Irish real estate investment company Greenman Investments has opened an office in Berlin which will serve as a base for its German property management operations.
Irish real estate investment company Greenman Investments has opened an office in Berlin which will serve as a base for its German property management operations.
Greenman specialises in investments in German retail parks. It is currently preparing two retail real estate investment funds, Greenman Retail+ and Greenman Income PRO, both of which will invest in German retail parks.
Since March, Greenman has reviewed a range of investments with a total volume of over €2.1 bn in the run-up to the first closing of Retail+ and Income PRO. Of the potential investments, Greenman has singled out one portfolio of retail parks with a total volume of €78 mln, which is set to be acquired in the final quarter of 2014.
The Retail+ fund has a target volume of over €90 mln and is aimed at Irish pension funds and professional private investors, from which Greenman aims to raise a total of €50 mln.
In addition, Greenman has received authorisation from Luxembourg financial regulator CSSF for the Income PRO fund, which is initially aimed at institutional investors from Ireland, Germany, France, Belgium, Luxembourg, Denmark, the Netherlands, Italy and Spain. Greenman plans to generate an investment volume of around €250 mln.
Two further retail investment funds are in the pipeline for 2014. Greenman aims to increase the value of its assets under management to over €500 mln by December 2015.
‘We are proud to open our new German headquarters in the centre of Berlin,’ said John Wilkinson, CEO of Greenman Investment. ‘This is a testament to our commitment in developing our 360 degree view of all aspects of our real estate portfolios. The proximity Berlin offers us is a major advantage.’
Greenman will expand the Berlin team to seven full-time employees by the end of 2015 in order to provide support to the investment team, Wilkinson added.