Greenman raises €31m for German investment

Greenman chief says group on course to expand assets to €500 million this year

The €31 million Greenman Investments has raised will be used  to invest  in three German retail outlets. Photograph: Getty Images/iStockphoto
The €31 million Greenman Investments has raised will be used to invest in three German retail outlets. Photograph: Getty Images/iStockphoto

Greenman Investments, a Dublin-headquartered property investment firm and asset manager, has raised €31 million in conjunction with RiverCrossing, a UK-based Islamic finance house.

RiverCrossing helped Greenman raise the cash for its IncomePRO fund from wealthy people in the Middle East.

The money will be used to invest €70 million in three German retail outlets. Greenman, run from Dublin's Baggot Street, specialises in buying fachmarktzentrum, German neighbourhood shopping centres usually anchored by a food stores such as Lidl or Aldi.

The company owns or manages up to €300 million in such properties across Germany, with investors from Ireland, Germany and across Europe.

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John Wilkinson, chief executive of Greenman, said it is on course to expand its assets owned or under management to €500 million this year. "The successful raising of equity is a positive indication of the strong interest . . . for German retail properties," he said.

Mark Paul

Mark Paul

Mark Paul is London Correspondent for The Irish Times