Mipim: The sun’s still shining despite Brexit shadow

Guzzling champagne amid the yachts in the sun-kissed south of France was par for the course in the good old days of the property world, which decamped to the Mipim industry festival in Cannes this week.

But this week also marks a watershed for the UK’s property scene: the first post-Brexit festival. This time around the industry’s representatives are having to earn their corn and make the case for London on the cusp of a new era.

“If you were here in 2007 you would have seen that young property agents came to get drunk and celebrate their deals. But now companies want to know that staff are coming back with deals and not just toasting existing ones,” says the boss of a London-listed property firm, leaning over a plate of seafood.

Cannes is stuffed with property tycoons for the week, including the 60 guests invited by Levy Real Estate and the Westminster Property Association to discuss the annual French gathering over rosé as the sun beat down on the Majestic hotel.

James Cooksey, chairman of Westminster Property Association, told attendees — including directors from Soho Estates and Shaftesbury — that London representatives at Mipim will need to work hard to fight off property rivals from cities such as Paris and Frankfurt which are hoping to capitalise on a possible exodus by businesses from the capital. He said: “We can’t rest on our laurels. There are lots of other capital cities that will gladly take away from us if we don’t keep pushing forward.”

There’s plenty of buzz along Cannes’ main drag — La Croisette, a strip of grandiose hotels and luxury stores. The place is teeming with suits attempting to do smart casual — property gurus, bankers and lawyers trying to finance deals, get round the exhibitors and listen to talks.

Mipim is often seen as a barometer of the health of the global property market. Inevitably the talk of the wine bars has turned to Brexit and whether London has lost its lustre for international investors.

With demand for luxury flats on the wane and office occupiers threatening to relocate outside the UK, there’s plenty to discuss.

One Mipim veteran who is not letting political concerns get in the way of networking at the property jamboree, is tycoon Vincent Tchenguiz, who will host a party on his 130ft yacht, Veni Vidi Vici.

The chairman of investor Consensus Business Group, known for his triumphant crusade against the Serious Fraud Office after a botched investigation, says: “Time is precious in this industry and Mipim gives my colleagues and me the opportunity to catch up with friends and colleagues from all over the world and see how peers are innovating, particularly on the financing side.”