Greenman NEXT - Fund Structure Explained

Greenman NEXT is an open-ended European Long-Term Investment Fund (ELTIF) that invests in supermarket and grocery-anchored real estate and related infrastructure across Europe. It is managed by Greenman Investments (the AIFM). Day-to-day property and tenant management is handled locally by Greenman Poland.

The goal of NEXT is simple: buy and manage income-producing grocery assets, hold them for the long term, and provide investors with stable, sustainable returns.

What powers returns: rent from long leases to major grocers. As of Q3 2025, the portfolio generates about €4.48 million in annual rent, with a weighted average remaining lease term of about 8.3 years and an average gross property yield of about 7.34%. Leases are typically inflation-linked, which helps protect real income over time.

Greenman NEXT is open ended, which means investors can subscribe or redeem quarterly, provided the minimum initial investment term has expired.

The fund offers flexibility through two share classes, each designed for a different investor goal:

• Income Class – pays regular distributions and has a minimum initial term of 3 years.

• Growth Class – reinvests earnings to build long-term value and has a minimum initial term of 5 years..

How NEXT Generates Income

NEXT’s returns come primarily from rent paid by major grocery tenants on long-term, inflation-linked leases.

As of Q3 2025, the portfolio produces around €4.48 million in annual rent, with a weighted average remaining lease term of 8.3 years and an average gross property yield of approximately 7.3%. The tenants include leading supermarket operators such as Kaufland, Lidl, Carrefour and Biedronka, whose reliable, essential businesses provide predictable, recurring income to the fund.

While grocery-anchored Real Estate remains the fund’s main focus and principal source of income, NEXT also invests across three additional zones that create opportunities for new income streams, while helping to future proof the portfolio over time.

1. Real Estate – Supermarket and grocery-anchored retail properties that provide long-term rental income.

2. Utilities – Income-producing energy infrastructure such as rooftop solar installations, renewable generation and other systems that support tenant operations.

3. Networks – Infrastructure that enables the flow of energy, goods and data across the grocery ecosystem, including EV charging, logistics and connectivity assets.

4. Resources – Investments that promote sustainability and innovation across the portfolio, such as low-carbon technologies and circular resource initiatives that help future-proof asset value.

Together, these zones form a balanced strategy that combines secure income today with scalable opportunities that keep the portfolio relevant and resilient for the future.

Greenman NEXT at a Glance

1. Formed: 2021

2. Fund Type: Open-ended ELTIF

3. Assets: €62 million (Q3 2025)

4. Annual Rent: €4.48 million

5. Properties:

6. Geographic mix: Poland (88%), Germany (8%), France (4%)

7. Average Annual Return since launch: ~7%

8. Minimum Investment: €1,500

9. Classification: Article 9 Sustainable Investment Fund

Warning: Past performance is not a reliable guide to future performance.
Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product, you may lose some or all of the money you invest.
Warning: Investments in real assets such as property or infrastructure may be illiquid and are intended for long-term investors.