The BBB- rating for the EUR 20m bond (6.25% 2012/17) is supported by the expected deleveraging of HAHN in 2015 and its market leadership position in the asset and property management of German retail parks. This is underpinned by broadly diversified EUR 2.5bn of assets under management with a sustainable investor base and HAHN’s relatively high profitability.

Negative rating factors include HAHN’s comparatively weak product diversification, dependence on new products, and relatively small size.

With a collateral package consisting of shares in funds held by HAHN valued at EUR 21m by year end 2014, the bonds’ recovery prospects are considered strong.

About HAHN-Immobilien-Beteiligungs AG
HAHN-Immobilien-Beteiligungs AG (“HAHN”), founded 1982, is a Bergisch-Gladbach based asset and investment manager specialising in large-scale retail parks. The company’s activities are focused on real estate-related services such as developing, letting, purchase and sale. HAHN also offers capital market-related services including fund conception, fund marketing and fund management for retail and institutional fund products.

The company issued approximately 170 funds since its inception and its current asset portfolio is valued at EUR 2.5bn.

Important information
Information pursuant to Regulation (EC) No 1060/2009 on credit rating agencies, as amended by Regulations (EU) No. 513/2011 and (EU) No. 462/2013

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The party responsible for the dissemination of the financial analysis is Scope Ratings AG, Berlin, District Court for Berlin (Charlottenburg) HRB 161306 B, Chief Executive Officer: Torsten Hinrichs.

The rating analysis has been prepared by Philipp Wass, Lead Analyst
Responsible for approving the rating: Dr. Stefan Bund, Committee Chair

Rating history of the EUR 20m (6.25% 2012/17) Corporate Bond of HAHN Immobilien-Beteiligungs AG
01.07.2015 I Withdrawal I n/a I n/a
01.07.2015 I Affirmation I BBB- I Stable
10.03.2015 I Downgrade I BBB- I Stable
17.09.2014 I Review for possible downgrade I A- I n/a
04.09.2013 I Affirmation I A- I Stable
05.09.2012 I Initial Rating I A- I Stable

The rating outlook indicates the most likely direction of the rating if the rating were to change within the next 12 to 18 months. A rating change is, however, not automatically ensured.

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Key sources of Information for the rating
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