Greenman OPEN has notarised a deed to acquire 5 food-anchored retail properties with a combined purchase price of c. €112m, increasing its portfolio value to c. €707m and consolidating its position as Germany’s largest food retailer focused investment fund.
The newly acquired assets comprise a portfolio of 5 Kaufland-anchored properties with a total lettable area of c. 71,400m² in North-East Germany with Kaufland meeting c.74% of the portfolio’s annual rental income. The addition of five Kaufland-anchored properties in the latest transaction strengthens Greenman’s relationship with Kaufland who now become the fund’s third-largest tenant after EDEKA and REWE.
Commenting on the acquisitions, James McEvoy, Head of Acquisitions for Greenman, said: “By acquiring these, recently unloved, centres and extending our relationship with Kaufland we look forward to solidifying these centres’ position in their catchment for the long term”.
