German real estate fund manager Hahn Group said that it has acquired a retail park in Schweinfurt, in the Lower Franconia region of Germany, for around EUR 20 mln. The purchase was made on behalf of Hahn Fcp-Fis retail property investment fund for institutional investors, which is managed jointly by the Hahn Group and LRI Invest.
German real estate fund manager Hahn Group said that it has acquired a retail park in Schweinfurt, in the Lower Franconia region of Germany, for around EUR 20 mln. The purchase was made on behalf of Hahn Fcp-Fis retail property investment fund for institutional investors, which is managed jointly by the Hahn Group and LRI Invest.
The property was developed in 1976 and completely refurbished in 2009. It offers 12,700 m2 of lettable area and is fully leased on a long term basis to a number of tenants including hypermarket group Edeka, discount retailer Aldi, Charles Vögele and Deichmann. The transaction is expected to be completed by end-November.
Hahn Group's German Retail Fund was launched in May 2008 and focuses on large-scale retail properties in the country. The vehicle, which is targeting an Internal Rate of Return of 8%, has a portfolio of roughly EUR 300 mln consisting of 15 retail assets.
