OPEN acquires three Edeka markets for c €35 million
Greenman OPEN, one of the largest food-anchored retail real estate investment fund in Germany, has acquired three standalone Edeka markets with a total area of approximately 18,500 square meters. The properties are located in Weyhe in Lower Saxony, Taucha in Saxony and Freyburg in Saxony-Anhalt.. The cash & carry market in Weyhe, was acquired as part of an off-market, 20-year, sale and leaseback deal directly with EDEKA MiHa. The other two properties, acquired as forward turnkey deals, are let to EDEKA on 15-year leases. These two properties are part of the developer framework agreement that OPEN signed with developer, Schröder Holding, in 2021. Both assets will be handed over following completion in September and November this year.
“These properties are an excellent addition to the ever-growing Greenman OPEN portfolio as they will provide long-term essential income to OPEN while also supporting our net zero approach for the fund. The DGNB rated assets ensure that the properties are sustainable, energy and resource efficient, and future-proofed, providing long-term value not only for us as owner, but also for our tenants and the surrounding community”, said James McEvoy, Head of Acquisitions at Greenman. “This is our 5th successful sale-and-leaseback deal with one of Germany’s largest food retailers, it reaffirms our long-standing partnership with EDEKA MiHa, and we look forward to expanding on it in the future.”
Hermann Schröder, CEO Schröder Holding, adds: “We plan to complete and hand over the new DGNB Gold certified supermarkets in Taucha and Freyburg in the second half of the year. We appreciate Greenman as a competent and reliable partner. We have four more assets to deliver together as part of our developer framework agreement and look forward to completing these with Greenman by the year end.”