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UK shopping centre values slump by nearly 60% in 2024
- November 1, 2024: Vol. 18, Number 10

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UK shopping centre values slump by nearly 60% in 2024

by Marek Handzel

UK shopping centre owners looking to sell have taken a hit of –57 percent this year, according to calculations made by CoStar Group.

The real estate data firm says sales of UK malls have picked up recently, as buyers find that assets are changing hands at significant discounts when compared with their previous sale prices. Close to £1 billion (€1.2 billion) was traded in the first eight months of 2024 across 50 mall transactions, involving more than 12 million square feet  (1.1 million square metres) of retail space. This is a large jump on the sale volume recorded in the same period last year, says CoStar, and comes at a time when deal activity in most sectors has been flat.

Mark Stansfield, senior director of UK market analytics at CoStar Group, says many owners have given up on underperforming shopping centres or declared an unwillingness to redevelop or intensely asset manage them back to health.

Some sales, says Stansfield, have been startling. In Aug

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