New KanAm regional fund starts with acquisition in Hamburg

05/07/2019

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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