German asset manager Hahn Group has purchased a retail park on the island of Rügen for around €37 mln on behalf of one of its institutional funds.
Built in 1998 and expanded in 2008, the 22,300 m2 park was purchased in an off-market transaction brokered by Colliers International in Munich. Dusseldorf-based McDermott Will & Emery advised on the legal side.
Located in Bergen, the economic and administrative centre of the tourist island Rügen, the retail park consists of three properties which are fully leased. Tenants include a DIY centre, cinema and Burger King restaurant.
The acquisition is the latest addition to Hahn’s German Retail Fund II, which is targeting a fund volume of up to €500 mln. The open-ended fund invests mainly on behalf of pension funds, insurance companies and investment trusts. It targets core-plus properties with returns of around 6%.
Rügen is Germany's largest island by area (926 km²). It is located off the Pomeranian coast in the Baltic Sea and belongs to the state of Mecklenburg-Western Pomerania.
