New GES fund targets €500m-worth of EU supermarkets by 2025
Greenman, the Irish-based investor in European retail property, has launched Greenman European Supermarkets (GES), an open-ended fund which aims to own €500m-worth of property by 2025.
It will invest primarily in grocery-anchored EU real estate, logistics and omni-channel grocery distribution assets as well as retail platforms.
GES has already collected subscriptions of about €10m. Its acquisition strategy is targeting primary and secondary sale and lease back transactions.
The fund recently made its first investment in a portfolio of six Carrefour supermarkets based in France, with four of these located in the Hauts-de-France region, the others in the Grand Est and Auvergne-Rhône-Alpes.
David O’Meara, head of distribution at Greenman, said: “We have had huge success with our flagship fund, Greenman Open, whose strategy is focused on food-anchored real estate located exclusively in Germany.
“By investing outside of Germany in other parts of the EU, we’re looking for GES to build on the success of our Open fund, which has recently surpassed €1bn of assets under management.”
Greenman had already built long-term relationships with four of the European Union’s top five retailers: Edeka, Rewe, Aldi and Kaufland. Now with GES, they have gained access to Carrefour, locking in relationships with all the EU’s top five grocers.
This market reach provides a platform for growth for GES during a period of rapid change in the retail market.