Hahn Group has acquired a retail park in Essen, Germany, for around €36 mln as part of an asset deal with a North American investor.
A building permit for a €14 mln extension to the Kaufpark Bamlerstraße has already been issued, which will bring Hahn's total investment in the scheme to around €50 mln.
Built in 1960, and most recently refurbished in 2016, the property currently has a rental area of around 13,000 m2 and its 15 retailers include Aldi, McTrek and Deichmann. The planned extension will see a 6,000 m2 hypermarket added to the property, with Kaufland having already inked a long-lease agreement for the space.
After the extension is complete, the retail park will provide around 490 parking spaces.
McDermott Will & Emery in Düsseldorf advised Hahn Group on legal matters.
