However, and although the focus for the promotion of new products is in the past, “we do not rule out opportunities nor ignore certain locations where we believe there is space for development”, acknowledges the above representative.
As regards investment strategy, although the priority is “the purchase of prime assets”, the acquisition of “other assets which need deeper intervention” is also an option.
Furthermore, at a time when several banks are continuing to discourage shopping centres as their clients, due to bankruptcy, this is a market niche where Multi has also stood out in their service provision. “We recently intervened in a bank’s assets as, being one of our partners, they needed our help. It may not be good strategy for us, but we do not shy away from supporting our partners and playing an active role in the solution to their challenges”, he continues.
More than 125 million euros in rents annually in Iberia
“In general, the Iberian market has recovered positively”, especially in Spain, “where reaction has been very positive, with especial focus on big cities where a greater growth dynamic can be felt”, says the Managing Director of Multi Iberia. “Consumer recovery has increased retailers’ confidence, which has led to growth in the occupancy rate of shopping centres” and consequently, “also of rents” on both sides of the frontier. There also continues to be room for growth, at least in Portugal, where, “the level of rents is still below 2008/2009”.
Currently, Multi Iberia is responsible for covering more than 125 million euros annually, including rents generated from the eight shopping centres, seven retail parks and two office parks which make up their management portfolio. Contracts with about 1.800 shopkeepers are still in hand, as well as more than 615.000 m² de Gross Lettable Area (ABL), visited by about 114 million people.