25 Feb OPEN agrees €49.5 million financing with MBS & LBBW
Greenman OPEN, Germany’s largest food retail-focused investment fund, has arranged financing of €49.5 million for a portfolio of Kaufland-anchored real estate assets from Mittelbrandenburgische Sparkasse (“MBS”), Potsdam and Landesbank Baden Württemberg (“LBBW”), Leipzig. The two banks formed a consortium with MBS as the Mandated Lead Arranger. The credit facility is for 5 years.
The 5 asset portfolio was purchased in December 2019 for Greenman OPEN. All assets are located in north-eastern Germany.
Greenman OPEN has €747 million of assets under management, with the majority of assets being anchored by Germany’s largest food retailers Edeka, REWE or Kaufland.
Neil Hennessy, Head of Debt Capital Markets for Greenman, comments: “We are delighted to have extended our relationship with MBS a long-standing financing partner of Greenman and equally to have begun our first relationship with LBBW, one of the largest banks in Germany. The financing with two such renowned banking partners is excellent news for our investors”.