Greenman acquires 29 German supermarkets for approx. €95 mln (DE)

Irish real estate investment company Greenman Investments has acquired a major portfolio from food retailer EDEKA containing 29 properties. The purchase price for the portfolio stands at €95 mln. EDEKA is the sole or majority tenant in all shopping centers and supermarket properties.The store space of all properties totals roughly 77,500 m². The vast majority of the properties are located in Saxony-Anhalt (14 properties) and Lower Saxony (ten properties). Five properties are spread across North Rhine-Westphalia and Berlin.
This transaction sees Greenman double its assets under management to €250 mln: “We are delighted to have secured such a large portfolio of such great quality,” said John Wilkinson, CEO of Greenman, after wrapping up the transaction. “This transaction is the result of twelve months of intensive negotiations between Greenman and EDEKA Minden-Hannover. Greenman has formed a new compartment within its Luxembourg-registered special fund, through which the portfolio is being acquired before being housed under the newly created “Income ONE” fund. WCM Beteiligungs- und Grundbesitz-AG (“WCM”) has an option to acquire a majority share of the portfolio.
The portfolio’s 29 properties include three large Fachmarktzentren with store space of 9,000 m² or more. These three properties account for approximately 41% of the portfolio’s annual rental yields and are rented exclusively to EDEKA. EDEKA will take responsibility for paying the entire rent, and sublet store space to other tenants. Greenman is planning to carry out extensive refurbishments and expand existing store space in five smaller centers with a total store space of between 1,000 and 3,000 m².
Source: Greenman Investments