Greenman adds third property to OPEN fund bringing the combined fund value to €67.8m
Greenman has acquired a new hybrid centre in the city of Kamen in North Rhine-Westphalia.
John Wilkinson, CEO of Greenman commented: "This very attractive inner-city property fits very well in the portfolio of our Greenman OPEN fund. The mix of tenants as well as the exceptional location in the pedestrian zone in Kamen's city centre convinced us to buy this property."
"Kamen Quadrat" is a new centre that opened on 16 July 2015. The property features a rental space of 7,730sqm. REWE, the main tenant has a share of 37% of the total rental space with NETTO, the second largest tenant, occupying 18%. Rossmann, Deichmann and six other tenants occupy the remaining space.
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.