GREENMAN INVESTMENTS ACQUIRES TRIBSEER CENTER IN STRALSUND, GERMANY FOR RETAIL INVESTMENT FUND GREENMAN OPEN
- Purchase price approximately €18.8m
- REWE secured as anchor tenant, with further store space rented to Deichmann, dm and Takko Fashion
- The Fachmarktzentrum (the “Centre”) encompasses some 8,100 sqm of rental area and is currently undergoing a complete revamp
- First investment for Greenman OPEN; three further investments set to follow by the end of 2015
Berlin, 4 march 2015 – Irish real estate investment company Greenman Investments (“Greenman”) has acquired the Tribseer Center on Rostocker Chaussee in Stralsund (Mecklenburg-Western Pomerania). The total price of the Fachmarktzentrum stands at approximately €18.8m. This represents the first acquisition for the Greenman OPEN investment fund, Greenman’s first AIF, set up in july 2014. The transaction was completed as part of a share deal.
“We are really happy that the first investment for Greenman OPEN is in such a well-established Fachmarktzentrum,” said John Wilkinson, CEO of Greenman Investments. “Another pivotal aspect for this investment was that food retailer REWE will act as the anchor tenant, with a 40% share of store space.” Other tenants include Deichmann, dm Drogeriemarkt, Takko Fashion, jeans fritz, Dänisches Bettenlager and fressnapf.
The Tribseer Center is currently undergoing a complete revamp at the hands of Hamburg-based project management firm Concept-Immobilien Projektentwicklungs GmbH. The con-struction work is set to be completed in the fourth quarter of 2015, when the Fachmarktzentrum will re-open under the name ChausseeCenter. “The extensive regeneration programme here is geared towards making the Fachmarktzentrum, which was originally built in 1992, competitive on a sustainable basis moving forward,” explained Arne Hopmann, CEO of Concept-Immobilien.“ Aside from a complete redesign of the facade, we will also be renovating all store spaces and redeveloping the outdoor areas with over 200 parking spaces.” Concept-Immobilien and Greenman Investments are also planning to regenerate a number of other Fachmarktzentren over the coming 18 months.
The acquisition of the Tribseer Center marks a further milestone in Greenman’s expansion strategy in the German Fachmarktzentrum market. Two further acquisitions for the Greenman OPEN investment fund are planned in the first half of 2015. Between August and December 2014, the investment fund gathered some €22m from well informed investors in Ireland, with another €13m set to be raised by April 2015. By the end of the year, the fund is to generate a total investment volume of €70m.