MIPIM 2023 Digital Edition

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Investing in Austria „Among our owners and customers, the topic of certification is becoming increasingly relevant.“ Markus Huber, CC Real „Certificates are too building-specific and need a wider scope.“ Nadja Hafez, Adeqat „Our customers are private investors. A certificate according to ÖGNI is completely irrelevant to them.“ Peter Karl, Erste Immo KAG significantly more difficult in existing residential construction.“ Erste Bank is committed to „green“ new financing, she said. Large projects have also been certified in the past. Hauer also advocates standardization: „Standardization would make many things easier.“ Are certificates too building-specific? „Certificates are too building-specific and need a wider scope,“ Hafez brings a new aspect into the discussion. ESG issues will increasingly factor into valuations. „We are at the beginning of the discussion,“ notes Anna Schimmer, an attorney at PwC Legal, „What is sustainable is, after all, very much in flux. What is green or considered sustainable today may be judged differently tomorrow.“ All certificates have one shortcoming, and that is they lag behind technical developments. Nödl comments, „This is inevitably the case. Technical developments quickly overtake regulations. Ö or DIN standards, EU standards - everywhere the regulations are not up to date.“ „The many different certificates lead to a considerable amount of consulting expenses,“ says Schimmer. „There are details about EU taxonomy compliance, cost/benefit assessments, and investment as well as the improvement requirements.“ Increasingly, green leases are also being discussed but rarely concluded. After all, how could non-sustainable use be sanctioned? Schimmer sees mainly positive incentives here. „It‘s about creating incentives.“ Pressure is increasing “The practice in contract drafting clearly shows that negative consequences for violating any specifications in that direction find virtually no consensus. This often results in failed deals, because many negotiating parties say. I will rent something else which is cheaper or where I do not have this contractual penalty or negative consequences. With rental agreements, it is generally difficult to establish sanctions,” the PwC legal expert continues. Many leases already contain a variety of contractual penalties that hardly have any effect. Generating grounds for termination from this is difficult.” “International corporations that I have had the privilege of assisting nevertheless stringently enforce this,” Kerbl notes. “There is actually an understanding of ESG within the group, and it is included in every contract. We’ve had more than one discussion with tenants, and one or two lease negotiations have broken down because the tenant said, ‘I’m not interested in working on your future ESG concepts out of the blue. For Hafez, at least, it’s clear that there will be more pressure to comply in the future. “The question at the end of the day will always be: Who pays for it? Who pays the consequences or the certification? Who pays for the investments needed to obtain certification,” concludes Nödl. Do certificates have an expiration date? “Whether certificates are the end of the line is not yet clear. Perhaps we will see relevant monitoring instead. The only clear thing is that the topic of sustainability will continue to accompany us,” says Roman Eisenmagen, Head of Commercial Housing at Erste Bank, summing up the fundamental tone of Table D quite well. For example, Stephan Pasquali, Managing Director of New Construction at 3SI Immogroup, also considers it possible that certificates could be replaced by another monitoring tool. Currently, certificates are still the best standard recognized on the market. However, the certification process, especially for smaller companies that do not employ their own experts, definitely involves some effort, Pasquali added. “But if the cooperation with the auditors works, then you also get constructive input - for example, regarding sustainable design options,” he suggests. Why do certificates, as they are currently known, have an expiration date? Wolfgang Fessl, managing director and partner Reinberg & Partner Immobilienberatung, believes that they will be obsolete in the foreseeable future for one reason and will have to be re- 32 ImmoFokus
placed by another instrument or developed accordingly, “The long-term goal must be the circular economy, and here we will need different guidelines than those on which certificates are based today.” Crucial for financing But is it even possible without a certificate today? “The larger and more professional a company is, the less it can do without certification. The more it goes in the direction of medium-sized businesses or apartment sales, the more likely it is that you can get by without,” says Eisenmagen, only to add, “Financing large volumes without certifications actually doesn’t work anymore.” “In the investment sector, nothing works without certificates. EU taxonomy is also becoming increasingly important there,” says Kerstin Robausch-Löffelmann, Managing Director for Development at Value One. For domestic developers, one would have all projects certified without exception. “We often have them pre-certified, which gives us proper guidelines we can follow,” says Robausch- Löffelmann. Additionally, “It really pays off in terms of financing.” “I see the basic error of our thinking as being that it’s always just about being a bit ahead of the competition,” says Fessl, addressing an important point. In reality, this is entirely irrelevant. The question is not where I want to go next but where we have to go. And that, as I said, is the circular economy. “Now we have to take all the small, unpleasant steps to get there eventually,” Fessl says. Penalties for greenwashing Anna Geher, head of real estate valuation at Otto Immobilien, also believes a change in thinking is needed. “Energy costs are rising, and we’ve budgeted for that, but we haven’t „Building certifications are important to collect data and improve the planning proc.“ Elisabeth Sardy-Rauter, EY Real Success for M E E T U S @ M I P I M 2 0 2 3 S TA N D N R . R 7. E 2 Real Estate DIE ETWAS ANDERE ART, IMMOBILIEN ZU ENTWICKELN. Mit Professionalität und Transparenz verfolgen wir von 6B47 den Ansatz des Umdenkens. Dinge anders anzugehen und neu zu denken. Zum Vorteil von unseren Partnern, Investoren, Mitarbeitern und Kunden. Wir lassen Immobilien wachsen und Zukunft entstehen. Mit Leidenschaft zur Immobilienentwicklung und hoher Einsatzbereitschaft – von der Auswahl unserer Projekte über Planung und Realisierung bis zur Nutzung und Verwertung. In Österreich, Deutschland und Polen. Das sind wir. Das ist 6B47. Das ist die etwas andere Art, Immobilien zu entwickeln. 6B47 REAL ESTATE INVESTORS AG HEILIGENSTÄDTER LÄNDE 29 | 1190 WIEN WWW.6B47.COM | T + 43 1 350 10 10 | OFFICE@6B47.COM <strong>MIPIM</strong> | <strong>2023</strong> 33
Page 1: MIPIM 2023: Special digital edition
Page 5 and 6: Worte füllen keine Hilfspakete. Ih
Page 7 and 8: Investing in Austria Join us at MIP
Page 9 and 10: Investing in Austria Join us at MIP
Page 11 and 12: Staying power in times of uncertain
Page 13 and 14: What has been your biggest deal so
Page 15 and 16: MIPIM | 2023 15
Page 17 and 18: WORDRAP MIT MARKUS MENDEL Are you a
Page 19 and 20: German-speaking countries. And if a
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Page 23 and 24: With „6B47 Stadtquartiere I“, 6
Page 25 and 26: Is everything going according to pl
Page 27 and 28: That is absolutely justified. But w
Page 29 and 30: „Certificates assure that sustain
Page 31: „A certificate that can make a st
Page 35 and 36: „Financing might get even cheaper
Page 37 and 38: „For sustainability reporting, yo
Page 39 and 40: „In old buildings, too high susta
Page 41 and 42: Hier geht‘s zum Video www.immo-ti
Page 43 and 44: developers and family offices that
Page 45 and 46: Selected investment transactions 20
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Page 49 and 50: Rentals 2022 (selected examples) Pr
Page 51 and 52: Logistics Industrial Market Vienna:
Page 53 and 54: Completions & Pipeline Owned proper
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Page 75 and 76: Bringen Sie Work und Life nachhalti
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Page 79 and 80: 1 We have all become more cautious
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1 Only optimists succeed. As a real
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1 As I am a fundamentally optimisti
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Wir leben Immobilien. Wir leben Kno
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jpi.at UNSER VERTRAUEN GIBT ES NUR
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