Posted on April 1, 2019
The winds and spirits were high as the Pii team set off for MIPIM this year.
Directors Sandy Mooneeapen and Steve Packer were joined by Sales and Marketing Manager, Bryony Ireland, for the annual property pilgrimage to Cannes.
It was clear from the flight over that everyone was positive about the week ahead and that there was much business to be done.
Our team’s diaries were packed with breakfasts, lunches, dinners and coffee meetings with investors, lawyers, agents, developers and property owners. We also held our own dinner on the Wednesday night up in the Old Town, away from the hustle and bustle of Caffe Roma, reinforcing relationships with current clients.
From the discussions the team had during the week, it is clear that there is still a high level of overseas investment in UK property from the Middle East and Asia / Far East, and that the big investment opportunity is logistics. Several logistics investors are actively looking for land, but there is a lack of availability of ready-made warehouse stock, and so many investors are choosing to build themselves from scratch. However, retail is proving challenging for investors, as the sector continues to struggle with rents and lower levels of consumer spending in store.
Whilst it wasn’t the mainstay of conversation the whole week, the ‘B’ word was mentioned in regards to the number of transactions and deals taking place. Lawyers were stating that, whilst not off the table, deals were being delayed due to Brexit. Given the continued uncertainty surrounding the UK’s departure from the EU, this is set to continue for some time yet.
We were delighted to sponsor Alex Egan of Yellow SubGeo and his cycle ride to Cannes, as part of the MIPIM Peloton. It was great to see Alex and the rest of the riders as they completed the final stage of the route into Cannes on the Tuesday. A big congratulations to Alex and all the cyclists who took part.
The Friday flight back was a lot quieter than the one going out to MIPIM, a sure sign that everyone was well and truly shattered after a week of good conversations, miles of walking, and excellent food and wine.
The week at MIPIM was a good one for the Pii team, and we’re well into following up with those we met. Here’s to MIPIM 2020.