The digest pulls together investment performance data from 1,519 shopping centres in 13 countries across Europe with a combined total capital value of 81.4bn at the end of 2005.

The lowest shopping centre total returns in 2005 were generated in Germany (4.1%) and Switzerland (5.5%). In both countries, income returns were only slightly below the European average and it was the lack of capital value growth that resulted in the poor overall returns. Germany was the only country to see an overall fall in shopping centre capital values in 2005 at . . . 1.1%.