|
 |
France and Ireland top shopping center performers in Europe
03.12.2007 The shopping center sector continued to show strong performance across Europe as a whole last year, according to the fourth edition of the CB Richard Ellis/IPD European Shopping Centre Digest, launched at MAPIC on Thursday 15 November 2007.
In 2006 the shopping center sector out-performed the other real estate sectors in eight out of the fifteen European countries covered by the Digest, and in a further two countries out-performed the all retail property index for that country. (see Fig 1).
For the second year in succession, the star performers in the shopping center sector were France and Ireland, which generated returns of 24.9% and 20.5% respectively. The lowest shopping center total returns in 2006 were, for the second year running, generated in Germany (4.9%) and Switzerland (7.8%). In both countries, returns improved relative to the previous year, but with only modest rental growth and at best minimal downward yield shift. These were the only two countries where shopping center returns did not reach double digits.
The Digest pulls together investment performance data from 1,616 shopping centers in fifteen countries across Europe, with a combined total capital value of ?88.4 billion at the end of 2006. Based on data compiled by Investment Property Databank (IPD) from its national databanks, the Digest provides a unique guide to the investment performance of the sector.
Turning to market trends in 2007, according to CB Richard Ellis European shopping center investment volume totalled ?997 million during the first half of the year, almost identical to the equivalent period in 2006. Volumes rose significantly in the UK, Germany, Italy and most of Central and Eastern Europe, driven by further growth in cross-border acquisitions.
“During the first half of the year, almost 70% of European shopping center purchases were accounted for by cross-border investors,” commented Nick Axford, Head of EMEA Research & Consulting. “This demonstrates the ongoing desire by investors to build their European portfolios, preferably by diversifying their holdings across Europe,” he added.
The full impact of the credit squeeze has yet to be seen in the property investment market, and this is likely to impact transaction volumes in the final quarter of the year. “Retail assets, and shopping centers in particular, tend to be good defensive assets during times of uncertainty, and thus remain very popular amongst European investors,” commented John Welham, Head of EMEA Retail Investment for CB Richard Ellis. He continues, “Prime shopping centers are difficult to replicate or replace if sold and these qualities have helped to protect values when other sectors have softened. There is no doubt that prices have eased in some markets since the summer, less so for prime product but particularly for secondary stock. Whilst we are still seeing transactions, there is evidence to suggest that both buyers and sellers are waiting for clearer signs of how the turbulence in the financial markets will ultimately feed through into the wider economy, and into the property market in particular.”
“At present, the impact of the credit squeeze remains largely confined to the investment markets,” adds Axford. “Whilst there is a risk that the impact will spill over into the real economy, with a consequent effect on the expansion plans of retailers and retail sector rental growth, at present retailer confidence remains robust.”
Welham continues, “Retailers are continuing to focus on expanding their European networks, particularly targeting the rapid consumer spending growth being seen in Central and Eastern Europe. This aggressive attitude towards building market share in these emerging economies will help sustain investor demand over the medium term.”
Source URL: www.germany-re.com
Have a look at this:
| Today at 9 am Sonae Sierra officially opened the new shopping center Gli Orsi, in Biella, Italy, to the public. With a GLA of 41,100 m², Gli Orsi implied a total investment by Sonae Sierra of ˆ105 million, which will create 850 jobs after the opening. The center hosts 120 shops, including 18 restaurants and bars, with an innovative and complete commercial and leisure offer.
There are seven large shops, including a 13,700-m² Ipercoop hypermarket, owned and ... |
| Retailers and developers from across the Baltic States clashed yesterday at a conference organised by the International Council of Shopping Centers (ICSC)'s Baltic States National Committee in Vilnius.
After a 10-year period of rapid retail growth across Latvia, Estonia and Lithuania, retailers and shopping centre managers are facing an uncertain future as customers reduce their spending in the current difficult economic climate.
With fewer customers ... |
| Forum Duisburg, labeled the greenest shopping center in Europe thanks to its unique energy concept, opened its doors for the first time. The center encompasses about 57,000 m² of retail floor area, making it the largest inner-city retail project in North Rhine- Westphalia at the current time. Forum Duisburg is an attractive and modern inner-city regeneration project.
The concept puts an emphasis on the integration of the building into the urban structure. ... |
| Sonae Sierra, the international specialist in shopping and leisure centers, has presented three new projects for future Shopping and Leisure Centers in Leiria, Maia and Caldas da Rainha, representing a total investment of ˆ212 million. The three new shopping centers - Maia Jardim (Maia), Centro Bordalo (Caldas da Rainha) and LeiriaShopping (Leiria) - will create about 3,000 new jobs.
Sonae Sierra will thus become present in the Leiria and Caldas da Rainha regions, and will also reinforce ... |
| Desert Dream Real Estate & Investments, one of the fastest growing developers in the region, will launch Dream Harbour, a new AED 1.7 billion (ˆ290 mln.) residential development at Waterfront, a community by master developer Nakheel, on August 14 2008. Dream Harbour will be a 48 floor tower designed with a unique feel of Modern Arabia and luxury in mind.
The launch of Dream Harbour, already surrounded by predictions of high value sales, will be celebrated with ... |
| On July 3rd, 2008, Multi Turkmall celebrated the groundbreaking ceremony for a new project in Turkey. Forum Gaziantep Shopping and Lifestyle Centre is located in the city of Gaziantep in South East Anatolia. It comprises 44,000 m² of retail area and is scheduled to open in the third quarter of 2009. Forum Gaziantep will become the new shopping and leisure attraction in Gaziantep. The scheme is being developed for an investment subsidiary of Multi Corporation bv.
... |
| The S.I.T. Tower features an unparalleled combination of excellent business location at Dubai Silicon Oasis, world-class amenities and attractive payment schemes that make it highly attractive among investors and property buyers. Other key features of the S.I.T. Tower are a number of high-end retail shops and a full range of café's and restaurants.
Muhammad Nasir Muhammad Iqbal Falak, in collaboration with Sherwoods Independent Property Consultants and First ... |
| Institutional investors worldwide are being urged to engage with property fund managers to embed the UN-backed Principles for Responsible Investment (PRI) in their decision-making.
The call is being made today by the UNEP FI Property Working Group, whose European members include: AXA Investment Managers, Caisse des Dépôts, F&C Asset Management, Hermes Real Estate, Morley Fund Management, PRUPIM, and WestLB AG, amid concern that the property industry is moving far too slowly ... |
| The International Council of Shopping Centers, Inc. (ICSC) has announced that Jaap Gillis, Chief Operating Officer of Redevco and Chair of the ICSC European Board has been elected to its board of trustees.
“Behind every strong association is a strong board of trustees,” said Michael Kercheval, ICSC’s president and CEO. “Jaap Gillis has a strong background in the retail and real estate industry and I, along with the current board members, look forward to working with him during his ... |
| As Kyivans’ salaries grow, the demand for quality apartments is increasing and development companies are responding by building mixed-use real estate complexes that combine residential and commercial space in compact communities.
Among the biggest mixed-use development projects under construction is Holosiyevo, a 219,000 square-meter project at 13 Holosiyevska Street being developed by Miskzhytlobud, a private Ukrainian construction company.
“This ... |
| It is the third edition of the trade fair for commercial and industry properties and real estate investments which will take place from 27 to 29 May, 2008 at Vienna’s exhibitions ground Messe Wien. The name Real Vienna stands for a successfully established trade fair platform which especially scores internationally with its clear concept – the focus on the CEE and SEE regions (Central, Eastern and South-Eastern Europe).
Whereas in 2007 248 exhibitors attended ... |
| The world’s top ten most expensive office locations saw rents, a large component of occupancy costs, increase by an average 40 per cent last year, according to Office Space Across the World 2008, a global report by real estate services firm Cushman & Wakefield.
In this year’s ranking, London retains its title as having the most expensive office occupancy costs in the world, with one square metre of prime space in London’s West End at ˆ2,277 a year, or ... |
| A report, published by property international consultants GVA Worldwide, reveals that markets in Central and Eastern Europe, where economic growth is robust, will see stronger rental growth throughout 2008 compared to Western Europe.
The report, European Office Market Review Spring 2008, details how commercial investment property markets across Europe have suffered, highlights that occupier markets have remained relatively unscathed and reveals that many ... |
| The 111,690 m² Manufaktura shopping center in Lodz, Poland (developed by Apsys) took home the 2008 ICSC European Award for the best new development of very large centers. Winners of all the 2008 ICSC European Shopping Center Awards were announced on 17 April at the 2008 ICSC European Conference in Amsterdam.
Every year since 1975, ICSC has recognized excellence in new and refurbished shopping centers throughout Europe with the presentation of these ... |
| The fall-out of the credit crunch continues to impact the Central London commercial property investment market which saw just £2.83 billion (aprox. ˆ3.35 bln.) transactions take place during the first quarter of 2008, according to the latest Central London investment market figures from global property consultant Cushman & Wakefield. The figure is significantly down on the same quarter last year during which a total of £3.9 billion worth of transactions were traded ... |
| The appearance of the first professional shopping and entertainment centers several years ago helped Muscovites discover shopping as a leisure activity, while rising incomes of economically active residents made this form of recreation not only popular with them, but also pleasant and affordable. Developers in turn have been actively building and opening new shopping complexes for some time now, making them ever larger, higher quality, and more varied in concept in order to keep up with ... |
| The plot of real estate at Leipziger Platz generally referred to as the Wertheim site has come another step closer to development. It is one of the major properties in the heart of Berlin remaining to be constructed upon. In September of 2007, ORCO Germany and the Berlin Senate Administration for Urban Development initiated an urban design competition for a master plan for this prestigious and well-known property. On 18 March, 2008, the jury awarded first prize to the design by the ... |
| Not a single large property emerged on St. Petersburg's hospitality market in 2007, though many investors announced future plans for development. Meanwhile, a record-breaking number of properties are preparing to enter the market in the years 2008 and 2009. At the moment, 137 projects with more than 11,000 rooms are in various stages of completion.
Stormy Response
The latest large hotel to enter the St. Petersburg market is Kempinski, Moika, 22, which ... |
| Dawnay, Day Sirius Limited announces that it has acquired two freehold business parks located in Offenbach and North Berlin for a combined total of ˆ37 million, to be satisfied by cash from existing resources. The Company believes both acquisitions will be earnings enhancing, and represent an opportunity to increase NAV capital growth through further development and transformation of the sites.
In line with the Company’s strategy, both sites are well suited for rebranding, ... |
| Moscow is ranked as the top real estate market in Europe for both investment and development prospects according to the highly regarded real estate forecast, Emerging Trends in Real Estate® Europe 2008. The report, published today by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP, covers 27 markets in countries throughout Europe and is based on surveys and interviews with nearly 500 of the industry’s leading authorities.
Survey respondents point to ... |
Documents: 1-20, 21-40, 41-60, 61-80, 81-100.
|
|
click the text
Voting results
