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The Pandemic Leaves the Sale of Shopping Centres Up In The Air

The owners of shopping centres are holding back on the sale of their large establishments due to the difficulties involved in agreeing prices between owners and investors.

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La Vega shopping centre in Madrid, one of the few retail complexes to have changed hands since the pandemic.

Figures that are not dissimilar to the worst moments of the previous crisis. That is the difficult scenario that real estate experts are observing when it comes to investment in shopping centres in 2020. The segment has been irreparably harmed by the Covid-19 pandemic, and it can only be saved by a single market movement: the liquidation of the British group Intu Properties.

The estimates are doubly painful since 2020 was expected to be a year of growth that was forecast to exceed the figures recorded in 2019, which performed below expectations: around 957 million euros were transacted last year, compared to a forecast of between 1,500 and 2,000 million euros. Two factors were blamed: on the one hand, the delay in closing some operations until 2020; and, on the other, the impact of e-commerce, which had already done some serious damage in markets such as the United States.

Read the full article in Spanish.

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