Irish alternative investment fund manager Greenman Investments has confirmed the acquisition of seven German retail properties with a combined value of 鈧�101 mln.
The assets were acquired in five separate transactions across Q3 2016 for three different alternative investment funds (AIFs) managed by Greenman. The properties include two hybrid centres (in Berlin and Schleswig-Holstein), a retail park (Hesse) and four supermarkets (Thuringia and Brandenburg), with a total lettable area of around 50,000 m2.
'With further transactions slated for Q4 2016 we鈥檙e well placed to increase our assets under management to our target of 鈧�450 mln by the end of this year,' said John Wilkinson, CEO of Greenman Investments. 'With our established network of project developers and history of sale and lease back transactions we have continued to secure a pipeline of attractive properties, a most important element to delivering growth in today鈥檚 competitive market.'
Two of the largest assets purchased, the Hansa Center in Berlin, comprising 21,825 m2 of lettable space, and the CityCenter Ulzberg in Henstedt-Ulzberg, have been acquired for the Income PRO AIF, which was launched for Middle Eastern investors in 2016. The other AIFs involved in the transactions are the Greenman Retail+ AIF and Greenman Income TWO, the company's latest AIF.
Bottermann Khorrami LLP, a law firm based in Berlin, advised the Irish investment company on the transactions.
