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| Shopping centers, shelters for the 'brick' |
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| Friday, 26 December 2008 | |
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Shopping centers, shelters for the 'brick'.
Last year, 25 were opened in Spain in the period 2008-2010 and opened at least 75. Some critics have already warned that "this is not like making bricks. Anyone who does not know the industry can be surprises. " The construction of medium-sized shopping centers in the inner cities seem to have become the refuge of the best real estate with the housing crisis. There are currently 504 shopping malls in Spain and 150 more are in progress, which will provide 4.8 million square feet of rentable area, according to the Spanish Association of Shopping Centers (AECC). The urban growth has led to new openings in the neighborhoods where development "requires 4 to 6 years," said Javier Garcia-Renedo, president of AECC. "Between 2010 and opened this year in Spain, about 25 new centers each year. Although the final figure will probably be greater because there are about 40 projects in the pipeline. "Furthermore, the development of EU legislation on trade liberalization will foster growth of the sector in the regions where there are more restrictions. Experts say that the crisis has already led some developers to apply for reclassification of land to build shopping malls instead of houses. The rent of the premises is more attractive, banks are more willing to finance such projects. El Corte Ingles, Metrovacesa, Testa Realty, Riofisa, Duprocom, Grupo Lar, Chamartín-Amorim, Inmochan, ING, Sonae Sierra, Unibail-Rodamco, Corio, Redevco, Multi Development, Ségécé, Ivanhoe Cambridge and British Land are the market players . Revenue attractions The new economic environment has stimulated the interest of the big American and European funds to invest in shopping centers in Spain. "The rental income generated recurring very attractive," said the president of AECC. Although the rentable area has increased by 56% in five years, far from the figures for Germany, France and UK. Normally associated with the funds and real estate groups seek profitability, but not participating in management. Last year, 12 centers changed hands worth 1.058 million euros, but the crisis, economic uncertainty and the problems will no longer get credit for the figures below half of this year. The operation has probably been more important sale of the machine and Habaneras of Metrovacesa, the group Unibail by 434 million euros. With this transaction, the real estate saneó balance. By 2009 it is expected a significant growth of sales in the sector, encouraged by falling interest rates, Spain's attractiveness for investment funds and Central American and the profitability of the rents, which remains very attractive, according to Garcia Renedo. As for prices, they remain AECC estimates. Difficulties in obtaining credit led to close deals with discounts of around 5% in recent months, but it seems that the latest economic measures are taking effect. Do not say the same thing in the consultant Jones Lang Lasalle, a few months ago that sales in the sector estimated at around 10%. 20 years ago, shopping centers are only installed in cities of more than one million, but today people come to 25,000 people. The locomotive essential (the supermarket) is now replaced by fashion and entertainment. According to its proponents, are more efficient, productive, comfortable and competitive than the traditional trade. But the test begins when the works have to do a mix terminado.Hay bid to attract public, with local trade and investment promotion, a game that sometimes exceeds the cost of managing one's own heart. Exhibitions, puppet shows, live music, etc.. Any initiative is good, if it attracts the public. Knowing the age of the population, their tastes and interests and choose a management team is critical to the business operates, particularly in times of crisis. The new town square of the XXI century "The construction of a shopping center is not just a question of where to put the brick," says Alvaro Portela, CEO of Sonae Sierra. "Following the withdrawal of housing, many have believed to see the solution in the construction of shopping malls, but this sector is extremely complex and there are many companies involved, it is vital to have a good know-how of business" . The new malls could be defined as' the town square of the twenty-first century. " They are more manageable, leisure-oriented, innovative and focused on the needs of the entire family. Portela confirms the interest of big investment funds in the sector. In fact, Sonae Sierra expects to increase its asset management business through long-term partnerships with international investors. It has two funds: Sierra, owner of 27 centers with a capital of 1,080 million and Sierra Portugal Fund, with 300 million in capital and eight centers valued at 425 million. Worldwide 21/12/2008 |
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