although two major transactions accounted for close to 20% of transaction volume: 150 Champs Élysées (€650m) and the Carré Sénart shopping centre (€450M). This compared favourably to the real estate market as a whole which was 7% below the 10-year average. Retail parks, in particular, saw strong transaction activity as investors increasingly appreciated the resiliency of the non-discretionary nature of the retail offering on most sites and the fact that they offer a cost-conscious alternative. As a result, they accounted for 39% of total retail transaction volume in 2022, significantly higher than the 10-year average of 27%. This increased demand allowed retail park yields to remain stable versus last year while other forms of retail saw their yields increase: +40bps for high-street retail and +25bps for shopping centres[9]. This resiliency reinforces the idea that well-let retail parks make for an attractive proposition, subject to pricing being right.

[9] Source: BNP Paribas