MIPIM is a four day networking and information exchange that happens every year in Cannes, France and this year takes place between 10-13 March.
Property investors, developers, capital providers and professionals from all over the world congregate to catch up, swap information and originate property transactions in their various kinds.
What does MIPIM stand for? What’s it all about?
Well, officially, MIPIM stands for “Marche International des Professionals d’Immobilier”, but that doesn’t really come close to summing up either the significance or the spirit of the event. So, whilst we like Boris Johnson’s alternative suggestions of “may I push you in the Med?”, “meet me in the pool in a minute?” or “making important property investments for millions of Londoners on modest incomes”, we think a better take on MIPIM is as follows:-
- In the absence of any central market system for the trading of property interests, word of mouth is key;
- When the heat has come off the property market a little (particularly on the residential side), build costs have escalated, and there are concerns over what will happen in Central Southern Europe and the Middle East, it would seem all the more important to attend the world’s largest property trade fair to gauge what the key property players’ concerns are, and what trends and risk factors we are likely to be helping clients navigate in the coming months;
- One of our key functions for clients is to act as connectors. MIPIM provides a forum for us to introduce our investor and developer clients to funder clients and contacts, and visa versa; and
- This year, we expect a lot of investors focused on the UK market to be discussing PRS – the Private Rental Sector, a nebulous term encompassing a wide variety of rented residential real estate, from student housing to purpose built retirement stock; revenue being derived both from the provision of stock (new build and conversion), and its rental and management. With the election looming and respected commentators stressing the urgent need for new housing stock, it will be vital to see whether the real estate industry, politicians and civil servants can finally pull it together, to arrive at practical solutions which will actually deliver. The Build to Rent Fund and new loan guarantee schemes have been around for a little while now, and a number of heavy weight investors have formed joint venture platforms, so as to exploit the huge potential which PRS represents – but we are still waiting to see concrete signs of implementation. In this context, the convergence of MIPIM with the pre-election build-up of campaigning, may make for some stimulating, and we hope, productive, debate.
Accordingly, Michelmores will be sending a delegation from our Property Team to MIPIM this year. If you too are attending and would like to meet up, please do get in touch with one or more of the Property Lawyers listed below.
Here’s to a fruitful MIPIM 2015, and a Prosperous Property Year to follow.
Stephen Newson, Partner – Real Estate
T +44 (0) 1392 687 492 M 07807 145 176 E stephen.newson@michelmores.com
Paul Beanlands, Associate – Real Estate
M 07734 934 383 E paul.beanlands@michelmores.com
