Commerz Real has sold the “Orange Les Vignes” retail park to Bradford Asset Management for €35.5m. The asset had been in the portfolio of the open-ended real estate fund Hausinvest since its completion in 2010. Orange Les Vignes with its retail trading area of about 30,500m² is located south of the town of Orange in the Provence-Alpes-Cote d’Azur region of France. The main tenants are Jardipassion, Stokomani and Kiabi. The weighted remaining term of the lease agreements is approximately 3.5 years. The centre also offers a parking facility for 1,234 car spaces.
“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, ” said Mario Schuttauf, a fund manager for Hausinvest.
The quality of a visit to the centre was most recently improved through the investment in new play areas and sanitary facilities. As a consequence of the measures implemented by the property manager Terranae, the vacancy rate has now been lowered from 30% in 2016 to about 7%t. The number of visitors to the centre has also continually increased since 2017, said Commerz Real.
