25 Feb OPEN Acquires New Hybrid Centre in Homberg
Greenman OPEN has notarised a deed to acquire a new retail Centre by way of a forward purchase transaction, in Homberg (Efze), Germany. The centre which is under construction is expected to be completed in Nov 2020 and will be anchored by REWE and ALDI. The seller and developer of this project is Schoofs Immobilien GmbH Frankfurt. The purchase volume is c. €35 million.
The 11,935 sqm Homberg property will be occupied by 15 other tenants and on completion will have with a combined weighted average remaining lease term (WARLT) of circa. 13 years.
Located in the city centre next to the main high school, it is considered the best located retail centre in Homberg and evidence of this is demonstrated by Rewe’s decision to remain at the location and Aldi’s decision to relocate its current Homberg store to the new centre.
This deal brings Greenman OPEN’s new acquisitions in 2019 to a total volume of €274m, estimated to be 7-8% of all transactions in Greenman OPEN’s asset class this year.
Commenting on the acquisitions, James McEvoy, Head of acquisitions at Greenman, says: “The addition of another REWE-anchored property complements the fund’s existing portfolio of real estate assets and heralds the beginning of a new relationship with one of Germany’s leading developers of food retail anchored neighbourhood centres and retail parks.. “We are very satisfied to have Greenman as an investor and long-term property holder for one of our best products which will change the whole city of Homberg and add a point of attraction,” commented Mr. Mohamed Younis, CEO of Schoofs Frankfurt.
Greenman were represented by Berlin Based legal advisors BK-Law. Dr. Esfandiar Khorrami, lawyer and partner at BK-Law, says: “We have been working with Greenman OPEN since they entered the German market in 2007 and have advised the investment firm on many transactions, primarily on the financing and structuring of purchases. We are pleased to have been able to contribute to the successful closing of their most recent transaction in Homberg”.