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Greenman OPEN invests in €95.5m German Retail Project

Greenman OPEN has now entered into a framework agreement with Schoofs Immobilien, worth €95.5m. This framework is the first framework agreement of its type that Greenman OPEN has entered into and looks to highlight the trust and the commitment of each party in working together to develop and build a long term relationship.

The new centres will comprise a combination of Fackmarktzentrums (FMZs) and Hybrid Centres anchored by major German supermarket chains REWE, Aldi and Lidl. The new centres will be located in Baden-Wurttemberg and Rhineland-Palatinate.

‘This deal is part of our strategy to innovate and create new ways of working with our partners to unlock opportunities in the German food retail sector. As well as highlighting our continued confidence in the food and necessity retail sector, which has proved extremely resilient during the current crisis, it also provides us with an opportunity to benefit from the significant dislocation between demand and availability of suitable food retail property across Germany.’ – James McEvoy, Head of Acquisitions at Greenman.