How the Greenman OPEN Fund Works

Greenman OPEN is a European Long-Term Investment Fund (ELTIF) managed by Greenman Investments, a fully regulated Alternative Investment Fund Manager (AIFM) authorised by the Central Bank of Ireland.

The fund is open-ended, meaning investors can subscribe or redeem quarterly, subject to liquidity terms. It also offers flexibility through two share classes:

• An income class, which pays quarterly distributions.
• A growth class, which reinvests earnings to build long-term value.

Investors can access the fund through financial brokers in Ireland or directly via the GM OPEN app, with a minimum investment of €1,500.

How the Fund Generates Income

The fund currently invests in grocery-anchored properties in Germany, each leased to major supermarket operators such as Lidl, Aldi and REWE. These leases typically run for 10 to 15 years, providing a consistent and predictable stream of rental income for investors.

That reliability comes from the nature of the assets themselves. People need to eat, and supermarkets continue to operate in every economic environment. Germany’s grocery sector generates around €270 billion in annual sales, making it one of Europe’s most stable and resilient retail markets. This everyday demand supports strong tenants, long leases and the steady rental income that underpins Greenman OPEN’s performance. (For more on why grocery real estate remains such a resilient market, read our article Why You Should Invest in Grocery Real Estate.)

Strong Tenant Partnerships

A close working relationship with tenants is central to how OPEN operates. The fund works directly with its supermarket partners and tenants to ensure each property continues to meet their operational needs and remains fit for the future. This active asset management approach helps maintain high occupancy, protect income, and keep properties performing over time.

Built for Long-Term Value

OPEN is classified as an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR). This means sustainability and long-term value creation are integrated into how every property is managed, supporting both tenant performance and investor returns.

For investors who want to explore how OPEN continues to evolve its strategy, click through to our article “Driving Progress. Delivering Income – Inside OPEN’s Four Investment Zones.”

Greenman OPEN at a Glance

• Formed: 2014
• Fund type: Open-ended ELTIF
• Assets: €1.28 billion (Q4 2024)
• Net Asset Value (NAV): €759 million
• Properties: 88 supermarket-anchored assets across Germany
• Investors: 8,800+
• All-time annualised return: 6.26%
• Minimum investment: €1,500
• Classified as: Article 9 Sustainable Investment Fund