25 Feb OPEN Agrees €61.5m Financing with Helaba
Greenman OPEN, Germany’s largest food retail-focused investment fund, has arranged financing of €61.5 million for a large portfolio of Edeka-anchored real estate assets from Helaba, the German commercial bank. The loan from Helaba has a term of 8.5 years.
The Edeka-anchored properties were purchased in March 2019 from TLG IMMOBILIEN and are spread across Germany. All the Edeka properties are 100% occupied on long-term leases with an average WARLT of 10 years.
Greenman OPEN has €747 million of assets under management, with Edeka being the largest tenant within the fund.
Neil Hennessy, Head of Debt Capital Markets for Greenman, comments: “We are delighted to have extended our relationship with Helaba, one of the largest real estate lenders in Germany.The financing with such a renowned bank is excellent news for our investors”.
Anja Peter, Key Account Manager at Helaba, comments: “We have enjoyed working constructively with Neil Hennessy and the team at Greenman. We look forward to continuing our business relationship with this new transaction”.