Valuation of Retail portfolio in Spain
VASTNED RETAIL is a listed property fund that invest in retail properties in the eurozone. The VastNed Group has its head office in Holland with various branch offices located in European cities including Antwerp, Madrid, Paris, Frankfurt and Istanbul. Cushman & Wakefield have been instructed by this client to carry out valuations on a selection of their shopping centres and retail units on a twice-yearly basis for the last 10 years, but more recently, in line with market practice, we provide updated advice every three months. Valuations are required for accounts purposes.
Cushman & Wakefield’s priority for the project was to meet the client’s timeframe requirements. We discuss our initial numerical analysis to provide the client with our preliminary conclusions which is then followed by closing debate prior to reporting definite figures.
In advising Vastned on the value of their portfolio we draw upon our in-house expertise in shopping centre and high street leasing, centre management and investment agency. On each occasion that we value for Vastned we carefully consider each of their properties from the perspective of a potential purchaser. The client values our advice and recommendations in actively managing their potfolio.
Cushman & Wakefield valuation team has provided a top quality service, continuous communicating with the client via telephone calls and meetings and working together with Vastned in order to ensure that our valuations reflect the state of the market and that of their assets with the highest accuracy.
We were able to tailor our service to the client and fulfil all of their requirements successfully. Cushman & Wakefield were able to fulfil the role of “External Valuers” to the fund as required by their auditors. At the same time we were able to independently advise on the performance of the properties as compared with the market as a whole. Vastned is satisfied with the service that we have provided over the years and continue to rely on us as one of their preferred valuers to aid them in the analysis of their Spanish property portfolio.