A Shrewsbury retail park has been bought by AEW UK REIT in a deal worth £8.35m.
Arrow Retail Park is a 5.65-acre site that is fully-let. It was built in 2007 and is home to tenants including British Heart Foundation, Poundstretcher and Charlie’s Stores.
Mall owners CBL & Associates and Pennsylvania Real Estate Investment Trust have filed for Chapter 11 bankruptcy protection, highlighting the pressures the retail real estate industry is facing because of the coronavirus pandemic.
The answer to this contradiction lies in the rising competition from online shopping and government purchases possibly boosting retail statistics.
Rents are expected to fall as much as 40 per cent this year in Hong Kong's bustling shopping district of Causeway Bay, until recently the world's most expensive retail street, hit by a slowdown in visitors, particularly cash-rich mainland Chinese.
U.S. commercial real-estate group CBRE Global Investors said on Monday it had sold a portfolio of 10 shopping malls in France and Belgium to the China Investment Corporation sovereign wealth fund and Paris-based AEW Europe.
CBRE said in a statement that the portfolio was valued at 1.3 billion euros ($1.43 billion) and consisted of two malls near the Flemish city of Antwerp and eight in France.
Increased competition from suburban malls and online retailers, combined with falling tourist numbers from China and Indonesia, have hurt spending and pushed retail rents to their lowest since 2011.
It was about a decade ago that shopping malls became a common sight in India's cities, drawing crowds with their food courts, cinemas and shops.
But today many are fighting to stay afloat.
A partnership with eBay means that shoppers can log on in the shop via a giant interactive screen, to make a wish list of items.
Once in the changing room, the shopper can also communicate digitally with tablet-carrying sales associates, who then bring over requested clothes in different sizes and colours.
Once a decision has been made the guest can then pay for merchandise without ever standing in a queue or seeing a cash register.
SPINNINGFIELDS block 4 Hardman Square has changed hands in a £31m deal.Orchard Street Investment Management has acquired the building on behalf of St James’s Place from a GLL Real Estate Partners fund.The 54,300 sq ft block is home to HSBC and Grant Thornton and has a Pret a Manger cafe...
Birmingham's NEC Group has been put up for sale by the city council.
The council, facing a £1.1bn bill for equal pay settlements, says it wants to ensure the existing uses are preserved.
The group is "vitally important" to the West Midlands economy, bringing in £2bn a year and supporting the equivalent of 29,000 jobs, the council said.
Opt in here