Retail investment reached record figures in FY22 with €3.9 billion (+290% vs. FY21). Much of this volume corresponds to purchases of large portfolios of bank branches (BBVA and Santander). Excluding these transactions, total volume reached €1.9 billion, still a 90% increase vs. FY21.

High street was the sub-sectorwith the highest transaction volume (c.40% of total),followed by shopping centres (c.30%) and supermarkets (c.25%).

Prime rents on the high street segment increased between +2.5%/+7%, driven by strong demand for higher quality spaces in major city centres. Regarding shopping centres and retail parks, prime rents have remained stable over the last year.

Prime yields increased by c.35 bps in high street, c.75 bps in shopping centres and c.15 bps in retail parks.

E-commerce turnover in Spain increased in Q2 22 by 33% Y-o-Y, reaching €18.1 billion. The main sectors of the e-economy were fashion, travel agencies and tour operators, as well as financial intermediation services.

The slowdown in consumer spending at end of 2022 and H1 23 is expected to slow activity for retail operators in retail parks and shopping centres. However, yields are expected to continue rising in the coming two quarters.

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