Greenman Open snaps up three Edeka supermarkets for €35m

The properties, totaling 18,500 m2, are located in Weyhe in Lower Saxony, Taucha in Saxony and Freyburg in Saxony-Anhalt.

The cash & carry market in Weyhe, was acquired as part of an off-market, 20-year, sale and leaseback deal directly with Edeka MiHa.

The other two properties, acquired as forward turnkey deals, are let to Edeka on 15-year leases and are part of framework agreement signed with developer, Schröder Holding, in 2021.

Both assets will be handed over following completion in September and November this year.

James McEvoy, head of acquisitions at Greenman Open, said: ‘These properties are an excellent addition to the ever-growing Greenman Open portfolio as they will provide long-term essential income to Open while also supporting our net zero approach for the fund. The DGNB rated assets ensure that the properties are sustainable, energy and resource efficient, and future-proofed, providing long-term value not only for us as owner, but also for our tenants and the surrounding community. This is our 5th successful sale-and-leaseback deal with one of Germany’s largest food retailers, it reaffirms our long-standing partnership with Edeka MiHa, and we look forward to expanding on it in the future.’

Hermann Schröder, CEO Schröder Holding, added: ‘We plan to complete and hand over the new DGNB Gold certified supermarkets in Taucha and Freyburg in the second half of the year. We appreciate Greenman as a competent and reliable partner. We have four more assets to deliver together as part of our developer framework agreement and look forward to completing these with Greenman by the year end.’

Greenman subsidiaries Gform and White Bird will manage the properties after completion and handover in the areas of asset, property and technical management.

Greenman Energy will handle the planning of the PV systems and charging infrastructure.

White & Case Frankfurt provided legal support for the acquisitions.