Greenman Open, a Germany-focused food retail investment fund, has acquired three retail parks for a combined value of €90 mln, increasing the fund’s AUM to more than € 1bn.
The assets include a retail centre in Sonneberg on the Bavarian border which is fully occupied and anchored by Edeka Marktkauf. The retail park comprises 33,145 m2 of lettable space and is one of the largest assets in the fund portfolio.
Deriving 84% of its income from essential retailers, of which 60% is from grocery retailers, the centre has an average remaining lease term (WARLT) of nine years.
Open has also acquired the new turnkey Rastal Centre in Höhr-Grenzhausen, the second acquisition from Open’s portfolio framework agreement with developer Schoofs Immobilien Frankfurt.
With a total lettable area of 13,793 m2, the fully occupied mixed-use hybrid centre is anchored by Lidl and Aldi and let to 21 occupiers. The WARLT is 12.5 years.
The third asset is a brand-new supermarket located in Markneukirchen which is let to Edeka on a new 15-year lease term, and forms part of the developer framework agreement signed with Schröder.
In line with Open’s ESG strategy to be carbon neutral by 2040, all newly acquired centres fit into the fund’s ESG framework.
In Sonneberg, the centre operates at a reduced energy consumption rate compared to the average for a property of its size and usage. Simultaneously, it is compatible with OPEN’s plans to implement PV solar panels for renewable energy generation. The brand-new development in Höhr-Grenzhausen will be built to a minimum silver DGNB standard.
James McEvoy, head of acquisitions for Greenman, said: 'Reaching €1 bn of AUM is a significant milestone for the Open fund and underlines our sector expertise.
'As we grow further, we’re paying particular attention to ensuring that all Open’s assets are fit for the future shape of the grocery retail sector, incorporating ESG criteria, new technology and innovation to improve how physical assets support the grocery retail model of the future.'
Open was represented by the Berlin law firm Bottermann Khorrami LLP, White & Case Frankfurt and Mayer Brown Frankfurt.
