30 Jul Greenman OPEN partners with MünchenerHyp on €17 million refinancing
Greenman OPEN (OPEN), Germany’s largest food-retail focused investment fund, has signed a new seven year debt facility for €17 million to refinance the Berlin Hansa-Centre, marking the fund’s first financing deal with MünchenerHyp.
The Hansa-Centre is located in the Berlin district of Hohenschönhausen and is a large hybrid centre anchored by EDEKA, Germany’s largest food retailer. The centre was acquired directly from EDEKA in 2016.
Neil Hennessy, Head of Debt Capital Markets for Greenman, comments: “We are delighted to have signed our first deal with MünchenerHyp, one of the most important and active players in the German real estate financing market, and secure a new long-term loan for a property that continues to be an excellent centre for our investors and the local community.”
Nicole Jürgensen, Head of Commercial Real Estate Clients International at MünchenerHyp, comments: “We are pleased to enter into a new partnership with Greenman with this transaction. The financing is part of our strategy to broaden the bank’s client base and provide our new clients with tailor-made financing solutions in our target markets.”
OPEN was represented by the Berlin law firm Bottermann Khorrami LLP.
OPEN follows a long-term buy and hold strategy, investing in German food-dominated retail parks and currently has €905 million of assets under management. The properties, all with long lease lengths, provide investors with regular, secure income.