Greenman OPEN, Germany’s largest food retail-focused investment fund, has purchased a planned retail development in the city of Homberg, Germany.
The deal price was €35 mln. The vendor in the transaction was the developer, Schoofs Immobilien.
The asset is slated for completion in November 2020 and will comprise 11,935 m2, with 17 tenants and a combined weighted average remaining lease term of around 13 years.
Welcoming the acquisition, James McEvoy, head of acquisitions at Greenman, said: ‘The addition of another REWE-anchored property complements the fund’s existing portfolio of real estate assets and heralds the beginning of a new relationship with Schoofs, one of Germany’s leading developers of food retail anchored neighbourhood centres and retail parks.’
Mohamed Younis, CEO of the seller, Schoofs Frankfurt, commented: ‘We are very satisfied to have Greenman as an investor and long-term property holder in one of our best products, which will change the whole city of Homberg and add a point of attraction.’
Greenman was represented by Berlin-Based legal advisors BK-Law.
