ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
Greenman InvestmentsLU2074594297Class Income 1 (formerly G)
Greenman OPEN holds German food-retail properties in a buy-and-hold portfolio — local supply as an Article 9 strategy, since 2014 and thus one of the oldest vehicles in the database, ELTIF-authorised.
Quarterly subscription and redemption over a long calendar cycle: orders roughly one quarter before the record date, payment a further quarter later. Since December 2025 redemptions have been suspended: the gate was triggered and the fund is selling properties to meet the queued requests; the lifting of the suspension has been indicated for 2027. Requests submitted during the suspension will later be met only net of a liquidity penalty.
Subscription from EUR 1,500; in Germany currently through professional and semi-professional investors.
The most specialised real-estate profile in the field — one sector, one country, a decade of history: supermarkets as everyday infrastructure. The concentration is strength and risk at once; since December 2025 the fund has also been the first ELTIF in the database with an actual suspension of redemptions.
Figures for class Income 1 (formerly G) (LU2074594297) · product data 16 Oct 2026 · sources: prospectus (as at September 2024, CSSF-Visa 13 Sep 2024), PRIIPs-KID, Factsheet — full list under 08 documents.
Outdated (Sep 2025)
2 monthly values · Source: price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results.
What the prospectus permits: Grocery-anchored Retail / food retail properties with long-term leases (anchor tenants including EDEKA, Kaufland); lease optimisation programme 'Projekt HEIKO'
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
88 holdings; the five largest account for 21.8% of the fund. 0.2% is held in the liquidity reserve — enough for less than one month of maximum redemptions.
Among the ten largest: 10 equity holdings.
Hybrid grocery-anchored retail center in Berlin (Germany) with 32,118 sq m of lettable area and annual net rent of about €4.71 million; vacancy 17.8% …
Retail park in Sonneberg (Thuringia, Germany) with 43,223 sq m of lettable area and annual net rent of about €2.72 million; vacancy 0%, weighted average lease term 5.5 years (end of 2024).
Retail park in Höhr-Grenzhausen (Rhineland-Palatinate, Germany) with 14,625 sq m of lettable area and annual net rent of about €2.23 million; vacancy 6.9% …
Hybrid grocery-anchored retail center in Plauen (Saxony, Germany) with 22,021 sq m of lettable area and annual net rent of about €2.16 million; vacancy 9.7% …
Mixed-use neighborhood retail center in Hohen Neuendorf (Brandenburg, Germany) with 13,991 sq m of lettable area and annual net rent of about €2.02 million; vacancy 0% …
Hybrid grocery-anchored retail center in Homberg/Efze (Hesse, Germany) with 12,360 sq m of lettable area and annual net rent of about €1.90 million; vacancy 4.0% …
Hybrid grocery-anchored retail center in Henstedt-Ulzburg (Schleswig-Holstein, Germany) with 12,284 sq m of lettable area and annual net rent of about €1.85 million; vacancy 30.9% …
Retail park in Zwickau (Saxony, Germany) with 13,734 sq m of lettable area and annual net rent of about €1.83 million; vacancy 0%, weighted average lease term 12.5 years (end of 2024).
Hybrid grocery-anchored retail center in Datteln (North Rhine-Westphalia, Germany) with 10,119 sq m of lettable area and annual net rent of about €1.78 million; vacancy 51.7% …
Retail park in Aschersleben (Saxony-Anhalt, Germany) with 9,071 sq m of lettable area and annual net rent of about €1.77 million; vacancy 0%, weighted average lease term 5.3 years …
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 7.28%, class Income 1 (formerly G) is well above the median of the asset class (2.42%). There is no performance fee.
For 1,500 EUR this means roughly 109 EUR per year.
For 1,500 EUR, a one-off up to 15 EUR on purchase.
Based on the PRIIPs key information document of class Income 1 (formerly G), hence comparable across providers. 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, the General Partner … |
| Minimum investment | EUR 1,500 per class; the general partner may accept lower amounts |
| Entry charge (max.) | 1% (Fund) |
| Subscription limit | The General Partner may reject subscriptions in whole or in part; acceptance or rejection within 4 business days after the subscription deadline; no quantitative cap |
| 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 16 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 12 months. How quickly the money arrives and what happens if many want out at once is set out below.
A suspension means the fund temporarily redeems no units; requests already submitted are only met once the suspension ends. If the fund is being liquidated, it ends with the distribution of the liquidation proceeds.
Details of the ongoing limitation · as at 16 Oct 2026 · sources: Greenman Investments, 'Greenman OPEN Implements Redemption Gate', 4 Dec 2025 · Irish Times, 'Greenman names new chief executive as fund sells assets to meet frozen redemptions', 4 Mar 2026 · Greenman OPEN Monthly Update July 2026 · DFPA 9 Feb 2026 · Institutional Money 6 Feb 2026 · cross-check against the 2024 annual report: gate expressly not triggered in 2024 · Greenman OPEN Monthly Update July 2026 … Earlier limitations are not shown here: the history before the current episode has not been conclusively verified.
Redemption request by 17:00 CET on 27 Mar, 26 Jun, 26 Sep
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.
No liquidity score — redemptions are currently suspended.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 17:00 · (fixed calendar day) |
| Price | quarter-end |
| Gate | 10% gross of NAV at the previous quarter-end per quarter; de facto limit: only monies of the Liquidity Reserve of at least 10% 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, 12 months (subscription) |
| Suspension | Exceeding the 10% gate triggers a Redemption Suspension Period; restoration of the Liquidity Reserve; protection of investors' interests |
| Liquidity tools | Redemption Gate 10% per quarter with Redemption Suspension Period; Order Matching (Exceptional Liquidity Program) with 10% Liquidity Penalty. |
| Switch / transfer | possible under the transfer conditions of the prospectus (no legal, tax or registration disadvantages). |
| 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 … |
Trigger threshold 10% of the sub-fund NAV per redemption date: where the requests of one date exceed 10% of NAV, the General Partner may trigger a Redemption Gate and a Redemption Suspension Period. Requests are then met either in the chronological order of receipt or pro rata, in each case only as far as the Liquidity Reserve (at least 10% of NAV) extends.
The gate is formulated as a trigger threshold: only where the redemption requests for a given date exceed 10% of NAV may the General Partner activate a gate and a suspension of redemptions; the proportion actually met is then not fixed but limited by the Liquidity Reserve. The figure is therefore not a fixed NAV-based payout ratio but the threshold above which requests are scaled back.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 16 Oct 2026 · Documents: 08.
4 classes. All cost and risk figures on this page refer to the basis class Income 1 (formerly G).
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Aug 2024 | — |
| NAV series price feed / provider document | 30 Sep 2025 | Performance (01) |
| 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 suspension since 4 Dec 2025: redemptions are currently suspended. Details under “Redemption & liquidity”.
Ongoing costs of 7.28% p.a. according to the PRIIPs KID for class Income 1 (formerly G); the median of the Real Estate funds in this database is 2.42%; no performance fee.
1,500 EUR in class Income 1 (formerly G).
Not as a retail investor. According to our evidence, in Germany it is open only to professional and institutional investors (as at 5 Oct 2026). The Access check shows the details.
Yes. Redemption suspension since 4 Dec 2025 (as at 16 Oct 2026). Details under “Redemption & liquidity”.
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.