Christie+Co. International Advisory Services. Professional Advisory Services for Hotel Owners, Investors and Operators

Transcription

1 Christie+Co International Advisory Services Professional Advisory Services for Hotel Owners, Investors and Operators

2 About Christie + Co 14 International Offices A Member of Christie Group Plc + Partnership founded in Publicly listed on Alternative Investment Market (AIM) Specialists in the Hotel Sector + Pre-eminent hotel property advisers + Undertake large portfolio and cross-border projects Headquarted in London with 28 offices across Europe and Middle East Hotel Advisers, Valuers and Agents for nearly 80 years 350 hotel sales and 450 hotel valuations each year Helsinki Berlin Munich Frankfurt Dublin London Paris Rennes Lyon Marseille Barcelona Vienna Warsaw Dubai Advice on c. 20bn of hotel debt across the UK and Europe region within the last 36 months 2

3 Why Christie + Co? A superior value proposition Our International Hotel Consultancy team s focus is to create, retain and or recover maximum value for our clients, whilst providing best-in-class service and deliverables. This is achieved by offering our clients a superior value proposition, which includes the following features: + Our international team combines local knowledge and extensive international experience to offer expert coverage of hotel markets throughout the UK, Europe and the Middle East + We have close ties with our colleagues in, Valuation Services and Investment & Development, thereby being able to advise our clients throughout the project lifecycle + We have access to a substantial trading & transactional database and internal knowledge of real-world transactions & deals + Our consultants are seasoned professionals with extensive experience in business operations, consultancy, development and finance. They are based throughout our extensive network of international offices + We offer bespoke and best-in-class deliverables, which provide implementable advice allowing our clients to understand the opportunities and issues quickly and concisely The Shard London, UK Operator Search 3

4 International Hotel Advisory Services Barcelona focusing on the Iberian market, the Canary & Balearic Islands and Madeira Hotels Pubs Corporate Hotels International Hotel Advisory Services Dubai focusing on the Middle East and Africa Dublin focusing on Ireland Restaurants Leisure Helsinki focusing on Scandinavia, Russia and the Baltic States Care Retail London focusing on the UK and International markets Munich focusing on Germany and Central Europe Paris focusing on France, Belgium and Switzerland Vienna focusing on Austria and Central & Eastern Europe Warsaw focusing on Poland, Ukraine, Central & Eastern Europe 4

5 Our services throughout the hotel lifecycle Acquisition Development Operations Disposal + Christie + Co offers a comprehensive range of services to support hotel businesses throughout their lifecycle + We work on all property types from budget to luxury and from major portfolios to single assets + Specialist Valuers, Consultants and Property Advisers acting for: Major UK and European lending banks Many international lending and investment banks Virtually all major hotel operators Many international developers and investors A variety of local and regional owners and investors + Investment advice + Deal origination and buy-side advice + Commercial due diligence + Valuation + Valuation + Preparation of sales/ information memoranda + Disposal advice and brokerage + Expert witness and litigation support + Opportunity identification + Market research, feasibility & impact studies + Highest and best use studies + Deal origination and buy-side advice + Site sourcing and development deals + Operator search and selection + Forward sale + Property advice and rent reviews + Strategic & business advice + Operational review, Capex appraisal + Performance analysis and benchmarking + Highest and best use studies + Asset management 5

6 MENA Region Experience Our Directors and international consulting team have undertaken over 300 assignments, highlighting their unparalleled experience in, and knowledge of, the MENA hotel market. Assignments range from strategic assessments, market studies, hotel feasibility studies, resort development assignments, highest and best use, master plan assessments, operator search, selection and negotiation, operational reviews and valuations. These are often on behalf of major hotel owners, investors, developers and operators. Project types range from stand-alone hotels across all asset classes to significant mixeduse developments. The Directors in Dubai offer, jointly, more than 25 years of consultancy experience, most of it in the Middle East and North Africa. 6

7 Case Studies Some of our recent consultancy activity includes the following projects: Strategic Analysis ADNH Management Contract ACICO Due Diligence Private Equity Strategic Analysis Masraf Al Rayan Feasibility Alila Hotels and Resorts Financial Analysis Oberoi Christie + Co provided advice to Abu Dhabi National Hotels company, recommending long and short term redevelopment options for the existing 327-room Hilton hotel in Abu Dhabi and the 202-room Hilton hotel in Al Ain. An evaluation of alternative options was undertaken in the context of the properties and in a significantly changed future hotel environment. Christie + Co assisted ACICO with the negotiation of the management contracts for the newly rebranded 471-room Radisson Royal hotel in Dubai and the 257-room Radisson Blu Resort in Fujairah. Both hotels had previously been operational under the JAL Hotels and Resorts brand. Christie + Co provided advice to support the due diligence process to assess the investment opportunity for the acquisition of a proposed 386-room luxury resort to be operated by an international brand in Muscat. The deliverable provided an in-depth market and financial feasibility on the potential future performance of the hotel. Christie + Co assisted MAR in delivering a strategic consultancy scope for the Seef Lusail Waterfront where detailed research and an analysis of the Qatar hotel market was undertaken considering the potential impact of the 2022 FIFA World Cup. In view of the overall master plan for Seef Lusail the blueprint for hotel strategy was recommended. Christie + Co undertook a market and financial feasibility study to assist the due diligence process to secure finance and investment partners in order to commence construction of a 5-star luxury eco-focussed resort on a beach front plot in Salalah, Oman. Christie + Co provided market and financial due diligence for a 251-room 5-star deluxe Oberoi Hotel in Business Bay, Dubai. The study identified the opportunities and risks of operating a hotel in the context of the current and anticipated business environment. 7

8 Zakho Erbil Tehran GCC and Middle East Footprint 1 IRAQ IRAN KUWAIT + Feasibility assessment for a 5-star 225-key luxury urban resort on a master planned island in Manama, Bahrain + Due diligence for an investment company in support of hotel acquisition in Muscat, Oman + A 100 guestroom and 25 villa luxury lowimpact beach resort in Salalah, Oman + A 200-key 5-star and 250-key 4-star hotel within a master planned themed community in Doha, Qatar + A 250-key 5-star, 300-key 4-star and 150 serviced apartments on a prime plot in Riyadh, Saudi Arabia + Assessment & financial feasibility of converting an existing 5-star hotel to a private member s club in Jeddah, Saudi Arabia + Strategic development planning & feasibility for up to 4 hotels at the airport in Abu Dhabi, UAE + Feasibility study for six hotels within a major leisure-focused island development in Abu Dhabi, UAE + A 250-key 5-star hotel under construction within a mixed-use cluster in Dubai, UAE + A 230-key 5-star beach resort and spa in Fujairah, UAE + Master planned community comprising 206 villas, 72 townhouses, 195 apartments, 180- key hotel and serviced apartments, 21,000m 2 offices and 6,500m 2 retail in Sana a, Yemen SAUDI ARABIA Jeddah Sana a BAHRAIN Kish Island Manama QATAR Dubai Fujairah Doha Abu Dhabi UAE Riyadh Muscat YEMEN Salalah OMAN + Product positioning and feasibility study for female spa resort on Kish Island, Iran + Clustered 3 & 4-star hotels in Tehran, Iran + A 300-key hotel and serviced apartments in Erbil and a 120-key midmarket resort in Zakho, Iraq 8

9 Erbil GCC and Middle East Footprint 2 IRAQ IRAN KUWAIT + Assessment of 6 plots for hotels and serviced apartments for a potential purchaser on Amwaj Island, Bahrain + Development assessment and feasibility studies resulting in a hotel development strategy in support of the final master plan, Salalah, Oman + Strategic advice on hotel development as a part of the overall master plan framework at Seef Lusail Waterfront in Doha, Qatar + Strategic advice on redevelopment of Hilton Abu Dhabi & Hilton Al Ain in Abu Dhabi, UAE + Strategic advice on multiple hotel concepts within a major master planned development in Dubai, UAE + Strategic advice on master planning for a hotel at a major development on Dubai Creek in Dubai, UAE + Market study and development advice on independent hotel positioning in Al Barsha in Dubai, UAE + Tourism master plan review for a 180 hectare master-planned leisure and residential community in Ras Al Hadd, Oman + Operational review and development recommendations for a hotel and villa complex in Al Khobar, Saudi Arabia SAUDI ARABIA BAHRAIN Manama Al Khobar QATAR Dubai Doha Abu Dhabi UAE YEMEN Salalah OMAN + Operational review and refurbishment recommendations for a 5-star city hotel in Manama, Bahrain + Operational review and refurbishment recommendations for a 4-star city hotel in Doha, Qatar Ras Al Hadd + Operational review for a 5-star city hotel in Abu Dhabi, UAE 9

10 GCC and Middle East Footprint 3 IRAQ IRAN Kuwait City KUWAIT + A mixed-use project including a 150-key 4-star hotel with serviced apartments and serviced offices integrated into a retail and entertainment complex in Muharraq, Bahrain + Assessment and feasibility for a mixed-use complex resulting in recommendations for a 370-key, 5-star business hotel and serviced apartments, 200 residential apartments, 110,000m 2 offices and retail in Muscat, Oman + Highest and best use for a luxury project comprising a 272-key hotel, 50 apartments, 123 villas and a marina in Shinas, Oman + Strategic assessment and financial analysis of a mixed-use master plan comprising a 380-key 5-star hotel, 300 residential apartments, a 100-berth marina and an F&B and retail piazza in Abu Dhabi, UAE + Assessment and recommendations for the development of a 250-key 5-star hotel, a 250-key 4-star and a 260-key 3-star hotel in two mid-town clusters in Jeddah, Saudi Arabia + Assessment and recommendations for the strategic redevelopment of the Hilton Abu Dhabi and Hilton Al Ain properties in Abu Dhabi, UAE SAUDI ARABIA Jeddah BAHRAIN Muharraq QATAR Dubai Abu Dhabi UAE YEMEN Salalah OMAN Shinas Muscat + Assessment and financial analysis for a five hectare waterfront plot to develop a 250-key upscale hotel and 50-unit gated residential community in Kuwait City, Kuwait + Assessment and best use for a resort island to comprise a 5-star deluxe resort, freehold residential apartments, villas, water homes and a retail boutique in Dubai, UAE 10

11 GCC and Middle East Footprint 4 Our Management Contract Advisory Experience The Directors have been directly responsible for managing the hotel operator selection process on behalf of numerous clients and have directly assisted contractual negotiations via the Letter of Intent and Management Agreement stages. In addition they have provided ad-hoc advisory assistance to many other hotel operator selection and appointment services throughout the GCC region and have therefore had dealings with the majority of the well-known international hotel management companies in the Middle East, Europe, Asia and the US. Having been involved in the hospitality industry in the Middle East since 2002, the Directors exposure to hotel operators, their brands and contractual terms leaves them very well placed to bring insightful and balanced opinion and guidance to the hotel operator selection and negotiation process Our Pedigree + Negotiation assistance of the HMC s for the newly rebranded 471-room Radisson Royal in Dubai and 257-room Radisson Blu resort in Fujairah + Feasibility and operator selection for a luxury resort in Muscat, Oman + Operator search, selection and contract negotiation for a 4-star business hotel, Dubai, UAE + Contract negotiation and assistance, luxury resort, Musandam, Oman + Contract critique and advisory support for hotels in Dubai & Fujairah, UAE + Operator search and selection 4-star business hotel, Muscat, Oman + Operator selection for four hotels on a mixed use development, Dubai, UAE + Operator selection and contract assistance for 5-star urban resort, Muscat, Oman + Operator selection for 5-star business hotel in mixed use development, Muscat, Oman 11

12 Algiers Lattakia Aleppo Tartous LEBANON SYRIA Beirut Damascas MOROCCO TUNISIA Marrakech ALGERIA LIBYA EGYPT JORDAN Sharm El Sheikh North Africa and Levant Footprint 1 + Market and financial feasibility assessment for a 450-key upscale beachfront resort, a midmarket 340-key city hotel and serviced apartments in Algiers, Algeria + Assessment study for a 300-key upmarket resort, villas & souk with recommendations between two development concepts in Sharm El Sheikh, Egypt + Feasibility studies for proposed hotels which included Hilton and Four Seasons in Sharm El Sheikh, Egypt + Feasibility assessment for redevelopment of a 250-key luxury seafront resort and 30 residential freehold apartments in Beirut, Lebanon + Market and financial assessment for proposed Hilton and InterContinental hotels in Marrakech, Morocco + Feasibility and master plan assessment for an 800-key multi-hotel development at a retail and office park site in Damascus, Syria + Detailed feasibility and financial assessments for a converted historic 5 star Hotels de Charme in Damascus and Aleppo, Syria + Feasibility for a 300-key 4-star beach resort and serviced apartments in Lattakia, Syria + Master plan assessment and financial feasibility for multiple hotels and residences within a 90-acre seafront plot in Tartous, Syria 12

13 MOROCCO Marrakech ALGERIA Tabarka Gammarth Tunis Monastir Djerba TUNISIA Tripoli LIBYA Alexandria EGYPT Lattakia SYRIA LEBANON Dead Sea Port Said Petra JORDAN Cairo Aqaba Sharm El Sheikh North Africa and Levant Footprint 2 + Real estate market assessment for hotel, residential and office opportunities in Cairo, Alexandria, North Coast Egypt + Investment opportunities assessment for hotels, residential and offices in Aqaba, Dead Sea, Petra and Amman, Jordan + Investment opportunities assessment for hotels, residential and offices in Tripoli, Libya + Positioning and strategic advice for Movenpick Ulysse Palace and Robinson Athenee Palace hotels in Djerba, Tunisia + Development advice and financial evaluation of optimum returns for a 2km beachfront plot in Lattakia, Syria + Valuation of stakes in a portfolio of five hotels and shopping centres in Cairo, Port Said and Sharm El Sheikh, Egypt + Valuation of the Corinthia Khamsa hotel in Gammarth, Tunisia + Valuation of the Hyatt Regency in Sharm El Sheikh, Egypt + Valuation of a stake in a property portfolio comprising a shopping centre and three hotels in Tunis, Tabarka and Monastir, Tunisia + Valuation of the Kasbah Tamadot, the former colonial fort converted to a luxury 18 bedroom spa/retreat hotel in Marrakech, Morocco 13

14 UK and Europe Region Experience On the following pages we highlight some of our recent activity across the UK and Europe, from major portfolios to single assets. 14

15 International Consultancy 1 Operational Review Prominent European Portfolio Advisory The Shard, London Feasibility Ski Resort in French Alps Due Diligence Germany and France Market Analysis Austria Christie + Co undertook an operational review of a prominent hotel portfolio on behalf of leading lenders to the sector. The deliverable provided an in-depth analysis of the portfolio, the group head office function and performance of individual assets in terms of local market strength, competition, current and long term financial trading potential. Christie + Co was retained by Sellar Property Group to provide development consultancy and agency advice for the landmark Renzo Piano-designed development, which was to include a luxury hotel on floors 34 to 52 of the 70-storey building. Christie + Co also assisted in the search and selection process which culminated in the appointment of the Shangri-La hotel group which is to operate a 195-bedroom, 5-star hotel. Christie + Co carried out a feasibility study and developed an operational strategy on the mixed use development in Courchevel including a luxury hotel and a destination spa for a Real Estate Investment Firm. Christie + Co s international team carried out a commercial due diligence and prepared individual projections subject to Capex on Le Meridien Hotels in Germany and France on behalf of a global investment bank. On behalf of the Austrian Hotel Association, Christie + Co carried out analyses of the hotel markets in Vienna, Salzburg and Linz. The scope included providing an understanding of the historical development of supply and demand in order to give a forecast for the future market potential with particular focus of the analysis on the possible consequences that additional supply could have on occupancy, rates and prices. 15

16 International Consultancy 2 Advisory and Operator Search Sonderberg Denmark Feasibility Finland Strategic Review Europe Feasibility and Operator Search and Selection Estepona, Spain Performance Monitoring Barcelona Spain Sonderberg Harbour Company is co-ordinating the development of the harbour master plan, designed by Frank O Gehry in Southern Denmark. Christie + Co has been closely involved with this major project, providing a detailed feasibility study and assisting with the sourcing of an operator and an investor for the proposed full service hotel and adjacent water park development. Lappeenranta draws maximum benefit from its proximity to the Russian border and today the city records the highest tax free sales in Finland. Christie + Co conducted a feasibility study for the prime site providing views over Lake Saimaa, to develop a 200 room hotel with a spa. Further, we assisted the client in the search for an operating company for the proposed hotel development. Christie + Co undertook a strategic review of 200+ budget to luxury hotel assets for a leading UK Bank including cross-portfolio analysis, detailed sub-group benchmarking and identification of strategic options (integration, consolidation and rationalisation). Following the preparation of a detailed feasibility study, Christie + Co is undertaking an operator search and selection for this new hotel development in Estepona. This exciting project is part of the Gran Bulevar mixeduse scheme and benefits from a prime city centre location. Christie + Co has been appointed by Iberdrola Inmobiliaria to carry out quarterly performance monitoring of the 433-room Hilton Diagonal Mar, located in the 22@ innovation district of Barcelona. This performance monitoring service is a valuable tool providing detailed insight to the client into how an asset is trading in its local market. 16

17 UK Consultancy + Operational Reviews & Strategic Advice + Due Diligence & Business Plan Review + Market Research & Impact Studies + Development & Planning Advice + Management Contract & Lease Advice + Business Support & Information Strategic Review of 200+ budget to luxury hotel assets for a leading UK Bank including crossportfolio analysis and identification of strategic options (integration, consolidation and rationalisation) Feasibility Study for a proposed 268-room lifestyle hotel for a Private Real Estate Firm at Sea Containers House on London s South Bank with two alternative branding scenarios Two-phase Strategic Review of 30+ midmarket assets for a leading Irish Bank including head office review, market analysis, benchmarking and financial performance review Operational Review of a 5-star, landmark hotel in Scotland including financial forecasts under different redevelopment and rebranding scenarios Operational Review of 30+ UK regional midmarket hotel assets and detailed head office review for a leading Irish Bank Commercial Due Diligence for two major UK lifestyle hotel portfolios of 25+ assets to assist a global Private Equity House in bidding process Ongoing review of the evolution of the branded budget hotel sector in the UK including focus on key UK cities Operational Review of a luxury landmark golf hotel for a leading UK Bank in Scotland including financial forecasts under numerous scenarios Strategic Review of c. 20 midmarket assets for a major UK Bank including asset by asset assessment, portfolio ranking and options for value realisation and maximisation Feasibility Studies for lifestyle budget hotels in Manchester and Sunderland for a Property Developer Performance Benchmarking and Operational Review - Luxury Boutique Hotel with 120+ rooms in Mayfair, London for a UK Hotel Owner Operational Review of an internationally branded budget hotel portfolio of 10+ assets including head office review, individual asset reviews, financial performance and projections subject to Capex for a consortium of Four Lending Banks Financial Forecasts and Valuation of 40+ branded upscale assets in London and Provincial UK for a leading global Investment Bank Strategic Review of 20+ upscale conference hotels, including existing vs. proposed lease agreement and identifying alternative options including operational, cash flow and pricing implications for a leading UK Bank 17

18 UK and Valuation Park Inn Hyde Park Valuation Apex Hotels Acting on behalf of Gresham Hotel Group, Christie + Co sold the Park Inn Hyde Park, London, for an undisclosed sum, with offers in excess of 35 million sought. To enable development finance on an outstanding project, Christie + Co valued this hotel group, comprising eight four-star hotels in London, Edinburgh and Dundee. Crowne Plaza Radisson Edwardian Ramada Hotels Park Inn Freehold Valuation LRG Portfolio Following a competitive multi stage bidding process Christie + Co sold the 198-room Crowne Plaza Cambridge to London & Regional (L&R). We acted on behalf of administrators Grant Thornton at a guide price in excess of 35 million. Acting on the instruction of Les Ross and Matt Dunham, administrative receivers and agents of Free Trade Hall Hotel Limited, Christie + Co sold the 5-star Radisson Edwardian Hotel in Manchester to the Edwardian Group. Two Ramada Hotels in London were sold by Christie + Co to Westmont Hospitality Group for a reported price of 75m. The 213-room Ramada Hyde Park and the 189-room Ramada Ealing were sold on behalf of Dublin-based Lioncourt Capital and will be operated under a Doubletree by Hilton franchise. Acting on behalf of F.L Taylor, C.P Dempster and A.J Davison of Ernst & Young, Joint Administrators for W G Mitchell (Guernsey) No.10 Limited, Christie + Co sold the Park Inn London, Russell Square to Crimson Hotels Group, the independently-owned UK based hotel company, for an undisclosed sum. Since its acquisition in 2005, Christie + Co has carried out regular valuations of the 62-strong hotel portfolio comprising IHG branded Crowne Plaza and Holiday Inn Hotels throughout the UK. The portfolio is owned by LRG Acquisitions Ltd, a consortium including Realstar Asset Management and GIC Real Estate Pte Ltd. 18

19 UK Transaction Von Essen Hotel Portfolio Sharrow Bay Thornbury Castle Royal Crescent Dalhousie Castle Seaham Hall Christie + Co sold 28 former von Essen Hotels on behalf of administrators from Ernst & Young. Despite industry concerns about the sale of such a large portfolio in a challenging market, we were able to apply our knowledge, use our relationships and implement a highly successful marketing programme. The hotels attracted multiple bids and were sold in groups, as well as on an individual basis, in order to maximise the total price achieved for our client. At Christie + Co, business intelligence results in successful outcomes. Deal-making in a challenging market. The Samling The Elms Callow Hall Ynyshir Hall The Mount Ston Easton Park Homewood Park Fowley Hall Lewtrenchard Manor Moonfleet Manor Wooley Grange New Park Manor Buckland Manor Lower Slaughter Manor Washbourne Court Congham Hall The Greenway Spa Cliveden The Ickworth/Dover House Bishopstrow House Amberley Castle 19

20 Europe and Valuation Frankfurt, Germany Hamburg, Germany Stuttgart, Germany Slovenia Christie + Co provided advice to an Egyptian HNWI for their acquisition of the Best Western Macrander Hotel in Offenbach, Frankfurt offering 127 rooms and 7 conference rooms. Christie + Co sold the 186-room Suite Novotel property located in the city centre of Hamburg to Deka. On behalf of the owner, Union Investment Real Estate, Christie + Co sold the 229-room Movenpick Hotel Stuttgart Messe located close to the Stuttgart Airport to a group of investors based in the Middle East. Christie + Co has been instructed to sell the Kempinski Palace, Portoroz in Slovenia. The 183-room, 5-star Mediterranean resort is located on the Istrian Riviera of the Adriatic coast. Valuation Cannes, France Valuation Paris, France Valuation Frankfurt/Berlin, Germany Paris, France Roissy, France Huelva, Spain Christie + Co advised Chequers Capital by valuing the Pullman Cannes Mandelieu Royal Casino, a modern 213-room 4-star resort. The property is located in proximity to La Croisette and the Palais des Festivals, and features 2 restaurants, 2 bars and a casino. On the instruction of Starman, Christie + Co valued the 1,025-room Le Meridien Etoile 4-star hotel in Paris with 2,500m 2 of function space. On behalf of a HNWI, Christie + Co valued two international branded 5-star hotels (450+ guestrooms) in Frankfurt and Berlin for acquisition purposes. Christie + Co sold the freehold interest in the Hotel Lancaster in Paris. The property is a historic Parisian palace with 57 individually designed guest rooms and suites located on Champs-Elysees in Paris. Christie + Co has been instructed to sell the Marriott Hotel in Roissy, France. The 300-room property is conveniently located near Paris Charles de Gaulle Airport and Villepinte Exhibition Centre. On behalf of the Spanish hotel chain Set Hotels, Christie + Co sold the 5-star property, the El Rompido Golf to the Berlin based operator Precise Hotel Collection. The 184-room and 12 suite property is located in Costa de la Luz on the west coast of Huelva. 20

21 Christie + Co Corporate Hotels Team Chris Day FRICS International Managing Director E: chris.day@christie.com T: M: Jeremy Hill Director & Head of Hotels E: jeremy.hill@christie.com T: M: Andreas Scriven Director & Head of Consultancy E: andreas.scriven@christie.com T: M: Markus Beike Managing Director Germany E: markus.beike@christie.com T: M: Philippe Souterbicq Managing Director France E: philippe.souterbicq@christie.com T: M: Inmaculada Ranera Managing Director Spain E: inma.ranera@christie.com T: M: Maureen Doyle Associate Director Dublin E: maureen.doyle@christie.com T: M: Gavin Samson Managing Director Middle East & North Africa E: gavin.samson@christie.com T: M: John Podaras Director Middle East & North Africa E: john.podaras@christie.com T: M: Lukas Hochedlinger Manager Business Development Austria and CEE E: lukas.hochedlinger@christie.com T: M: Kimmo Virtanen Director Scandinavia, Russia & the Baltic States E: kimmo.virtanen@christie.com T: M: Adam Konieczny Business Development Poland E: adam.konieczny@christie.com M:

22 You can find all Christie + Co publications on our website: Office 213, Building 9, Dubai Media City, Dubai, United Arab Emirates T: +971 (0) F: +971 (0) E: linkedin.com/company/ THE INTELLIGENT CHOICE