Dec 02, 2009
According to Jones Lang LaSalle, the transaction volume in Continental Europe amounted to € 1.5 billion approximately, a 25%-decline from the 2nd quarter (€ 1.9 billion). It concerns all investments in malls, retail warehouses and factory outlet centers excluding United Kingdom and Ireland. High-street operations and all transactions less than € 5 million in value were not included also.
Germany and Italy were the most active markets accounting for more than 60% of the total volume of transactions led in Q3. In the first nine months of this year, this total volume exceeded € 4.5 billion, or 40% of the volume posted in 2008 (€ 10.9 billion) and more than 100 transactions were closed between the 1st and 3rd quarters including 14 over € 100 million.
The share of investments in shopping centers continued growing in Continental Europe during 2009 accounting for 72% of the total volume of the first 3 quarters compared with 60% last year in the same period. Institutional purchasers and funds, mainly from Germany, were still the most active in Continental Europe with more than 40% of the total volume in Q3.
The transaction volume for direct investments into German retail properties grew by 75% to € 1.05 billion in Q3 2009 compared with total volumes of 603 million in Q2 and nearly half the total revenue of € 2.21 billion generated in Germany in the first 9 months of 2009 was completed in Q3.
