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Competition between property companies for malls



Recently released figures indicate that shopping center transactions are set to break records during this year.
In the UK, nine shopping centers watched by DTZ have already shown transactions to the value of £717m for the third quarter, with pending offers of £1.17bn. When comparing these figures to the same period last year when it was £833m, this year is set to break records. Based on a sample size of 40 centers, the investment volumes have topped £3.5bn.

Large companies, such as Orion Capital, AXA and Land Securities are all currently involved in large transactions, including centers such as Telford Shopping Center, Hammersmith Broadway, London’s Fulham Broadway and Bristol’s Cabot Circus.

The largest transaction to date has been that of the 30% share in Bluewater from Len Lease to Land Securities. The price of £696m was in excess of £300m more than the transaction in second place. Investor demand was strong for this property and there were 10 interested parties. They high ultimate yield of 4.1% is indicative of the market value of the asset.

Along with the centers which have already been sold or which are under offer, there are 30 more centers which are on the open market, at a value of £887m. Investment levels for shopping centers have reached about £3.5bn this year, which is an increase on 2013. This is a clear picture of the changing demand in this particular property sector.

The Head of Shopping Centre Investment, Barry O’Donnell, stated that the volumes have already overtaken last year’s and a strong close to this year is expected.

Related shopping malls and stores:



More about shopping malls in the United Kingdom



TODAY, Italy:
The subsidiary of the leading Arabian group starts projects in Milan and Turin.
YESTERDAY, United Kingdom:
Croydon Council approves plans to build £1.4 billion shopping center.
Nov 16, 2017, France:
Les Ateliers Gaîté projects to be based in central Paris and La Part-Dieu in Lyon, France.
Nov 15, 2017, Serbia:
Ada Mall will be the first shopping mall of the newest generation in Belgrade, Serbia.
Nov 14, 2017, Russia:
The FORT Group is acquiring the entire retail portfolio in Moscow from IMMOFINANZ in a share deal.
Nov 13, 2017, United Kingdom:
Haribo has chosen London Designer Outlet (LDO) for its first outlet store in the UK.
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