Greenman acquires retail properties for more than €100m and continues to pursue growth strategy
Greenman is continuing to pursue its focused investment strategy. In Q3 2016 Greenman have acquired seven retail properties with a combined value of €101m. These were acquired in five separate transactions for three different AIFs they manage. The properties, include two hybrid centres (Berlin and Schleswig-Holstein), a Fachmarktzentrum (Hesse) and four supermarkets (Thuringia and Brandenburg), have a total let area of around 50,000 square metres.
John Wilkinson, CEO of Greenman Investments: “With further transactions slated for Q4 2016 we’re well placed to increase our assets under management to our target of €450 million by the end of this year. With our established network of project developers and history of sale and lease back transactions we have continued to secure a pipeline of attractive properties, a most important element to delivering growth in today’s competitive market”.
The transactions include the acquisition, from EDEKA Minden, of the Hansa Center in Berlin a recently remodelled hybrid centre, housing a large EDEKA E-Centre for a volume of c. €30m together with a new 15-year lease contract for the Centre’s entire 21,825 square metres of let area.
Greenman have also acquired, via a share deal, the CityCenter Ulzberg in Henstedt-Ulzberg, Schleswig-Holstein. The hybrid centre has a total let area of 12,250 square metres. Its anchor tenant is Kaufland. On average, the centre’s tenants have leases with a remaining term of 11.8 years.
The Hansa Centre and the City Center Ulzberg have both been acquired for the Income PRO AIF, which was launched for Middle Eastern investors in 2016.
Moreover, Greenman have acquired, for the Greenman OPEN AIF (an AIF which collects investment from Irish pension funds and well informed investors), a Fachmarktzentrum in Hanau, Hesse, with a total let area of 7,500 square metres. REWE, the food retailer, is the centre’s anchor tenant. The seller of the property is the project developer Concept Immobilien, who is currently refurbishing parts of the centre (built in 2001). Work is scheduled to end in the second quarter of 2017. The property, when completed will have a volume of over €20m.
A forward purchase of three REWE supermarkets with a combined total let area of 7,000 square metres, located in Geisa, Roßleben and Heldrungen, Thuringia, and currently under construction marks the first acquisition for Greenman Income TWO, Greenman’s latest AIF. The transaction, completed by way of a share deal, from the project developer Zehenter & Seidel Immobiliengesellschaft mbH, will close when the newly constructed centres are completed in December 2016.
Income TWO has also acquired, from EDEKA Minden by way of an asset deal, an EDEKA E-Markt in Mühlberg/Elbe, Brandenburg, with a total let area of around 1,500 square metres with a new 15-year lease term.
Bottermann Khorrami LLP, a law firm based in Berlin, advised the Irish investment company on the transactions.