Greenman Open, a German food-retail focused investment fund, has entered into a €46 mln framework agreement with Schroder Holding, a German developer, securing the rights to acquire seven new standalone Edeka supermarkets.
Located in strong catchment areas in East Germany, the properties are all pre-let to Edeka on 15-year leases and are set to be delivered between 2021 and 2023.
This is the second developer framework agreement that Greenman Open has signed in the past year.
Commenting on the agreement, James McEvoy, head of acquisitions at Greenman, said: 'This latest agreement is a key part of our strategy to strengthen and maintain our investment pipeline while assuring the high quality of assets in the Greenman Open fund. During the pandemic, the resilience of food retail and other essential retail anchored assets has resulted in heightened interest in the sector from domestic and international investors, which means it has become more important than ever for us to leverage our market experience and extensive relationships with developers to access off-market deals.'
He added: 'Entering into framework agreements such as this one with Schroder and the recent agreement with Schoofs last year, allows both sides to better achieve forward planning and pricing security.'
