Greenman Investments, a Dublin-based property firm that targets German retail outlets, has bought seven properties in five separate deals for more than €100 million.
Greenman invests directly in property, both alone and in joint ventures, but acts mainly as the asset manager for several property funds it operates, specialising in German retail and grocery outlets.
In recent weeks, the group has bought four supermarkets, two "hybrid" mixed retail centres and a fachmarktzentrum, a type of German neighbourhood shopping centre usually anchored by a discount food retailer.
The company has been in acquisition mode for more than 18 months, and says it intends to continue its buying spree. Last November, assets it owned or had under management were valued at €300 million. That rises to €395 million after the latest clutch of deals.
Greenman says it will reach its target of €450 million worth of assets under management by the end of this year.
For its Greenman Retail+ AIF (alternative investment fund), whose backers includes Irish pension funds, Greenman recently acquired a fachmarktzentrum anchored by discount grocer REWE near Frankfurt.
The centre is currently undergoing a revamp that will be completed by the middle of next year.
Its Income Pro AIF, which is financed by wealthy Middle Eastern investors, has bought a hybrid centre in Berlin from Edeka, the largest supermarket group in Germany, for €30 million. Edeka will remain as anchor tenant for 15 years.
Greenman also bought another hybrid centre north of Hamburg, which anchored by Lidl’s sister company Kaufland, for the Income Pro fund.
It has also bought three REWE supermarkets in the area between Frankfurt and Hanover, which will be housed in its newest Germany-focused fund, Greenman Income Two. The supermarkets are currently under construction. The fund has also purchased a supermarket from Edeka in the same region.
Catherine Choo, the firm's marketing director, says Greenman has a substantial "locked-in" pipeline of assets.
She maintained that Irish investors are once again seriously interested in buying German property, after a hiatus during the crash.
“People are attracted to the fundamentals of the country, especially with this asset class,” she said.
Greenman specifically targets fachmarktzentrum and other types of retail outlets, often buying them on sale and leaseback deals, giving the firm a guaranteed sitting tenant.
As well as raising cash from investors in Ireland and across Europe in its regulated funds, it has also raised funds in the Middle East in conjunction with UK-based Islamic Finance house, River Crossing.
