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Greenman debt deal secures German food retail project

German food retail-focused investment fund Greenman Open has obtained a €24.2 million forward fixing loan to finance the acquisition of a new turnkey retail park in Höhr-Grenzhausen in the Rhineland-Palatinate.

The loan will be provided by a consortium comprising Westerwald Bank, Nassauische Sparkasse  and Sparkasse Westerwald-Sieg.

Lidl and Aldi will be the anchor tenants for the retail park, which is targeting a Silver DNGB rating.

Greenman Open is  a certified “Light Green” fund under Article 8 of the EU Sustainable Finance Disclosure Regulation. ESG is therefore integral to its investment and development process and have an important role in future-proofing investments, Greenman explained in a statement.

The fund aims to be carbon-neutral by 2040. It currently has a volume of €1.05 billion under management.

“With the addition of the retail park in Höhr-Grenzhausen to Open’s portfolio, we are strengthening our investors’ access to attractive and stabilised returns whilst supporting our fund’s target of a carbon neutral portfolio,” said Greenman’s head of debt capital markets Neil Hennessy.