Blog post -
Q1 2025 Performance Webinar Recap
On May 23, OPEN hosted its Q1 2025 webinar to give an update on fund performance, portfolio activity, and what’s ahead. The session covered progress across all investment zones, key market context, and the steps being taken to strengthen how we operate and communicate.
Whether you joined live or are catching up here, this recap highlights the key messages from the webinar and how they reflect OPEN’s long-term strategy.
Strengthening the Foundations
The webinar began with a focus on investor access and transparency. A dedicated Investor Relations team is now in place, supported by continued investment in digital tools that make reporting, updates, and engagement simpler and more effective. These upgrades reflect the fund’s broader direction as it scales and adapts to meet the expectations of a growing investor base.
Positioned for a Changing Market
OPEN is Europe’s largest Real Estate ELTIF. That means the fund is fully regulated, offers lower entry points, and gives investors direct exposure to real assets built for long-term income.
Private markets are becoming more relevant as investor options in public markets decline. Fewer companies are choosing to list publicly, and IPO activity has slowed across major exchanges. At the same time, household savings across the EU have risen by 52 percent since 2008, but investors are finding fewer opportunities to put that capital to work. Thanks to new regulations like ELTIF, more investors in Ireland and across Europe now have access to long-term private market strategies.
In Germany, grocery operators are seeing margin growth as food prices rise. For OPEN, this matters. When tenants perform well, it supports rental stability and long-term income. It also reinforces the value of investing in the strength of our tenant relationships.
This approach comes to life across four investment zones: Real Estate, Utilities, Networks, and Resources. Focusing on supporting our tenants, future-proofing the portfolio, and creating new sources of income.
Zone by Zone: Q1 Updates
Real Estate
The team has completed key acquisitions while continuing CPI-linked lease renegotiations. Debt refinancing efforts have freed up €11 million in equity. Progress on permits at two assets, Datteln and Aschersleben, combined with the leasing program, is expected to drive significant future rental income.
Utilities
Greenman Energy’s operational base is expanding. Regulatory approvals and a long-term credit facility are supporting an active rollout across EV charging and renewable energy infrastructure. With VW’s EVs dominating Q1 car sales in Germany, this zone is capturing the upside of energy transition.
Networks
edyfi is LIVE and scaling fast. It is already transforming building data into strategic insights, helping meet sustainability and financial reporting obligations. The platform is unlocking smarter building operations while laying the foundation for future monetisation of data products.
Resources
Potager Farm is expanding its presence in Berlin. With new packaging, a click-and-collect model, and a joint venture in development with a wholesale partner, the business is targeting profitability by the end of 2025. As the first customer of Greenman Energy’s utility, Potager gains a cost advantage that boosts efficiency and gives it room to grow faster.
What’s Next
Fund values will be updated in the OPEN Portal and App on Monday.
Over the coming weeks, we’ll share follow-up articles that take a closer look at each investment zone, exploring how the strategy translates into value.