Greenman NEXT carries the house's proven supermarket concept into the ELTIF 2.0: food-anchored retail properties in Germany and Central Eastern Europe via sale-and-lease-back, complemented by photovoltaics and charging infrastructure — as an Article 9 fund, launched in 2024.
Ongoing subscription through the manager's app with quarterly issuance; quarterly redemption after a class-dependent multi-year minimum holding period, and above a threshold a gate can apply. Valuation only quarterly.
Subscription from EUR 1,500 for all investor groups; registered in Germany and neighbouring markets. To note per the prospectus: Greenman is not a member of the Irish Investor Compensation Scheme.
The retail edition of the Greenman strategy — app distribution and a mini entry ticket meet the patience of a buy-and-hold owner: the same local-supply thesis as OPEN, now with an energy component and in the more modern legal framework. ---
Figures at fund level · product data 19 Aug 2026 · sources: prospectus (as at September 2024, CSSF-Visa 13 Sep 2024), PRIIPs-KID — full list under 08 documents.
No documented NAV series in the database; the provider’s figures are shown.
No rolling twelve-month figure is disclosed. For the 2024 calendar year, the audited annual report shows for the (now closed) class A a decline in NAV per unit from 1.1287 to 1.1225 EUR, that is -0.55%. The value series in the Fund Guide shows, for an investment of 10,000 EUR, a level of 11,603 EUR as at 30 Sep 2025 against 11,695 EUR as at 30 Jun 2025 - the value therefore fell in the third quarter of 2025.
What the prospectus permits: Buy-and-hold of food-anchored retail property, preferably through sale-and-leaseback transactions with framework lease agreements and euro-denominated leases, including outside the eurozone.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
6 holdings; the largest are Greenman Włocławek Sp. z o.o. (retail park Włocławek), Greenman Grodzisk Sp. z o.o. (retail park Grodzisk Mazowiecki), Greenman Namysłów Sp. z o.o. (retail park Namysłów).
Focus according to fund documents: Retail & retail park (property) 100%
Focus according to fund documents: Germany 100%
Among the largest positions: 4 equity holdings, 1 primary fund; 1 name not disclosed.
Grocery-anchored retail park in Włocławek (Kuyavian-Pomeranian Voivodeship), built in 2011 …
Grocery-anchored retail park in Grodzisk Mazowiecki near Warsaw (Masovian Voivodeship), built in 2016, with around 2,700 m² of lettable area; the property is fully let.
Grocery-anchored retail park in Namysłów (Opole Voivodeship), built in 2014, with around 4,100 m² of lettable area; the property is fully let.
AMF-regulated French real estate SCPI managed by Greenman ARTH S.A.S., a sister company of Greenman Investments.
Undisclosed supermarket properties held alongside the Polish Smart Portfolio; some have been contracted but the acquisitions have not yet closed.
Positions and shares according to the provider; weights of the holdings are not reported; 1 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; holdings as at 31 Dec 2024, reserve as at 30 Sep 2025; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.50%, the main class is above the median of the asset class (2.42%). There is no performance fee.
For 1,500 EUR this means roughly 38 EUR per year.
For 1,500 EUR, a one-off up to 8 EUR on purchase.
Cost figures of the main class according to provider documents. Median: 6 Real Estate funds in this database, data run 16 Oct 2026.
Units can be subscribed quarterly. The price is the NAV on the valuation day — it is not known when the order is placed.
not addressed; subscriptions received after the deadline are carried over to the next …
Price = NAV per share on this day.
An order placed today is invested in — days (—).
Shown without a date because the prospectus does not quantify: cut-off, NAV publication, payment. The remaining markers are calculated from the prospectus rules.
| Frequency | quarterly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | quarter-end |
| Cut-off | (fixed calendar day) |
| Price | last calculated NAV |
| NAV publication | Valuation Date = last calendar day of each quarter; the NAV is made available at the registered office of the company once finalised, no specified deadline |
| Minimum investment | EUR 1,500 per class; the general partner may accept lower amounts |
| Entry charge (max.) | 2% (Fund) |
| Subscription limit | The General Partner may reject subscriptions in whole or in part; acceptance or rejection within 7 business days after the subscription deadline; class A is closed to new subscriptions |
| Business day | a full day on which banks are generally open for business in Luxembourg (definitions, p. 8-9) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 36 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption only after expiry of the class-specific Lock-up Period and only with the consent of the General …
Price = NAV per share on this day.
NAV at previous quarter-end (—)
Pricing date for a request made today: —, in — days.
Shown without a date because the prospectus does not quantify: cut-off, NAV publication, payment. The remaining markers are calculated from the prospectus rules.
An exit is possible after three years at the earliest — arithmetically 1326 days from decision to cash.
Rank 112 of 112 · rank 4 of 4 in Real Estate · 36 months lock-up · no fixed redemption fee
Money typically within a year — on average 232 days from decision to cash.
36 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence medium — document older than 18 months · prospectus as at 13 Sep 2024 · score run 16 Oct 2026 · How 1326 days become 0 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 17:00 · (fixed calendar day) |
| Price | quarter-end |
| Payout | 180 days |
| Gate | 5% gross of NAV at the previous quarter-end per quarter; de facto limit: only monies of the Liquidity Reserve of at least 7% of NAV are used, beyond that no disposal of … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | investor-level, 36 months (subscription) |
| Suspension | Exceeding the 5% gate triggers a Redemption Suspension Period; restoration of the Liquidity Reserve; protection of investors' interests |
| Liquidity tools | Redemption Gate of 5% per quarter with Redemption Suspension Period; order matching with Liquidity Penalty. |
| Switch / transfer | permitted subject to the transfer conditions of the prospectus; in addition an order matching programme between outgoing and incoming investors |
| Compulsory redemption | Restricted Person, liquidation or merger, payment of fees; penalty discount at the discretion of the General Partner of up to 10% of the NAV or of the capital … |
Activation threshold 5% of the sub-fund NAV per request deadline: where the redemption requests for a given date exceed 5% of NAV, the General Partner may trigger a Redemption Gate and a suspension of redemptions.
5% of NAV per request deadline. Where this is exceeded, the General Partner may satisfy the requests in chronological order or pro rata, to the extent that only the liquidity reserve has to be drawn on; requests going beyond that are treated as Gated Redemptions.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
4 classes according to provider documents; per-class details (ISIN, currency, costs) are not yet captured.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | 13 Sep 2024 | — |
| Positions and reserve | 31 Dec 2024 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, with 5% gate per quarter. Subscribing today, it takes on average 1326 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.50% p.a. according to the PRIIPs KID; the median of the Real Estate funds in this database is 2.42%; no performance fee.
1,500 EUR.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Greenman NEXT ELTIF. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.