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Investors Return to Shopping Centres

LONDON-The shopping centre investment market has recovered after a slump in activity during the second half of 2000. CB Hillier Parker calculates that 27 malls changed hands in the first half of 2001, in line with the long-term average.

By Graham Parker | Updated on August 15, 2001

LONDON-Last year’s slump in shopping centre investment activity proved to be nothing more than a temporary aberration, according to new data from CB Hillier Parker. Twenty-seven shopping centres with a combined value of £736.5 million ($1.05 billion) changed hands in Great Britain in the first six months of 2001. This level of activity is in line with the average over the past decade.

The market has been boosted by three portfolio transactions, the largest being Prudential’s sale of three centres in Oldham, Greater Manchester, Darlington, county Durham and Greenock, Scotland to REIT Asset Management for £134.5 million ($192 million). Also in the first half Delancey sold a £121-million ($173-million) portfolio of four centres into a joint venture with Dunedin and three centres were bought by the second Charterhouse Shopping Centre Fund from Great Portland Estates. for £66 million ($94 million).

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