Commerz Real has sold Orange Les Vignes, a retail property in Orange in the south of France, for €35.5 million to Bradford Asset Management.
The retail 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,” said 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, said Commerz Real.
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.