Chasse-sur-Rhône, France: TwentyTwo Real Estate, an independent European real estate investor and operator with €5.2bn in assets under management, has completed the sale of Chasse Sud, a 52,400 m² retail park located south of Lyon, to a fund managed by Hines. The transaction, completed after a competitive bidding process, marks TwentyTwo's successful exit from an asset it has actively managed since 2021 through an ambitious repositioning programme.
Situated in Chasse-sur-Rhône with direct access to the A7 motorway, Chasse Sud benefits from a diversified tenant mix anchored by Intermarché, Decathlon, Conforama, Boulanger and Burger King. A key milestone in the asset management strategy was the signing of a 12-year lease with Intermarché, cementing its role as the park's principal food anchor. Intermarché has also committed to a comprehensive refurbishment of its store, adding further long-term security to the income profile.
Over four years of active stewardship, TwentyTwo Real Estate renewed or re-let approximately 50% of the rental base, increased rental income by 20% and significantly enhanced the property's environmental credentials. The asset achieved BREEAM In-Use Excellent certification, 24 Tesla electric vehicle charging points were installed, and plans are in place for solar canopies over the 1,500-space car park. For investors benchmarking European retail park performance, this trajectory is instructive: well-located convenience retail, actively managed with a clear sustainability strategy and long-lease anchor covenants, is demonstrably capable of generating institutional-grade exit yields even in a cautious macro environment.
"The sale of Chasse Sud marks the successful completion of an ambitious asset management strategy implemented since 2021. Through active leasing, rental growth and targeted improvements to the property, we have strengthened its positioning and transformed it into a high-quality institutional investment. We are particularly pleased to continue our involvement alongside Hines, providing property management and leasing coordination services to support the asset's long-term performance and further value creation."
Nicolas Lutgé, CEO, TwentyTwo Asset Management
Notably, TwentyTwo Real Estate will retain a property management and leasing coordination role post-sale, a structure that underlines the firm's positioning as an operator as much as an investor, and one that gives Hines continuity of the team that created the value. The seller was advised by brokers Newmark and Rothschild & Co, notary Wargny Katz, legal advisers Archers and tax advisers Lacourte Raquin & Associés. TwentyTwo Real Estate was founded in 2012 by Daniel Rigny and manages assets across multiple real estate classes for institutional and private clients across Europe.
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People mentioned
- Nicolas Lutgé, CEO, TwentyTwo Asset Management
- Daniel Rigny, Founder, TwentyTwo Real Estate
Companies and organisations mentioned
- TwentyTwo Real Estate, independent European real estate investor and operator with €5.2bn in assets under management; seller of Chasse Sud and retained property manager and leasing coordinator post-sale
- TwentyTwo Asset Management, asset management arm of TwentyTwo Real Estate; manager of the investment vehicle that held Chasse Sud
- Hines, global real estate investment, development and property management firm; acquirer of Chasse Sud through a managed fund
- Intermarché, French supermarket chain; principal food anchor tenant at Chasse Sud, signed a 12-year lease
- Decathlon, sports goods retailer; tenant at Chasse Sud
- Conforama, home furnishings retailer; tenant at Chasse Sud
- Boulanger, consumer electronics retailer; tenant at Chasse Sud
- Burger King, fast food operator; tenant at Chasse Sud
- Newmark, commercial real estate advisory firm; broker adviser to the seller
- Rothschild & Co, global financial advisory firm; broker adviser to the seller
- Wargny Katz, French notarial firm; notary to the seller
- Archers, law firm; legal adviser to the seller
- Lacourte Raquin & Associés, tax advisory firm; tax adviser to the seller
