Insight Report 9 minutes Premium

Retail Real Estate M&As: A Sign of Renewed Investor Confidence in US Retail?

Executive Summary

In this report, we examine recent consolidation among retail real estate companies.

  • In the past few months, two major mall operators in the US have received acquisition offers from large commercial property firms.
  • Unibail-Rodamco offered to acquire Westfield in December 2017 and Brookfield Property Partners offered to acquire GGP in March 2018.
  • Mall property firms have been trading at a discount relative to past years, which may be prompting investors to buy shares in these firms.
  • We think that the ongoing transformation in the shopping center offering is one factor that is contributing to consolidation among retail real estate firms.

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