German food-retail-focused real estate fund Greenman OPEN has added 10 supermarkets worth around €60m to its portfolio.
Greenman has acquired the 22,500sqm Chase portfolio of supermarkets located in the federal states of Saxony, Bavaria, and Thuringia in a sale and leaseback deal with Edeka Nordbayern-Sachsen-Thüringen.
Greenman said the supermarkets will be managed by its subsidiary Gform in a long-term relationship with supermarket chain Edeka.
The deal follows Greenman’s acquisition of the Primus portfolio in 2023 also from Edeka Nordbayern-Sachsen-Thüringen.
James McEvoy, CEO of Gform and representative of Greenman OPEN, said: “We are delighted to be now entering into our second sale-and-lease-back agreement with Edeka Nordbayern-Sachsen-Thürigen, and the seventh time with the broader Edeka Group as Germany’s largest food retailer.
“This demonstrates our long-standing partnership with Edeka, which we continue to strengthen through a trusted collaboration.”
Stephan Köhler, the head of strategic real estate and portfolio management at Edeka Nordbayern-Sachsen-Thüringen, said: “The sale of this portfolio is part of our long-term financing strategy to secure our major projects in the areas of logistics and production as well as the development of our market portfolio.
“For our strategy in the area of development and portfolio optimisation in Northern Bavaria, Saxony and Thuringia, we rely on long-standing partners. We are very pleased about entering into another collaboration with Greenman Open, an excellent investor who shares our long-term visions and goals. At the same time, we can rely on the expertise and long-term commitment of Gform as the manager of the properties.”
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