Credit: Edeka

Greenman OPEN acquires three retail parks in Germany for €90 million

Greenman OPEN (OPEN) has acquired three retail parks for a combined value of c.€90 million, increasing the fund’s AUM to more than €1 billion.

The acquisition included retail center in Sonneberg on the Bavarian border. Fully occupied and anchored by Edeka Marktkauf, the retail park comprises 33,145 sq m of lettable space and is one of the largest assets in the fund portfolio, deriving 84% of its income from “essential” retailers, of which 60% is from grocery retailers.

The new turnkey Rastal Center in Hohr-Grenzhausen is the second acquisition from OPEN’s portfolio framework agreement with developer Schoofs Immobilien Frankfurt. With a total lettable area of 13,793 sq m, the fully occupied mixed-use hybrid center is anchored by Lidl and Aldi and let to 21 occupiers. The high weighted average remaining lease term (WARLT) of the center is 12.5 years.

The company has also purchased a brand-new supermarket located in Markneukirchen which is let to Edeka on a new 15-year lease term.

James McEvoy, Head of Acquisitions for Greenman, said: “Reaching €1 billion of AUM is a significant milestone. 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. We have a locked-in pipeline of assets in place to grow the fund further this year and are targeting to achieve €3 billion AUM by 2027.”

In line with OPEN’s ESG strategy to be carbon neutral by 2040, all newly acquired centers fit into the fund’s ESG framework. In Sonneberg, the center operates at a reduced energy consumption rate compared to the average for a property of its size and usage. Simultaneously, it is compatible with the company’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.

OPEN was represented by the Berlin law firm Bottermann Khorrami LLP, White & Case Frankfurt and Mayer Brown Frankfurt.

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