Irish real estate investment manager Greenman Investments has acquired a €26.4m hybrid centre in Datteln, Germany for its Greenman Retail+ fund. The seller of the property in Datteln is a joint venture between the Düsseldorf-based company CONCEPTA Projektentwicklung GmbH and Black Horse Development GmbH.
Hybrid centres range in size between specialist retail parks (“Fachmarktzentren”) and larger retail centres. They are typically anchored by a large food retailer, and cover the entire range of food, near food, and non-food needs. Centrally located in small and medium-sized towns, they cater for demand from the surrounding areas not served by large shopping centres.
The property is leased to 20 tenants with a rental space comprising 10,000m². REWE, the main tenant, occupies approximately 24% of the rental space, followed by C&A with 15%. Datteln has roughly 34,000 inhabitants and is close to the city of Dortmund.
John Wilkinson, CEO of Greenman Investments said : “We are delighted that we have been able to further expand the Greenman Retail+ portfolio by adding a new, attractive property in Germany. The StadtGalerie Datteln is located in the heart of the city Datteln, on the busy Neumarkt Square. Its prime location is a major benefit of the property.”
Dr Björn Isenhöfer, Managing Director of CONCEPTA, commented on the transaction: “Greenman Investments is an experienced and established investor in the German retail property market. We are pleased that we were able to complete the transaction with Greenman quickly and professionally and are convinced that this property also offers investors attractive earnings potential in the long term.”
Greenman is systematically pursuing its expansion in the German “Fachmarktzentren”, retail park and hybrid centre market with its acquisition in Datteln, one of three acquisitions in 2015. In a separate joint venture deal, Greenman acquired 29 EDEKA stores with a total volume of €95m and 77,500 m² of store space for a fund in April 2015.
The Berlin law firm Bottermann Khorrami LLP acted as Greenman Investments’ legal advisors during the real estate acquisitions. JLL supported the purchasing process as an estate agent.
