Greenman has agreed to acquire 33 Edeka MIHA-anchored retail properties for its Greenman OPEN fund in two separate deals with a combined value of €143m. Following these deals, Greenman has increased the volume of Greenman OPEN’s assets to c. €570m, making it Germany’s largest food retail-focused investment fund.
The company has acquired four properties from EDEKA MiHa for c. €25m in a sale and leaseback transaction. The new lease contracts vary in length but have a WARLT of 11.5 years. Three of the properties will be sub-let by EDEKA MiHa to their cash and carry brand MIOS. By acquiring the MIOS centres, Greenman OPEN now owns properties that span each of EDEKA’s operational brands.
Greenman OPEN has also purchased a portfolio of 29 EDEKA MiHa supermarkets for a combined purchase price of €118m from TLG Immobilien. The properties are 100% occupied on long-term leases with an average WARLT of 11.28 years and in some cases include redevelopment provisions.
Johnnie Wilkinson, CEO and Executive Director of Greenman Investments, commented: “Our latest purchases for the Greenman OPEN fund complement our existing portfolio of food-dominated retail stores across Germany. This is our 4th sale and leases back transaction with EDEKA MiHa and we look forward to developing our long-standing relationship with EDEKA and maximising the potential of this portfolio in the coming years”.
