21.09.09
Despite the decline in total retail investment transactions in the first half of 2009, retail transactions accounted for 35% of total European real estate investment activity, compared to the last five-year average of 26%, according to the new research from CB Richard Ellis. The sector’s share of the H1 European market is the highest proportion on record.
Eight of the top 10 European investment transactions completed in the first half of 2009 were retail. This included Europe’s largest transaction so far this year - the sale of the predominantly retail Dawnay Day portfolio in the UK for over £600 million (€669 million). 56% of all deals over €100 million in H1 2009 were in the retail sector.
Despite the generally weaker property investment market in 2009, a number of European countries saw growth in retail investment turnover in H1 compared to the second half of 2008. Italy and France saw the highest growth in activity over that period and accounted for 14% and 11% of the H1 2009 European total respectively. The UK market, too, has been very active, with €3.6 billion transacted in H1 2009. The UK market was dominated by local buyers, suggesting that having experienced significant re-pricing it now offers good value.
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