Irish real estate investment manager Greenman Investments has acquired an inner-city retail property in North Rhine-Westfalia, Germany. The property is located in the city of Kamen, a town of 43,000 inhabitants close to Dortmund. The transaction was a share deal, with both parties having agreed to keep the sales price confidential.
John Wilkinson, CEO of Greenman Investments, commented: “This very attractive inner-city property fits very well in the portfolio of our fund “Greenman Retail+”. The anchor tenant, REWE, has signed a contract for 20 years, and the other contracts have terms of ten to 15 years. This makes the centre an extremely attractive investment in our view. The mix of tenants as well as the exceptional location in the pedestrian zone in Kamen’s city centre convinced us to buy this property. Kamen also offers the right framework conditions for retail. At 138.0, its retail centrality is way above the German average.”
‘Kamen Quadrat’ is a new centre that opened on 16 July 2015. The property features a rental space of 7,730m². REWE, the main tenant of ‘Kamen Quadrat’, has a 37% share of the total rental space. Netto is the second largest tenant, with approximately 18%. Rossmann, Deichmann and six other tenants occupy the remaining space.
Greenman is systematically pursuing its expansion in the German retail real estate market with its acquisition of the centre in Kamen and recently, a centre in the neighbour city of Datteln. The Greenman Retail+ fund now includes three properties in Stralsund, Datteln and Kamen, with a combined value of approximately €67.8m.
The Berlin law firm Bottermann Khorrami LLP acted as Greenman Investments’ legal advisors during the real estate acquisition. Dahlke Investment AG supported the purchasing process as an estate agent.
