20 novembre 2008
"CB Richard Ellis today announced that it expects quality retail property to
continue to appeal to major investors through the current market downturn.
At its retail outlook briefing at the MAPIC retail conference in Cannes,
France, the leading global property advisor said prime retail assets –
particularly shopping centres – remain sought-after and good defensive
investments amidst the global economic downturn. During the third quarter of
2008, retail transactions totaling €6.2 billion were completed in Europe.
Germany, the UK and the Nordics were the most active markets, together
accounting for almost 70% of completed deals (by value).
John Welham, Head of European Retail Investment, CB Richard Ellis, said:
“Although there is great polarisation between the prime and secondary
segments of the retail investment market, the prime end is certainly
demonstrating that the right asset in the right location is still considered
a sound investment.
“Where quality shopping centres have become available this year, investors
have shown they are still prepared to acquire in the knowledge that they
would not have the opportunity to buy these attractive assets in stronger
markets. And there are many reasons to believe that good quality retail
property will outperform other real estate sectors in the current market.”
Constrained supply, a diversified tenant base, very low vacancy rates and
security of income are some of the reasons why European retail property
continues to attract the attention of major investors. These are also
attributes which should protect the sector in a downturn and give it the
potential to outperform other real estate sectors.
Despite the significant decrease in overall real estate investment volumes,
the retail sector has accounted for a substantial proportion of activity in
the European market. During the first three quarters of 2008, retail
property totaling €24.3 billion has been traded, which is 26% of the market
as a whole. Nearly a quarter of European markets experienced an increase in
retail investment volumes compared to the same period in 2007.
A notable trend has been the increase in owner-occupier retail sales, with
almost €4.2 billion worth transacted in the first half of 2008. This is a
trend which is likely to continue, as retailers look to raise capital to
combat weakening sales and pressure on margins. The increasingly
cross-border nature of retail investment activity is another trend which has
maintained momentum recently. In the first six months of the year,
international buyers accounted for almost 60% of European retail activity, a
slight increase on 2007, where foreign buyers accounted for 55% of activity.
“The active buyers in the retail investment market have been mixed, but
specialist retail funds like Henderson and PREF and some of the German
Open-ended Funds have made acquisitions. Even unlikely buyers such as listed
property companies, who in the current market conditions have been selling
to raise equity, have come through as buyers of the right retail product.
This was illustrated recently by both the Klepierre deal with Steen & Strom
and Unibail-Rodamco’s acquisitions in Spain,” continued John Welham.
“Europe’s shopping centre owners have been through previous economic cycles
and are confident that the better quality and generally larger shopping
centres will continue to perform well through the current downturn.” (CS
della Società)
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