Commerz Real sells retail park in France to Bradford Asset Management for 35.5 million euros
Commerz Real has sold the retail park “Orange Les Vignes” in the town of Orange in the south of France for 35.5 million euros to Bradford Asset Management for its RPCI fund. The park had been in the portfolio of the open-ended real estate fund Hausinvest since its completion in 2010.
“Following the successful repositioning we have utilised the ongoing demand to attain a good result for our investors through the sale of this retail property which no longer suits our fund strategy,” explains Mario Schüttauf, a fund manager for Hausinvest. Thus the quality of a visit to the centre was improved through specific investments, among others in new play areas and sanitary facilities, and the communication with local residents was intensified. As a consequence of the measures implemented by the property manager Terranae, the vacancy rate has now been lowered from 30 per cent in 2016 to about 7 per cent. The number of visitors to the centre has also continually increased since 2017, says Commerz Real.
Following the successful repositioning we have utilised the ongoing demand to attain a good result for our investors through the sale of this retail property which no longer suits our fund strategy.
Mario Schüttauf, a fund manager for Hausinvest
Orange Les Vignes with its retail trading area of about 30,500 square metres is located south of the town of Orange in the Vaucluse département in the Provence-Alpes-Côte d’Azur region. The main tenants are Jardipassion, Stokomani and Kiabi. The weighted remaining term of the lease agreements is approx. 3.5 years. Additionally, the centre, which covers a total area of around 89,000 square metres, has 1,234 car parking spaces.
Commerz Real was advised on the transaction by Savills (broker) and Fidal (tax consulting).