The "Fokus Norddeutschland Fonds", a new KanAm Grund Group special fund for institutional investors set up by the end of June, has purchased its first property in Hamburg, Germany. Located in Volksdorf district, the asset, known as "Unser Viertel" includes a supermarket, retail outlets, offices, doctors' surgeries and a municipal library. The property was originally conceived purely as a shopping centre, having been later repositioned as a centre offering local services, amenities and retail outlets.
Volksdorf is marked by an affluent population profile. During a Germany-wide survey in 2013, the local unemployment rate recorded 2.6%, classed the region as having full employment. The surroundings of the property are dominated by single-family homes requiring local services and amenities. The concept of a grocery store (Edeka), the local branch of the public library, doctors' and healthcare surgeries, accountants and consultancies under one roof with underground parking facilities has had a very positive uptake. The vendor of the property is a fund affiliated with MCAP Global Finance, the European subsidiary of New-York headquartered Marathon Asset Management. It has been agreed to keep the purchase price confidential.
