H1 2024 retail investment reached c. €1.2 billion (c. 3.0x vs. H1 2023 and +37% vs. last 5 years average), comprising 20% of Spain’s total real estate investment.

With 11 closed transactions, 4 of them over €100 million, Shopping Centres led retail investment with c. €840 million (70% of the total), spurred by the solid recovery in sales and footfall (+3.4% and +3.5%, respectively, vs. Q2 2023), followed by High Street (14% of the total), and Supermarkets (12%).

Due to the interest rates’-initiated downside trend, prime net yields stabilized in Q1 2024 and slightly compressed during Q2 2024: High Street´s prime yields stood at 4.1%, Shopping Centres’ at 6.6%,and Retail Parks’ at 6.3% by H2 2024.

The persistent demand from operators to establish in prime locations, translated in low vacancy rates in Madrid and Barcelona (c. 4%), coupled with the buoyant economic activity and tourist impact, are further driving upward pressure on rents: High Street’s prime rents increased to €248/sq.m./month, Shopping Centres’ to €83/sq.m./month, and Retail Parks’ to €20/sq.m./month, further closing down the gap with the pre-pandemic levels.

In Q1, Henderson & Eurofund acquired the Islazul shopping centre in Madrid from Nuveen for €225 million (90,000 sq.m., €2,500/sq.m.). In the same quarter, Lighthouse & Resilient REIT purchased the Salera shopping centre in Castellón from DWS for €171 million (68,752 sq.m., €2,487/sq.m.). In Q2, Felipe Peraire acquired three shopping centres located in Barcelona, Bilbao, and Cáceres from ASG for €140 million (75,000 sq.m., €1,867/sq.m.). Also, in Q1, Lighthouse acquired the H20 shopping centre in Madrid from CBRE IM & Alpha Real Trust for €121 million (52,190 sq.m., €2,318/sq.m.).

• Compartir en: