Russia leads Europe in terms of new shopping-center construction this year, with 456,200 square meters of new space built in the first half of 2013, according to Cushman & Wakefield. The country comes in third behind Turkey and Britain in terms of existing retail-center space, but ranks 28th in terms of retail space per citizen, the report says.
Blackstone Group LP is eyeing an initial public offering of its Brixmor Property Group shopping-center unit, according to sources. An IPO would take place before the end of the year. A CFO has joined Brixmor.
Many shopping-center landlords aren't prepared to cope with the financial devastation of an anchor store going vacant or bankrupt. There is always the threat of a snowballing effect because tenants often are allowed to break their leases or get rent reductions if a major tenant leaves.