Greenman, HypoVereinsbank team up on retail park scheme

Greenman OPEN (GMO), one of the largest food retail-focused investment funds in Germany, says it has struck an agreement with a German national bank to help finance the acquisition of a new retail park in the country.

Greenman, which is assembling a portfolio of close to €1 bn of assets, and HypoVereinsbank, part of UniCredit Bank, say they have struck a five-year deal for a 'forward fixing' loan. It is the first time Greenman and HypoVereinsbank have agreed to invest together.

The asset to be developed will be anchored by a REWE store and measures 4,700 m2 with an average lease term of 13.3 years. The park, which is located in the northern town of Wittenberge, is planned to open next month.

Attending Expo Real, HypoVereinsbank said it was particularly exciting to be able to help shape the first face-to-face event after the ‘corona break’. The team at the trade event is being led by Christian Federspieler, head of real estate Germany.

Commenting on the financing deal with Greenman, Manfred Drießen, a finance professional at the bank, said: ‘We are delighted to partner with investment and food retail specialist Greenman and to be playing our part in delivering a flagship retail project with sustainability in mind.’

Neil Hennessy, head of debt capital markets at Greenman, added: ‘We are delighted to have gained another long-established financing partner in HypoVereinsbank. With the addition of the retail park in Wittenberge to GMO's portfolio, we are not only adding value for our investors, but also for society and the environment at the same time.’