Chairman Everard Goodman blamed the City's failure to understand the property sector and retail investments in particular. A shift in yields resulted in the annual portfolio valuation by Cluttons, falling 1.5% to £459 million ($647 million)

Goodman says the decline in capital values was 'influenced by over-stated negative sentiments, which continue to affect the market's perception of the industry.' He adds: 'The climate for investment in retail property was affected by concern about future rental growth prospects, and the investment market did not appreciate that shopping centre vacancy rates had fallen to an all time low.'

Tops has developments or extensions under way in Corby Town Centre, East Midlands; Harrogate, North Yorkshire; Leeds City Centre, West Yorkshire; Shepherds Bush, West London; Stafford and Worcester as well as a number of standing investments across the UK.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.