REVIEW INDEX

OVER AND OUT I 4 IN NUMBERS THE YEAR IN REVIEW MEET THE JURY I 7 6m+ THE 2019 CEEQA JURY GLOBAL REACH CEEQA 2019 IN PICTURES I 9 JURY DINNER, AWARD WINNERS, THE PARTY & THE PEOPLE 50k SECTOR REACH THE ENTERTAINERS I 13 BOOMTOWN RATS, ME MYSELF AND I, ELECTRIC GIRLS, DJ TRENT, HYPNO & FRESH, MIMELLO 1,140 CEEQA INSIGHTS I 15 LITRES CHAMPAGNE & WINE AI MEETS CRE DELOITTE PREDICTIONS I 18 871 LIFETIME ACHIEVEMENT IN REAL ESTATE I 26 GALA GUESTS PAWEL DĘMBOWSKI GRAND AWARDS I 27 577 BUILDING AWARDS I 33 ENTRIES COMPANY AWARDS I 36 AGENT AWARDS I 39 229 SHORT LISTED NOMINEES ZOOKEEPER’S VILLA I 40 THE JAN & ANTONINA ZABINSKI FOUNDATION JURY BIOS I 43 23 WINNERS 35 JURORS 21 ENTERTAINERS 1 BOOMTOWN RATS

THERE’S ONLY ONE CEEQA GALA AT THE CENTER OF WHAT’S NEXT

2019033825_PA_Immobilien_CEE_Wars_Sawa_EN_CEEQA_140x220_39L

Wars Sawa Junior Retail Poland PHOTOGRAPH BY RAFAŁ NOWAK RAFAŁ BY PHOTOGRAPH OVER AND OUT

Warsaw Spire Florence Office Galeria The Park Warsaw Nova Karolina Center Sloneczna NO STEPS BACKWARDS. Office Office Retail Office Retail Poland Czech Republic Poland Poland Czech Republic That’s the CEEQA motto, examining each element of the awards process and event But we like to pack up tents always Higher returns through bespoke solutions. delivery mix with a view to improving thinking this one was the best, thankfully each small piece of the jigsaw, and the overwhelming feedback is that it was. In the real estate business, we are the experts for your bespoke financing thereby hopefully the overall platform Job done, market successes recognised, solutions. Our solutions are finely tuned to your needs and encompass a com- and market value proposition. Boomtown Rats come and gone – wow, prehensive spectrum of services. As your partner in national and international that was something – and all the other markets, we give your project the drive it needs to succeed – competently, It’s difficult to say which was the most sound and vision experiences, and of reliably and over the long-term. successful CEEQA ever, because each course few people who were there will one is so very different. Like snowflakes, forget the story of the zookeeper’s villa present for an instant then melted away, and the soft launch of the Jan & Antonina Values with impact. leaving an imprint of different messages Zabinski Foundation. and memories, and little white statues scattered around the market place. Jeffrey Bernard is Unwell.

2019033825_PA_Immobilien_CEE_Wars_Sawa_EN_CEEQA_140x220_39L.indd 1 20.03.19 13:49 OUR CEE TEAM IS ALWAYS BEHIND OUR CLIENTS

CAPITAL MARKETS OFFICE

EUR 5.5 BILLION 815 000 sq m volume of investment transactions leased

RETAIL INDUSTRIAL

350 000 sq m 1 080 000 sq m leased leased

PROPERTY DEVELOPMENT MANAGEMENT SERVICES

5 500 000 sq m 2 000 000 sq m under management technical due diligence THANK YOU

For those of you that don’t know the Keith to our Clients and Friends Waterhouse play, Jeffrey Bernard was a famous louche around Soho in London for the most part of the 20th Century, best known for his “Low Life” column in Jeffrey Bernard was best known for his Spectator the Spectator magazine described as column Low Life, described by Jonathan Meades Paweł Dębowski a “suicide note in weekly instalments”. awarded CEEQA ‘Lifetime The magazine would frequently carry a as a “suicide note in weekly instalments”, one-line apology on a blank page when which ran in the 1970s. Achievement in Real Estate’ he was too drunk or hungover to produce the required copy and a substitute article could not be found before the deadline for publication. Dentons awarded CEEQA ‘Legal & Financial Don’t be alarmed. I’m neither drunk nor hungover as I write, but I have been a Consulting Firm of the Year’ little unwell of late, which only added to the pressure and workload of getting for nine consecutive years CEEQA over the line this year, and inevitable relapse. The doctors weren’t very understanding.

All of which is simply to say that my intro to this year’s Review is more abbreviated than usual, as Richard Hallward is unwell. But there are plenty of stories Navigate the world and pictures and insights and results in this issue to paint the picture, and all with REal market leaders participants and collaborators will know we’re grateful for their participation and revel in their successes, and we hit all our marks.

Future plans and dates to be announced shortly.

And if any company still wants to join the group of founding sponsors of the Jan & Dentons. The world’s largest global elite law firm. Antonina Zabinski Foundation please do contact me, you know where to find me. This is more important than my health, please see p. 40 for info. www.dentons.com Thank you for your understanding.

Richard Hallward © 2019 Dentons. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. This Founder and CEO publication is not designed to provide legal or other advice and you should not take, or refrain from taking, action based on its content. Please see dentons.com for Legal Notices.

CSBrand-17260-Real Estate ad_CEE Quality Awards post event guidebook — 03/06/2019 REVIEW

short list and eventual winners through a rigorous THE ENTRIES FOR THE CEEQA AWARDS procedure closely monitored by Deloitte. ARE JUDGED BY A GROUP OF THE MOST EXPERIENCED AND INFLUENTIAL JUDGING FROM EXPERIENCE The year’s judges were selected to ensure OPERATORS ACROSS THE CEE AND balanced geographical and segmental market SEE PROPERTY MARKETS. coverage in collaboration with the CEEQA Agent Partners group of international agents comprising BNP Paribas, CBRE, Cushman & Wakefield, JLL and Savills. his year’s jury panelists were memorably Once the jury was selected they were asked to distracted ahead of the final round of make their nominations for the year’s awards in all judging at the CEEQA Jury Dinner when categories, the nominees were then invited to submit band members of the Boomtown Rats an entry form. descended on the pre-dinner reception, then All entry forms were reviewed and scored in an Tproceeded to work the room like seasoned business online voting process (first round of voting) to provide professionals. The band was in town preparing to lead the awards short list. The winners in each category the entertainment at the CEEQA Gala the following were selected from the short list at a meeting of the evening, their visit giving the judges a lift before the jury on 14th May, the day before the CEEQA Gala (final serious work of selecting this year’s winners got voting round). All voting and results were kept strictly under way. The integrity of the CEEQA judging process, confidential prior to the announcement at the CEEQA from selection of the jury to the final results, is vital Gala. to the unique esteem and market value in which The annual CEEQA Gala attracts 900 of the sector’s the awards are held. Each year, a panel of judges is most influential business leaders and decision selected from senior management representatives of makers in commercial real estate investment from market leading companies active in the sector who more than 50 countries and is the sector’s flagship are charged with nominating candidates in 23 award annual gathering. categories, before inviting them to submit entry forms. Our gratitude to the members of the 2019 CEEQA The jury then assesses all the entries to decide on the Jury.> JURY MEMBERS

INDUSTRY Ioana Niculeasa, Rafał Nowicki, Erik Drukker, OPERATORS Head of Real Estate, CEO Poland & Russia, Managing Director NNDKP Apollo Rida Central and Eastern Europe, Arkadiusz Rudzki, Kirsten Felden, Richard BNP Paribas Managing Senior Investment Wilkinson, Real Estate Director Poland, Manager Chief Financial Officer, Skanska Commercial for CEE Region, CTP Jonathan Hallett, Development Europe Union Investment (MRICS) Executive Real Estate Robert Dobrzycki, Partner, Arvi Luoma, Chief Executive Officer Head of Central Managing Director, Liad Barzilai, Europe, & Eastern Europe, Head of European Group CEO, Panattoni Europe Cushman & Wakefield Investments, Atrium European W. P. Carey Real Estate Tomasz Stasiak, Marcin Partner, Klammer, David Yearn, Mark Rea, Wolf Theiss Chief Executive Business Managing Partner, Officer for Central Development Sentient Victor and Eastern Europe, Manager CEE, Constantinescu, BNP Paribas First Title Martin Erbe, Partner, Head of Real Real Estate Head of International Estate SEE, Dieter Knittel, Real Estate Finance Kinstellar Mike Atwell, Head of International Continental Europe, Lead Director Capital Real Estate Finance Helaba Vladimir Bolek, Markets CEE, for Central Member of the Board, JLL and Eastern Europe, Nicklas Lindberg, IAD Investments PBB Deutsche CEO, Richard Pfandbriefbank Echo Investment Curran, (MRICS) Managing Evan Lazar, Peter AGENT Director Co-Chairman, Heckelsmueller, & STRATEGIC Czech Republic, Global Real Estate, Head of Acquisition PARTNERS CBRE Dentons CEE, Deka Immobilien Tina Paillet, Ferdinand Ben Maudling, (MRICS) Chair Baggeroer, Peter Morris, CEO Czech Republic of the Board, Europe, Board Member, Owner & Managing & Slovakia, RICS cmT Director, Gage Partners Savills Tomasz Buras, Gijs Klomp, Peter Szamely, Charles Taylor, CEO Poland, Investment Director, (MRICS) Head Managing Partner Poland, Savills NEPI Rockcastle of CEE & SEE, Cushman & Wakefield Hypo Noe Tomasz Trzósło, Ian Booth, Daniel Bienias, Managing Director Partner, Head of Petr Panek, (MRICS) Managing Central & Eastern Poland, BuroHappold Head of CEE Real Estate, Director Poland, Europe, Engineering White & Case CBRE JLL

*See pages 43-47 for more information about CEEQA 2019 jurors REVIEW IN PICTURES 2019 JURY DINNER & FINAL JUDGING ROUND, Raffles Europejski Warsaw REVIEW IN PICTURES 2019 GALA - THE WINNERS, THE DINNER, THE PARTY, THE PEOPLE Minska 65, Warsaw REVIEW IN PICTURES 2019 GALA - THE WINNERS, THE DINNER, THE PARTY, THE PEOPLE Minska 65, Warsaw REVIEW IN PICTURES 2019 GALA - THE WINNERS, THE DINNER, THE PARTY, THE PEOPLE Minska 65, Warsaw REVIEW

Rats in Town! Time to believe. Time to invest. www.erstegroup.com Boomtown Rats

THE BOOMTOWN RATS, LED deserved reputation for being a source of world-class We believe. We enable. entertainment, with recent editions of the event BY FRONTMAN BOB GELDOF, having attracted live performers such as Morcheeba, Marriott Hotel, Warsaw PERFORMED AT THE 2019 Macy Gray, Bonnie Tyler, Kim Wilde, Bananarama Multi-use real estate property, including CEEQA GALA and Hot Chocolate. the country’s biggest 5-star hotel with 523 This year was no less exciting. Iconic band guest rooms and more than 25,000 m² of The Boomtown Rats, with Bob Geldof, Garry Roberts, exclusive inner-city offi ces and retail areas Peter Briquette and Simon Crowe, performed at this in an outstanding downtown location. rom the glamour of the year’s CEEQA Gala. Originally from rural Ireland, Owned and managed by Golden Star Estate champagne reception and gala The Boomtown Rats entered the music scene in the – fi nanced by Erste Group. dinner to the legendary CEEQA mid-1970s and soon after released such chart hits as afterparty including bars, “Rat Trap” and “I Don’t Like Mondays.” In the following Commercial Real Estate Finance – bands and more, the climax of decades, Geldof’s anti-poverty activism brought him Your Banking Partner for Central Europe. Fthe sector’s most prized and trusted global icon status. He was behind the Band Aid and industry awards is a must-attend for Live Aid initiatives of the 1980s, which raised money anyone involved in “New Europe” real for famine relief in Ethiopia, and the Live 8 benefit estate. CEEQA has long enjoyed a well- concerts of 2005. The Boomtown Rats split in 1986 but reformed in 2013 without two former members. > REVIEW

Me Myself and I

Electric Girls

CEEQA has long enjoyed most works. The beatboxer adds a pinch of hip-hop- a well-deserved reputation for being drum-and-bass flavor to it. They perform primarily the original repertoire, sometimes enriching it with a source of world-class entertainment standards and re-composed classical and traditional music. In their repertoire they also have a set of processed works by Fryderyk Chopin. The Gala also featured Electric Girls, a highly popular Polish cover band that comprises four charismatic club artists – a DJ, a vocalist, an electric “The rebuilding of Central and Eastern violinist and a saxophonist – and performs club Europe after the successive ravages of and pop songs known from music stations. One of the Second World War and Communism is the most appreciated bands in the country’s event an important cause as well as a capitalist industry today, Electric Girls call themselves “an opportunity. We’re delighted to be invited energy bomb in heels.” to perform for this crowd and look forward Techno DJ Jake Jephcott (by day director of to this great event,” Geldof said before the business development at the Olivia Business Center gala. office complex in Gdańsk, by night known asDJ Other live performers at this year’s Hypno) provided – along with DJ Fresh – a late night CEEQA Gala included Me Myself And I, a set at the Gala. CEEQA’s “house DJ,” DJ Trent, also band comprised of two vocalists and a performed there. Last but not least, Mimello – a human beatboxer. They last performed at group of artists representing such artistic fields as the Gala in 2011. Due to its use of vocal fire dancing, clownery, pantomime, gymnastics, stilt processors (harmonizers), the band turns walking, ground and aerial acrobatics, stage magic into a multi-person choir on stage. They and juggling – made sure that the event was real are open to all influences and their music fun, like it always is. CEEQA’s stalwart mime group, has become a mixture of styles. The Mimello brought so much colour and audience singer, singing scat, introduces to the band discipline to the proceedings during both this year’s a jazz-rock trip vibe. Classically educated and previous editions of the Gala. opera singer (bass-baritone), Majeran, is Mimello also a composer, arranger and producer of REVIEW

Artificial intelligence (AI) has been making Meanwhile, a number of other serious chal- inroads into the commercial real estate in- lenges lie ahead. Deloitte has shared with dustry, with more and more of the market’s us some of their predictions regarding ma- stakeholders now testing the potential uses jor real estate-related trends. Data-driven of AI-based applications in all kinds of prop- business models will change the property erty-related processes. What kind of oppor- industry by improving performance and prof- tunities and risks will those applications itability. Who will benefit from them? Modern bring? Which obstacles stand in the way of buildings are more and more interconnect- the implementation of this revolutionary ed and dependent on technology, but how to technology? make sure they are resistant to cyber risks? REVIEW FEATURE REVIEW FEATURE

he increasingly rapid evolution of AI carries many opportunities but also threats, the end of the spectrum being the real, if so far manageable, risk that super-in- Ttelligent, self-determining and self-dupli- cating AI (fully autonomous robots) could swiftly dispense with these pesky human AI beings – by this point maybe human slaves – that need places to live, work and play, need food and water in an over-heating cli- mate, and are the closest thing they have to a survival threat. Imagine what that would do to real estate asset values. In the more MEETS immediate term, the positive potential of AI-driven innovations for commercial real estate is growing clearer, from construction innovation to property management sys- tems and asset valuations... Deeper chang- es lie ahead. “This technology is bigger than anything that has come before, apart from the First Industrial Revolution,” argued Tina Paillet, chair of the European board at RICS. CRE In her opinion, we will continue to see a shift in the way real estate professionals do business in the years to come. For now, the available solutions often re- main less advanced than they could poten- tially become in the future as many of them ARTIFICIAL INTELLIGENCE need programming and are not capable (AI) HAS ALREADY STARTED of fully autonomous action. Yet even with REVOLUTIONIZING THE such limitations, they are already exerting a major impact. AI can mean many different COMMERCIAL REAL ESTATE things, but if one thinks of sophisticated MARKET GLOBALLY. IN THE CEE/ task-oriented applications then its presence SEE REGION, THE PROCESS IS is clearly growing, especially in new assets, said Tomasz Buda, a senior business JUST BEGINNING BUT IT IS SET analyst and database architect, corporate TO GAIN MOMENTUM finance and valuation, at Savills.> IN THE NEAR FUTURE REVIEW FEATURE REVIEW FEATURE

OPTIMIZING COSTS Paillet said. In Europe, the trend towards using artificial The area of property management, intelligence in the commercial real estate market is not where the latest software enables owners yet as strong as it is in the US, with cost and know-how to make cost savings, is a good case in requirements constituting major entry barriers for point. Solutions have appeared that allow many of the industry’s players. for the reduction of energy costs through However, many of the biggest real estate compa- real-time monitoring and adjustment of nies in the CEE/SEE region already invest significant energy consumption. Applications using AI sums in property technology, including in AI-related help to save both time and money, argued research. In many cases, this is done through support- Krzysztof Mogielski, associate director, ing start-ups that offer innovative solutions for the digital transformation, at CBRE. He added This technology is bigger than anything property market. The reason for this is often real estate that his company mostly takes advantage companies’ lack of sufficient technical competences of AI-based solutions while analyzing data. that has come before, apart from needed for the implementation of AI solutions. Some Developer Skanska, too, is now looking the First Industrial Revolution of those companies have already begun to develop at ways of using AI to analyze data coming such competences internally, which bodes well for the from building management, parking and future, Mogielski said. access control systems employed in Another problem is the strongly individualistic the company’s office buildings, revealed approaches of some of the market’s players, who have innovation manager Anna Tryfon-Bojarska. been focused on devising unique solutions rather than “We see a lot of potential in artificial intel- on using widely accepted standards. This has been ligence,” she said, adding that AI will make an obstacle when it comes to obtaining comparable the work of facility and property managers information. The implementation of AI technologies in more efficient. Skanska and Microsoft have ing development of the Internet of Things means that investment opportunities, could AI become commercial real estate is, therefore, still encountering recently signed a cooperation agreement more and more data will be available in the future. Of a part of this bigger macro-economic picture? difficulties. The limited availability of standardized data regarding the use of PropTech, including AI similar opinion was Mogielski, who predicts that in the Investors could arguably be some of the remains a major hindrance. “The transparency of data technologies. future AI will be able to create comprehensive reports main beneficiaries of its growth. is also an issue,” Buda said. In the warehouse property sector, on the development of the commercial property mar- buildings are already being equipped with ket by analyzing archives, information available on the LAGGING BEHIND FACING DILEMMAS AI-based solutions that allow for the optimi- internet and pictures provided by drones. At the moment, such questions are still According to Paillet, the situation will improve with zation of logistics processes. This is about Decision-making processes will change, with AI difficult to answer. As much there are time as demand for real-time information from all ends choosing the most efficient ways of storing able to reduce uncertainty and the cost of prediction. forecasts envisioning a very quick adoption of the industry – investors, landlords, occupiers and and packing items, as well as planning the Paillet pointed out that AI technologies mean subjective of AI solutions across CEE/SEE, some brokers – grows and the market continues to be de- best shipment routes. Robert Dobrzycki, assessments are replaced by actual data and insights, experts see them as unrealistic, pointing to fined by intense competition. Admittedly, the growth of CEO Europe at industrial space developer resulting in sound, property-specific decisions. As a the different levels of development in the AI will continue to arouse controversy and pose serious Panattoni Europe, pointed to one of his result of this improvement, more risks can be taken region’s countries. Besides, compared with dilemmas for the entire real estate industry, ranging company’s most important clients – Ama- at less risk. Yet, as Paillet noted, humans will not be a number of other industries – including from concerns of an ethical and moral nature to very zon – as a prime example. The e-commerce removed from the picture altogether. “As the cost of banking – which reacted to the technologi- practical issues such as job security. giant uses robots and other automatic prediction falls, the value of judgment will go up,” she cal revolution early on, the commercial real “It should be clear that all services, including equipment in its distribution centres. said. estate market (or at least some of it) has those that we have long regarded as the preserve of been embracing AI-based solutions rather established professions, will be affected by AI, which GETTING AUTONOMOUS DRIVING VOLUMES? slowly. will bring fundamental changes in the way that the ex- The employment of AI-based technolo- According to Buda, artificial intelligence will also “Commercial real estate has historically pertise of specialists is available to the rest of society,” gies is still at an early stage, but as confi- support investors by helping them recognize patterns lagged behind other industries when it Paillet said. Also, there is the question of the credibility dence in AI capabilities grows, the impact of and predict trends. New technologies will point to comes to incorporating advanced technol- of AI technologies. As in the future such technologies artificial intelligence will inevitably continue emerging investment opportunities and create new ogy into everyday practices and has been will not be directly supervised by people but will rather to rise, Buda argued. “In fact, there are no business models. There are already AI platforms that considered as a traditional sector, but mov- be autonomous in their execution of most tasks, spot- limits to what can be achieved,” he claimed. allow customers to locate deals and rank properties in ing forward this may no longer be the case,” ting mistakes will be very difficult, Mogielski admitted. In his opinion, we will reach the moment in terms of their development potential. AI technologies Perhaps in the years to come, as we learn to live with real estate when AI is able to make auton- also make it possible to estimate the anticipated return the inevitable changes brought about by the develop- omous decisions based on collected data. on investment of a particular property. ment of artificial intelligence, such fears will be allayed. “This will improve or replace the current How will all of this influence capital markets and Unless, of course, things get out of control and we find standards, which have been in place for investment volumes? In previous years, CEEQA focused ourselves overpowered by the technologies we have years,” Buda maintained. on such phenomena as the massive inflow of new created. The most pessimistic scenarios envision a The digitalization and contextualization capital into the CEE/SEE region and the unique, ex- This will improve or replace the current future world ruled by superior machines with humans of all documentation will translate into tended length of the current investment cycle. As new standards, which have been in place for years reduced to an auxiliary, if not a slave-like status. If that obtaining valuable data that will help with technologies are expected to translate into a faster were to happen, though, who would care about com- asset management. Additionally, the ongo- processing of deals and a better understanding of mercial real estate anymore? REVIEW PREDICTIONS

DATA DRIVEN BUSINESS MODELS WILL CYBER RISK IN THE BUILDING LIFECYCLE: CHANGE THE REAL ESTATE INDUSTRY SMARTER BUILDINGS WILL KNOW MORE ABOUT US

As technology keeps developing and becomes more affordable—for Looking ahead, the emergence of artifi- With modern buildings depending more and more on technology and both new and existing structures—and collaboration platforms, sensors, cial intelligence and machine learning can risks. A cloud security analysis should be also have an impact. For example, these becoming more and more interconnected, numerous questions are arising part of the cloud transition strategy, and a and smart devices continue to advance, the amount of data produced about their resistance to cyber risks. To optimize management and by buildings is increasing exponentially. This data can give real estate technologies can address some of today’s security risk analysis should be performed questions in regards to cybersecurity and increase cost-efficiency while ensuring access to adaptable and com- in case of any major changes in the busi- market participants (investors, asset managers, property managers, and enable additional analytics and benefits fortable living and working space, buildings are collecting and processing ness or in the supporting technology. tenants) a competitive advantage and help them avoid disruption if they which will be used in many aspects. information not just about the structure itself, but about us – including use it effectively to develop data-driven services and new business mod- To generate these digital benefits, real such technical and private data as names, IDs, photos, and videos. INTERCONNECTIVITY els focused on the specific needs of users, owners, or the property itself. estate stakeholders will need to find Protecting this data – from generation to storage to disposal – must be New buildings may incorporate standard But only a joint effort among all real estate stakeholders (constructors, different ways to collaborate. Instead of a critical part of the new, smarter building management systems. To do protocols that will facilitate data exchange investors, owners, tenants, and service providers) can optimize data to discussing who has to pay for technical this, real estate companies, third-party suppliers, and IT companies must with other smart buildings, smart city create insights that improve performance and profitability. enablement and what data belongs to ecosystems, third parties, suppliers, or whom, real estate players should recognize embed secure by design and privacy by design rules into their building even tenants, extending the potential attack development lifecycle. Written by Hendrik Aholt, Jörg von Ditfurth and Volker Wörmann (DE) that digitization means integration and surface. This clearly raises questions about networking. Success in big data will come how this information is protected in transit, with breaking up existing data silos. Written by: Marcin Ludwiszewski (PL) how the connected systems or interfaces Decisionmaking based on combined are protected, or even whether the con- n the day-to-day business of asset and data from inside and outside the building nected suppliers increase the risk profile. property management, the increasing (technical, tenancy, service, and market Tenants and suppliers alike will need to I amount of data available offers a range level) provided by different stakeholders adhere to specific security requirements to of opportunities. For example, big data will create the competitive edge. In particu- THREAT LANDSCAPE be connected so that real estate compa- can help automate due diligence as the lar, a “digital twin” of the real estate asset In their strategic planning, real estate nies are capable of managing their risks technical records and current conditions of that encompasses all the benefits outlined companies need to understand their throughout the contract lifecycle. What is building components can now be generated above (and more) has to use a collaborative business risk profile and threat landscape. more, real estate companies will need to real-time and reliably (with such technolo- platform to ensure acceptance of the data, Smart buildings and building management develop mature capabilities and cooperate gies as building information modeling (BIM) transparency, and mutual involvement. In interfaces may be exposed on the Internet, with third parties and tenants not only to and blockchain playing a role). short, tenants, investors, and servicers have attracting not only the attention of the prevent but also to detect and respond to Predictive analytics is also becoming the to be strategic partners in the future. occasional hackers who may only “check” cyberattacks. standard sooner than many might have Given the huge business potential, new if systems are vulnerable (not necessar- expected. This includes activities such as market entries from the technology sector ily knowing if they cause any disruption) CYBER RESILIENCE using information from the past to predict will most likely try to take their share of this but also of financially motivated criminal Buildings will know not only what we when technical components might need real estate data market. Drawing on their groups that act to extort money. They could do but how and when we do it. We will be maintenance or repairs. Service providers own business models for the profitable use simply change the way the building oper- recognized by the building every time we that tackle these opportunities faster will of data, those financially and well-equipped ates, making it unavailable to tenants, vis- appear in the office (facial biometric recog- become more efficient and provide better technology leaders can offer standardized itors, or third parties, or even affect health nition for commercial and office space is services. Business models based on suc- global service strategies that could disrupt and safety. Including a threat intelligence now a fact). The question is, what happens cess fees will be more common for those real estate investment managers and and risk analysis in strategic planning will if a visitor is not recognized by the building? digital servicers, which will increase their service providers. To avoid this competition, be fundamental for real estate companies Would anyone be able to control the way margins. This development can change the real estate stakeholders will need to move in recognizing such threats and in respond- the building reacts to specific people? How landscape of service providers and conse- quickly and make themselves familiar with ing to them through the development and can tenants be sure the building is resilient quently lead to market elimination and/or the potential of big data and how to convert adaptation of their security perimeters. to cyberattacks? consolidation in that sector. it into smart data—no matter if investor, To respond to these real concerns real Predictive analytics for the tenancy-side asset manager, or property manager. CLOUD SECURITY estate companies will have to adopt securi- of the building will probably take more time Similarly, for a tenant, big data can help Traditional on-premise systems like CRM, ty practices that until now have mainly only to develop but offers additional potential define future target real estate locations, re- ERP, sales, finance, budgeting, or reporting been followed by the financial industry and and will be even more relevant in the light quired space, and needed technology. This are all being transitioned to cloud, which other risk-sensitive sectors. Activities such of co-working spaces. If investors and asset not only enables tenants to compete in the can improve long-term forecasting and as red teaming or cyberattack simulations managers can assess the optimal usage war for talent but also generate the benefits planning processes. But while the cloud can help real estate companies verify of a rental space for tenants based on data from cost efficient future real estate assets. offers numerous advantages—such as whether they are resistant to cyberattacks Copyright © 2019 collected (e.g., utilization and services And just as with other real estate stake- centralized management, scalability, relia- and whether their personnel is alert to such Deloitte Development used), a perfect win-winwin situation can holders, tenants must embrace collabora- ble data storage, and enhanced automatic threats, properly trained, and capable of LLC. All rights reserved. emerge for all three parties. tion with landlords and servicers. processing—the transition can pose cyber responding effectively. REVIEW PREDICTIONS

decisions will impact the overall construc- THE NEXT INDUSTRY-WIDE tion. And the ability to monitor safety and DISRUPTION DIGITAL TWINS IN REAL ESTATE - HUMANIZING compliance in real time can save lives by Though real estate assets have been predicting emergency situations before getting progressively “smarter” across they occur. industries, the digital twin represents the BUILDINGS IN THE AGE OF INDUSTRY 4.0 Self-maintaining buildings will become next major driver of change due to its more commonplace as the digital twin can powerful predictive capabilities. Given the predict when something will fail, book a complexities involved with creating a com- In a time when technology-laden smart buildings have become an indus- gress faster, prioritizing use cases in a way contractor, guide them to the asset to be plete digital twin, the industry is currently try standard, “digital twins” are poised to deliver the next stage of real that builds momentum, realizes short-term fixed, provide specifications and historical focused on delivering value for smaller, estate innovation. A digital twin is the digital representation of a physical value, and creates the roadmap to create a information, and then generate an invoice more specific digital twin use cases. And asset, process, or system that allows for predictive modelling in order to complete digital twin of a building across once the job is done. Workplaces will take while these aren’t big enough to completely deliver proactive adjustments for assets. This technologically-enabled its entire lifecycle. Eventually, the process advantage of simulations to redefine the disrupt the industry, as use cases slow- process can deliver greater strategic value for the real estate industry as can even create a digital twin of the entire way spaces are structured and dynami- ly combine into a complete digital twin, a whole. But while digital twins are similar to smart buildings in that they property portfolio. cally reorganized, with a shift to bespoke companies will be able to optimize entire optimize operations and improve the customer experience, a twin can spaces and multimodal workstations buildings, precincts, and portfolios in every also deliver benefits across the full lifecycle of a building by simulating For example, choosing to optimize the that can respond in near-real time to the stage of the lifecycle. HVAC and lighting may not be the use case unique needs of different teams. Retail As the way spaces are designed and built complex scenarios. that redefines the industry, but strategically will take advantage of simulations to test is redefined, new business models and it makes sense. In the average commercial new store layouts and design spaces that market offerings will emerge. Buildings will Written by: Alex Collinson, Robbie Robertson, Jeremy Pitchford (AUS) office building, about 10 to 15 percent of op- engage consumers in a more meaningful become more human, with an understand- erating costs are due to electricity, of which way. The health sector will use simulations ing of human sensitivities and the capability almost 70 percent is associated with HVAC of staff and patients to minimize friction to nurture rich ecosystems. It will no longer and lighting. These are substantial costs and bottlenecks, allocate medical supplies be sufficient to just design, build, and lease largely driven by tenant use of a building. more efficiently throughout the space, and a space. The space will need to think for BUILDINGS ARE MORE THAN Digital twins will enable better visibility of optimize the rostering of staff to meet the itself and react to the world around it. And ASSETS how tenants use a building, and, in time, the current and predicted needs of patients. these large-scale changes, enabled by the InAs complex, high-value assets with an ability to simulate and forecast how tenants predictive capabilities of a digital twin, will equally complex lifecycle, buildings present will move and interact. This will allow for be the drivers behind a dramatic disruption an ideal opportunity for realizing the ben- more efficient HVAC and lighting manage- of the real estate industry in the years to efits of a digital twin. But buildings are so ment as well as a more optimal cleaning come. much more than just a physical asset. They roster while still maintaining tenant ex- are the environment in which people live pectations. In this way, it is a use case that and work, they facilitate social interactions, will drive immediate and sustained cost foster communities, and have the opportu- savings—building confidence in the digital nity to improve individual outcomes, drive twin—and pave the way for more complex loyalty, build brand, and create healthier, use cases. happier, and more productive people. SECURING THE ENTERPRISE: ASSESSING A DIGITAL TWIN-ENABLED FUTURE When creating a digital twin, approaching A digital twin expands as it incorporates it from a perspective that encompass- each new simulation and use case. The CYBER RISK IN COMMERCIAL REAL ESTATE es the entirety of a building ecosystem twin can slowly build to a complete view of allows you to optimize far more than such the entire structure across its lifecycle and Written by: Surabhi Kejriwal Lauren Hampton (US) for CRE firms, increasing access to straightforward activities as energy usage. integrate any disparate systems to create a sensitive data that can cause financial and It allows you to completely reimagine such centralized repository for all data and deci- reputational damage to owners/operators key aspects as air quality, temperature sion-making, often referred to as the digital and tenants. The question is, then, are CRE control, furnishings, and facilities in a way thread. With a digital thread and digital twin companies ready to handle cyber risks? that responds to human sensitivities and in place, the real industry shift can begin. EVOLVING TECHNOLOGIES, To better answer this, Deloitte conducted personas. Entirely new ways of designing buildings BUSINESS MODELS, AND RISKS a global survey in 2018 of 500 institutional will start to emerge as designers access As extensive technology advancements investors. The survey revealed that only BREAKING DOWN THE DIGITAL complex simulations that can provide a reshape the traditional commercial real 25 percent of respondents are very TWIN sandbox environment in which to test estate (CRE) business model, owners and satisfied with CRE companies’ cyber risk Creating a complete digital twin that can designs. operators must contend with new forms preparedness, though the rates do vary do this is a complex journey. Rather, it is The full construction process can be of risk, including cyberattacks information by geography. Given this assessment, better to break down a project into smaller, planned, visualized, and optimized before security, and data privacy. For example, CRE companies should probably consider Copyright © 2019 modular “digital twins” that can eventual- ground is even broken. Construction sites the growing use of IoT technologies such how to better balance their investments Deloitte Development ly be integrated together over time. This can be managed more effectively, with the as sensor-enabled building management in technology with their ability to manage LLC. All rights reserved. allows the development of the twin to pro- ability to predict exactly how delays and systems could broaden the attack surface growing cyber risks. REVIEW PREDICTIONS

Navigating cyber risks With the heightened risk assessment as a singular activity • Are you broadening the risk management To learn more about other factors that are threat from cyber risks, surveyed investors but rather a regular and ongoing part of agenda to include newer ones such as likely to influence institutional investors’ expect investee companies to make cyber the company’s cybersecurity policy and cyber risk? CRE investment decisions over the next security a leadership-driven business framework. • Is the CRE board and senior management 18 months, see the Deloitte report, 2019 priority, perform regular cyber risk ready to assume responsibility and Commercial Real Estate Outlook: Agility is assessments, and conduct awareness MOVING MATERIALS VALUE accountability for managing these new key to winning in the digital era. campaigns to evaluate susceptibility to FORWARD risks? potential attacks. It is imperative that CRE In the Netherlands, research into the • Are you considering a centralized companies take a proactive approach to financial activation of materials and its or decentralized approach to risk determine appropriate responses to cyber impact on the balance sheet and financial management? risks and be more secure, vigilant, and reporting is being spearheaded by well- resilient. known architect Thomas Rau and the 1 “Commission Statement and Guidance on Public Company Cybersecurity Disclosures”, Securities and Exchange Commission, “Circular Seven” (C7)—a group of seven February 26, 2018. MAKE CYBERSECURITY of the most prominent organizations 2 “3 types of cybersecurity assessments,” threatsketch.com, May 16, 2018. A LEADERSHIP-DRIVEN BUSINESS in different segments of the real estate 3 Carlos Molina, “Next-generation cyber attacks call for next-generation solutions,” CUNA Mutual Group, accessed on September 3, PRIORITY and construction industry that is seeking 2018. of asset and property management, the increasing amount of data available offers a range of opportunities. Involvement and engagement of senior to be a frontrunner in the transition to management and the board is crucial circularity. The reasoning for the C7’s to making cybersecurity a strategic range of stakeholders is two-fold. First, the business priority and maintaining it. The financial activation of materials will differ SEC’s updated cybersecurity disclosure per segment based on regulations, such as INDUSTRIAL PROPERTY: guidelines emphasize that the board of the different rules for real estate valuation directors take ownership and responsibility and depreciation. Secondly, the C7 can each for developing and supervising cyber risk share segment-specific insights and best UGLY DUCKLING NO MORE mitigation controls and procedures.1 As practices, providing a more comprehensive such, CRE senior management and boards view of materials valuation within real Not long ago, the industrial property market was considered the “ugly 100 million square feet of industrial space, should be deeply involved in developing estate. duckling” of the real estate industry. In the last couple of years, however, retailers are likely to seek even more ware- policies; framing the cybersecurity policy, The C7 research will be published in Q2 housing space going forward. roles, and responsibilities; assigning 2019 and available worldwide. The first of industrial warehouses and distribution centers, have emerged as the budgets; and tracking overall progress many steps toward a resource-efficient, most desirable assets within commercial property, generating higher FEWER SHOPS, MORE URBAN to establish and maintain accountability. low-carbon economy with sustainable rental growth and returns than other main commercial sectors – all LOGISTICS? The board and senior management growth, it is research that may very well thanks to the rise of e-commerce. Changing shopping habits and rapid should strongly consider appointing a change the potential for circularity in real population growth in major conurbations cybersecurity officer—who should be estate and construction. The perception of industrial real estate, once synonymous with noisy is fueling demand for logistics space. an accountable cyber risk strategist and trucks and dirty yards, is now changing as automation, robotics, and other However, having lost swathes of industrial advisor along with senior management—to CONDUCT AWARENESS technological advances further reshape the sector. land to other uses in the past few decades, design, execute, and align their cyber risk CAMPAIGNS warehousing supply levels are struggling to strategy with a central mandate. To do this, CRE companies should evaluate employees meet the demand. Will the solution lie in the the CRE board and senior management for their exposure to cyber risks. They retail sector? Redundant retail space could must work together rather than in silos. should conduct trainings to help employees provide that opportunity, given that the understand the potential threat and THE RISE AND RISE retail market is currently facing large-scale PERFORM REGULAR CYBER RISK implications of various types of risks, OF E-COMMERCE store closures as costs—including business ASSESSMENTS especially cybercrimes, to themselves and Online retail growth shows no signs of rates and wages—rise while sales in physi- A detailed scenario planning and cyber to the company. CRE companies may also slowing due to several factors, namely cal stores continue to fall. By its very nature, risk assessment would allow companies to need to train or hire appropriate cyber convenience, price, and free delivery. In the the retail sector is well positioned for evaluate susceptibility to cyberattacks and risk talent in their organization. Finally, United Kingdom, which has been at the servicing customers whereas the logistics identify appropriate responses. Companies companies should drive behavioral change forefront of online shopping, e-commerce sector is not. should develop a cyber risk assessment to instill the responsibility and mutual will represent 20 percent of all retail sales framework that offers guidelines to accountability for risk management among by 2020, an equivalent of almost US$23 URBAN LOGISTICS CLOSE evaluate the threat landscape and align all employees. billion. This year alone, more than half of TO THE CUSTOMER appropriate resources to manage the risk.2 online sales were made on a smartphone, Logistics space supporting last mile deliv- Bearing in mind that it is not possible to THE BOTTOM LINE: suggesting that mobile apps, including ery is ever more crucial as customers ex- eliminate risk, CRE companies should CHANGE THE MINDSET social media, are having growing impact pect shipments within two days, with some deploy advanced detection technologies Clearly, CRE boards and senior on retail transactions. Retailers, therefore, retailers even guaranteeing one-hour de- such as artificial intelligence to sense managements need to reassess their will be investing not only in websites and livery. Last mile logistics are often the most potential threats and use analytics to current risk prioritization. Some of the key apps but also in e-fulfilment centers and costly and inefficient and, therefore, online Copyright © 2019 devise appropriate response management questions they should consider are: logistics facilities holding inventory, rather retailers will look for new solutions to Deloitte Development tactics.3 It is important to not treat cyber than in physical shops. As an estimated optimize them. This will result in ever more LLC. All rights reserved. US$1 billion of online sales translates into complex supply chains—something we’ve REVIEW PREDICTIONS

have already witnessed as the customer derestimated. Automation is fast changing in co-working spaces allow for flexibility in depending on individual schedules on a enjoys a more seamless omni-channel the way industrial facilities are designed RE commitment (less office space rented particular day. The Edge hosts the same experience. Urban warehouses are likely to and utilized, as seen in fully automated on a fixed term), therefore reducing costs number of employees with half the desks be more compact and efficient with limited warehouses and fulfilment centers. This as well as an increase in the efficiency of and space as used in Deloitte’s previous of- inventories that can be modified using includes the use of robotics to move goods lettable area, thus lowering the square fice - and provides a better quality working predictive analytics and supplemented with between trucks, manage inventory, and meter per employee. environment. 3D printing. pick items off shelves without the need for However, from a risk management per- human labor. As warehouses become more spective, a co-working business model can ASSET/PORTFOLIO OPTIMIZATION INTENSIFICATION OF LAND USE sophisticated, developers will increasingly be vulnerable to an economic downturn as With the recent developments in digital The limited industrial space in urban need to deliver a product that is designed its main users can be less stable (startups, technology, companies can now extract areas will likely lead to further intensifi- to support advanced technology. SMEs, and freelancers). In addition, opera- more value from their real estate portfolio cation of land use. This includes utilizing While the potential of automation, robotics, tors of this business model usually have a management. Value creation in RE comes underground facilities such as car parks, augmented reality, and the Internet of weaker covenant than traditional com- from two sources: increasing income and developing more multi-story warehouses Things are immense, the adoption of such mercial real estate. A high fixed cost and reducing costs. Optimizing the trade-off be- as well as mixed use schemes with a light technologies might take time and will not variable income business model requires tween these two sources requires analysis industrial and residential component or so be universal. Those firms that invest in greater scale for an operator to be profita- and expertise. An important consideration called “beds and sheds.” Industrial tenants and adopt technology quicker will have the ble and sustainable. As a result, there is a in choosing among the different RE port- are also likely to move to a shared service competitive advantage. We have already trend toward vertical consolidation among folio management approaches is whether model and look to consolidate their deliv- seen how early adoption of leading-edge coworking operators, with bigger scale/ the investor has the necessary knowledge, eries alongside other firms, similar to how technologies is driving operations of some multiple location operators proving more skills, time, and incentives to effectively third-party logistics consolidate packages of the largest online retailers. Industrial successful. manage all aspects of the portfolio. Before today. real estate will be no different as the making an investment decision, there also greater use of data and analytics signifi- SUSTAINABILITY IN REAL ESTATE needs to be proper due diligence and post AUTOMATION AND ROBOTICS cantly boosts efficiency, increases business Encouraging sustainability has many transaction, efficient property and tenant New technology is already having a intelligence, and, ultimately, improves the positive impacts in creating long-term management to optimize value. profound impact on industrial real estate customer experience. value for communities, businesses, and Digital technologies can now help make but the potential disruption cannot be un- stakeholders. It helps companies attract this entire process more efficient and and keep talented employees as well as effective. A range of portfolio management promotes brand reputation. Moreover, tools - from standardized reporting solu- thanks to the new concept of “green-fi- tions to cloud-based platforms - are acces- nancing”, sustainable practices help sible from anywhere in the world. Naturally, companies widen their access to capital. moving away from manual processes to BUILDING FLEXIBILITY INTO Considering the fact that over onethird of fully digital will take time, but a flexible carbon emissions in the world come from approach will help ease the transition. REAL ESTATE MANAGEMENT buildings, more and more companies are Conclusion Given these changes in the implementing sustainability practices for marketplace, we expect the real estate their real estate. Smart buildings can also business model to become even more dis- The real estate business is currently experiencing a shift in demand away real estate operating model that has been effectively collect, control, and analyze data rupted. Many companies will need to adjust from the traditional business operating model to more flexible solutions. growing in popularity in recent years. that can help solve inefficiency problems in to this new environment in order to sustain The idea is to use space to create “a a building. their position. But though these market Technological advancements and digitization, the quest for sustainability, community of people” who share similar Building a smart, green building is trends may seem complex, they do create and changes in user lifestyles are all factors that are demanding a needs and interests but not necessarily the actually easier than it sounds considering new opportunities and can be rewarding greater level of adaptability in real estate strategic management and same employer. The concept of co-working the technological and innovative solutions for the market players that are willing to value creation. has arisen from the fundamental changes now available in the market. An example adapt. in today’s employee lifestyle and ways of is the Deloitte Amsterdam office building - Written by: Jean Pierre Lequeux Francois Guiot (LUX) working. Most notably, co-working spaces The Edge - which was named the greenest have been used to great effect by startups and smartest building in the world by the and small-to-medium enterprises (SMEs) BREEAM authority. The building utiliz- and such independent workforces as es such space efficiency practices as a REAL ESTATE, WELLBEING, AND freelancers, contract workers, and remote “hot-desk” policy, which provides space TALENT workers. Today’s employees are becoming more Studies show that co-working is a win- demanding when it comes to wellbeing, win arrangement for both employer and requesting greater flexibility and healthier, employee. Working remotely, professionals more sustainable working environments. co-working with other professionals in a The creative use of real estate can help em- space, especially one that is modern and ployers meet these demands, thus giving innovative, fosters the productivity and them an edge when it comes to hiring and creativity of employees. From a corporate retaining talent. Co-working spaces is a RE management perspective, memberships REVIEW PREDICTIONS

digital businesses. However, the Future of Work is coming. And THE FUTURE OF WORK IS CHANGING: As organizations become more dynamic it’s clear that it will impact more than just and the future becomes more uncertain, the commercial office market - whether it is likely that flexible space will play an its automation transforming the operating REAL ESTATE NEEDS TO CHANGE TOO ever-greater role within the corporate models of manufacturers or retailers using portfolio. The challenge for occupiers sensors to gather and harness consumer is to justify the additional flexibility and data in their stores. The world of work is changing. Clients in every industry are now facing increased amenity offered by the space the challenges and opportunities presented by this disruption, with much To achieve this, corporate occupiers must against the cost premium over traditional For developers and investors, we predict thought going into how work will be completed and by whom in the years be able to articulate and track the value that long-term space. For landlords and the Future of Work means buildings where to come. The real estate industry is no different, with a significant impact the workplace will deliver. For developers investors, it poses a question as to how to the talent of tomorrow will be based. The and investors, the challenge is to supply capture the premium that occupiers are building of the future needs to be designed on the physical workplace anticipated that occupiers, developers, and the market with buildings that have the willing to pay, with many considering a around what the occupier will value. And it investors will need to carefully consider. Drawing on major disruptors features occupiers will value rather than move to shorter flexible lease terms and/ must be flexible and fully enabled for the identified by Deloitte - ranging from automation and replacement of jobs just looking to optimize short-term financial or developing their own flexible office technology that is needed to manage the to diversity and generational change - we have identified four key trends returns. brands. workplace of the future. we predict the industry will need to respond to in 2019. THE WAY PEOPLE USE SPACE WILL CONCLUSIONS For occupiers, the focus must be on Written by: Ana Virginia P. Carnaúba (BRA) Chris X Robinson Russell McMillan(UK) CHANGE Real estate is an industry where maximizing the value that real estate In the past, remote working was decisions are expensive, committed, and contributes to the organization. This can be promoted to reduce cost. Today, it is staff long-lasting. Concepts such as innovation achieved through the continual optimizing who are demanding agile working. Both and “failing fast” do not sit comfortably of strategic locations, the balancing of trends drive down the amount of traditional with multimillion dollar construction long-and short-term leases, the aligning of LOCATION STRATEGY IS KEY office space required. But as traditional contracts, multi-asset global portfolios, or the physical and virtual workplace, and the Location strategies have never been office space decreases, we predict the investor demand for security and longevity placing of the user experience at the heart more important, whether driven by the amount of non-traditional space-space that of tenure. of workplace design. need to access skilled talent pools, improve supports teaming, collaboration, and co- financial performance by moving to lower working - will increase significantly. cost locations, or the need to respond to geo-political events. In the past, these Occupiers need to develop a greater were often developed in a reactive ad understanding of how they actually use PROPTECHS: hoc manner. In the future, occupiers need the space. Sensors and other building to keep these under constant review to technologies can help provide insight ensure the footprint is optimized and future as to how different types of space are PROPELLING DIGITAL REAL ESTATE requirements are anticipated, planned for, used, which in turn allows buildings to be and executed on at pace. operated at higher levels of utilization. This doesn’t mean investors are just Commercial real estate (CRE) companies haven’t yet figured out how blindly following the latest tech trend, For developers and investors, it is In addition, occupiers need to adopt fit to deal with the relatively recent emergence of real estate technology however. Investors are channeling their essential they understand the emerging out and furniture solutions that can evolve startups, known as “proptechs.” While most of the broader financial resources toward more mature proptechs: location hotspots and deliver the real in a cost-effective manner. This will require services field have made the shift to a partnership mentality, CREs late-stage funding, essentially Series C and estate required into them. This may create a move away from traditional, often rigid, continue to view proptechs as a disruptor rather than as a potential above, formed 71 percent of the total capital additional risks if it involves investing in corporate standards. For developers source of collaboration. raised by proptechs in 2018. And nearly markets that are still emerging but offers and investors, the challenge is to deliver a third of those surveyed acknowledged the opportunity to capture demand as it buildings that have the flexibility in the base Surabhi Kejriwal Saurabh Mahajan (USA) that an incumbents’ collaboration with grows. build to accommodate a wider range of a proptech will influence their future configurations and anticipate the demand investment decisions. REAL ESTATE MUST BE SEEN AS A for intelligent building data and analytics. VALUE DRIVER In contrast, institutional investors WHAT IS DRIVING THE GROWING For many organizations, real estate is FLEXIBLE OFFICE SPACE WILL clearly see the value in proptechs. In our INVESTOR PREFERENCE FOR still seen as a cost that has to be managed. BECOME PART OF THE STRATEGIC survey of 500 global CRE institutional PROPTECHS? In the future, real estate must be seen as SOLUTION investors, nearly 90 percent of respondents Proptechs’ use of existing and evolving a driver of value. It will do this by providing Serviced office space has long had a believe proptechs will have a moderate to technologies to nurture new, innovative a physical environment that has the place in the corporate portfolio, where it significant influence on the CRE industry. ideas are most likely a key factor in their employee experience at its heart and is has often been used as a tactical solution Investors plan to commit an average of 14 attractiveness to investors. Proptechs designed to promote purpose, engagement, to accommodate project or overspill space. percent of CRE capital to proptechs globally, are using technology to not only enhance collaboration, and innovation. These are all However, as the flexible office market has with unique new investments increasing transparency and operational efficiency Copyright © 2019 key in helping the organization of the future become more sophisticated, occupiers are from $3 billion in 2014 to $18 billion in 2018 but also to improve tenant experience and Deloitte Development respond to the rapidly changing demands now looking to use this space strategically – even as new proptech launches declined information flow. Ultimately, this improves LLC. All rights reserved. of this technology-enabled world. - such as accommodating high-growth sharply. both property profitability and investor REVIEW PREDICTIONS

return. Despite these advantages, many Take the case of Open Box, which proptechs struggle to survive due to lack promises automation services to real of industry knowledge, incumbents’ slow BLOCKCHAIN IN REAL ESTATE MATURES: estate companies with a robots-as-a- adoption of technology, and non-availability service (RaaS) model. The company’s of timely financing. FROM USE CASES TO PRACTICAL APPLICATIONS real estate automation engine provides automated data transfer from budgeting HOW CAN CRE COMPANIES AND function to valuation, saving hours of PROPTECHS WORK TOGETHER This year’s real estate prediction about blockchain - our fourth - marks for the years to come. There are good and monotonous and manual work. Another TO DRIVE DIGITAL REAL ESTATE? a healthy shift in perception of the technology’s impact. In our 2016 bad examples for the real estate industry example is Leverton, a company that uses CRE companies investing in proptechs to learn from as we enter the next phase in deep learning algorithms to provide real need to get more comfortable with prediction, we highlighted the great potential of blockchain for the real the evolution of blockchain for real estate. estate document abstraction services. enhancing their risk appetite and adopting estate market. In 2017, we predicted a year in which first generation Leverton’s platform uses natural language a fail-fast approach, as every proptech applications would be built - borne out by the number of proofs of con- PRACTICAL APPLICATIONS WILL processing and other machine learning investment may not generate the desired cept that were conducted. In last year’s prediction, we called for realistic TAKE THE STAGE capabilities to extract and structure returns. expectations around blockchain technology, noting that several steps One outcome of the gained insights and relevant information from complicated Companies should also consider needed to be taken in order to implement a solution, go to production, and lessons learned is that blockchain will not documents related to purchasesale, lease, looking at a more mature partnership integrate it into the daily operations of real estate companies. be an end in and of itself anymore. That is, title insurance, and mortgage transactions. with proptechs that move beyond just a the industry is moving beyond the hype. For Many proptechs are also redefining the strategic investment. It is also key that Written by: Jan-Willem Santing (NL), Tinus Bang Christensen (DEN) some use cases, the conclusion might even business by positioning the CRE asset as investors establish quantitative and be that blockchain is not necessarily the not just a physical space but as a service qualitative metrics to measure return on best solution for the problem they’re trying hub. Acting as change agents, proptechs investment from proptech investments. to solve. typically retain the core ethos of the real CRE companies may consider firm More and more there is consensus estate business – location, location, location revenue and cost-saving targets along with among early adopters about the steps that – while changing perceptions about how market penetration. Alternately, qualitative e are now encountering this new need to be taken in the years to come to the physical space is used. For instance, measures may include incremental change realism every day. And that’s why reap the benefits of blockchain. The myriad WeWork is clearly looking to achieve in tenant experience, transparency and Wthis year we’ll see a welcoming use cases about blockchain will also be more than just a functional experience by efficiency, or levels of innovation. push toward a more practical blockchain replaced by practical applications that solve providing a vibrant ambience, varied open- To learn more about investor approach. That approach is fueled by the specific challenges. The notion that block- seating options, amenities, and networking preferences for proptechs and the global significant work that still needs to be done chain is more evolution than revolution opportunities for an on-the-go workforce. fintech ecosystem, read Deloitte’s reports, in the fields of privacy, data ownership, will become more mainstream within the Proptechs also approach the business 2019 Commercial Real Estate Outlook: exchange of data based on internationally industry. with a different view of talent. Unlike Agility is key to winning in the digital era agreed standards, and improvements in the And while big real estate companies and traditional CRE companies, they tend to and Fintech by the numbers. quality of data for the adoption of block- ecosystem players are now showing signs have a larger proportion of employees chain technology in the real estate industry. of broad adoption, blockchain is continuing with either a data science or technology to be researched. Institutes that are part of background who can develop technology- INDUSTRY ADOPTION IS ABOUT the established order, such as OSCRE and based solutions at a more rapid pace than TO TAKE OFF RICS, have blockchain on their radar and incumbents. And proptechs are leaner and It’s clear that blockchain is an ecosystem are taking a position about its use for the in- faster decision-makers than their more play. The upcoming year will be all about dustry as a whole. One of the main themes traditional CRE counterparts. ecosystem innovation, with the exchange to be discussed at the upcoming 2019 of knowledge between industry leaders, World Built Environment Forum Summit in blockchain experts, and stakeholders New York is the impact of blockchain in real essential. And while adjustments and im- estate investment and transactions. provements of the technology are needed Other movements such as the IEEE - and must not be underestimated - this is Blockchain Initiative are also relevant for not the most critical factor in blockchain’s the real estate industry. And new initiatives success in the real estate industry. Rather, like FIBREE with a dedicated focus on it will be the ability to take a wide-lens per- blockchain for real estate, is beneficial for spective on your blockchain strategy that the industry. Acting as change agents, proptechs goes beyond your own innovation to create Changing perceptions about blockchain’s alignment among partners who must work application isn’t going to be easy and typically retain the core ethos of the together. some players will be disappointed about real estate business – location, location, Innovators and early adopters of its progress in the years to come. But that blockchain have already investigated the disillusionment is a healthy - even welcome location – while changing perceptions technique, learned valuable lessons from - part of any innovation lifecycle. If you don’t Copyright © 2019 proofs of concept, and have drawn conclu- fail, you don’t learn. Deloitte Development about how the physical space is used. sions about the usability of the technology LLC. All rights reserved. REVIEW PREDICTIONS

PRINCIPLES TO KEEP IN MIND estate data throughout the entire lifecycle buildings can be easily adapted to changing execution phases of building administration As the next wave of blockchain solutions of a building needs over time that can translate into and maintenance. The documentation and get underway, industry players should be • Make migration of property data through- lower costs. This also creates an increased data can be useful for designing tenders aware of and apply a few key principles out the lifecycle as easy as possible expectancy of real estate usage as the for renovation, demolition, or new develop- and guidelines. • Use blockchain technology for the ex- building can be used for a longer period of ments as well as for certification and sales/ change and verification of data time with decreased renovation costs and lease purposes. One of the leading organ- • Govern the sharing of data across myriad • Focus on the portability of real estate data perhaps lower periodic maintenance. izations in this approach is the Madaster stakeholders between applications and user groups This approach is particularly apt for Foundation, with its materials passport fast • Verify data once and re-use often - not the with the owner in control of the data and real estate with high maintenance, such becoming the global standard. For example, other way around its sharing as schools, care facilities and offices, with one of the world’s largest tech companies • Obtain data directly from its source re- reversible building design having the po- recently announced it will be working with gardless of the systems that hold it These recommendations should be tential to lower periodic inuse costs. While the Madaster materials passport and sup- • Digitize reliable verification processes of taken into account in the years to come as this definitely applies to new construction, port the foundation wherever it can. data by certified professionals new solutions are designed and imple- can it be done for existing buildings? A pos- A real estate materials passport can also • Create one single source of trusted real mented. sible solution lies in applying a materials lead to a new way of viewing the financial passport and, by extension, giving financial value of materials. One possibility that is meaning to materials. being researched is how to incorporate the raw materials identified in a material THE POSSIBILITIES OF passport into financial reporting—that is, CREATING A BETTER WORLD: A MATERIALS PASSPORT financially activating the identity of these A materials passport provides materi- materials. The idea is simple: based on als with an identity, stimulating reuse of global price benchmarks and corrected for CIRCULARITY IN REAL ESTATE AND CONSTRUCTION products, preventing material destruction, demolition, transport, and reusage costs, and making it easier to eliminate waste. A the residual value of the materials is iden- materials passport is designed as an online tified. This way, the value of real estate as- All around the world, governments, companies, and NGOs have committed library of materials in the built environ- sets is calculated more precisely. Of course, to minimizing raw material usage in the real estate and construction ment, providing one central repository of all the impact will differ among segments due industry. In the Netherlands, for example, it was recently agreed that real estate data. This data includes all rel- to varying rules on the valuation and depre- by 2030 a 50 percent reduction of raw materials usage needed to be FACILITATING THE TRANSITION evant information during the planning and ciation of real estate assets. realized. TO CIRCULARITY The potential positive impact of apply- ing circular ways of working in the real Written by: Thomas van Bergen Desie Driever (NL) estate and construction industry is huge: research shows that buildings consume approximately 40 percent of all energy and THE FUTURE OF URBANIZATION AND approximately 40 percent of all primary raw materials. And while circularity can be TRANSIT - ORIENTED DEVELOPMENT ctions like these dictate a fast achieved through a combination of material transition toward a circular econ- reuse and efficiency improvements, only omy—that is an economy where strict regulation and/or financial incentives The next generation of urban mobility presents unique opportunities for fordability and adoption. In this context, are resources and energy are renew- can achieve the desired radical change cities around the globe. Autonomous vehicles, ride-sharing services, and there innovative paradigms that can unlock Aable and regenerative and cycled back into circularity can accomplish. value for citizens, communities, and cities supply chains. Though the transition to Promoting circularity in buildings via wideranging technology adoption are set to change the transportation alike? The answer may lie in re-imagining circularity faces several barriers, there are regulation, however, ultimately comes down ecosystem and with it, the urban landscape. Tomorrow’s smart cities will transit hubs in our urban centers through also opportunities. One of the opportunities to political will—which is not expected to operate with increasing levels of connectivity, creative collaboration, and transit-oriented development (TOD). being explored is the possibility of “activat- emerge any time soon. And current circu- networked communities along with intricate and substantially enhanced The future of urbanization and tran- ing” materials in financial reporting. larity financial incentives are not as clear transportation ecosystems. sit-oriented development Use cases have shown that real estate and straight-forward as a circular office The next generation of urban mobility owners are often unaware of or underes- building’s impact on brand. As such, not Sheila Botting (CAN) presents unique opportunities for cities timate the financial value of the materials all stakeholders are motivated to support around the globe. in their real estate assets. These use cases the transition toward circularity, with many Autonomous vehicles, ride-sharing show that upon demolition of a real estate waiting for hands-on tools. n And yet, even as the future unfolds, services, and wideranging technology adop- asset, substantial financial value—adjusted Financial incentives of a circular econo- today’s average urban commuter still tion are set to change the transportation for demolition, transport, and re-usage my There are several avenues of financial I spends hours stuck in traffic, sustain- ecosystem and with it, the urban landscape. costs—can be captured. This untapped incentives that can be pursued to achieve able community building remains a chal- Tomorrow’s smart cities will operate with value can impact financial reporting, a circular way of working in the real estate lenge, and cities struggle with the cost of increasing levels of connectivity, creative Copyright © 2019 prompting the financial incentive needed to and construction industry. One example is transportation infrastructure. Unlocking the collaboration, and networked communi- Deloitte Development transition the real estate and construction increasing the adaptability of buildings. If high value of land and real estate can be ties along with intricate and substantially LLC. All rights reserved. sectors to a circular economy. a key ingredient toward transportation af- enhanced transportation ecosystems. REVIEW PREDICTIONS

TOD AND THE URBAN FUTURE income • Walkable communities that through TOD is Bond Street Station in supported the development and played a Modern cities are evolving at a rapid pace accommodate more healthy and active London. In this case, two booking halls to lead role in marketing and promoting the and exponential advancements in technolo- lifestyles the underground station were redesigned project. gy have changed the way we live, work, and to accommodate new, highly valued de- In addition to these two critical as- play. A new generation of workers not only For communities: velopment above one of the world’s most pects, the TOD Standard 3.0 outlines eight prefer to live close to work but actively seek expensive real estate catchment locations. elements that could be included in the to live closer to work. At the same time, • Long-term sustainable development of The revenue from this opportunity has planning and design of the development cities around the world have seen a rise neighborhoods \ made a significant contribution to the gov- in order to deliver projects that maximize in the use of public transport by nearly 20 • Reduction in automobile air pollution and erning authorities and supported financing benefits. percent between 2000 and 2015. In Canada, greenhouse gas emissions • Improved of transport schemes. for example, 70 percent of public transport property valuations in the community The environmental benefits that TODs • Walk: Develop neighborhoods that pro- ridership comes from the three largest catchment areas enable through reduced dependence on mote walking metropolitan areas: Toronto, Montreal, and vehicular transit and resulting reduced air • Cycle: Prioritize non-motorized transport Vancouver. For cities: pollution is one of the major factors in the networks increasing interest in this concept. Tianfu, • Connect: Create dense networks of This presents an incredible opportunity • Increased ridership and fare revenue a city in China, is an example of a TOD that streets and paths for cities as they plan their future transit • Increased urban intensity and hence land propagates highdensity, mixed-use urban • Transit: Locate development near high- hubs— those key points of convergence, value capture environments with easy access to mass quality public transport such as train stations, and mobility hubs. • Improved economic opportunity and transit as a basis for green sustainable • Mix: Plan for mixed use Maximizing this opportunity requires stra- access development. With such incredible and • Densify: Optimize density and transit tegic thinking to incorporate the vision of wide-ranging benefits, governments have capacity a sustainable urban future. Careful design THE TOD OPPORTUNITY begun to recognize the value of TODs • Compact: Create regions with short of TODs could mean revitalized neighbor- The question is, how can cities leverage through policies that encourage densifica- commutes hoods and highly connected communities. and maximize the TOD opportunity? One tion of economic activity in proximity to key • Shift: Increase mobility by regulating of the immediate options is to transform transit hubs. parking and road use SO, WHAT ARE TODS? surface and structured parking areas at TODs are a type of community develop- stations into high-density, mixed-use devel- SUCCESSFUL TOD PLANNING TODS: A CATALYST FOR ECONOMIC ment that integrates mixed use develop- opments. Often joint ventures between the It is clear that successful TOD projects GROWTH ment, including housing, office, retail, and public and private sector can help finance are able to achieve a range of results from The dizzying pace of change for our cities potentially other amenities into a walkable the costly infrastructure investments reduced carbon emissions to socio-eco- and urban mobility will likely only accel- neighborhood, preferably located within a required. With the advent of ride-sharing nomic benefits intrinsic to sustainable and erate. What is most exciting about TODs kilometer of a quality public transportation and autonomous vehicles, the relevance livable cities. But successful TOD imple- is that they bring together a spectrum of node. TODs are ecosystems unto them- of parking is fast declining—potentially mentation requires careful planning, stra- solutions to help build vibrant, people-fo- selves and propose mutual benefits across reducing parking areas around stations tegic finance, and marketing along with site cused communities. the spectrum of participants. Commuters and opening them up for alternate uses. design. So what are the key factors to the enjoy better facilities at transit nodes, This however requires careful and strategic success of TODs? According to an Institute With global cities set to venture into retail businesses benefit from foot traffic, planning. Singapore MRT and Hong Kong for Transportation and Development Policy this new era of urban mobility and Smart connected businesses have a ready pool of MTR have effectively influenced planning (ITDP) report, government intervention and City frameworks, they will face a com- talent that can walk to work, and residents and zoning to advance transit-oriented land potential are two critical factors. pletely new set of challenges. With local benefit through a highly vibrant connected development projects. What matters most to a TOD’s success government intervention, smart strategic community with low pollution levels and is government intervention and promotion. planning, and policy definition, TODs offer a potential for high-value growth. Overall, the Value release through sale of air rights When local governments did not effectively chance to act as a catalyst for growth into a city benefits from a high-intensity value above tunnels and yards, in the case of promote a TOD, a new transit line gener- sustainable future. generating neighborhood and land value underground railway or subway systems, ated only a nominal amount of economic capture. TODs have the potential to accel- presents another opportunity. New York’s investment. For example, the south and erate true city-building and Smart Cities for largest development in the past generation west busways in the U.S. city Pittsburgh the benefit of all. is Manhattan’s Hudson Yards, where the va- had weak support and produced limited TODs provide an array of benefits ranging cant rail yard site—owned by the Metropol- TOD investment, but the city’s moderately from lifestyle to environmental to economic, itan Transportation Authority (MTA)—in the supported east busway produced US$903 including: far West Side of Manhattan is being turned million. into a hub of development and of commer- The second most important factor in For citizens: cial activity. Leasing their air rights over the TOD success is land potential, that is, yards, the MTA has entered into a long-term regional market strength, expected real • Reduction in drive times and hence arrangement with The Related Companies estate growth, corridor quality, proximity to increased productivity and Canada’s Oxford Properties to develop desirable catchment areas etc. According • Opportunity to gain back commute times over a million square meters of office, retail, to the ITDP Report, land potential does not Copyright © 2019 and focus on quality of life (that is, live, and residential space along with a new have to play a direct role in TOD success— Deloitte Development work, and play) • Expanded mobility choic- cultural facility. even locations with modest land potential LLC. All rights reserved. es at lower costs, freeing up disposable Another prime example of value capture could still succeed if the local government REVIEW AWARDS REVIEW AWARDS

GRAND AWARDS Lifetime Achievement in Real Estate

and regional stature and to receive the “New Europe” property sector’s highest Today Dębowski is, by all measures, industry accolade will surprise few that the single most powerful force A Towering really know and understand the sector and its recent history since the fall of the Iron and influential figure in the CEE Curtain in 1989. Force It isn’t often that a single individual real estate marketplace comes to exert a level of grip and influence on a marketplace as to dominate and, in some ways, define it. Heavily engaged in structuring investments in the early days of the free market economy following in the 15 years since its inception, the current winning Poland’s entry into the international capital streak standing at eight years in a row. He is also markets post-communism, Dębowski the only individual in the sector to have won CEEQA’s is now the longest-practicing, most “Industry Professional of the Year” award twice. experienced and most in-demand property Today Dębowski is, by all measures, the single lawyer in Poland. most powerful force and influential figure in the He is equally at home in the office, retail, CEE real estate marketplace, and probably its single logistics and hotel sectors, and is the most influential figure to date. A towering force, his unquestioned legal leader in the property contribution to the development of the trajectory of market, with his name appearing on the commercial real estate sector in his home country almost every truly major commercial real and beyond is immeasurable. estate transaction in Poland. He also leads To have achieved this as a locally born and trained Paweł Dębowski the most dominant and influential legal legal advisor, in a marketplace as multi-national and Chairman European Real Estate team in the region, advising institutional internationally structured as the emerging Europe Dentons clients and major international companies real estate sector, among a roll call of international operating across Central and Eastern brands and reputations, is worthy of very high Europe, including investors, developers, recognition. But to have achieved this from within lenders and construction companies. – while at the same time reputationally superseding Dębowski is the only real estate lawyer – a series of blue chip international corporate that Chambers Europe ranks a “Star” in structures along the way, is an unusual and Poland and in Band 1 in CEE, as well as extraordinary achievement and entirely worthy he award is given to individuals the leader of a top ranked real estate of the stature of the award. who have made a transformative team. Leading Polish daily newspaper The organizers proudly welcomed Dębowski to and durable contribution to the Rzeczpospolita recently named him the stable of CEEQA Lifetime Achievement winners, POLISH REAL ESTATE LAWYER “New Europe” property sector in “Lawyer of the 30 Years of Polish presenting him with the award on May 15 at the PAWEŁ DĘBOWSKI WAS THE their own right. Past winners have Transformation,” having listed him and his CEEQA Gala. Tincluded illustrious industry figures such as practice as the sector’s leading law firm “I am humbled by this recognition by my RECIPIENT OF THE 2019 CEEQA Eugene Golub of Golub & Co, Cor Zadelhoff for multiple years. professional peers, and to be invited to join this group LIFETIME ACHIEVEMENT IN REAL of DTZ, Carl Panattoni of Panattoni, Otto The extraordinary aspect of this is that, of immensely successful and influential figures for ESTATE AWARD, THE HIGHLIGHT Werner of ECE Projektmanagement, Sandor under the flags of a succession of global, doing a job I simply enjoy in a business environment Demjan of Trigranit, Paul Gheysens of blue chip corporate legal corporations I have a passion for, leading a team of which I AWARD OF CEEQA WHICH WAS Ghelamco and Gordon Black of Heitman, as including Arthur Andersen, Nabarro can be immensely proud and grateful,” Dębowski PRESENTED AT THE 2019 CEEQA well as locally born leaders David Mitzner Nathanson, CMS, Clifford Chance and said. “The rebuilding of the built and commercial GALA ON MAY 15 IN WARSAW. of Apollo Rida and Radim Passer of Salans (now Dentons), he has built not infrastructure of Central & Eastern Europe post- Passerinvest Group. just a formidable and unrivalled team, communism has been, and continues to be, one of the A Partner and Chairman of European but also a business network and a degree greatest economic stories in European history. Paweł Real Estate at the international law of influence in the sector that is unique. Dębowski is at the centre of that story and it is time to firm Dentons, Dębowski is no ordinary Dentons is the dominant legal firm in salute him as the single most engaged and influential corporate or real estate lawyer. That he the sector today and a team containing force and figure, in the history of the CEE real estate has been chosen to join a select band of Dębowski has won CEEQA’s “Legal and marketplace. We are honoured to do so,” said CEEQA’s entrepreneurial empire builders of global Financial Firm of the Year” award 13 times founder and organizer Richard Hallward. REVIEW AWARDS REVIEW AWARDS

GRAND AWARDS THE FULL Lifetime Achievement in Real Estate WINNERS Paweł & SHORT LIST Dębowski

Chairman European LISTING Real Estate Dentons See page 26 for more information about Paweł Dębowski

Industry Professional of the Year

Sponsored by

Adrian Arkadiusz Dieter Hadley Jeroen Jonathan Karczewicz Rudzki Knittel Dean van der Toolen Hallett

Head Managing Director Head of CEE, Chief Executive Managing Director Managing Partner of Divestments, Poland, pbb Deutsche Officer, CEE, for Central Europe, Skanska Skanska Pfandbriefbank EPP Ghelamco Cushman Commercial Commercial & Wakefield Development Development Europe Europe

It is our honour to present the full listing of this year’s CEEQA award winners and short listed finalists.

The awards were given in a total of 23 measurable fall off in the number of submitted categories. CEEQA Awards short lists always new and refurbished office and retail projects. reflect current market trends and this year However, this was offset by a major increase was no different. in the quality and scale of the shortlisted Marian Nicklas Noah M. Remon Robert Tomasz At 577, the combined number of entries was schemes from these two sectors, which Herman Lindberg Steinberg Vos Dobrzycki Trzósło only a slight decrease on the figures recorded evidences the drive towards excellence the previous year, mostly accounted for by a in an increasingly competitive market. Chief Executive Chief Executive Chairman & CEO, Chief Executive Chief Executive Managing Director Officer, Officer, WING Officer, Officer, Central HB Reavis Echo Investment CTP Panattoni Europe & Eastern Europe, JLL Because success comes from working together. The STRABAG-Group generates an output volume of about € 16 billion and handles close to 12,000 projects a year, making us one of the leading European-based technology groups for construction services. This is made possible by the know-how and dedication of our more than 75,000 employees. Working together as a team, they realise even the most complex construction projects on schedule and in quality. www.strabag.pl, www.strabag-real-estate.com

STRABAG Sp. z o.o, 05-800 Pruszków, Parzniewska Str. 10, tel. +48 22 7144-800, pl_offi[email protected] STRABAG Real Estate, 00-032 Warsaw, Przeskok Str. 2, tel. +48 22 7144-845, [email protected]

140x100_Polen_CEEQA_Guidebook_20190410.indd 2 10.04.19 18:58

CEE GRI 2020 Arcadis is the leading global Design & Consultancy WARSAW, MAY for natural and built assets. Applying our deep market sector insights and collective design, consultancy, engineering, CONNECTING REAL ESTATE LEADERS IN CEE project and management services we work in partnership with our Advisory board includes: clients to deliver exceptional and sustainable outcomes throughout the lifecycle of their natural and built assets. We are 27,000 people active in over 70 countries that generate €3.3 billion in revenues.

Arcadis has been operating on Polish market for 30 years and employs over 200 professionals who work across 4 business lines: Buildings, Environment, Water and Infrastructure. Robert Martin Michael Abel Christopher Patrick Nebil Senman Head of Central Partner Zeuner Zehetmayr Managing Partner Arcadis. Improving quality of life. Europe TPG Head of Europe Managing Director GRIFFIN REAL EUROPA CAPITAL AMSTAR ERSTE GROUP BANK ESTATE

www.arcadis.com www.ceegri.org REVIEW AWARDS

GRAND AWARDS

Green Leadership Company of the Year

Sponsored by Skanska Commercial Development Europe WINNER

AFI Europe Arcadis BuildGreen Globalworth Real Estate Investment Hines Liebrecht & wooD Group Portland Trust REINO Partners S IMMO SEBRE WSP Group

Overall Company of the Year

Sponsored by Panattoni Europe WINNER REVIEW AWARDS REVIEW AWARDS

GRAND AWARDS Overall Building of the Year CEE

Sponsored by

Project Raffles Europejski Hotel WINNER - Refurb 5* Location Warsaw, Poland Developer H.E.S.A. Project Centrum Praskie Project DOCK River Watch III Koneser Location Praque, Czech Republic Location Warsaw, Poland

Project Dynamica Project EC Powisle Project Forum Gdansk Location Praque, Czech Republic office B4 & B5 Location Gdansk, Poland Location Warsaw, Poland

Project Atrium Promenada Project Browary Warszawskie Project CEDET Project Galeria Libero Project GTC White House Project Hotel Warszawa Location Warsaw, Poland The Gatehouse Offices Location Warsaw, Poland Location Katowice, Poland Location Budapest, Hungary Location Warsaw, Poland Location Warsaw, Poland REVIEW AWARDS REVIEW AWARDS

GRAND AWARDS Overall Building of the Year SEE Sponsored by

Project The Chedi Lustica Bay 5* WINNER Location Tivat , Montenegro Developer Orascom Development

Project Intercontinental Sofia hotel Location Sofia, Bulgaria

Project BW Residences Project Campus 6.1 Project Designer Outlet Project Promenada Novi Sad Project Shopping City Satu Mare Project Tower 2 of Globalworth Location Belgrade, Serbia Location Bucharest, Romania Location Zagreb, Croatia Location Novi Sad, Serbia Location Romania Campus Location Bucharest, Romania REVIEW AWARDS REVIEW AWARDS

GRAND AWARDS Green Leadership Building of the Year

Sponsored by

Project AFI Vokovice Project CEDET – Refurb Project Centrum Project The Mark Project Tower 2 Globalworth Project Trimaran Location Prague, Location Warsaw, Poland Praskie Koneser Location Bucharest, Romania Campus Bucharest Location Prague, Czech Republic GLA 22,000 sqm Location Warsaw, Poland GLA 26,000 sqm Location Bucharest, Romania Czech Republic GLA 14,000 sqm Completed Q2 2018 GLA 88,000 sqm Completed Q4 2018 GLA 28,000 sqm GLA 18,000 sqm Completed Q3 2018 Developer IMMOBEL Group Completed Q4 2018 Developer S IMMO Completed Q2 2018 Completed Q2 2018 Developer AFI Europe Green Cert. Green Certification Developer Liebrecht & wooD Group/ BBI Green Cert. Green Certification Developer Globalworth Developer S+B Gruppe / Green Cert. LEED Platinum - certified, BREEAM Excellent - certified, Development BREEAM Excellent - certified, Green Cert. Green Certification Plan n Bau New Construction New Construction Green Cert. Green Certification New Construction BREEAM Excellent - certified, Green Cert. Green Certification BREEAM Excellent - certified, Existing Building LEED Platinum - certified, International New Construction New Construction 2013

Project High5ive Project Orhideea Project Sagittarius Business Project Vaci Greens D Project Visionary Project Wronia 31 - Buildings D & E Towers House Location Budapest, Location Prague, Location Warsaw, Poland Location Krakow, Poland Location Bucharest, Romania Location Wrocław, Poland Hungary Czech Republic GLA 16,000 sqm GLA 23,000 sqm GLA 38,000 sqm GLA 25,000 sqm GLA 14,000 sqm GLA 23,000 sqm Completed Q2 2017 Completed Q2 2018 Completed Q1 2018 Completed Q2 2018 Completed Q1 2018 Completed Q2 2018 Developer Ghelamco Developer Skanska Commercial Developer CA Immo Developer Echo Investment Developer Atenor Developer Skanska Commercial Green Cert. Green Certification Development Europe Green Cert. Green Certification LEED Green Cert. Green Certification Green Cert. Green Certification Development Europe BREEAM Outstanding Green Cert. Green Certification Gold - pending, BREEAM Outstanding BREEAM Excellent - certified, Green Cert. Green Certification LEED - certified, Existing Building LEED Platinum - certified, New Construction - pre-certified, New Construction Platinum - certified, Building without Barriers New Construction New Construction REVIEW AWARDS REVIEW AWARDS

BUILDING AWARDS Office Development of the Year

Sponsored by

Project AFI Vokovice Project Browary Warszawskie Project Campus 6.1 Project EC Powisle B4 & B5 Project GTC White House Project High5ive Location Prague, Czech Republic The Gatehouse Offices Location Bucharest, Romania Location Warsaw, Poland Location Budapest, Hungary - Buildings D & E GLA 14,000 sqm Location Warsaw, Poland GLA 22,000 sqm GLA 18,000 sqm GLA 22,000 sqm Location Krakow, Poland Completed Q3 2018 GLA 15,000 sqm Completed Q3 2018 Completed Q2 2018 Completed Q2 2018 GLA 23,000 sqm Developer AFI Europe Completed Q4 2018 Developer Skanska Commercial Developer White Star Real Estate / Developer GTC Completed Q2 2018 Developer Echo Investment Development Europe Tristan Capital Partners Developer Skanska Commercial Development Europe

Project CEDET - Refurb Project Centrum Praskie Project Dynamica Project Nowogrodzka Square Project Proximo II Project Tower 2 Globalworth Location Warsaw, Poland Koneser Office - Phase 1 Location Prague, Czech Republic Location Warsaw, Poland Location Warsaw, Poland Campus Bucharest GLA 22,000 sqm Location Warsaw, Poland GLA 13,000 sqm GLA 11,000 sqm GLA 20,000 sqm Location Bucharest, Romania Completed Q2 2018 GLA 88,000 sqm Completed Q1 2018 Completed Q2 2018 Completed Q1 2018 GLA 28,000 sqm Developer IMMOBEL Group Completed Q4 2018 Developer Penta Real Estate Developer Yareal Developer Hines Completed Q2 2018 Developer Liebrecht & wooD Group/ Developer Globalworth BBI Development REVIEW AWARDS REVIEW AWARDS

BUILDING AWARDS Retail Development of the Year

Sponsored by

Project Atrium Promenada Project Atrium Targowek Project Centrum Praskie Project Gemini Park Tychy Project Outlet Arena Moravia Project Prague The Style Outlet - Splendid Transformation - New Face Koneser Retail Location Tychy, Poland - Phase 1 - Phase I Location Warsaw, Poland Location Warsaw, Poland Location Warsaw, Poland GLA 36,000 sqm Location Ostrava, Slovakia Location Prague, Czech Republic GLA 13,000 sqm GLA 9,000 sqm GLA 88,000 sqm Completed Q1 2018 GLA 11,700 sqm GLA 19,600 sqm Completed Q4 2018 Completed Q4 2018 Completed Q4 2018 Developer Gemini Holding Completed Q4 2018 Completed Q2 2018 Developer Atrium European Real Estate Developer Atrium European Real Estate Developer Liebrecht & wooD Group/ Developer TK Development Developer Kaprain Group / Neinver BBI Development

Project Designer Outlet Croatia Project Forum Gdansk Project Galeria Libero Project Promenada Novi Sad Project Shopmark - Refurb Project Shopping City Satu Mare Location Zagreb, Croatia Location Gdansk, Poland Location Katowice, Poland Location Novi Sad, Serbia Location Budapest, Hungary Location Satu Mare, Romania GLA 15,000 sqm GLA 62.000 sqm GLA 45,000 sqm GLA 49,000 sqm GLA 24,000 sqm GLA 37,900 sqm Completed Q2 2018 Completed Q2 2018 Completed Q4 2018 Completed Q4 2018 Completed Q4 2018 Completed Q4 2018 Developer IKEA Centres / Swiss Developer Multi Development Developer Echo Investment Developer NEPI Rockastle Developer Diofa Alapkezelo Developer NEPI Rockastle Mutschler Outlet Holding REVIEW AWARDS REVIEW AWARDS

BUILDING AWARDS Hotel, Leisure & Residential Development of the Year

Sponsored by

Project BW Residences Project DOCK River Watch III Project Fuxova Project Intercontinental Sofia 5* Project ONE Charles de Gaulle Project Puro Krakow Kazimierz Location Belgrade, Serbia Location Prague, Czech Republic Location Bratislava, Slovakia Location Sofia, Bulgaria Location Bucharest, Romania 4* plus GLA 296 units GLA 84 units GLA 276 units GLA 194 rooms GLA 33 units Location Warsaw, Poland Completed Q3 2018 Completed Q3 2018 Completed Q4 2018 Completed Q2 2018 Completed Q2 2018 GLA 100 rooms Developer Belgrade Waterfront / Emaar Developer CRESTYL real estate Developer J&T Real Estate Developer Covivo Developer ONE United Properties Completed Q2 2018 Developer H.E.S.A.

Project Grand Poet Hotel Project Holiday Inn Warsaw City Project Hotel Warszawa 4* plus Project Raffles Europejski Hotel Project Sarecky Dvur Project The Chedi Lustica Bay 5* by Semarah 4* plus Center 4* Location Warsaw, Poland - Refurb 5* Location Prague, Czech Republic Location Tivat , Montenegro Location Riga, Latvia Location Warsaw, Poland GLA 142 rooms Location Warsaw, Poland GLA 7 units GLA 111 rooms GLA 168 rooms GLA 256 rooms Completed Q4 2018 GLA 100 rooms Completed Q3 2018 Completed Q3 218 Completed Q1 2018 Completed Q1 2018 Developer Likus Group Completed Q2 2018 Developer CRESTYL Developer Orascom Development Developer Independent Developer UBM / IHG Developer H.E.S.A. REVIEWREVIEW IN PICTURES AWARDS

COMPANY AWARDS

Construction Company of the Year Sponsored by

Skanska SA WINNER

Bog’Art Hochtief Budimex Kajima Europe Design & Construction CFE Porr DVM Group STRABAG Erbud Warbud Goldbeck International

Development Services Company of the Year

Arcadis WINNER

Budimex Hill International BuroHappold Engineering JLL CBRE Sentient Chapman Taylor Spaceti cmT Tetris Gleeds

Property Management Company of the Year Sponsored by

JLL WINNER

Apleona GVA EPP Apsys Group First Property Group BNP Paribas Real Estate Panattoni Europe CBRE Sierra Balmain Property Management Cushman & Wakefield White Star Real Estate ECE Projektmanagement

REVIEW AWARDS

COMPANY AWARDS

Legal & Financial Consulting Firm of the Year

Dentons WINNER

Clifford Chance Linklaters CMS TPA Poland DLA Piper White & Case First Title Insurance Wilsons Greenberg Traurig Wolf Theiss Kinstellar

Lender of the Year WBJ_House_AD_140x100.indd 1 29/04/2019 2:01 pm Sponsored by

pbb Deutsche Pfandbriefbank WINNER

Bank Pekao ING Bank Berlin Hyp mBank CEE PROPERTY BNP Paribas Bank Raiffeisen Bank International Ceska Sporitelna Santander Group Bank Erste Group Bank UniCredit FORUM 2019 Helaba 18—19 September 2019 Hotel Savoyen, Vienna

500+ visitors, 30+ countries Investor of the Year 70+ speakers, pre-conf party Sponsored by

Platinum sponsor Globalworth Real Estate Investment WINNER Atrium European Real Estate NEPI Rockcastle CPI Property GrouP Redefine Properties Gold sponsor EPP REICO Generali Real Estate Revetas Capital Advisors Section sponsor Industry partner GLL Real Estate Partners Savills Investment Management MORE INFORMATION AND REGISTRATION: www.property-forum.eu [email protected] +36 (20) 380 6749 Griffin Real Estate REVIEW AWARDS

COMPANY AWARDS

Industrial Developer of the Year Sponsored by

Panattoni Europe WINNER This year, see more 7R Logistic MLP Group Conterra P3 Logistic Parks CTP ProLogis Goodman SEGRO of the world. Hillwood Europe VGP Logicor

Developer of the Year Sponsored by

Skanska Commercial Development Europe WINNER

AFI Europe HB Reavis Atrium European Real Estate Hines CTP Panattoni Europe SUBSCRIBERS ENJOY: Echo Investment SEGRO Ghelamco White Star Real Estate Globalworth Real Estate Investment

Rising Star Award

7R Logistic WINNER

Accolade Savills Cresa Polska SEBRE In today’s sea of information The Economist’s informed, independent coverage of world events is now more valuable Generali Real Estate Spaceti than ever. The Economist covers the entire globe, focusing on IAD Investments We Work the issues that really matter. So if you’re looking for stimulating M7 Real Estate Wood & Company debate, intelligent insight and genuine quality, you’ll appreciate The Economist. Redside Subscribe today and receive your first 12 issues for €20*. *local currency variations apply. Visit Economist.com/CEEQA to subscribe. REVIEW AWARDS

AGENT AWARDS

Agent of the Year Agent of the Year INDUSTRIAL AGENCY RETAIL, LEISURE Sponsored by & RESIDENTIAL AGENCY

JLL WINNER JLL WINNER

108 Agency BNP Paribas Real Estate AXI IMMO Group CBRE BNP Paribas Real Estate Cresa CBRE Crosspoint Cushman & Wakefield Cushman & Wakefield Savills Premier Estate Management REAS Sierra Balmain Property Management

Agent of the Year Agent of the Year OFFICE AGENCY CAPITAL MARKETS Sponsored by Sponsored by

CBRE WINNER CBRE WINNER

BNP Paribas Real Estate Avison Young Cushman & Wakefield BNP Paribas Real Estate JLL Burlington Real Estate Robertson Real Estate Advisors Cushman & Wakefield JLL Savills JAN & ANTONINA ZABINSKI FOUNDATION JAN & ANTONINA ZABINSKI FOUNDATION

powerful but hidden and relatively neglected symbol of human unity and shared purpose, cared for over the years by small group of people associated with the zoo and with the Zabinski family, on something less than a shoe-string budget. THE When asked why he and his family had placed themselves at such great personal risk to help so many strangers as well as people they knew, Jan Zabinski said simply that it was “the right thing to do.” Also joining the interview with leading Polish ZOOKEEPER’S broadcaster Monika Zamachowska in front of nearly 900 of the most prominent real estate investors in Central & Eastern Europa, at the sector’s annual Jessica Chastain and Johan Heldenbergh “Oscars for business”, were the current President as the Zabinskis in “The Zookeeper’s Wife” of the Panda Foundation engaged in the zoo’s VILLA maintenance, Ewa Rembiszewska, and her husband Maciej who directed the zoo for 28 years, as well as Janusz Owsiany, Professor of History at Warsaw Technical University who has played an important ONE OF THE MOST MEMORABLE role in supporting restoration and historical AND MOVING HIGHLIGHTS OF THE archiving projects in the villa. 2019 EDITION OF THE CEEQA GALA This small group of “zoo people”, together with WAS AN INTERVIEW ON STAGE members of the family, have informally performed DURING THE AWARDS CEREMONY the role of guardians of the villa over the decades and were responsible, largely from personal WITH SOME OF THE PEOPLE Ryszard Zabinski played by Val Maloku, and in real life resources, for decorating the buildings interior with CONNECTED TO THE STORY OF JAN a few original artefacts to present to interested AND ANTONINA ZABINSKI TOLD visitors to support the increased interest following IN THE MOVIE “THE ZOOKEEPER’S the success of the movie, but without as yet an WIFE” STARRING JESSICA independent development budget or foundation CHASTAIN, INCLUDING THE status. Antonina and Jan Zabinski ZABINSKIS’ DAUGHTER TERESA PROTECTING AND PROJECTING THE AND GRANDSON DOMINIK. ZABINSKI LEGACY On the 80th anniversary of the beginning of that any people have heard narrative, the organisers and partners of CEEQA are of Jan and Antonina Teresa Zawadzka-Zabinski and Jessica Chastain extremely proud and honoured to be able to present Zabinski, or have seen the at the movie premiere in 2017 the “soft opening” of the Jan & Antonina Zabinski movie. But a great many Foundation and to help lead its development. more haven’t, and are The mission of the new foundation is to protect completelyM unaware of the extraordinary and project the legacy and the lessons of the tale of incredible personal heroism, wartime deeds of the Zabinskis in Poland and bravery and human kindness that took internationally, focusing on the restoration of the place within the grounds of Warsaw Zoo villa and its establishment as a fittingly world class during World War II, and their enormous educational exhibit and monument to humanitarian legacy and lessons for wider humanity. duty, including building an extension to the villa Or that the little zookeeper’s villa at for educational, profile building and fundraising the centre of the story, in the middle of activities. the Warsaw Zoo, still stands today; a Born in the villa in 1944, Teresa Zawadzka-Zabinski Other goals of the foundation include a campaign The “House under a wacky star” in Warsaw Zoo in the villa drawing room to change the name of the zoo to the Zabinski JAN & ANTONINA ZABINSKI FOUNDATION JAN & ANTONINA ZABINSKI FOUNDATION

Warsaw Zoo, and to support and partner All but two of the people they were able to help with other organisations, nationally and survived the war. And despite the occupying forces globally, aimed at uniting humanity and having a munitions store within the zoo grounds honouring humanitarian deeds, including The villa has never had its own financial or under constant surveillance, they also managed to the eventual launch of an annual Jan & management platform to truly harness the interest conceal a weapons store for the underground Home Antonina Zabinski award for humanitarian Army there for eventual use in the Warsaw Uprising achievement. in it and its universally resonant message in which Zabinski himself participated, and was taken as a prisoner of war after being injured and WHAT REALLY HAPPENED AT THE captured. ZOO One or two Hollywood alternative facts Returning to Warsaw in 1945, Zabinski eventually aside, the movie is a largely accurate resumed his duties and the couple set about portrayal of how the Zabinskis coped with rescuing what remained of the zoo’s assets and the challenges thrown at them during rebuilding it, officially re-opening the zoo in 1949 the war and Nazi occupation, using the and continuing to live with their children Ryszard zoo grounds and the villa itself to engage and Teresa in the little villa in the middle of the zoo in clandestine activities to support the grounds until 1951. underground Home Army and managing to hide and help save more than 300 RECOLLECTION AND RECOGNITION Jewish people “in plain sight” in the While both Jan and Antonina have received high basement of the villa and in the zoo recognition and honours in many quarters over the grounds, as well as many others in great decades, including recognition of Jan by the State peril. Unlike in the movie, they were never of Israel as “Polish Righteous Among Nations” in found out. 1965 and, more recently, the posthumous award Co-founder of the Warsaw Zoological of the “Commander’s Cross of the Order of Polonia Gardens, and its director from 1929, Restituta” to both of them by the Polish government Dr Jan Zabinski was highly regarded in 2015, the full tale and message of their deeds in zoological circles for developing the was suppressed for decades under the previous institution into one of Europe’s most communist regime along with many stories of Polish celebrated and diverse zoological gardens, heroism. and lived an idyllic life with his wife In fact, after rebuilding the zoo following the war, Antonina and their young son Ryszard in Jan Zabinski was forced to resign his post as director the zookeeper’s villa, where their daughter Maciej Rembiszewski, Director Ewa Rembiszewska, President of the Panda Foundation in 1951 amid politically motivated accusations by Teresa was born during the war. The of the Warsaw Zoo 1981-2009 and former vice-director of the Zoo the communist authorities of collaboration with the couple had met at the Warsaw University’s Nazis during the war. Institute of Zoology and Antonina shared Jan’s passion for animals, and was also a “Tuzinka”, only the 12th elephant to be born in papers and safe houses for the fugitives THE ZOO PEOPLE recognised author of children’s books. captivity and the first in Poland. to transit to. All crimes for which they But among the many positive stories beneath At the outbreak of the war in 1939 they Responsibility for the pig farm, and the subsequent and their whole family would have been that narrative is the story of a young boy that Jan were thrown into the role of protectors allotment garden following the pig farm’s closure summarily executed. Zabinski found strolling around the zoo grounds of the zoo’s history, knowledge bank due to a dysentery epidemic, together with Jan’s An accomplished pianist, Antonina one day during school hours and, when asked why and community, but in the ensuing appointment as Superintendent of the city’s public would play the piano in the drawing he wasn’t at school, the boy responded that the bombardment of Warsaw they were parks – as well as Jan’s less public role as a room of the villa: Offenbach to warn only thing that interested him was animals and that forced to kill many of the animals, largely lieutenant in the underground Home Army – provided the fugitives of any danger, and Chopin he planned to run the zoo one day. The boy, Maciej for public safety reasons, and eventually the Zabinskis with the access, networks and pretext when it was safe, among a series Rembiszewski, was eventually appointed director to turn the zoo into a pig farm to provide to smuggle Jews out of the Warsaw Ghetto and of coded messages to maintain the of the Zoo in 1981 and until 2009 presided over food rations for the occupying forces. provide them with refuge in the villa’s basement highly organised conspiracy. All the extensive modernisation of the zoos assets, facilities Some of the most valuable animals and in abandoned animal enclosures around the while fending off the curiosity of their and social engagement, including establishment of were transported to zoos in the Reich for zoo. Some stayed for months, some for only a few housekeeper, who was a vehement anti- the Panda Foundation to support and promote the “safe-keeping”, including public favourite days, as the Zabinskis helped to arrange counterfeit semite. zoo’s activities. JAN & ANTONINA ZABINSKI FOUNDATION JAN & ANTONINA ZABINSKI FOUNDATION

Maciej’s wife, Ewa Rembiszewska, is responsible today for the upkeep of the little villa at the heart of the zoo, known as the Zabinski Villa. Also an important figure in the story is Janusz Owsiany, professor of history at the Warsaw Technical University. The Zabinskis’ daughter, Teresa Zawadzka-Zabinski remains closely connected with the villa and its work, as does her son and the Zabinski’s grandson, Dominik Zawadzki. Unfortunately the Zabinskis’ son Ryszard, whose childhood was spent at the villa and is remembered fondly by survivors for smuggling food to them around the zoo grounds, passed away a few weeks before the Gala. And while there has been a surge of interest in the villa and the story of the Zabinskis since the Hollywood movie released in 2017, the villa has never had its own financial or management platform to truly harness this interest and its universally resonant message, or the history that it has seen.

NEXT STEPS The first step in the development of new foundation will be the recruitment of a group of “founding sponsors” to help finance, advise and support the first phase of its development objectives. The registration of the foundation is already in progress. Recalling the piano playing of Antonina Zabinska to send coded messages to the fugitives they harboured, this coming September we plan to invite a small group of 30 interested parties to attend a special concert in the drawing room of the villa to get the ball rolling, the invited pianist will be Janusz Olejniczak. At next year’s CEEQA Gala we plan the formal launch of the Jan & Antonina Zabinski Foundation and the unveiling of the first phase of the development project and campaign. Interested companies or people are invited to contact Richard Hallward, the director of CEEQA. REVIEW REVIEW

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INDUSTRY and business practices. The Capital Group. and demanding projects of OPERATORS company has introduced He served as the Co-Chair of different nature executed by its proprietary software, Salans’ Global Real Estate all companies. Connected by Skanska, which Group for ten years before will be integrated with all new Dentons was founded. Prior office projects in the area of to that, he was the founder Central and Eastern Europe. of the Central European Real Estate Practice at Weil, David Yearn, Dieter Knittel, Evan Lazar, Gotshal & Manges and later Ian Booth, Business Development Head of International Co-Chairman, Global Real Co-Chairman of their Euro- Partner, Head of Poland, Manager CEE, First Title Real Estate Finance Estate, Dentons pean Property and Finance BuroHappold Engineering for Central and Eastern Group. Before moving to Arkadiusz Rudzki, David is Business Develop- Europe, PBB Deutsche Evan is Co-Chairman of the Europe in 1993, Evan was a Under Ian’s leadership Managing Director Poland, ment Manager for CEE for Pfandbriefbank Global Real Estate Group at real estate lawyer in Phil- the practice has earned a Skanska Commercial First Title covering Poland, Dentons. He is in the top tier adelphia with Wolf, Block, Gijs Klomp, leading position on the Polish Development Europe Czech Republic, Hungary, Dieter is responsible for the group of attorneys special- Schorr & Solis-Cohen LLP. Investment Director, market proven by prestigious Slovakia, Romania, and Bul- bank’s lending portfolio in the izing in cross-border and NEPI Rockcastle project portfolio and high Arkadiusz has over 20 years garia. He has worked for First region.The regional focus is emerging markets property client opinions. Ian promotes of experience on the real Arvi Luoma, Title for over ten years and on Poland, Czech Republic, investment and finance mat- Gijs joined NEPI Rockcastle the concept of sustainable estate market that he has Managing Director, has extensive experience in Slovakia, Hungary and Ro- ters, and is widely recog- in 2016 to cover the CEE construction that positively gained through his work with Head of European securing insurance solutions mania. Dieter has been active nized as one of the leading markets, having previously affects the health of its users. leading financial institutions, Investments, W. P. Carey for clients ranging from in the CEE market for more real estate investment and worked for CBRE and JLL BuroHappold’s Warsaw office advisory firms, and private investment funds, developers, than twenty years, including property finance lawyers in in capital markets advisory is the first WELL Building equity funds operating in the Arvi is based in London and is banks and PE funds. David five years based in Warsaw Europe. from 2013, following over a Standard certified project in real estate sector. He was responsible for W. P. Carey’s is responsible for client rela- between 1997 and 2002 as Evan handles major real decade with ING REIM in the Poland and the CEE. Ian is appointed Managing Director European investment activi- tions across the region and Head of Credit and Senior estate mergers and acqui- Hague, Prague, Bucharest a clients’ needs orientated at Skanska Property Poland in ties. His experience extends is the key contact for all First Risk Management. sitions for international real and Budapest in varying roles building services engineer January 2016 with responsi- to approximately €4 billion Title business in CEE. estate funds and private Ferdinand from research analyst to with over twenty years of in- bility for the company’s oper- of sale-leaseback, net lease equity organisations, as well Baggeroer, acquisitions and divestments, ternational experience in the ations and strategic decisions and build-to-suit investments as joint ventures, devel- Board Member, cmT and asset management, office, retail, residential and in Poland. He is currently in 18 European countries opments and financings since graduating in real industrial sectors. The leader temporarily serving as the and across all major asset throughout Europe and on Ferdinand graduated in estate management from of such prestigious projects company’s regional leader. classes. He holds a degree in other continents. His exten- engineering from Hanover the Eindhoven University of as Q22 in Warsaw, the British Since his appointment as Materials Science, Economics sive experience in all areas University with international Technology in 2002. Embassy in Warsaw and the Managing Director, the and Management (MEng) of cross-border transactions experience in construction NEPI is one of the largest new venue of the National company has continuously from Oxford University. has placed him at the fore- management; founder and retail property landlords in Polish Radio Symphony achieved record-breaking front of many of the region’s President of the cmT Group CEE with assets in Bulgaria, Orchestra in Katowice. results in development and most important property consisting of: cmT Sp. z o.o. Croatia, the Czech Republic, leasing, and continues to and finance deals, including specializing in construction Hungary, Lithuania, Poland, expand its land parcel port- major retail, hotel, office, and project management, Romania, Serbia and Slovakia. folio with the most attractive logistics and residential de- GerPlan Sp. z o.o. responsible areas in key markets across velopments, financings and for mechanical and electrical Poland, with special focus on institutional investments. design as well as for archi- city centres. Skanska’s Poland Evan acts for numerous tectural design services and unit sets the standards for leading institutional clients, GerProp company which is innovation in the building including AIG Global Real accountable for property industry and developing Estate, Blackstone, Deutsche management and minor innovative workplaces,and Pfandbriefbank, Heitman In- project execution. has consistently led the way ternational, Morgan Stanley, Mr Baggeroer is managing in sustainable development Round Hill and Starwood the big variety of significant REVIEW REVIEW

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Visa Property Investment, Gage Partners is investing in and developing Portuguese properties to be sold to foreigners seeking to benefit from Portugal’s unique visa and personal tax incentive programs, as well as Portu- Ioana Niculeasa, Kirsten Felden, Liad Barzilai, Mark Rea, Martin Erbe, Nicklas Lindberg, Peter gal’s surge in popularity as a Head of Real Estate, Senior Investment Manager Group CEO, Atrium Managing Partner, Sentient Head of International Real CEO, Echo Investment Heckelsmueller, tourism destination. NNDKP for CEE Region, Union European Real Estate Estate Finance Continental Head of Acquisition CEE, The most recent investments Investment Real Estate Sentient is one of the largest Europe, Nicklas Lindberg joined Echo Deka Immobilien are the five star Lumiares Ioana leads NNDKP’s Real Liad joined Atrium Group in Project & Cost Management Helaba Investment in the first half of Hotel and Spa in Bairro Alto Estate practice and is a sea- Kirsten Felden graduated 2008; until 2015 Liad was Consultants operating 2016 and, as chief executive Peter is responsible for all neighbourhood of Lisbon, and soned lawyer with 18 years at the EBC University of the Group Chief Invest- throughout Central & Eastern Martin is responsible for officer, is responsible for acquisitions and sales across the five star Vintage Lisboa of professional experience. Applied Sciences, Hamburg ment Officer responsible Europe and beyond. Following real estate lending across all areas of the company’s CEE, Switzerland and Austria Hotel, as well as a handful of A partner of the firm since with a Masters Degree for for the Group’s pipeline of 22 years with Gardiner & The- continental Europe for Helaba activity. In 2001–2015, Nicklas on behalf of Deka Immobilien 18th and 19th century residen- 2009, she has outstanding International Management acquisitions and divestments, obald, rising to Equity Partner, Landesbank Hesse-Thuringia, was with Skanska, where GmbH. Deka Immobilien is tial properties in Lisbon under experience in real estate in 1993. She has 10 years and from November 2015 in 2013 Mark led the suc- which belongs to the German he worked as President one of Europe’s leading real redevelopment as apartment projects involving the full experience in development, until December 2016 he was cessful buyout of the G&T CEE savings bank network. Based for Skanska Commercial estate investment managers. buildings. spectrum of assets from restructuring and leasing of Chief Investment Officer at operation together with the at the bank’s Frankfurt head- Development Europe (CDE), In his role,he has acquired a Gage Partners owns retail office buildings and shopping shopping-centers. She joined Gazit-Globe. He has a BA other regional partners. With quarter, he manages the orig- Skanska’s business unit that comprehensive portfolio of real estate in the Baltic States, centres, to residential, logistic Union Investment in 2004 and in Business Economics & the rebranding completed in ination for Central Europe and develops properties in Central office, logistic, hotel and retail including Sikupilli Shopping and industrial developments. was responsible for invest- Management from Guilford October 2013, Sentient is now Benelux. Martin has worked and Eastern Europe, and as properties around the region. Center in Tallinn. Gage Part- Ioana is acknowledged as a ments in Turkey, Benelux and Glazer School of Business firmly established throughout on a wide range of financing the head of Skanska Property He is based in Frankfurt, has ners sold NØRDIKA Shopping Leading Lawyer by reputed Mexico until 2007. Since 2008 & Management, Ben-Gurion the region with offices in Po- transactions in the past and Poland, a unit within Skanska a wealth of experience in real Valley in Vilnius in 2016. international legal guides she is responsible for prop- University and an MBA from land, Czech Republic, Slovakia, has more than 22 years of Commercial Development estate and an 18-year track Peter managed Ober-Haus that describe her as “always erty acquisitions and sales in Reccanati Business School, Hungary, Romania, Montene- real estate experience in the Europe. Prior to that, he had record of closing successful Real Estate Advisors in four trying to find solutions” as CEE region. Tel Aviv University. gro and Croatia, together with European markets. worked with Residential De- transactions. countries from the company “she really knows what she’s Union Investment is a leading Atrium European Real Estate extensive experience in many Helaba currently manages a velopment in the Nordics and start-up in 1994 through talking about“. international property invest- is a leading owner, operator of the neighbouring countries, loan book of around EUR 34 for Skanska Russia as both its sale in June 2007. At the ment company specialising in and redeveloper of shopping including into Italy and Austria bn in commercial real estate, CFO and CEO. time of its sale, Ober-Haus open-ended real estate funds centres and retail real estate – all based on the provision almost half of this amount Real Estate Advisors was the for private and institutional in Central Europe. The Group’s of high quality, client-focused representing the bank’s largest property brokerage investors and has assets portfolio includes 34 shopping services. international business in and advisory firm in Central under management of some centres and retail properties Mark has been based in CEE Europe and the US. Helaba’s and Eastern Europe with € 35 billion in 20 real estate in four countries, with the for over 20 years and has relationship-oriented strategy more than 35 offices and 350 funds. The current portfolio market value of €2.8 billion experience throughout the has remained unchanged real estate professionals in comprises 365 properties and and gross leasable area of region. He is a Member of the for years and is consistently Estonia, Latvia, Lithuania, and projects throughout Europe, over 900,000 square meters. Institute of Royal Chartered directed towards its target Poland, offering asset acqui- the Americas and Asia/Pacif- Atrium is listed on the Vienna Surveyors. markets. Peter Morris, sition and disposal, property ic. Union Investment operates Stock Exchange and Euronext Owner & Managing Director, valuations, property asset as an institutional investor, Amsterdam under the ticker Gage Partners landlord and developer in 23 ATRS. countries around the world, Peter has developed and with approximately 60% acquired over 200 million of property assets located Euros worth of real estate in outside Germany. Estonia, Lithuania, Czechia and Portugal. Through its subsidiary Golden REVIEW REVIEW

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Richard ran the CRE business and developers in all classes specialised real estate mutual of Erste Group across CEE for of real estate, with a particu- funds in Slovakia in 2006, he 14 years, turning it into one of lar specialty in investment became portfolio manager of the leading CRE banking fran- transactions (both buy- and a specialised real estate fund chises. He has a Law degree sale-side), joint ventures, in Erste Asset Management from the London School of and development and asset in Slovakia. He also created Economics. management matters. He has and managed portfolios for a over 15 years of experience in private banking department. Peter Szamely, Petr Panek, Rafał Nowicki, Tomasz Stasiak, Victor Romania and the wider region Later, he participated in (MRICS) Head of CEE & SEE, Head of CEE Real Estate, CEO Poland & Russia, Partner, Wolf Theiss Constantinescu, in organising and leading portfolio management of the Hypo Noe White & Case Apollo Rida Partner, Head of Real complex transactions to meet corporate real estate compa- Tomasz is a Partner and the Estate SEE, Kinstellar the required objectives and ny Slovnaft a.s., before joining Peter is a trained economist Petr Panek is a Czech and Rafał Nowicki holds the Head of the Real Estate and deadlines. IAD Investments. by background having gradu- US law-qualified deal leader position of CEO of Apollo-Rida Construction practice group Victor is a Partner based Vladimir is also a contributor ated in Budapest in 1988. He heading the CEE real estate Poland. With nearly 25 years of Wolf Theiss in Poland. He in the Bucharest office of to professional publica- holds an MPhil degree in Land team at White & Case. He acts of experience in commercial has 20 years of experience Kinstellar and co-head of the tions dealing with the issue Economy from the University for a wide range of sponsors, real estate he is responsible on the Polish real estate firm’s real estate practice and of investment and asset of Cambridge and a joint MSc developers, banks and other for the company’s business in market, acting for internation- is responsible for the SEE management of real estate degree in Real Estate from the clients on real estate matters Poland, Russia, and Germany. Robert Dobrzycki, al investors and developers, region. He has been ranked in Slovakia. He studied social Budapest Technical University across all market segments, Throughout his career he Chief Executive Officer and participating in a number for several years as a Band 1 sciences at Comenius Univer- and the Nottingham Trent with a particular focus on has been involved in many Europe, Panattoni Europe of landmark transactions. lawyer in the Romanian real sity in Bratislava and later law University. He started his large ticket deals, portfolio benchmark setting invest- He has been involved in all estate sector by the leading and economics at Nottingham career some 30 years ago and and cross-border transac- ment, financing and leasing Robert Dobrzycki oversees stages of property projects, international legal directories Trent University and Brno gained a wealth of experience tions. Over the years he has transactions. Most recently the operations in the United from purchasing land, through Chambers, Legal 500 and oth- International Business School in the field of property agency, advised on some of the most Mr. Nowicki led the EUR 1bln Kingdom, Germany, Poland, commissioning contractors er benchmark publications. In Vladimir Bolek, in the Czech Republic. development, valuation and significant real estate deals disposition of the Metro retail Czech Republic and Slovakia. and consultants and arrang- recent editions, clients recom- Member of the Board, IAD investment & banking with in CEE. portfolio as well as the leasing He set up Panattoni Europe’s ing for funding and leasing, mend him as “an outstanding Investments local and international firms of a portfolio of 12 DIY stores headquarters for the CEE to the sale of completed practitioner for his commer- such as Price Waterhouse, to the OBI Group. region in Poland in 2005 and projects. Prior to joining Wolf cially-oriented approach”, as Valdimir has been a member Kuwait Petroleum, Jones in 2014 was appointed CEO Theiss, Tomasz worked at well as for “his commercial of the Management Board of Lang Wootton and Eurohypo. for Europe. In 13 years under other prominent international and precise advice, flexibility IAD Investments since 2015. He is currently responsible Robert’s management the law firms in Warsaw and Kyiv. and international experience”. He is responsible for all of the for the CEE & SEE Region at company has developed over He is admitted to the Warsaw He is further described as company’s portfolio manage- HYPO NOE Landesbank für 5.5 million sqm of warehouse Bar of Legal Advisers. “experienced, active and ment activities, having joined Niederosterreich und Wien space out of existing stock of Tomasz’s specialisations are well-connected”, with clients the company in 2010 as Bank AG. 14 million sqm in Poland. Both Construction & Infrastructure appreciating the “very easy portfolio manager for its “First Peter has been a member of in 2017 and 2018 Panattoni Projects, Corporate and Com- communication” with him. Real Estate Fund”, where he RICS since 1999 and served Europe was listed first in the mercial & M&A, Real Estate Born and raised in Canada, he was also involved as deputy of as Chairman of RICS Hungary TOP DEVELOPERS ranking in and Retail. is a native English speaker. He several real estate companies for six years and was also a Europe by Property EU title. began his career practicing incorporated in the structure member of the RICS Europe Richard Wilkinson, Robert began his career with in the United States before of the fund. board for six years. He has Chief Financial Officer,CTP Menard Doswell & Co., an moving to Romania full-time Vladimir began his career in recently completed his 6 year industrial real estate develop- in 2004. He is admitted to the 1994 in public administration term on the Board of RICS Richard started his role as ment company, has over 17 New York and Bucharest Bars. at central state administra- Austria. Group CFO for CTP in July years of experience in the real Kinstellar is the leading law tion level in Bratislava. Later, 2018, which includes looking estate business. He is a War- firm in Central and Eastern after the transition to the after the refinancing of CTP’s saw University graduate and Europe, with offices in 10 private sphere, he became portfolio of over 4.5 million has a Masters in Business countries and over 200 asset manager specialising sqm of premium industrial Management degree. lawyers. Victor represents in real estate investments. property. Prior to joining CTP, institutional investors, funds After the establishment of REVIEW REVIEW

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AGENT & establishing a property man- Management Team respon- Abu Dhabi, Qatar, Bahrain and STRATEGIC agement department which sible for Central and Eastern Saudi Arabia. Following that, PARTNERS manages buildings with a Europe and Russia. Marcin is Mike joined CBRE in 2012 as value over EUR 750 million a licensed architect, member Head of Capital Markets CEE, and creating an industrial of RICS and the National based in Warsaw. In January leasing department which Chamber of Polish Architects. 2016, CBRE transferred Mike has acted on 65,000 sq m of to Paris to become Head of leasing instructions in less Capital Markets. than a year. Daniel Bienias, Erik Drukker, Jonathan Hallett, Marcin Klammer, (MRICS) Managing Director Managing Director Central (MRICS) Executive Chief Executive Officer Poland, CBRE and Eastern Europe, Partner, Head of Central for Central and Eastern BNP Paribas Real Estate & Eastern Europe, Europe, BNP Paribas Real Daniel leads the team of over Cushman & Wakefield Estate 450 professionals for CBRE Erik holds the position of Ben Maudling, in Poland. Board Member and Man- As Head of Central & Eastern Marcin is the Chief Executive CEO Czech Republic & He joined CBRE in 2010. Previ- aging Director for Central & Europe, Jonathan oversees Officer for Central and East- Slovakia, Savills ously, Daniel headed the Ten- Eastern Europe overseeing Cushman & Wakefield’s oper- ern Europe at BNP Paribas ant Representation division the company’s services in ations across the region, with Real Estate, a consultancy Mike Atwell, Ben Maudling leads Savills in the CBRE’s Office Agency. the region in the areas of over 1100 staff in six coun- specialising in real estate Lead Director Capital activities in the Czech & Daniel has over 20 years of Capital Markets, Property tries (Czech Republic, Slova- advisory services, including Markets CEE, JLL Richard Curran, Slovak Republics. He is a Charles Taylor, real estate experience. During Management, Transaction, kia, Hungary, Poland, Russia transactions, leasing, valua- (MRICS) Managing Director Fellow of the Royal Institution Managing Partner Poland, his career, he has provided Consulting and Valuation. He and Turkey) and Cushman & tions, market research, invest- Mike is Head of Capital Mar- Czech Republic, CBRE of Chartered Surveyors Cushman & Wakefield advice to many local, interna- is responsible for all Agency & Wakefield Alliance partners ment advice and property kets for the Czech Republic with over 26 years working tional and global companies. Valuation service lines. During in a further nine countries management for all types of and Lead Director for Central Richard Curran, the Managing experience in Central Europe. A Partner at Cushman & Daniel graduated from the his 23-year-long career in across the CEE region. real estate. and Eastern Europe, over- Director of CBRE in the Czech In the year 2000, Ben sold Wakefield with over 20 University of Szczecin and Poland, he mostly worked for Jonathan is a European Prior tojoining BNP Paribas seeing JLL’s Capital Markets Republic, has over 19 years of to CBRE a Czech property years of experience in the postgraduated from the War- DTZ in the position of Deputy Executive Committee Member Real Estate, Marcin spent business across the region. experience in the Czech com- consultancy that he owned property profession, Charles saw University of Technology Managing Director and board of Cushman & Wakefield six years in the position of With a total headcount of over mercial real estate market. He and had built since 1995. is currently Managing Partner and Sheffield Hallam Univer- member, where his day-to- and the Managing Partner President of the Management 40, JLL’s capital markets team has led the CBRE Czech office Ben went on to establish and of the firm’s Polish offices. sity. He is a Member of RICS day duties also included the of Cushman & Wakefield in Board at Arcadis, one of the is one of the largest in the since 2008, having joined the head up the CEE operations He was previously Managing (Royal Institution of Chartered running of the Office and the Czech Republic. He is leading global consultancy region and is considered the company in 2004 to lead the of INVESCO Real Estate and Director of Hungary and Head Surveyors) and holds a Real Industrial Agencies. a member of the RICS, IBF and design companies in leading transactional team Agency side of the business. Palmer Capital. In January of Capital Markets for the CEE Estate Broker and CCIM (Cer- Erik represented numerous Board Member (International the area of infrastructure, in CEE, across all sectors. During this time, he has 2017, Ben established Savills region, having been based in tified Commercial Investment developers and corporate oc- Business Forum), and BGMC real estate, environment and Having recently joined JLL, overseen the growth of the Czech and Slovak operation Hungary for 15 years. He has Member) license. cupiers in the acquisition and/ Board Member. water management. At the Mike is enhancing the team office from 35 people to over with the clear goal of making a significant track record of or disposal of their real estate. same time as working in his with his regionally diverse ex- 300, and has been involved it a market leader within closing successful transac- He uses his vast experience role as the President of the perience, giving him a unique in the establishment of the three years. Surprising a tions across the region. in implementing new services Management Board, he was perspective on real estate industrial, retail and project few doubters, after just 18 and solutions in the rapidly the European Market Sector markets today. management business lines. months the company has 50 changing real estate market Leader for Manufacturing and Mike brings to JLL more than He has also overseen the high-quality employees, and is throughout CEE. Technology at Arcadis. He was 30 years of experience in the acquisition of the EMCM and well established with growing responsible for the develop- real estate market, including Impact Corti businesses, and service lines. mentof clients’ capabilities 13 years in Central Europe, their subsequent mergers into Noteworthy achievements to within the manufacturing during which he was involved the CBRE Czech business. date of Savills CZ include the and new technologies sector in some of the highest profile Richard has an honours acquisition of SB Property across Europe. transactions across the re- degree from the National Services property manage- Before joining Arcadis, Marcin gion. He spent his initial years University of Ireland and is ment company, securing sale was the managing partner in London and also has spent a Member of the Royal Insti- instructions for property with at EC Harris in Poland and nine years in the Middle East, tution of Charted Surveyors a value over EUR 700 million, a member of the European in countries such as Dubai, (RICS). REVIEW

JURY BIOS (continued)

Tina Paillet, Tomasz Buras, Tomasz Trzósło, (MRICS) Chair of the Board, CEO Poland, Savills Managing Director Central Europe, RICS & Eastern Europe, JLL Tomasz joined Savills in 2011 Tina is currently Chair of the as Head of Office Agency Tomasz is now Managing RICS Europe Board, where and Board Member. He was Director for JLL in the CEE, she will focus her tenure on further promoted to Head of having taken over the role in preparing the profession for Country in 2014. Under his the CEE at the end of 2018. He the PropTech revolution. She leadership, Savills business oversees JLL activities in the holds a Master’s degree from in Poland grew from over 50 region (offices in Bucharest, ESSEC School of Manage- to almost 130 staff members Budapest, Bratislava and ment, Paris, and graduated and its revenue more than Prague, and JLL activities as Architecte DPLG from doubled. Savills is active in across all countries in the the Ecole d’Architecture de all main real estate asset CEE/SEE region). He also Versailles. classes, i.e. offices, industrial continues as the Managing Tina is an international real and retail, where its experts Director of JLL Poland. estate executive and brings provide advisory services to Tomasz has over 20 years to the table a wealth of real clients in leasing, investment, of experience in the Central estate experience, including property management and European real estate markets. most recently the completion building consultancy. From He has run Polish capital of a 420 000 sq ft office devel- 2018, Savills has expanded its markets team since 2005, and opment in the City of London services in the capital mar- the wider CEE capital markets for Generali Real Estate (€26 kets section, adding Corporate from 2008 to 2013. He has billion AUM), where over the Finance & PRS Advisory, and participated in numerous past nine years she has held setting up Industrial Invest- transactions across the CEE, the positions of Global Head ment team, building on the including investment, struc- of Asset Management, Head strong e-commerce growth tured equity, fund raising and of UK and North America and and Poland’s strategic loca- debt deals. One of his recent Global Head of Projects and tion as a gateway between accomplishments in his MD Technology. Across these Western Europe and Asia. role at JLL is the acquisi- roles, Tina has overseen Prior to Savills, Tomasz spent tion of REAS, a residential major projects for the Group, over 5 years at King Sturge consultancy based in Warsaw, including office and retail Before that, he worked at thus allowing JLL to cover developments in France, Italy, Corporate Solutions at JLL. He all sectors of real estate in Germany, Portugal and Spain. is a graduate of the Warsaw Poland, with the plan to roll Tina sits on GRE’s Investment School of Economics, a mem- out the residential advisory Committee and has also ber of the Royal Institution of services across the region. sourced deals for the group’s Chartered Surveyors, MRICS UK and North American and a CCIM specialist. pipeline. © 2019 Deloitte Central Europe