22 Dec Exceptional Centre in Tuttlingen joins Greenman OPEN’s operational portfolio
Last week, the developer and seller Schoofs Immobilien has successfully handed over the mixed-use hybrid centre in Tuttlingen to the grocery focused investment fund Greenman OPEN. The centre is located in the centre of Tuttlingen, an exceptional city in the South-West of Germany. It was acquired by the fund in 2020 and opened in Spring 2021. The property has a total lettable area of 9,413 sqm and a combined weighted average remaining lease term (WARLT) of circa 15 years. It is anchored by the food retailers REWE and ALDI with long-term leases of 15 years. The centre includes 150 parking spaces for bicycles and cars, as well as e-charging stations for e-cars and e-bikes, in addition to 70 residential units which are part of the asset.
The balance of retail and residential means that the site is optimally utilised and will enable a shopping experience in a central location which is relevant and sustainable for the long-term.
This is the second successful transaction, after Drehscheibe Homberg, that Greenman OPEN has closed with Schoofs Immobilien and forms the first of three acquisition’s from the Framework Agreement signed by the parties in June 2020.
The modern mixed-use, food dominated retail hybrid centre is an excellent addition to the existing portfolio, strengthens the partnership and the underling trust and commitment of both parties in working together to develop and build a long-term relationship.