MONEY
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HISTORY SHOWS US THAT IN TIMES OF UPHEAVAL, OPEN MARKET PRICING IS A BETTER INDICATOR OF WORTH THAN VALUATIONS.
REPRICING AND REPURPOSING The repricing and repurposing of assets will be the dominant theme across retail capital markets for the foreseeable future. They will stimulate investment activity across all subsectors.
Undoubtedly, the repricing process across retail capital markets will – in some circumstances – be too extreme and this will present opportunities of buying into future returns.
There is a substantial and growing group of investors who are currently sitting quietly on the sidelines waiting for healthy assets to look cheap.
The private equity buying spree that took place in the shopping centre market five years ago is rapidly unwinding and these assets will be effectively dumped back into the market. This will create a short-term glut of product with a distorted pricing profile. Active asset managers are rolling their sleeves up…
ROADBLOCKS Whilst we are seeing an element of equilibrium returning to the market post-digitally, there are two issues preventing a return to normalised trading activity.
The first is debt, or rather a lack of it. It’s the life blood of the private equity market and it is in very short supply. As a result, a growing number of proposed shopping centre transactions are failing to close.
The second is valuation. The disconnect between valuation and market pricing has never been more extreme.
History shows us that in times of upheaval, open market pricing is a better indicator of worth than valuations.
An increasing flow of distressed sales is bringing increased transparency to the retail capital markets and is making the manipulation of values that much more difficult. We think this is a good thing.
Today’s market is tough, very tough.
However, somewhat paradoxically, a lot of the lazy, blanket thinking around retail and the property market which supports it is actually creating a market where there is undoubtedly selective opportunity.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
REGIONAL UPDATES
CONTACTS
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