Greenman acquires retail park in northern Germany

Irish property investor Greenman Investments has acquired a retail park in the north German Hanseatic city of Stralsund for around €18.8 mln.

The deal represents the first acquisition for the Greenman Retail+ investment fund, Greenman’s first AIF which was set up in july 2014. The transaction was completed as part of a share deal.

The Tribseer Center is undergoing a full revamp which is being carried out by Hamburg-based project management firm Concept-Immobilien Projektentwicklungs. Construction work is due to be completed in the fourth quarter of 2015, when the property will reopen under the name ChausseeCenter.

On reopening, food retailer Rewe will act as the anchor tenant with a 40% share of the store space. Other tenants include Deichmann, chemist dm Drogeriemarkt, Takko Fashion and Dänisches Bettenlager.

Greenman said two further acquisitions for the Greenman Retail+ investment fund are planned in the first half of 2015. Between August and December 2014, the fund collected around €22 mln from investors in Ireland, with another €13 mln set to be raised by April 2015. By the end of the year, the fund is expected to generate a total investment volume of €70 mln.