German retail property investor Greenman Open has acquired a portfolio of 10 standalone Edeka supermarkets in Germany for €60 mln.
The retail properties with a total let area of 22,500 m2, are located in the federal states of Saxony, Bavaria, and Thuringia.
The Chase portfolio will be leased back by Edeka under a long term rental agreement
It is the second portfolio that Open has acquired directly from the Edeka Nordbayern-Sachsen-Thüringen Group following the acquisition of the “Primus” portfolio in 2023. The supermarkets will be handed over to Greenman subsidiary Gform, the future manager of the assets.
'This sale and leaseback deal is fully equipped with Green Leases, and the properties fit perfectly into the fund’s steadily growing portfolio, ensuring long-term and stable income while increasing the funds overall WARLT by c. 8 % and the rent to term by c. 13.5 %,' said James McEvoy, CEO of Gform and representative of Greenman Open.
Stephan Köhler, head of Strategic Real Estate and Portfolio Management at Edeka Nordbayern-Sachsen-Thüringen, added: 'The sale of this portfolio is part of our long-term financing strategy to secure our major projects in the areas of logistics and production as well as the development of our market portfolio. For our strategy in the area of development and portfolio optimisation in Northern Bavaria, Saxony and Thuringia, we rely on long-standing partners.'
The ten properties are modern assets meeting the latest technical and sustainability standards. Three of the supermarkets are already equipped with photovoltaic systems. For the remaining seven properties, Greenman’s subsidiary Greenman Energy plans to install rooftop solar panels and Hypercharging stations for electric vehicles in the future.
Greenman’s subsidiary, White Bird, will handle the technical property management.
