At the first closing, six institutional investors subscribed equity of approximately €150 million. The targeted total equity volume is around €300 million.
The fund focuses on supermarkets, grocery stores and hypermarkets with long-term leases from leading food retailers. German professional investors gain access to high-quality, strategically located assets outside Germany.
The partnership between Hahn Group and Sonae Sierra combines the expertise of both companies:
Sonae Sierra contributes extensive experience in Southern European markets and proven value-creation capabilities in real estate, currently managing 24 investment vehicles in partnership with blue-chip investors.
Hahn Group brings deep expertise in investing in and managing grocery-anchored assets, as well as strong relationships with institutional investors. This combined framework enhances the ability to identify attractive investment opportunities and build a robust, sustainable portfolio.
€130 Million Initial Portfolio in Preparation
Approximately 20 grocery stores in Spain and Portugal, representing an investment volume of around €130 million, are currently under advanced acquisition review. The first acquisitions are planned for Q1 2026. Investments totaling €300 million are targeted by the end of 2026.
“With the launch of this fund in partnership with the Hahn Group, we are advancing our expansion strategy in investment management. We bring 35 years of international experience in cooperation with institutional investors and deep market knowledge in Southern Europe. The high resilience of the grocery retail sector—characterised by long-term leases, stable cash flows and frequent customer visits—provides the foundation for a sustainable income portfolio. Together with our partner Hahn, we are pleased to offer investors such an attractive and unique investment opportunity.”
Dr. Christoph Billwiller, Head of Investment Management at Sonae Sierra Germany and member of the management board.
7 Percent Target Return for Professional Investors
The open-ended special real estate fund is aimed at German professional investors. Positioned in the Core/Core-Plus risk category, the fund targets an annual return of more than 7 percent (IRR) for investors. Following the first closing, the Hahn Sierra Food Retail Fund remains open for additional subscriptions. With a minimum subscription of €30 million, the AIF is primarily targeted at insurance companies, pension schemes, occupational pension funds, and church institutions.
“For over 40 years, our investors have successfully invested in the German grocery retail sector. These investments traditionally offer high resilience and an excellent risk-return profile. We are now offering, for the first time, investments in the European grocery retail market, providing our institutional investors with broader geographic diversification. Spain, Portugal and Italy are highly attractive markets with above-average growth rates in Europe. By partnering with Sonae Sierra, we have secured a partner with comprehensive industry know-how and deep regional market knowledge. Combined with our capital markets expertise, this provides a promising foundation for success for the fund’s investors.”
Thomas Kuhlmann, CEO of the Hahn Group
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