"High street woes prompt rush to reduce exposure to [retail] sector"
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"UK landlords are struggling to offload billions of pounds' worth of shopping centres and retail parks, as the crisis in bricks-and-mortar retail ripples into the property sector.
"At least £2.5bn of retail properties are currently being marketed, according to FT data based on information from agents, while some property companies privately place the total available to buy as high as £5bn.
" 'Everything is for sale. Nobody wants to own this stuff,' said one agent in the sector. 'The bid-offer spread between holders' expectations and the prices that buyers are willing to pay is just a chasm.'
"The attempted sales follow a string of high-profile collapses in the retail sector, as chains face up to the shift in consumer spending habits away from the high street.
"House of Fraser, Maplin, Poundworld and Toys R Us have all fallen into administration this year, while chains including Mothercare have closed stores as part of agreements with creditors.
"As consumers move purchases online, physical retail has suffered despite growth in overall sales. Retailers have also had to contend with rising wage and tax bills.
"... Public markets are also pessimistic about the sector. Hammerson, the specialist shopping centre landlord, currently trades at a discount of 40 per cent to the value of its assets, according to Numis Securities."
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