German food retail investor Greenman OPEN has announced that it has acquired 10 Edeka supermarkets for approximately €60 million.
These supermarkets, spanning 22,500 square metres across the federal states of Saxony, Bavaria, and Thuringia, will be managed by Greenman's subsidiary GFORM.
The transaction, termed as the 'Chase' portfolio marks the second deal between Greenman OPEN and Edeka Nordbayern-Sachsen-Thüringen Group, after the 2023 'Primus' acquisition. The agreement is a sale-and-leaseback, meaning Edeka will continue operating the supermarkets.
Three of the supermarkets already have solar panels, and Greenman plans to equip the others with rooftop solar and electric vehicle charging stations. This is the seventh sale-and-leaseback agreement of Greenman OPEN with German food retailer Edeka.
The sale of the latest portfolio is part of Edeka's long-term financing strategy, enabling the retailer to secure funding for key logistics, production, and market portfolio development initiatives.
Long-Standing Partnership
James McEvoy, CEO of GFORM and representative of Greenman OPEN, commented, "This demonstrates our long-standing partnership with Edeka, which we continue to strengthen through a trusted collaboration. With the integration of this portfolio, we strengthen our investors' access to attractive and stable returns while also supporting the fund and the grocer's goal of building a climate-neutral portfolio."
Stephan Köhler, head of strategic real estate and portfolio management at Edeka Nordbayern-Sachsen-Thüringen, added, "We are very pleased about entering into another collaboration with Greenman OPEN, an excellent investor who shares our long-term visions and goals. At the same time, we can rely on the expertise and long-term commitment of GFORM as the manager of the properties."
As of June 2024, Greenman OPEN had a gross value of €1.21 billion and generated an annual rental income of €61.57 million with 90 properties and around 550 tenants.
