Credit: Schoofs
Credit: Schoofs

GREENMAN OPEN AND SCHOOFS REAL ESTATE TO DEVELOP 215 MILLION EUROS OF MIXED-USE ASSETS IN GERMANY

Greenman OPEN with more than a billion euro worth of assets under the management of one of the biggest investment funds in Germany with a focus on food retailers, plans the opening of mixed-use retail parks which will possess an overall volume of around 215 million euros in partnership with Schoofs Real Estate Frankfurt.

The project developer aims to establish 11 properties nearby German big cities until 2025 with a positive population development. The locations will be situated in the states Hessen, Rhineland-Palatinate, Baden-Württemberg, Bayern and Saxony.

Anchor tenants of the objects will be the systemically relevant food retailers such as Edeka, Rewe, Aldi South and Tegut supermarkets; with a lease term of 15 years. Adittionally, the assets will also include around 200 residential apartments. With the combination of food retail and reasidential construction, Greenman OPEN will contribute to meet the need for the growing demand of living space in fast-growing suburban areas. A DGNB-Gold-Certificate is aspired for the objects, due to OPENs long-term goal of furthering its CO2 neutrality until 2040.

James McEvoy, Head of Acquisitions on Greenman says: “We are continuing our successful cooperation with Schoofs with the newest contract conclusion. Because the European economy is continuously burdened with increasing inflation and interest rates, the food retail market stays as a stabile asset class, which offers a long-term income combined with typically 15-year-long contracts coupled with the increasing consumer price index.”

Mohamed Younis, Manager of Schoofs Real Estate Frankfurt, comments: “In times like this it is important for us that we have partners on our side such as Greenman, who know their way around retail parks and want to broaden their fond portfolios. We are pleased for the collaboration with Greenman OPEN and the added value which these 11 new contructions will create.

Greenman OPEN was represented by BKLAW Bottermann Khorrami Rechtsanwälte PartGbB and Schoofs Immobilien Frankfurt by Oppenhoff & Partner Rechtsanwälte Steuerberater mbB.

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