Greenman Investments has bought a 32,200sqm retail asset in Berlin from Cerberus for around €79m.
The Irish real estate investment company said it bought Biesdorf Center from a Cerberus affiliate for its Greenman Open’s portfolio. Cerberus bought the asset as part of a portfolio in 2013.
John Wilkinson, the CEO of Greenman Investments, said: “We’re delighted to add the Biesdorf Centre to Greenman Open’s portfolio and thus increase Greenman’s assets under management to around €610m.”
Formed in December 2016, Greenman Open’s investment strategy is to grow a portfolio of German retail dominated commercial property whose tenants meet high levels of creditworthiness.
Wilkinson said the Biesdorf Centre is a perfect fit to Greenman OPEN fund’s strategic policy of investing in food dominated retail centres and hybrid centres and will be a pillar from which will drive further expansion plans both in Berlin and across Germany.
”Currently there are more promising retail properties in our pipeline. For the third quarter of 2018, we anticipate further additions to Greenman Open with a volume of €140m.”