Ireland's Greenman targeting €350m for German funds by next year

Irish real estate investment company Greenman Investments has been steadily building up its portfolio of German retail assets since the beginning of the year. Its latest deal was buying the Rhein-Wied-Center in Neuwied, near Koblenz, which it bought for about €20.12m in a share deal for its Greenman Retail Fund.

The Rhein-Wied-Center only re-opened this summer after major renovation work, initiated in part as a result of the demise of DIY chain Praktiker last year. Along with a whole new building added to the complex, the centre now offers a total of 8,800 sqm of retail space, of which 6,610 sqm is already taken up by the latest state-of-the art EDEKA E-Center as anchor grocery tenant.

The indefatigable John Wilkinson, who spearheads Greenman's German acquisition drive as CEO, said this was the sixth acquisition for the Greenaman Retail Investment Fund. “Together with the solid tenant structure, this acquisition hinged on the fact that the Rhein-Wied-Center is already a well-established shopping centre. The deal increases the investment fund volume to some €67m, and by the end of 2014, we intend to acquire two further retail properties with a total volume of roughly €39m.”



The Greenman Retail fund has a target volume of over €90m and is aimed at Irish pension funds and professional private investors, from which Greenman aims to raise a total of €50m. Two further retail investment funds are in the pipeline at the moment. Funds will continue to be managed via a Luxembourg-based SICAV investment vehicle. By December 2015, the Greenman Investments portfolio targets a total volume of over €350m.