Driving Progress. Delivering Income: Inside OPEN’s Four Investment Zones

OPEN is more than a grocery real estate fund. While our core portfolio is anchored by some of Germany’s strongest retailers, our strategy reaches further. We invest across four connected zones: Real Estate, Utilities, Resources, and Networks. Each zone plays a role in strengthening our assets, unlocking new revenue, and staying ahead of where the market is going. Together, they build income that lasts and a portfolio that’s ready for what’s next.

REAL ESTATE

We invest in German grocery-anchored properties valued at €1.21 billion, generating €615.7 million in annual rent. With most of that income coming from leading grocery chains like Edeka, Aldi, and Kaufland, we benefit from reliable rent flows in a strong and growing market. In the first half of 2025, grocery sales in Germany rose by 2.4 percent, slightly ahead of food inflation at 2.3 percent (McKinsey & Company). These fundamentals support income stability and long-term value.

What sets our approach apart is how we manage these assets. GFORM and White Bird, both sister companies of OPEN, play a direct role in strengthening tenant relationships and maintaining the performance of our buildings. GFORM focuses on lease management and tenant engagement. White Bird handles technical and facility operations, ensuring that each property runs efficiently and meets ESG standards. This integrated structure helps convert stable rent into dependable returns.


UTILITIES

Greenman Energy, another Greenman Group sister company, installs and operates photovoltaic panels on the rooftops of assets across the portfolio. Today, 18 percent of the electricity generated is sold directly to our tenants, and that share continues to grow.

Our EV charging infrastructure is also expanding. Thanks to Greenman Energy we currently operate charging stations at 10 of our properties, supporting thousands of charges to date. These are installed where demand is highest and where they directly support tenants and customer convenience of "shop while you charge".

NETWORKS

Every property in the OPEN portfolio generates data, from energy use and building performance to tenant operations and customer activity. With edyfi, (yes, another our sister company!), we are turning that data into insight and value.

In the begining of 2025, we rolled out the edyfi platform across 27 assets. It now manages more than five million live data points across the portfolio. This allows us to monitor building efficiency, measure carbon impact, and improve operational decisions in real time.

More importantly, it lays the foundation for future income. As sustainability reporting standards evolve and the real estate sector becomes increasingly data-driven, edyfi gives OPEN a competitive edge. Smarter buildings help us operate more efficiently, reduce costs, and unlock new revenue opportunities over time.

RESOURCES

OPEN is investing in systems that make better use of what buildings already have. That includes energy, space, and even air. This zone focuses on finding value in unused spaces and turning overlooked potential into performance.

One example is Potager Farm, our urban farming business now expanding in Berlin. It produces fresh, local food close to the point of sale using modular vertical farming technology on underutilised real estate. It is also a partner of Greenman Energy’s utility, gaining a cost advantage on electricity that improves efficiency and supports growth.

Elsewhere in the portfolio, we are piloting carbon capture technology on HVAC systems. This helps us become future-ready and prepare our properties to meet OPEN’s goal of becoming net-zero by 2030.

Each zone strengthens the others and supports OPEN’s long-term income strategy. Grocery-anchored real estate provides stable, CPI-linked rents from essential tenants. Energy systems reduce operating costs and create new income streams. Vertical farms and carbon tools make better use of space while aligning with long leases and operational efficiency. Building data improves how we manage assets and support tenant success.

This structure ensures OPEN is not only collecting rent but enhancing the long-term value of the portfolio. For investors, that means access to high-quality assets, long-term lease security, and exposure to real estate that continues to perform across cycles.

As the largest Article 9 Real Estate ELTIF under SFDR, OPEN is built to deliver income today and adapt for tomorrow.