Hahn fund invests EUR 42m in German retail assets

German listed real estate group Hahn has announced that one of its funds has acquired two retail warehouse centres in Neumünster and Husum for EUR 25 mln. The transactions were carried out by institutional fund Hahn FCP-FIS German Retail in the first quarter of 2012.

The recently renovated properties are fully leased to long-term tenants. The acquisition increases the Hahn FCP real estate portfolio to more than EUR 380 mln.

Hahn Group also acquired another retail property in Hilden. Over the next few months, Hahn Asset Management plans to fully update the former Hertie department store property and develop it into a centrally located shopping centre. The total investment will be some EUR 17 mln. Around 6,500 m² of rental space is planned. Occupancy was already about 70% when the project began with the two main tenants Saturn and Kaiser's. It will be sold once the upgrade is completed.

Hahn Group manages more than EUR 2 bn in assets.