DLA Piper has advised an institutional real estate fund managed by Hahn Group on the sale of the Pfungstadt retail park in for a total consideration of EUR27 million. The buyer is also the Hahn Group, which acquired the property for the institutional special real estate AIF “HAHN German Retail Fund IV”. The transfer of the property took place at the beginning of December 2020.
The retail property in Pfungstadt, built in 2007-2009, consists of five building structures and has a total leasable area of around 15,000 square meters. The retail park is located on the north-western edge of the city center and is a long-established, high-frequency supply location for the region.
The Pfungstadt retail park is the first acquisition of the recently founded HAHN German Retail Fund IV. The open-ended special AIF aims to achieve a target volume of at least around EUR180 million and invests in large-area core retail properties such as retail parks, consumer markets, self-service stores and DIY stores. Two municipal supply associations have subscribed to a total of around EUR100 million in equity.
The DLA Piper team was led by partner Fabian Mühlen (Real Estate) and included partner Dr Marie-Theres Rämer (Tax) as well as senior associates Sonja Beier (all Frankfurt) and Moritz Mursa (Cologne, both Real Estate).
