Greenman OPEN Monthly Update – February 2026

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 lease optimisation programme, includes the renegotiation and extension of 23 property leases. These agreements go beyond traditional rental terms to establish formal cooperation on energy systems, EV charging infrastructure and building performance. The long-term framework agreement with Germany’s largest grocer, EDEKA, continues to underpin this initiative. Once fully implemented, Project HEIKO is expected to significantly extend the Fund’s WARLT, which drives NAV growth.

Sale & Market Update

The sale process of the first property portfolio continues to progress in line with previously disclosed timelines. We remain on track for a Q2 closing. We are progressing through the technical due diligence and negotiations with a select group of institutional investors, including long-standing transaction counterparties of Greenman.

We are also seeing encouraging signs in the broader investment landscape. Macro trends such as geopolitical events and the destabilisation of the dollar are prompting European institutions to refocus on core European real assets, driving increased demand for the type of long-term, stable rental cashflows that OPEN’s grocery-anchored portfolio provides.

Redemption Gate Update

There are no material changes to previously communicated timelines. We expect to reopen the Fund for subscriptions from August 2026 and to lift the Redemption Gate in 2027. Our engagement with regulators remains ongoing and constructive as we work through the disposal strategy, enhanced liquidity buffers and new distribution channels.

Work also continues on the Order Matching liquidity tool, on track to commence in Q4 2026. This mechanism will allow redemption requests to be matched with new investors. Given the number of financial adviser enquiries, we expect a number of investors to avail of this option.

Looking Ahead

In the coming months, leveraging OPEN’s pan-European ELTIF status, the Fund will be marketed to investors in Germany, Poland, France the Netherlands and Ireland through multiple distribution channels. We expect the new distribution channels to build subscriptions steadily over the next two years, further supporting the removal of the Redemption Gate in 2027.

Our focus remains on disciplined execution of the disposal process while maintaining strong portfolio performance. We will continue to provide monthly updates as we move through the coming months.

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