Greenman takes German property market by the horns

If the Irish are buying up German property once again, you know things are getting back to normal.

A fund run by Dublin investment manager Greenman Investments this month paid almost €19 million for the Tribseer retail development in Stralsund, a north German town on the Baltic coast.

Greenman, run by Germany property veteran John Wilkinson, is a prime example of how to pick one thing to do well. The only thing it invests in are Fachmarktzentrum, German neighbourhood shopping centres, usually anchored by a food retailer such as Lidl or Aldi.

From its Baggot Street base, Greenman runs about 20 such centres across Germany. Not the sexiest thing to invest in, but Greenman aims to generate returns of about 8 per cent. It is expected to announce the purchase of another couple of Fachmarktzentrum in coming months.

The Tribseer development is anchored by Rewe, a German supermarket chain yet to make it to these shores but is a stalwart of the Fachmarktzentrum scene.

Incidentally, the retailer also sponsors FC Köln, the German football team whose striker got into a spot of bother this week for celebrating a goal by yanking on the horns of Hennes, the goat that is the team’s mascot.

The Irish buying German property . . . horn-grabbing . . . w e must be heading back into some sort of bull market.