New facility for food-focused Greenman’s €1bn Open fund

Food retail-focused investment fund Greenman Open has obtained a €30 million revolving credit facility. The facility, which was arranged by Santander, will be used to support investments the fund’s investments in German grocery-anchored retail.

The properties in the fund operate long-term leases and invest exclusively in German food-anchored retail parks, hybrid centres and neighbourhood centres.  

The Open fund currently has a volume of €1.01 billion under management and is increasingly investing in real estate that meets sustainable criteria supporting the fund’s target of becoming carbon-neutral by 2040.

The fund is a certified “Light Green” fund under Article 8 of the EU Sustainable Finance Disclosure Regulation and states that ESG factors are integral to its investment and development process.

“Food anchored retail is a segment which has been very robust in the pandemic and is backed by extremely strong tenant covenants,” said Gunter Schimpf, director corporate banking Santander Frankfurt.

Read about Greenman Group’s vertical farming initiative, Potager Farm, in the latest edition of Real Asset Impact.