Greenman, an Irish-based asset manager focusing on retail parks across Germany, has acquired the Rhein-Wied-Center in Neuwied near the western city of Koblenz.
Greenman, an Irish-based asset manager focusing on retail parks across Germany, has acquired the Rhein-Wied-Center in Neuwied near the western city of Koblenz.
The acquisition for the Greenman retail fund took the form of a share deal valued at roughly €20 mln.
The Rhein-Wied-Center re-opened in the summer of 2014 after major renovation work. An existing building which formerly housed DIY hypermarket chain Praktiker was completely renovated and a new building was added.
The centre now offers 8,800 m2 of retail space, 6,610 m2 of which is already taken up by an Edeka E-Center. Other tenants include Rossmann, My Shoes, clothing retailers, a chemist and a travel agency.
'The purchase of the recently re-opened shopping centre in Neuwied marks the sixth acquisition for our Greenman retail investment fund,' said John Wilkinson, CEO of Greenman Investments. 'Together with the solid tenant structure, this acquisition hinged on the fact that the Rhein-Wied-Center is already a well established shopping centre.'
By the end of 2014, the company intends to acquire two further retail properties with a total volume of roughly €39 mln, Wilkinson added.
The Greenman retail fund has a target volume of over €90 mln and is aimed at Irish pension funds and professional private investors, from which Greenman aims to raise a total of €50 mln. Two further retail investment funds are in the pipeline at the moment.