Property buys in 2009 led by experienced individuals
Property deals across the hotel, pub, restaurant, leisure and retail sectors in 2009 were dominated by experienced, individual operators, according to property agent Christie + Co.
Two thirds of properties sold in these sectors last year were acquired by experienced purchasers, with only around 5% moving into corporate ownership. The deals highlight the trend amongst large corporate companies to curb their acquisition strategies in order to focus on improving operating efficiencies.
"Independent buyers positively welcomed opportunities to acquire properties that were previously beyond their reach," said David Rugg, chairman of Christie + Co.
"The large corporates, which were acquisitive when the market was buoyant, drove activity from a completely different perspective in 2009. Having grown their estates at the height of the market, they were keen to offload large numbers of sites during 2009, in order to generate cash and reduce debt.
"Distressed sales generated a large volume of enquiries throughout the year and we frequently witnessed competitive bidding for these that were perceived as bargains."
Hotel property sector will weather credit crunch >>
Crimson Hotels buys the Park Inn London >>
Six former Real Hotel Group hotels up for sale >> By Janet Harmer
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