Greenman raises €31m for German investment

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.

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.