Many are asking, is the close timing of these deals — both of them in sectors that have been transformed in recent years by digital competition — merely a coincidence, or do the concurrent moves by Lowy and Murdoch constitute a bellwether indicator with implications for the broader economy, including retail real estate? Westfield operates in a retail environment that has been under siege over the course of decades by the well-documented and widely reported movement of retail purchases from bricks-and-mortar locations to online marketplaces.
A symptom of this shift has been the widespread, and often unsuccessful, struggle by traditional retailers with physical stores to adapt to changing market conditions. In alone, there were approximately 40 retail bankruptcies of substantial size. Some contend that, against this wide contextual backdrop, the most prudent move for retail real estate investors is to head for the proverbial exit and cash out while physical stores still command attractive valuations in an environment where capital remains cheap and plentiful eight years into a stock market expansion.
It is noteworthy that while Lowy and Murdoch have chosen to divest companies faced with daunting digital challenges, they are also hedging their bets in interesting ways. While Lowy is taking some cash off the table in the deal, the transaction will also provide him with an estimated 2. Even if Lowy does sell out of his position in Unibail, however, his son, Westfield CEO Peter Lowy, will maintain an important tactical position for the family as a board member of the merged company, which will have a formidable and newly augmented portfolio of quality flagship and fortress assets in the US and Europe.
What could be concerning to mall owners and REITs is that the Lowy family has sold its own bricks-and-mortar holdings while making a point of retaining ownership in its digitally-focused OneMarket asset. As Sir Lowy, who was also knighted by Queen Elizabeth in December, very profitably raises a white flag above his Westfield fortress, some investors may take this as a cue to follow his perceived pivot away from bricks-and-mortar retail.
By the same token, others see a resulting decline in investor competition for bricks-and-mortar retail assets as a market opportunity that is ripe for exploitation. Although the written materials contained herein were prepared from sources and data presumed by Heitman to be reliable, Heitman makes no representation or warranty, express or implied, with respect to their accuracy, timeliness, or completeness. You are additionally informed that any information contained herein is always subject to change without notice. Actual events or results may differ materially from those reflected or contemplated in such statements.
Accordingly, Heitman expressly disclaims any responsibility or liability for any loss or damage that may be incurred by any party who relies on the written materials contained herein. Property stocks were largely unchanged during the quarter as several macro events caused stocks to fluctuate The continued trade war between the US and China took several turns in the quarter and buffeted the direction of stocks.
In the first …. Heitman and the Urban Land Institute ULI developed a new research report focused on the risks that climate change poses to real estate and the measures that leading firms are taking today to mitigate those risks. Climate Risk and Real …. Few real estate property types currently enjoy such rosy demand drivers.
With e-commerce forecasts rising, big tech targeting a smartphone in every hand, …. Because an outsized proportion of employment and demand growth, e-commerce expansion, and supply chain investment is realized in global prime logistics markets, it is useful to briefly describe and define these markets. Primed for Growth Logistics has been one of …. However, this cycle has been different with respect to ….
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Podcast featured on IREI and Real Assets Adviser As private real estate lending strategies continue to gain traction with investors, how have items such as rising interest rates, increasing capital allocations, and regulatory changes affected the space? David Maki, senior ….
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Many assets held by real estate investors are in cities that may be vulnerable to the effects of climate change — ranging from more intense and frequent weather events such as hurricanes, typhoons, and wildfires to more gradual changes such …. Property markets are tight, with solid demand and limited levels of new supply. Real …. As investors monitor the current market cycle, many are taking a closer look at how they can best structure their real estate portfolio allocation. Those with the flexibility to do so are finding a unique opportunity in REITs due to ….
As a result, these property types tend to perform …. Market reaction has been negative, as …. Commercial real estate equity investment has long been recognized as a core asset class by large and small institutional investors, including pension and retirement funds. These investments can be efficiently accessed through listed real estate investment trusts REITs and property ….
In fact, a recent study by CEM Benchmarking on the performance of more than public and private ….
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On the morning of November 9, fingers wagged at the political pollsters and pundits: How could they have gotten …. Rising interest rates and calls for deregulation from the new Trump administration have emerged as top-of-mind issues for real estate debt and equity professionals across the US and globally. Later this year, Real Estate will …. Bouts of financial market volatility likely to return Markets have calmed recently, following sharp losses in the first two months of It's Radical Islam, Stupid 3 comments.
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