Busy back in Blighty
A well wisher has kindly sent me a video of my impromptu presentation at lunch in Cannes last week on the merits of the MIPIM London Stand.
I was either very brave (or foolhardy!) as the comments which have been captured for posterity were made in the presence of our revered UK MD of REED-MIDEM.
Apparently, and I can’t dispute the photographic evidence, when asked for some scandal to report the very best I could come up with was that ‘there weren’t enough developers represented.’ What sort of response is that?
MIPIM may be over for this year but life continues to be fairly eventful.
I was invited to a fascinating breakfast round table meeting hosted by Financial Dynamics on the very real issue of Global Warming (featuring some excellent bacon sandwiches which I observed rather than ate as I gave up bread years ago).
The guest speaker was John Hirst CEO of the Met Office, supported by Vicky Pope, Head of Climate Change Advice, and the working title was ’separating fact from fiction’.
I have to say that I felt something of an impostor amongst this illustrious gathering of specialists in energy and the environment. But this was an excellent, if rather chilling(!) presentation from Mr Hirst whose pre-Met Office career was in industry and who is also a non-executive director of Hammerson.
He set out for us very clearly and in terms that even laymen such as myself could understand, the evidence that the world is becoming progressively warmer. The Met Office clearly provide an excellent range of services around the world which backs up Boris’s boast at MIPIM of our scientific as well as our cultural and financial supremacy.
It’s a shame that some elements of the press have a tendency to seize on and distort information to produce headlines such as the predicted ‘barbeque summer’ and are generally more interested in headline grabbing issues such as Mr Hirst’s pay package rather than the real agenda.
It’s hardly surprising then that only 25% of the UK public apparently believe that global warming is a real issue and man made. I have to say that after this morning’s session I’m convinced and very concerned.
On an entirely different topic I’m delighted to report what I regard as great progress. Having campaigned tirelessly since leaving London Business School in 2001 to get real estate onto the curriculum, the School is holding its Inaugural Real Estate Conference ‘Real Estate 2010-2020′ next month.
There is a great programme with discussions led by some senior property industry figures including a session on ‘Building a Greener Future’ which ties in well with the global warming issue.
Having been fortunate enough to have completed the Sloan Masters Programme at the School I believe that it’s vitally important to build bridges between the property sector and the leading edge business thinkers at LBS which for Londoners is virtually on our door step.
So a huge thank you to Sir John Ritblat, Chairman of the School’s Governing Body for making this happen.
I know there are a few property industry London Business School alumni and I hope you will be able to support this long anticipated event. Details will be appearing in the pages of Property Week very shortly. LBS is particularly international in its focus and so the 60 or so mature students on my programme were drawn from all over the world, and only 20% were based in the UK.
An important part of the experience was the collaborative learning and in particular learning the skill of dealing with cultural sensitivities and differences. (This may be why I enjoy MIPIM so much!)
So it wasn’t surprising that when one of my contemporaries now successfully running a major London advertising agency emailed an update this week to all our year saying he was now on his 6th marriage, was out of work and had fallen on hard times there was stunned collective online silence since only the Brits seem to understand our brand of humour.
Read more: http://blog.propertyweek.com/2010/03/24/busy-back-in-blighty
22/03/2010 - I'm back from planet MIPIM with a jolt
I'm back from planet MIPIM with a jolt (and a parking ticket). After an enjoyable lunch at Rado Beach restaurant courtesy of REED MIDEM I landed at Heathrow late on friday evening in the pouring rain and was just grateful that my flight hadn't been grounded by the strike.
Having had time for some reflection and some conferring with delegates on the return journey the consensus is definitely that it was a good MIPIM (but then to be honest who comes back saying they met nobody and it was a waste of time?)
I have the same number of new contacts as last year plus I was able to spend some useful and enjoyable time with clients. Whatever anyone says, and I don't know whether it's the more informal and relaxed ambiance, but time spent with clients and contacts at MIPIM is definitely more constructive than any number of meetings at home. There are always anecdotes of problems sorted out and differences settled over a coffee in Cannes.
There is no doubt its quieter though. I have always insisted on being on the top floor in the Cannes hotels to avoid the noise of revelling into the early hours which used to be a feature of MIPIM. I used to enjoy looking down at the hordes of stick men in grey suits parading up and down the Croisette until dawn.
This year you could have had a room on the first floor and had a good night's sleep - good or bad its a sign of the times. I still haven't been able to solve the conundrum of where the other nationalities with a substantial MIPIM presence go at night. The Brits still colonise the Martinez, Majestic and the Carlton bars so where are the French and the Germans?
Nick Leslau has been quoted in the press as saying that if he wants to stare at 6ft Russian models he can have lunch at Cipriani in Mayfair and doesn't need to go to Cannes. Nick, believe me MIPIM has moved on so I hope we can persuade you back next year to support a more serious MIPIM 2011 when the UK will be Country of Honour.
I'm not sure yet what this will entail - probably not discounted rates on passes for the UK contingent - but it will mean promoting the UK and I'm sure we'll find out more very soon.
Back to reality and my first post MIPIM parking ticket which is causing me great grief. Whilst I was in Cannes, Marks & Spencer (until yesterday my favourite supermarket) unbeknown to me changed its parking regulations and handed over its carpark to be operated by Euro carparks.
Nothing wrong with this and I'm sure it will generate lots of income except that nobody had told me (I generally shop late at night on the way back from work so must have missed out on any in store promotion) and having done my usual Sunday shop I came out to find a whopping £50 penalty charge.
As a longstanding and loyal customer I appealed to the M&S Manager who insisted it was entirely out of her hands (even if she was about to lose my longstanding and valuable custom forever). No joy with Euro carparks - although I have to say the attendant was more sympathetic but quite frankly why should he be bothered if I withdraw my M&S custom?
Since the idea is that you get your parking fee back anyway if you spend over £15 (and believe me I had spent many multiples of this) I can't see that this does much to promote the customer relationship. I am a great fan of Stuart Rose and have always supported and applauded his initiatives - religiously bringing my reusable plastic bags to support the M&S sustainability agenda.
But I have just worked out to my horror that I have been spending an average of £15k a year with my local M&S which over a period of 20 years or so works out at a massive £300k (not adjusted for inflation as my son the trainee accountant points out).
I would have thought that someone at M&S would intervene in the interests of customer service at which they normally excel. And judging from the confusion reigning in the car park yesterday I can't believe I am an isolated incident.
Read more: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3160432&c=1#ixzz0j08W4RsS
19/03/2010 - Final day high
MIPIM ended on a high note with the James Andrew/ Coutts last night party which had a genuine MIPIM buzz.
As ever this event was a who's who of the property industry competing with each other for the smoked Salmon and champagne - a great finale to the conference.
Generally it's been a quieter, more sedate and businesslike MIPIM.
If I'm honest at times it has felt a little flat but only compared to the froth and excess of previous years.
There has been less partying, more constructive and focused meetings and opportunities to make some useful introductions which have a good chance of leading to new business.
Undoubtedly some MIPIM regulars were notable by their absence this year - Nick Leslau, David Tye, Irvine Sellar to name a few and for the first time in many years there was no Tchenguiz boat.
Last night the Carlton and Martinez bars were fairly busy although not packed and Tantra continues to be extremely lively.
People are still talking about the legendary event we had there a while back when fuelled by liberal quantities of vodka shots courtesy of a grateful client the whole party danced the night away on the table,' crushing the food underfoot.
It's a sign of the times that this year for the first time Topland Group hosted an elegant soiree at their sumptuous Carlton suite which in previous years was bagged by one of the American banks.
On the subject of banks, Bloomberg have just announced as breaking news that Lloyds our biggest mortgage lender may be profitable in 2010.
Sounds a positive note to end on so all I need ito round off a great MIPIM is for my BA flight this evening to get away before the strike kicks in.
Read more: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3160348#ixzz0icsbxhZR
18/03/2010 - Part 2: I recommend the caramel vodka shots...
I've completed my research now and the Carlton hotel really does have the best buffet breakfast and worth registering for MIPIM to be allowed entry for breakfast meetings. I also recommend the caramel vodka shots (but not for breakfast)
The BPF must have been prescient when they arranged this morning's session with Jones Lang LaSalle entitled 'Competitive cities in a cold climate' as we continue to shiver in Cannes.
I made it to the London Stand this morning to hear Sir Bob Kerslake talking about the significant regeneration schemes started in London since last MIPIM which is good news.
Its disappointing- and a number of people have commented on this - how few developers have a presence on the London Stand this year.
If you saw a large assorted group looking lost outside the Gray D'Albion at lunchtime today this was part of an initiative test set by Enstar.
They kindly invited guests to a private lunch in the Residence Gray D'Albion but it is fiendishly difficult to find the right entrance so only the most tenacious made it.
Fortunately my team was led by Eddie and Sol Zakay who were able to decipher the clues and get us successfully to our destination.
Apologies to Tom Bloxham but you have been overshadowed in the dress stakes by a jaw dropping outfit seen in the Carlton Bar this afternoon.
Urban Cowboy only begins to describe it and it involved lots of silver metal ware and a Stetson.
It certainly turned a lot of heads - I was too stunned to even notice if the wearer was badged for MIPIM or not.
Read more: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3160308#ixzz0icrviV4P
18/03/2010 - Part 1
I was woken in the early hours by the sound of heavy lifting gear dismantling marquees parties the night before - not very welcome at 7am on top of a head ache induced by a contretemps with some scaffolding on the Rue d'Antibes.
Despite the early start it was a very enjoyable and productive day courtesy of Paul Stevens of Investec, Solly Benaim of BDO and Robert Bourne. On my travels I spotted a very well dressed gentleman in a stunning bright blue suit with matching crocodile shoes and glasses. I said I wouldn't name him but he does definitely deserve a mention in despatches.
I haven't seen a UK newspaper in days and now feel as if I'm operating in a parallel universe where the daily news is delivered via MIPIM News which announces today that the UK will be MIPIM's next country of honour so we will have to make a special effort for next years event.
It's interesting that for the UK contingent here there are two parallel MIPIM circuits. Which are for the most part entirely separate. There is the public sector and local authorities with a strong political agenda and news breaking policy announcements. Then there is the entrepreneurial circuit which is for the most part oblivious to the other circuit - is more relaxed and takes place around receptions and a punishing schedule of one to one meetings. Not the same degree of policy making but useful relationships are forged and deals struck. Some of the larger developers straddle both but otherwise for the most part the groups don't overlap a great deal and will go home with entirely divergent impressions of MIPIM 2010.
I had a fascinating discussion over dinner with race driving enthusiast Nick Jacobs of Rowan Asset Management who in the interests of sustainability is literally growing his own home in Sussex. The house will be made from sweet chestnut wood and from hemcrete ( as I understand it a concrete made from hemp) both of which are growing in his garden. This certainly puts a new spin on grow your own!
It's definitely quieter in the hotels and bars compared to last year. The Targetfollow party was particularly missed last night as it was such a stylish event held in an elegant villa up in the hills above Cannes. Sadly the villa changed hands during the year and was not available to rent this MIPIM. Sadly I can see that my MIPIM horizons this year won't extend further than the well trodden patch between the conference and the Carlton.
Read more: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3160187#ixzz0iWqOtxJA
17/03/2010 - Things are hotting up
Day 2 and things are hotting up on the MIPIM front, if not on the weather front (out of the sun its freezing) and the locals are sensibly not giving up their furs and winter garb whilst we MIPIM goers are optimistically toughing it out in lighter clothing.
Boris has hit the ground running. Isn't it great to be instantly recognisable by your first name alone? He has been fiercely countering press reports that London is losing its pre-eminence as the leading financial centre with some fascinating but obscure facts and figures that only Boris could come up with.
He points out that in addition to being the financial capital of the world with more people in financial services than anywhere else including New York it is also the cultural and scientific capital.
Did you know that penicillin was invented in Praed St Paddington or that Darwin's theory of evolution was first mooted in Bromley? I certainly didn't!
And you can't fault his logic that with the exchange rate where it is there could be no better time for overseas investors to invest in the UK.
Incidentally the said exchange rate is making things eye wateringly expensive here in Cannes. I was particularly aware of this when having to fork out to replace the aftershave with something more appropriate which irritatingly could have been purchased at a fraction of the cost at Heathrow.
And a huge thank you to Simon Jouning for gallantly picking up my bill at lunchtime. Your generosity will be reciprocated! I also have to thank the MIPIM mobile driver commandeered by Mr Rhodes who adroitly whisked me off the Croisette and deposited me outside the Palais in time for Boris's keynote address.
The inclement weather has produced some curious sartorial choices - the prize for the most striking outfit has to go to Tom Bloxham of Urban Splash for his idiosyncratic black and white checked ensemble and trilby hat.
And as Tom so aptly put it, 'its the largest cheque he's seen all year!'. Second prize went to a Russian gentleman wearing a suit so shiney I needed extra strength sunglasses.
We had our usual tuesday evening MIPIM dinner at Hotel 3.14 which we shared this year with Clare Hartnell of Grant Thornton and Nick Cowell which entailed a great degree of table hopping especially as one of our guests ( a fellow Property Week columnist renowned for his casual dress code ) insisted that 10 minutes was the optimum time for a dinner table conversation before boredom sets in and that we should rotate seats between courses.
Not a bad networking strategy but very confusing for the restaurant staff especially as none of us could remember what we'd ordered .in the first place.
Read more: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3160030&#ixzz0iRemdChH
16/03/2010
My MIPIM got off to a stressful start yesterday as the traffic into Heathrow was abysmal - so much so that I thought I would miss my flight which unusually was boarding on time – I was so rushed as I sped through the duty free shop that I bought Prada aftershave by mistake and only realised when I had sprayed it on very liberally.
On a more positive note I was upgraded again courtesy of Mr Soning (and offered champagne courtesy of British Airways!) which helped me to de-stress.
This was particularly appreciated as my flight to the front of the plane meant I escaped the one (extremely vocal!) child on the plane who of course was seated in my row. Lesson for next year’s MIPIM is that it’s madness to attempt Heathrow by road on in the Monday morning rush hour - the Heathrow Express is the only way.
There will be no slacking this MIPIM - my resolution this year is to spend more time in the Palais – I thought I’d start yesterday. Cannes was a frenzy of pre- MIPIM anticipation.
It is amazing that just hours before the conference was due to start it looked as if needed another week. The conference stands were still being constructed and the carpet was covered in clingfilm.
I have already digested and analysed the MIPIM tome of participants and am ready to be tested on it. With so many jurisdictions represented, my mission this MIPIM is to find the new international investors into the UK.
Last night I was a guest at a very enjoyable dinner hosted by Coutts and Charles Russell in the old town – it was good to catch up with property investor John de Stefano who now divides his time between property and restaurant projects in London, Monte Carlo and Barbados We were reminiscing about the glamour of earlier MIPIMs when the London to Cannes race was run in an array of expensive, high-powered sports cars which would then be displayed triumphantly outside the Palais.
I know bicycles are rather more politically correct but those glitzy motors were quite a spectacle. I have just had breakfast with Peter Rhodes, the UK Director of REED MIDEM, (who very deftly managed to dodge/test the MIPIM security as he forgot his pass this morning!).
MIPIM numbers are running level with last year and corporates represented are 10% up. Over 100 Mayors are arriving shortly (collective noun for a group of mayors?) for their own private Summit which will be a closed door session. I’d love to be a fly on the wall for that multi cultural event!
For those of you on your way to Cannes, the weather has been unseasonably cold as evidenced by the fact that the Carlton Terrace is covered over by a marquee. The sun is out now and warmer weather is promised.
A final thought - I'm writing in a cafe on the Croisette observed by a beautifully coiffed terrier taking the first sun of the season. How come the French are so relaxed about allowing their canine companions into restaurants whereas at home we dog owners are banished from most such establishments?
Read more: http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3159994&#ixzz0iRceeI7s