Commerz Real has just acquired a retail park in the city of Orange that was completed in May 2010 and has already been 90% let.
Grouped around an inner courtyard with more than 1,200 parking spaces, the property covers several buildings with a gross lettable area of about 30,200 m², which is home to 52 stores, including an Intermarché branch, France's largest supermarket chain.
The total investment volume for the compound named Orange Les Vignes comes to approximately 39 million. The property was sold by the French project developer Bouygues Immobilier.
With the acquisition of Orange Les Vignes, Commerz Real expands its commitment in the French retail sector. As recently as February, hausInvest europa had bought a shopping center in Toulouse.
"With this commitment we are diversifying our French portfolio, and at the same time investing in a market that presents attractive growth prospects due to an unchecked consumer spending propensity. This is true in particular for locations with a large and so far undersupplied catchment area," said Hans-Joachim Kühl, Member of the Board of Commerz Real and responsible for real estate acquisitions.
"The concept of Orange Les Vignes is unique in the region: The attractiveness of architecture and landscaping, as well as the industry mix in the textile, gardening and household goods sectors will appeal to a wide public."
The Orange Les Vignes shopping center is located in the 'Le Coudoulet' trading estate, which is well connected to the highway and motorway networks. Given its easy transportation access and its proximity to local recreational areas of the region Provence-Alpes-Côte d'Azur, Orange is a sought place of residence with a high shopper potential.
Source: Commerz Real