Market Looks To Future At MIPIM 2013
MIPIM CHINA TO LAUNCH IN 2014
CANNES, France, March 19, 2013
CANNES, France, March 19, 2013 /PRNewswire/ -- Some 20,000 international real
estate executives from 79 countries defied the inclement weather which hit
travel infrastructure across northern Europe this week to attend what many
described as the most active MIPIM since the 2008 economic downturn.
With research from leading property consultants and services companies
indicating that new capital is coming into the market, international cities,
companies and regions used MIPIM to promote themselves to the 4,300 investors
One of the hot topics on the exhibition floor at MIPIM was the changing nature
of investment strategies and vehicles. According to KPMG research, pooled
funds are back in favour and are now considered as attractive as direct
holdings/separate accounts. KPMG's Partner and Head of Real Estate, Stefan
Pfister, shared the data with delegates attending the second edition of the
RE-Invest summit at MIPIM.
"RE-Invest has established itself as an important part of the MIPIM menu,"
reported MIPIM Director Filippo Rean. "This year, we have welcomed a record 60
pension and sovereign wealth funds to Cannes."
Information released by real estate services and consulting specialists DTZ
during MIPIM, indicated that some €253 billion of new capital will be
available for investment in commercial property this year, with €63 billion
targeting Asia Pacific.
Cushman & Wakefield's European Real Estate Lending Survey predicted that
capital available for European real estate lending in 2013 will be 22% higher
than last year and global property advisor CBRE identified Germany as the
number one target for European investors and London as the most attractive
In 2012, London recorded its highest volume of transactions since 2007,
according to CBRE, with the majority of purchases coming from cross-border
Returning to MIPIM for a fourth time, Mayor of London, Boris Johnson, unveiled
ambitious plans to create Britain's largest 'floating village' in a 6-hectare
site at London's Royal Victoria Dock. In a tour de force keynote address,
Johnson challenged investors to come up with spectacular designs for the
Boris Johnson was one of a host of mayors from major international cities who
were in Cannes. Among them, Mayor of Moscow, Sergey Sobyanin and Mayor of
Istanbul, Kadir Topbas representing two cities that feature prominently on
investors' radars and which are currently making strenuous efforts to
facilitate cross-border investment.
Flying the French flag, a raft of new and on-going projects in Paris, Lyon,
Bordeaux, Marseille, Lille, Grenoble and Nice were on display, with two of the
country's most emblematic political figures, Mayor of Lyon Gerard Collomb and
Alain Juppe, Mayor of Bordeaux, actively promoting new development in their
cities to international investors.
"As Boris Johnson said in his keynote address, cities are once again seeing
their skylines dotted with construction cranes. This has been reflected by the
number of new projects presented at MIPIM, not just from Europe, but also from
Asia and a growing representation from such Latin American countries as
Brazil, Chile and Argentina," noted Filippo Rean.
During a MIPIM conference devoted to 'Brazil: new grounds for development,'
shopping centres and logistics were identified as prime investment targets,
particularly in Rio de Janeiro, with international investors being advised to
partner with local companies.
Brazil is set to feature strongly at MIPIM 2014, alongside Russia and Turkey,
as part of next year's 'Key Investment Destinations' programme.
"This year we featured Turkey as MIPIM's Country of Honour and were proud to
welcome Deputy Prime Minister Ali Babacan and 190 Turkish companies to
Cannes," commented Filippo Rean. "Istanbul is attracting incredible investment
interest. The country has a young population, predicted GDP growth of 4.3% in
2013 and a fast-developing retail sector. Instead of choosing a single Country
of Honour in 2014, we want to provide a window onto Turkey, Russia and
For John Forrester, DTZ's Chief Executive, EMEA, "Turkey was a great choice
for Country of Honour. What we have seen at MIPIM this week is that investors
in particular are looking for new opportunities and to increase their
understanding of markets beyond well-established territories in Europe."
Reflecting the continued debate on the future of cities and the role that new
technology will play in urban planning and property construction, the
inaugural MIPIM Innovation Forum (MIF) brought together leading international
architects, tech companies and major end-users.
"I think the MIPIM Innovation Forum is an excellent initiative and
particularly at this time of convergence between the digital and physical
worlds. It brings together different players – architects who are passionate
about new technologies, technologists exploring urban and ubiquitous computing
and property industry operators interested in bringing all of this to life in
tomorrow's development," said Carlo Ratti, Founding Partner of
carlorattiassociati and Director SENSEable City Lab, Massachusetts Institute
of Technology (MIT).
Logistics, a growing segment of the real estate market represented at MIPIM,
is also attracting investor interest. For the second year, the MIPIM
exhibition floor hosted a dedicated Logistics Pavilion.
This week in Cannes, Mitsubishi Corporation's real estate asset management
subsidiary Dream unveiled its €230 million Dream Logistics Fund 3, which
unlike the first two funds, is open to overseas investors and Blackstone
Managing Director, Jonathan Lurie reported that his company is looking to
acquire logistics assets in Germany, the Netherlands and Italy and grow its
presence in Poland.
"In 2014, MIPIM will celebrate its 25th edition. Our core clients have
remained loyal to the event over the years and we're very grateful. MIPIM has
grown in line with the international real estate market, allowing us to
introduce dedicated programmes for investors, for mayors, for people operating
in logistics, hotel and tourism and for the increasing focus on building
innovation and sustainable urban policies," commented Filippo Rean.
"2014 will be particularly exciting as, in addition to MIPIM in Cannes and
MIPIM Asia in Hong Kong, we are launching MIPIM China in Shanghai, which will
be an exhibition, conference and networking event dedicated to the Chinese
real estate market. Next year we will celebrate a quarter of a century of
MIPIM and look forward to the next 25 years," concluded the MIPIM Director.
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