“Values of medium-sized shopping centres are falling, we don’t see a clear future for this class of asset”

GRN: What are the dynamics of a commercial property investor?

Patrick Delcol: The dominant “malls”, often in big cities with a critical level of revenue remain attractive. With a valuation above €200 million, they constitute attractive investments for vehicles like pension funds or insurance. In 2020, we should see a series of transactions for major centres dominated by European investors. High-street locations also remain very attractive. Site valuations have increased without a fall in investo