Major competition for scarce core product
Now that it has become clear which sectors are relatively resistant to the current circumstances, investors are flocking to these safe havens in droves. At the same time investments did not materialise in sectors where the risks were greater or less clearly defined, as shown by a considerable decline in investments of <€25,000,000, often in offices in secondary locations and high-street retail.
Large differences within sectors in the user market can also be observed in the investment market. The transaction of the Jumbo portfolio worth approximately €300,000,000 to fund builder Annexum testifies to this. This transaction concerned the relatively stable category of supermarkets, whereas there were few transactions on high-street retail locations. This results in differences in development of gross initial yields even within certain sectors. Gross initial yields for office buildings in top locations remained largely stable (3%) but showed an increase in secondary locations.
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