Irish food-retail investment specialist Greenman Open has arranged financing of €49.5 mln for a portfolio of Kaufland-anchored real estate assets from German banks Mittelbrandenburgische Sparkasse (MBS), Potsdam and Landesbank Baden Württemberg (LBBW).
The two banks formed a consortium with MBS as the mandated lead arranger. The five-year credit facility is secured against a five-asset portfolio purchased in December 2019 for Greenman Open. All assets are located in north-eastern Germany.
Greenman Open has €747 mln of assets under management, with the majority of assets being anchored by the Germany’s largest food retailers Edeka, Rewe or Kaufland.
Neil Hennessy, head of Debt Capital Markets for Greenman, commented: ‘We are delighted to have extended our relationship with MBS a long standing financing partner of Greenman and equally to have begun our first relationship with LBBW, one of the largest banks in Germany. The financing with two such renowned banking partners is excellent news for our investors.’