Aimee joined Breakingviews in 2017 and writes about European airlines, insurance and property companies. Based in London, she previously spent three years at The Sunday Times as banking correspondent. Prior to that, she was a senior reporter covering the bond market at IFR, a financial trade publication published by Thomson Reuters. She holds a degree in English and History from the National University of Ireland, Galway, and a diploma in journalism from the London School of Journalism.
Shares in landlords like Unibail-Rodamco-Westfield and Klepierre jumped after they reopened shopping centres. Queues outside IKEA suggest pent-up demand. But fewer shoppers and shorter visits will mean lower retail rents. Investors appear to be pricing in a 50% decline.
Capco, owner of much of London’s upmarket Covent Garden district, has bought a 26% stake in $2.4 bln Shaftesbury, which manages large swathes of the trendy Soho area. A merger could follow. The risky punt shows UK landlords are starting to think about life after the pandemic.
Village pubs are shut until August. The Emerald Isle’s restrictions may look extreme but have kept deaths low even if unemployment has soared to near 30%. Yet with ample supplies and a clear reopening plan, Matt Damon isn’t alone in finding Ireland an ideal pandemic bolthole.