BERLIN – Jan. 22, 2025 – Global law firm Greenberg Traurig advised a German institutional investor in connection with GRR GARBE Retail's first acquisition in Italy. The seller is Coop Alleanza 3.0. The transaction marks GRR GARBE Retail's first international investment and the beginning of its European expansion strategy.
The acquisition covers a portfolio of 22 retail properties amounting to 222 million euros, including seven hypermarkets and 15 supermarkets with a total leasable area of around 140,000 square metres. The acquired portfolio is fully let to Coop Alleanza 3.0, Italy's largest consumer cooperative, which has signed a new 30-year lease as part of this sale-and-leaseback transaction.
Greenberg Traurig advised the German institutional investor on the negotiation of the contractual relationship with ICG Real Estate, the real estate division of the global alternative asset manager ICG. The two entities jointly acquired the shares in the closed-ended Italian regulated fund “Retail Partnership”. GRR GARBE Italy advised the investors on the transaction and will act as asset management consultant for the fund.
Background:
Greenberg Traurig has been advising GARBE on its various investments for many years, including the acquisition of GRR Real Estate, as well as on its most recent joint ventures with Invesco Real Estate and NREP. The longstanding partnership was a decisive factor in being chosen for this complex international transaction.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2024 BTI “Leading Edge Law Firm” for delivering on client expectations for the future and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.