Greenman OPEN, Germany’s largest food retail-focused investment fund, has notarised the forward purchase of a new retail Centre in Homberg (Efze), Germany, for €35m from the developer, Schoofs Immobilien. On completion of the development, which is scheduled for November 2020, the property will be anchored by a REWE and an ALDI supermarket. In total, the 11,935m² property will be occupied by 17 tenants and have a combined weighted average remaining lease term (WARLT) of c.13 years.
Located next to the main high school in Homberg city centre, it is widely considered to be the best retail centre in the area, a fact which is highlighted by REWE’s decision to remain at the location and ALDI’s decision to relocate its current Homberg store to the new centre. This deal brings Greenman OPEN’s new acquisitions in 2019 to a total volume of €274m, estimated to be 7-8% of all transactions in Greenman OPEN’s asset class this year.
Commenting on the acquisitions, James McEvoy, Head of acquisitions at Greenman, said: “The addition of another REWE-anchored property complements the fund’s existing portfolio of real estate assets and heralds the beginning of a new relationship with Schoofs, one of Germany’s leading developers of food retail anchored neighbourhood centres and retail parks.”
Mr. Mohamed Younis, CEO of Schoofs Frankfurt, commented: “We are very satisfied to have Greenman as an investor and long-term property holder in one of our best products, which will change the whole city of Homberg and add a point of attraction.”
