What’s onWho to meet

Where to go

SEPTEMBER 2012

In cooperation with PropertyEU

2 | EXPO REAL 2012

Ric Lewis, CEO Tristan Capital Partners

We’ve attended EXPO REAL regularly for over a decade. We’ve found the congress to be an excellent opportunity to meet our partners, clients, banks and the other important intermediaries who have helped us to continue to be thoughtful investors in the German marketplace.

Ingo Hartlief, CEO CORPUS SIREO Asset Management GmbH

In the current market, investors in euros need to consider their existing and prospective real estate investments carefully. Those investors need to be familiar with the growth regions outside the ‘Big Five’ cities. For such diversified investments, EXPO REAL is the right platform to find the right fund or asset manager.

Alexander Otto, CEO ECE

The real estate as well as the retail industry are changing rapidly. At the same time, projections

on the overall economic development are more difficult than ever. During such times it is

particularly important to keep the finger on the industry’s pulse. EXPO REAL provides an ideal

platform in this respect.

Marcin Juszczyk, board member and head of investment Grupa Capital Park

EXPO REAL provides a great platform for the Polish real estate market. Compared with other

European markets, the Polish market stands out for its high stability and Warsaw itself

occupies top positions in rankings of Europe’s most attractive cities for commercial property

investment.

EXPO REAL 2012 | 3

France4

Sustainability15

Luxembourg9

Croatia13

USA/Brazil16

Netherlands8

Austria12

Poland17

Logistics6

Hospitality14

Demographics10

Germany11

Retail19Finance18

Claudia Boymanns

Download the EXPO REAL iPhone app!

Conferences

Sectors

Countries

ContentsBuilding networks and sharing knowledge

The entire commercial real estate sector will once again converge on Munich for three days of conferences, exhi-bitions and networking events at EXPO REAL 2012. This year’s trade fair provides a great opportunity not only to make new contacts and consolidate existing ones, but also to profit first-hand from professional knowledge at more than 100 expert talks.

The programme line-up promises to set new standards for the industry. EXPO REAL 2012 will host five forums where 400 top-class speakers will discuss current trends and innovations in the real estate and investment market. The entire conference provides an excellent opportunity for visitors to extend their knowledge and get an informed view of what’s happening in the markets. Attendance at all forum events is free of charge to ticketholders. Elsewhere, visitors can discover the latest trends in the market across more than 64,000 m2 of exhibition space. Logistics facilities will have particular prominence. For the first time, EXPO REAL 2012 will host the LogRealCampus – a dedicated pavilion for the logistics industry. The new pavilion provides the perfect way for experts and project planners to present their services. Market sentiment remains subdued due to the continuing uncertainty in the Eurozone. Even so, we will present several compelling reasons for you to take part in the largest trade show for commercial real estate. We look forward to welcoming you to Munich this October.

Claudia BoymannsExhibition Director EXPO REAL

EXPO REAL Facts 2012

When? October 8 to 10, 2012Where? Messe München exhibition centerWhat? The 15th International Trade Fair for Commercial Property and Investment, catering for the full spectrum of the property sectorWho? 37,000 real-estate professionals from 72 countries, 1,600 plus exhibiting companiesExhibitor countries: The top five are Germany, Austria, Poland, The Netherlands, SwitzerlandWhat else? Extensive conference programme, insight into the latest trends in the property, investment and finance marketsMore? www.exporeal.net

4 | EXPO REAL 2012

Grand Arénas

Nice has surprises in store for EXPO REAL visitors

New standards for business services in western Paris

L a Défense Seine arche is a mature business district in

the west of Paris where 180,000 people come to work, rest and shop every day. Global companies settle in La Défense because of the extremely good transport links (85% of employees use public transport to get here), the density and quality of its service offering and its remarkable architecture.EXPO REAL 2012 will see La Défense unveil its new service sector offering, fully designed to meet LEED, BREAM and HQE standards. The exhibition stand will feature several ambitious mixed-use developments

scheduled for delivery between 2013 and 2018, including the Rose of Puteaux project; the Jardins de l’Arche public space; Le Croissant and the Nanterre Coeur de Quartier district. Transport innovations are also key to the renewal plan. A number of large-scale projects have been implemented to help meet the demands of an increasing number of users. In addition, investment will establish a direct link between the district and Roissy Charles de Gaulle and Orly airports.

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Nice is working hard to diversify its economy beyond

tourism and leisure. Thanks to its position on France’s Côte d’Azur, Nice offers its inhabitants an unrivalled quality of life. In recent years the city has embarked on a number of developments to ensure its continued future growth. This year’s visitors to EXPO REAL will be able to see the scale and benefits of this development slate for themselves at the Métropole Nice Côte d’Azur stand. Projects in transport, infrastruc-ture, education, health and culture have all been launched as the city looks to reinvent itself. The Nice stand will also showcase the ambitious redevelopment of the area surrounding Nice Côte d’Azur Airport. Adjacent to the airport is the Grand Arénas development which

aims to establish a important business district. Its gradual restructuring is built around two central developments: a multi-modal transport hub and an exhi-bition complex. The multimodal transport hub will link the inter-national airport with high-speed and regional rail networks and local trams to provide a gateway to the Mediterranean. The 75,000 m2 exhibition complex aims to attract international events to Nice and establish the city as a centre for business exhi-bitions and trade fairs. In total the first tranche of development will extend across 155,000 m2 with a planned extension of 51 hectares for a large exhibition park. The total building potential of Grand Arénas is in the area of 680,000 m2.

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Andrew Stacey, director general France

High costs pushing logistics operators out of Île-de-France

High warehouse and office taxes are pushing logistics operators out of the Île-de-France Paris metropolitan region and into sur-rounding areas with lower costs. Nevertheless, the overall availabil-ity of quality warehouse supply is rapidly diminishing across France. Available warehouse space has contracted by about 25% in less than a year.“Operational costs are around 20% to 30% lower on the south-ern edge of the Île-de-France due to lower taxes and rents, par-ticularly in Burgundy, where the authorities are really working to assist companies in relocating to the region. Tough market condi-tions are forcing operators to seek economies wherever they can, but I still expect them to be compet-ing hard for quality assets within a year or so, simply due to the lack of new supply,” said Andrew

Stacey, directeur general France for pan-European warehouse asset manager and de-veloper PointPark Properties (P3).P3’s own Savi-gny-sur-Clairis logistics park has benefitted from the Île-de-France dislocation trend with global pro-vider Geodis and supermarket chain Les Musketeers both taking new leases.Savigny-sur-Clairis is strategically located in Burgundy, 110 kilo-metres to the southeast of Paris, near the junction of the main A19 east – west and A6 (l’Autoroute de Soleil) north – south motor-way arteries. The park consists of modern high quality logistics facil-ities and has a total of 92,989 m2 of rentable space.

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Savigny-sur-Clairis logistics park

Countries France

EXPO REAL 2012 | 5

Grand Arénas

La Defense dominates the Parisian skyline

Marne-la-Vallée: engine of urban growth

Renewing La défense

The urban conglomeration of Marne-la-Vallée lies 12 km to the east of Paris

and is one of central France’s key economic centres. The largest of the five new towns created within the Greater Paris region during the 1970s, today Marne-la-Vallée is one of the core sites of the Greater Paris urban development programme. The Greater Paris project aims to turn the capital region into a model sustainable metropolis and support the French capital in the urban world competition. In 2009 Marne-la-Vallée and its central district Cité Descartes were among the ten areas chosen to host a number of large-scale urban development projects, with particular emphasis placed on sustainability.Marne-la-Vallée already boasts a highly-

developed transport infrastructure, 55 business parks and a number of significant property developments for the service sector. Several exciting new projects are under way in partnership with a number of bodies, including the Epamarne public development corporation and the Urban Living Lab research group.The core projects are situated within Cité Descartes, a centre for science and technical excellence in eco-technology. The devel-opments on display at EXPO REAL include the ‘Descartes +’ project, dubbed a positive energy building and slated to host 200 students and researchers from the Paris Est university. The new campus will provide private compa-nies and local authorities with virtual reality

and simulation tools for construction projects as well as a number of scientific instrumenta-tion and monitoring systems.The Greater Paris initiative will see the con-struction of a new circular mass transporta-tion network comprising 155 km of subway lines. One development at the heart of this new network will be the Greater Paris Metro Iconic Station in Descartes. Design for this mixed-use development began early this year and the project will boast a new urban hub alongside a brand-new station. Marne-la-Vallée will also unveil plans for two new eco-districts comprising 6,000 homes at EXPO REAL which promise to offer significant investment and development opportunities.

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Paris is one of Europe’s most strategi-cally important cities and a leading global business hub. In the west of the French capital is La Défense – Europe’s largest pur-pose-built business district. La Défense chief executive Philippe Chaix unveils his plans for the area’s future.

What do you hope to achieve through your involvement in EXPO REAL 2012? The same as every other year: to meet investors interested in La Défense. It must be understood that Germany is the leading investor in La Défense. And it is very impor-tant for our teams to find out what is being done in other towns, to meet other develop-ers and share good practice with them.

What initiatives are you undertaking to secure investment in these challenging times? Since 2008 we have conducted a counter- cyclical strategy in order to implement the La Défense renewal plan agreed by the Government in 2007. In order to do this, and as far as the price of the development rights that we sell is concerned, we have adjusted to market prices. On the other hand, we have supplemented each of our deeds of

sale with better fortune clauses. We have also incorporated extremely demanding quality and sustainability requirements into our development. This strategy must be the right one because, since 2009, 200,000 m2 of real estate has been delivered, 400,000 m2 is now under construc-tion, and 500,000 m2 is in project by 2018. This represents over €4 bn in terms of investment.

What other efforts are you making to promote La défense to investors around the world? We take part in other shows in France. We visit foreign countries to make individual presentations to major banks, large companies and sovereign funds and to promote the quality of the district’s assets and their profitability.

Philippe Chaix, CEO of La Défense Seine Arche (EPADESA)

Andrew Stacey, director general France

Countries France

6 | EXPO REAL 2012

RiSing investor interest and the need for end-users to cut costs are two of the

most important trends helping to shape the European logistics property segment of tomorrow. The annual volume of investment in the sector has been rising steadily since 2009, and property advisers Jones Lang LaSalle (JLL) and CBRE – who advised on most of the large €100m-plus deals in the first half of 2012 – expect a volume of about €10bn for the full-year. This would be roughly similar to 2011 despite the general risk aversion caused by the eurozone that is leading to lower volumes

across all property segments. In fact, logistics may perform slightly better than the rest of the market as investors are attracted by the sector’s high income return profile. CBRE says there is no shortage of equity or debt for good quality assets in the best locations. US-based private equity firm Blackstone was involved in the largest deals in H1, reflect-ing a new trend: large private equity players and sovereign wealth funds from the US, Asia and the Middle East seeking to access logistics properties more directly. JLL notes the increased investment activity has been restricted to the core western European

markets (the UK, France and Germany), and in Poland. Germany is the most sought-after market. Southern Europe, on the other hand, has seen few transactions. Before investors step into the market it is important to know what end-users want. JLL has therefore conducted its first annual logistics survey. It found that reducing supply chain costs and keeping up with the fast changing consumer markets are the two main issues facing the European logistics property segment over the next five years. Over a dozen other trends were also rated in terms of importance.

Gazeley – your trusted partner since 1987 to grow your business safely

Gazeley is a leading global developer of logistics warehouses and distribution parks. Since 1987 it has specialised in build-to-suit distribution warehouses that deliver added value and bottom line savings via reduced operating costs, driven by superior performance in energy efficiency and building design. Celebrating its 25th year anniversary in 2012, to date Gazeley has built over seven million m² (75.3 million sq. ft.) of warehouses for over 130 customers at

sustainable industrial and logistics parks across the UK, Europe, the Middle East and China. The company provides state-of-the-art buildings to accommodate many of the world’s leading brands and largest companies. Its customers come from across the retail, manufacturing, third party logistics, automotive and pharmaceutical sectors and include Amazon, Carrefour, Ceva, DHL, Geodis, John Lewis, Lidl, Norbert Dentressangle, Procter & Gamble, Tesco, TNT and Toyota.

In Germany, Gazeley offers an extensive portfolio of sites for development totalling in excess of 1.5 million m2 to deliver build-to-suit accommodation at strategic locations in the Rhein-Main area and the Stuttgart region, the Ruhr Area, Hamburg, Berlin and Munich. Our customers in Germany are world-re-nowned brands and end-users from the

Equity pours in as logistics sector cuts costs

Ingo Steves director Germany

Sectors Logistics

EXPO REAL 2012 | 7

Panels to explore key asset issuesInveStor demand for european logistics

and industrial property is expected to remain buoyant in the second half of 2012 as investors continue to seek out the security

of stable, fixed-income assets. Although first-half investment volumes were down by up to a fifth at approximately €4bn compared with the preceding 12 month period, this was mainly the result of a lack of prime investment opportunities and limited availability of debt finance, market watchers say. Investor interest in core, income-pro-ducing investment opportunities in the leading markets remains strong, and Jones Lang LaSalle expects the full-year volume will be around the €10bn mark recorded in 2011. International investors continue to show strong appetite for European logistics and industrial assets, ploughing more than €1bn into the sector in the first half of 2012. The bulk of international capital was invested in the UK (60%) and Germany (20%). In terms of the assets themselves, the market is seeing a shift towards modern, sustainable properties as companies seek to

cut costs by restructuring their operations. This often involves contracting in specialist logistics providers and/or moving from several small, outdated sheds to fewer large, modern and green schemes.These and other trends will be discussed during a round of panel discussions at the show under the banner ‘Let’s talk logistics’. The following panels are scheduled:1 Green logistics: Sustainable logistics

locations – An interim review2 Servant of two masters? Project

development to satisfy both users and investors

3 The agony of choice: Equity finance vs. property developer

4 Large-scale logistics centres – Blot on the landscape or jobs machine?

SPECIAL REAL EStAtE FORUM

HALL C2

tUESdAy 9 OCtOBER 2012, 13.00 tO 16.50

Special focus on logistics at new pavilion

automotive and retail sector such as Bosch, Volkswagen, Adidas and SMA, as well as logistics providers like Zufall Logistics Group and Rigterink Logistik.

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Ingo Steves director Germany

BooMing interest in the logistics sector has led to an EXPO REAL first for this year’s fair with the intro-

duction of the dedicated LogRealCampus. The pavilion is an exhibition platform for companies involved in the whole process of planning and managing logistics facili-ties and covers 120 m2 of exhibition space.LogRealCampus is aimed at companies involved in real-estate project development, logistics SMEs in-vesting in their own facilities, logistics companies with a dedicated real-estate section, building developers, researchers and property agents. Exhibitors at the new stand include property agent Logivest and logistics consultants Logvocatus. It also offers everyone with an interest in the sector the opportunity to meet and ex-change views and information.LogRealCampus is a joint initiative from Rudolf Hämel of German consultancy Die Logistikimmobilie and Peter Voss, Managing Director of the Fokus Industries group and, they say, it represents the industry’s first opportu-nity to exhibit at a joint pavilion at EXPO REAL. In addi-tion to exhibitor stands, LogRealCampus will also host a series of events with the theme ‘Let’s Talk Logistics’ (see story below for details).

HALL C2 StANd 230 The logistics pavilion is a first for the trade fair

Sectors Logistics

8 | EXPO REAL 2012

Strong dutch presence at EXPO REAL

Share our expertise

Bouwinvest Real Estate Investment Management (REIM) B.V. is a Dutch investment manager with roots in both real estate and the pension industry and with a total amount of €5.8bn AUM. In the Netherlands, we manage three sector funds: a residential fund, a retail fund and an office fund. Internationally, Bouwinvest REIM manages mandates for listed and unlisted real estate investments in Europe, North-America and Asia/Pacific.We conduct an open and transparent communication with investors and strive to create long-term alignment between the strategy of the funds and the strategy of investors.Our funds and mandates are managed by experienced teams with experts in asset management, acquisition, disposition and technical management. All team members have a long track record in the real estate

The Netherlands has a high profile

The Dutch delegation to EXPO REAL will again in the

main be spread over two joint stands: the Holland Property Plaza and the Amsterdam Metro politan Area. Together with individual exhibitors such as Corio, Multi Development, Syntrus Achmea and Redevco, the Netherlands are set to boast one of the strongest turn-outs at this year’s trade fair. The conference marks the fifth appearance of the Holland Property Plaza pavilion. The theme for this exhibition is ‘The Dutch Dream’ and the programme of events will focus on design, engineering, trans-for mation and redevelopment. Attendees will include represent-atives from the national govern-ment, municipal governments, private developers, investors, architects and consultancy services. The Holland Property Plaza will also host a number of activities addressing current issues affect-ing the Dutch real estate market. Themes explored will include the necessary write-downs on

commercial property, flexible office spaces and the need to create sustainable buildings that meet the demands of the next generation of employees. Making its second appearance,

the Amsterdam Metropolitan Area stand will comprise 13 exhibitors from both the municipal and private sectors. Among the exhibitors making an appearance at the event are

the City of Almere, Schiphol Amsterdam Airport Area, Colliers International and the Zuidas business district.

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Amsterdam showcases redevelopment efforts

The amsterdam Metropolitan area stand at the conference will not only showcase

the region’s potential as an investment location but also highlight ongoing efforts to tackle the problem of office vacancy rates. The situation is particularly acute in the Dutch capital, where vacancy rates are put at around 17%, and older office developments have lost out to prestigious new complexes such as the Zuidas business district.The city authorities are trying to lower the percentage of vacant properties by mini-mizing new construction and transforming and stimulating the re-use of existing buildings.

A number of novel projects are currently under way. Disused shipyards on the northern flank of the city are being turned into creative work-spaces for artists and designers, and a number of companies have moved there. Building reg-ulations have been changed to allow former office buildings in outlying areas to be con-verted into accommodation for students. And a former bank, which served for a time as the city’s music school, has been transformed into the luxury Conservatorium hotel in the heart of the city’s museum district.

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Countries Netherlands

EXPO REAL 2012 | 9

Luxembourg unveils investment opportunities L uxeMbourg will display several large-

scale real estate developments at its national pavilion at EXPO REAL this year. The Luxembourg pavilion will also promote the Grand Duchy as a location for investment, stressing the benefits of its balanced macro-economic fundamentals, political and social stability, attractive legal and fiscal regulation and modern hard and soft infrastructure.The opening day of the trade fair will see Luxembourg feature in the INVESTMENT

LOCATIONS FORUM, which this year will focus on real estate investment vehicles. Nine companies and sponsors have signed up so far to the Luxembourg pavilion. They are Agora, ArcelorMittal, Hauck und Aufhäuser, Hochtief Luxembourg, Luxembourg for Finance, Property Partners, Reviva Capital, Somaco and Valeres Konstruktion. Valeres, which builds industrial and commercial facilities in Luxembourg, the Netherlands and

Germany, will display its new 6,000 m2 retail and office building in the heart of Strassen Business Center. Somaco is presenting one of its active development projects – the Findel Golf Office Park.

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INvEStMENt LOCAtIONS FORUM

HALL A1

MONdAy 8 OCtOBER 2012 10.00 tO 10.50

Belval: The place to be in Luxembourg

Share our expertise sector and an extensive network. The teams are 100% dedicated to the funds and mandates.The characteristics of Dutch sector funds are: a semi-open ended structure, a core investment style, no leverage, a robust governance structure including compliance, state-of-the-art reporting, long term solid returns, a seeded portfolio in the core regions and an established, diversified and young portfolio in the Netherlands.The characteristics of mandates for inter-national investments are a low risk profile and a tailor-made approach.

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StANd 324Real Estate Investment

Management bv

Dick van Hal, CEO

The remains of the steelworks are still visible

One of the main projects to be show-cased at the Luxembourg national

pavilion at EXPO REAL 2012 is the ambitious Belval urban redevelopment scheme from development partnership Agora. The massive mixed-use conversion project will see Agora construct more than 1.4 million m2 of buildings, including residential, office, leisure and research premises, on the

120 hectare site of a former steelworks. More than a third of the ambitious scheme has been completed over the past eight years, or is currently under construction. The flagship projects already under way include the University of Luxembourg ‘City of Science’ site, which will eventually house some 7,000 students and 3,000 teaching staff, and the construction of the business

and mixed-use district, the Square Mile. Agora appreciates the value of participating in the trade fair. Jürgen Primm, development coordinator at Agora, said: ‘It is an efficient show for us, it’s a place where we can test out new products and in particular get closer to the German market.’

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Countries Luxembourg

10 | EXPO REAL 2012

DeMographic changes pose a signifi-cant challenge to the future develop-

ment and prosperity of Europe’s cities. Across the continent, governments and city planners are faced with the exodus of young people from rural areas to urban centres and in-creased life expectancy. The combination of these trends is helping to alter the profiles of consumers, wage-earners and pensioners, on the one hand, and on the other, increas-es the importance of cities and urban regions at the expense of nation states. Drilling down further the situation is more complex, resulting in cities increasingly competing against each other to best meet changing demands.In terms of Europe, for both consumers and companies, country borders do not really exist any more. Both opt to move to cities such as London, Berlin or Madrid. This means the cities that come up with the right policies will likely

prosper economically and socially while those that do not risk missing out. Evolution in popu-lation segments is common to all cities but dif-ferent urban regions are confronted by unique trends that require tailor-made solutions. The situation is different in regions with a focus, say on internet technology to those with a heavy industry heritage.This dilemma is particularly acute for the real estate sector. There is no shortage of research on the impact of demographic trends on res-idential and commercial real estate develop-ments – but are they being taken into account? And how can developers deliver ‘future-proof’ projects that meet the aspirations of Europe’s evolving citizenry? The 2012 trade fair will see an ambitious conference programme – ‘Talking Real Estate: Demographics’ – which will examine these issues in depth. (See story below right for details)

IMG – Investment and marketing corporation Saxony-Anhalt

IMG is the economic development agency of the German federal state of Saxony-Anhalt. The IMG provides all services related to new business sites and supports investors as one-stop-agency – from acquisition to the start of production. In addition, IMG markets Saxo-ny-Anhalt nationally and internationally and develops tourism concepts. Saxony-Anhalt’s government is the sole IMG shareholder.Your location for site selectionYou are looking for a suitable investment site? For plot sizes, infrastructure, transport access and adjacent companies? We search our site and property database for a location tailored to your needs. We provide competent and in-dividual advice for greenfield and brownfield sites, office properties or production premises. You receive initial information within 24 hours.Your partner for subsidy and funding issuesThere are several possibilities for funding for companies intending to invest in Saxony-An-halt. We also offer consultation on public grant programmes for investment projects and arrange meetings with potential partners.

Your partner for permit assistance and full line project managementWe sort out administrative procedures to make your investment happen. You can use our network of institutions to realise your project. We identify contacts at public authorities, coordinate and negotiate for you at state, district and municipal levels, and with official bodies. We were tasked by the Ministry of Science and Economic Affairs of Saxony-Anhalt to guide you through implementation of your project.All queries are treated confidentially and the services are free of charge.

www.invest-in-saxony-anhalt.com

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StANd 332

The demographic challenge facing Europe’s cities

Who are tomorrow’s new users?

USerS of buildings are increasingly inter-national – not just in the retail and hos-

pitality sectors, but also in the office and res-idential markets. Demographic shifts present challenges for developers and investors alike. Who is coming and who is staying? What can developers do to anticipate the needs of an ever-changing population?The need to provide services and resources to different population segments with markedly different needs is perhaps one of the biggest challenges for the European real estate indus-try – and a distinguished panel will discuss these issues at a special EXPO REAL forum. The discussion – entitled ‘Migration – Who are tomorrow’s (new) users?’ – will take place on Monday October 8 in Hall A2. The mod-erator will be Norbert Schwaldt, editor of trade magazine Real Estate Industry. He will be joined by Lord Mayor of Offen bach Horst Schneider, head of research at Patrizia Immo-bilien AG Marcus Cieleback and Ingo Hartlief, chairman of Corpus Sireo Asset Management. The ‘Talking Real Estate: Demographics’ pro-gramme includes two other panel sessions.

EXPO REAL FORUM

HALL A2 StANd 540

MONdAy OCtOBER 8 2012 17.00 tO 17.50

Conferences Demographics

EXPO REAL 2012 | 11

Germany: Safe haven or new bubble?Germany remains popular with investors at home and abroad. Yet fears remain that the run on the German market by foreign investors could result in bubble-like pricing in 2013.

So will germany remain a favourite among inves-tors? Or will the market overheat? An important con-

ference event at EXPO REAL 2012 entitled ‘Germany – Still the Investor’s Darling?’ will explore the topic in depth. It’s not hard to understand why Germany remains so attractive. The economy has held firm amid the turmoil engulfing other Euro zone countries and forecasts suggest that GDP – which grew 0.5% in Q1 2012 – will continue to grow as confidence improves and domestic demand strengthens across 2013. This stable economic outlook has seen strong demand from buyers for both retail and residential assets. Last year US pension giant TIAA-CREF snapped up the 50,000 m2 Perlacher Einkaufsparadies retail mall in Munich, reflecting a net initial yield of just 4.6%. Munich’s retail market was the second-most attractive in Europe last year, whilst Berlin saw a flurry of resi-dential deals netting yields of 6%. And in May this year listed company Deutsche Wohnen beat stiff national and international competition to acquire 23,500 housing units in Germany for €1.2bn.Will this level of activity continue? Or will investors look beyond core assets in big cities in search of better returns? Among the participants discussing the issue will be Herman Kok from Dutch retail specialist Multi and Corio Germany CEO Hubertus Kobe.

EXPO REAL FORUM

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tUESdAy 9 OCtOBER 12.00 tO 12.50

German residential market holds steady

The market for german resi-dential portfolios remains

strong as investors – particularly institutions – look to buy assets with stable, long-term cashflows. Both Cushman & Wakefield and CBRE predict the German residen-tial portfolios market will reach a total turnover of at least €10bn throughout 2012 as a whole, with €6.13bn already invested during the first half of the year. The strong data – broadly compa-rable with 2011 figures – high-lights a desire among investors to opt for safe, tangible assets amid the current economic turmoil in

the Eurozone. The German res-idential market continues to be seen as one of the most attractive markets for national and interna-tional investors. But will it remain so? Conference participants can find out more about the German market and its prospects during a number of sessions over the three-day exhibition. The ‘Talking Real Estate: Financing’ series includes a detailed look at the German market, discusses strat-egies for investment and finance and looks at the specific challeng-es for the residential property sector. This series includes the

session ‘Where The Money Is: Part 1’ which will examine what institutional investors are looking for in terms of Germany residen-tial property and what areas are in demand.

EXPO REAL FORUM

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tUESdAy OCtOBER 9

10.00 tO 17.50

The Frankfurt skyline

GWS Immobilien resi in Berlin

Conferences Germany

12 | EXPO REAL 2012

vienna: Europe’s heart and trading hub

top-rated quality of life in vienna is key to success

Vienna’s deputy mayor Maria Vassilakou says the Austrian capital is international in its approach and has excellent infrastructure.

What do you hope to achieve through your involvement in EXPO REAL? Studies prove that the quality of life in Vienna is higher than anywhere else in the world. These are exactly the points we wish to make at EXPO REAL and we will profile specific urban development areas to prove it.

this year’s pavilion is called ‘vienna – Europe’s heart’ – what message are you looking to get across?Vienna is located at the heart of Europe and has gained a strong competitive position among international cities. Its significance as a Smart City, a model city in terms of climate and environmental protection, an excellent

business location, and as one of Europe’s art and culture capitals extends far beyond the Austrian national borders.

What makes vienna an attractive city to outside investors?In terms of economic performance, Vienna is among the top cities in Europe. It is also one of the most popular global conference venues, the seat of numerous international organisations – including the UN – and home to some 200 international businesses. Vienna was also ranked the leading Smart City in the world, which serves to show that there is ample room for new technologies and innovations in our city. Quite plainly, Vienna is Europe’s heart.

BahnhofCity in Vienna

Dávid Boruta CEO CroatiaVienna and austria will display these

strengths across two pavilions at EXPO REAL 2012. To mark the enhanced presence of the City of Vienna at this year’s event, the former all-Austrian pavilion has been rede-signed and renamed as ‘Vienna – Europe’s heart’. This dedicated marketplace for the Austrian capital will focus on the new develop-ments shaping the city skyline. Visitors to the pavilion will have the chance to experience a 3D presentation of the city’s key projects as well as showcases from 19 exhibi-tors. Among the urban developments to be pre-sented are the one million m2 transformation of Vienna’s Central Station (Wien Hauptbahnhof) district and the 550,000 m2 mixed-use Quar-tier Belvedere project. In addition, the deputy mayors of Vienna, Renate Brauner and Maria Vassilakouo, will both be in attendance. The national ‘Austria’ pavilion will be present for the 11th time and will host stands from 35 high-profile exhibitors. Among the companies present at the expanded national exhibition space will be Deloitte, Drees & Sommer, S+B Gruppe and S-Immo AG. Individual exhibitors from Austria are also set to enjoy an enhanced presence this year. Among the firms organising their own booths are retail specialist SES Spar European Shopping Centers and integrated architectural and engineering practice ATP Architekten und Ingenieure.

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Vienna enjoys a privileged geographical status as a gateway to Eastern Europe and Southern Germany. The Austrian capital offers developers and businesses distinct trading advantages through its participation in the pan-national Centrope project, comprising 16 cities and regions in four countries.

Maria Vassilakou Vienna deputy mayor

Countries Austria

EXPO REAL 2012 | 13

HB Reavis

Croatia is open for business at EXPO REAL 2012

Croatia will unveil its economic and investment opportunities with a large

national pavilion at EXPO REAL 2012.The Southeastern European country is de-scribed by market watchers as offering in-

teresting potential for investors. The capital Zagreb (population: 700,000) is a leading centre of education and lies at the transport crossroads of Central and Eastern Europe, with direct motorway links to many important re-gional centres including Vienna and Belgrade. The city is already host to 30,000 companies and the ‘Be CROative’ exhibition at this year’s trade fair aims to build on this success to promote Croatia’s brands.The Croatian Real Estate Association will also present several large real estate projects. Croatia is currently home to several signifi-cant developments, including the 73,000 m2 Sky Office development and the 16,000 m2 Zagreb Grand Centar office complex (pictured). These are the type of potentially high-yield-ing opportunities international investors should take note of rather than focus solely on Warsaw and Prague, Andreas Ridder, chairman for CBRE in the CEE region, told a PropertyEU investment briefing in May.Monday, the opening day of the conference,

will see the Croatian Chamber of Economy host a presentation called ‘Be CROative – Croatia – The Heart of the World for All Your Investments’. High-ranking state officials will be in attendance to give an overview of the measures the Croatian government is taking to improve the investment climate as well as the investment projects which are of strategic importance to the country’s future. HALL B1 StANd 430

HB Reavis has been present in the Croatian market for several years now, and as our first project we will be delivering a business tower project in the Zagreb down-town area. The company’s extensive experi-ence emphasises our under-standing of what is available in the market as well as what is

still missing, or could be improved upon.An average realtor’s report on Zagreb and the rest of Croatia might be slightly mislead-ing, as the numbers tend to indicate that the office market is mature. However, the moment one starts looking for A-class office space in Zagreb one will immediately see that there are not that many options available.However, with our international experience and long term hands-on approach (we have chosen locations, designed, built and oper-ated office buildings for almost two decades now), we are happy to work in a market which is likely to experience drastic changes in the approach to leasing office space in the near future. In the next five years we plan to deliver several exciting projects in Croatia, both office and retail schemes in Zagreb as well as two retail projects in the coastal area. With average yields during the recession standing at 8.25% and the vacancy rate at 13%, Croatia presents a solid and sound place to invest, as the potential for the growth is still enormous. In addition, local real estate companies affected by the credit crisis are not in a position to raise additional capital for new developments.

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Easy access to a massive market

The director of Croatia’s Chamber of Economy Silva Stipic Kobali will showcase opportunities for investment and doing business in Croatia during EXPO REAL 2012.

What message are you looking to get across with this year’s exhibition at EXPO REAL?The Croatian Chamber of Economy will present its exhibition called ‘Be CROative’ – an excep-tional project to promote Croatian products of excellence across the world. On the opening day, we will give a presentation of the eco-nomic and investment opportunities in Croatia. This will provide an overview of the real estate investment market and specific development projects, as well as an insight into the meas-ures the Croatian Government is taking to improve the investment climate.

What other efforts are you making to promote Croatia to global investors? Our task is to provide all the necessary help to investors who wish to invest and do business

in Croatia, sup-porting them in solving adminis-trative and legal procedures during the project im-plementation and providing assis-tance in finding a suitable business partner.

What makes Croatia an attractive country to outside investors?Croatia is situated in the centre of Europe and has the farthest reaching European sea inlet – thus being a gateway to Central and Eastern Europe with easy access to a market of 500 million people. Besides its geostrategic posi-tion, Croatia has a modern transport infra-structure, with five pan-European international corridors passing through the country, making it an essential part of all major European and international transport routes.

Dávid Boruta CEO Croatia

Zagreb Grand Centar office complex

Silva Stipic Kobali director Croatian Chamber of Economy

Countries Croatia

14 | EXPO REAL 2012

World of Hospitality expands for EXPO REAL 2012Expo reaL 2012 sees

the return of the World of Hospitality joint stand, presented by German trade publication hospitalityInside. This year the stand doubles in size to comprise 169 m2 exhibition space as the trade fair enhances its profile as a hospitality platform. Fourteen co-exhibitors from the hotel industry, hotel services and financing sectors are confirmed

to participate, including Accor Hospitality, InterContinental Hotels Group, Louvre Hotels and Siemens Financial Services (SFS). SFS, which has had a banking license since last year, will offer special financing solutions for the hotel industry during the event. The exhibition programme will also be supplemented by a number of conferences and networking opportunities. The Hospitality Industry Dialogue

on October 8 will examine the different models and sources of hotel financing available with the help of an expert panel. The conference will be followed by the evening ‘Bricks & Brains’ networking event.

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SPECIAL REAL EStAtE FORUM

MONdAy 8 OCtOBER 2012

10.30 t0 17.30

HOCHTIEF – making sustainable choices work Sustainability criteria have long since been recognised in the real estate industry as cost efficiency factors – because buildings that meet high ecological standards are also eco-nomical. Too little or no investment in sustainable construction increases the subsequent operating costs which have to be paid by either the tenant or the investor. However, sustainabil-ity means more than just the clever

use of energy saving measures and securing cost efficiency and environ-mental friendliness in the long term. For HOCHTIEF Solutions sustainability already begins when we draw up the individually designed, and ecologi-cally and economically most suitable concept for the property. Climate, location, function and construction style must all match together. Flexible usage concepts and creative solu-

tions help to minimise the space used. Making suitable choices – such as opting for eco-friendly and recyclable construction materials – con serves resources. Environmental concepts extending as far as renaturing entire zones reduce the project’s impact on nature. Nonetheless, a property must also be financeable, licensable, letta-ble and sellable. As a project develop-er, we must therefore constantly ask Rainer Eichholz, CEO

Hospitality is big business

Sectors Hospitality

EXPO REAL 2012 | 15

ISA moves sustainability to the mainstream

2010 prize winner Palmas Atlas Technological Center

what is important for investors, users and municipalities. Only in this way can we realise projects today that are still future-proof tomorrow – and that is precisely what has to be at the heart of the sustainability debate.

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ISa is the global network of owners, developers and occu-

piers dedicated to improving the sustainability of commercial real estate. ISA is publishing its 2012 benchmarking report at EXPO REAL – this details the energy, water and waste performance of offices, retail and other property types across Europe. Membership of ISA is a key component of the sustainability strategy of organisations such as Aberdeen Asset Management. Edward Pateman-Jones, property sustainability manager at Aberdeen, says: ‘As a global asset manager Aberdeen Asset Management has a responsibility to respond positively to environmental issues. This means being informed and engaged with other leaders in the field of property sustainability. As a founder member of ISA, Aberdeen is actively engaged in sharing data to support and develop industry leading sustainability standards. The ISA system allows us to achieve this through benchmarking environmental performance at an individual asset level.’

Property ‘Oscars’ for innovative projects highlight green returnsAwareneSS of the financial

value and operational advantages offered by sustainable developments has grown sharply in recent years. Sustainability is a core consideration of any new development and is already being successfully put into practice in numerous locations across Europe. The most innovative projects will be on display at EXPO REAL when it hosts the award ceremony for the 2012 Prime Property Award. The ceremony forms part of this year’s Sustainable Investment Conference, a special industry forum organised by Union Investment to focus on sustainable portfolio management and green letting strategies. When Union Investment launched the bi-annual award in 2008, the initial aim was to recognise best practice within the relatively new field of sustainabil-ity. Four years later, the award recog-nises investors who have implemented European real estate projects that combine commercial success with eco-logical and sociocultural sustainability in exemplary fashion.The 2012 award saw more than 160 projects from 19 countries submitted for consideration. The jury evaluated all entries and in March a total of 31 projects from 12 countries were selected for the second phase. Among the developments under consideration

for a prize are the ThyssenKrupp Quartier in Essen, the Skygarden in Munich, the Crown Plaza Copenhagen Towers and London’s redeveloped Great Ormond Street Hospital.The final winners will be chosen following a series of site visits and analysis of additional sustainability data and will be announced during the trade fair. In 2010, one project each in Spain and Switzerland and three in Germany were awarded prizes. The prize for the best sustainable real estate investment project in Europe went to Bovis Lend Lease for the Palmas Altas Techno-logical Center in Seville (pictured).

PLANNING & PARtNERSHIPS FORUM

SUStAINABLE INvEStMENt

CONFERENCE

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Sustainability at work

Sectors Sustainability

16 | EXPO REAL 2012

An American afternoon in Munich The north american commercial real

estate market will come under the microscope at EXPO REAL 2012 during a special conference initiative. The ‘American Afternoon’ forms part of the INVESTMENT LOCATIONS FORUM and will examine current trends and innovations in the US and Canadian markets. The first of the three dedicated conferences is entitled ‘The US Real Estate Market: What are Investors Doing?’ The past year has seen many global investors increase their alloca-tions to US real estate in response to the Eurozone crisis. Property market fundamen-tals in the US have improved as a result – but will the trend continue? The discussion will see representatives of three major investors discuss their strategies for US real estate. Canada comes into focus during the second conference entitled ‘The Canadian Real Estate Market: Still Going Strong?’ The country weathered the financial crisis much better than other G7 nations, thanks to its com-modity-driven economy and strong banking system. Canada’s real estate markets have proved to be among the world’s most stable – but for how long? The last event – ‘Real Estate Finance: What Can Europe Learn from the US?’ – will see representatives of US lenders discuss their

approaches for lending on real estate and the challenges that lie ahead for European inves-tors looking to enter this sector. The host for this special conference will be Bradley Olsen, president of cross-border real estate specialists Atlantic Partners.

INvEStMENt LOCAtIONS FORUM

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Special focus on BrazilAt a time of increasing uncertainty about

the direction of the economies of mature markets in Western Europe, growth markets elsewhere are capturing the attention of global investors. Investment flows into Brazil have increased markedly in recent years – the first half of 2012 alone saw a 260% spike in foreign direct investment to $38.5bn.With the opportunities for logistics and com-mercial developments offered by Brazil’s status as host nation for the 2014 World Cup and 2016 Olympic Games, investment flows are set to increase still further. Yet could this market run result in a price bubble in the coming years? Will the market overheat or will Brazil deliver safe returns for some years to come? The Brazilian commercial real estate market will be examined during two special

conferences at this year’s EXPO REAL. The conferences will be held in conjunction with local property investment guide Vida Imobiliara and will feature prominent guests represent-ing pension funds, developers and RE services companies. The first forum will introduce the Brazilian real estate market and the opportunities it offers outside investors and will take the form of a 50-minute session with three presentations followed by a question and answer round. The second forum will examine the Brazilian invest-ment market in detail with representatives from pension funds and investors in attendance.

INvEStMENt LOCAtIONS FORUM

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Warsaw set to host new airport development

AMong the flagship projects on display at the Poland national

pavilion is the ambitious Chopin Airport City development. Developed by ‘Polish Airports’ State Enterprise, Chopin Airport City is the first of its kind carried out in Poland. The new office and retail complex, situated in the heart of the rapidly growing Polish capital Warsaw and next to the country’s largest airport, will house some of the country’s most prestigious business sites. The next 10 years will see a 22 hectare site in the south of the city transformed into a modern business park with recreation and entertainment facilities. The development will host more than 170,000 m2 of lettable space across 17 buildings. Key features planned include a major conference centre, several premium class hotels and a surrounding landscaped park. Chopin Airport City will also boast direct train connections with Warsaw city centre and other Polish urban centres.

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Panel discussions will focus on America

Countries USA/Brazil

EXPO REAL 2012 | 17

Poland makes EXPO REAL return

PoLanD has seen deal transactions worth €877m during the first six months

of the year – representing 70% of the trans-actions recorded in the entire CEE region during that period. This interest in Poland among investors and developers alike shows no signs of fading, ensuring that the Polish national presence at EXPO REAL will be a significant attraction. This year’s Polish exhi-bition space will comprise 870 m2 and plays host to 38 exhibitors from across the country over three joint stands. Local government agencies and municipal authorities will be well represented and the Polish Information and Foreign Investment Agency will also be present. Much of the growth in the Polish real estate market has been driven by developments on plots of former government land and visitors will be able to see future oppor-tunities for themselves. The metropolitan area of Silesia will enjoy the biggest presence. The region’s 270 m2 exhibition space will host presentations from cities including Katowice and Tychy, developers and the Upper Silesian Industrial Park – a special economic zone offering a number of tax incentives for foreign firms. The Polish capital Warsaw remains the financial and economic hub of Poland and offers significant investment opportunities. The city has invested heavily in its transport infrastructure and has enjoyed strong year-on-year rental growth over the past few years. The Warsaw joint stand will play host to large developers including Skanska and BBI, and will also showcase the ambitious redevelopment of Chopin Airport City. Dignitaries in attendance will include several city mayors as well as the Council of State of the Polish Embassy in Berlin. HALL A1 StANd 22, HALL A1 StANd 135,

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TriGranit has been an active player in the market for 15 years so participating at the 15th EXPO REAL trade fair in Munich this year cannot be more appropriate. As one of Europe’s leading property developers, it is the ultimate opportunity to meet and discuss with our peers during these challenging times.Poland has always been the flagship desti-nation for our property development activ-ity. Our investment in Poland has reached around €1bn, the total completed develop-ment area is over 500,000 m² and currently we’ve some 350,000 m² under construction, including retail and offices developments in Krakow and Poznan. TriGranit opened its first shopping centre in Katowice seven years ago, followed by the successful Bonarka City Center in Krakow, the Katowice Oak Terrac-es residential complex in 2009, and the B4B office project first phase in 2011. In Poznan we are making the most of our experience in transforming train stations into new city centres following the successful redevelop-ment of the WestEnd City Center in Budapest and Emonika City Center in Ljubljana, which is currently in the initial stages. Our expertise and our long-term commitment to Poland

will create a new centre and meeting point for Poznan citizens.One of the key factors in TriGranit’s success is our focus as a regional developer. We are a multicultural team combining different cul-tures and experiences and we are confident about the future. Central and Eastern Europe and its secondary cities with a population of between 200,000 and 500,000 will continue to be an attractive target for foreign inves-tors, especially in Poland.

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To be there is a must, to be seen is an opportunity

Árpád Török, CEO

Poland remains the star of the Central Eastern Europe (CEE) real estate market.

The Silesia region will have an important presence

Countries Poland

18 | EXPO REAL 2012

Public or private? Which way for funds?

Where’s the money flowing?

In a panel session entitled ‘where the money is, Part II – What are institutional

investors looking for in Europe, and where exactly?’ experts will examine the diversity in strategies and scale seen amongst institu-tional and private investors and ask how these can be matched by the diversity of locations and market segments in Europe.Institutional investors eying real estate oppor-tunities in Europe have plenty of options. But one tried and tested route for newcomers is to start with the leading international capitals. As the most liquid market within Europe, London invariably heads the shortlist so it

came as no surprise that this was the first port of call for Norway’s sovereign wealth fund after it announced plans to set aside the equivalent of €16bn to invest in real estate in the coming years.Chicago-based investor Heitman has formed alliances with specialists in their fields, but the private equity group has taken a more adven-turous route, heading east first to form a joint venture with Budapest-based developer Trigranit for assets in Hungary and Croatia before teaming up with UK-based Signature Senior Lifestyle.During the panel, Heitman’s managing director and co-head of Europe Rob Reiskin will discuss why Heitman has opted to develop, own and operate senior care communities in London while Mike Sales of Henderson Global Inves-tors and Rob Wilkinson of AEW Europe will comment on the opportunities they see in the retail, logistics and debt markets.

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tUESdAy 9 OCtOBER 2012 16.00 tO 16.50Rob Reiskin, managing director Heitman

Institutional real estate investors have plenty of options to choose from and show great diversity in strategy.

Matthias Thomas, CEO INREV

One of the more timely panel dis-cussions to be held at this year’s

event will focus on the question ‘Public or private? The future of investment vehicles.’ Traditionally, open-ended funds have been a mainstay of Germany’s real estate market. But their dominance as the vehicle of choice for private inves-tors may be eroded if the government pushes through with its plans to ban them as part of the implementation next year of the AIFM Directive into German law. Opponents have fiercely rejected the plans, and claim that a ban on new open-ended funds in Germany would force many retail investors out of the property market. With the listed sector still accounting for little more than €10bn in Germany, or under 2% of the total for Europe, there do indeed appear

to be few public alternatives for this group of investors. At the same time, proponents of listed property companies in Germany are seeking to exploit the opportunities to develop this segment of the market. One thing is clear: the non-listed real estate sector dominates not just in Germany, but also in Europe and the rest of the world and that is not likely to change any time soon. Matthias Thomas, brings a broad perspective to the discussion in his capacity as CEO of the European Association for Investors in Non-listed Real Estate Vehicles (INREV) as does Adam Calman, principal at The Townsend Group, one of the leading real estate investors in the US. They will be joined by Knut Riesmeier, managing director of Dr Riesmeier Real Estate Capital.

EXPO REAL FORUM

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Conferences Finance

EXPO REAL 2012 | 19

Retail Dialogue: time to talk shop

InveStMent in retail property has largely held firm over the past 12 months while developers are

enjoying strong returns in new markets in Central Europe, Russia and Turkey. The challenges and op-portunities facing the retail sector will be debated in depth during the SPECIAL REAL ESTATE FORUM entitled ‘Retail Dialogue’. This forum will comprise four conferences where recognised experts will present their projects, explain their expansion strat-egies, answer questions and engage in debate. The first conference, ‘Choosing a Location – the analysis and the reality. On the role of market and sector reports’, will examine the role of market and sector reports in helping retail developers decide where to place their projects. Participants will include Joachim Will, managing partner of retail specialists ecostra GmbH. The second session, ‘Who wants to go where? Expansion strategies of the retail sector’, will examine expansion strategies within the retail sector. Many retail groups have quite different strategies for growth, with some looking to the domestic market and others venturing abroad. The conference will examine which locations and which properties are best suited to each market. E-commerce has set new rules for real estate companies in the retail sector – but do ‘clicks and mortar’ outfits pose a threat to more traditional retailers? Or are there also positive effects of this co-existence? The third meeting, ‘How is online shopping changing the face of conventional shopping?’, will explore this issue in depth. The final conference, ‘The boom in retail property: Who is driving it?’, will look at current market con-ditions. Will the sector enjoy continued growth or will we see a decline in its fortunes? The partici-pants in this conference include Steffen Hofmann of Henderson Global Investors.

SPECIAL REAL EStAtE FORUM

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Developer ece showcases german retail presence

GerMan developer ece will showcase three major retail projects

at this year’s Munich trade fair. The flagship developments – all based in Germany – are among 19 shopping centres the company currently has under construction or planned across Europe. Pride of place at ECE’s 165 m2 stand will belong to the new ‘Stadtgalerie Kaisers-lautern’ shopping gallery. The development (pictured) will see a new retail hub of ap-proximately 24,000 m2 erected on the site of the former Karstadt building in down-town Kaiserslautern. Planning permission has already been granted and construction is scheduled to begin in spring 2013. The retail centre forms part of the wider ‘Neue Stadtmitte Kaiserslautern’ urban re-development project, which is set to trans-form a previously neglected quarter of the

city. The ECE stand will also host a state reception to mark this new scheme. Two further flagship projects will also be on display. The Skyline Plaza will comprise 38,000 m2 of retail space in the heart of Frankfurt’s new Europaviertel district. The project is scheduled to be completed in autumn 2013 and will boast restaurants, a spa centre and a 10,000 m2 roof garden offering views of the Frankfurt skyline. The Stuttgart Milaneo project will see the construction of a new urban quarter comprising a 43,000 m2 shopping centre with adjacent hotel and residential buildings. The utilisation mixture is supplemented with approx 7,400 m2 floor space for offices as well as an underground car park.

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The retail real estate sector has remained strong despite uncertain economic conditions and falling consumer spending.

Stadtgalerie Kaiserslautern

Conferences Retail

20 | EXPO REAL 2012

Heino Vink, CEO Multi Corporation

Multi has participated at EXPO REAL for more than 12 years. The German and Central and Eastern European markets are very important for us. The level of interest in and desire for our projects in these markets guarantee a busy and informative three days for all of us at Multi.

Ulrich Höller, CEO of DIC Asset AG

Nothing brings the EXPO REAL fair to life like the great international networking opportunities among highly reputable experts. It permits differentiated consensus-building regarding developments in our industry. This is particularly important because we all have a hard time gauging economic developments.

Reinhard Kutscher, chairman Union Investment Real Estate GmbH

The European investment markets face growing headwinds and the focus on office markets with low downside potential has noticeably

increased. For investors like us, looking to carry out transactions totalling €2–3bn a year,

EXPO REAL is an unmissable opportunity to take stock and consider our future direction.

Dr Wolf Schumacher, chairman of the management board Aareal Bank Group

EXPO REAL is a central meeting point for the international property sector, enabling senior

management to share their opinions. These include social mega-trends from which the

property sector will sustainably benefit. On the other hand, the numerous regulatory changes will continue to be the focus of our attention.