Greenman OPEN Monthly Update - January 2026

This is the second of our monthly updates that we have committed to providing during OPEN's gating period. Our aim is to deliver clear information on two fronts: the process to address liquidity and the ongoing operational performance of the portfolio.

Update on Liquidity Process

The planned disposal of a portfolio comprising 14 properties continues on schedule. To date we have received 10 offers following initial due diligence with second round offers expected by the middle of February and technical due diligence with the preferred bidder to happen soon afterwards. Following a market standard sale process our professional advisors expect purchase agreements to be signed in the middle of Q2 2026 with the net sales proceeds discharging an initial portion of outstanding redemptions. A staggered sales process is being implemented balancing value and liquidity and we therefore plan to launch a further sales process in the second half of 2026.

As is standard for a redemption gate,we continue to have open and regular communications with our two regulators, the Central Bank of Ireland (CBI) and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). As set out in our recent January Shareholder Notification we plan to take new subscriptions for OPEN after August 2026. Greenman is engaging with the CSSF and the CBI on the disposal strategy, payment of redemptions, enhanced liquidity buffers and new distribution channels so that OPEN will un-gate in 2027 and be back to ordinary operations in 2028.

OPEN's Operational Performance

The underlying portfolio of OPEN continues to perform well in line with sector standards. Business operations continue as usual across OPEN's portfolio, with ongoing progress across each of OPEN's investment zones. – Real Assets, Utilities, Networks and Resources.

Real Assets
The ongoing strategic Project HEIKO which includes the renegotiation of 23 leases across OPEN’s portfolio is on target to be agreed and signed in H1-26. The long-term framework agreement with Germany’s largest grocer, EDEKA includes:

Utilities
OPEN’s subsidiary, Greenman Energy (GME) achieved a milestone 50,000 charging sessions across it’s EV-charging network This milestone highlights the growing use of EV chargers at OPEN properties alongside increased levels of footfall for the retailers. GME now have 18 operational locations with 41 hyper-fast chargers as their energy infrastructure roll out continues apace across the OPEN real estate assets.

Networks
OPEN’s subsidiary, edyfi expanded OPEN’s building data infrastructure during the month, with 129 new sensors installed, bringing the total to 177 sensors across 40 locations. This expansion enables a clearer view of how OPEN’s buildings perform, including energy use, footfall patterns and operational conditions. This data allows the tenants and property managers to better identify efficiency opportunities, helping to prioritise maintenance and future CAPEX.

Resources
OPEN’s subsidiary, Potager Farm reached unit-cost profitability, with sales volumes expected to grow fivefold in 2026 through its partnership with EDEKA. This progress not only includes a more scalable production model, with higher volumes lowering unit costs but further tightens the relationship between Potager and one of Germany’s largest supermarkets.

Looking Ahead

We will continue to provide monthly updates on the disposal process and liquidity process as well as on OPEN’s continued operations.

For direct access to updates, please ensure you have the Greenman OPEN mobile app installed with notifications enabled.