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Shopping centre investment looking strong in 2013 | 24 June 2013

UK shopping centre investment is performing well with £1.93 billion transacted in the first six months of 2013.

This is more than double the figure for the same time last year – £808 million; a clear sign that the market is picking up as retail confidence returns.

One of the most significant transactions in Q2 was the asset swap between Hermes and M&G Real Estate. Hermes exchanged the Friary Centre in Guildford for M&G’s 36 per cent share in ‘the centre:mk’ in Milton Keynes, which gave Hermes full control of the shopping centre.

Future Fund sold its 33 per cent share of The Bullring in Birmingham to Hammerson and CPPIB for an impressive £307 million.

Other noteworthy transactions were Pears’ purchased of the Spires in Barnet from UBS for £31.2 million and LaSalle purchased Chruch Square in St Helens for £27.7 million from ING Britannica.

Tesco also sold its 50 per cent share in Surrey Quays for £48 million to British Land.

Queensgate Shopping Centre in Peterborough, The Mall in Sutton Coldfield and Mell Square in Solihull are all currently under offer with a combined value of £1.012 billion.

Charlie Barke of Cushman & Wakefield, said: “Turnover for the first half of 2013 has reached close to £2 billion, which is well over double the equivalent for 2012…There is a growing belief that the sector has reached the bottom and now offers decent recovery prospects.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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