2023-05-19 12:35:08
The current economic situation, the rise in rates or inflation are causing real estate to suffer, but not to fall asleep. Retail continues to attract the attention of national and international investors and the wealthiest families in Spain are taking advantage of the opportunity to lighten their real estate structure. The Durán family of jewelers It has just sold two premises on Madrid’s ‘golden mile’ for almost 16 million euros, as industry sources have explained to idealista/news.
The Duráns have made a block divestment in the luxury ‘retail’ area in Madrid. Of the two operations, one of them has a greater weight, since they have sold number 30 Calle Serrano, currently leased to Geox, for 14.1 million euros. The Italian footwear firm will continue to be profitable.
The family has also got rid of another store a few meters from Serrano’s, located at number 38 Claudio Coello street, which is now occupied by the fashion firm Anabel Lee. This operation has been closed with another buyer other than Serrano’s and for a much smaller amount, since the transaction has not reached 2 million euros.
These operations come at a time when investment in ‘retail’ continues to be one of the spearheads of the real estate sector, but which has slowed down in recent months due to the position of ‘wait and see’ of the main investors, both national and international.
According to data from CBRE, investment in the retail sector reached 201 million euros in the first quarter of 2023, a figure 51% lower than that of the same period last year. Specifically, investment has been led until March by convenience shopping centers (37%), followed by supermarkets (26%) and ‘retail parks’ (20%).
Regarding private capital investors, the volume of investment made has represented 42% of the total, since “they are less dependent on high levels of financing”, has detailed CBRE. On the side of the ‘prime’ yields, they increased in the first quarter of the year by 75 basis points in the ‘high street’ segment and by 85 basis points in shopping centers.
However, the end of 2022 was much more rosy. During the past financial year, investment in retail reached 4,450 million euros. The interest of investors was more alive than ever and the figures left no room for doubt, since the volume of investment grew by 310% compared to 2021. The results flow in coherence with the level of consumption of individuals, which has been stable in our country despite the economic and international situation and inflation.
Although the figures are clearly positive, in the last four-month period of 2022 the trend that followed in the first months of 2023 began to be seen, and investment slowed down: it was 5% below the average of the last five years. This is due to the economic uncertainty that had been dragging on throughout the year. As professionals in the sector point out, the situation led many institutional investors to paralyze their operations in search of a little more certainty, something that, however, should be clarified throughout 2023.
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