The shopping centre investment market picked up slightly in Q2 2019, with £254.7m invested. This represented a 475% increase compared to Q1, but a 20% decline y-o-y.
CVA woes continued to weigh heavily on the shopping centre market in Q2. With a large proportion of the estates of both Arcadia and Monsoon being within shopping centres, rent reductions and store closures may have a disproportionate effect on shopping centre landlords.
The Galleries, Bristol completed in Q2. LaSalle IM purchased the centre from InfraRed for £32.1m, reflecting a 9% NIY. The scheme, sitting on several acres at the heart of Bristol, presents a significant redevelopment opportunity.