The impact of the credit crunch will be more limited on the shopping centre industry compared to other real estate asset classes, according to Guillaume Poitrinal, CEO of Unibail-Rodamco. ‘A number of factors will mitigate the impact of the credit crunch, such as the visibility of the cash flow in the shopping centre business, the historically low levels of debt in the industry and, not least, the fact that the buildup of a shopping centre portfolios has a strategic premium. The shopping centre industry is the only one where one plus one equals more than two. That makes this a unique industry.'
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