The first half of 2026 brought continued resilience to Europe's grocery retail sector despite a more uncertain economic backdrop. In this report, we examine the trends that shaped the market through the lens of Greenman's portfolio across Germany, Poland and France, combining our experience on the ground with the latest market data.
The more interesting story of the first half was not grocery's
Over the next few months there are a number of important dates coming up – covering the 2025 audit, the AGM of the fund, and NAV and distribution announcements. Here's what to expect and when.
Completion of the 2025 Audit The CSSF have been informed that Greenman acting in its capacity as AIFM to Greenman OPEN and Greenman NEXT, has agreed with the Fund's Independent Auditor – Moore Audit – tha
edyfi now has real, ground-level visibility across nearly half of Greenman OPEN's portfolio – and is on track for full coverage by the end of the year.
edyfi is rolling out sensors across OPEN's properties to replace estimates with measured, verifiable data. That rollout is already live at 42 of OPEN's 90 properties, capturing energy consumption everywhere it's installed, alongside
Starting from a blank piece of paper in 2022, Greenman Energy (GME) has established a meaningful EV charging infrastructure footprint. This week, GME completed 65,000 hyper-charges for more than 17,000 customers across its portfolio of 96 charging points located in 21 locations within Greenman OPEN’s portfolio. This has generated approximately €1.3m in revenue to date.
With a further 8 locatio
Real estate behaves differently from shares or bonds. It generates returns differently, moves to different rhythms, and requires a different mindset. This article explains what that means in practical terms, so investors can make better informed decisions.
Different Investments, Different TimelinesBroadly speaking, investments fall into two categories:
Liquid Market Investments
Real Assets
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 PerformanceQ1 2026 portfolio operations proceeded as scheduled across all investment zones, with day-to-day property management, tenant relations, and maintenance programmes continuing wit
European investors are increasingly redirecting capital towards essential real estate and infrastructure as part of a broader re-shaping of portfolios. Equity markets remain sensitive to monetary policy shifts, and global portfolios carry currency risk – particularly for investors holding US-dollar assets. Against this backdrop, tangible assets embedded in the European economy are attracting renew
DUBLIN, Mar.04 , 2026 – Greenman Investments (Greenman), a Dublin-based Alternative Investment Fund Manager, has announced the appointment of Neil O’Keeffe as its new chief executive officer.
O’Keeffe succeeds co-founder John Wilkinson. He will take responsibility for Greenman’s day-to-day leadership and operational governance, working closely with Wilkinson, who remains an executive direc
OPEN’s Operational Performance
OPEN's underlying portfolio continues to perform well. Occupancy remains high at 93% (well ahead of the broader European retail average of c. 80%). The Weighted Average Remaining Lease Term (WARLT) stands at a strong 8.66 years (significantly exceeding the industry norm of c. 6 years for comparable retail assets).
Project HEIKO, OPEN’s strategic
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 o
The General Partner of the Greenman OPEN Fund, in consultation with the AIFM, is implementing certain measures following a “Minded-to” letter issued by the Central Bank of Ireland on 18 December 2025.
After considering the contents of this letter, the General Partner has approved the implementation of the measures set out below in order to achieve the intended outcome of the direction proposed
This is the first of our monthly updates that we have committed to providing during the fund's gating period. Our aim is to provide clear information on two fronts: the process to address liquidity and the ongoing operational performance of the portfolio.
Update on the Liquidity Process
The planned disposal of 14 properties is underway and the timing is on schedule. As this is an orderly sal
Rental income, strategic projects, and asset management proceed uninterrupted during redemption gate period.
While Greenman OPEN has implemented a temporary gate on redemptions to manage liquidity, the fund’s underlying business and portfolio continue to perform uninterrupted and remain robust.
The resilience of the Grocery-Anchored real estate sector and the active management of the portfol
At Greenman OPEN, our primary commitment has always been to act in the best long-term interests of all our investors.
In Q3 2025, the fund received a higher-than-usual volume of redemption requests. To ensure these exceptional outflows do not negatively impact the value of the investment for the vast majority of shareholders who remain with the fund, we are introducing a Fair Treatment Princi
When assessing a real estate fund, most investors rightly focus on yield, risk and asset quality. But there’s a powerful, often overlooked metric that speaks volumes about a portfolio’s stability and future income: WARLT.
WARLT stands for Weighted Average Remaining Lease Term. In simple terms, it tells you the average amount of time left on the leases in a property portfolio, weighted by the re
In a world of geopolitical tension, market volatility, and shifting monetary policy, investors are searching for stability. The Emerging Trends in Real Estate 2025 report by PwC and ULI noted that the priority is now investing in markets “where things feel safe or safest”.
In Europe, that focus is increasingly directed at one destination: Germany.
But what makes it a true “safe haven”?
In a world where uncertainty looms and markets fluctuate, one thing remains constant: people need to eat. Grocery stores serve as the backbone of our daily lives, providing not just food but also a sense of community and convenience. If you’re considering your next investment move, why not focus on German grocery real estate? With its blend of necessity and stability, this market offers a promisin
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
Invest in What People Need, Not Just What They Want.In a world where uncertainty looms and markets fluctuate, one thing remains constant: people need to eat. Grocery stores serve as the backbone of our daily lives, providing not just food but also a sense of community and convenience. If you’re considering your next investment move, why not focus on German grocery real estate? With its blend of ne
This year, we celebrate 20 years of Greenman.
What started in 2005 as a small team with a big vision has grown into a European Group with over 200 people, managing more than €1.35 billion in assets—and still growing. But more than the milestones, it’s the journey we’re proud of. The people. The partnerships. The shared belief that grocery real estate can be a force for stability, sustainability
