05 Oct OPEN and Schoofs Immobilien to develop €215m of grocery-anchored mixed-use assets in Germany
Greenman Open has appointed Schoofs Immobilien GmbH Frankfurt, to develop a portfolio of eleven retail parks and mixed-use properties with a volume of EUR 215 million. This portfolio is to be jointly developed and realized by 2025. The 11 assets are located near large cities with growing populations spread across the areas of east and south Germany.
Greenman OPEN is looking forward to extend and continue their partnerships with their longterm tenants EDEKA, REWE, ALDI Süd and Tegut supermarkets. Once the properties are completed they will have a WARLT of 15yrs.
The assets will also include around 200 residential apartments. This signals Greenman OPEN’s commitment to mixing grocery retail with housing to help meet the demand for housing in suburban areas seeing rapid population growth.
The properties are targeted to be of DGNB (German Sustainable Building Council) gold standard and if achieved they will make a significant move along Greenman OPEN’s path to net-zero by 2040.
James McEvoy Head of Acquisition at Greenman commented, “This latest collaboration marks an evolution in our successful relationship with Schoofs. By working with specialist retail developers in this way, Greenman OPEN is able to secure assets that suit our anchor tenants and are future proofed to meet both of our sustainability goals (…)”
Managing Director of Schoofs Immobilien Frankfurt, Mohamed Younis commented: “We look forward to working with Greenman OPEN on the development of these 11 grocery-anchored mixed-use assets. It’s important for us at times like these to have a partner like Greenman by our side who understands grocery assets and is keen to continue expanding its fund portfolio.”
Greenman OPEN was represented by BKLAW Bottermann Khorrami Rechtsanwälte PartGbB and Schoofs Immobilien Frankfurt by Oppenhoff & Partner Rechtsanwälte Steuerberater mbB.
Read PropertyEU’s interview with James McEvoy on the deal here.