Commerz Real Acquires its First Shopping Centre in France

Commerz Real has just expanded its French real estate portfolio by adding a first shopping centre. The investment company acquired a fully let mall in downtown Toulouse. The property, which has almost 13,000 sqm in retail space, is earmarked for the “hausInvest europa” open-ended real estate fund. The investment volume approximates 92 million euros. The property was sold by a fully-owned member company of Altarea, a company based in France and specialising in French shopping centres.

“With the Espace Saint-Georges we acquired a shopping centre in prime retail location in Toulouse on behalf of ‘hausInvest europa’,” said Hans-Joachim Kühl, Member of the Board at Commerz Real and in charge of real estate acquisitions. “The city is renowned for its aerospace and information technology. Due to the high density of companies seated here and a comparatively low unemployment rate, the region is characterised by a high spending power. In recent years, the rent rates of retail venues remained quite stable despite the economic upheavals. With a view to the accelerating recovery, we have reason to expect an attractive growth potential.”

Recently restructured from the bottom up, the mall includes 50 store units that cover a wide spectrum of well-known French and international retailers. The annexed public underground car park offers more than 1,300 parking spaces. Four metro stations are located within walking distance.