Greenman acquires a new Hybrid retail centre near Dortmund, Germany, for €26.4 million
Greenman has acquired a new property in the centre of Datteln for the OPEN fund.
John Wilkinson, the CEO of Greenman Investments commented: “We are delighted that we have been able to further expand the Greenman OPEN portfolio by adding a new, attractive property in Germany. The “StadtGalerie Datteln” is located in the heart of the city Datteln, on the busy Neumarkt Square. Its prime location is a major benefit of the property.”
The property is leased to a total of 20 tenants, with a rental space comprising of some 10,000 square metres. REWE is the anchor tenant, occupying around 24 percent of the rental space, followed by C&A with 15 percent. Datteln has roughly 34,000 inhabitants and is close to the major city of Dortmund.
The seller of the property in Datteln is a joint venture between the Düsseldorf-based company CONCEPTA Projektentwicklung GmbH and Black Horse Development GmbH. Dr Björn Isenhöfer, Managing Director of CONCEPTA, commented on the transaction:
“Greenman Investments is an experienced and established investor in the German retail property market. We are pleased that we were able to complete the transaction with Greenman quickly and professionally and are convinced that this property also offers investors attractive earnings potential in the long term.”
Greenman is systematically pursuing its expansion in the German “Fachmarktzentren”, retail park and hybrid centre market with its acquisition in Datteln, one of three acquisitions in 2015.
Hybrid centres range in size between specialist retail parks (“Fachmarktzentren”) and larger retail centres. They are typically anchored by a large food retailer, and cover the entire range of food, near food, and non-food needs. Centrally located in small and medium-sized towns they cater for demand from the surrounding areas not served by large shopping centres.
The Berlin law firm Bottermann Khorrami LLP acted as Greenman Investments’ legal advisors during the real estate acquisitions. JLL supported the purchasing process as a broker.
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