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London - RiverCrossing, an investment management firm dedicated to providing Islamically-compliant real estate investment opportunities to investors in the GCC, today announced the launch of "Greenman Income PRO", a Germany-focused retail property investment vehicle, in partnership with Greenman Investments, a leading German retail property manager.
RiverCrossing has completed a first closing for Income PRO from its network of family offices and UHNWIs across the GCC region. Proceeds will be used to fund the purchase of a first portfolio of approximately €80 million of German retail property anchored by Germany's largest food retailers, including "Hansa Center" in Berlin. IncomePRO will allow investors to gain broad exposure to Germany's economy, the largest in the EU; to its robust retail market, the country's third largest industry; and to the food sector more specifically, which accounts for some 40% of total retail revenues in Germany.
Exhibit 1 Hansa Center Berlin
IncomePRO is a yielding oriented investment vehicle and has a five year anticipated investment period. RiverCrossing will act as the Investment Manager while Greenman will manage the portfolio of assets. Established in 2005, Greenman currently manages 53 major retail centres in Germany with a combined let area of more close to 225,000 sqm.
Commenting, Mr. Asim Zafar, CEO of RiverCrossing, said, "We're delighted to announce our partnership with Greenman for the acquisition of retail properties in Europe's strongest economy and the fourth largest economy in the world. We have identified investments in retail centres in Germany as a cycle-resilient investment strategy supported by sound economic fundamentals and a strong consumer market. The portfolio we are looking to develop will focus on the acquisition of properties benefiting from long-term leases with some of Germany's and, indeed, Europe's largest retailers, non-cyclical demand for essential goods and robust exit markets supported by significant interest from institutional investors and resilient cap rates over economic cycles. In line with our strategy to partner with best-in-breed specialists, our partnership with Greenman and their proven track record in the German market will provide us with significant advantages including access to off-market, first-look deal flow and inroads with leading regional retail developers and tenants. We are confident that this, coupled with RiverCrossing's structuring and investment management capabilities, will support the generation of attractive ongoing returns."
As the acquisition of the first portfolio completes, due diligence is underway on a number of retail properties located in densely populated catchment areas in Germany with strong demographics, purchasing power, and retail turnover to continue building the portfolio.
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About RiverCrossing:
RiverCrossing Capital Partners is a management-owned, alternative investment management firm dedicated to providing Islamically-compliant real estate investments to its long-standing investor relationships including private investors -Family Offices and Ultra-HNWIs- and institutional investors in the Middle East. Established in April 2014, RiverCrossing looks to leverage its cross-border investment expertise and network of relationships to enable investors to access specialised real estate managers delivering superior returns across core markets and asset classes. RiverCrossing was named "Best New Institution" for 2014 by Dubai-based CPI Financial for its Islamic Business & Finance Awards.
For more information, please visit: www.rivercrossingcapital.com
About Greeman Investments
Greenman Investments ("Greenman") is a real estate investment manager with offices in Dublin, Luxembourg and Berlin. The company was established by John Wilkinson and William Conolly-Carew in 2005 and currently employs fifteen people, who are divided into specialist teams. Greenman structures funds under its Luxembourg SICAV platform for Irish private wealth investors European institutional investors. The company focuses on specialist food dominated retail parks (known as "Fachmarktzentren") and retail centres in Germany, with well-known food retailers as the main tenants. The company currently manages a portfolio of around €395 million comprising of 53 assets with a total rental space of some 225,000 square metres throughout Germany.
For more information, please visit: www.greenman.com
Media Contact:
FinMark Communications
GCC - Zahraa Taher
T +973 17 749 759
M +973 39 630 997
ztaher@finmarkcoms.com
UK - Laila Danesh
T +44 (0) 207 887 7840
M +44 770 333 0024
ldanesh@finmarkcoms.com
© Press Release 2016
