and moving towards higher yields.”

Compounding this uncertainty is the connected problem of pricing across asset classes, especially those seeking to add value. But Convert is optimistic that this can be resolved, starting in the French capital.

He says: “It’s hard to price the value at yield when you don’t know exactly where the core market is. If you need to exit within two or three years and you don’t know at which price you’re going to exit it’s hard to run the model and make sure you’re going to achieve your IRR targets.

“We’re waiting for core investors to unlock their ability to invest on the market. And then I think they will focus on the best assets. They will start back with office assets in the Paris CBD market. They will start with the prime assets and set this benchmark which will then set the values for the other sectors.”

If and when this happens, it may well be the starting gun on a new phase of deals being done. And with the 2024 Olympic Games predicted to deliver an economic boost to the Greater Paris region of more than €10bn, as well as millions of square feet of new infrastructure, transport and commercial space for the capital, there’s no doubt that Paris is in the driving seat.

At MIPIM 2024, the Grand Paris pavilion will host a rich programme of events to help investors get involved in the transformation of the city. Themes will include ‘The Olympic Games Heritage’, ‘Rehabilitation and Reindustrialisation’, ’A Better Built & Life Environment’, ‘Vision & Leadership’, ‘Op-

AEW’s Jérémy Convert

Savills’ Lydia Brissy

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portunities in Europe’, and more.

Looking beyond, at the impact on the whole of France, Lydia Brissy, director of European research at Savills, says: “Our projection for full-year investment volumes in France by the end of 2024 is approximately €20bn, reflecting a rebound of 30% year-on-year.

“Investment activity will be driven by opportunistic investors enticed by the prospect of favourable pricing adjustments. Many investors will maintain their focus on the premium green segment of the market.

Due to the decline in capital values, real estate returns will be predominantly driven by income returns rather than capital appreciation.

“Consequently, attention will be directed toward robust occupier markets, where there is potential for high rental growth and a strong emphasis on environmental, social and governance (ESG) credentials.”

Which leaves a major challenge for those with secondary stock on their hands, and anyone with work to do to meet stringent ESG requirements.

The French Décret Tertiaire regulations covering existing tertiary stock have been set with the goal of reducing energy consumption by 40% by 2030, and 60% by 2050.

There is much work to do, across a large proportion of the overall stock in France, before these and other EU EPC targets can be met.

Cue a wave of specialist providers such as Paris-based Schneider Electric, whose EcoStruxure for Real Estate service provides investors the know-how to strengthen their assets’ ESG performance.

Many if not all of the challenges facing the French market go beyond France itself — to wider, systemic, industry-wide issues. Once these can be worked through, it will surely not take long in a market as rich with opportunities as France for investors to get back round the table.

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , F R A N C E

trends. The €30bn of transactions across Europe as a whole in Q3 2023 was an alarming 57% drop on the same period in 2022, and that was the third consecutive quarter of decline within the year.

True, that’s compared to the relative boom of 2022, which was in part the result of pent up spend held back by lockdown. But there’s no escaping the fact that investment volumes are down across the board: to their lowest level in over 10 years.

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After a tough time economically, there are signs that Germany’s real estate industry can start constructing its future again

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ike most of Europe, Germany’s real estate market has been through a challenging 12 months but there is some optimism for 2024 and an expectation of greater stability. What of its reputation as the powerhouse of Europe’s economy? “Right now, the motor of that powerhouse is stuttering,” says Dr Konstantin Kortmann, country leader JLL Germany & Northern Cluster. “Germany is facing head-

Projects such as the Überseequartier in HafenCity, Hamburg are inspiring optimism

winds: the impact of international conflicts, rising energy prices, inflation, and interest rates inflation in combination with the risk that goes along with China being one of the biggest export markets are a very special situation.”

But in the wake of last year’s recessionary phase, many are predicting improved conditions. “The current situation is largely driven by interest-rate developments. The rapid rise affected all major markets,” a

spokesperson for Aareal Bank told MIPIM Preview. “In Europe, coming from a very low base, the rapid increase had and has a strong impact. Within Europe the more capital market-oriented regions reacted faster. With interest rates coming down the situation will soften.”

Colliers forecasts moderate GDP growth at 0.5% for Germany, with inflation continuing its downward trend, dropping to an annual average of 2.7%. The intelligence firm says the European Central Bank (ECB) could push the key interest rate below 4% by the end of the year, enabling financing conditions to stabilise.

“The financing environment will favour market growth in 2024, with

volatility settling in the first half of 2024 followed by a slight drop in debt costs in the second half of the year. We expect the possibility of having left the interest-rate peak behind us combined with a significantly larger supply of properties to boost market activity, which would send out a positive signal to the entire sector,” said Achim Degen, CEO of Colliers in Germany.

One intervention the German real estate industry is looking for in 2024 is a redrawing of the many rules and regulations surrounding construction, with the hope that the same conditions apply nationally and developers could, for example, begin projects without a long lead time.

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , G E R M A N Y

Ready to restart

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M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , G E R M A N Y

“Germany is in the midst of an ever-sharpening shortage of residential space, especially in the metropolitan areas. So, it takes pragmatic solutions and to drive digitation faster than ever,” Kortmann says.

In Berlin, Christian Gaebler, senator for urban development, building and housing, recently highlighted long approval and planning processes as hampering the construction of new flats both by private companies and Berlin’s state-owned housing associations, along with the rising price of materials and high borrowing costs.

“With the new subsidy conditions, the Senate has helped to improve the key economic data for price- and occupancy-linked housing, while

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“The financing environment will favour market growth in 2024, with volatility settling in the first half of the year” Achim Degen

the Faster Construction Act which is currently being processed aims to accelerate housing construction,” he said. “The time between the start of planning and the handover of the finished building often takes too long. That is why we want to facilitate processes here in Berlin with a Faster Construction Act that will speed up planning and construction — especially for housing.”

Jörg Quentin, head of property analysis & valuation, Deutsche Pfandbriefbank, believes a recovery could begin in 2024 for residential assets if there are clear political decisions to overcome the current uncertainty about regulations and public support programmes.

“A distinction must be made between the asset classes and the individual locations,” he says. “Office is likely

to remain at a low level. City-centre locations in particular will remain a challenge for retailers. Smart, mixed concepts are required here.”

2023 was a difficult market for Berlin, like the other top seven cities, Quentin says. “Both demand for space and the investment markets had a hard time,” he said. “In the commercial real estate segment, however, rents remained high and even rose at the peak in some cases.

This shows that high-quality assets are still in demand.”

Meanwhile, Berlin is pushing on with a number of major projects, including the redevelopment of the former Berlin-Tegel Airport which will comprise the eco-friendly business district Urban Tech Republic, and the Schumacher Quartier, a 100-acre residential scheme. The quarter will be predominantly carfree with the emphasis on public and green spaces.

Despite a challenging landscape, numerous buildings and quarters in Hamburg will be completing in 2024. “Hamburg will see Germany’s tallest wooden building Roots, two office buildings by the smart-buildings-pioneer Edge and Westfield Hamburg Überseequartier completed in HafenCity in 2024,” Dr Andreas Kleinau, HafenCity Hamburg CEO, says. “The opening of Überseequartier stands out as a milestone for Hamburg’s inner-city development — a mixed-use quarter consisting of 14 high-quality buildings located directly at the waterfront, offering a novel concept of shopping, gastronomy, entertainment and culture.” Additionally, approximately 580 apartments, office space for 4,200 jobs, three hotels, a cruise terminal (from 2025) and a subway station will complete the urban quarter.

Inevitably, there are different trends and drivers depending on asset class.

JLL’s Kortmann says retail rents have stabilised on the high street and food-anchored retail looks very stable while residential has a clear undersupply especially in the metropolitan areas and strong rental growth, albeit heavily regulated.

JLL’s Konstantin Kortmann

“Logistics is now increasingly differentiating as well,” he says, “with still rising rents and a very low vacancy rate in top locations but receding rents in others. Data centres focus on Frankfurt, one of Europe’s main markets, still very much sought after, but Berlin and other larger, well-connected areas look increasingly interesting he says.

Colliers reports that small and medium-sized office units will once again provide a solid basis for take-up in 2024, adding that “the economic recovery over the course of the year will increase the chances that large-scale occupiers decide to take-up space, which will trigger a moderate increase in take-up on the overall market”.

The type of use for offices continues to evolve. The need for good accessibility and connections to the public infrastructure and amenities which are state-of-the-art for the ‘newwork’ concepts are vital according to Quentin. “Train stations in walking distance and all infrastructure in the surrounding area including shopping and restaurant facilities are key factors for successful office or mixed-use buildings.”

For investors looking to diversify their portfolios in 2024, Colliers highlights the life sciences & tech, data-centre and forest segments.

The firm reports a sharp rise in project completions in life sciences & tech with construction starting on a large number of property developments as well, particularly in Berlin, Baden-Württemberg and North Rhine-Westphalia.

Deutsche Pfandbriefbank’s Jörg Quentin

CONFERENCES & EVENTS AT MIPIM 2024 GERMAN REAL ESTATE WEDNESDAY, MARCH 13 14.10-15.10 Geo Focus Stage

Development plans in countries like Poland are attracting overseas capital

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , C E E

Rebuilding for growth Investors are returning to the rich and diverse central and eastern Europe, as asset classes like logistics and living prove highly resilient

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nvestors are examining central and eastern Europe with fresh interest, thanks to compelling metrics for its strongest asset classes, including logistics and living real estate, and its dynamic and well-educated workforce. Of course, the region has faced myriad challenges in the last two years, with macroeconomic headwinds augmented by the shadow of conflict in Ukraine. The war is first and foremost a human tragedy, but it also has serious economic consequences, not least for real estate and especially at a time when the industry is battling other macroeconomic headwinds. Savills, for one, has been

tracking the impact on investment volumes in CEE, which it defines as comprising Poland, Czech Republic, Slovakia, Hungary and Romania.

“The evolution year on year is not positive reading of course, with the overall regional volume for the first three quarters of the year 54% down,” says Stuart Jordan, CEO at Savills CEE, adding that volumes in both Poland and Romania fell by more than 60%. “Transaction volumes in all CEE countries dropped significantly across [almost] all major real estate sectors.” As always, however, there were some glimmers of positivity.

For example, Czech volumes came down by a more reasonable 29%, with

Savill’s Stuart Jordan

the domestic investor market representing 81% of all volumes, helping to keep some liquidity in the CRE sector. Czech retail even demonstrated growth of 47%. Slovakia also performed less badly than other CEE countries, with Q1-Q3 volumes down by 27% year on year.

Tomasz Kozak, board member and commercial property director at developer Profbud describes a similar picture in the residential sector. “The initial months [of last year] were marked by a stagnation period, primarily influenced by high interest rates,” he says.

“This economic environment posed a challenge for developers like us, as consumer demand plummeted. Po55

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tential buyers were deterred by the unaffordability of mortgages, driven by high monthly payments and limited creditworthiness. Consequently, most investment transactions during this time were cash-based.”

He adds: “Despite this general market slowdown, the luxury segment, including ultra-premium properties, villas, and penthouse apartments, remained largely unaffected. Demand in this sector continued to be stable, reflecting the typical resilience of luxury goods in economic downturns.”

Barring a worsening of the situation in Ukraine, it is also possible that the situation could improve this year now that inflation appears to be largely under control in the region and interest rates have stopped increasing so rapidly. “Generally, the outlook looks more positive with inflation coming down, whereby the region was hit harder than most of Europe,” says Jordan.

“Combined with increasing rhetoric from the Fed and ECB that interest rate cuts will crystallise in 2024, this softening will surely lead to a reengagement of raised equity, even if new fund raising remains rather stagnated. In Q4 2023 we began to see the bidding audience become more active, with less test-balloons and more bona-fide bidders looking to deploy. Certainly, volumes will improve in the latter stage of the year, although this is not hard coming-off such a low base.”

Generally speaking, non-CEE investors tend to enter the region through Poland, which is the largest geography and economy and traditionally the largest investment market. The industrial sector was very much top of the list for the last cycle, although living sectors have recently come more in to focus, according to Savills.

That represents good news for Robert Jacek Moritz, president of Alta, which concentrates on mixed-use developments in Poland and is currently concentrating its efforts on a residential-led new town in the central south of the country. Moritz says that a new guaranteed 2% mortgage product introduced by the outgoing govern-

lation centres still drive sustainability and underwriting for investors with a retail focus,” says Jordan.

“The Czech market has always acted as a safe haven for investors in CEE, due to the difficulty in development and hence the resultant strangle on supply giving rise to dependable rental levels and consistent growth.”

He adds: “Slovakia also remains a key hub for investors seeking to access the industrial sector at scale and best in class assets in Hungary and Romania offer alternative entry points, price arbitrage and geographical diversity – the latter being the driver for most investors to the region, whereby often a single central asset management platform can operate easily cross border within the region.”

It’s a similar picture when it comes to residential. “Looking ahead to 2024, we anticipate greater stability and certainty in the market,” says Kozak.

“However, much will depend on the decisions regarding the continuation of programs supporting the purchase of first homes and the introduction of solutions to increase access to land for investments. Forecasting the industry’s performance for the coming year is fraught with variables.”

Lingering in the background of those variables is the war in Ukraine.

Yet the region’s underlying fundamentals, its rich diversity and economic outlook are expected to usher in a stable base for doing business in 2024, with the prospect of further growth in the coming years.

Top and bottom: New Polish town Miasteczko Siewierz Jeziorna

ment helped stimulate the market.

Kozac agrees. “A significant turnaround occurred with the government’s introduction of the ‘Safe Loan 2%’ programme,” he says. “This initiative was a major catalyst for change, prompting developers to gradually increase property prices, which in turn revitalised the market. Properties priced within the programme’s criteria, became highly sought after.”

However, Moritz adds that it is yet to be seen what the incoming government led by Donald Tusk will do.

Nobody really knows,” he says. “They got elected with some promises that were at two ends of the spectrum.

“They promised 0% mortgages but on the other hand, they said that they will stop the socialist giveaways.

At the end of the day, they do what has to be done. But I am cautiously optimistic at the moment as I expect interest rates will fall slowly over the next five years. I don’t think that they will get to the 2021 levels anytime soon but they will go down.”

Indeed, looking forward the main sentiment is broadly optimism across CRE sectors. “The office sector in Poland has scale and is truly institutionalised, plus the number and size of regional markets has driven office investment in the last cycle and popu-

CONFERENCES & EVENTS AT MIPIM 2024 NAVIGATING GROWTH IN THE CEE REGION WEDNESDAY, MARCH 13 11.10-12.10 Geo Focus Stage

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Fabege is expanding the Haga Norra scheme in Arenastaden, Solna

Looking to a brighter future Northern Europe continues to appeal to cross-border investors, with the nations collectively leading on ESG and signs of economic stability returning

T

he listed real estate sector came under pressure last year in the Nordics, typically trading at around a 40% discount to net asset value (NAV), according to an autumn report by advisor JLL. That stands in contrast to the 15% premiums to NAV it recorded in its Spring 2022 edition but JLL believes that prolonged higher inflation will create further upside for rents in 2024, albeit with further increases in yield requirements across all sectors.

“Higher yielding asset classes, in combination with strong tenants, continue to find favour among in-

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vestors supporting last-mile logistics in particular,” says Niclas Höglund, head of research, JLL Sweden. “Core logistics transactions continue to be liquid, although capital values have been under pressure owing to higher funding costs and a lack of core investors. Hotel properties showed solid recovery in operating income.”

With prospects of the market unlocking in 2024, some of the region’s major cities are at MIPIM showcasing opportunities to invest and develop.

“Inward investments have played an important part in the development of Copenhagen as the city I know and appreciate today. Therefore, it

is crucial to maintain Copenhagen as an attractive investment opportunity internationally,” says Sophie Hæstorp Andersen, Lord Mayor of Copenhagen.

“From a real estate perspective, the main areas of inward investments are housing and commercial properties.

In the period 2023-2035, 63,000 new homes are expected to be built in the entire metropolitan area of Greater Copenhagen,” she adds.

As well as international investment, she says the city needs the exchange of experience and knowledge that comes with it, to reach its ambitious goals regarding CO2 reduction in the built environment. As a result, the

Haga Norra in Arenastaden, Solna.

Via Birger Bostad, Fabege’s wholly-owned subsidiary, construction is set to start on 285 homes in the area’s third residential neighbourhood.

A mix of workplaces, housing, retail, restaurants and communal spaces will create a vibrant city district.

Fabege is one of the largest commercial property owners in the Stockholm region and has already developed a residential neighbourhood in Haga Norra comprising 418 apartments via a joint venture with Brabo. The development of Fabege’s 27,000 sq m office project Kvarter 1 in Haga Norra, currently has an occupancy rate of 66%.

“With our long-term approach and the demand seen in previous housing development projects in the area, we are positive about launching the next phase even though the market has become more uncertain and the general economic situation is tougher,” says Stefan Dahlbo, CEO of Fabege.

Arnar Guðmundsson, head of foreign direct investment, trade & invest, for Iceland, points to the country as geographically distinct within the region, often regarded as a stepping stone between Europe and North America.

“We are sometimes forgotten. Having a national stand at MIPIM for the first time will hopefully address this,” he says, noting that the largest project to be showcased will be the development around Iceland‘s international airport.

“It is a unique opportunity as KEF [Keflavik International Airport] is an important transatlantic hub and has plenty of land around the airport,” he adds. “Residential and mixed-used opportunities are in the pipeline as well, including Project Calling, a mixed-use development in a unique seaside location about 3 km from the city centre. Thorpid Vistfelag is also starting on an ecological neighbourhood.”

Guðmundsson says that the country has also seen considerable investment into infrastructure projects such as data centres, while French infrastructure investment fund Ardian

Sophie Hæstorp Andersen, Lord Mayor of Copenhagen

Stockholm Business Region’s Staffan Ingvarsson

recently acquired the fibre network around Iceland and DC Verne.

Investment between the Nordics and the Balkans is also increasing, according to Fredis Bikovs, managing director of the Riga Investment and Tourism Agency, which will be at MIPIM along with the Mayor of the Riga City Council and several partners from the state and private sectors.

Riga City Council has been represented at MIPIM for over 20 years and a record amount of public and private capital is being invested in cross-border infrastructure projects, developing and inter-connecting rail, port and airport traffic, aimed at making Riga a gateway for Northern Europe, Bikovs says.

“In the last three years Riga has experienced high development activity across all commercial and residential property sectors. Grade A office construction has increased the modern office stock in Riga by around 10%, with local and pan-Baltic Lithuanian and Estonian investors constituting more than 50% of all investment flows in Riga, while Nordic investors are also active,” he says.

Bikovs believes that the geographical position of Riga has helped keep salary, rental costs and property acquisition costs in “better balance” than elsewhere in the region.

“The population of metropolitan Riga is growing and, therefore, the workforce. Riga is also a champion among its neighbours in attracting foreign students, especially for medicine and STEM subjects,” he adds.

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , T H E N O R D I C S

main growth areas in terms of real estate investment are building circularly and sustainable building materials.

“That is exactly why I am attending MIPIM. It is a great opportunity to speak with potential future investors taking sustainability, biodiversity and social aspects into account when building and developing the city of Copenhagen,” Hæstorp says.

With Copenhagen’s Municipal Plan 2024, the city is also laying out new areas for urban development, both for housing and business to contribute to a mixed-use city.

“This is something that I am particularly interested in,” she says. “Conservation of existing building stock and renovation towards low-energy construction is a priority in Copenhagen.”

Staffan Ingvarsson, CEO of Stockholm Business Region, says that the Swedish capital has seen transactions from the US, Western Europe and the Nordics, plus growing interest from Japan and South Korea.

“We have seen high international interest when it comes to hotel and office-building investments. Within the wider Stockholm region there is a focus on the manufacturing and logistic sectors,” he adds. “We also have great interest regarding proptech and smart-city solutions.”

Like Copenhagen, Stockholm is growing and the region offers available land already planned for new establishments, plus a highly educated workforce.

“The infrastructure such as railways, roads and ports are world class and well connected and we have a well-established electricity market,” says Ingvarsson. “5G is standard and Stockholm is the home of many global headquarters. It is also the region with the second most unicorns per capita in the world after Silicon Valley.”

He says the Stockholm region is also attractive when it comes to sustainability and is reportedly the best at attracting VC investments compared with other European cities.

Stockholm will be promoting itself at MIPIM as the ‘home of impact’ investment.

Housing is also a key area for Sweden and developer Fabege is pushing forward the development of

CONFERENCES & EVENTS AT MIPIM 2024 NORDICS REAL ESTATE WEDNESDAY, MARCH 13 15.40-16.10 Geo Focus Stage

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Strong outlook for Asia

Growth and diversification opportunities are likely to draw ever more global capital to Asia in the coming decades, targeting a range of asset classes

A

s real estate investors go ever further afield in search of diverse income streams, Asia has established its credentials as a centre of geopolitical stability and assets backed by economic tailwinds. With countries such as Japan and China treading an alternative inflationary path, the region’s blend of mature and emerging markets offer interesting opportunities, says Richard Yue, CEO of Arch Capital Management.

“Asia has always offered investors growth and diversification,” Yue says. “The growing and affluent middle class, the young and well-educated work force, and heavy investment on infrastructure still

appeal to international investors. In addition, investors can gain exposure to developed and developing markets within the same region.”

James Young, head of EMEA & APAC investor services at Cushman & Wakefield, adds: “Asia has three of the five largest economies in the world in China, Japan and India, and is home to 60% of the world’s population — it’s simply too big to ignore.

“However, currently commercial real estate transactions — excluding development sites — in Asia Pacific only account for less than one fifth of the global total. We see tremendous opportunities and room for growth in global CRE investment allocation to the region.”

While asset classes such as offices

Nuveen’s Louise Kavanagh

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , A S I A

Generational trends are driving the expansion of rental housing in China

have displayed a counter-cyclical robustness, with corporate occupancy figures high across the region post-pandemic, there are other success stories too. “Sectors such as logistics, cold storage, data centres and rental housing are poised for strong long-term growth driven by a burgeoning middle class and a rapid-growing e-commerce market.”

Another compelling aspect is the fact that inflation is much closer to target range in Asia than other parts of the world. “In addition, central banks in Asia — such as South Korea — have been tackling inflation since late 2021 and we are much closer to the end than the beginning,” Young says. “Therefore, Asia Pacific will likely be the first to 61

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“Sectors such as logistics, cold storage, data centres and rental housing are poised for strong longterm growth” James Young

to bolster demand for higher education, which in turn will benefit Australian student accommodation.

The living sector will also continue to benefit from Asia’s aging population, with senior living in Japan an interesting market to look into given the ‘investability’ and growing liquidity for senior homes.”

Asia’s biggest market — China — remains compelling for its rapid rates of urbanisation. Notes Francis Li, head of capital markets, Greater China, Cushman & Wakefield: “China is currently facing some growth headwinds, but we must remember that it is still the second-largest economy in the world, with GDP growing at 4.9% in Q3.

“In addition, and in contrast to many other global economies, China has

lowered its one-year loan prime rate (LPR) to a record low of 3.45%, making it easier for RMB investors to raise capital. Furthermore, the recent expansion of C-REITs to include retail properties, via Policy No. 236, provides investors an additional exit channel for mainland China retail assets, in addition to industrial and logistics assets.“ One increasingly attractive sector is the multi-family market, which is still in its relative infancy, according to Craig To, vice-president, capital raising at rental housing investment manager Vlinker. To says: “I would compare the Chinese multi-family market today to where logistics was at in China 10 years ago. In terms of liquidity and capital market movements, it’s a dynamic sector displaying important growth metrics.”

Vlinker initially approached the sector with an asset-light strategy on its launch in 2011, using a master-lease model, “to gain operational experience” To says, and also because the associated costs made it a prohibitively expensive development market at first. “Land prices were high due to the booming residential-for-sale market, making it hard to turn a profit from build-to-rent schemes,” To says. “But as the Chinese government and Shanghai authorities started to perceive the need for rental housing, they moved to rezone land and support developers and operators in the sector.”

Vlinker is now developing greenfield schemes and converting other asset classes to rental housing as the market matures and becomes more institutionalised. Based in Shanghai, a dynamic economy with considerable housing demand, the firm plans to use its local know-how to grow initially in Shanghai for the next few years, before bringing its business model to other cities.

Finally, Japan’s divergent monetary policy has kept real estate dealmaking alive in the territory over the past two years, in comparison with sluggish transaction volumes elsewhere.

Laurent Jacquemin, head of Asia-Pacific at AXA IM Alts, says: “Banks

Arch Capital Management’s Richard Yue Cushman & Wakefield’s Francis Li

are still very active in Japan. They are all sitting on major deposits and remain keen to lend, while financing terms are very good. There is a small question mark around interest rates but the consensus is that any rise would be minimal.”

AXA IM Alts has expanded its interest in Japan’s residential markets to other subsectors of the living asset class in the past year, Jacquemin says.

“We’re now looking more at student housing and senior care, the latter reflecting the country’s aging demographic and greater acceptance of the use of nursing homes. Both these sectors capture key trends in Japanese culture, with young people increasingly needing appropriate facilities as the number of international students rises. Universities are teaching more courses in English which has expanded their user base.”

Demographics and aging metrics are also influencing the firm’s investment strategies around offices and industrial. “The expansion of life-science occupiers in its infancy in Asia compared to the US and Europe, but with the focus on the aging population and its vital healthcare system, the sector is set to grow,” he says.

“We are exploring how to leverage on our successful Kadans platform in Europe to replicate the model in APAC. Logistics is still interesting too, with an opportunity to develop multi-storey warehouses, sometimes as high as eight or nine stories.”

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , A S I A

recover from the current high-interest-rate environment, and investment activity will then follow.”

Louise Kavanagh, chief investment officer and head of Asia Pacific, Nuveen Real Estate, says that “investors should continue to keep an eye on demographic and technology trends driving the long-term use and demand for real estate” suggesting that “urbanisation and declining household size will drive the rental demand for housing, especially smaller sized units”. This is already happening with multi-family in Japan and buildto-rent assets in Australia, she notes.

Kavanagh adds: “The rise of the Asian middle class will continue

Nuveen’s One George Street in Singapore is located in the highly sought-after Raffles Place district

CONFERENCES & EVENTS AT MIPIM 2024 JAPAN WEDNESDAY, MARCH 13 09.40-10.40 Geo Focus Stage

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M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , T H E M I D D L E E A S T

New schemes drive growth in MENA region With many Middle Eastern nations pursuing wide-ranging urban development goals, the latest schemes around the region are attracting global investors in their droves

I

t is little wonder that many eyes are on the Middle East this year. Economic growth in the Middle East and North Africa (MENA) region is expected to accelerate in 2024 after a slowdown last year, even if structural challenges will weigh in the medium term, according to the International Monetary Fund.

With real GDP growth estimated at around 2% in 2023, from 5.6% a year prior, on lower oil production among exporters and tighter policy conditions in the region’s emerging markets and middle-income economies, growth is projected to recover to 3.4% in 2024.

While Dubai has consistently been a beacon for regional investment, and Qatar was showcased during the most

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recent FIFA World Cup, Saudi Arabia has captured much of the recent attention and has more than $1.2trn (€1.1trn) worth of developments under construction or in the pipeline, aiming to attract 150 million visitors a year by 2030 and investing $800bn in tourism over the next decade.

The host of World Expo 2030 in the KSA capital, Riyadh, Saudi Arabia is investing massively in infrastructure, tourism transformation and destination developments, presenting a wealth of investment opportunities that will be on show at MIPIM. Invest Saudi returns to Cannes with its biggest presence yet, with three Invest Saudi pavilions across more than 1,000 sq m of seafront space.

Saudi Arabia’s Neom is targeting food sustainability for its global hub and King Saud Medical City in Riyadh

Stakeholders include the Ministry of Investment, Design and Architecture Commission and Ministry of Culture, along with featured developers and projects such as Diriyah Company, King Salman Park Foundation, New Murabba, Roshn and Neom, which is creating a number of distinct regions and sectors in the northwest of the country, fuelled by $500bn from the country’s Public Investment Fund, plus local and international investors. At MIPIM, Neom will highlight two iconic projects: The Line and Trojena. Stretching 170 km from the mountains to the Red Sea, The Line towers 500 metres above sea level but is just 200 metres wide, redefining urban development. Meanwhile, the moun-

tain development of Trojena combines natural and developed landscapes, with six distinctive clusters. With its sub-zero winter temperatures, Trojena is cooler than the rest of the region, providing the ideal location for alpine and adventure sports – and the perfect place to live and work.

The Saudi Talks series at the Saudi Pavilion will include how change-makers within the KSA intend to leverage the momentum of Expo 2030; supply chain and infrastructure developments within Saudi Arabian real estate developments; Saudi’s so-called Giga Projects; smart cities and liveability; plus technology and AI. “Our focus on MIPIM will be largely

CONFERENCES & EVENTS AT MIPIM 2024 TRANSFORMING THE MIDDLE EAST THURSDAY, MARCH 14 14.10 - 15.10 Geo Focus Stage

tion and a plethora of giga-projects, has created both challenges and opportunities for all involved,” says DAR Engineering president Sultan Saleh Al Sudais. “Firms such as DAR, recognise the value of forming strategic alliances and collaborating with those outside the Kingdom. The transfer of knowledge accelerated by such collaborations, will drive forward sustainable growth for generations to come.”

Also at MIPIM will be Invest Qatar, the investment promotion agency for Qatar, responsible for overseeing investment promotion activities and aimed at attracting foreign direct investment. Established in 2019, Invest Qatar’s mission is to strengthen Qatar’s position as an investment destination, while facilitating investments that foster economic diversification and development.

As such, Invest Qatar has identified several priority sectors, including the real estate sector and the Qatar Pavilion will showcase the latest real estate projects and investment opportunities.

Among the major themes at MIPIM will once again be sustainability and in December retail and leisure real estate specialist Majid Al Futtaim published a Sustainable Finance paper examining the significant increase in sustainable finance The Kempinski hotel at Majid Al Futtaim’s Mall of the Emirates

in the MENA region and the ways it can act as a catalyst for positive change.

Entitled Aligning Growth With Purpose, the paper looks at the global and regional sustainable finance landscape and calls on a collaboration between the private and public sector to unlock the estimated $30trn of new investment needed to achieve the United Nation’s 17 Sustainable Development Goals (SDGs) by 2030.

The group was the first privately-owned Dubai corporation to incorporate Green Islamic financing into its funding structure, most recently raising $500m through its fourth Green capital markets issuance. Majid Al Futtaim has also introduced sustainability-linked loan financing with a penalty-only loan structure.

“The MENA region is currently witnessing a surge in interest from investors actively seeking opportunities to allocate capital to projects with a strong environmental, social and governance (ESG) focus,” says Majid Al Futtaim CEO Ahmed Galal Ismail. “Finance is a critical enabler of climate action, and by doubling down on developing the right structure and mechanisms, the MENA region is positioned to become a thriving hub for sustainable finance.”

Also among those on the Saudi Pavilion will be real estate developer and PIF-owned giga-project Roshn, which recently signed a new sale and purchase agreement with Saudi real estate developer Retal Urban Development Company to acquire and develop residential units within Phase 2B of Roshn’s flagship Sedra community in Riyadh.

The agreement, worth nearly $100m, will see Retal develop 363 single-family villas over 110,250 sq m of Sedra 2B over a period of approximately three years.

Part of a 35 million sq m development of integrated neighbourhoods, Sedra Phase 2 features hospitality and retail destinations, schools, mosques and public parks, and will add more than 30,000 residential units to Riyadh’s housing stock.

“Collaborating with industry leaders like Retal Urban Development Company allows us to accelerate the development of Sedra, alongside strengthening and diversifying Saudi Arabia’s economy,” says Oussama Kabbani, Roshn Group chief development officer.

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , T H E M I D D L E E A S T

around our work on the development of healthcare, hospitality and entertainment infrastructure in the Kingdom and beyond,” says Paul Pullan, DAR International marketing manager, of the company’s involvement. “Healthcare in particular, is undergoing massive transformation and investment. Currently there are six medical city projects taking place in the Kingdom and DAR is involved in five of them.”

One of those is King Saud Medical City, a multi-phased development in Riyadh, replacing the oldest medical city in the KSA with a new development that includes the creation of a new trauma centre that will serve the entire region, providing 1,400 beds.

The campus is designed to align with the existing Islamic geometries of the old city, to allow unobstructed patient views, and to maximise shadowing of a new pedestrian green plaza. It includes a medical tower, administrative tower, inpatient and outpatient clinics, surgery theatres, specialised treatment facilities, staff housing and associated facilities including a multi-storey car park.

“The unparalleled growth of the Saudi Arabian construction industry, sparked by increased government investment, transformational economic diversifica-

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United States of sustainability ESG alignment has become a multi-speed race across the US in terms of cities and asset classes, but examples of excellence are emerging fast

I

n November, US President Joe Biden announced plans to invest $2bn (€1.8bn) in the “greenification” of 150 federal building projects across 39 states. It’s a welcome move — but doesn’t really change the scale of the task facing the US real estate sector as it seeks to meet the environmental targets set out by domestic policymakers.

With real estate responsible for around 40% of the country’s carbon emissions, the long-term goal is for the sector to be net zero by 2050 — with numerous incremental targets required to be met along the way.

But to get anywhere near this figure will require massive retrofitting,

with 80% of 2050’s US stock already in existence.

So how will it be achieved? To some extent, the impetus is being driven by national and local regulators, says Vicki Worden, president and CEO of the Green Building Initiative (GBI), an organisation dedicated to making buildings healthy places to live and work through initiatives like its Green Globes programme.

“The clock is definitely ticking with a range of regulatory milestones from 2030 through to 2050. There’s an aggressive effort with everyone focused on areas like climate resilience and decarbonisation.”

At the national level, for example,

Citi Real Estate Services’ Cameron Thomson

Green Building Initiative’s Vicki Worden

M I P I M P R E V I E W 2 0 2 4 | M A R K E TS , T H E U S

UF Health in Florida was the first hospital to be awarded four Green Globes by the GBI

the US Securities and Exchange Commission is poised to initiate rule changes that will require companies to disclose detailed climate-related information, ranging from greenhouse-gas emissions to expected climate risks to transition plans. At the local level, meanwhile, cities have enacted their own rules — New York’s Local Law 97 being a prominent example. States are also active — with California enacting two new laws in 2023 designed to improve company emissions reporting and force businesses to outline the measure they are taking to mitigate climate-related financial risk.

Helping companies meet regulatory 67

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The GBI-certified Young Living Global Headquarters (top), Seattle’s Bullitt Center and Citi Tampa use renewable electricity

making buildings attractive to talent, there are numerous factors driving greenification.”

Inter-city rivalry could also accelerate the shift towards green real estate, with 34% of leased space due to renew in the next several years. “That’s important,” Bolino says, “because companies facing lease renewals have set science-based targets. So that means they’re trying to figure out location strategy. For example, it might make them look at Seattle (home to low-carbon buildings like the Bullitt Center) versus Chicago, where low-carbon space is currently relatively scarce.” The risk of losing companies could encourage cities to accelerate their transition towards net zero.

Some asset classes are also moving faster than others. At Sustainability Oxford in November 2023, Marc deBree, managing director, head of real estate and alternatives, general account, at TIAA, said sectors like anchored retail strips and industrial logistics are making good progress.

Elsewhere, Morgan Stanley Research equity strategist Michelle Weaver suggests: “Environmentally-conscious consumers, government incentives and, in some cases, the declining cost of clean technologies should all drive growth in sustainable housing investing as the housing market picks up steam.”

However, the office market is still struggling, Bolino says, “partly because occupancy levels are low after COVID-19. Combined with macro-economic circumstances, conditions are unfavourable for deal-making and that has an impact.” He adds: “US investors have been reluctant to invest substantially in sustainability, but as corporates make it clear this is what they want, there will be a shift.”

The situation is more certain in terms of new buildings, says Cameron Thomson, global head of sustainability for Citi Real Estate Services: “I have been working in sustainability for the last 20 years and now green buildings are mostly the norm for new construction, especially for higher-end commercial construction. In the past few years, we have seen the industry hit a new frontier

around decarbonisation.”

Based on learnings from London, where the company is renovating Citi Tower, Thomson says: “One thing we have really analysed is embodied carbon — the emissions associated with building materials and construction. By re-using as many fixtures and materials as we can, we know we can significantly reduce lifecycle emissions.”

Thomson also says that decarbonisation of the US real estate sector will “also depend heavily on the decarbonisation of our power sector. As we electrify buildings, we are going to be putting more pressure on the electric grid — it is a bit of a double whammy in that we need a lot more electricity and we need it to be cleaner.”

On an encouraging note, Thomson says Citi is seeing “green buildings come up in more leasing conversations. Property owners are focusing more on green-building performance to attract tenants. We expect to see more green terminology in leases and more sharing of information around sustainability performance.”

Worden will be at MIPIM to discuss GBI’s work and the business case underpinning the journey to net zero. Despite the tight timeframe facing the US real estate sector she says she is “incredibly encouraged” by levels of co-operation. “We all feel the weight of being global citizens, which means there is scope for collaboration.”

MIPIM PREVIEW 2024 | THE US

requirements is a crucial step on the road to net zero. But organisations like GBI are not simply about base level compliance, they are also helping organisations understand the business case in favour of going green. This theme is picked up by Gregory Bolino, head of global sustainability strategy & assets at JLL, who says: “Across the US, you can find significant legislative action around climate and carbon emissions. But regulation tends to lag behind the market — so I think of it as ‘guardrails’. What’s really driving shifts in the US is a combination of mounting costs from climate risks and rising demand for sustainable buildings.”

In a recent report entitled The Commercial Case For Making Buildings More Sustainable’, JLL noted that climate-fuelled events have cost the US $612bn in the last five years. The message for real estate firms, says Bolino, is that they need to adapt their buildings, to minimise damage and control rising costs (including insurance).

As for his second point, Bolino says rising demand for sustainable buildings is making the business case for going green ever more attractive.

Currently, according to JLL, the premium for green-certified class A office stock is 7.1% in North America. On average, says JLL, three out of four new lease requirements among the top 100 office occupiers in major US markets will be tied to a carbon commitment between 2023 and 2030. “The economics are compelling,” Bolino says. “Whether it’s increased rentals, reducing operating costs, avoiding fines or

CONFERENCES & EVENTS AT MIPIM 2024 US ON THE ROAD TO NET ZERO THURSDAY, MARCH 14 09.40-10.40 Geo Focus Stage

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YOUR MIPIM EXPERIENCE

We look forward to welcoming you in Cannes, but first here are some tips to prepare your journey to MIPIM MIPIM

12-15 MARCH 2024 - Palais des Festivals, Cannes, France

M I P I M P R E V I E W 2 0 2 4 | YO U R M I P I M E X P E R I E N C E

on Monday 11 March 2024

PREPARE FOR MIPIM IN ADVANCE VISIT THE MIPIM WEBSITE TO ORGANISE YOUR TRAVEL • Book your transportation & accommodation with our partners to get the best deals.

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• Log in to the MIPIM Delegate Directory and: - Fill out your profile and personalise your agenda.

- Browse participants and attending companies.

- Send one-to-one messages to other delegates and organise business meetings.

- Upload your photo to link with your badge and access the event.

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Tuesday, 12 March from 19.30 Carlton Hotel, Cannes Open to all.

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• Dedicated host and an optional catering service

SHUTTLES • To and from hotels in Cannes and outside

OPENING TIMES Croisette zone C11 Rome C12 Grand Paris C14 London Stand C14B Invest Saudi C15.A Neom C15.B Manchester C16.A Egypt Pavilion C16.D GV Group S.A.E. C16.E Otis Elevator Company C16.F Ministry of Housing and Urban Planning, Oman C16.G Investment Promotion Agency Qatar LLC C17 CBRE Limited C17.B Patrizia SE C19 MIPIM Croisette Village C20 Invest Saudi

MIPIM Perimeter 1

Security Checkpoint Badge holders only Left Luggage First Aid

C11 SEA

C12

The Howden Padel Beach Club

1 Bd de la Carlton Hotel

The Grand Hyatt Cannes Hotel Martinez

2

CROISET

Registration access TE

C20

IER

A9

Seaview Village

4

ty tali spi s Ho Suite

C16.G C16.E C16.F

Badges access

RIV

RIV

C14.B C15.B C15.A C17 C17.B C16.D C19 C19 C16.A Croisette Village

IER

C14

A7

RIVIERA 8

PALAIS DES FESTIVALS PALAIS -1 to 5 Main Entrance

Majestic Hotel

Train Station

3

Decorators registration & Harbour registration

5

VIP Pick Up Point

12 to 14 March: 9:00am - 7:00pm 15 March: 9:00am – 3:00pm access from 8:30 for Exhibitors

REGISTRATION HOURS 10 March: 2:00pm - 7:00pm 11 March: 9:00am - 7:00pm 12 March: 8:00am - 8:00pm 13 March: 8:30am - 7:00pm

HARBOUR

tion Registra

11 March: 1:00pm – 10:00pm

M I P I M P R E V I E W 2 0 2 4 | YO U R M I P I M E X P E R I E N C E

VISITORS’ LOUNGE (Palais -1)

MIPIM Free hotel shuttle MIPIM Left Luggage

14 March: 9:00am - 7:00pm 15 March: 9:00am - 1:00pm

See you in Cannes! For further information: www.mipim.com 71

MIPIM_experience.indd 71

01/02/2024 12:07

025_RXAWARDS CEREMONY_PV_PIM

MIPIM Awards Ceremony Followed by a cocktail reception open to all participants

Thursday 14 March 2024 from 18.30

MIPIM® is a registered trademark of RX France - All rights reserved.

Grand Auditorium, Palais des Festivals

Discover the MIPIM Awards

mipimawards.com

pub_awards_230x285.indd 1

01/02/2024 12:08

Programme 2024

1-hour sessions to learn and implement solutions to decarbonate Real Estate, organized by partner associations recognized in the industry.

Operational excellence is key to answer the current market issues. Discover practical solutions to do more with less through case studies and awards projects presentations.

Imagine the future of Real Estate with star players from inside and outside the community: what our industry should, and will be? Geopolitics, AI and demographics forecasts will help answer.

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

Conferences & events

1 hour to gain insights into local markets: a keynote presentation to gather quantitative insight on the market, followed by a panel discussion.

Workshops dedicated to main asset classes incl. infrastructure, to gain insights and new connections.

1-hour sessions will also be dedicated to Data centers and Life sciences.

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

73

Conferences sponsors and partners GLOBAL CONFERENCE PROGRAMME SPONSOR

OPENING RECEPTION SPONSOR

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

RE-INVEST SPONSORS PLATINUM SPONSOR

GOLD SPONSORS

INDUSTRY SPONSOR

DINNER SPONSOR

BREAKFAST PARTNER

FORUM DES ÉLUS ASSOCIATIONS D’ÉLUS PARTENAIRES

EXCLUSIVE SPONSOR

PARTENAIRES MÉDIA

HOUSING MATTERS! BY MIPIM x Co Liv OFFICIAL PARTNER

RESIDENTIAL PROGRAMME PARTNER

GOLD SPONSOR

SILVER SPONSORS

ROAD TO ZERO IN PARTNERSHIP WITH

GOLD SPONSOR

CONTENT PARTNERS

SILVER SPONSORS

RTZ COCKTAIL SPONSOR

COALITION PARTNERS

HEALTHCARE GLOBAL SPONSOR

DIVERSITY & INCLUSION PARTNERS

HOSPITALITY & TOURISM LUNCH

MIPIM AWARDS SPONSOR BEST RESIDENTIAL PROJECT

74

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

CONFERENCES SPONSORS & PARTNERS

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

75

Speakers

Sanna Marin

Former Prime Minister & Head of Government of Finland Opening Keynote – Tuesday 12 March – 15.10 -16.10 – Grand Auditorium Stage

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

Sanna Marin is the Former Prime Minister of Finland (2019-2023) and the leader of the Finnish Social Democratic Party. Appointed at the age of 34, Marin served as the youngest Prime Minister of the world when taking office in 2019. In 2015, Marin was elected to Parliament on her first run, where she was a member of the Grand Committee, Legal Affairs Committee, and Environment Committee.

She has also served as Chair of the Social Democratic Party since 2020. Marin’s government has been considered one of the most successful in handling the COVID-19 pandemic, especially in terms of lost lives and economical damage caused by the pandemic. Following the Russian invasion of Ukraine, Marin led her country through the most swift NATO accession process in the whole history of the alliance. Marin now specializes in topics of geopolitics, strategic autonomy, climate change, and female leadership.

Marin has been actively engaged in politics since 2006. “Being involved and making a difference represent civil rights for me. Changing things takes commitment. The welfare state or the ground rules for working life should not be taken for granted; they are the result of hard work and determined efforts.”

Environmental values are also close to Sanna Marin’s heart: “Climate change and loss of biodiversity are some of the biggest problems of our times. Addressing them takes strong political will and determination.”

Marin made history as the longest-serving woman prime minister of Finland, leading a parliamentary coalition entirely headed by women and a majoritywomen cabinet. She has spoken at Davos AM23, the Lowy Institute, the Munich Security Conference, and for New York University’s 2023 Commencement, among others. In addition to the historical challenges during her leadership, Marin’s government passed many progressive reforms in Finland, including world’s most ambitious climate laws aiming for carbon neutrality by 2035, family leave reform sharing paid leave with both parents equally as well as major reforms improving healthcare, education and human rights.

SANMI ADEGOKE

PETER BALLON

JULIE BARLATIER PRIEURET

CEO REHOBOTH PROPERTY

Global Head of Real Estate CPP INVESTMENTS

Managing director BARJANE

LAURENT BATAILLE

DAN BATTERTON

KELLIE BEIRNE

Executive Vice-President, France Operations SCHNEIDER ELECTRIC

Head of Residential LEGAL & GENERAL

Chief Executive, Cardiff Capital Region CARDIFF CAPITAL REGION

PHILLIPE BIJAOUI

CANDICE BLACKWOOD

OANA BOGDAN

Chief Development Officer ACCOR

Partner CMS

Founder &BOGDAN

PASCAL BOULANGER

ANNE BREEN

CEO AFIRE (ASSOCIATION OF FOREIGN INVESTORS IN REAL ESTATE)

BENJAMIN CADRANEL

CLAIRE CAMPLISSON

JOHANNA CAPOANI

CEO CITYDEV.BRUSSELS

Director CASA COLLECTIVE HOTELS

Head Hospitality Competence Center SWISS LIFE ASSET MANAGERS

JOHN CETRA

HELENE CHARTIER

Co-Founding Principal CETRARUDDY ARCHITECTURE

Director of Urban Planning and Design C40 CITIES

MARGOT CATHCART President & CEO RURAL MANITOBA ECONOMIC DEVELOPMENT CORP

76

GUNNAR BRANSON

President FPI

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

Global Head of Real estate ABRDN

r

gn

CHANTAL CLAVIER

COUNCILLOR BEV CRAIG

Founder & Executive Director ODA

Partner, Head of Real Estate HEIDRICK & STRUGGLES

Leader of Manchester City Council MANCHESTER CITY COUNCIL

Dr. ALEXIS CROW

STEFAN DAHLBO

Principal PWC

CEO FABEGE

IGNACIO DE LA TORRE

GRÉGOIRE DE LASTEYRIE

GIOVANNA DELLA POSTA

Chief Economist ARCANO PARTNERS

Président - AGGLOMÉRATION PARIS-SACLAY Maire - VILLE DE PALAISEAU

CEO INVIMIT SGR

CLARENCE DIXON

ANDREAS DRESSLER

Global Head of Loan Services of CBRE CBRE

Managing Director FDI CENTER

Chairwoman - CHOOSE PARIS REGION Vice President in charge of Recovery, Economic Development, Attractiveness and Innovation - PARIS REGION

RUTH DUSTON

HALA EL AKL

ANDREAS FARBERG

Chief Executive LONDON HERITAGE QUARTER

Senior Director OXFORD PROPERTIES

Investment Manager Global Real Estate KLP

SAUL FAVA

COURTNEY FINGAR

DAVID FORTI

Italy Digital Energy Vice-President SCHNEIDER ELECTRIC

Principal FINGAR DIRECT INVESTMENT

Co-Chair & Partner DECHERT LLP

BOGI GABROVIC

CRISTINA GARCÍA-PERI

MARINOS GIANNOPOULOS

Deputy Country Head, Poland CTP

Managing Partner AZORA

CEO ENTERPRISE GREECE

CÉLINE CRESTIN Directrice de la Stratégie et du Développement responsable PARIS LA DÉFENSE

RANDY GIRALDO

DAVID GINGELL.

ALEXANDRA DUBLANCHE

CHARLOTTE GLAZIER

International Partner, Debt Advisory CUSHMAN & WAKEFIELD

Senior Managing Director, Head of Real Estate, Europe NUVEEN

FRÉDÉRIC GOUPIL DE BOUILLE

SOPHIE HÆSTORP ANDERSEN

GHISLAINE HALPENNY

President ADI

Lord Mayor of Copenhagen THE CITY OF COPENHAGEN

Director of ESG & Corporate Affairs REGAL LONDON

EMMA HARVEY-SMITH

BECCA HERON

BERT HESSELINK

Chief of Staff GREEN FINANCE INSTITUTE

Strategic Director of Growth and Development MANCHESTER CITY COUNCIL

Group Clients Relationship Director CTP

ALI HIRSA

MATTHIAS HOLLWICH

STEPHANIE HYDE

Director of the Center for AI in Business Analytics and Financial Technology COLUMBIA UNIVERSITY

Founding Principal HWKN ARCHITECTURE

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

on

ERAN CHEN

Programme Manager, Greening the Public Realm ISLINGTON COUNCIL

CEO EMEA Markets JLL

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

77

Speakers

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

SHIRAZ JIWA

78

NORIFUMI KAMBARA

SATVIR KAUR

CEO VALESCO GROUP

Deputy Director-General - CITY BUREAU Ministry of Land, Infrastructure, Transport and Tourism

Chair of City Region’s Board and UK Parliamentary Candidate for Southampton Test SOUTHAMPTON CITY COUNCIL & CENTRAL SOUTH UK

GUILA CLARA KESSOUS

FÉLICIE KRIKLER

ANNETTE KRÖGER

UNESCO Peace Ambassador UNESCO

Director ASSAEL ARCHITECTURE

Chief Executive Officer Europe PIMCO PRIME REAL ESTATE

MORGAN LAUGHLIN

SONIA LAVADINHO

MELANIE LEECH

Global Head of Data Center Investments PGIM REAL ESTATE

Founder & CEO BFLUID RECHERCHE & EXPERTISE

Chief Executive BRITISH PROPERTY FEDERATION

ANNE LILLYWHITE BÉATRICE LIEVRE-THERY Chief Executive Officer SOGEPROM

Senior Vice President and General Manager, Energy Transition, Digital & Services, Electrical Sector, for Eaton’s Europe, Middle East and Africa Region (EMEA) EATON

GIULIO LIMONGELLI Group Managing Director JOIVY

VALÉRIE MARÉCHAL

KANJI MATSUSHITA

CEO CREW NETWORK

Head Resi & Care - Senior Fund and Portfolio manager SWISS LIFE ASSET MANAGERS

Executive Officer, General Manager, Corporate Strategic Planning Division TAKENAKA CORPORATION

DANIEL MAY

SAMANTHA McCLARY

ALEXANDER MISEV

Director SOCIUS

Editor EG

Head of Property AWARE SUPER

MICHAL MLYNÁR

MAHDI MOKRANE

Head of European Research SAVILLS

UN Assistant Secretary-General and Deputy Executive Director United Nations Human Settlements Programme UN HABITAT

Head of Global Investment Strategy, Research and Investment Solutions PATRIZIA PROPERTY INVESTMENT MANAGERS LLP

ESTELLE MONOD

Dr. TIMOTHY MOONEN

THERESE NORLING

Senior VP, Global Building Segments President SCHNEIDER ELECTRIC

Co-Founder and MD THE BUSINESS OF CITIES

Fund Manager AREIM

PETER NORMAN

DAMIEN NOUVEL

JOHN O’DRISCOLL

SVP Development EAME HYATT HOTELS CORPORATION

Associate Professor of Real Estate Economics ESPI

Global Co-Head Real Estate AXA IM ALTS

MUYIWA OKI

JOSH OLIVER

PATRICK OLLIER

President RIBA

Property Correspondent FINANCIAL TIMES

President of the Greater Paris Metropolis METROPOLE DU GRAND PARIS

BRETT ORMROD

BELIT NEJAT ONAY

VANGUELIS PANAYOTIS

Net Zero Carbon Lead, Europe LASALLE INVESTMENT MANAGEMENT

Lord Mayor of Hannover CITY OF HANNOVER

CEO MKG CONSULTING

WENDY MANN

ERI MITSOSTERGIOU

BEN PERRETT

ROB PERRINS

International correspondent ERT TV

Director ETAINABL

Chief Excutive BERKELEY GROUP

GUILLAUME POITRINAL

DIMITRIOS POLITIS

ANDY PYLE

Co Founder WO2

Chief Executive Officer HELLENIC REPUBLIC ASSET DEVELOPMENT FUND

UK Head of Real Estate KPMG LLP

SARA QUEEN

MAHESH RAMANUJAM

TIMOTHÉE RAULY

Head of Real Estate Equity METLIFE INVESTMENT MGMT

President/CEO THE GLOBAL NETWORK FOR ZERO

Global Co-Head Real Estate AXA IM ALTS

ELIZA REID

NATHALIE RENNEBOOG

JACK RENTERIA

First Lady BUSINESS ICELAND

General manager CITYDEV.BRUSSELS

CEO, Living by ALFA ALFA DEVELOPMENT

ELISA RÖNKÄ

SAMANTHA ROWAN

ANDREA RUCKSTUHL

Global Head of SaaS- Digital Buildings SIEMENS SMART INFRASTRUCTURE

Editor - Real Estate Capital USA, PEI Media PEI GROUP

Chief Executive Officer, Europe LENDLEASE

JACKIE SADEK

FÁTIMA SÁEZ DEL CANO

NAWALE SAOUD

Chair UK INNOVATION CORRIDOR

CEO NEWDOCK

President MOROCCO GREEN BUILDING COUNCIL

KAZUYA SAWAMOTO

ISABELLE SCEMAMA

SABINE SCHAFFER

CEO DAIWA HOUSE EUROPE B.V.

Global Head - AXA IM ALTS Member - AXA IM MANAGEMENT BOARD Vice-Chairman - INREV MANAGEMENT BOARD Member of the Board of Directors - EPRA

JONATHAN SEAL

KOKO SHINODA

JULIA SIMET

CEO REGAL LONDON

journalist FREELANCE JOURNALIST

Co-CEO GENSLER

ELEONORE SLAMA

NEIL SLATER

Dr. THOMAS STEINMÜLLER

Deputy mayor of Paris- 12th district CITY OF PARIS

CEO REDEVCO

Representative AFILOG INTERNATIONAL C/O CAPTEN AG

INGO STEVES

GIANCARLO TANCREDI

TIM THIEL

Managing Partner Logistics SWISS LIFE ASSET MANAGERS

Deputy Mayor for Urban Regeneration, Milano CITY OF MILANO

JACE TYRRELL CEO OPPORTUNITY LONDON

THEODORE TZOUROS Executive General Manager,Chief Corporate & Investment Banking PIRAEUS BANK

Co-Founder & CEO Europe PRO-INVEST GROUP

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

FANIS PAPATHANASIOU

Group Innovation & Sustainability Global Circular Economy Manager - COVESTRO GBI 2024 Board Chair - GREEN BUILDING INITIATIVE

LISETTE VAN DOORN Chief Executive, Europe ULI

79

Speakers MARTIN VANIER

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

PERTTI VANHANEN

Enseignant-chercheur ECOLE D’URBANISME DE PARIS, UNIVERSITÉ DE PARIS-CRÉTEIL

STIG VESTERAGER GOTHELF

REMON VOS

Architect MAA, Senior Partner, Head of Design 3XN

CEO CTP

Principal & UK President AVISON YOUNG

SIMON WALLACE

DAMIEN WEBB

Global Head of Real Estate Research and Strategy DWS GROUP

Head of International / Deputy Chief Investment Officer AWARE SUPER

BRADLEY WEISMILLER

DAVID WHITE

VICKI WORDEN

Head of LaSalle Real Estate Debt Strategies LASALLE INVESTMENT MANAGEMENT

President & CEO GREEN BUILDING INITIATIVE

Chief Executive Officer ROYAL INSTITUTE OF BRITISH ARCHITECTS (RIBA)

NICK WALKLEY

Managing Partner, Real Estate Capital Markets BROOKFIELD ASSET MANAGEMENT

KIRILL ZAVODOV Head of Real Estate Equity, Europe PIMCO

CHRISTEL ZORDAN Chief Executive Officer SOCIÉTÉ DE LA TOUR EIFFEL

MIPIM CHALLENGERS MATS BARTELS Investment Manager & Podcastmaker ROCKFIELD REAL ESTATE & VASTGOEDMARKT

CAMILLE BOUTEMY Architect & PhD Candidate BARTHÉLÉMY GRIÑO ARCHITECTES

JESSIE LEUNG

JAMES LENTON Investment Analyst THRIVING INVESTMENTS

Assistant Estates Surveyor SOUTH GLOUCESTERSHIRE COUNCIL

OLASUMBO OLANIYI

RACHEL MUNRO

Doctoral Scholar and Spatial Researcher UNIVERSITY OF PLYMOUTH

Senior Associate SHOOSMITHS LLP

HARRY QUINTON Managing Director BASE TACTICAL DISTASTER RECOVERY

80

Dr. VALERIE VAUGHAN-DICK MBE

Managing Director, Europe CROMWELL PROPERTY GROUP

RANIA SADDIQE Real Estate Valuer KNIGHT FRANK

DANIEL DUNCAN

NANGAMSO FORTUNE

Architect EDENCOAST LIMITED

Property Development Analyst HERI PROP CO

ELIJAH LEWIS

FFION MIDDLETON

Research Consultant REMIT CONSULTING

Planner TURLEY

ALEXANDRE OLIVIER

MOHAMMAD ZIYAAD HUSS OOZEER

Consultant Capital Markets KNIGHT FRANK

FEDERICA SANCHEZ Architect and Neuroscience Researcher LOMBARDINI22

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

Associate Architect VISIO ARCHITECTURE

LAUREN SHAW Structural Engineer SYMMETRYS

Monday 11 March

OFFICIAL PARTNER

RESIDENTIAL PROGRAMME PARTNER

GOLD SPONSOR

SILVER SPONSORS

Every week, more than 1.5 million people move to a city somewhere in the world. They arrive in search of better jobs, educational opportunities, healthcare systems, and cultural scenes. Yet most cities are not keeping up with rising housing demands, which drives up prices and housing inequality in the process. By 2050, 70 percent of the global population will live in cities - and many of those urban areas do not exist yet. This is a daunting thought and a massive task. It is also a blank canvas, allowing us to imaginatively explore how we might shape the future of living.

We are now faced with multiple challenges such as housing shortages, continuing interest rate hikes, resources dilemmas, decarbonation challenges and supply side concerns. This all needs to tackled head on now for the good of people and communities.

With this in mind, has the golden age of build-to-rent and cooperative housing now reached us? Could now be the time to move forward quickly?

16.00 - 22.00 Carlton Hôtel

The RE-Invest Opening and evening dinner By invitation only

PLATINUM SPONSOR

GOLD SPONSORS

INDUSTRY SPONSOR

DINNER SPONSOR

RE-Invest has been providing for over a decade now at MIPIM an exclusive opportunity for sovereign wealth, pension and insurance funds to debate investment strategies for real estate in developed and emerging markets.

Sessions with an orange frame are not to be missed sessions

MIPIM and Co-Liv will gather hearts and minds once more for this special pre-opening half-day summit on Monday 11th March. It will consist of investors, developers, local authorities, associations and urban experts to name a few. Let’s explore solutions and share visions of what sustainable housing should and could be. Join us for this inspirational and innovative event - Housing Matters!

13.00 - 14.00

Welcome Coffee

14.00 - 14.15

Welcoming by MIPIM x CO-LIV

14.15 - 14.45

Understanding the Current Housing Landscape

14.45 - 15.10

Join the conversation on Housing: uniting for change

15.10 - 16.00

Best of Housing: a worldwide tour of best innovations

16.00 - 16.30

Break and Networking

16.30 - 17.30

Reinventing Housing: Solutions and Concrete Actions

17.30 - 18.00

Solution Speed dating

18.00 - 18.20

Housing’s Possible Futures / Housing scenarios for the future

18.20 - 18.30

Closing Remarks and Recap

18.30 - 22.00

Networking and cocktail party

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

13.00 - 22.00 Grand Auditorium Stage and Verrière Grand Audi

Sessions with an orange frame are not to be missed sessions

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

81

Tuesday 12 March 08.00 - 14.00

15.10 - 16.10

PLATINUM SPONSOR

Carlton Hôtel

Grand Auditorium Stage The Opening keynote

GOLD SPONSORS

INDUSTRY SPONSOR

Sanna Marin

Former Prime Minister & Head of Government of Finland

BREAKFAST PARTNER

By invitation only

Palais 5

Open to all

Palais 3

Palais -1

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

GOLD SPONSOR

Palais 3

Palais 3

RTZ PARTNER

11.10 - 13.10

Better Infrastructures in an Age of Risk, Scarcity and Emergency

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

The global investors’ vision for the years to come - what will keep them awake at night?

Unlocking the Potential of Data Centre Real Estate Investment: Key Drivers and Opportunities

Bridging the Gap: From Commitment to Action in Achieving Net Zero

UN Habitat

Partner session

Organised by

Organised by

16.20 - 18.20

16.20 - 17.20

16.20 - 16.50

The Healthcare Workshop: Charting a New Course for Healthcare Investment and Development

Create responsible returns – are your buildings working for you?

Revolutionizing Urban Sustainability: The Quay Quarter Tower Story

16.10 - 17.10

Emerging Trends in Global Real Estate in 2024 and Beyond Organised by

Sponsored by

Organised by

16.10 - 17.10

Partner session CNCC Organised by

16.50 - 17.20

Partner Session Awards 2024 finalist

Sponsored by

17.40 - 19.10

Poland: Europe’s fulcrum for talent & opportunity?

18.00 - 19.30

Road to Zero Cocktail

Organised by Sponsored by

Sessions with an orange frame are not to be missed sessions

82

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

16.20 - 18.00

16.20 - 18.50

From 19.30

Hôtel Barrière Le Majestic - Salon Diane

Audi I

Carlton Hôtel

The Political Leaders Summit

Challengers Workshop

Opening reception Sponsored by

By invitation only

Palais 3

By invitation only

C14

Palais 3

Open to all

Palais 4

Palais 5

10.00 - 10.45

11.00 - 11.45

Sustainable Transport: Countdown to 2040

12.00 - 12.45

Places that people want to work

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

Making the most out of major global sporting events

Faire de la rénovation énergétique un levier de valorisation de votre parc immobilier

A New Economic Normal - How Investors and Operators Should Adapt Organised by

Organised by

14.00 - 14.45

Innovation in the Property Sector Sponsored by

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

Build-to-Rent and Coliving in the Capital

16.00 - 17.30 16.20 - 17.20

Enabling Responsible and Responsive Real Estate Organised by

Table-ronde Horizon Léman « L’intelligence artificielle au service de l’immobilier » Organised by

16.20 - 17.20 Partner session

NEOM

Organised by

By invitation only

Sessions with an orange frame are not to be missed sessions

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

83

Wednesday 13 March 11.00 - 15.00

12.30 - 14.00

Debussy Room

Tbd outside Palais

Asia lunch

Exclusive sponsor

By invitation only

Palais 5

Palais 3

Palais -1 GOLD SPONSOR

Palais 3

Palais 3

RTZ PARTNER

09.30 - 10.30 Partner session

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

09.55 - 10.55

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

10.10 - 12.40

10.10 - 11.10

10.10 - 10.40

The Residential workshop

Funding Our Future: Navigating Net Zero Finance

BUFA to Atelier Gardens: A Sustainable Campus Transformation

Sponsored by

NEOM

Organised by

10.40 - 11.10

Partner Session Awards 2024 finalist 11.00 - 15.00

11.15 - 12.15

Trends in U.S. Real Estate and Capital Markets

Residential Programme Partner

Organised by

11.40 - 12.40

11.40 - 13.10

Clean Energy Frontiers: Navigating Investment and Innovation

The Italian way ahead.

Major Italian regeneration projects come to life Exclusive sponsor

Sponsored by Organised by

11.00

Accueil des participants 11.15

Prises de parole

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

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

The Future of Life Sciences Real Estate: Navigating New Frontiers

Urban Evolution: Building Resilient Net Zero Cities

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

15.40 - 16.40

15.40 - 18.10

15.40 - 16.40

15.40 - 16.40

Doing business with purpose - Part I

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

Bouygues Immobilier

Partner Session

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

12.30

Déjeuner d’échange entre élus et experts 14.30

Café avec la presse

By invitation only

Sponsored by Sponsored by

Organised by Content Partners

17.10 - 18.40

17.10 - 18.10

17.10 - 18.10

17.10 - 18.10

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

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

Biotope is the new tech

Partner Session

Organised by

Organised by Organised by

Sessions with an orange frame are not to be missed sessions

84

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

14.10 - 15.40

10.45 - 11.40

Verrière Californie

Audi K

Equality of opportunities in Real Estate

Past simple / future tense - with/against/on the existing Organised by

Open to all

C14

Palais 3

Palais 5

09.30 - 10.30

Breakfast Reception

UK STAGE PARTNER

09.40 - 10.40

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

Palais 1

08.30 - 10.00 10.00 - 10.45

Closed door event: UK Investor breakfast

The Impact of Major Sporting and Cultural Events

08.30 - 10.30

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

Organised by

By invitation only

By invitation only 10.15 - 10.35 11.10 - 12.10

11.00 - 11.45

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

City Centres - Do or Die

Official UK stage opening and keynote address 10.50 - 11.30

Driving investment into the UK property market: Creating the right policy environment

Sponsored by

12.40 - 13.40

12.00 - 12.20

11.45 - 12.25

Spanish Conference

Keynote: What is the money doing?

UK Investment Zones - Building the innovation economy

Organised by

14.00 - 15.40 14.10 - 15.10

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

15.00 - 15.45

50C Cities

Organised by

11.10 - 12.10

The Productive and Inclusive City - From Idea to Reality Organised by

12.30 - 13.30

Partner Session Deepki Organised by

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

14.10 - 15.40

Equality of opportunities in Real Estate

Organised by

Sponsored by

By invitation only

15.40 - 16.40

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

11.00 - 12.00

Global Solutions

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

Palais 3

16.00 - 16.45

15.55 - 16.35

Where are London’s life sciences hubs?

Transformational infrastructure to help realise UK cities of tomorrow

15.40 - 16.40

Open to all

Barcelona Catalonia Conference Organised by

16.40 - 18.10

CREW Network Cocktail

16.50 - 17.30

Making UK housing more affordable 17.10 - 17.40 Partner Session Une alliance publique privée inédite pour intensifier l’usage de la ville existante et à venir : révélation des projets pilotes

Organised by

By invitation only

17.30 - 19.30

Closing drinks reception

18.00 - 19.00

18.10 - 19.40

France - Saudi Arabia: Building the Future Together

Iberian Property Conference

Organised by

18.40 - 19.40

Italian Networking Cocktail

by ITA - Italian Trade Agency Organised by

Organised by

Sessions with an orange frame are not to be missed sessions

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

85

Thursday 14 March 12.30 - 14.00

18.30 - 19.30

Hospitality & Tourism Lunch

Grand Auditorium Stage

By invitation only

Open to all

Palais 5

Palais 3

Palais -1 GOLD SPONSOR

Palais 3

RTZ PARTNER

Palais 3 08.30 - 10.00

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

Scandinavian Breakfast Business Arena / Fastighetsnytt 10.10 - 11.10

10.10 - 12.40

10.10 - 11.10

10.10 - 10.40

Cities in Flux: Long-Term Demographic Shifts and Their Impact on Cities

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

Circular Economy as a Net Zero Catalyst: Strategies and Solutions

The Arboretum Campus:

Organised by

Revolutionizing Office Development - the Sustainable Journey of the Largest Wooden Office Building

11.10 - 12.10

Demonstrating Social Impact: Leveraging Qualitative Research for Effective Communication and Reporting 11.40 - 12.40

11.40 - 12.40

Macroeconomics and raising financing: What are the latest trends and strategies?

Comprehensive ESG Rating: How To Increase The Asset Value?

Organised by

14.10 - 15.10

The Challengers expectations from the RE industry

14.10 - 17.10

14.10 - 15.10

14.10 - 15.10

14.10 - 15.10

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

Alliance for Impact - a collaborative approach towards Net Zero

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

Lexlor

Sponsored by

Organised by

15.40 - 16.40

15.40 - 16.40

15.40 - 16.40

Doing business with purpose - part II

Brandscapes: Crafting Branded Real Estate Experiences

Aix-Marseille, le territoire méditerrannéen des grandes transitions

Organised by

Organised by

Sessions with an orange frame are not to be missed sessions

86

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

11.30 - 12.30 Audi K

Advancing Climate Actions Through Urban Planning Legislation in Europe Organised by

Palais 3

C14

Palais 1

Palais 3

Palais 5

09.15 - 10.45

Conférence le Forum Suisse avec Stefano Boeri

09.40 - 10.40

11.10 - 13.40

France

10.00 - 10.45

Businesses Who Need London

Organised by

11.00 - 11.45

Inclusive Placemaking 11.30 - 12.30

Le bureau de demain : un produit hôtelier bas carbone ?

Organised by

14.10 - 15.10

Transforming the Middle East: Driving Growth and Opportunities

14.00 - 14.45

Opportunities in Outer London

Sponsored by

14.10 - 15.10

14.10 - 15.40

Montpellier, là où l’avenir s’invente

Greece: Unveiling Sustainable Investment Opportunities Organised by

Organised by

M I P I M P R E V I E W 2 0 2 4 | CO N F E R E N C E S & E V E N TS

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

With the support of

15.00 - 15.45

Greening Urban Design

16.30 - 17.30

Penser et re-penser les entrées de ville Organised by

Sessions with an orange frame are not to be missed sessions

Programme as of 1 February 2024. Information contained in this programme may be subject to change.

87

THE JURY President of the jury François TRAUSCH

PIMCO Prime Real Estate Chief Executive Officer & Chief Investment Officer

Véronique BEDAGUE Nexity CEO France

Stéphanie BENSIMON Ardian France Head of Real Estate France

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

Kai-Uwe BERGMANN Bjarke Ingels Group Partner Denmark

Aaron BLOCK

Metaprop Co-founder & Managing Partner US

Hala EL AKL

Oxford Properties Senior Director of ESG & Operations UK

Guy GRAINGER

JLL Global Head of Sustainability Services & ESG UK

MIPIM Awards 2024 Shortlists unveiled for 2024 MIPIM Awards

T

he entries are in, the jury deliberation is complete, and now it is over to the MIPIM delegates to choose the top projects of 2024 from the real estate world. From a large selection of entries, the MIPIM Awards jury, chaired by PIMCO Prime Real Estate CEO & CIO François Trausch, has drawn up a shortlist of four projects in each of 10 categories:

• Best Conversion Project • Best Cultural, Sports and Education Project • Best Hospitality, Tourism and Leisure Project • Best Industrial & Logistics Project • Best Mixed-use Project

• Best Office & Business Project • Best Residential Project • Best Urban Regeneration Project • Best New Development • Best New Mega Development

The winners will be chosen on a 60:40 basis: 60% based on the jury vote, and 40% from the votes cast on-site by MIPIM delegates. In addition, the jury of real estate experts from around the world have the right to award one extra prize – the ‘Special Jury Award’, which goes to their favourite project amongst all the finalists considered.

Be sure to visit the Awards Gallery, in the Palais des Festivals, between 9am on Tuesday 12 March and 12pm on Thursday 14 March to view the shortlisted entries in more detail and to cast your vote.

Don’t forget to mark in your agenda the awards ceremony at 6.30pm on Thursday 14 March in the Grand Auditorium.

Karim HABRA

Ivanhoe Cambridge Head of Europe & Asia-Pacific France

Jani NOKKANEN Nrep Partner & CIO Finland

Tina PAILLET RICS President UK

Katarzyna ZAWODNA-BIJOCH

Skanska Commercial Development Europe President & CEO, CEE Region Poland 88

MIPIM_awards_2024.indd 88

02/02/2024 09:44

AGENDA

Best Conversion Project

MIPIM AWARDS ONSITE VOTE At the Awards Gallery From Tuesday 12 March (9.00) to Thursday 14 March (Noon) AWARDS GALLERY, PALAIS -1

GRAINHOUSE

London, United Kingdom Architect: Barr Gazetas Developer: Hines Europe Limited

Thursday 14 March (from 18.30) GRAND AUDITORIUM Followed by a cocktail, open to all participants

ROYAL BELGE

Brussels, Belgium Architects: Caruso St John Architects / Bovenbouw Architectuur / DDS+ / Ma² / Atelier Eole Developers: APE / CORES Development / Foresite / Urbicoon

OTEC Werksviertel-Mitte WERK4

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

MIPIM AWARDS CEREMONY

München, Germany

Architect: steidle architekten Developers: OTEC GmbH & Co. KG

SHENZHEN WOMEN & CHILDREN’S CENTER Shenzhen, China

Architect: MVRDV Developer: Shum Yip Group Limited Others: Façade consultant: KGE (King Glass Engineering); Structural Engineer: Yuanlizhu Engineering Consultants; Lighting Consultant: BPI (Brandston Partnership Inc.); Cost Calculation: Jinxia Property Cost Consultation Co. Ltd.; Interior Architect: Jiang & Associates 89

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Best Cultural, Sport & Education Project Arkansas Museum of Fine Arts

ATMOSPHERE

by Krallerhof

Architects: Studio Gang, Polk Stanley Wilcox (Associate Architect) Developer: Arkansas Museum of Fine Arts (client)

Architect: Hadi Teherani Architects GmbH Developer: Hotel Krallerhof Altenberger GmbH

Esbjerg Maritime Center

Bob W Amsterdam Noord

Little Rock, United States

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

Best Hospitality, Tourism & Leisure Project

Esbjerg, Denmark

Architects: WERK & Snøhetta Developer: Esbjerg Municipality

International Center of Research and Innovation Daniel Carasso of Danone

Plateau de Saclay (Gif-sur-Yvette), France Architect: Arte Charpentier Developer: Danone Other: Eiffage

Leogang, Austria

Amsterdam, Netherlands Architect: Marc Koehler Architects Developer: Banlieu BV - Republica Development

Nobu Palo Alto Hotel and Restaurant Santa Monica, United States

Architect: Montalba Architects Developer: Nobu Hospitality

Radisson Collection Hotel Santa Sofia Milan WoodE

Pantin, France Architect: Chartier Dalix Developer: PRD OFFICE

Milan, Italia

Architects: Studio Marco Piva.

Alessandro Cesario/Atelier P. Deerns and One Works Developer: PIMCO (Asset Manager) Other: Hotel Operator: Radisson Hotel Group (RHG)

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CTPark Amsterdam City

Best Mixed-Use Project

Mandarin Residences & Casa Seat Barcelona, Spain

Architect: Convexarchitecten Developer: Larendael Development Other: Bouwbedrijf Vrolijk

Architects: Carlos Ferrater, Núria Ayala, Xavier Martí Galí Developer: KKH Property Investors Others: Engineering: Pondio Ingenieros, Acoustics: Ove Arup & Partners, Health and Safety Coordination: SGS Tecnos, Technical management and quality control: AT3 Oller-Peña, Interior design: Lázaro Rosa Violán, Surveyor: AT3 Oller-Peña

e-Valley

Royale Belge

Architect: Point Singulier Developer: Castignac Others: General contractor: QUARTUS, Environmental Consultant: VERITAS

Architects: Caruso St John Architects / Bovenbouw Architectuur / DDS+ / Ma² / Atelier Eole Developers: APE / CORES Development / Foresite / Urbicoon

Amsterdam, Netherlands

Cambrai, France

Brussels, Belgium

STREAM BUILDING Paris, France

ESR Higashi Ogishima Distribution Centre Higashi, Japan

Architect: Tokyu Construction Developer: ESR Group Limited

Positive Footprint Wearhouse Dorsten, Germany

Architects: Quadrant4 , Phase5 Developer: Delta Development Others: Bremer, Drees & Sommer

Architect: PCA-STREAM Developers: Covivio and Hines Others: Topager, Pablo Valbuena, Spie Batignolles Île-de-France, Groupe Vertical Sea, Synthesia, GUSTAVE, Khephren, VS-A, HACS, Deerns, ENEOR, CCingénierie, CSD Faces, AVLS, AE75,Quartet, Bureau Veritas, Fugro, HPC Envirotec

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

Best Industrial & Logistics Project

Winthrop Center

Boston, United States Architect: Handel Architects Developer: Millennium Partners Others: WSP, SWA, Suffolk Construction, Socotec

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Best Office & Business Project

Sponsored by

1550 on the Green

Alta Tower

Architect: Bjarke Ingels Group (BIG) Developer: Skanska USA Commercial Development

Architects: Hamonic+Masson & Associés Developer: Sogeprom Other: Groupe Legendre (contractor)

Houston - Texas, United States

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

Best Residential Project

AERA

Berlin, Germany Architect: Grüntuch Ernst Architects Developer: BAUWENS Other: capattistaubach urbane landschaften

Le Havre, France

Living Places Copenhagen

Copenhagen, Denmark Developer: VELUX Architect: EFFEKT Others: Artelia, Enemærke & Petersen

lyf one-north Singapore Singapore, Singapore

Monteco

Brussels, Belgium Architect: ARCHi2000 Developer: ION and Nextensa

St. John’s Terminal

Architect: WOHA Architects Developer: CapitaLand Ascott Trust Others: Project and Design Management CapitaLand Project Development & Design Management | Interior Designer - Ascott International Management 2001 | Quantity Surveyor - Arcadis | Builder / Main contractor Nakano Singapore Pte Ltd. | Structural and Civil Engineer - Mott MacDonald Singapore Pte Ltd. | Mechanical and Electrical Engineer Squire Mech Pte Ltd.

New York, USA

Uptown Cairo

Architect: COOKFOX Architects Developer: Oxford Properties Others: Gensler; AAI Architects, P.C.; LUMEN ARCHITECTURE, PLLC

Architect: MDR Architects Developers: Emaar Misr

Cairo, Egypt

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Bassin 7

Aarhus, Danmark Architects: SLETH, BIG, GEHL Developers: Anpartsselskabet Kilden & Mortensen, Bassin 7 Erhverv ApS and Bassin 7 Bolig ApS Others: Aarhus Municipality, Bureau Detours, Hans Krull and Peter Birk

Best New Development

Casa BFF BFF Banking Group Headquarters Milan, Italia

Architect: OBR Developer: BFF Banking Group

One North Quay Elektrownia Powiśle Warsaw, Poland

Architect: APA Wojciechowski Architekci Developer: White Star Real Estate Others: Tristan Capital Partners investor

MSHEIREB DOWNTOWN DOHA Doha, Qatar

Architect: Msheireb Properties lead Architects Developer: Msheireb Properties

London, United Kingdom Architect: Kohn Pedersen Fox Associates Developers: Canary Wharf Group and Kadans Science Partner (Joint Venture) Others: Buro Happold (MEPH Engineer), Ramboll (Structural Engineer), Buro Happold (Sustainability Consultant), WSP Facades (Facades Consultant)

The Confluence Campus

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

Best Urban Regeneration Project

Lyon, France

Architects: Baumschlager Eberle Architekten / Petitdidierprioux Architectes / Atelier de Ville en Ville Developer: Nexity Other: SPL Lyon Confluence

Village Olympique et Paralympique

Saint-Denis and Saint-Ouen-sur-Seine, France Architects urban planners: Dominique Perrault, Michel Guthmann, Une Fabrique de la Ville - Area A: Clément Vergély architectes, Atelier Pascal Gontier, Lina Ghotmeth, Gaëtan Le Penhuel, Béal & Blanckaert - Area B: Chaix & Morel et associés, Triptyque architecture Urban developer: SOLIDEO – Société de Livraison des ouvrages olympiques - Area A&B: Vinci Immobilier /CDC Habitat - Area D: Icade Promotion/Caisse des dépôts/CDC Habitat - Area E: Nexity/Eiffage Immobilier/CDC Habitat

MIPIM_awards_2024.indd 93

Younghusband

Melbourne, Australia Architect: Woods Bagot Developers: Built Construction, Irongate and Ivanhoe Cambridge

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Best New Mega Development Sponsored by

Moorebank Logistics Park (MLP) Sydney, Australia

M I P I M P R E V I E W 2 0 2 4 | M I P I M AWA R D S 2 0 2 4

Architect: Watson Young Developer: LOGOS Others: Investor : Ivanhoé Cambridge; National Intermodal; QUBE Logistics

Soul

North Coast of Egypt, Egypt Architect: GCH Masterplanner Developer: Eagle Hills Others: SWA and Cracknell landscapers

The Ellinikon Commercial Hub

Metropolitan Pole of Hellinikon, Athens, Greece Architect: Aedas Developer: Lamda Development S.A.

Trojena Ski Village

Neom, Kingdom of Saudi Arabia Architect: Aedas Developer: NEOM Others: Multi-Disciplinary Consultant: DAR AL- Handasah Consultants (Shair & Partners), Maffeis Engineering SpA

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029&026

MIPIM Delegate Directory Connect with the Leaders of real estate The platform to promote your presence, make connections and generate leads.

• Identify the people you wish to meet, among more than 22,000 participants.

• Organise your schedule prior to an event with very busy exhibitors.

• Set up your meetings in advance with demanding visitors who don’t have any stand.

• Uploading your photo is mandatory to link with your badge and access the event or you will have to take one on-site at the registration desk.

Visit www.mipim.com and access MIPIM Delegate Directory for our online database of participants.

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Prepare your MIPIM and start networking!

01/02/2024 12:13

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

1

Security Checkpoint Badge holders only Left Luggage First Aid

C11 SEA

C12

The Howden Padel Beach Club

1 Bd de la Carlton Hotel

2

CROISE

Registration access TTE

pub_hotel_shuttle_198x123.indd 1

4

PALAIS DES FESTIVALS PALAIS -1 to 5 Main Entrance

Majestic Hotel

The Grand Hyatt Cannes Hotel Martinez

C20

A9

Seaview Village

y alit spit s Ho Suite

C16.G C16.E C16.F

Badges access

IER

RIV

C14.B

C15.B C15.A C17 C17.B C16.D C19 C19 C16.A Croisette Village

RIV

IER

C14

A7

RIVIERA 8

Train Station

3

8 routes & 44 hotels served from early Morning to late night • Mandelieu - La Napoule • Cannes la Bocca • Le Cannet • Juan-les-Pins • Antibes - Sophia Antipolis • Mougins • Nice - St Laurent du Var • Cannes

Decorators registration & Harbour registration HARBOUR

5

ion Registrat VIP Pick Up Point

MIPIM Free hotel shuttle MIPIM Left Luggage

For all information + 33 (0)6 35 02 70 96 From 9.00am to 7.00pm

MIPIM® is a registered trademark of RX France - All rights reserved.

Croisette zone C11 Rome C12 Grand Paris C14 London Stand C14B Invest Saudi C15.A Neom C15.B Manchester C16.A Egypt Pavilion C16.D GV Group S.A.E. C16.E Otis Elevator Company C16.F Ministry of Housing and Urban Planning, Oman C16.G Investment Promotion Agency Qatar LLC C17 CBRE Limited C17.B Patrizia SE C19 MIPIM Croisette Village C20 Invest Saudi

MIPIM Perimeter

01/02/2024 12:10

007_THREESTONES_PV_PIM

Visit us at

R7. F5

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The company manages private equity real estate regulated investment vehicles with focus on healthcare and residential sectors since 2009 and it is widely recognized as a leading investor in European nursing home properties.

Threestones Capital Management SA is an AIFM (Alternative Investment Fund Manager) in accordance with the AIFM Directive.

50-52 Route d'Esch, L-1470 Luxembourg T: +352 24 84 71-1 | F: +352 27 85 85 89 Info: info@threestonescapital.com

threestonescapital.com