Hahn Gruppe has launched a new closed-end public AIF for distribution. The real estate fund “Hahn Pluswertfonds 187 – Fachmarktzentrum Bensheim”, set up by the capital management company DeWert Deutsche Wertinvestment GmbH, is investing approximately EUR 44 million. The target property is a fully let and food-anchored retail park in the city centre of Bensheim, Hesse. Investors can participate from an amount of EUR 20,000. With this new Pluswertfonds, Hahn Gruppe continues its collaboration with the regional company EDEKA Südwest.
Commitment to the location and rental structure
The anchor tenant of the retail park is EDEKA Südwest Stiftung & Co. KG, which operates an E-Center across more than 6,800 square metres. A new long-term lease agreement was concluded in connection with the joint acquisition of the retail park. This lease agreement has a term until 30 June 2046 and includes two extension options of five years each. EDEKA’s share of the total rental income is approximately 54 percent. Furthermore, EDEKA is contributing more than ten percent of the fund’s capital. This combination of a long-term lease commitment and its own capital involvement underlines EDEKA’s clear commitment to the Bensheim location and its cooperation with Hahn Gruppe.
The retail park, established in 2015 and fully let, is located on a plot of approximately 45,200 square metres and offers around 380 ground-level parking spaces. The tenant mix is supply-oriented and features a high proportion of FMCG. In addition to the anchor tenant EDEKA, the drugstore dm and the organic food market Alnatura are among the high-traffic main tenants. Over 77 percent of the rental income comes from so-called Fast Moving Consumer Goods (FMCG), particularly food, drugstore items and other daily necessities. The offering is complemented by other retail and service tenants. The weighted average remaining lease term of approximately 14 years demonstrates the long-term orientation of the investment.
Market and forecast
Bensheim has approximately 41,100 inhabitants and represents the economic and commercial hub of the southern Bergstraße district. The city is positioned as an attractive place to live and work within the Rhine-Main and Rhine-Neckar metropolitan regions. Darmstadt, Mannheim and Frankfurt am Main are located within a radius of 20 to 50 kilometres. A retail-relevant purchasing power index of 110.6 and a retail centrality of 105.5 demonstrate the above-average importance of the location for the regional surrounding area. The property is urbanistically integrated into the western part of the city, directly on the highly frequented Wormser Straße (B 47) and approximately 500 metres from Bensheim train station. Adjacent residential areas to the west and north-west ensure that, in addition to its regional supply function, the location also covers local supply close to home.
Thomas Kuhlmann, CEO of Hahn Gruppe, stated that the new fund property demonstrates the synergy between local supply and established urban structure. He highlighted that the combination of regional supply function, local supply close to residential areas and good transport accessibility forms an excellent basis for the long-term positive development of the retail park. Paschalis Christodoulidis, authorised signatory and Head of Sales, emphasised that many investors are seeking stability and reliability in the current environment. The Pluswertfonds 187 offers a fully let property, a creditworthy anchor tenant and quarterly payouts, thereby consistently continuing the conservative orientation of the fund series and providing an attractive investment product.
The fund volume amounts to approximately EUR 43.8 million, including the issue premium. The proportionate equity is approximately EUR 25.9 million, including agio. The projected annual distribution is 4.75 percent and will be paid quarterly, for the first time pro rata temporis from joining for the fourth quarter of 2026 on 30 December 2026. With a planned term until 31 December 2040, a total capital return of 174.1 percent before tax is aimed for.
