Credit: GRI ClubGRI Awards Europe 2024: The winners have been announced!
GRI Awards Europe 2024 crowns fifteen winning projects, leaders, and transactions representing excellence in European real estate
September 11, 2024Real Estate
Written by Helen Richards
The three finalists in each of the fifteen categories of GRI Awards Europe 2024 gathered in Paris yesterday (10th September 2024) for the exclusive awards ceremony, where the winner of each category was revealed and recognised for their contribution to excellence in the European real estate market.
In an industry that is fighting both economic and geopolitical headwinds, while also experiencing tailwinds in the form of cultural and societal trends boosting innovation and sustainability, GRI Awards Europe 2024 set out to recognise the work of the most transformative companies, projects, and leaders.
Last night, these moulders of the industry rightfully received the acknowledgement they deserved. See the full list of winners below:
Worship Square is a fully net-zero project in both construction and operation, aiming for BREEAM Outstanding, WELL Platinum, designed to achieve 5.5* NABERS rating and having achieved SmartScore and WiredScore Platinum. Striving for sustainability excellence, the project targets <450 kgCO²e/m² upfront carbon, using lightweight concrete and high-grade steel, among other measures to lower embodied CO².
The project won Best Community Project at the BPIC Awards 2022 for its partnership with Rise-365, creating 14 paid work placements for local youth, a career day for female students, 94 hours of community volunteering, and planting over 500 plants with a neighbouring school.
2nd place: Worldwide Barclays portfolio by JLL / Barclays
3rd place: Edificio Pirita by Distrito Natural
On May 9th 2024, Avenue Capital Group announced the successful final closing of the Avenue Europe Special Situations Fund V (the "Avenue Europe Fund"). Together with separately managed accounts, over $1 billion of commitments have been raised for the Avenue Europe Fund from a broad range of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.
The Avenue Europe strategy is focused on providing senior secured, asset-backed loans to structurally underserved borrowers across Northern Europe. The Avenue Europe team leverages Avenue's origination platforms and long-standing presence in Europe to generate a large volume of recurring lending opportunities in these market niches which are generally less competitive and have high barriers to entry.
2nd place: Accenta
3rd place: Cain International - UK
The transaction includes the acquisition of the 5-star Marriott Praia d’El Rey Hotel, two leading 18-hole golf courses and the management of a large rental pool of apartments in Praia d’El Rey.
Purchase complements Azora’s current portfolio of six leading hotels in Portugal, including Vilalara, Tivoli Vilamoura, Tivoli Carvoeiro, Tivoli Alvor, The Lodge Hotel and the future opening of Hotel das Luzes, and highlights Azora’s strong conviction for the Portuguese tourism sector. Azora will continue strengthening the positioning and quality of the Hotel and the golf courses with further investments and operational improvements
2nd place: Edition Lake Como by Omnam Group / Bain Capital
3rd place: Bob W Kaarti by Slättö / Bob W
The Ireland Strategic Investment Fund (ISIF) has created an ambitious €500 million investment programme targeting the regeneration of town centre brownfield sites in Ireland’s five regional cities. The resultant developments will have a transformative impact through the creation of new centres of employment, growth, and living.
An exemplar investment under this programme is One Opera Square, in the heart of Limerick city. One Opera Square is being developed by Treaty Stone Partnership DAC, a joint venture between Limerick Twenty Thirty DAC and the ISIF. Comprising 12,111m² of Grade A office space, along with a restaurant/retail offering, the building is being developed to the highest international standards of sustainability, user wellness and IT interconnectivity.
2nd place: Ivanhoé Cambridge
3rd place: Office Complex "Verde" by Capitalica Asset Management
Panattoni Park Pilsen West II, developed on a former coal mine brownfield site, exemplifies modern, sustainable industrial design with an investment exceeding €70 million. The park consists of two production halls, both meeting the stringent criteria of the BREEAM New Construction environmental certification.
The Panasonic building, covering a total area of 24,600 m², incorporates numerous sustainable features - solar panels, insect hotel, and extensive cycling infrastructure - positioning the building to achieve the Excellent rating in the BREEAM New Construction sustainability certification.
2nd place: Melton Commercial Park by OakNorth
3rd place: Eindhoven DC4 Phase two by Prologis EU
Cristina García-Peri is an advisory board member of GRI Women Leading RE Europe. Cristina is Senior Partner and Head of Strategy and Corporate Development for the Azora Group.
Prior to joining Azora in 2011, she worked for 16 years in the investment banking sector at both Merrill Lynch (2 years) and JP Morgan (14 years), where she held various positions across M&A and Equity Capital Markets, and for 10 years she was Managing Director responsible for Corporate Equity Derivatives for EMEA as well as Equity Capital Markets for Spain and Portugal.
Cristina holds a bachelor degree in Economics from ICADE (Spain) and an MBA from Harvard Business School (USA). Cristina is Board Member at Bankinter, a Spanish IBEX 35 banking institution, where she Chairs the Nominations and Sustainability Committee.
2nd place: Ana Estrada from Goldman Sachs
3rd place: Alison Lambert from Martley Capital Group
4th place: Cherine Aboulzelof from BentallGreenOak
Guided by the mission and duty to create value for Quebecers, Ivanhoé Cambridge invests in real estate globally to generate sustainable performance. Since 2020, they shifted their business model to prioritise the role as an investor and strategically focused on portfolio repositioning by de-emphasising investments in traditional retail and office sectors; building momentum in buoyant sectors, including residential, logistics, and life sciences; investing in modernisation and innovation for the benefit of the industry; and integrating ESG factors into all actions.
Over the last few years, Ivanhoé Cambridge successfully realised strategic repositioning by completing around 300 transactions totalling over C$50 billion. Since the pivot, C$5.5 billion in value added has been generated compared with the benchmark index.
2nd place: The Valesco Group
3rd place: AustralianSuper
Wroclaw Jaworska is a PRS project, offering 681 units. Its investor is Resi4Rent, a joint venture between Echo Investment and a global investment fund represented by Griffin Capital Partners.
The Resi4Rent platform helps solve Poland's housing shortage, particularly evident after the admission of refugees from Ukraine, while promoting inclusivity and cultural diversity (the Resi4Rent community includes people from about 90 countries).
The project is distinguished by its original aesthetics. On one of the building's walls, on an area of 760m², the largest mural in Lower Silesia was created by artist Olaf Cirut, depicting plants from the Herbarium horti botanici Vratislavienis and the Silesian Herbarium, as well as a synthetic plant cell
2nd place: Flex Living arrives in Spain by MOMENTUM
3rd place: SOLEC Zeitraum Student Housing by ZEITGEIST Asset Management
As a unique proptech platform to directly link ESG with financial KPIs, BuildingMinds’ product is leading the industry in its innovative application of AI. Leveraging ML and AI-driven models, the platform not only provides transparency and actionable insights but also optimises decarbonisation strategies and offers extensive ESG reporting solutions.
A standout feature is the Retrofit Recommendation Engine, which is currently able to identify improvement areas, estimate retrofit costs for individual buildings or entire portfolios as well as calculate retrofit CO² reductions and stranding year.
BuildingMinds' unique proptech capabilities in providing ROI and break-even point estimations will set it apart in the market, solidifying its position as proptech of the year.
2nd place: Built AI
3rd place: Deepki Ready
ChorusLife is the new smart district of Bergamo, designed and built to redevelop an abandoned industrial site close to the centre. Spanning over 70,000m², more than 100,000m³ of land was cleaned of polluting material to provide a new neighbourhood to the citizens.
A barrier-free place that celebrates life, where people can build communities and a sense of belonging. Fun, entertainment, shopping, wellbeing, and sports for a more social and sustainable life. Innovation is the driving force of the district, with a native app that will facilitate interactions between people and all the areas, from the latest generation of home automation to digital systems for real-time management.
2nd place: Praia D'El Rey by Azora Capital
3rd place: Strategic Investment Park by Stalowa Wola City Hall
YY London is one of the UK's first NABERS-rated workspaces, prioritising productivity, health, and sustainability. With smart technology, WELL Platinum amenities, and biophilic design, it offers flexible, efficient spaces that enhance well-being and redefine the modern hybrid workplace.
The building represents the transformative retrofit of one of Canary Wharf’s first office buildings into one of Europe’s smartest and most sustainable workplaces. Innovatively retrofitted, the 415,000 ft² all-electric BREEAM Outstanding building aiming for net zero in operation sets a new benchmark for ESG focused workspace.
Through the refurbishment, much of the building’s existing structure was reused, saving an estimated 10,260 tonnes of CO² emissions compared with demolition.
2nd place: Diuna by PineBridge Benson Elliot / Syrena Real Estate
3rd place: STOREX Cricklewood by EQT Exeter
4th place: Westminster Fire Station by Joivy
€1.6 billion refinancing of Blackstone’s Spanish for-rent platform, which encompasses over 10,000 assets; financing provided via 17 banks.
2nd place: 280 Bishopsgate by Delancey
3rd place: Project Wave by Martley Capital Group
Merlata Bloom Milano is the most important retail project opened in Italy in recent years. The mall is the “beating heart” of the largest regeneration project post-Expo 2015, standing out for its mix of iconic and sustainable architectural solutions, technology and innovation in customer service, and range of retail, food, and leisure.
The mall serves a catchment area of 3.6 million inhabitants and offers a Gross Leasable Area (GLA) of 70,000m², featuring 210 commercial spaces. Boasting 5,000m² of indoor greenery and designed with a high degree of energy efficiency, the mall has achieved BREEAM New Construction 'Very Good' and BREEAM In Use 'Excellent' certifications. Since its opening, over 5 million visitors have been drawn to the mall, benefiting from its excellent connections.
2nd place: Westfield CNIT Eole by Unibail-Rodamco-Westfield
3rd place: Promenada Craiova, Romania by NEPI Rockcastle
The Gmp Foundation was created in 2008 to improve the life of people with disabilities, including Autism Spectrum Disorder (ASD). In Spain, almost 1 million students with special needs receive educational support, the largest group (29.7%) being those with ASD. However, many education professionals lack adequate training.
A specialised training called "Autism Commitment" was launched by Gmp with the Autismo Madrid Federation and the AUCAVI Foundation. Gmp finances all the costs, provided that the schools commit all their staff to take the training. Currently, eight schools in Madrid are accredited and more than 800 professionals have been trained. The program will expand to the Region of Murcia and potentially nationwide.
2nd place: Diuna by PineBridge Benson Elliot / Syrena Real Estate
3rd place: citizenMovement Foundation by citizenM
Stoneweg has entered into a binding agreement with Cromwell Property Group (Cromwell) to acquire Cromwell’s European fund management platform and associated co-investments, which totals €3.9 billion of real estate assets under management, for a total consideration of €280 million, subject to closing adjustments and regulatory approvals.
2nd place: Studio B by Skanska
3rd place: BREDS’ acquisition from Deutsche Pfandbriefbank by Blackstone
Congratulations to all of the nominees and winners!
The three finalists in each of the fifteen categories of GRI Awards Europe 2024 gathered in Paris yesterday (10th September 2024) for the exclusive awards ceremony, where the winner of each category was revealed and recognised for their contribution to excellence in the European real estate market.
In an industry that is fighting both economic and geopolitical headwinds, while also experiencing tailwinds in the form of cultural and societal trends boosting innovation and sustainability, GRI Awards Europe 2024 set out to recognise the work of the most transformative companies, projects, and leaders.
Last night, these moulders of the industry rightfully received the acknowledgement they deserved. See the full list of winners below:
Decarbonisation Project of the Year
1ˢᵗ place: Worship Square by HB Reavis
Award accepted by Ryan Jakes (HB Reavis)
Worship Square is a fully net-zero project in both construction and operation, aiming for BREEAM Outstanding, WELL Platinum, designed to achieve 5.5* NABERS rating and having achieved SmartScore and WiredScore Platinum. Striving for sustainability excellence, the project targets <450 kgCO²e/m² upfront carbon, using lightweight concrete and high-grade steel, among other measures to lower embodied CO².
The project won Best Community Project at the BPIC Awards 2022 for its partnership with Rise-365, creating 14 paid work placements for local youth, a career day for female students, 94 hours of community volunteering, and planting over 500 plants with a neighbouring school.
2nd place: Worldwide Barclays portfolio by JLL / Barclays
3rd place: Edificio Pirita by Distrito Natural
Fundraising of the Year
1ˢᵗ place: Avenue Capital Group
Award accepted by Padraig Moore (Avenue Capital Group)
On May 9th 2024, Avenue Capital Group announced the successful final closing of the Avenue Europe Special Situations Fund V (the "Avenue Europe Fund"). Together with separately managed accounts, over $1 billion of commitments have been raised for the Avenue Europe Fund from a broad range of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.
The Avenue Europe strategy is focused on providing senior secured, asset-backed loans to structurally underserved borrowers across Northern Europe. The Avenue Europe team leverages Avenue's origination platforms and long-standing presence in Europe to generate a large volume of recurring lending opportunities in these market niches which are generally less competitive and have high barriers to entry.
2nd place: Accenta
3rd place: Cain International - UK
Hospitality Project of the Year
1ˢᵗ place: Hotel Praia del Rey by Azora
Award accepted by Cristina Garcia-Peri (Azora)
The transaction includes the acquisition of the 5-star Marriott Praia d’El Rey Hotel, two leading 18-hole golf courses and the management of a large rental pool of apartments in Praia d’El Rey.
Purchase complements Azora’s current portfolio of six leading hotels in Portugal, including Vilalara, Tivoli Vilamoura, Tivoli Carvoeiro, Tivoli Alvor, The Lodge Hotel and the future opening of Hotel das Luzes, and highlights Azora’s strong conviction for the Portuguese tourism sector. Azora will continue strengthening the positioning and quality of the Hotel and the golf courses with further investments and operational improvements
2nd place: Edition Lake Como by Omnam Group / Bain Capital
3rd place: Bob W Kaarti by Slättö / Bob W
Impacting Investor of the Year
1ˢᵗ place: Ireland Strategic Investment Fund by National Treasury Management Agency
Award accepted by Sarah Hickey (ISIF)
The Ireland Strategic Investment Fund (ISIF) has created an ambitious €500 million investment programme targeting the regeneration of town centre brownfield sites in Ireland’s five regional cities. The resultant developments will have a transformative impact through the creation of new centres of employment, growth, and living.
An exemplar investment under this programme is One Opera Square, in the heart of Limerick city. One Opera Square is being developed by Treaty Stone Partnership DAC, a joint venture between Limerick Twenty Thirty DAC and the ISIF. Comprising 12,111m² of Grade A office space, along with a restaurant/retail offering, the building is being developed to the highest international standards of sustainability, user wellness and IT interconnectivity.
2nd place: Ivanhoé Cambridge
3rd place: Office Complex "Verde" by Capitalica Asset Management
Industrial & Logistics Project of the Year
1ˢᵗ place: Park Pilsen West II by Panattoni
Award accepted by Ondřej Špalek (Panattoni)
Panattoni Park Pilsen West II, developed on a former coal mine brownfield site, exemplifies modern, sustainable industrial design with an investment exceeding €70 million. The park consists of two production halls, both meeting the stringent criteria of the BREEAM New Construction environmental certification.
The Panasonic building, covering a total area of 24,600 m², incorporates numerous sustainable features - solar panels, insect hotel, and extensive cycling infrastructure - positioning the building to achieve the Excellent rating in the BREEAM New Construction sustainability certification.
2nd place: Melton Commercial Park by OakNorth
3rd place: Eindhoven DC4 Phase two by Prologis EU
Inspiring Female Leader of the Year
1ˢᵗ place: Cristina Garcia-Peri from Azora
Cristina Garcia-Peri (Azora)
Cristina García-Peri is an advisory board member of GRI Women Leading RE Europe. Cristina is Senior Partner and Head of Strategy and Corporate Development for the Azora Group.
Prior to joining Azora in 2011, she worked for 16 years in the investment banking sector at both Merrill Lynch (2 years) and JP Morgan (14 years), where she held various positions across M&A and Equity Capital Markets, and for 10 years she was Managing Director responsible for Corporate Equity Derivatives for EMEA as well as Equity Capital Markets for Spain and Portugal.
Cristina holds a bachelor degree in Economics from ICADE (Spain) and an MBA from Harvard Business School (USA). Cristina is Board Member at Bankinter, a Spanish IBEX 35 banking institution, where she Chairs the Nominations and Sustainability Committee.
2nd place: Ana Estrada from Goldman Sachs
3rd place: Alison Lambert from Martley Capital Group
4th place: Cherine Aboulzelof from BentallGreenOak
Institutional Investor of the Year
1ˢᵗ place: Ivanhoé Cambridge
Award accepted by Arnaud Malbos (Ivanhoé Cambridge)
Guided by the mission and duty to create value for Quebecers, Ivanhoé Cambridge invests in real estate globally to generate sustainable performance. Since 2020, they shifted their business model to prioritise the role as an investor and strategically focused on portfolio repositioning by de-emphasising investments in traditional retail and office sectors; building momentum in buoyant sectors, including residential, logistics, and life sciences; investing in modernisation and innovation for the benefit of the industry; and integrating ESG factors into all actions.
Over the last few years, Ivanhoé Cambridge successfully realised strategic repositioning by completing around 300 transactions totalling over C$50 billion. Since the pivot, C$5.5 billion in value added has been generated compared with the benchmark index.
2nd place: The Valesco Group
3rd place: AustralianSuper
Living Project of the Year
1ˢᵗ place: Wroclaw Jaworska by Resi4Rent
Award accepted by Alicja Kosciesza (Resi4Rent) and Nebil Senman (Griffin Capital Partners)
Wroclaw Jaworska is a PRS project, offering 681 units. Its investor is Resi4Rent, a joint venture between Echo Investment and a global investment fund represented by Griffin Capital Partners.
The Resi4Rent platform helps solve Poland's housing shortage, particularly evident after the admission of refugees from Ukraine, while promoting inclusivity and cultural diversity (the Resi4Rent community includes people from about 90 countries).
The project is distinguished by its original aesthetics. On one of the building's walls, on an area of 760m², the largest mural in Lower Silesia was created by artist Olaf Cirut, depicting plants from the Herbarium horti botanici Vratislavienis and the Silesian Herbarium, as well as a synthetic plant cell
2nd place: Flex Living arrives in Spain by MOMENTUM
3rd place: SOLEC Zeitraum Student Housing by ZEITGEIST Asset Management
Proptech of the Year
1ˢᵗ place: BuildingMinds
Award accepted by Hannah Stern (BuildingMinds)
As a unique proptech platform to directly link ESG with financial KPIs, BuildingMinds’ product is leading the industry in its innovative application of AI. Leveraging ML and AI-driven models, the platform not only provides transparency and actionable insights but also optimises decarbonisation strategies and offers extensive ESG reporting solutions.
A standout feature is the Retrofit Recommendation Engine, which is currently able to identify improvement areas, estimate retrofit costs for individual buildings or entire portfolios as well as calculate retrofit CO² reductions and stranding year.
BuildingMinds' unique proptech capabilities in providing ROI and break-even point estimations will set it apart in the market, solidifying its position as proptech of the year.
2nd place: Built AI
3rd place: Deepki Ready
Real Estate Destination of the Year
1ˢᵗ place: ChorusLife by COSTIM
Award accepted by Davide Albertini Petroni (COSTIM)
ChorusLife is the new smart district of Bergamo, designed and built to redevelop an abandoned industrial site close to the centre. Spanning over 70,000m², more than 100,000m³ of land was cleaned of polluting material to provide a new neighbourhood to the citizens.
A barrier-free place that celebrates life, where people can build communities and a sense of belonging. Fun, entertainment, shopping, wellbeing, and sports for a more social and sustainable life. Innovation is the driving force of the district, with a native app that will facilitate interactions between people and all the areas, from the latest generation of home automation to digital systems for real-time management.
2nd place: Praia D'El Rey by Azora Capital
3rd place: Strategic Investment Park by Stalowa Wola City Hall
Reconversion Project of the Year
1ˢᵗ place: YY London by Quadrant / Oaktree Capital Management, L.P
Award accepted by Aqeel Sourjah (Quadrant) and Jeffrey Chalmers (Oaktree Capital Management, L.P)
YY London is one of the UK's first NABERS-rated workspaces, prioritising productivity, health, and sustainability. With smart technology, WELL Platinum amenities, and biophilic design, it offers flexible, efficient spaces that enhance well-being and redefine the modern hybrid workplace.
The building represents the transformative retrofit of one of Canary Wharf’s first office buildings into one of Europe’s smartest and most sustainable workplaces. Innovatively retrofitted, the 415,000 ft² all-electric BREEAM Outstanding building aiming for net zero in operation sets a new benchmark for ESG focused workspace.
Through the refurbishment, much of the building’s existing structure was reused, saving an estimated 10,260 tonnes of CO² emissions compared with demolition.
2nd place: Diuna by PineBridge Benson Elliot / Syrena Real Estate
3rd place: STOREX Cricklewood by EQT Exeter
4th place: Westminster Fire Station by Joivy
Refinancing Deal of the Year
1ˢᵗ place: Refinancing of Testa by Blackstone / JLL
Award accepted by Brad Greenway (JLL)
€1.6 billion refinancing of Blackstone’s Spanish for-rent platform, which encompasses over 10,000 assets; financing provided via 17 banks.
2nd place: 280 Bishopsgate by Delancey
3rd place: Project Wave by Martley Capital Group
Retail Project of the Year
1ˢᵗ place: Merlata Bloom Milano by NHOOD
Award accepted by Fabio Filadelli (NHOOD)
Merlata Bloom Milano is the most important retail project opened in Italy in recent years. The mall is the “beating heart” of the largest regeneration project post-Expo 2015, standing out for its mix of iconic and sustainable architectural solutions, technology and innovation in customer service, and range of retail, food, and leisure.
The mall serves a catchment area of 3.6 million inhabitants and offers a Gross Leasable Area (GLA) of 70,000m², featuring 210 commercial spaces. Boasting 5,000m² of indoor greenery and designed with a high degree of energy efficiency, the mall has achieved BREEAM New Construction 'Very Good' and BREEAM In Use 'Excellent' certifications. Since its opening, over 5 million visitors have been drawn to the mall, benefiting from its excellent connections.
2nd place: Westfield CNIT Eole by Unibail-Rodamco-Westfield
3rd place: Promenada Craiova, Romania by NEPI Rockcastle
Social Integrated Project of the Year
1ˢᵗ place: Autism Commitment by Grupo Gmp
Award accepted by Silvia Llanes (Grupo Gmp)
The Gmp Foundation was created in 2008 to improve the life of people with disabilities, including Autism Spectrum Disorder (ASD). In Spain, almost 1 million students with special needs receive educational support, the largest group (29.7%) being those with ASD. However, many education professionals lack adequate training.
A specialised training called "Autism Commitment" was launched by Gmp with the Autismo Madrid Federation and the AUCAVI Foundation. Gmp finances all the costs, provided that the schools commit all their staff to take the training. Currently, eight schools in Madrid are accredited and more than 800 professionals have been trained. The program will expand to the Region of Murcia and potentially nationwide.
2nd place: Diuna by PineBridge Benson Elliot / Syrena Real Estate
3rd place: citizenMovement Foundation by citizenM
Transaction of the Year
1ˢᵗ place: European platform by Stoneweg
Award accepted by Jaume Sabater (Stoneweg), Joaquín Castellví (Stoneweg), and Max-Hervé George (Ultima Capital)
Stoneweg has entered into a binding agreement with Cromwell Property Group (Cromwell) to acquire Cromwell’s European fund management platform and associated co-investments, which totals €3.9 billion of real estate assets under management, for a total consideration of €280 million, subject to closing adjustments and regulatory approvals.
2nd place: Studio B by Skanska
3rd place: BREDS’ acquisition from Deutsche Pfandbriefbank by Blackstone
Congratulations to all of the nominees and winners!
