Greenman move to enhance fund flexibility for investors

The Irish-headquarterd alternative investment fund manager Greenman Investments, focused on German 'Fachmarktzentren', is about to convert its “Greenman Retail+” closed-end fund (AIF) under Luxembourg law into an open-ended investment fund called “Greenman Open”, likewise under Luxembourg law, in a move which has already been approved by over 90% of the fund's current investors.

The newly converted fund will enhance investors' flexibility, giving them the option to subscribe to the fund on a quarterly basis or to redeem their shares quarterly. Distributions will also take place regularly on a quarterly basis. The investment fund will target a cash-on-cash return of 5.5% and an annualised total return of 8.0%.

According to John Wilkinson, CEO of Greenman Investments, “The high percentage of investors who voted in agreement of our strategy reflects the current investment climate where investors are seeking consistent returns. With about 67% of our portfolio let to Germany's leading food retailers on long term leases, our investors are very confident that we can deliver the returns that they expect.”

For 2017, the acquisitive Greenman Open is planning to buy further retail parks, hybrid centres and supermarkets to the volume of about €190m, adding to its existing portfolio of 8 objects which have a combined lettable area of 48,410 sqm. In the second half of next year Greenman as an AIFM is expanding its investor base and will use its passport to market to investors in France, the Netherlands and Scandinavia.