Greenman Investments acquire Berlin retail centre for €79m (DE)

Greenman Investments acquire Berlin retail centre for €79m (DE)

Greenman Investments has acquired the Biesdorf Centre in Biesdorf, Berlin for c. €79m. Built in 2003 the Biesdorf Centre compromises c. 32,200m² of GLA with Kaufland occupying c. 12,500m² and meeting just over 40% of the centre’s annual rental obligations. Cerberus purchased the property as part of a portfolio in 2013 and since then 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 €8m to €10m 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 approximated €9m.

 

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 for 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. 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 was represented by JLL and Goodwin LLP.

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