With 20,000 delegates from more than 80 counties, and the French, UK and German contingents leading the way, MIPIM continues to be the event that shapes the property calendar. Show director Filippo Rean gives the lowdown on MIPIM 2013 and explains why Boris Johnson needed a bigger stage.
Debt market on course for growth
The debt market looks set for growth in 2013, according to Cushman & Wakefield’s latest European Real Estate Lending Survey. The survey of more than 100 global real estate finance
providers found increases in the number of lenders, the amount of cash they were willing to lend and the propensity to lend larger amounts. Since Q1 2012, the number of lenders open for business
has increased by 29%, with 10 new entrants to the senior debt market and 10 returning lenders. While the increase in active banks is a welcome sight for
the property industry, C&W warns that lending criteria remain rigid and selective in the main part, with lenders focusing on prime assets in core and domestic locations. There will also be an increase in available capital for
European real estate debt this year, with C&W estimating a 22% growth. A large proportion of this will be used for
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refinancing purposes, however, rather than new product. And lenders are also getting more confident on lending
larger amounts. Over recent years the number of debt providers willing to underwrite loans of €100m (£87.6m) or more has been in decline, but this year some 28% of lenders surveyed said they would underwrite such loans. This compares with 18% during the first quarter of 2012. C&W head of EMEA corporate finance Michael Lindsay
said: “The European real estate lending landscape remains dominated by the mainstream UK and German banks but more recent market entrants – especially those from the US – have started to make their mark. “Q4 2012 and Q1 2013 witnessed a significant
improvement in lending conditions; for the right assets, healthy competition exists among lenders, which is delivery pricing not seen since before the financial crisis.”
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ESTATES GAZETTE MIPIM TEAM: Editor Damian Wild; News editor Samantha McClary; Features & comment editor Emily Wright; Regional editor Stacey Meadwell; Senior reporter Jack Sidders; Reporter Joanna Bourke; Multimedia editor Nathan Cross; Video journalist Paul Yandall
EUROPROPERTY TEAM: Editor Paul Strohm; Deputy editor David Sands; Reporters Diana Petrowicz, Tiziana Cauli
Production editor Stuart Nissen Art director Chris Gardner