Hahn Group said its German Retail Fund has raised equity of EUR 125 mln from institutional investors at first closing. The fund has a target investment volume of EUR 750 mln or EUR 300mln in equity. The Hahn Group together with private bank Sal. Oppenheim has marketed the fund throughout Europe since early May 2008. The fund has a target return of 8% (IRR), and invests ex-clusively in German large-scale retail properties. Hahn Fonds Management is responsible for the management of the fund.
Hahn Group said its German Retail Fund has raised equity of EUR 125 mln from institutional investors at first closing. The fund has a target investment volume of EUR 750 mln or EUR 300mln in equity. The Hahn Group together with private bank Sal. Oppenheim has marketed the fund throughout Europe since early May 2008. The fund has a target return of 8% (IRR), and invests ex-clusively in German large-scale retail properties. Hahn Fonds Management is responsible for the management of the fund.
In a statement, the company said that German and Austrian institutional investors have subscribed to the first tranch. The Hahn Group itself has invested EUR30 mln in the fund, which will have an initial portfolio of some EUR 240 mln to be transferred on 1 October 2008.
'We are very satisfied with the demand for our new institutional fund," stated Bernhard Schoofs, CEO of HAHN-Immobilien-Beteiligungs. 'The strong interest from institutional investors in Germany and abroad confirms the trend among insurance companies and pension funds to further increase their real estate quota and to predominantly invest indi-rectly through managed vehicles.'
The placement of the next tranch is planned for the end of 2008.
