Key Points: …
- Four shopping centre transactions took place in 2010, reaching a total volume of approximately 314 million Euros.
- The first quarter of 2011 has already seen Doughty Hanson purchase two shopping centres from Sonae Sierra for 120 million Euros.
- Additionally, there has been much interest surrounding schemes such as San Cugat and Puerto Venecia as well as the Royal Bank of Scotland loan portfolio.
- Continual demand from international and pan-European investors as well as opportunistic funds is leading to fierce competition for prime assets.
- The sustained gap between purchaser and vendor price expectations, together with a general lack of product in line with investor criteria, is resulting in a continued absence of investment activity.
- Unstructured and badly managed sales processes have damaged the marketability of many good products, leaving them loosely hanging on the investment market whilst investors have moved on to new opportunities.