Greenman has partnered with the private equity firm, Quilvest Real Estate in a new joint venture to acquire a hybrid centre in North Rhine-Westphalia for close to €30 million.
The Rheinberg Passage is a hybrid shopping centre located in the city of Bergisch Gladbach in North Rhine-Westphalia. Greenman intend to redevelop the centre and reposition the tenant structure to focus on food retail which will meet the growing consumer trend for for a better gastronomical experience and a demand for a wider variety of groceries and retail options.
John Wilkinson, CEO of Greenman Investments, said: “In RheinBerg Passage, we have acquired an attractive property in a superb high-street location that comes with a high value-add potential. We are firmly convinced that our strategic approach will help to enhance the quality of stay at the arcade and boost the appeal of the inner city in a sustainable way.” Bergisch Gladbach has a population of around 110,000 residents and lies on the right bank of the Rhine, across from Cologne. With a purchasing power index of 116.9, the city has a higher spending power than most other German cities.
Wilkinson continued: “The new concept for the RheinBerg Passage scheme focuses primarily on food retailing. From our point of view, this would match the growing demand for a wider variety of groceries in shopping centres. We would like to thank MEAG for the smooth transaction and look forward to working closely with Quilvest Real Estate to implement our strategy.”
Marc Manasterski, Global Head of Quilvest Real Estate, stated: "This is our third acquisition in Germany in the last 18 months. It is an exciting property in an attractive location, and we are convinced that Greenman’s know-how in the German retail real estate market will make it a success. We look forward to working together."
Legal counsel to Greenman Investments & Quilvest Private Equity in conjunction with the acquisition was provided by the Berlin-based legal firm of Bottermann Khorrami LLP. Axcit Capital Partners facilitated the acquisition process in the role of debt advisor. Tenzing partners facilitated the acquisition process in the role of M&A advisor and JLL acted as an advisory to MEAG on the sale.
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