Germany's Hahn Group has acquired two retail properties in Coburg, Bavaria, and Krefeld, North Rhine-Westphalia, for a total investment volume of more than €60 mln.
The assets were acquired for the institutional vehicle Hahn German Retail Fund II.
Said Thomas Kuhlmann, Hahn Group CEO: 'Both core investments are long-term, supply-oriented retail properties that have a leading position in each region.
'With the acquisitions, the investment phase of our special fund Hahn German Retail Fund II successfully concludes. The fund is now fully invested with an investment volume of around €370 mln.'
The first deal is for a retail park built in 2007 in the north of Coburg, which is leased to a tenant roster including Edeka, Obi, Aldi and Rossmann. The property has a rental area of around 17,500 m2 and is fully leased, with around 5.6 years left on the tenancy agreements.
There are around 700 parking spaces on the 50,500 m2 site, which benefits from good public transport connections and nearby residential areas. It was purchased from an IntReal special fund which is managed by Credit Suisse Asset Management.
Law firm Kucera Rechtsanwälte advised the buyer, while the seller was advised by Ashurst and iMallinvest. The technical due diligence was carried out by imtargis and the property valuation by JLL.
The second asset is an E-Center hypermarket, located east of the city centre of Krefeld-Uerdingen. The main tenant Edeka has several concessionaires located in the property, including a bakery and a pharmacy, with a remaining lease term of 5.5 years on average.
A medical centre with five medical practices and three office spaces are located on the upper floor of the property. The rental area amounts to a total of around 7,200 m2, and the asset has 130 parking spaces.
Acquired from a fund managed by Macquarie Asset Management, legal advice was provided by Hogan Lovells. Imtargis was responsible for the technical due diligence and JLL was responsible for the property valuation.
