What's the reality behind large-scale retail transactions?

There are the so-called XXL transactions. And the others... In other words, as Benjamin Sebban, currently Director of Retail Investment at CBRE France, explained earlier: "The H1 figures lack granularity. They are artificially high due to the Kering and Forum des Halles deals in Q1, and the acquisition by Mercialys of the Saint-Genis 2 shopping center in Q2." A total of €1.7 billion was invested in this segment between January¹ and June 30 (+60%), but only €416 million in Q2.

In this quarter alone, the number of deals fell by 13% (48 signatures). These included the acquisition of Saint-Genis 2 by Mercialys for €146 million, and the signing of the Dionysos portfolio by Groupama Gan REIM for €38 million. Some also include the retail part of the Renaissance complex, sold by Ardian toUrssaf for €315 million, according to our information.

And Immprove, in a dedicated study, adds: "The market was mainly driven by transactions involving food assets, such as the acquisition of a portfolio of nine Carrefour Markets by Supermarket Income REIT (for €36.7m, editor's note), an Intermarché in Maisons-Laffitte by Braxton AM, the Snow portfolio of Picard stores by Groupe Zouari, and the walls of several Burger King restaurants by Pierre Premier Gestion."

The renewed interest in the retail market is confirmed quarter after quarter, but in an environment where hyper-selectivity remains the rule", observes Jessica Jaoui, Director of the Retail Investment Department at JLL. "Investors are showing a real willingness to make acquisitions, provided the pricings are attractive. We can clearly see this trend: the appetite is there, but only for the right product at the right price".

After a 35-bp compression for ground-floor retail at the start of the year, prime rates have stabilized at 4.00%, as have those for shopping centers and retail parks, which remain at 5.75% and 6.00% respectively.