Greenman OPEN has acquired three retail parks for a combined value of circa €90m. The newly purchased portfolio includes a retail centre in Sonneberg, Rastal Centre in Hohr-Grenzhausen, and a new supermarket located in Markneukirchen.
The retail centre in Sonneberg comprises 33,145m² of lettable space and is one of the largest assets in the fund portfolio. It is fully occupied and anchored by EDEKA Marktkauf. Deriving 84% of its income from “essential” retailers, of which 60% is from grocery retailers, the centre will generate consistent income over its long nine-year WARLT.
The new turnkey Rastal Centre in Hohr-Grenzhausen offers 13,793m², and is anchored by Lidl and Aldi. The high weighted average remaining lease term (WARLT) of the centre, 12.5 years, will ensure income generation for the fund for the long term.
The brand-new supermarket in Markneukirchen is also let to EDEKA on a new 15-year lease term and forms part of the developer framework agreement signed with Schroder.
In line with OPEN’s ESG strategy to be carbon neutral by 2040, all newly acquired centres fit into the fund’s ESG framework. In Sonneberg, the centre operates at a reduced energy consumption rate compared to the average for a property of its size and usage. Simultaneously, it is compatible with OPEN’s plans to implement PV solar panels for renewable energy generation. The brand-new development in Hohr-Grenzhausen will be built to a minimum silver DGNB standard.
Commenting on OPEN’s acquisitions and growth milestone, James McEvoy, Head of Acquisitions for Greenman, said: “Reaching €1bn of AUM is a significant milestone for the OPEN fund and underlines our sector expertise. As we grow further, we’re paying particular attention to ensuring that all OPEN’s assets are fit for the future shape of the grocery retail sector, incorporating ESG criteria, new technology and innovation to improve how physical assets support the grocery retail model of the future. Having surpassed our €1bn AUM target in 2021, we will continue to use our market-leading expertise in the German food retail sector to source the best opportunities for investors. We have a locked-in pipeline of assets in place to grow the fund further this year and are targeting to achieve €3bn AUM by 2027.”
