Greenman Investments, an Irish real estate investment company, has received approval for its fund Greenman Income PRO from Luxembourg’s financial regulator, the CSSF.

Greenman Investments, an Irish real estate investment company, has received approval for its fund Greenman Income PRO from Luxembourg’s financial regulator, the CSSF.

Through this fund, Greenman plans to generate investment volume of €150 mln with an equity share of €100 mln. The focus of the fund’s investments is on German retail parks with renowned food retailers such as Edeka, Rewe and Kaufland as anchor tenants.

Income PRO marks the first time that Greenman is approaching institutional investors from Ireland, Germany, France, Belgium and Luxembourg.

In addition to Income PRO, the Irish investment company currently offers the Greenman Retail+ fund, which is geared towards Irish pension funds and professional private investors and aims to collect a total of €50 mln. The total target fund volume of €90 mln is also to be invested in German retail parks.

John Wilkinson, CEO of Greenman, said the company was now able to offer European institutional investors the opportunity to invest in retail parks in Germany, which he called an 'exciting' asset class. 'Thanks to our long-term experience in the German retail real estate market, we have a vast network of property developers and estate agents at our fingertips. As such, we have been able to establish a considerable purchase pipeline.'

Greenman has reviewed and analysed investment opportunities in retail parks with a volume of around €2.1 bn and a combined retail let area of 32 million m2 for its Retail+ and Income PRO funds over the past few months.

In February 2014, it became the first Irish owned investment company to receive full authorisation as an Alternative Investment Fund Manager (AIFM). It currently manages a portfolio worth €100 mln consisting of 18 retail parks across Germany with a total rental area of 72,000 m2.

Funds will continue to be managed via a Luxembourg-based SICAV investment vehicle. The company plans to increase the value of its assets under management to over €350 mln by December 2015.