Irish investment group Greenman Open has inked the acquisition of five food-anchored retail properties with a combined purchase price of €112 mln.
The deal lifts the company's portfolio value to €707 mln, consolidating its position as Germany’s largest food-anchored retail property investment fund.
The newly acquired assets comprise a portfolio of five Kaufland-anchored properties with a total lettable area of 71,400 m2 in North East Germany with Kaufland meeting 74% of the portfolio’s annual rental income.
Commenting on the acquisitions, James McEvoy, head of Acquisitions for Greenman, said: 'By acquiring these, recently unloved, centres and extending our relationship with Kaufland we look forward to solidifying these centres’ position in their catchment for the long term.'
Greenman, with offices in Dublin, Berlin and Frankfurt, exclusively invests in German food dominated retail parks and food retail warehouses.