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UK Dominant in Growing European Retail Investment

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real estate  United Kingdom  Europe  Germany  Russia  REITS  Jones Lang LaSalle  France  retail  Retail Real Estate Investment  Adrian Peachey  Grosvenor Shopping Centre Fund 

UK Dominant in Growing European Retail Investment

By - Tuesday 07 May 2013

Retail real estate investment in Europe jumped 60 percent in Q1 compared to last year, with investors pouring 5.1 billion Euros into the real estate during the quarter, 40% of which was in the UK, according to new data from Jones Lang LaSalle.  

In a familiar trend, shopping centre investment dominated the quarter with 4 billion Euros invested, an 85% increase on the previous year according to the report.

In the U.K., notable deals during the first quarter included the sale of the Grosvenor Shopping Centre Fund, purchased by F&C REIT Asset Management for £254 million and the Intu Properties' purchase of Midsummer Place in Milton Keynes from Legal & General for £250 million, according to the release.

While sovereign wealth funds and REITs continue to focus on prime shopping centres, demand for secondary property is increasing, driven by the "global view that UK retail has adjusted first to both obsolescence and the internet," said Adrian Peachey of JLL.

Buyers are able to "price in upsides in terms of improved loan arrangements, rental growth, yield compression and value recovery, which realistically support an improvement in sentiment," Mr Peachey added.

Finally the release told of lower investment volumes in both France and Germany, as the markets are hampered by low prime supply. Meanwhile the Nordics and Russia posted highest investment volumes during the first quarter, although the report didn't contain specifics for those markets.

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