German food-retail focused investment fund Greenman Open has acquired a mixed-use hybrid centre in Tuttlingen, Baden- Württemberg from local developer Schoofs Immobilien for €31.7 mln.
It is the first acquisition within a framework agreement signed with Schoofs Immobilien earlier this year and comprising a total of three assets covering 29,650 m2 for €95.5 mln.
The mixed-use asset which will be completed by summer 2021 will be anchored by food retailers, Rewe and Aldi, on long-term 15-year leases. It also comprises 70 apartments.
Commenting on the acquisition, James McEvoy, head of Acquisitions at Greenman, said: ‘We are delighted to complete the acquisition of this exceptionally high quality retail centre, the first of three assets locked in as part of our framework agreement with Schoofs. “Our strong relationship with Schoofs has enabled us to continue to do deals and expand the fund’s footprint in challenging times. Our strong acquisition pipeline for the year end means we continue to be very optimistic in achieving a €1 bn AUM for Greenman OPEN by end of Q1 2021.’
Greenman OPEN was represented by Berlin-Based legal advisors BK-Law.