București Real Estate

MIPIM 2017: challenging trends. Romania's progress: "secret"

24,200 real estate and city leaders from 100 countries, including 5,000 investors and financial institutions, came together at the world’s property market MIPIM, between 14-17 of March, against a background of continued debate on how Brexit will impact the market.

Without a stand, conference, reception, party or networking events, Romania was promoted individually by representatives of some companies active in Bucharest or by leaders of European developers or advisory companies active also in Romania.

In the midst of political change – fueled by the US presidential elections, the Brexit vote, elections in France, Germany and the Netherlands – accelerating tech innovation and a growing global urban population, MIPIM chose The New Deal for Real Estate as its central theme, providing industry leaders and investors with the opportunity to discuss evolving real estate strategies.

“The diversity of projects presented at MIPIM from all around the world is breathtaking”, said Filippo Rean, director of Reed MIDEM’s Real Estate Division. “Whether in office developments, retail, logistics, hotel and tourism or residential, the opportunities for investors to strengthen or diversify their portfolios are huge.”

According to Cushman & Wakefield, the amount of new capital available for global real estate investments stands at $435 billion – lower than in 2016 but still the second highest figure recorded since 2009. Cushman & Wakefield identified the United States as the leading target for investors, followed by China and the United Kingdom. Real Capital Analytics reported that in 2016, some €30.15 billion of Asian capital headed to the US which invested some €14.4 billion in Asian real estate markets. At the annual MIPIM RE-Invest Summit, bringing together some 60 representatives from the world’s leading institutional investment funds, two thirds of participants said they would be net buyers in 2017. Combined, the RE-Invest delegates manage over $600 billion in real estate assets. What was clear at MIPIM was that the British government, spearheaded by the Department of International Trade (DIT), in partnership with the British Property Federation, was sparing no effort to reassure investors that Britain’s real estate sector remains a key destination for property investment. For the first time in the history of MIPIM, the UK government was represented with its own pavilion and Britain’s ‘Invest in Great’ marketing slogan was highly visible. And at 960, the number of UK exhibiting companies and cities increased by 24 % compared to 2016. Jules Pipe, Deputy Mayor of London, commented that the UK capital will continue to attract major investment. Referring to Brexit, Pipe noted “whatever happens, London will come through this”. The Deputy Mayor predicted that if real estate investors seek alternative destinations to London, they are likely to look at New York, Singapore or Hong Kong rather than European capitals.

Global major projects

  Returning to MIPIM for a second time in two years, Valérie Pécresse, President of the Ile de France Region, noted that all the public authorities in the Paris Region were represented in a single pavilion – a sign of a collective approach to attracting international investors and companies. She described the strategy put in place to attract investors and entrepreneurs from all over the world, insisting on the exceptional innovation ecosystem and the depth of the real estate market, as well as on the fact investors now don’t hesitate to bet on Paris Region. “Among the major development projects currently being built, the Paris Region have 3 million sq m of office space available and the biggest business park of Europe with 53 million sq m. We launched a massive investment plan of €30 billion to double the capacity of the Paris subway by 2030. On the education side, we launched €5 billion of investment to welcome 22,000 new high school students in the next 10 years and to renovate 6.5 million sq m of existing real estate”, declared Valérie Pécresse.

Mega-infrastructure projects were to be found throughout the MIPIM exhibition halls and pavilions. Istanbul Grand Airport promoted its gigantic Airport City Istanbul as a sustainable project that could serve as a model for other airport cities around the world. The airport on its own is costing around €7 billion. The Stuttgart 21 project provides underground and surface links to the city’s airport and trade-fair site and is budgeted at €6.5 billion. In Amsterdam, the first metro line to cross the Ij river is due to open in 2018 at a cost of €3 billion. Meanwhile work continues on the €30 billion Paris: Grand Paris Express which is due to be completed in 2030. Finally, London’s €17 billion Crossrail link between East and West London is heading for phased introduction by 2020. Development projects for airports were promoted also by Zurich, Vienna and Nice.

With 5,000 investors and financial institutions in Cannes, MIPIM welcomed a growing number of institutional investors. Among them, over 60 pension and insurance funds and 15 sovereign wealth funds, including ADIA, QIA, GIC, Gingko Tree, KIC, Temasek, KIA, KWAP, Hanwha Life. Dubai Holding unveiled a 20-year master plan for a new Jumeirah Central district including six projects in phase one of the scheme. Dubai Holding used MIPIM to find investment partners for the mixed-use projects. When complete, Jumeirah Central will comprise 75 city blocks, 278 buildings and provide residential accommodation for some 35,000 people.

The 27th MIPIM Awards took place during MIPIM. The results were announced at a gala ceremony held in the Grand Auditorium of the Palais des Festivals in Cannes. Europe came close to taking all the trophies with winning projects from Denmark, France, Germany, Poland, United Kingdom and Belgium, which has been rewarded in 3 different categories. Best office & business development award was given to Ghelamco Poland, the developer of Warsaw Spire, in Warsaw, Poland. Architect: Jaspers-Eyers Architects, Projekt Polsko-Belgijska Pracownia Architektury, Massive Design, Wirtz International Landscape Architects.

Upcoming MIPIM events include MIPIM PropTech Summit in New York, October 11, 2017; MIPIM UK in London’s Olympia, October 18-19, 2017, and the MIPIM Asia Summit in Hong Kong, 28-29 November, 2017.

Romania @ MIPIM 2017:

ALLARDINMihaelaBusiness Development ManagerOPTIM PROJECT MANAGEMENT
BADEASilvianaHead of Capital Markets RomaniaJLL
BALCAENDidierGeneral ManagerSPEEDWELL SRL
BICUValentinConsultant & Business DeveloperCOMPANY SOLUTIONS S.R.L.
BORDEIDanaHead of Industrial AgencyCBRE
BOSMANMarcoInternational Business Development DirectorPEDERSEN & PARTNERS
BUFTEAAlinPartnerDLA PIPER DINU SCA
CASELLASOriolDevelopment ManagerVERANDA OBOR
CIOBOTARUFlorinInvestments ExpertNEPI
COVASAMirelaChief Financial OfficerNEPI
DEMEYEREJanManager/AdministratorDMA ARCHITECTURE & INTERIOR DESIGN SRL
DOROSClaudiuVicepresidentSIF MOLDOVA SA
DRAGULINNicoletaBusiness Development & Marketing ManagerBLUE PROJECTS SRL
DUDUMANAlexandruBoard MemberVERANDA OBOR
ENEMihaela GabrielaMarketing ManagerINVEST ROMANIA
GUBANDRUBogdanBusiness Development ManagerECHINOX PROPERTY SERVICES SRL
GUENYan PatrickCONSULTANTVERANDA OBOR
GUNATASavasManaging PartnerSC SYNERGY CONSTRUCT SRL
HORSLEYBlakeCountry Head RomaniaP3 LOGISTIC PARKS
IANCUCatalinExecutive DirectorSIF MOLDOVA SA
KOZIARASebastianNetwork Development Director for Poland, Hungary and RomaniaREGUS
LAZARLaurentiuSenior PartnerCOLLIERS INTERNATIONAL
LEWISChrisCountry LeaderBLUE PROJECTS SRL
LIEBERSONOferPresident and FounderTAGOR ASSET MANAGEMENT
MELIHOVOlgaCountry Head RomaniaBNP PARIBAS REAL ESTATE ADVISORY SA
MENZERJörg KarstenPartnerNOERR
MIKLORobertAssociate DirectorCOLLIERS INTERNATIONAL
NICULEASAIoanaPartnerNESTOR NESTOR DICULESCU KINGSTON PETERSEN
OPREAIonutPublisher – Real EstateTRANSILVANIA GRUP BUSINESS
PAULSONRobertHead of Investment Properties RomaniaCBRE
POGONARUAndreiPartnerVERANDA OBOR
POPARazvan TeodorPartnerKINSTELLAR SPARL
RASMUSSENUlrikPartner, Head of Western Europe and Head of Real Estate PracticePEDERSEN & PARTNERS
STATINAEliza AuraPromotion ManagerINVEST ROMANIA
ALLARDINMihaelaBusiness Development ManagerOPTIM PROJECT MANAGEMENT
DUMITRACHEANACo-Country HeadCTP
ROMATALDevelopment ManagerAFI EUROPE ROMANIA
LEMMESSVENCountry DirectorATENOR

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