Greenman Investments has announced the first close and acquisitions on behalf of its latest German retail property fund that is backed by private investors based in the Middle East.
Greenman Investments has announced the first close and acquisitions on behalf of its latest German retail property fund that is backed by private investors based in the Middle East.
The Greenman IncomePRO fund is a cooperation between Greenman Investments, a Dublin-based German property investor and RiverCrossing, an investment firm focused on Islamic-compliant investments.
The fund has raised €31 mln in its first close. The commitments are from RiverCrossing’s network of family offices and UHNWIs from the Middle East. The money will be used to acquire three German retail properties in core-plus and value-add categories. The total investment will amount to €70 mln.
IncomePRO is Greenman’s third fund under Luxembourg law after “Retail+” and “IncomeOne”.
Asim Zafar, CEO at RiverCrossing, said: 'Greenman funds offer our investors the opportunity to invest in retail properties in Europe’s strongest economy and to generate attractive ongoing returns. We are confident that this is the first of several deals between Greenman and ourselves.'
