Greenman OPEN has acquired a portfolio of six EDEKA supermarkets for circa €55m.Five of the retail properties are located in the Bavarian towns of Bad Windsheim, Hof, Kemnath, Marktleuthen and Zell am Main, while the sixth is located in Dresden, eastern Germany. The properties which total 20,660m², were acquired directly from EDEKA Northern Bavaria-Saxony-Thuringia under a brand-new long-term sale-and-leaseback agreement. As a result, this will have a positive impact by increasing the fund's overall WARLT by 7% and the rent to term by 12.5%. Greenman subsidiary, GFORM, will manage the properties going forward.As part of Greenman’s commitment to ensuring the sustainability of its properties, Greenman Energy will install photovoltaic systems and electric vehicle charging infrastructure at the assets, estimating that the rooftops will have a total annual electricity capacity of 1,000,000 kWh.
James McEvoy, Head of Acquisitions at Greenman, said: “We are delighted to be entering into our sixth sale-and-leaseback agreement with EDEKA, with whom we share a long-standing partnership and a vision for a carbon neutral future. With a total combined catchment population of c. 500,000, this acquisition complements the expanding Greenman OPEN portfolio and provides long-term and secure income for investors in the fund. As part of our ongoing commitment to creating a net-zero portfolio, the properties will be equipped with solar panels and hyper-charging infrastructure by our sister company Greenman Energy, as well as operating with green leases”.
Stephan Kohler, Head of Strategic Real Estate and Portfolio Management at EDEKA Northern Bavaria-Saxony-Thuringia, added: "For our expansion strategy in Northern Bavaria we rely on proven cooperation partners. The sale-and-leaseback agreement with Greenman allows us to continue to focus on our core competencies and our sustainable development in the region. Crucial to this is our holistic and sustainable view on properties. We are delighted with this deal with Greenman, to expand our partnership further with a very strong, specialised, and reliable partner who shares the same long-term vision and goals as us.”
