The newly launched Hahn FCP-FIS German Retail Fund is to acquire a portfolio of 10 retail properties for EUR 240 mln. The fund's investment committee decided in mid-September to acquire the German properties secured by the Hahn Group after the fund registered equity commitments of EUR 125 mln for the first closing at the beginning of September.
The newly launched Hahn FCP-FIS German Retail Fund is to acquire a portfolio of 10 retail properties for EUR 240 mln. The fund's investment committee decided in mid-September to acquire the German properties secured by the Hahn Group after the fund registered equity commitments of EUR 125 mln for the first closing at the beginning of September.
In a statement, Hahn Group said the fully let portfolio consists of two shopping malls, five retail warehouse centres and three superstores respectively hypermarkets. The deal means that the fund has already invested close to a third of its target.
'The strategy of securing a larger volume of suitable properties prior to the placement of the fund has been well received by investors', noted Bernhard Schoofs, the CEO of HAHN-Immobilien-Beteiligungs. 'We will continue to use the current market situation to acquire promising retail investments with secured long-term cash-flows.'
The Hahn FCP-FIS - German Retail Fund has been marketed across Europe in collaboration with the private bank Sal. Oppenheim since early May 2008. The fund has a target internal rate of return of 8% and will invest exclusively in German large-scale retail properties. The LBBW subsidiary LRI Invest will administer the Luxembourg-based fund.
Hahn is a listed group that specialises in investments in large-scale retail properties. It has more than 170 properties, comprising 1.5 million m2, under management. The portfolio is valued at EUR 2.4 bn.
