The Hahn Group has successfully and fully placed the public AIF "Hahn Pluswertfonds 187 – Fachmarktzentrum Bensheim". This closed-end real estate fund, whose distribution was initiated at the beginning of August, invests a total of approximately EUR 44 million in a retail park in Bensheim, Hesse. The investment property is characterised by its anchor tenancy in the food retail sector.
Within a period of two months, the entire equity of approximately EUR 25.9 million, including premium, was raised from qualified private investors and foundations. A notable aspect of the financing structure is the participation of the anchor tenant EDEKA Südwest in the fund's capital, which accounts for more than ten per cent of the total volume. The projected distribution for the fund is 4.75 per cent per annum and is paid quarterly.
Property Characteristics and Tenant Structure
The retail park in question was established in 2015 and is fully let. Its urban integration on the highly frequented Wormser Straße allows for a combination of regional and local supply functions for the adjacent residential areas. Of the total rental area of approximately 12,500 square metres, more than 6,800 square metres are allocated to the E-Center of EDEKA Südwest. The lease for this anchor space has been renewed until 2046, indicating a long-term tenancy.
Further tenants of the retail park include high-traffic companies such as dm and Alnatura. These are complemented by other chain stores such as Deichmann, Takko Fashion and Das Futterhaus. The diversified tenant structure contributes to the stability and attractiveness of the location. For the planned fund term, which is estimated to run until the end of 2040, a total return of 174.1 per cent before tax is targeted.
Market Confidence and Outlook
According to Thomas Kuhlmann, CEO of the Hahn Group, the rapid placement of the fund confirms investor confidence. He noted that this was the second full placement of a public fund within a few weeks this year. This indicates that investors continue to invest even in a challenging market environment, provided that the location, tenants and concept are compelling. The commitment of EDEKA Südwest, which acts not only as a long-term tenant but also as an investor, was particularly highlighted.
Paschalis Christodoulidis, authorised signatory and Head of Sales, added that demand for food-anchored retail properties with predictable returns remains high. The Hahn Group therefore sees itself on a good path to once again achieve a strong result in the private client business. The launch of a new Section 6b fund for professional and semi-professional investors is planned in the near future.
