GRR Garbe Retail: Betting big on Europe’s supermarkets

In the world of real estate, some sectors are discretionary; others are essential. According to Jan Heidelmann, managing director of GRR Garbe Retail, grocery-anchored real estate falls firmly into the latter.

Jan Heidelmann

At MIPIM 2026, Heidelmann sat down with CRE Media Europe to discuss GRR GarbeRetail’s evolution from a German specialist to a pan-European powerhouse.

"Being specialised in the food and goods retail sector... we are probably one of the largest landlords in Germany—maybe even in Europe. We have close to 600 supermarkets in our portfolio," Heidelmann noted.

Heidelmann explained that having "boots on the ground" in cities such as Milan or London allows the firm to enter new markets without additional infrastructure. GRR Garbe Retail has identified four strategic "abroad" markets: Italy, Spain, the Netherlands, and France. The UK also sits high on the list, despite currency risks, due to strong relationships with international tenants such as Lidl, which remain highly active across the British Isles.

Notably, the firm is also casting a keen eye toward CEE, specifically Poland and Romania. This region, according to Heidelmann, offers strong economic performance, positive demographics, and a significant appetite from German tenants looking to expand.

However, he noted that CEE pricing has not adjusted as much as expected. "It’s not that we are buying in Germany at 6.5% and can buy in Poland for 9%. That is not the case." While the proximity to Ukraine remains a factor, Heidelmann suggested a sense of shared destiny in the region: "If Russia attacks Poland, we all have the same problem."

After a somewhat stagnant 2025 regarding real deal flow, Heidelmann is optimistic about the coming months.

"We expect to see a €1bn pipeline emerging over the next six months. We have identified a significant number of deals coming to the market... we hope to be part of that activity and strike one of those major transactions."

The core of Garbe’s conviction lies in the non-discretionary nature of these assets. "Eating is not discretionary. You have to eat and drink... it doesn't change whether there is a crisis or a war. Maybe it changes how much you spend, but you still have to eat."

Branislav Pekic