Greenman OPEN (OPEN) is now Germany’s Largest Food-Retail Focused Real Estate Investment Fund

Our Sustainability Responsibility

Achieving the goal of environmental sustainability in urban development is a pressing issue, both today and in the future. We recognise the importance of working towards sustainable goals and we believe that the fund’s Environmental, Social and Governance (ESG) framework is an important and binding factor in creating long-term value for not only our investors but also for society.

As a result, in March 2021, Greenman OPEN was classified as an Article 8 fund as defined by the Sustainable Financial Disclosures Regulation (SFDR). While OPEN does not have, as its objective, a sustainable investment, we do promote environmental and social characteristics making ESG factors an integral part of the investment and development process; with the potential to increase the value of our investment portfolio, reduce exposure to risk, and play an important part in ‘future-proofing’ assets.

In 2022 Greenman OPEN has made the commitment to reduce its carbon footprint to the extent that by 2050, the combined net carbon emissions from OPEN’s portfolio shall be zero and the fund will be 100% taxonomy aligned.



We aim to align our portfolio with the EU’s climate goals under the European Green Deal to make Europe the first climate neutral continent. OPEN’s portfolio of properties emits c. 163,400 tonnes of carbon emissions annually. Our ambition is to reduce this to zero on a net basis by 2050.


OPEN’s portfolio consists of 90 properties with a retail area of c. 250,000sqm and a combined gross market visited by c. 280,000 German consumers daily.


Roughly 18% of the German population live within a 15-minute drive of a property owned by OPEN, therefore actions taken by us at OPEN’s properties can have a positive impact on a considerable number of people.


OPEN’s sustainability report outlines the progress we have made in initiating the Net Zero Pathway.



OPEN’s 5 by 25 commitments, where at least 5% of OPEN’s revenue in 2025 will be generated from non-rental activities, will also be an objective of the Net Zero Pathway, demonstrating the positive financial impact sustainability objectives will have on the fund’s performance.

OPEN estimates that a high percentage of all equity contributed to the Net Zero Pathway will result in either: direct additional income; have a direct positive impact on OPEN’s NAV or indirectly via other value addition mechanisms.

Some key elements to the Net Zero Pathway include:


SFDR Disclosures

How Greenman, OPEN’s AIFM, considers PAI on sustainability factors in the investment decision-making as well as other sustainability disclosure requirements.

Principle Adverse Impacts Disclosure
Website Disclosure
Remuneration Disclosure



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