RealCast: Milan makes a difference, resi imbalance, Selfridges sale, senior service
In the spotlight this week:
Milan’s Citylife district shows how regeneration is paying off as Italian pension fund Enpaia CHECK pays €160 million for a 50% stake the PwC tower in what was also a good news story for the office sector with PwC committing to a long lease.
In the residential sector, while in Portugal, Grupo SIL is developing residential now in expectation of a boom in the sector in two years, in the UK, double-digit house price inflation is occurring owing to a massive demand/supply imbalance which, unusually, is being felt more keenly outside London. It’s particularly bad in coastal areas and especially Cornwall, now even more in the spotlight following the G7 summit. While there, Prime Minister Boris Johnson visited a new garden village development in Cornwall which could take some of the pressure off.
In the retail sector, London department store Selfridges is up for sale for about £4 billion highlighting a return of interest in the department store segment. But online is still at the forefront as Savills Investment Management’s acquisition of a massive Amazon fulfilment centre in the UK’s Midlands demonstrated.
And, as Europa Capital made its €45 million debut in senior living investment in Denmark, Knight Frank pointed out that while the number of Europeans over the age of 65 is set to grow by 50% within the next 30 years, in Spain the over-80 population is set to double by 2050 by which time Italy will have the second highest proportion of over 80s in Europe.
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