Hahn Gruppe and Sonae Sierra have completed the first acquisitions for the recently launched Hahn Sierra Food Retail Fund. The open-ended special AIF has acquired an Eroski hypermarket in San Sebastian, Spain, and two Continente supermarkets in Portugal. Options exist on two additional Continente stores in Portugal, with closing expected by year-end. Total investment volume across all five assets exceeds €70 million. A further portfolio valued at over €60 million is currently in exclusive negotiations.
“With the first acquisitions for our South Europe fund, we are sending a strong signal,” said Christoph Horbach, member of the board of Hahn Gruppe. “Only a few months after the fund launch, we have secured a high-quality initial portfolio that ideally reflects our investment strategy: prime food retail assets with creditworthy tenants, long-term leases, and a defensive income profile. With further promising properties under review, we are well on track to deliver the target return for our investors.”
“The launch of the Hahn Sierra Food Retail Fund and these acquisitions advance Sonae Sierra’s investment management strategy to significantly expand its footprint across Europe,” said Dr. Christoph Billwiller, Director Investment Management at Sonae Sierra. “As an international company with long-standing experience in investment management, a track record across multiple cycles, and partnerships with blue-chip investors, Sonae Sierra provides privileged access to attractive investment opportunities in Southern Europe with stable cash flows and long-term income visibility.”
The acquisitions demonstrate how the combined fund expertise of Hahn Gruppe and Sonae Sierra translates into concrete investments.
Eroski Hypermarket: Anchor Tenant at Northern Spain’s Leading Shopping Center
The Eroski hypermarket is located within the Garbera Shopping Centre in San Sebastian, the leading shopping center in the Basque Country and across Northern Spain. The asset offers approximately 14,800 sqm of lettable area and is operated by Eroski as a flagship location. Eroski is part of the Mondragon Group, Spain’s largest cooperative, and holds a market share of over 35% in food retail within the Basque Country. Originally built in 1997 and last refurbished in 2023, the property benefits from a strong catchment of more than 500,000 residents within a 30-minute drive time and above-average household purchasing power in the region.
Continente Portfolio in Portugal: Four Modern Neighborhood Stores
The portfolio, sourced through Magnify Partners, comprises four Continente Bom Dia supermarkets in Portugal with a combined lettable area of approximately 8,000 sqm. The two already-acquired stores are located in Benedita and Marinha Grande. Opened between 2025 and 2026, the assets are newly developed properties built to the highest energy efficiency standard (A+/NZEB). All four locations are tenanted by Sonae MC, Portugal’s leading food retailer, operating the stores under the Continente brand.
Defensive Income Profile with Long-Term Cash Flow Visibility
The five properties form a diversified initial portfolio spanning two countries and two leading food retailers. With a combined lettable area of over 22,800 sqm and a portfolio WAULT well in excess of 15 years, the acquisitions offer predictable, long-term cash flows and a defensive income profile. All assets are fully let to creditworthy tenants with leading market positions in their respective regions.
Hahn Sierra Food Retail Fund
The open-ended special AIF targets a total volume of approximately €600 million, investing in Southern European food retail assets across Portugal, Spain, and Italy. The fund is classified as an Article 8 fund under SFDR and incorporates environmental and social criteria into its investment strategy. At first closing, six institutional investors committed equity of approximately €150 million. The fund is positioned in the Core/Core-Plus risk category and remains open for subscriptions, with discussions ongoing with additional institutional investors.
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