Greenman OPEN Portfolio Continues to Perform During Redemption Gate

Rental income, strategic projects, and asset management proceed uninterrupted during redemption gate period.

While Greenman OPEN has implemented a temporary gate on redemptions to manage liquidity, the fund’s underlying business and portfolio continue to perform uninterrupted and remain robust.

The resilience of the Grocery-Anchored real estate sector and the active management of the portfolio provide a solid foundation for the fund during this period.

Key Highlights of Ongoing Operations

Stable Rental Income: The portfolio continues to generate approximately €60m in annual rent from its high-quality tenant base of leading German grocers with a WARLT of c. 9.11 years, generating a rent-to-term profile of c. €596m if managed on a passive basis. Rent collection remains consistently high (97% of rent collected last quarter), in line with long-term historical performance.

Active Asset Management: The 2026 annual budgeting process for maintenance, repairs, and improvements across the entire portfolio is progressing as normal. Planned strategic CAPEX programmes, which enhance property values and tenant offerings, are supported by rental income, tenant contributions and refinancing activity remain on track.

Debt Payments: The fund maintains a low and manageable Loan-to-Value (LTV) ratio of 41.6%, and all debt covenants are being met. Lenders have been kept informed of all processes.

Strategic Growth Initiatives

Project Heiko: The major lease renegotiation and extension project with EDEKA across 34 properties continues to advance, promising significant future uplifts in rental income and portfolio value.

Greenman Energy: The rollout of photovoltaic (PV) panels and electric vehicle (EV) charging infrastructure continues at pace, supported by its own dedicated debt facility, creating a growing and valuable income stream for the fund.

Open for New Investment: Greenman OPEN remains open to new subscriptions from investors in Ireland, Germany, and other key markets, with further EU marketing initiatives planned for 2026.

A Commitment to the Future

"The fundamentals of our business have not changed," a fund representative commented. "Our tenants continue their operations, pay their rents, and we continue to actively manage and improve the portfolio. Our focus remains on delivering on our long-term strategy and creating value for our shareholders. We are as committed as ever to the future of Greenman OPEN."

The fund will continue to provide regular updates, ensuring all investors have a clear view of the portfolio's health. The next NAV calculation will proceed as scheduled. Investors are encouraged to ensure they have push notifications enabled on the Greenman OPEN app for the latest information.