UK shopping centre investment transactions fell by 32% in 2015 but remained above the 10-year average, according to figures compiled by Cushman & Wakefield.
UK shopping centre investment transactions fell by 32% in 2015 but remained above the 10-year average, according to figures compiled by Cushman & Wakefield.
The year-end volume of £4.01 bn (€5.45 bn) comprised 65 transactions, with a further £1.2 bn worth of stock under offer. The fourth quarter of the year saw £876 mln of property change hands.
C&W said 2016 was set for a strong first quarter as the deals for the under-offer stock are concluded, but predictions for the rest of the year were ‘tougher to call’. It added that 2015’s figure would be hard to match as high-quality stock becomes increasingly scarce and vendors may choose to hold rather than sell.
The figure for 2015 was 3% higher than the 10-year average of £3.9 bn.
Barry O’Donnell, head of shopping centre investment at C&W, said: ‘We predicted back in January 2015 that shopping centre investment volumes for 2015 would be lower than 2014 but higher than the 10-year average. This has proven to be the case.
‘A prediction for 2016 is tougher to call. The first quarter will be strong with some big deals set to close in Glasgow and Birmingham. However, achieving another £4bn plus year will be tough as fewer quality centres become available and some vendors will hold rather than sell if their pricing aspirations are not met.’
