German food-retail real estate manager Greenman has bought three fully-let retail parks for €90m on behalf of its fund.

The manager’s Greenman Open fund has bought a 33,145sqm retail centre in Sonneberg, a new 13,793sqm turnkey Rastal Centre in Höhr-Grenzhausen and a new supermarket located in Markneukirchen.

Greenman said the latest transaction increases the fund’s assets under management (AUM) to more than €1bn.

James McEvoy, head of acquisitions for Greenman, said: “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.

“Having surpassed our €1bn AUM target in 2021, we will continue to use our market-leading expertise in the German food retail sector to source the best opportunities for investors.”

McEvoy said the manager has a locked-in pipeline of assets in place to grow the fund further this year and is targeting to achieve €3bn AUM by 2027.

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