Property parade

Estates Review takes a look at the year’s most prestigious event in the property calendar; MIPIM

Cannes in the South of France saw over 28,000 property professionals descend on the town to attend MIPIM, the World’s leading international property forum, which celebrated its nineteenth show from 11th – 14th March 2008. The event provided 26,815 m sq of exhibition space, an increase of 2,315 m sq with new areas the Harbour Village and Port Side. In addition to the exhibition there was also a busy programme of networking, conferences, seminars and events.

There was an increased attendance from the UK, once again the largest national delegation with the largest number of exhibitors. The two weeks leading up to event saw 25,607 delegates already registered for MIPIM - a 14 percent increase at the same time last year - fuelling expectations that MIPIM 2008 will surpass the 26,210 participants in 2007 and set another all-time attendance record. The weeks prior to the show saw 1,652 British companies expected in Cannes, a 7 percent increase on the same period in 2007. British exhibiting companies were numbered at 555, also 7 percent up on 2007 (Data from 27.02.08).

The UK delegation featured a number of new exhibitors which included major players such as Morley, one of the largest property fund managers in Europe with around €43bn of property under management. Morley were looking to raise their profile at MIPIM with a focus on continental Europe, an area that has grown considerably over the last three years.

“The UK presence at MIPIM is very important to the event. The British property industry has been extremely supportive of MIPIM since its launch in 1990 and has been the largest national delegation for over 15 years. New exhibitors such as Morley Fund Management illustrate that the UK has confidence in the market,” said Nadine Castagna, Director of MIPIM.

London remained the largest stand at MIPIM and this year over 40 new companies signed up, including Schroders, the global asset management company with €197.2bn under management as of 30 September 2007. Other new companies included Gleeds, GVA Grimley, HBG UK, Hamiltons, HOK, John McAslan, Mitsubishi, Network Rail, Oxford Properties Group. Trehearne, Trowers & Hamlins, Watts & Partners and YRM.

In addition, the West London presence at MIPIM brought together some of the key public and private sector players in the sub region. Partners included the London Boroughs of Brent, Ealing, Hammersmith and Fulham and Harrow, CBRE, Park Royal Partnership, Brixton plc, West London Business, London Development Agency, Smoothe, Chart Lane and IBB Solicitors. Their aim in attending was to ensure the sustainable economic growth of West London, which in its own right has an economy larger than that of Frankfurt.

London based Executive Offices Group, owned by Morgan Stanley Real Estate Fund, attended MIPIM to mark their overseas expansion with the opening of their first Argyll luxury serviced offices operation in Paris and the anticipated launch of their second centre in the French capital in late 2008.

Of course, over 60 UK regions and cities attended MIPIM, so the focus was not just on the capital. Liverpool exhibited at MIPIM as 2008’s European Capital of Culture, showcasing cultural gems and artistic achievements, as well promoting the significant urban regeneration that has taken place since Liverpool first graced MIPIM seven years ago. Liverpool showcased the new Arena and Convention Centre, a planned £5.5bn waterfront development, a Knowledge Quarter with world leading businesses in health and life sciences which included the fastest growing science park in the UK and Europe¹s biggest retail-led development, the £1bn ‘Liverpool One’.

The UK also hosted some interesting and entertaining events at MIPIM, highlights included the Davies Arnold Cooper 5th Annual Boules fight on Wednesday, a tournament in association with 48Fitzroy with continued participation and support from DTZ. Peel Holdings Pie & Pint event on Tuesday was not to be missed as was Avanta’s Charity Cocktail Party in aid of Sparks on their ‘important business’ yacht. Thursday morning saw the launch of CB Richard Ellis Regeneration; an event hosted and chaired by Robert Lee, Davies Arnold Cooper with speakers Jackie Sadek (Head of Regeneration, CB Richard Ellis and Chair of BURA), Julian Barwick (Director, Development Securities), Nigel Hugill (Chairman of Lend Lease Europe) and Jim Wilkie (Deputy Chief Executive, Wirral Metropolitan Borough Council).

Cabe organised a seminar on Olympic Design Quality, hosted by Emap with Peter Bishop from Design for London, Richard Simmons, Chief Executive of Cabe and Paul Finch, Chair, London 2012 design review panel. Urban Strategies hosted a reception on the Toronto stand profiling their regeneration projects on both sides of the Atlantic, but the biggest event of the week, however, was the MIPIM Opening Night cocktail party held at the Carlton, Martinez and the Le Palis de La Mediterranee in Nice.

Tuesday afternoon saw 140 intrepid British real estate specialists arrive in Cannes after cycling 1,500km, their objective to raise €663,000 for five charities, the Duke of Edinburgh’s Award, Architects for Aid, the Tom ap Rhys Pryce Memorial Trust, the Sarah Matheson Trust and LandAid.

This year approximately 85 countries were present at MIPIM with new countries attending for the first time. New exhibitors included Morocco and Jordan and participating countries included Albania, Andorra, Costa Rica, Iran, New Zealand, Malaysia, Panama, Puerto Rico and Taiwan. Western Europe saw an 18 percent rise (on the same period last year. Data from 18.01.08) and 1,001 property executives from Scandinavian companies had committed to attend MIPIM, a 33 percent rise on the same period in 2007 (Data from 18.01.08).

The city of Toronto launched the East Bayfront waterfront scheme at MIPIM 2008, roughly the same size as Canary Wharf and Battery Park City the project is part of the multi-billion regeneration of Toronto’s waterfront and surrounding areas. With an investment value in the region of $1bn, the development opportunity comprises of two parcels of land – known as Parkside and Bayside – together totalling 5.6 hectares (13.9 acres).
Toronto was not the only major project on show this year; MIPIM 2008 saw a festival of mixed-use projects combining office, residential and commercial space.

"Business district projects presented at MIPIM are increasingly opening up to shopping, housing and cultural activities. This mix is part of a comprehensive approach to urban development, and addresses new lifestyles by concentrating multiple services on a single site," said Ms Castagna.

The developer Russian Land showcased ‘Russia Tower’, destined to be the highest tower in Europe culminating at 600 m. Designed by internationally-renowned architect Norman Foster, who spoke at MIPIM, the building will combine the various components of a ‘city in a city’ including shops, offices, apartments, a hotel, public areas, services, fitness centres and a panoramic view. Located in the Moscow-City business district, ‘Russia Tower’ will become an icon on the new Moscow skyline.

The ‘Shard of Glass’ tower, designed by the architect Renzo Piano and developed by the Sellar Property Group, was showcased on the London stand. This architectural work will form a 310 meter tall building of 73 floors, which will include a five-star hotel, offices, retail, restaurants and residences. The Shard was the first ‘vertical city’ proposed in Europe. This project, which will be the tallest building in the United Kingdom, will be built in 2011 on the South bank of the Thames, near London Bridge.

Dubai Properties exhibited its ‘Mudon’ project, a large-scale, mixed-use real estate project which incorporates the historic cities of Baghdad, Beirut, Damascus, Cairo and Marrakech on a single site within Dubailand. This project aims to recreate the cultural heritage and warm atmosphere of these cities in Dubai, with more than 3,200 houses and villas, 6,400 apartments, shops and a business district. There will also be supermarkets, clinics and a golf course in the shared areas. Mudon is scheduled for full completion and handover in 2012.

A 412 m tall tower planned for the centre of Kuwait City designed by architect Gary Haney of SOM NY was selected as the overall winner of this year’s International MIPIM Architectural Review Future Project Awards. The awards are designed to encourage the industry to strive for high design standards in respect of buildings and their relationship to context, and to stimulate discussion and debate around good design.

Separately, the MIPIM Awards, designed to honour outstanding real estate projects from around the world were decided by the MIPIM Awards jury, headed by Bärbel Schomberg, Managing Director of DEGI (Germany). The projects competed in five award categories - ‘Business Centres,’ ‘Refurbished Office Buildings,’ ‘Residential Developments,’ ‘Hotels and Tourism Resorts,’ and the new ‘Green Buildings’ category.

International investors also flocked to MIPIM, 5,807 registered to attend MIPIM last year and this year saw 6,600 registered, a rise of almost 15 percent over 2007 (Data as at 14.02.08). For the first time this year an exclusive closed door event called ‘MIPIM Summit’ was held, exclusively broadcasted by Bloomberg TV, where top international investors debated the theme ‘The new Romans, threat or treat?’

There were also a series of conferences focusing on topics such as ‘Investment: direct / indirect and public / private’, ‘France, still in fashion?’, ‘Is Germany still the powerhouse of Europe’, ‘Where to invest, where to avoid?’, or ‘The U.S. Institutional Real Estate Market: What Comes Next?’, organised in partnership with the USA Pension Real Estate Association (PREA). Once again, MIPIM offered a platform for real estate investment experts, with some 160 speakers on the agenda. Much-anticipated contributors included Dr Holger Schmieding, Chief Economist Europe at the Bank of America, Hans Timmer, Manager, DECPG of the World Bank, and Ramsey Mankarious, CEO of Cedar Capital Partners Ltd. In addition, the ‘speed matching’ sessions were repeated following their successful launch in MIPIM 2007.

MIPIM turned the spotlight on the challenges of sustainable development in the property sector. In addition to the unique environmental features of projects showcased in the exhibition area, there were a series of conferences devoted to the topic on ‘green’ day (Wednesday, 12 March). There was also a new category rewarding green construction in the MIPIM Awards.

"Like all real-estate professionals from local governments and developers to architects and investors, MIPIM is fully committed to sustainable development. This reflects the need to build a sustainable urban environment as a response to global environmental problems," said Ms Castagna.

Highly topical issues were discussed throughout ‘green’ day, such as active policies for energy efficiency where Paul Dickinson, President and Co-founder of The Carbon Disclosure Project spoke on the challenges faced by cities to reduce greenhouse gas emissions. A second conference, co-hosted by ENVAC was devoted to urban strategies for regulating pollution, using the examples of London and Stockholm.

A panel of experts highlighted the role played by all key players in the sector to reduce the effects of climate change. One session, in partnership with The British Property Federation, focused on the need for real estate professionals to make sustainable development rhyme with profitability. A second session, co-hosted by The Commission for Architecture and the Built Environment, focused on the capacity of cities to incorporate an architectural dimension that addresses these issues and to respond to the growing need for green spaces.

In the current international real estate environment, investors are looking closely at tomorrow’s markets, focusing more on high growth markets such as Central Europe, Eastern Europe, the Russian Federation, Turkey, and the Middle East, as well as Africa, Central Asia, and Latin America. Elements of the official conference programme was tailored to investors with specially chosen panels that provided the keys to investing in these markets. Among the speakers was Guy Perry, President and Founder of Investments Environments (Poland), Andrey Goltsblat, Managing Partner of Pepeliaev, Goltsblat and Partners (Russia), Mohammed Al Tawash, President of Real Capita (Middle East) and Joao Batista Crestana, President of Secovi (Brazil).

Given the scale of these high-growth regions, a special knowledge-focused market called ‘MIPIM Horizons’ has been developed to deepen understanding and appreciation of these territories. This new event will be held in Cannes from 2nd to 4th December 2008, providing an unrivalled information platform for these high potential markets with around 150 workshops on stands, ‘speed matching’ sessions showcasing prestige projects, and regional focus panels with acknowledged experts. 10 months ahead of the event, almost 1,000 m sq of exhibition space has already been booked for companies drawn from 13 countries. Some 500 investors and 2,500 real estate professionals are already expected at this first MIPIM Horizons.