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Brokers Hit At MIPIM 'Fleecing Machine'

CANNES-There's no better place to do business than MIPIM, say property brokers. But some question whether they can justify the high costs of going

By Charlie Jacoby | Updated on March 15, 2002

CANNES-As MIPIM 2002 draws to a close, some of the 16,000 delegates to the property show in Cannes, France, are beginning to ask whether the show was worth the money. Described as a ‘fleecing machine’ in UK property trade paper Estates Gazette , tickets to MIPIM in Cannes’s Palais des Festivals cost upwards of £400 ($560) per person, depending on concessions. Event organiser Reed Midem charges £1,000s for stands in the Palais des Festivals itself.

With or without the Palais, however, the climate for doing business is ideal. James Southey of the New Jersey-based Garibaldi Group says: ‘Coming from the USA, the business has been fantastic. The combination of European clients and American investors has been incredible. This is exactly the kind of environment in which we want to work.’

Southey was one of 700 people who went to King Sturge’s party on Thursday. Held at a villa in the hills above Cannes, King Sturge bought 25 cases of champagne – three more than at last year’s party.

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