Irish real estate investment company Greenman Investments has acquired the Tribseer Center on Rostocker Chaussee in Stralsund. The total price of the Fachmarktzentrum stands at approx. €18.8 mln. This represents the first acquisition for the Greenman Retail+ investment fund, Greenman’s first AIF, set up in july 2014. The transaction was completed as part of a share deal.
“We are really happy that the first investment for Greenman Retail+ is in such a well-established Fachmarktzentrum,” said John Wilkinson, CEO of Greenman Investments. “Another pivotal aspect for this investment was that food retailer REWE will act as the anchor tenant, with a 40% share of store space.” Other tenants include Deichmann, dm Drogeriemarkt, Takko Fashion, jeans fritz, Dänisches Bettenlager and fressnapf.
The Tribseer Center is currently undergoing a complete revamp at the hands of Hamburg-based project management firm Concept-Immobilien Projektentwicklungs GmbH. The construction work is set to be completed in the fourth quarter of 2015, when the Fachmarktzentrum will re-open under the name ChausseeCenter.
The acquisition of the Tribseer Center marks a further milestone in Greenman’s expansion strategy in the German Fachmarktzentrum market. Two further acquisitions for the Greenman Retail+ investment fund are planned in the first half of 2015.