Greenman puts €10.5m into German property
Irish commercial property fund Greenman Auto Fund is investing €3.75m in a property in Berlin and has also agreed to purchase a €6.75m property near the city centre in Hannover, Germany.
An auto service centre will be developed on the 1.5 acre Berlin site by the end of this year and segments of the centre have been pre-let to three tenants who specialise in car parts, car wash and windscreen replacement.
It will be Greenman Auto's seventh property.
John Wilkinson, joint managing director of Greenman, said: "the strength of the German auto sector added to the might of the German economy provides our investors with a stable, sustainable and largely predictable investment return."
Peter O' Reilly is the other managing director of the fund.