German specialist food retail real estate investment fund manager Greenman has agreed to acquire 33 Edeka MIHA-anchored retail properties for its Greenman Open fund in two separate deals with a combined value of €143 mln.
Greenman has acquired four properties from German supermarket group Edeka for €25 mln in a sale and lease back transaction. The new lease contracts have a weighted average unexpired lease term (WAULT) of 11.5 years. Three of the properties will be sub-let by Edeka to their cash and carry brand Mios.
Greenman has also purchased a portfolio of 29 Edeka supemarkets for a combined purchase price of €118 mln from TLG Immobilien. The properties are 100% occupied on long-term leases with an average WAULT of 11.28 years and in some cases include redevelopment provisions.
Including these acquisitions, Greenman has increased the volume of Greenman Open’s assets to €570 mln, making it Germany’s largest food retail focused investment fund.
'Our latest purchases for the Greenman Open fund complement our existing portfolio of food-dominated retail stores across Germany,' said Johnnie Wilkinson, CEO and executive director of Greenman Investments.
'This is our 4th sale and lease back transaction with Edeka and we look forward to developing our long-standing relationship and maximising the potential of this portfolio in the coming years,' Wilkinson added.
Greenman was advised by White & Case on the legal aspects of both deals, by Reag on the technical due diligence for both deals, by Mazars and Trinavis on the tax and structural aspects of the acquisitions.
