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realasset
Issue 9 | March 2021
INSIGHT
Real Asset Insight | Issue 9 | March 2021
Making an impact
Investing for the good of people and the planet
Features Future of the office l Italy’s hospitality returns Insight & Strategy Healthy Cities l Thinking Cities
Outlook 2021 CEE l UK & Europe l France l Netherlands l Iberia l Key Trends Plus People & Moves
realasset
EVENTS CALENDAR 2020/21 INSIGHT
Q1 2021 Q3 2021
Investment Summit - July Financing Opportunities in Student Housing
Key Trends 2021 15-19 March - London
Student housing in Poland & CEE: Data, Deals, July ESG & Sustainable Investment - London
Vaccines bring hope,
30 March
Banking, Opportunities July Real Estate & Infrastructure Investment -
London
Q2 2021
Live Online Events
September Real Estate Investment Opportunities for
Family Offices - Frankfurt
but unknowns remain
AdobeStock/vectorgirl
April The Future of Office
September Distribution Centres, Urban Logistics and
A
April Germany Investment Light Industrial - London s we welcome you to the first edition of has been put to the test and, on the whole, it
Real Asset Insight for 2021, it is clear that works. The challenge is now a human one: can
April European Retail Investment September Asset Allocation in the Investment Market - since the last edition, the social, economic offices be made attractive and safe enough
London and political backdrop to all that we do has and is face-to-face interaction compelling
Real Asset Media at TRANSPORT LOGISTIC
changed. There have been corresponding enough to hold sway over the lure of working
(100% digital conference programme) Q4 2021 Managing Editor shifts in sentiment in the real estate sector. from home and avoidance of a commute?
The Future of Logistics Real Estate - part of the Real Asset Media @Expo Real 2021, 11-13 October Paul Strohm
4 May paul.strohm@ In short, if 2020 was The Year of Covid, 2021 But to paraphrase Fidelity International’s Kim
official programme 5.30-6.30 pm CET (The International Investors Lounge) realassetmedia.com
seems likely to be The Year of the Vaccine and Politzer, who spoke during Real Asset Media’s
May European Debt Finance October Student Housing, Micro- & Co-Living News Editor Nicol Dynes the beginnings of a recovery from the horrors Outlook 2021 Key Trends briefing (page 54), it
nicol.dynes@
that last year wrought. But there is more to it is difficult to accurately assess the implications
May France Investment October European Logistics Investment realassetmedia.com
than that. of an event such as the covid crisis, while in
Design and Production the midst of that crisis.
May Sustainable Investment & Carbon Performance October Germany Investment Lucien Howlett
There have been significant non-covid-related
lucien.howlett@
Real Asset Media at MIPIM 2021, 7-10 June Cannes or online October European Retail Investment realassetmedia.com events since the last time of writing this What is clear though, (offices page 18) is that
column, most notably the change of leader in in future more attention is going to be turned
7 June Senior Housing & Healthcare Investment - SHHA October Sustainable Investment Opportunities Director Client Relations
the US and the UK’s departure from the EU to physical and mental wellbeing in office
Frank Beinborn
frank.beinborn@ finally becoming reality on 31 December 2021 design and management. And while covid
8 June European Logistics Investment October Senior Housing & Healthcare Investment
realassetmedia.com (see page 27 for access to Real Asset Media’s may have been the ultimate catalyst to the
October Winning Cities +49 152 54 87 86 68 guide to Brexit). shift, awareness of the impact of commercial
9 June Student Housing, Micro- & Co-Living Investment
Managing Partner buildings both on their occupiers and the wider
June Iberian Investment Opportunities - London October Future of Office Thorsten Herbert And although we are still very much in the environment has been growing as ESG matters
thorsten.herbert@ grip of the health crisis and the measures become more embedded in the property
June The CEE Summit 8th edition - Warsaw or online October Global Capital Flows realassetmedia.com taken to mitigate its effects, there is a sense sector’s consciousness.
+49 170 47 98 793
October PropTech, Data & Innovation that the market is picking itself up for the next
All events will be carried out live online and be held as physical Group Publisher onslaught, but that the battle lines have been So too is the potential to use property
events in case this will be possible again - See all upcoming October France Investment - London Richard Betts redrawn. investment as a wider instrument of societal
events and footage about past events at realassetlive.com richard.betts@
improvement through impact investment,
realassetmedia.com
October Netherlands Investment - London The macro effects of the health crisis have not as a charitable or philanthropic gesture,
Please note, this events calendar is subject to constant update. More events +44 (0) 755 7373 134
been well studied and documented: the but by making choices that provide benefits
will be added, and dates might move. Please contact us if you would like to Real Asset Media at MAPIC 2021 www.realassetinsight.com demise of both high street and shopping beyond a financial return on investment and
speak, for your tailormade event or if you would like sponsor! realassetlive.com
November European Retail Investment centres hastened; essential retail and online without negative effects on the investor. This
www.realassetmedia.com
shopping excel; offices are in purgatory is a subject that we begin to explore (page
November Retail Trends & the Future of Retail
Join us as a partner, speaker Investment Briefings Ltd
10 Jesus Lane
awaiting The Return to Work. 10). However, the sector’s interest in impact
investing has grown substantially and we will
November Retail and Logistics: two sides of the coin
or attendee Cambridge, CB6 8BA
VAT: 202 8685 13
It is probably the latter which holds more be returning to the subject regularly. Look out
November PropTech, Data & Innovation Summit unknowns for the property markets. Much of for the launch of our new publication, (page
Richard Betts Group Publisher Copyright © 2021 Real Asset Media this pivots around the extent to which office 15) Real Asset Impact, in June and do, please,
richard.betts@realassetmedia.com December European Outlook 2022 - Germany All rights reserved. No part of this publication workers will willingly return to the office, but engage with it.
may be reproduced, transmitted in any form just as relevant is the extent to which occupiers
+44 7557 37 31 34 December European Outlook 2022 - UK or by any means, electronic or mechanical
including photocopy, recording or any
will ask them to do so. Technologies for remote Paul Strohm
Frank Beinborn Director Client Relations information storage and retrieval system, working have existed in some form or other Managing editor
December European Outlook 2022 - France without prior written permission. for decades and the demise of the office, and
frank.beinborn@realassetmedia.com
theories about the radical change in office use,
+49 152 54 87 86 68
have dipped in and out of favour for years.
Thorsten Herbert Managing Partner
realasset But now the technology, new and updated,
thorsten.herbert@realassetmedia.com MEDIA
+49 170 47 98 793 realasset
Taking you beyond Issue
the2headlines
July 2020 | Real Asset Insight 2 MEDIA
Issue 9 March 2021 | Real Asset Insight 3
Contents
INTRODUCTION INSIGHT & STRATEGY
6 Talking Points
10
Industry leaders continue to debate key real estate issues Outlook 2020
and themes on the REALX.Global virtual platform
34 CEE
8-9 News A wave of capital is expected to flood into the region once
Henderson Park sale shows continued demand for London offices, the pandemic is brought under control
AEW targets metro areas with new logistics platform
38 UK & Europe
FEATURES Deals have continued across Europe during the pandemic,
while the UK’s deal with the EU has brought much-needed 42
certainty to investors
10 ESG & Impact Investing
As the ‘Social’ aspect of ESG becomes more important,
Real Asset Insight spoke to investors about how their
18 42 France
As overseas capital dried up with the onset of Covid-19,
46
strategies are evolving domestic investors have kept the French market ticking
and a rebound is expected later this year
16 News: ESG & Impact Investing
Image: Adobe Stock/Nattanon
Aedifica arm buys Finnish care home assets, Swiss Life healthcare 46 Netherlands
fund includes Spain and Italy in diversification plans The growth of e-commerce and Brexit are expected to deliver
post-pandemic benefits to the Dutch real estate market
18 Where now for offices?
With vaccines being rolled out across Europe will there be a rush 50 Iberia
to return to the office and if so, what form will it take? Or has home Deals continue in Spain and Portugal as investors adapt to new
working killed off the office as we know it? ways of doing business, while the residential sector is seen as
offering untapped potential
22 Healthy Cities
The pandemic has sparked mainstream interest in life sciences 56 Key Trends 52
and R&D, once the preserve of the alternatives sector How offices might change in the new normal, and mixed-use
offers the flexibility many occupiers will demand post-pandemic
26 Thinking Cities
As thoughts return to office environments again there is increased
focus on technology and wellbeing across communities
30 Italy’s hospitality rebound PEOPLE
The Italian hotels market stirs again after a tough 2020
22 60 Corestate appoints Ellebracht MD
Plus all the latest moves and promotions across real estate,
including JLL, Savills IM, Europa Capital, P3 and Berlin Hyp
30 56
4 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 5
Insight & Strategy - Online briefings
‘Future-proofing
buildings with
technology, health
and environmental
sustainability means creating ‘The UK
Industry
places that connect to people and is really
deliver better lives.’ ripe for a life
Julie Alexander, director of technology, sciences explosion, it’s a
innovation and environment, sector primed for
insight
Places for People serious growth.’
Doug Cuff, vice-president,
UK real estate, IQHQ
REALX.Global and virtual platforms have given
an opportunity for industry leaders to continue ‘Real estate has to be at the heart of
sharing their valuable views on the future of the social value initiatives, but you can’t
market and the sector beyond the pandemic. pivot portfolios overnight and you
Here are just a few of their insights. also need to have active public/
private partnerships.’
Kim Politzer, director, head of
‘It’s a priority research European real estate,
for me to Fidelity International.
demonstrate that
the industry can be
inclusive. It is a great honour to
be recognised by my peers and ‘There’s a great need
‘Mixed-use it will spur me on to even greater
is the future for senior housing
action. I’m just getting started!’ development,
because these
schemes can Ric Lewis, founder, Tristan Capital especially in the big
Partners and winner of the 2021 ULI cities that lack capacity.’
deliver the flexibility European Leader Award
that tenants now demand.’ Frédéric Dib, CEO,
Mozaic Asset Management
Andrew Angeli,
CBRE Global Investors
6 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 7
Insight & Strategy - News
Bouwinvest, CBRE GIP
and ION pool €280m
£255m Henderson Park sale highlights
for Belgian homes continued demand for London offices
I L
nstitutional asset managers CBRE
Global Investment Partners and ondon offices continue to attract repositioned the asset to capitalise on a 75,000 sq ft prelease, with a 15-year
Bouwinvest Real Estate Investors international investors despite the strong demand for prime modern offices term, back to Deloitte, which then agreed
have formed a strategic partnership with pandemic. Demand is particularly in the City, especially those with good a further prelet for the rest of the building
Belgian real estate developer ION to strong for prime well-let offices in good transport links. Athene Place is near various in October 2019. The building will form part
jointly invest an initial €280 million in locations, as shown by the £255 million sale national rail and London Underground hubs, of Deloitte’s wider London campus, as it is
new build affordable rental houses and of Athene Place in the City of London. including the new Elizabeth Line which is opposite the company’s new headquarters
apartments. due to open next year. at 1 New Street Square.
Known as the ION Residential Platform,
the partnership will be the first unlisted
Former US Embassy in London Henderson Park, the pan-European private
equity real estate manager, has agreed
the sale of the newly redeveloped building
In November 2018 Henderson Park secured Deloitte took possession at the end
of 2020, after the refurbishment and
to make way for luxury hotel
institutional housing platform in Belgium. at 66 Shoe Lane, leased to Deloitte, to a repositioning work was completed at the
It will mainly focus on Belgium’s largest consortium led by Wing Tai Properties, a end of 2020 and the building received
urban areas and projects will be sourced Hong Kong-based real estate company. a BREEAM Excellent sustainability
H
from ION’s development pipeline. These certification.
will be supplemented with acquisitions ospitality and retail have been the Qatari Diar bought 30 Grosvenor Square “This sale underlines the ongoing appeal
from other developers. sectors worst hit by the pandemic, in 2009, in the knowledge that the US of prime, well-let London offices to “We acquired Athene Place in June 2018
but Qatari Diar is taking the long view. Embassy was planning to move into a new international investors and the important after the Brexit referendum with a view
The first acquisitions will be made in the The real estate arm of the Qatari Sovereign building in Nine Elms in 2018. role we believe they will continue to play to undertaking a full refurbishment to
coming months, the partners said in a Wealth Fund has unveiled its plans for in the daily working life of the future,” create a first class, prime new workplace
statement. the former US Embassy at 30 Grosvenor The Chancery Rosewood will be designed said Nick Weber, founding partner of that could meet the specific needs of the
Square, in London’s Mayfair, which will by British architect Sir David Chipperfield, Henderson Park. modern occupier both now and in the
CBRE GIP, on behalf of one of its become a five-star hotel with retail space who intends to “revitalise the public realm” future,” said Weber. “We put a strong focus
clients, and Bouwinvest will be equal on the ground floor. and open up the piano nobile level to the “At the same time, this transaction allows us on technology, sustainability and, with
investment partners, while ION will take public as well as guests, “extending the to conclude our business plan for Athene features such as roof terraces and enlarged
a minority interest and act as service The ‘ultra luxury hotel’, named The hotel experience beyond the building and Place ahead of schedule, and deliver a balconies providing fresh air spaces, the
provider. Although the planned initial Chancery Rosewood, will have 139 rooms into the redeveloped garden square”. positive return for our clients.” wellness of personnel.”
investment volume is €280 million, this and suites, five restaurants, a spa, a
may increase in the future. grand ballroom for up to 1,000 guests and MODERNIST MASTERPIECE Henderson Park acquired the 147,000 sq ft Eastdil Secured and CBRE acted for
six flagship retail spaces which will be The former US Embassy, designed in office in June 2018 after Deloitte vacated Henderson Park has sold Athene Place in Henderson Park, while Deloitte acted for
Approximately 72% of Belgians are accessible from the square as well as from the 1950s by Finnish-American architect the building and fully refurbished and London for £255m Wing Tai.
currently homeowners, however the hotel. Eero Saarinen, is considered a modernist
research indicates this figure will masterpiece. The existing structure will be
€800m AEW logistics platform targets metro areas
decrease significantly during the next “Our vision at Qatari Diar is to revitalise demolished but the Grade II-listed facade
decade and thousands of Belgian this public space through the creation of a will be preserved and restored, as well
citizens will require rented homes. world-class hotel destination, and in turn as the unique diagrid ceilings and other
A
The proportion of homeowners has inspire the transformation of Grosvenor architectural elements such as mullions,
already fallen below 55% in major cities Square and the wider regeneration of window handles and the interior stone sset manager AEW has launched a the Netherlands. The asset manager said in development of industry 4.0 and industrial
including Brussels, Antwerp, Charleroi, central Mayfair,” said Abdullah bin Hamad cladding. new urban logistics and light industrial a statement that there is “a chronic supply reshoring in Europe.
Ghent, Liege and Leuven. al-Attiyah, CEO of Qatari Diar. platform with €475 million of start-up shortage” of logistics and light industrial
A prominent feature of the restored facade equity, but targeting an initial portfolio of space in these locations while demand is “The pace of change is accelerating,
The Grosvenor Square project shows its will be the giant statue of a golden eagle, about €800 million. robust and increasing. fuelled by the impact of new technologies,
confidence in the UK real estate market, which was the symbol of the US Embassy. and market demand for industrial space
said the group, which has already invested Known as ULLIS – Urban Logistics and Most of the equity is destined for within dense urban areas is growing,”
£4 billion in the country. The Chancery In line with current trends, The Chancery Light Industrial Strategy – the new platform brownfield, build-to-core developments, said AEW co-head of institutional fund
Rosewood is just one of the schemes Rosewood will be built as a sustainable is structured as a scalable partnership, but which will be supported by the acquisition management, separate accounts and club
Qatari Diar is working on in London, hotel, improving the site’s biodiversity investors already committed are long-term of some income-producing assets. deals, Rémy Vertupier.
others include: Chelsea Barracks, a luxury through the use of extensive green partners of AEW in the logistics sector.
residential development near Sloane roofs, minimising water consumption and They include PGGM, Allianz Real Estate The statement said that structural trends “We decided to launch ULLIS with a strategy
Square; and Southbank Place, a mixed-use introducing energy efficiency measures. and Crédit Agricole Assurances. support demand for industrial space across mainly focused on the development of
project by the London Eye on the Thames. It plans to become the first five-star hotel urban locations and are likely to further small to large urban projects through the
When all these projects are completed, their in the UK to achieve a BREEAM Excellent ULLIS aims to build a core portfolio in major intensify because of growing urbanisation, conversion of obsolete outdated buildings
total value will be £11 billion. sustainability rating. metropolitan areas of France, Germany and increasing distribution in urban areas, the and the regeneration of brownfield land.”
8 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 9
Insight & Strategy - ESG & Impact Investing
Building a
virtuous
circle
More and more real estate companies are tuning into
the social and environmental benefits their schemes can
bring to society. Paul Strohm reports
R
eal estate has, it seems, readily taken Patron Capital MD and founder Keith
to environmental, social and Breslauer says of ESG: “We always did the
governance criteria in the way ‘E’. Controlling carbon emissions through
businesses are run and buildings are built. the proper specification of property was
The industry has recognised that ESG is part of our priorities anyway. The ‘S’ part
the right thing to do and that most of its was always relevant but we did not do it
client base, whether investors or directly – now we are doing it directly. The
occupiers, expects no less. ‘G’ part, governance, typically determined
as transparency – let’s call it the ethics
The Covid-19 health crisis has helped to of the business – has been a clear
emphasise the validity of environmental requirement since we set the company up
criteria in particular as the industry 21 years ago.”
contemplates the post-lockdown phase of
tempting workers back to the office and While ‘E’ and ‘G’ are part of Patron’s DNA,
the greater emphasis on wellbeing this will the ‘S’ part of the acronym has now taken
require. on more importance with the company’s
involvement with the Women In Safe
Increasingly, however, there is a desire Homes fund.
to go further, for real estate to wield its
not inconsiderable financial clout to help The fund provides a solution to the lack of
sort out some of society’s other ills, while affordable, safe and secure homes across
still providing a commercial return on the the UK for women and their children that
investments in its charge – the essence of are homeless or at risk of homelessness,
impact investing. typically because they have suffered
‘The ‘S’ part of ESG was always
AdobeStock/vectorgirl
relevant but we did not do it directly
– now we are doing it directly.’
Keith Breslauer. Patron Capital
10 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 11
Insight & Strategy - ESG & Impact Investing
domestic abuse, have been involved with CBRE UK Affordable Housing Fund is transformed into housing for 1,000
the criminal justice system, or perhaps
have mental health problems.
forward funding HUB Group and Bridges ‘Impact investment is relatively students, in addition to the social
and affordable housing. COIMA has
Fund Management's Abbey Place,
Greenwich in south-east London. The recent in the consciousness of partners Covivio, which will develop
The fund acquires properties and scheme’s two towers will provide 245 office space and services, and Prada
leases them to women’s sector and homes, 72% of them ‘affordable’ investors, but the acceleration of Holding, which will build laboratory and
homelessness charities, which in turn responsiveness of investors is very, office space, extending existing facilities
rent them to women on secure tenancies. it has in the area.
The fund’s target size is £100 million and
very fast.’
it aims to provide around 650 affordable Manfredi Catella, COIMA Catella says Porta Romana is challenging
homes across the UK. The fund's first in terms of its use: “There will be a
close was in December 2020 at £15.5m. significant proportion of affordable
housing and social housing so the
HOUSING DEMAND residential component is quite high.”
Big Society Capital, an independent being targeted with the aim of generating scale site in Milan,” says Catella. “The
financial institution funded by dormant a total investment capacity of more than scale is important. Being close to the city As well as linking parts of the city that had
English bank accounts, and UK high €4 billion. centre but at the same time in the area previously been divided by the railway,
street banks Barclays, HSBC, Lloyds between inner and outer Milan, it is a the development will blend social groups
and Natwest, highlighted the need for The fund’s aim is to accelerate Italy’s fringe area and neighbourhoods around in a way that is not typical in Milan. “It is
the fund, having carried out a survey of recovery from the economic impact of are different in terms of social composition going to be mixed community – student
60 women’s sector organisations and Covid-19, both through the allocation of and activities. Being at that scale allows housing affordable housing, free market
discovered significant demand for housing private and public capital and through the more comprehensive holistic design housing. That is a mix that is not usual in
from women in challenging circumstances. delivery of long-term ‘green’ real estate, thinking to impact in a broader way.” Milan, unlike London. In Milan we tend to
Big Society Capital drafted a property fund as well as supporting Europe’s overall have polarised rich neighbourhoods and
proposal, the fund was established and ESG initiatives to build a more sustainable MASTERPLAN COMPETITION poor neighbourhoods.
Patron Capital and Resonance manage it. economy in line with the EU’s framework Six architects are preparing submissions
for the European Green Deal. for a masterplan competition with an “Impact investment is relatively recent
Breslauer says the principal challenge for end-of-March deadline so the precise in the consciousness of investors, but
impact investing of this nature is whether The fund will achieve that by targeting content is not yet defined. However, the acceleration of responsiveness of
an appropriate risk-adjusted return can regeneration opportunities throughout the development will include a 10 ha investors is very, very fast,” Catella adds.
be generated that makes it attractive Italy and across a range of sectors, park around which there will be offices, “Until five years ago the discussion in
to an investor. An important goal is not including residential and hospitality, with social housing, student housing and capital markets was that it was better to
to reduce returns. The Women In Safe a particular focus on neighbourhood other services linked to the adjacent have a [environmentally] certified building
Homes fund is targeting a 6-9% return, developments to support economic metropolitan area. because it has better performance and
which Breslauer says is slightly better development in the main Italian cities. tenants will be attracted.
than regular residential. “The difference COIMA will develop the Olympic Village
is that the customer is the charity which is COIMA’s CEO Manfredi Catella explains itself and after the games this will be “Now, because of the emergence
renting from us, helping women suffering that the fund has financial return
domestic abuse and therefore the impact objectives, but also has to maximise its
benefit is massive because there is a return in terms of impact. “The point is
direct relationship between the building that it is the first time investors have been
and the recipient.” ready to invest in a product of this kind –
the capital market is changing quickly,”
Social and affordable housing has so far he says.
been the main medium through which the
real estate sector can deliver ‘impact’. The initial pipeline includes a number
of potential sites, among them Porta
Italian property company COIMA launched Romana, a 19 ha disused railway yard in
the COIMA ESG City Impact Fund last Milan, which has been chosen to host the
year, billed as the first urban regeneration Olympic Village of Milano-Cortina 2026.
ESG fund to be launched in Italy. By
July it had received €400 million equity “In the case of Porto Romana, it is one of
commitments from cornerstone investors the last, if not the last neighbourhood-
that included Italian institutional investors
Cassa Forense, Inarcassa, and Cassa
Commercialisti. With co-investments, Milan's Porta Romana will transform a
partnerships and financial leverage that former railway marshalling yard into a
gives the fund investment capacity of new neighbourhood and, temporarily, an
more than €1.5 billion. Further equity is Olympic village
12 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 13
Insight & Strategy - ESG & Impact Investing
Coming soon...
‘It is tending towards charity
or philanthropy if you start
accepting reduced returns and loss
of capital. We have a fiduciary duty
that stops it at a very clear point.’
Sasha Njagulj, CBRE Global Investors
of enormous problems in the world, the right choices and so on – at a basic contributed to your overall impact goal?”
predominantly social problems such as the level,” she says. For instance, if the outcome is affordable
gap between the rich and poor becoming housing, has it managed to address the
so profound, it becomes an obligation. At the other end of the spectrum is impact challenges that the tenants faced?
investing. “It is part of ESG, of course, but
“It is the same thing with climate impact. it is really specific because we want to be “This is Important because there is a lot of
Those general themes becoming so very strict with the definition – there is a confusion, there is a lot of rebranding of
evident obliges the most responsive lot of ‘impact washing’ out there.” standard products into impact investment
investors to take the lead.” and we want to be really sure that when
Njagulj says that a portfolio needs to have we say something it is actually what we
RETURN OBJECTIVES stated objectives, environmental, social, are doing, it is genuine and it is verifiable.”
He also points out that, coupled with these impact – a reason to exist other than
trends the EU’s new Sustainability Related financial return. The second requirement She adds that it is also “absolutely
Financial Disclosure Regulation (SFDR) is additionality. “You need to prove that mandatory” for an impact fund to go
obliges financial institutions to declare if what you are doing through impact through a third-party verifier throughout
they will comply with ESG/Impact rules and investing is more than you would do if it the process. “It is an overlay for impact
regulations or not. “It is a tough decision was part of a normal fund. So you can’t screening to make sure that at the due
because if your company does not want to take a normal fund and ‘impact wash’ it diligence stage the asset we are looking to
comply you have to declare it.” and say it is doing a really great job so it acquire is actually suitable for the portfolio
is impact investing.” and to track it through.
But he emphasises that it is not good
enough to be coerced into impact The process of putting a fund together “We have done our homework before
investing. “I think that sometimes puts the financial returns on the same level launching new products, we have looked
‘greenwashing’ can occur when your as the ESG returns, she says. “We have to at investor appetite in the market and
actions originate with rules. have a firm upper limit as well because we identified topics that we feel we can do
are a fiduciary investment manager. well in, as an estate investor, and which
“We have always been sensitive to these are real concerns for potential clients.
times, not just for subjective sensitivity, INVESTMENT BRACKETS That plays a big role in how we frame our
but because if you succeed in making a “Broadly speaking, we have two investment products – they are both comingled funds
project sustainable in the broader sense, brackets. First, there are those where the and not for specific investors so there is
ultimately it will be more resilient in terms manager is committing to deliver more market appetite for those.”
of value. The point is not just to plant 10 competitive risk-adjusted financial returns
trees, the point is to create a place where and needs to bring in returns for pensioners There was a danger that matters like ESG
you have shade and people are happy. around the world, and have an impact. and impact investing would be damaged
You can tick the box, but you can have by the pandemic and consequent
a high-quality approach or a compliance “Then we have the funds that don’t have recession. Njagulj says this was the case in
approach.” that and will accept diminished returns or the global financial crisis, but not now.
an impact on capital. This is beyond our
Sasha Njagulj, global head of ESG at scope. It is tending towards charity “It was value engineered then, so ESG
CBRE Global Investors, says there is an or philanthropy if you start accepting was the first thing that went out of the
ESG investment spectrum. The bottom reduced returns and loss of capital. We door. It is completely different this time Contact us now for the launch edition in June 2021
line is that it is necessary to know the ESG have a fiduciary duty that stops it at a very around. I think this is because, for the
impact and performance of assets the clear point.” first time, it is finally being seen as
company manages or wants to acquire. actually adding value and as a form of
Advertising & Sponsorship Editorial & Content Partners
“It is all about risk management and She explains that it is also essential to be risk management so in terms of the crisis
compliance – making sure that we make able to measure outcomes. “How has it people want to feel safe.” l Frank Beinborn Director Client Relations Richard Betts Group Publisher
frank.beinborn@realassetmedia.com richard.betts@realassetmedia.com
+49 152 54 87 86 68 +44 7557 37 31 34
14 Real Asset Insight | Issue 9 March 2021
Insight & Strategy - ESG & Impact Investing
Study reveals potential of German senior housing Aedifica subsidiary expands Catella spends £30m
on German affordable
G Finnish care home portfolio
rowing demand and lack of supply at Bonard. “The provision rate does not projected to increase to 485,000 by 2025.
housing for bank
make the German senior housing exceed 3.9% now and will decline to 3.4% In all 20 cities surveyed, with the exception
market attractive to investors, and the by 2025.” of Duisburg, the provision rate will decline
sector’s potential has been confirmed by in the next five years as the elderly
the findings of the first in-depth report on The report focuses on the top 20 cities in population grows. Berlin-based Catella Residential
the market, commissioned by Mozaic and Germany, where current supply is 65,000 Investment Management (CRIM) has
researched by Bonard. assisted living-type apartments, while there In Germany the average age of entry to a paid €30 million for two residential
are more than 1.66 million potential tenants senior residence is 80. The pipeline is large, properties in Leipzig and Münster.
“There are very good opportunities in aged 75 or above. but still not enough. In Berlin, for example,
Germany if you choose the right location there are 700 assisted living apartments CRIM said these are the first
and the right operator,” said Frédéric Dib, Germany has the third-oldest population being built, but 5,000 are needed. transactions under a new €300 million
president of Mozaic Asset Management. in Europe, after Italy and Greece, and it is mandate which will focus on investments
projected to grow significantly. The number “German developers and investors are in affordable housing. The properties
“The senior living market in Germany of people above 75, currently 9.5 million, building or planning to initiate more than have been acquired on behalf of one of
has experienced considerable growth will rise to 9.8 million by 2025, while people 370 projects, with a total capacity of 16,300 Germany’s largest cooperative banks.
over the last few years, due to a rapidly aged 60 to 74 will grow from the current 14 apartments,” said Dib. “There’s a building
and continuously ageing population and million to 16.2 million in five years. boom across Germany but what’s coming The 4,810 sq m Sonnenpark
a significant shortage of assisted living to the market will not satisfy current development is located in the
establishments across the country,” added The biggest jump will be in Berlin with demand, let alone cater for the expected Probstheida district of Leipzig, to the
Julia Momotiuk, senior research manager the current 359,000 inhabitants over 75 growth in demand.” south-east of the city centre, and
Aedifica has acquired a care home in Espoo, Finland, for €4 million comprises 62 residential units and 66
Swiss Life healthcare fund targets Spain S
underground parking spaces. The
hortly after entering the Irish care produces a net initial yield of around 5.5%. It vendor was Unterplan Baubetreuung,
home market, Brussels-listed is operated by Virtue, which is part of the an Austrian developer. BNP Paribas Real
healthcare property company Aedifica Emera Group. Estate acted as adviser.
and Italy in diversification strategy has announced the expansion of its care
home portfolio in Finland. Aedifica CEO Stefaan Gielens said the deal
adds a seventh country to its portfolio,
Leipzig is one of the fastest growing
cities in Germany and its population is
S
The company’s Hoivatilat subsidiary has increasing its diversification. “Ireland forecast to rise from 600,000 to
wiss Life Asset Managers France is “These acquisitions enable SL REF (LUX) managed by Swiss Life Asset Managers bought two operational care homes and provides an attractive investment 640,000 inhabitants by 2030. There is a
acquiring assets in France, Spain and European Healthcare SCS, SICAV-SIF to Luxembourg, with Swiss Life Asset two development projects for a total of opportunity for Aedifica, since the care structural shortage of mid-range rental
Italy, aiming to diversify the strategy of diversify its strategy by combining regions Managers France acting as adviser. €16 million. The homes will accommodate market is still very fragmented and the accommodation.
its pan-European healthcare-focused fund. in northern and southern Europe into highly 122 elderly people and will be operated by rapidly ageing population will lead to
sought-after quality assets,” said Swiss Life To date, the fund has acquired a total of different companies. increasing demand for healthcare real The second acquisition is in the
The Luxembourg-based fund, SL REF (LUX) Asset Managers’ head of residential and 27 properties including nine senior estate,” Gielens said. Gievenbeck district, west of Münster’s
European Healthcare SCS, targets high- care Valérie Maréchal. residences in France, 16 nursing homes in The care homes include one in Espoo, city centre. The 3,873 sq m subsidised
quality assets with a focus on nursing Germany, as well as the latest Italian and which was acquired through a 100% He pointed out that it is customary in Ireland housing estate was built in 2002 and
homes and seniors’ residences. The fund was created in 2018 and is Spanish acquisitions. purchase of the shares in the home for to let care homes on new irrevocable comprises six apartment blocks with a
€4 million. The asset is let on a new 25-year triple net leases that are fully total of 54 residential units. The vendor
Among the latest assets which it has bought The royal palace in Aranjuez has irrevocable 20-year double net lease. indexed to the consumer price index (CPI). was Bielefeld-based family-owned
is a former royal palace in Aranjuez, close to been converted into a nursing home Ireland’s elderly care market is fragmented developer Bautra Group.
Madrid, which was converted into a Catholic Aedifica has also acquired a home in and the top 10 operators represent just 25%
seminary, then into a nursing home. The Laukaa, completed in early 2020 and which of the market. “The new mandate from one of our
building, which is currently being renovated, is part of a rehabilitation centre. The home longstanding clients represents an
occupies a 12,000 sq m site and has 251 was similarly bought in a €4 million share Private operators have about 82% of the extension of our existing successful
residents. The operator is DomusVi which transaction and is let on a 15-year double market, with the remainder accounted for relationship,” said CRIM managing
has a remaining term of 16 years. net lease. by public care homes run by the Health director Michael Keune.
Service Executive. Aedifica points out that
The asset acquired in France, located in In addition, the firm has acquired newly the long-term growth potential of the care He said the investment framework of the
Trélazé, near Angers, comprises 108 developed homes in Oulu for €6 million home segment in Ireland is underpinned mandate matches CRIM’s core ESG
apartments and is operated by Heurus. and Kempele for €2 million. by increasing life expectancy while a philosophy, “as the huge need for much
significant element of the public care home greater supply of affordable housing to
And in Italy the fund is to acquire a senior Aedifica recently made its first acquisition in stock is outdated and a significant ensure the prosperity and societal
care residence under construction in Milan Ireland, spending €25 million on a purpose- proportion of total current built stock will fairness of our cities will remain for
and due for completion in 2023. The home built care home in Mallow, County Cork. The have to be renovated or replaced in the many years to come”.
will have 128 units operated by Domitys. asset, which has capacity for 184 residents, coming years.
16 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 17
Insight & Strategy - Offices
Returning to P
robably everyone knows someone, who Avison Young head of research Nick Axford
knows someone, who works for a firm says: “The vaccine rollout means plans can
that found that working from home firm up as we move to the new normal. We
through the covid lockdowns “worked really will start seeing how occupiers are going to
well”, such that they “don’t actually need an respond. But it is not necessarily a constant,
a new normal
office anymore”. people are going to be trying different things.”
Meetings with staff and clients conducted The immediate result of Covid-19 and the
via Zoom or Microsoft’s Teams have indeed resultant lockdowns was that office take-up in
worked well, enabled them to function through Europe fell 41% year-on-year in Europe in 2020
lockdowns while saving time and money according to research from BNP Paribas Real
that would otherwise have been spent on Estate. It slipped from more than 11 million sq
commuting or on international travel. So some, m to below 7 million sq m. Bucharest, Dublin
generally smaller, businesses have given up and London were the worst-hit cities with
The future of work and the future of the their leases to save money and (as the trump
card thumps down) the environment.
falls of more than 50% while Amsterdam and
Luxembourg were least affected with declines
office are almost synonymous and how both of 16% and 18% respectively.
might change was a hot topic well before the On the other hand, there are those – some
with an interest in property it has to be said A bounce back can reasonably be expected,
pandemic. But key the words ‘future of work’ – that counter with arguments along the but the extent of it is less clear.
lines of “remote working impedes essential,
into Google now and there is an eye-watering inspirational interaction between team The work-from-home revolution has been
harvest of hits. Paul Strohm reports members”, and “it makes training younger
team members very difficult while curtailing
foretold at different points over several
decades and there is almost a cry-wolf label
their ability to network”. attached to it now. But early adopters of hot
desking and the emergence of companies like
Meanwhile, from the shop floor, there are WeWork are testament to the fact that there is
those, probably on a lower pay grade than the no longer just one model of office working
foregoing, who may not have a home office or occupancy.
that enables them to shut the door on the day
job in the evening, or the kids and their toys Working from home has established itself
during the day. Many of them are desperate to as part of a new work culture, says Olaf
the point of screaming to return to the office. Janßen, head of real estate research at Union
Investment, but this does not necessarily
HYBRID OFFICE MODEL mean traditional office space will become
Although the work-from-home genie has a thing of the past. “Quite the opposite, in
well and truly fled the bottle, a global survey
conducted by JLL in November 2020 revealed
that while 72% of employees want to continue ‘Video
working from home on a regular basis after the conferencing
crisis – most for at least two days per week
– 24% want to work exclusively in the office. is no real
Crucially, 70% favour a hybrid model. substitute for
The JLL survey also found that, post pandemic, in-person meetings
work-life balance has overtaken securing a
comfortable salary in terms of importance to
with colleagues and social
Adobe Stock/szewczykus
office workers, by 72% to 69%. Meanwhile, 74% interaction in the office.’
of respondents were attracted by a four-day
working week. Olaf Janßen, Union Investment
18 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 19Insight & Strategy - Offices
had 100 people on a floor are a thing of the ‘More small intimate spaces will be
past.” However, he believes there may be a
combination of the two that means there is no
required... probably big open-plan
overall diminution of the space requirement spaces where you had 100 people on
but that offices end up being less densely used
because some staff are working from home at a floor are a thing of the past.’
any one time. Peter Barbalov, Farrells Architects
If offices are used at lower density, space
requirements could actually increase and [of London] and urban centres,” explains Keith
Pilkington says some companies are looking Breslauer, founder and managing director of
ahead and leasing bigger offices, reversing Patron Capital.
previous decisions. “We’re already seeing
people who thought of downsizing and are now “Towers are really tricky. You can spend 40
taking more space,” he adds. minutes commuting and 30 minutes waiting to
get into the lift.”
But office-based companies may also look
more closely at office form – whether they are One thing is certain, however: offices are not
low or high rise – and the locations which the dead, either as a workplace or investment
most suitable form implies.“Offices are really option. “Offices are a core element of a
divided into lower tier buildings of three to five company’s strategy, they are part of the brand,”
storeys in reasonably good locations; offices in says Schroders’ European real estate analyst
highly dense residential areas, which serve a Oliver Kummerfeldt. “The office is definitely not
purpose; as well as towers such as in the City dead, it has a great future.” l
Above: Cultivating a sense of
wellbeing – Olivia Business
Centre, Gdansk's glazed tropical
fact,” says Janßen. “Video conferencing is no
real substitute for in-person meetings with
Some of the changes to the office necessary for
the return to work post-lockdown are physical
Gdansk centre sets the standard in wellbeing
Winter Garden takes shape colleagues and social interaction in the office.” and technologically based, introduced to make it While the pandemic has turned the branding expert, the late Wally Olins, who bonds. Among the latest additions is a
between the office towers possible to access space and work while Covid attention of office owners and users to visited Gdansk in the early days of the ‘pocket garden’ (pictured right) between
Janßen says that secured long-term access to remains a threat. Among these are enhanced practical and technical measures such development. two of the centre’s buildings which has
Below: WeWork has air handling and filtration, ionisers, touch-free as air quality, the looming competition been conceived as “an enclave of plant
attractive office space will be a vital part of a
demonstrated there is more than
hybrid workplace for companies. In the post- building access, surfaces that – especially in between home and office is encouraging “He said focus on people, not on the life in a compact urban development”,
one way to work in an office
coronavirus world, core properties will serve as washrooms – are hostile to pathogens, and an examination of the softer attractions of buildings,” says development director a concept pioneered in New York.
anchor space for brand identity, for attracting phone-based technology that warns when the workplace. Jake Jephcott. “We had a feeling for
talent and for functions that need to be carried people’s physical proximity is unsafe or staff are that but to hear it from him was a real Through the lockdowns the business
out in person. gathered too densely in a particular area. Polish city Gdansk’s Olivia Business endorsement.” centre has been creating an enclosed
Centre has long followed a policy of tropical winter garden with thousands of
“These anchor spaces will be supplemented by “The legacy of the pandemic will be better air creating a people-centric environment Creating a sense of community has been plants, of around 150 different species
flexible, mobile and increasingly digital-based quality, better facilities and more space,” says at the 200,000 sq m scheme. The policy one key element with sports clubs, art and furnished with benches and eating
workplace models in a way that will only begin Cain International head of European real estate was a direct result of a conversation with and cultural events intended to create places. The aim was to create a space for
to take shape in the coming years, depending Richard Pilkington. “Buildings were jammed, less formal meetings and relaxation which
on the individual industry,” says Janßen. people were packed into ever smaller spaces, would stimulate creativity, irrespective of
but that won’t happen anymore.” the weather.
OFFICES REPURPOSED Early in the health crisis, Olivia became
Europa Capital head of research and strategy, one of the world’s first commercial
Vanessa Muscara, adds: “With 60% of office properties to implement ion air
buildings in Europe over 20 years old there is purification technology to create a
an opportunity to repurpose offices to some safe environment free from Covid and
certified green status. There is evidence that other pathogens.
tenants in green certified buildings achieve 26%
higher cognitive scores.” The technology works in combination
with the ventilation system and removes
Peter Barbalov, design partner at Farrells 99.4% of viruses and bacteria. It was
Architects, adds: “My gut feeling is that introduced in conjunction with measures
there will be a variety of offers. I think that such as active titanium coatings in
more small intimate spaces will be required. common areas such as elevators and
Probably the big open-plan spaces where you lobbies.
20 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 21Insight & Strategy – Healthy Cities
Life sciences sector poised ‘Life sciences used to be the alternative
alternative and very few players were
for take-off across Europe
interested. Now these new eco-systems are
seen as a long-term, sustainable asset class.’
James Sheppard, Kadans Science Partner
Once seen as an alternative investment or the domain of specialists, interest in
R&D facilities has heightened during the pandemic, reports Nicol Dynes
million in a move to enter the European life Sheppard. “I’d like to see a more considered
science property market. Kadans is a Dutch approach to unlock those huge plots of land
developer, owner and operator of science to reinvigorate campuses and give them a
parks and lab offices with a large portfolio in commercial focus.”
the UK and Europe. “We see opportunities from
Aberdeen to Southampton and across Europe, It will take some time for Europe to catch up
but we need capital and now we have found an with the US, where appetite for the sector is
incredible partner in AXA IM,” says Sheppard. such that IQHQ’s 4 million sq ft portfolio is
all speculative. The real estate fundamentals
As interest grows in this emerging but high- are strong, with high demand, low supply and
growth asset class, more financing is becoming rising rents, says Cuff: “We look for high-quality
available. “The growth of venture capital locations that are unique and build high-quality
funding alongside public sector funding is a green buildings.”
great combination, which ensures life sciences
will go from strength to strength,” says Walters. He adds that another important thing is
“I am really excited for the year ahead, because “listening and responding to local concerns”,
I know it will be an important one for the sector.” which tend to be about the sustainable
credentials of the building and the green spaces
US CAPITAL KEEN TO INVEST around it.
US capital is also keen to invest in the UK’s
life sciences sector. “The UK is really ripe for a While life sciences might be a booming sector,
Source: AdobeStock/Looker_Studio
life sciences explosion, it’s a sector primed for investors need to understand the special real
IQHQ’s Innovation Park, @ 4
serious growth,” says Doug Cuff, vice-president estate requirements of the asset class. Variety
Corporate Drive, is a 211,940 sq
of UK real estate at IQHQ. “In the US there’s a of uses is one characteristic, says Sheppard.
ft R&D campus 25 miles north of
real race for talent and a collision between tech “It is a business with very unique real estate downtown Boston. The campus
and life sciences, so the UK can be a release requirements. It needs very different buildings, is a series of interconnected,
valve. Brexit and Covid have halted the process, from shiny high-tech offices to industrial two-storey buildings on 18 acres
but in future we’ll see more and more US
occupiers looking over here.”
O
In the past 18 months IQHQ, a US-based life
ver the past year there has been increased focused minds on the importance of creating science real estate specialist, has raised $2.4
focus from the investment market on life innovation clusters where science and billion for their platform and it is keen to invest
sciences, which has come into its own as technology can produce life-saving and in the UK and Europe.
an asset class. As more assets come to the life-enhancing results.
market, interest from non-specialist investors “There’s a great appetite to come over and
continues to grow and the life sciences sector is “Life sciences used to be the alternative we’re looking for opportunities, but we need
now poised for take-off in the UK and Europe. alternative and very few players were interested, scale,” explains Cuff. “Not just the UK, but also
but that’s all changed,” agrees James Sheppard, Germany, Netherlands, France and Spain are
“I am sure this year will be the busiest yet for the head of commercial UK & Ireland, at Kadans potential hotbeds of innovation and academic
sector,” says Chris Walters, investor & developer Science Partner. “Now these new eco-systems excellence.”
lead, life sciences, at JLL. “Life sciences came are seen as a long-term, sustainable asset class,
top of the list in our investor survey this year, so the smart money is investing in the sector.” To deliver great centres of innovation, the public
which shows the direction of travel.” sector must bring the private sector on board.
An example of the sector’s growing appeal “The NHS and the universities are among the
The Covid-19 pandemic has highlighted the is the acquisition of Kadans by AXA IM - Real biggest landowners in the UK, in the locations
importance of research and innovation and Assets last November for a reported €500 where our tenants want to be based,” says
22 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 23Insight & Strategy – Healthy Cities
spaces, so you need to find locations that can to be green because you need a lot of energy to The Plus Ultra II building,
accommodate all that.” power these buildings,” admits Cuff. completed in 2020, brings
together entrepreneurial
There can be an R&D space, quality control and “We pay a lot of attention to the environmental companies, start-ups and
students. It is located on
manufacturing, which traditionally would be impact of our buildings and put in solar panels
Wageningen Campus in the
done in three different places or even countries, and charging points for electric vehicles,” adds
Netherlands and is a showcase
but now there’s a trend to bring them all Sheppard. “But it’s not easy, as science and lab for Kadans Science Partner’s
together, he says: “Clearly a factory cannot buildings use a lot of energy.” approach to life sciences
be in the centre of Edinburgh, which is why
I still believe there’s a need for out-of-town Another important factor to take into account is
science parks.” cost. “There are big rewards in this asset class
but also big risks,” warns Cuff. “It’s expensive to
LEADING FROM THE FRONT build a life sciences building, roughly 40% more
‘international Everyone has a role: the public sector must compared to offices, but it could be double
capital can see a continue to facilitate growth and investors and depending on the type and use.”
developers must understand occupiers’ needs
future in these and find the geographies that can accommodate It is crucial, therefore, to find the right partner to
execute these projects and turn to the experts.
hubs that offer them.
“If you are building a biology lab, you want to
solutions to “To have a positive impact on environmental get it right first time,” says Cuff. “If you get it
sustainability, investors and developers must wrong, it can be very painful.”
humanity’s lead by example,” says Walters. “They must lead
problems.’ from the front in a really crucial sector.” JLL’s advice is to take time to understand the
local market and try to mitigate the risks, says
Adam McVey, Another idiosyncrasy of the life sciences sector Walters: “The scope of life sciences is very
City of Edinburgh is that sustainability is not as straightforward as broad, and building the wrong stuff can be
it might be for other asset classes. “It is difficult extremely costly and damaging.” l
Scotland’s goal to ‘create world without limits’ Davidson, council leader at Highland
Council. “There’s a new sense of urgency
because of the pandemic, but it’s a
‘We’ve been doing life sciences and
innovation for a very long time, but
Long-term investment in innovation and life sciences ramped up across the country long-term project to create a world
without limits for our young and our old
now we are ramping it up.’
Margaret Davidson, Highland Council
S
in the Highlands.”
cotland is well placed to benefit The Life Sciences Innovation Centre
from growing investor interest in the in Inverness is one of several ongoing The Life Sciences Innovation Centre in
life sciences sector. life sciences projects in Scotland Inverness, located really close to the practice Austin-Smith:Lord. “It takes ways, with a huge spectrum of activities
airport, has just gone through the leadership and partnership to deliver and interventions. As science can have
“We’ve always been at the forefront of planning process and now “it is ready to results, to attract and retain talent, to such a huge impact on the next
innovation and new thinking,” says Adam fly”, says Davidson. “There are massive improve quality of life for everyone. It is generation, there are mentoring
McVey, council leader for the City of opportunities here and we haven’t even very exciting for Scotland.” schemes with local schools.
Edinburgh. “Now international capital scratched the surface. I’ve never seen a
can see a future in these hubs that offer better time to make this happen.” The community aspect is crucial, It all begins with the building itself,
solutions to humanity’s problems. We’ve because these innovation hubs are built according to James Sheppard, head of
mapped out 50 years of growth ahead.” COLLABORATIVE PROJECTS to be an integral part of the city, with commercial UK & Ireland at Kadans
The projects in Scotland are also excellent transport links and a focus on Science Partner: “We real estate
Several ongoing projects – the examples of cooperation and maintaining a sense of community. professionals have a real responsibility.
Edinburgh BioQuarter innovation centre, collaboration between the NHS, local We design buildings with ground floors
the Life Sciences Innovation Centre in authorities, universities and the private “They are an opportunity for that are open to the public, bringing
Inverness and the Glasgow City sector to create innovation and develop placemaking, creating ecosystems that them in, and everyone responds really
Innovation District – offer investors new products. allow the collaborative research well to that.”
opportunities and scale. environment and bring broader benefits
“I’ve been really impressed by the to the communities around them,” The idea is to bring everyone on board,
“We’ve been doing life sciences and commitment to make it happen, the adds Ross. public sector and private companies,
innovation for a very long time, but now political will, the funding in place,” says academia and health service, scientists
we are ramping it up,” says Margaret Graham Ross, CEO of architectural This can be achieved in many different and residents.
24 Real Asset Insight | Issue 9 March 2021 Issue 9 March 2021 | Real Asset Insight 25You can also read
