![Image](https://i.ibb.co/hFYL1yz/Epic-1-month.gif)
Source: screen grab from Interactive Investor
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Retail parks have fared best of all. Many are anchored by supermarkets, DIY and furniture retailers which have all done well during the pandemic.
Footfall at these sites is almost back to pre-pandemic levels, showing how shoppers seem happier to drive to bigger shops than visit High Streets and shopping centres in towns.
SKYSHIP wrote:There is an interesting anomaly building up in the office space; and as all know - I like anomalies - anomalies offer opportunities.
So the two listed propcos with the highest commitment to offices are: CLI & RGL.
# CLI - 92% allocation. NAV discount = 38%; but yield just 3.6%
# RGL - 84%, but climbing. NAV discount = 8%; but yield 7.2%
Will elaborate further in a separate post under CLI; but let's just say, they are looking very good value at under 210p.
You can understand why a property fund may want to get out of offices – currently largely empty across the country – but choosing to invest in the retail sector instead may raise some eyebrows.
This is what the Ediston Property Investment Company has been doing and, to judge by its recent decision to raise its dividend, it is making a decent fist of the transition.
“The investment manager has always made a strong case for the retail warehouse sector,” the chairman added. “It has proved to have been the most resilient retail sub-sector during the pandemic, with favourable rent collection figures and an active tenant market. Following the sell-down across all retail markets, the investment manager considers the retail warehouse sub-sector to have been oversold.
“Yields look attractive when compared to other property sub-sectors, often with income secured on high-quality tenants. The anticipated recovery in consumer spending is likely to favour many of the retailers that trade from retail warehouses. The format also works well alongside online retailing, supporting retailers’ “omnichannel” strategies.”
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