German asset manager Hahn Group has acquired a retail warehouse centre in Fuerth, Bavaria, from AXA Investment Managers Germany for 鈧�35 mln.
German asset manager Hahn Group has acquired a retail warehouse centre in Fuerth, Bavaria, from AXA Investment Managers Germany for 鈧�35 mln.
The acquisition was carried out on behalf of the 鈧�600 mln HAHN FCP-FIS German Retail Fund portfolio. The vehicle, which offers a target internal rate of return of 8%, owns a portfolio of 30 large-scale retail properties.
Built in 2000 and extended in 2011, the retail park comprises 20,000 m2 of lettable area and is let to 20 occupiers with food retailer Edeka being the anchor tenant. The asset also provides around 460 parking spaces.
Savills advised on the sale, while McDermott Will & Emery, were the legal advisors on the sale side.
