Market Data

International Beat

U.K.’s Big Deal

U.K. shopping center transaction volume reached £2.7 billion in the first half of 2014, up from £2.2 billion in 1H13, with 28 properties changing hands, according to DTZ. The largest transaction was Land Securities purchase of a 30 percent stake in Bluewater Shopping Center in Kent, for £656 million, plus another £40 million for full management rights and 110 acres of surrounding land. Sold by the Australian company Lend Lease, the property had many interested buyers and carried a 4.1 percent cap rate. The purchase reaffirms investors’ search for class A regional properties. A 1.8 msf center housing 330 retailers, Bluewater is the prime retail destination outside of London.

Markets to Watch

Brazil’s leading cities of São Paulo and Rio de Janeiro are among the world’s most expensive office markets and they are the strongest Latin America property markets, according to Cushman & Wakefield research. However Brazil’s economy is suffering from inflation, inconsistent economic policies, and an oversupply of office space, causing investors and corporate users to consider other Latin American markets. Peru, Chile, and Colombia are all “bright spots,” according to C&W, ranking fifth, seventh, and eighth among top emerging market economies.

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