An open-ended fund managed Hahn Group has bought a fully-let convenience retail asset in Germany from pan-European real estate private equity specialist PineBridge Benson Elliot.
UK-based PineBridge Benson Elliot said it has sold Celle retail park to the fund managed by Hahn Group on behalf of a number of German pension funds and insurance companies.
The property was originally purchased in May 2019 as part of a €175m portfolio acquisition of three retail parks, and comprises 23,000sqm of lettable space and a 760-space car park.
PineBridge Benson Elliot said it understood an asset management programme to improve property’s income profile and “ultimately delivering a stabilised product with institutional appeal”.
Joseph De Leo, PineBridge Benson Elliot managing partner, said: “Having completed our business plan for this property in under two years, we’re pleased to deliver an institutional quality retail investment, with a secure income, to its next owner, whilst at the same time delivering an attractive return to our investors.
“Our team deserves real credit for completing this transaction against a challenging Covid-19 backdrop, at a price that was undisturbed by the impact of the pandemic.”
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