TwentyTwo real estate sells French retail park to Hines managed fund

TwentyTwo Real Estate has completed the sale of Chasse Sud, a 52,400 sq m retail park in Chasse‑sur‑Rhône, south of Lyon, to a fund managed by Hines. 

Chasse Sud

The asset was held by an investment vehicle advised by TwentyTwo Real Estate.

Located just off the A7 motorway, Chasse Sud is a major retail destination with a diversified tenant mix including Intermarché, Decathlon, Conforama, Boulanger and Burger King. Since 2021, TwentyTwo Real Estate has implemented an active asset management strategy focused on strengthening the tenant mix, extending lease maturities, increasing rental income and improving environmental performance. These initiatives have delivered a 20% uplift in rental income and the renewal or re‑letting of around 50% of the rental base.

A key milestone was the signing of a 12‑year lease with Intermarché, reinforcing its role as the park’s principal food anchor. Intermarché has also committed to a comprehensive refurbishment of its store.

The asset enhancement programme included the installation of 24 Tesla EV charging points, with further plans for solar canopies over the 1,500‑space car park. Chasse Sud has achieved BREEAM In‑Use Excellent certification, reflecting the focus on environmental upgrades.

European retail parks continue to attract institutional capital, supported by resilient occupier demand and the strength of convenience‑led, value‑oriented retail formats. The sale of Chasse Sud highlights the appeal of well‑located, actively managed retail assets offering secure income and long‑term growth potential.

“The sale of Chasse Sud marks the successful completion of an ambitious asset management strategy implemented since 2021,” said Nicolas Lutgé, CEO of TwentyTwo asset management. “Through active leasing, rental growth and targeted improvements, 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.”