Greenman snares Berlin's Biesdorf Centre from Cerberus for €79m

Irish real estate investment company Greenman Investments has bought a 32,200 sqm retail asset in Berlin from Cerberus for €79m.

Greenman said it bought Biesdorf Center from a Cerberus affiliate for its Greenman Open’s portfolio. Cerberus bought the asset as part of a portfolio in 2013. The center was built in 2003 and has retailer Kaufland occupying about 12,500 sqm. Cerberus had extended the lease with Kaufland until 2028 in the past years, while Kaufland also invested between €8m and €10m in upgrading its own outlet.

John Wilkinson, the CEO of Greenman Investments, said: “We’re delighted to add the Biesdorf Centre to Greenman Open’s portfolio and thus increase Greenman’s assets under management to around €610m.”

‘It’s a perfect fit to our strategic policy of investing in food-dominated retail centres and hybrid centres. This property will be a pillar from which will drive further expansion plans both in Berlin and across Germany,’ Wilkinson added.

Formed in December 2016, Greenman Open’s investment strategy is to grow a portfolio of German retail dominated commercial property whose tenants meet high levels of creditworthiness.

Wilkinson said the Biesdorf Centre is a perfect fit to Greenman OPEN fund’s strategic policy of investing in food dominated retail centres and hybrid centres and will be a pillar from which will drive further expansion plans both in Berlin and across Germany.

”Currently there are more promising retail properties in our pipeline. For the third quarter of 2018, we anticipate further additions to Greenman Open with a volume of €140m,” said Wilkinson.