Fund Performance
Key fund performance figures as at the latest NAV of Q2 2023
Key fund performance figures as at the latest NAV of Q2 2023
Fund NAV
Like for like change in fund NAV
Cash Assets
OPEN targets to distribute 1% each quarter with a final year distribution of available cash within the fund targeting a total annual distribution of c. 5.5%. To date the fund has distributed over €50m to investors.
OPEN offers a range of different share classes to suit investor’s income needs. The table to the right displays the returns of investors with €125,000 invested in an Income share class and a Growth share class since 2017.
QTR |
YTD |
1 YR |
3 YR |
5 YR |
|
Income |
0.14% | 0.82% | 1.62% | 13.83% | 23.38% |
Growth |
0.20% | 1.12% | 2.23% | 17.79% | 29.59% |
NOTE: Returns are net of Greenman fees and are shown with respect to the initial investment amount of €125,000 made in 2016.
Figures are as at the latest NAV of Q2 2023.
Key Portfolio figures:
Annual Rental Income
WARLT
Senior Debt
Grocery retail stands out as the top-performing sector within the retail segment, solidifying its position as a core investment due to its robust performance in recent times.
OPEN’s performance has remained consistent and strong, navigating a number of years of market pressure without faltering. A focus has been put on the operational management of the portfolio with c. 50 skilled employees in Germany working with tenants and on the properties.
Continued active management of the portfolio saw three extensions to existing leases with EDEKA and ALDI adding over €106,000 additional rent p.a. The new lease terms are between 15-20 years and include improvements to non-recoverables and green lease clauses. Additionally, a retail park in western Germany which was acquired in Q1 2022 is now operational, adding €1.02m rental income to the portfolio.
During the period CPI-linked lease adjustments added an additional €356k to the portfolio’s annual rental income.
New acquisitions during the quarter have also expanded the size of the portfolio. OPEN signed for a portfolio of six standalone EDEKA supermarkets for a volume of c.€55.5m. The acquisition was part of a sale-and-leaseback transaction directly with the tenant EDEKA. Once operational, these new properties will increase the rent to term by c. 12.5%, and increase the WARLT of the portfolio by c. 7%.
Non-real estate activities enable OPEN to diversify its income stream and enhance property values by increasing its “customer base”, evidenced by the launch of two hyperfast EV charging locations, generating €5,013 NET revenue from 354 charges and the operational PV systems at its five retail locations that have sold 68,889 KWh of renewable energy to tenants, generating €19,380 NET revenue.
REPORTING
Highlights of the year including new acquisitions and rental developments.
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