Greenman OPEN

What Greenman OPEN does

Greenman OPEN is a Luxembourg-domiciled open-ended European Long-Term Investment Fund (ELTIF) compartment of Greenman Investments S.C.A., SICAV, regulated by the CSSF and the Central Bank of Ireland, investing in German grocery-anchored retail real estate. The fund owns 88 properties valued at over €1.26 billion, generating an annualised rent roll of €61.4 million (Q1 2026) from investment-grade grocery tenants led by EDEKA (~65% of rent), with the remainder split across Lidl, Kaufland, ALDI Nord/Süd, and REWE. Portfolio metrics are top-quartile for European retail: 96.63% occupancy versus a market average of ~80%, a 9.24-year Weighted Average Remaining Lease Term versus the ~6-year norm, and a 97.8% rent collection rate in 2025.

The fund operates through four complementary 'investment zones' — Real Estate (core grocery-anchored properties), Utilities (Greenman Energy's PV panels and EV charging infrastructure), Networks (edyfi's smart building data platform managing 5M+ live data points), and Resources (Potager Farm's modular vertical farming) — all powered by sister companies within the Greenman Group. It serves primarily retail investors in Ireland and across Europe, with over 8,000 investors and a €1,500 minimum investment threshold made accessible by the ELTIF 2.0 conversion in 2024. Distribution runs through the GM OPEN mobile app (iOS/Android) and a financial advisor network, with annualised returns of 6.61% since inception versus a 5.5% target. The fund is currently operating under a Q3 2025 redemption gate alongside an orderly disposal of 14 properties, with planned subscription reopening from August 2026.

Name

Greenman OPEN

Legal name

Greenman Investments S.C.A., SICAV

Website

https://greenmanopen.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Greenman OPEN is a Luxembourg-domiciled ELTIF fund investing in 88 German grocery-anchored retail properties generating €61.4M annualised rent, serving 8,000+ European retail investors via a €1,500 minimum and the GM OPEN mobile app.

Ownership category

akta.pro rank

Product category

Real Estate Investment Fund

NAICS

Open-End Investment Funds (52591), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Real Estate Investment Trusts (6798), Investors, Nec (6799)

akta.pro primary industry

Sustainable Real Assets (Green Real Estate, Land, Forestry) Funds (FSANAJAD)

akta.pro secondary industries

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Evergreen / Open-Ended Multi-Manager Platforms (FSANAGAM)

Keywords

• Grocery-anchored real estate
• ELTIF investment fund
• European real estate fund
• Sustainable retail property
• Long-term investment vehicle

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Marketing or Sales, Personnel

Revenue model

1. Core Rental Income: Greenman OPEN generates the majority of its revenue from long-term leases on German grocery-anchored real estate. Leases are typically 15-20 years with no break clauses, providing contracted income visibility. Rents are CPI-linked and collected at rates above 97-98.5% annually. Approximately 65% of the €60m annual rent is paid monthly by EDEKA, with Lidl, Kaufland, ALDI, and REWE contributing the remainder.
2. Green Energy & EV Charging Revenue: Through Greenman Energy subsidiary, OPEN generates revenue from photovoltaic energy sold to tenants and EV charging sessions to drivers. Single-day charging revenue reached €3,100; annual EV charging income is projected to reach €8 million when scaled across the portfolio. Direct utility service launched in Q3 2025 supplying 27 customers.
3. Building Data & Analytics (edyfi): edyfi subsidiary monetises building performance data across the portfolio, providing energy benchmarking, carbon reporting, and operational analytics to tenants and property managers. Supports RICS ESG-compliant valuations and aligns with Article 9 SFDR reporting requirements.
4. Urban Farming (Potager Farm): Vertical farming initiative generating revenue from sale of leafy greens to grocery tenants. Reached unit-cost profitability in Q1 2026 with volumes expected to grow fivefold in 2026 through partnership with EDEKA. Electricity cost advantage via Greenman Energy subsidiary strengthens unit economics.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Greenman OPEN is a Luxembourg-domiciled open-ended ELTIF (European Long-Term Investment Fund) that invests in a portfolio of 88 grocery-anchored retail properties across Germany leased to leading grocery chains such as EDEKA, Lidl, Kaufland, ALDI, and REWE. The fund targets 5.5% annual returns with a €1,500 minimum investment, accessed via the GM OPEN mobile app and through financial advisor networks across Ireland and Europe.

Product overview

Greenman OPEN is a single, unified regulated investment fund (ELTIF) structured around four complementary investment zones: (1) Real Estate Zone — the core grocery-anchored property portfolio managed by GFORM and White Bird; (2) Utilities Zone — Greenman Energy's photovoltaic and EV charging infrastructure; (3) Networks Zone — edyfi's smart building data analytics platform; and (4) Resources Zone — Potager Farm's urban vertical farming initiative. The fund is accessed primarily via the GM OPEN mobile app and investor portal. All four zones are designed to reinforce the stable grocery-anchored rental income stream while unlocking additional revenue from energy sales, data services, and food production.

Differentiator

Problem solved

Functional benefit

Products and services

• Greenman OPEN (GM OPEN) Fund
• GM OPEN Mobile App
• Greenman Energy (Utilities Zone)
• edyfi Smart Building Data Platform (Networks Zone)
• Potager Farm (Resources Zone)
• GFORM (Greenman Fund Management)
• White Bird

Quantifiable outcome

• 6.61% all-time annualised return (€10,000 invested at inception grew to €16,671)
• +5 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core, secondary and minor.

• KauflandcoreStrategic or Co-development Partner · 1 January 2024Long-term strategic framework agreement covering seven retail centres across Germany. Kaufland committed to 20-year leases adding approximately 0.5 years to OPEN's WARLT and generating approximately €28 million in contracted rent. The agreement includes sustainability initiatives such as photovoltaic systems, EV charging, Direct Air Capture technology, and community/social projects. Kaufland is owned by the same company as Lidl.
• EDEKAcoreStrategic or Co-development PartnerGermany's largest grocer and primary tenant (paying approximately 65% of €60m annual rent). Subject of Project HEIKO covering 34+ properties with new long-term 'Green' leases including photovoltaic panels, EV charging, and smart technology. EDEKA will launch in-store Potager Farm sales from May 2026. Framework agreement covers 23 lease renegotiations expected to deliver ~€150M rent increase by Q1 2027.
• GFORM (Greenman Fund Management)coreStrategic or Co-development PartnerOPEN's portfolio manager responsible for lease management and tenant engagement. Sister company within the Greenman Group. Manages centre management and leasing strategy for OPEN's German properties, including the Stadtgalerie Datteln redevelopment.
• White BirdcoreStrategic or Co-development PartnerGreenman Group subsidiary managing technical planning and construction for OPEN's property redevelopments. Led architectural design for Stadtgalerie Datteln redevelopment alongside RATHKE Architekten BDA. Ensures properties meet ESG standards and operational efficiency requirements.
• Greenman EnergycoreStrategic or Co-development PartnerGreenman Group subsidiary that installs and operates photovoltaic panels and EV charging infrastructure on OPEN's rooftops and carparks. Generated €1 million in EV charging revenue by March 2026. Operates direct utility service supplying renewable energy to tenants. 18% of generated electricity sold directly to tenants.
• edyficoreTechnology or IntegrationGreenman Group analytics company operating OPEN's smart building data platform. edyfi manages over 5 million live data points across 40+ properties, providing energy benchmarking, carbon reporting, and operational analytics. Publishes 'Appetite for Insights' annual report on grocery real estate metrics. Alignment with RICS ESG valuation standards from April 2026.
• Potager FarmsecondaryStrategic or Co-development PartnerGreenman Group's urban farming initiative operating modular vertical farms on OPEN's underutilised real estate. Reached unit-cost profitability in Q1 2026 with volumes expected to grow 5x in 2026 through EDEKA partnership. Electricity cost advantage via Greenman Energy subsidiary. Produces fresh leafy greens sold via grocery tenants.
• LidlcoreStrategic or Co-development PartnerEuropean discount grocery retailer, tenant in OPEN's German portfolio alongside its sister company Kaufland. Both Lidl and Kaufland are owned by the Schwarz Group.
• Aldi (Nord and Süd)coreStrategic or Co-development PartnerEuropean discount grocery chain, tenant in OPEN's German grocery-anchored real estate portfolio. Aldi operates at lower OCR levels in grocery retail, providing strong covenant for the fund.
• RATHKE Architekten BDAminorStrategic or Co-development PartnerArchitectural firm leading the design for Stadtgalerie Datteln shopping centre redevelopment. Collaborates with White Bird on technical planning and construction management for the project.
• Central Bank of Ireland (CBI)coreOthersIrish financial regulator that authorises and oversees Greenman Investments as AIFM and OPEN's ELTIF distribution in Ireland. Introduced fast-track 24-hour approval process for certain ELTIFs. Ongoing engagement during OPEN's gating period.
• Commission de Surveillance du Secteur Financier (CSSF)coreOthersLuxembourg financial regulator overseeing OPEN's SICAV structure and ELTIF status. Engaged constructively during OPEN's gating and redemption process alongside the CBI.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@GreenmanOPEN
• LinkedInlinkedin.com/company/greenman-open

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenman OPEN