German food-anchored retail real estate investment fund Greenman OPEN has expanded its portfolio in the country with the acquisition of ten EDEKA supermarkets for €60m.
The properties, with a total let area of 22,500m², are situated across Saxony, Bavaria and Thuringia.
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The transaction, known as the Chase portfolio, also includes a long-term sale-and-lease-back agreement.
It marks the second direct purchase from the EDEKA Nordbayern-Sachsen-Thüringen Group by OPEN following the acquisition of the Primus portfolio in 2023.
The supermarkets will be managed by Greenman’s subsidiary GFORM, which will oversee the long-term partnership with EDEKA on the ground.
GFORM CEO and representative of Greenman OPEN representative James McEvoy said: “We are delighted to be now entering into our second sale-and-lease-back agreement with EDEKA Nordbayern-Sachsen-Thürigen, and the seventh time with the broader EDEKA Group as Germany’s largest food retailer.
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By GlobalData“This sale and leaseback deal is fully equipped with green leases, and the properties fit perfectly into the fund’s steadily growing portfolio, ensuring long-term and stable income while increasing the fund’s overall WARLT [weighted average remaining lease term] by 8% and the rent to term by 13.5%.
“With the integration of this portfolio, we strengthen our investors’ access to attractive and stable returns while also supporting the fund and the goal of building a climate-neutral portfolio.”
The acquired properties align with the latest technical and sustainability standards.
Three of the supermarkets are already equipped with photovoltaic systems. Plans are in place for Greenman Energy to install rooftop solar panels and hypercharging stations for electric vehicles at the remaining seven locations.
Technical property management will be handled by another Greenman subsidiary, White Bird.
Norton Rose Fulbright in Frankfurt acted as the legal adviser for Greenman OPEN during the transaction.
