Greenman OPEN Acquires Portfolio of 10 EDEKA Supermarkets for Approximately 60 Million Euros

Greenman OPEN Acquires Portfolio of 10 EDEKA Supermarkets for Approximately 60 Million Euros

Greenman OPEN, one of Germany’s largest food-anchored retail real estate investment funds and Europe’s largest Article 9 Real Estate Fund, has acquired a portfolio of 10 standalone EDEKA supermarkets with a total let area of approximately 22,500 square meters. The retail properties are located in the federal states of Saxony, Bavaria, and Thuringia. The deal, known as the portfolio “Chase” involves a long-term sale-and-lease-back agreement. Following the “Primus” portfolio acquired in 2023, this is now the second portfolio that OPEN has acquired directly from the EDEKA Nordbayern-Sachsen-Thüringen Group. The supermarkets will be handed over to Greenman subsidiary GFORMthe future manager of the assets, who will primarily manage the long-term relationship on the ground with EDEKA.

“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. This demonstrates our long-standing partnership with EDEKA, which we continue to strengthen through a trusted collaboration.” said James McEvoy, CEO of GFORM and representative of Greenman OPEN. He further comments: “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 funds overall WARLT by c. 8 % and the rent to term by c. 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 Grocers goal of building a climate-neutral portfolio.”

Stephan Köhler, Head of Strategic Real Estate and Portfolio Management at EDEKA Nordbayern-Sachsen-Thüringen, added: “The sale of this portfolio is part of our long-term financing strategy to secure our major projects in the areas of logistics and production as well as the development of our market portfolio. For our strategy in the area of development and portfolio optimisation in Northern Bavaria, Saxony and Thuringia, we rely on long-standing partners. We are very pleased about entering into another collaboration with Greenman OPEN, an excellent investor who shares our long-term visions and goals. At the same time, we can rely on the expertise and long-term commitment of GFORM as the manager of the properties.”

The ten properties are modern assets meeting the latest technical and sustainability standards. Three of the supermarkets are already equipped with photovoltaic systems. For the remaining seven properties, Greenman’s subsidiary Greenman Energy plans to install rooftop solar panels and Hypercharging stations for electric vehicles in the future. Greenman’s subsidiary, White Bird, will handle the technical property management.

As a certified Article 9 fund under the EU Sustainable Finance Disclosure Regulation, ESG factors play a crucial role in GM OPEN’s investment and development processes, ensuring the future security of investments. The fund is increasingly investing in sustainable properties to achieve its goal of becoming climate neutral by 2050. Currently, GM OPEN has assets worth 1.21 billion euros. The fund’s properties are let on a long-term basis, offering investors regular and secure income.

On the buyers’ side Norton Rose Fulbright Frankfurt provided legal support for the acquisitions and Drees & Sommer carried out the technical due diligence. The seller, EDEKA Nordbayern-Sachsen-Thüringen, was advised by JenAcon and the legal firm GrothmannGeiser.