German food-retail-focused real estate fund Greenman OPEN has appointed Schoofs Immobilien to develop €215m worth of mixed-use assets in Germany.
The 11 properties being developed will be anchored by EDEKA, REWE, ALDI Süd and Tegut supermarkets and are scheduled for completion by 2025. The assets will also include around 200 residential apartments.
The assets are located near large cities with growing populations in Hesse, Rhineland-Palatinate, Baden-Württemberg, Bavaria and Saxony.
James McEvoy, the head of acquisitions at Greenman, said: “This latest collaboration marks an evolution in our successful relationship with Schoofs. By working with specialist retail developers in this way, Greenman OPEN is able to secure assets that suit our anchor tenants and are future-proofed to meet both their and our sustainability goals.
“As the European economy continues to be buffeted by rising inflation and interest rates, grocery-anchored retail remains a stable asset class, providing long-dated income from typically 15-year consumer price index linked upward only lease agreements.”
Mohamed Younis, managing director of Schoofs Immobilien Frankfurt, said: “We look forward to working with Greenman OPEN on the development of these 11 grocery-anchored mixed-use assets.
“It’s important for us at times like these to have a partner like Greenman by our side who understands grocery assets and is keen to continue expanding its fund portfolio.”
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