Wednesday, June 13, 2018

Owners of fading malls 'on their knees' as buyer pool evaporates

Financial Post
Landlords have malls they’d like to unload. But who’d want to buy them?

As they battle the rise of e-commerce, U.S. mall owners are trying to clear their books of fading centres so they can focus on the most-profitable ones. That’s proving difficult, with just a shallow pool of investors who are willing to take on a declining mall and even fewer who would pay what the landlords want. Only about US$3 billion of retail real estate changed hands in April, a 27 per cent drop from a year earlier and the lowest monthly tally since February 2013, according to the latest data from Real Capital Analytics Inc.. . . more