New KanAm regional fund starts with acquisition in Hamburg
The KanAm Grund Group has acquired the neighborhood retail center “Unser Viertel” in Hamburg for its new “Fokus Norddeutschland” spezialfonds. The property, located at Eulenkrugstraße 55-57 in the city’s Volksdorf quarter, was built as a shopping mall in 2004 and converted into a multi-tenant property in 2017. Its 5,000+ sqm of space now holds an Edeka grocery store, the local municipal library, medical practices and offices. The seller is a fund of MCAP Global Finance, the European subsidiary of Marathon Asset Management. This is the first purchase for “Fokus Norddeutschland”. It has a target volume of €300mn and is expected to generate an annual yield of around 4%. KanAm intends to build a portfolio of core to core plus office properties, commercial buildings, hotels and residential properties in northern Germany. Target locations include Hamburg, Berlin, Hanover, Bremen, and Münster.
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