Nai Pickard

MIPIM 2011: results from NAI Pickard

On the 8th to the 11th of March NAI Pickard, as in every previous year, participated as an exhibitor in MIPIM, Cannes – the largest and most important property exhibition in Europe. NAI Pickard was representing Ukraine on the stand of NAI Global # 24.02 together with approximately 80 other NAI delegates from across the world. NAI Members conducted a large number of meetings on their stand and on the company yacht The Costa Magna moored adjacent to the Palais des Festivals during the exhibition. On Tuesday the 8th of March the NAI CEE members organised a Central & Eastern Europe Cocktail Party on board the yacht, which was a great opportunity for guests to meet all the NAI’s CEE members and discuss the CEE real estate markets in all aspects.  Also there were NAI’s traditional informal meetings every day with partners and clients such as the Breakfast and Happy Hour on board the yacht.

Overall at MIPIM there was an optimistic air. This year MIPIM Director Filippo Rean particularly referred to the investment groups with their stands at MIPIM this year as a sign that investors were actively searching for opportunities in the market. Statements such as “comes back stronger after the crisis”, “Eastern Europe soon back on the scene for alert investors”, “recovery in CEE retail markets” were definitely a signal that the property market in Europe is now on the rebound.

As for Ukraine this year was as different as “night and day” compared to 2010 judging by the news from the Ukrainian lunch on the 10th of March hosted by NAI Pickard in partnership with the law firm Arzinger and western developer GLD Invest Group. This event which was also on board the NAI Global yacht was well attended by investors and operators with in total more than 30 companies participating. Chairman of NAI Pickard Terry Pickard, managing partner of Arzinger Timur Bondarev and Managing Director of GLD Invest Clemens Lehr gave some examples of the positive changes in the Ukrainian market based on their own business activity.  What was particularly encouraging was the news from these investors/developers that are already committed to Ukraine are planning to expand their activities this year such as a new shopping mall in Lviv, a business residential block in Kyiv, hypermarket development on the outskirts of Kyiv, new financing approved for a hotel, office & retail development, etc, etc .

As those already committed to Ukraine expand their activities it will encourage others to quickly follow.
With GDP growth rates forecasted at 4-6% for 2011 and possibly higher Ukraine could become Europe’s China.