Greenman OPEN has acquired the Biesdorf Centre in Berlin from a Cerberus affiliate company with an investment volume of c.€79m.

Constructed in 2003 the "Biesdorf Centre" (the “Centre”) consists of c. 32,200 m2 of let area with Kaufland occupying c. 12,500 m2 and meeting just over 40% of the centre’s annual rental obligations. The Centre was acquired as part of a portfolio by Cerberus in 2013 and since then, Cerberus have worked to improve the Centre’s tenant mix. A key development was the renegotiation of Kaufland’s lease with an extension to 2028 and an investment by Kaufland of €8.0m to €10.0m in store upgrades. Cerberus also added TK Maxx and Fit X in 2018, increasing the annual rental income by c. €570,000. In total Cerberus’ CAPEX totalled c. €9.0m.

John Wilkinson, CEO of Greenman Investments, said: “We’re delighted to add the Biesdorf Centre to Greenman OPEN’s portfolio and thus increase Greenman’s Assets under Management to c. €610m. Now it’s refurbished, it will contribute significant income to Greenman OPEN for the long term. It’s a perfect fit to our strategic policy of investing in food dominated retail centres and Hybrid centres and will be a pillar from which will drive further expansion plans both in Berlin and across Germany.” Wilkinson adds: “Currently there are more promising retail properties in our pipeline. For the third quarter of 2018 we anticipate further additions to Greenman OPEN with a volume of c. €140m.”

Greenman OPEN was represented by Bottermann Khorrami LLP; Mazars and Duff & Phelps, while Cerberus were represented by JLL and Goodwin LLP.

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