Commerz Real acquires retail park in France for EUR 39m

Commerz Real said it has acquired a retail park in the southern French city of Orange from French project developer Bouygues Immobilier for around EUR 39 mln. The property is earmarked for the company's HausInvest Europa open-ended real estate fund.

The retail park, called Orange Les Vignes, was completed in May 2010 and is 90%-let. The property comprises several buildings with a gross lettable area of about 30,200 m2, which are grouped around an inner courtyard and house 52 stores, including an Intermarché branch, France's largest supermarket chain. The park is located in the Le Coudoulet trading estate, which is well connected to highway and motorway networks.

'With the acquisition of Orange Les Vignes, Commerz Real expands its commitment in the French retail sector,' said Hans-Joachim Kühl, member of the board of Commerz Real with responsibility for real estate acquisitions. In February, the HausInvest Europa fund bought a shopping centre 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,' Kühl added.