Shopping centres typically prove difficult to access in France, not least because they account for a relatively small share of annual investment turnover. Property companies, mainly listed SIICs, own around two-thirds of the IPD shopping centre universe by value, a share that is unlikely to alter much over the medium term. The rest is largely in the hands of insurance companies and, to a lesser degree, a few private funds. Earlier this year, some listed companies announced disposals in order to degear their balance sheets, although these have been relatively limited in number and selectively marketed.
Source : Henderson Global Investors