Greenman OPEN has acquired a portfolio of 10 standalone EDEKA supermarkets with a total let area of c. 22,500m2. The retail properties are located in the federal states of Saxony, Bavaria, and Thuringia. The deal, known as the portfolio “Chase” involves a long-term sale-and-lease-back agreement. Following the “Primus” portfolio acquired in 2023, this is now the second portfolio that OPEN has acquired directly from the EDEKA Nordbayern-Sachsen-Thuringen Group. The supermarkets will be handed over to Greenman subsidiary GFORM, the future manager of the assets, who will primarily manage the long-term relationship on the ground with EDEKA.
“We are delighted to be now entering into our second sale-and-lease-back agreement with EDEKA Nordbayern-Sachsen-Thurigen, and the seventh time with the broader EDEKA Group as Germany's largest food retailer. This demonstrates our long-standing partnership with EDEKA, which we continue to strengthen through a trusted collaboration,” said James McEvoy, CEO of GFORM and representative of Greenman OPEN. He further commented: “This sale and leaseback deal is fully equipped with Green Leases, and the properties fit perfectly into the fund’s steadily growing portfolio, ensuring long-term and stable income while increasing the fund’s overall WARLT by c. 8 % and the rent to term by c. 13.5%. With the integration of this portfolio, we strengthen our investors' access to attractive and stable returns while also supporting the fund and the Grocers' goal of building a climate-neutral portfolio.”
Stephan Kohler, Head of Strategic Real Estate and Portfolio Management at EDEKA Nordbayern-Sachsen-Thuringen, added: “The sale of this portfolio is part of our long-term financing strategy to secure our major projects in the areas of logistics and production as well as the development of our market portfolio. For our strategy in the area of development and portfolio optimisation in Northern Bavaria, Saxony and Thuringia, we rely on long-standing partners. We are very pleased about entering into another collaboration with Greenman OPEN, an excellent investor who shares our long-term visions and goals. At the same time, we can rely on the expertise and long-term commitment of GFORM as the manager of the properties."
The ten properties are modern assets meeting the latest technical and sustainability standards. Three of the supermarkets are already equipped with photovoltaic systems. For the remaining seven properties, Greenman’s subsidiary Greenman Energy plans to install rooftop solar panels and Hypercharging stations for electric vehicles in the future. Greenman’s subsidiary, White Bird, will handle the technical property management.
On the buyers’ side Norton Rose Fulbright Frankfurt provided legal support for the acquisitions and Drees & Sommer carried out the technical due diligence. The seller, EDEKA Nordbayern-Sachsen-Thüringen, was advised by JenAcon and the legal firm GrothmannGeiser.
Image source - Pexels.
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