Greenman OPEN Monthly Update - April 2026

Welcome to the latest Greenman OPEN Monthly Update, marking our entry into the second quarter of 2026. This edition highlights our operational developments across the portfolio for Q1 2026.

OPEN's Operational Performance
Q1 2026 portfolio operations proceeded as scheduled across all investment zones, with day-to-day property management, tenant relations, and maintenance programmes continuing without disruption throughout the quarter.

Real Assets
Against a backdrop of geopolitical uncertainty, persistent inflationary pressures and continued volatility across European markets, OPEN's Q1 2026 portfolio metrics reflect a stable and well-occupied asset base.
The Weighted Average Lease Term (WALT) stands at 9.24 years on a portfolio basis, significantly exceeding the industry norm of c. 6 years for comparable retail assets, providing contracted income visibility well beyond current market turbulence.
Occupancy on a portfolio basis is 96.63%, well ahead of the European retail average of c. 80%, with an annualised rent roll of EUR 61.4M and a Rent to Term of EUR 549M. Q1 capital expenditure was consistent across both portfolio and actual figures.

Utilities
Greenman Energy delivered strong Q1 2026 performance, with EV-charging revenue reaching €210.6K—a 154% year-on-year increase. The network facilitated 10,000 charging sessions across 20 locations with 45 hyper-fast charging points.

Networks
edyfi connectivity is now active across the majority of the OPEN portfolio, with properties connected and actively reporting operational data, supporting performance benchmarking, environmental reporting aligned with Article 9 requirements, and operational analysis across assets. Achieving full portfolio coverage remains a key target for 2026, given recent changes by RICS to their Red Book valuation standards, particularly in relation to ESG-related adjustments, which are permitted where evidence-based support exists.

OPEN's Disposal Update
Technical due diligence is nearing completion with the buyer, and we are currently negotiating the terms and conditions of the purchase agreement. We remain aligned with previously published timelines to sign the agreement in May. As with all property transactions, there are post-signing conditions for each property that must be met in the following months before the allocated purchase price is received and title is transferred.

Looking Ahead
The financial audit and the publication of the Q4 2025 and Q1 2026 NAVs are scheduled for completion by the end of May.

As highlighted previously, Greenman OPEN will be open for subscriptions from the end of August 2026.

We will continue to provide monthly updates on the disposal process and on OPEN's continued operations. For direct access to updates, please ensure you have the Greenman OPEN mobile app installed with notifications enabled.