Make Europe Great Again was Mario Draghi’s opening message at MIPIM last week. And why not? After all, there’s nothing like having a barbarian at the gate, so to speak, and flaky support from the people you thought were your long-standing allies to focus the mind.

For Europe, perhaps the greatest outcome of this change in the world order will be greater coordination, teamwork and a willingness to be bold. The kind of boldness that is only possible when others are riding roughshod over established conventions and a common, tangible threat looms over everyone.

Big changes are already afoot. Germany has pledged to increase spending on infrastructure and defence to unprecedented levels and the UK is making moves to play a central role in supporting a post-war plan in the Ukraine, as part of a European coalition.

What about the mood at MIPIM, though? The weather was rubbish, but the conference was busy! Attendance was quite high at 20,000, only a couple of thousand below the post-Covid peak reached in 2023. The cafes and hotel lobbies were rammed with people swapping notes on the market and going through their latest strategies. As is often the case, our most fruitful meetings were the impromptu ones with people we hadn’t expected to see and old friends.

One of the highlights of the week for us was the annual Eurologix logistics networking event on Tuesday afternoon, which was busy throughout, with many of the head honchos present. There was much chat about data centres, the importance of power and the risks of technology-induced obsolescence. It’s safe to say that residential and logistics remained the most talked-about sectors this year.

On the margins, there were whispers of unease over long-established transatlantic relationships if the volatility in the US persists. M&A activity in the private and listed sectors remained a hot topic, as did rumours of potential distress among those who had been highly acquisitive during Covid – particularly if valuations don’t improve.

Altogether, it was one of the most productive weeks we’ve had at a conference in a long time. Here’s to a busy summer until EXPO Real in the Autumn!

– James Verstringhe, Partner

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