Investors Shy Away from Top Tier Malls -- Market Talk
Investors Shy Away from Top Tier Malls -- Market Talk
DJ Investors Shy Away from Top Tier Malls -- Market Talk
10:53 ET - Top-tier malls, or so-called A-malls, appear to be getting a frosty reception from investors after years of being seen as a strong investment that have granted double-digit returns and a safer bet compared to B- malls, or lower-quality peers. Shares of A-mall REITs such as Simon Property, Taubman Centers and Macerich have fallen sharply since September, and institutional investors have also shied away from acquiring higher-quality malls in the private market. There is a sense the process of adapting to changes in consumer behavior and online shopping is still in the early innings and that valuations may take some hits. "Everybody seems to be waiting for one more piece of bad news, that it has bottomed out before coming in," said David Bonser, a partner at law firm Hogan Lovells. "People are not prepared to take the risk." (esther.fung@wsj.com; @estherfung)
(END) Dow Jones Newswires
December 24, 2019 10:54 ET (15:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
DJ Investors Shy Away from Top Tier Malls -- Market Talk
DJ投資者回避頂級購物中心-市場對話
10:53 ET - Top-tier malls, or so-called A-malls, appear to be getting a frosty reception from investors after years of being seen as a strong investment that have granted double-digit returns and a safer bet compared to B- malls, or lower-quality peers. Shares of A-mall REITs such as Simon Property, Taubman Centers and Macerich have fallen sharply since September, and institutional investors have also shied away from acquiring higher-quality malls in the private market. There is a sense the process of adapting to changes in consumer behavior and online shopping is still in the early innings and that valuations may take some hits. "Everybody seems to be waiting for one more piece of bad news, that it has bottomed out before coming in," said David Bonser, a partner at law firm Hogan Lovells. "People are not prepared to take the risk." (esther.fung@wsj.com; @estherfung)
美國東部時間10：53-一線購物中心，或所謂的A-Mall，在多年來被視為一項強勁的投資後，似乎受到了投資者的冷遇，與B-Mall或質量較低的同行相比，這些投資帶來了兩位數的回報，也是一種更安全的押注。西蒙地產(Simon Property)、陶布曼中心(Taubman Centers)和Macerich等A-MALL REITs的股價自9月以來大幅下跌，機構投資者也避免在私募市場收購質量更高的MALL。有一種感覺是，適應消費者行為和網購變化的過程仍處於早期階段，估值可能會受到一些打擊。Hogan Lovells律師事務所合夥人戴維·邦瑟(David Bonser)表示：“每個人似乎都在等待另一個壞消息，那就是壞消息已經觸底，然後才會出現，”律師事務所Hogan Lovells的合夥人大衞·邦瑟(David Bonser)説。“人們不準備冒這個險。”(esther.fung@wsj.com；@estherfung)
(END) Dow Jones Newswires
(完)道瓊通訊社
December 24, 2019 10:54 ET (15:54 GMT)
2019年12月24日美國東部時間10：54(格林尼治標準時間15：54)
Copyright (c) 2019 Dow Jones & Company, Inc.
版權所有(C)2019年道瓊斯公司。
譯文內容由第三人軟體翻譯。
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