MIPIM 2012 through the eyes of Derek Lewis
MIPIM – 2012
Just returned from Mipim where the mood is generally optimistic. There were manageable numbers this year with a larger contingent from the UK.
We rented an apartment near the Croisette and the letting agent told me that she let 26 apartments as against 16 last year. We stocked up with a large bottle of ‘Jura’ Scotch whisky.
Everyone appears to be acting as ‘entrepreneur’ these days ie solicitors, architects etc because unless they introduce people to property they will not necessarily be retained for their services. The impression is that they have a lot of competition to deal with and are under pressure.
I spoke with a number of bankers. The larger banks are not lending much commercial development finance but some secondary banks are in the market. Generally the only development finance from the clearing banks is for ‘high end’ residential.
The general sentiment is that we are now in ‘a new reality’ and we have to get used to it and everything is hard work. Having said that, the ‘usual suspects’ are still around and the cocktail parties are rammed.
There are some big players around. A number of funds have local and foreign equity money and are desperate for deals. Many more looking are in evidence in the £2m – £10m bracket.
Planning issues are being discussed especially the Mayors’ CIL charging structure due to commence in April at between £35 – £50 per sq metre on all developments which presumably will affect other local authority charging structures such as affordable housing.
Great food and wine at the Lockton’s dinner at Le Gastounette and the Wedlake Bell lunch at Le Grand Café……interesting attendees, particularly on the funding and banking side.
BDO Stoy Hayward’s and Cowell Group’s cocktail party were very busy and I noticed that there were a lot of tall people around this year (especially the women in 5” heels).
The Cannes Luncheon Club at the Long Beach Restaurant was well attended and gently moved into the Coutts cocktail party where the smoked salmon was specially flown in from Scotland.
Later on Thursday a lazy drinks evening was spent on the Silvertown yacht moored at the Jetee Albert Edouard.
Everyone had to remove their shoes to avoid damaging the pristine deck……fortunately I did not have any holes in my socks…..…
If you would like to see Derek at MIPIM 2013 or would like some information on Commercial Property please conatct Derek on 020 7566 9444.