Dublin-based Greenman Investments, as part of its continued expansion in the German asset management sector, has concluded negotiations with food retailer Edeka in a sale and lease back deal worth €95m.
The investment group has acquired a portfolio of 29 supermarkets, primarily in the Lower Saxony, Saxony and Berlin region, bringing Greenman’s assets under management to more than €250m.
Edeka is either the sole or majority tenant in all of the supermarket and shopping centres involved, and all relevant rental agreements were renegotiated or extended with an average remaining term of 15 years. The combined store space of all the properties is roughly 77,500 sq ft.
CEO of Greenman, John Wilkinson commented; “We are delighted to have secured such a large portfolio of such great quality.”
“We opted for Greenman because we want to work together with a professional investor with a wealth of experience in managing retail real estate in Germany,” added Volker Stracke, CEO of EDEKA-MIHA Immobilien-Service GmbH.
“As we will remain tenants in all of the properties, professional asset management is extremely important to us,” he concluded.
© 2015 - Checkout Magazine by Jenny Whelan.