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Sirius Real Estate CEO says that there is opportunity for big players in the industry amidst the incoming economic downturn.
Andrew Coombs believes that the UK’s property market is primed for consolidation as small businesses feel the pressure of increased costs of operating.
For instance, the cost of utility bills are now up to 50% to 60% of rent according to Coombs, leaving small businesses at higher risk for decreasing or eliminating their profit.
“There’s a lot of subscale operators out there that have been struggling to survive and there’s opportunity there,” said Coombs. “A lot of people want to be part of a £2 billion-plus group that can produce double-digit returns all the way through the cycle, and that appetite is going to grow as things get harder.”
Larger players within the real estate industry are more “insulated with a low cost of debt,” making them more likely to stay afloat than their smaller counterparts.
