Market Data

International Beat

Spain’s Big Deal

CBRE Global Investors purchased the El Boulevard Shopping Center in Vitoria, Spain, for €153 million ($193 million), proof of Spain’s returning retail investment market. It is the region’s leading retail mall, attracting upward of 9 million visitors annually, according to Property Magazine International. Spain’s 1H14 retail investment volume was €1 billion, more than double the total 2013 volume, according to JLL, which estimates that the country’s total 2014 retail volume will top €2 billion for the first time since 2006.

Markets to Watch

Expect more retailers to stake a claim in China, where a rising minimum wage, estimated to increase 80 percent in the next five years, will transform the country from the world’s “factory” to its largest consumer marketplace, according to remarks at the World Retail Congress in Paris this fall. The creation of this new middle class will increase China’s retail sales by 15 percent a year, said William Fung, chairman of Li & Fung Ltd.

Investors are snapping up Germany’s hotels, increasing sales activity by 100 percent YOY, according to an HVS report. In the first seven months of the year, German hotel volume surpassed €1.5 billion, compared to last year’s €800 million. Hotels in secondary markets and those in the budget class are attracting the most attention, reports HVS, which estimates the yearly volume to exceed €2 billion in 2014. While Munich, Frankfurt, and Dusseldorf are the most active markets, Dresden and Leipzig in the eastern part of the country are also attracting investors.

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