25 Feb OPEN Agrees New Debt Facility with Wüstenrot
Greenman, the specialist real estate and investment fund manager, has agreed a new debt facility with Germany-based Wüstenrot Bausparkasse for a mixed-use food retail and residential asset that is in development and that it recently acquired for the Greenman OPEN fund.
The asset will consist of a neighbourhood retail centre anchored by REWE and ALDI, both on 15-year leases, as well as 71 residential apartments, located in the city of Tuttlingen in the southern German state of Baden-Württemberg.
Neil Hennessy, Greenman’s Head of Debt Capital Markets, says: “We are delighted to work again with our financing partner Wüstenrot on this transaction”.
Markus Noelte, Regional director of Wüstenrot, says: “Wüstenrot has already financed several assets for Greenman and has had a very positive experience with them.”
The Greenman Open fund has a long-term strategy to invest in German food-dominated retail parks, a stable sector within Europe’s largest economy. The properties, all with long lease lengths, provide investors with regular, secure income.