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Retail investment totalled £1.1bn in Q3, bringing the 2020 total to £2.7bn as of end-September, down 25% year-on-year.
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Retail warehousing and foodstores account for three quarters of total retail investment over 2020 so far, with each recording over £1bn of volumes.
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A revival in investor activity will depend on the duration of the second lockdown and its economic impact, as well as progress on a Brexit trade deal.
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Many large transactions are hampered by the lack of debt financing available, and typically require debt stapled or rental payment guarantees.
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There are attractive counter-cycle buying opportunities given record high yields and planning reforms that make it easier to reposition assets.