96 <strong>2011</strong> IPMMC Consult is <strong>in</strong>volved <strong>in</strong> various large accommodation programmes, such as <strong>the</strong> total rebrand<strong>in</strong>g <strong>of</strong> <strong>the</strong> layout <strong>of</strong> more than 280 ING bank shops throughout <strong>the</strong> Ne<strong>the</strong>rlands. IPMMC Consult has also successfully managed <strong>the</strong> construction <strong>of</strong> <strong>the</strong> De Brauw Blackstone Westbroek law <strong>of</strong>fice and <strong>the</strong> renovations <strong>of</strong> <strong>the</strong> Allen en Overy and DLA Piper <strong>of</strong>fices <strong>in</strong> Amsterdam. > Kaïros, <strong>the</strong> high-end <strong>of</strong>fice developer, has been part <strong>of</strong> <strong>the</strong> Group s<strong>in</strong>ce 2007. The company is one <strong>of</strong> <strong>the</strong> largest and most successful players on <strong>the</strong> Belgian property market. Despite <strong>the</strong> difficult economic climate, Kaïros has been able to fur<strong>the</strong>r streng<strong>the</strong>n its earn<strong>in</strong>g capacity by proactively diversify<strong>in</strong>g <strong>in</strong>to various segments <strong>of</strong> <strong>the</strong> development sector. In <strong>the</strong> <strong>of</strong>fice market, Kaïros completed <strong>the</strong> Flemish Adm<strong>in</strong>istrative Centre <strong>in</strong> Leuven (24,000 m²) and was awarded <strong>the</strong> contract to build an <strong>of</strong>fice block <strong>in</strong> Ghent (40,000 m²) which is also for <strong>the</strong> Flemish Government. Work also started on build<strong>in</strong>g a new <strong>of</strong>fice (5,700 m²) <strong>in</strong> Brussels for <strong>the</strong> German State <strong>of</strong> Hessen. Kaïros is focuss<strong>in</strong>g <strong>in</strong>creas<strong>in</strong>gly on development possibilities outside <strong>the</strong> <strong>of</strong>fice market. This diversification strategy is prov<strong>in</strong>g successful, as is shown by <strong>the</strong> range <strong>of</strong> projects that are <strong>in</strong> development. In <strong>the</strong> residential market, <strong>the</strong> first phase <strong>of</strong> <strong>the</strong> Geneva project (199 apartments) <strong>in</strong> Evere is almost complete. The second phase (157 apartments) will start <strong>in</strong> January 2012. Various o<strong>the</strong>r projects also started or are at <strong>the</strong> feasibility study stage, <strong>in</strong>clud<strong>in</strong>g Hooikaai, Werfkaai and Gerlache <strong>in</strong> Brussels. In <strong>the</strong> health care sector, <strong>the</strong> permits were obta<strong>in</strong>ed for <strong>the</strong> Gallifort and Silsburg projects (300 serviced apartments) <strong>in</strong> Deurne. These build<strong>in</strong>gs will be completed <strong>in</strong> <strong>the</strong> course <strong>of</strong> 2012. Feasibility studies are underway for numerous o<strong>the</strong>r projects. The company also won <strong>the</strong> contract to build two new national archive build<strong>in</strong>gs (9,000 m²) that are under long-term lease to <strong>the</strong> Belgian Government Build<strong>in</strong>gs Agency. > <strong>BAM</strong> Properties is a subsidiary <strong>of</strong> <strong>BAM</strong> Construct UK. In <strong>2011</strong>, it cont<strong>in</strong>ued to concentrate on achiev<strong>in</strong>g lett<strong>in</strong>gs and sales at full value <strong>of</strong> its current <strong>of</strong>fice and retail portfolio. Redevelopment <strong>of</strong> <strong>of</strong>fice and retail space <strong>in</strong> Buchanan Street, Glasgow. <strong>BAM</strong> Properties, <strong>BAM</strong> Construction. <strong>BAM</strong> Properties sold <strong>the</strong> f<strong>in</strong>al part <strong>of</strong> its retail development on Buchanan Street, Glasgow to a German <strong>in</strong>vestor client <strong>of</strong> La Salle Investment Management for £24.5 million reflect<strong>in</strong>g a yield <strong>of</strong> 5 percent <strong>in</strong> l<strong>in</strong>e with <strong>in</strong>ternational <strong>in</strong>vestor demand for prime property. The company also achieved significant lett<strong>in</strong>gs. Two <strong>in</strong>ternational tenants, S<strong>in</strong>clair Knight Merz and Insight, between <strong>the</strong>m took half <strong>the</strong> space at <strong>the</strong> Metro development <strong>in</strong> Salford Quays, Manchester. Ano<strong>the</strong>r floor <strong>of</strong> <strong>the</strong> development at St Peter’s Square Stockport was let to BSkyB and <strong>the</strong> company now occupies over 60 percent <strong>of</strong> <strong>the</strong> build<strong>in</strong>g. Early on <strong>in</strong> <strong>the</strong> year, <strong>the</strong> company secured alternative plann<strong>in</strong>g consent for its land at Parklands, Birm<strong>in</strong>gham, and subsequently sold it to Redrow plc. Construction work cont<strong>in</strong>ued dur<strong>in</strong>g <strong>2011</strong> on a highly susta<strong>in</strong>able <strong>of</strong>fice build<strong>in</strong>g <strong>in</strong> Chiswick, West London, and a market<strong>in</strong>g campaign is underway prior to <strong>the</strong> completion <strong>of</strong> <strong>the</strong> build<strong>in</strong>g <strong>in</strong> early 2012. <strong>BAM</strong> Properties engaged <strong>in</strong> a successful public consultation about <strong>the</strong> plans for its proposed development follow<strong>in</strong>g <strong>the</strong> purchase <strong>of</strong> a prime site at 110 Queen Street, Glasgow. A formal plann<strong>in</strong>g application is currently be<strong>in</strong>g considered by Glasgow City Council. The company is also pursu<strong>in</strong>g a number <strong>of</strong> jo<strong>in</strong>t venture and pre-let <strong>of</strong>fice developments for corporate land owners and occupiers. The property market <strong>in</strong> Brita<strong>in</strong> rema<strong>in</strong>s subdued, although opportunities are emerg<strong>in</strong>g for quality, susta<strong>in</strong>able developments on prime sites <strong>in</strong> prime locations. This has been <strong>the</strong> ma<strong>in</strong> focus <strong>of</strong> <strong>BAM</strong> Properties’ strategy s<strong>in</strong>ce <strong>the</strong> economic downturn and it will cont<strong>in</strong>ue to pursue this strategy throughout 2012.
97 <strong>2011</strong>