Following the success of its Germany-focused supermarket fund, investment manager Greenman is launching an open-ended vehicle that will invest in grocery-anchored real estate across Europe.
Greenman European Supermarkets (GES) is targeting a GAV of €500 mln by 2025, mainly via primary and secondary sale & lease back transactions. The fund recently made its first investment in a portfolio of six Carrefour supermarkets based in France, acquired through Greenman Arth, the group’s French investment fund manager.
GES gained regulatory approval last year and has collected initial subscriptions of around €10 mln. Although its primary focus is on supermarkets, it will also explore logistics and omni-channel grocery distribution assets as well as retail platforms across the EU.
Greenman said the pan-European vehicle aimed to replicate the success of its Greenman OPEN fund, which recently surpassed €1 bn of AUM, and build on its experience gained in the competitive German grocery market.
David O’Meara, head of distribution at Greenman, said: ‘We have had huge success with our flagship fund, Greenman OPEN, whose strategy is focused on food-anchored real estate located exclusively in Germany.
‘Europe’s grocery sector is evolving rapidly, which means retailers must be willing to invest in their businesses to stay relevant and are therefore being forced into considering their real estate requirements.
‘We believe that our experience in the selection, acquisition, and management of such assets in Europe’s most competitive grocery market, as well our established relationships with Europe’s top retailers and developers, mean that we are ideally placed to help investors take advantage of the many opportunities emerging at this time.’
GES is classified as a ‘light green’ fund under Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). Its sustainability focus will initially centre on energy independence through solar panel installations and sustainable food production via vertical farming.
