The commercial real estate industry in the DACH region plays a vital role in the economy, focusing on properties such as offices, retail spaces, and industrial sites. It attracts a variety of players including institutional investors, private equity firms, and corporate entities. These companies engage in acquisitions, developments, and investments that drive the market forward. A notable trend is the increasing embrace of technology and sustainability, shaping investment strategies. As urbanization grows, demand for adaptable commercial space and innovative platforms increases, highlighting a shift towards modern solutions that enhance property management and investment efficiency.

The list features 15 prominent investors in DACH's commercial real estate sector, showcasing a mix of corporate entities and venture capital firms. Headquartered primarily in Berlin and Munich, these investors vary in size, with some employing over 10,000 professionals. Founded between the 1830s and 2010s, they demonstrate varying degrees of market activity, with 2024 records indicating investment deals that range from tech-driven platforms to substantial commercial acquisitions, reflecting their strategic pursuits in an evolving market.

Top 15 Commercial Real Estate Investors in DACH

1. Partners Group

• Website: partnersgroup.com
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn: partners-group

Partners Group Holding AG is an investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. With over USD 149 billion in assets under management, the firm provides a range of investment solutions to institutional investors, private banks, and individual investors, helping them navigate the complexities of private markets. Partners Group has been involved in several notable transactions in the commercial real estate sector, including the acquisition of Bellevue Connection, a 227,811-square-foot mixed-use property in downtown Bellevue, and a total acquisition of 4 million square feet of office space in the US, valued at over USD 1 billion. They also acquired a stake in Citivale, a developer focused on logistics and light industrial assets, showcasing their strategic approach to investing in real estate operating companies. Their commitment to sustainability and innovative investment strategies further enhances their profile as a significant player in the commercial real estate market.

2. Deutsche Bank

• Website: db.com
• Type: Corporate
• Headquarters: Frankfurt, Hesse, Germany
• Founded year: 1870
• Headcount: 10001+
• Number of deals in 2024: 32
• LinkedIn: deutsche-bank

Deutsche Bank AG, founded in 1870 and headquartered in Frankfurt, Hesse, Germany, is a leading investment bank and financial services provider. It offers a wide range of solutions including investment banking, corporate banking, cash management, trade finance, and securities services. The bank serves corporate and institutional clients, helping them manage their financial assets and liquidity effectively through its digital platform, Autobahn. Notably, Deutsche Bank has made significant strides in the commercial real estate sector, exemplified by its acquisition of RREEF in 2002 for $440 million, which marked a strategic expansion into real estate investment management. Furthermore, Deutsche Bank has facilitated substantial debt financing for various real estate ventures, including recent transactions such as Azora's $682 million debt financing in October 2023 and Clikalia's multiple debt raises totaling over $900 million in 2021. These activities underscore Deutsche Bank's active participation in the commercial real estate market.

3. Picus Capital

• Website: picuscap.com
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: picus-capital

Picus Capital is a venture capital firm based in Munich, Bavaria, Germany, founded in 2015. Specializing in early-stage technology investments, Picus Capital partners with innovative startups across various sectors, including fintech and healthcare. They provide not only capital but also strategic guidance and HR support to empower entrepreneurs in building sustainable category leaders globally. Notably, Picus Capital has invested in Proprioo, a Paris-based proptech startup that raised €20 million in a funding round to expand its real estate services across France. Additionally, they participated in earlier funding rounds for Proprioo, demonstrating a commitment to the real estate technology sector. Their involvement in other transactions, such as Blok, which focuses on AI-based real estate services, further highlights their engagement in the commercial real estate context.

4. Axel Springer

• Website: axelspringer.com
• Type: Corporate
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1946
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: axel-springer-se

Axel Springer SE is a prominent media company based in Berlin, Germany, founded in 1946. It specializes in publishing news and digital media, operating a diverse portfolio of brands including BILD and Business Insider. The company is dedicated to independent journalism and leveraging technology to enhance its media offerings. In addition to its core media business, Axel Springer has made significant investments in the real estate sector, particularly in digital platforms. Notable transactions include the acquisition of PropertyGate.com in 2001, and investments in Lamudi and PurpleBricks, a UK-based digital real estate platform, where it acquired an 11.5% stake for approximately 143.3 million EUR. These investments reflect Axel Springer's strategic interest in the fast-growing digital real estate market, positioning the company as a relevant player in the commercial real estate landscape.

5. Loric Ventures

• Website: loric.vc
• Type: Corporate
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2016
• Headcount: 1-10

Loric Ventures is a corporate venture capital firm based in Berlin, Germany, founded in 2016. The firm specializes in investing in innovative and disruptive solutions globally, with a particular focus on financial technology and urban technology. They support startups and technology companies by providing the necessary capital to help them grow and succeed in their respective markets. Notably, Loric Ventures has made several investments in companies relevant to the commercial real estate sector, including Housfy, a platform that simplifies the home selling process; IMMO, which focuses on property transactions; Ukio, a company that offers flexible living solutions; and MYNE Homes, which aims to innovate in the housing market. These transactions highlight Loric Ventures' engagement with the real estate technology landscape, reinforcing their relevance in the commercial real estate investment space.

6. Ringier

• Website: ringier.com
• Type: Corporate
• Headquarters: Zurich, Zurich, Switzerland
• Founded year: 1833
• Headcount: 5001-10000
• LinkedIn: ringier

Ringier AG is a prominent media company based in Zurich, Switzerland, founded in 1833. It operates across various sectors, including media publishing, digital marketplaces, and technology solutions. Ringier has a diverse portfolio of brands and plays a significant role in the media landscape across Europe and Africa. In the context of commercial real estate, Ringier has made notable investments, such as the acquisition of BuyRentKenya in December 2017, which enhances its presence in the real estate market. Additionally, Ringier participated in funding rounds for Lamudi, a real estate platform, and has been involved with other real estate-related ventures like Scout24 Switzerland, which includes classified-advertisement marketplaces. These transactions highlight Ringier's strategic interest in the commercial real estate sector, complementing its core media business.

7. BitStone Capital

• Website: bitstone.capital
• Type: Venture Capital
• Headquarters: Neunkirchen, North Rhine-Westphalia, Germany
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: bitstone-capital

BitStone Capital is a venture capital firm based in Neunkirchen, North Rhine-Westphalia, Germany, founded in 2017. The firm specializes in investing in innovative startups within the real estate and construction technology sectors, providing venture capital, business development support, and advisory services to help these startups grow in a rapidly digitizing industry. Their portfolio includes companies focused on digital solutions for property management and building technology. Notable transactions include investments in Simplifa, which raised funds in a Seed Round in 2018, and shareDnC, which has received multiple rounds of funding, indicating a commitment to enhancing real estate operations through technology. In 2024, they also invested in Optiml, further showcasing their active role in supporting innovative solutions in the commercial real estate sector.

8. Scout24 SE

• Website: scout24.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1998
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: scout24-group

Scout24 SE is a corporate investor based in Munich, Bavaria, Germany, founded in 1998. It operates ImmoScout24, the leading online marketplace for residential and commercial properties in Germany, providing users with tools to search for properties and access market analysis. In recent years, Scout24 has made significant acquisitions in the commercial real estate sector, including bulwiengesa AG, a leading provider of valuation and data services for commercial real estate, and a 75% majority stake in Sprengnetter Group, which specializes in property data and valuation services. These strategic moves highlight Scout24's commitment to enhancing its offerings in the commercial real estate market, making it a key player in this industry.

9. Project A

• Website: project-a.com
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2012
• Headcount: 51-200
• Number of deals in 2024: 13
• LinkedIn: project-a-ventures

Project A is a venture capital firm based in Berlin, Germany, founded in 2012. They specialize in early-stage tech investments and provide operational support for startups. With a focus on consulting in tech and growth, they offer access to a network of investors and pre-seed investment opportunities. In 2024, Project A has made 13 investments, showcasing their active role in the investment landscape. Notably, they have invested in several proptech companies, including Evernest, which raised €13M in a Series A round to enhance its technology platform for real estate, and Valve, which secured $4.5M in seed funding for its flexible workplace management software. These transactions highlight Project A's commitment to supporting innovations that intersect with the commercial real estate sector.

10. Allianz

• Website: allianz.com
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1890
• Headcount: 10001+
• Number of deals in 2024: 5
• LinkedIn: allianz

Allianz is a prominent insurance company based in Munich, Bavaria, Germany, founded in 1890. It provides a wide range of insurance products and investment management services aimed at risk management and asset protection for individuals and businesses. With a global presence, Allianz seeks to create long-term value for stakeholders through innovative solutions. In the commercial real estate context, Allianz has made significant investments, including the acquisition of ELIX Vintage Residencial in June 2021, which underscores their commitment to the real estate sector. Furthermore, their involvement in funding rounds for real estate platforms, such as leading a $15.2 million Series B funding for Singapore-based 99.co, highlights their strategic interest in expanding their footprint in the real estate market and offering property-related financial products.

11. ImmoScout24

• Website: immobilienscout24.de
• Type: Corporate
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1998
• Headcount: 1001-5000
• LinkedIn: immobilienscout24

ImmoScout24 is a prominent real estate marketplace based in Berlin, Germany, founded in 1998. The platform connects individuals and businesses with a wide range of residential and commercial properties, offering services for renting, buying, and selling. In recent years, ImmoScout24 has made several strategic acquisitions to enhance its offerings in the real estate sector. Notable transactions include the acquisition of Immobilien.net in 2014, wg-suche.de in 2021, and Immoverkauf24 in 2020, which focuses on property and finance advice. These acquisitions demonstrate ImmoScout24's commitment to expanding its services and capabilities in the real estate market, including the commercial sector. The company serves a diverse customer base, including consumers and real estate professionals, facilitating seamless real estate transactions and providing financing options and moving services.

12. Foundamental

• Website: foundamental.com
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn: foundamental

Foundamental is a Berlin-based venture capital firm founded in 2019, specializing in the architecture, engineering, and construction (AEC) technology sectors. The firm provides early-stage funding and strategic support to startups, helping founders navigate the challenges of building their businesses. Foundamental's portfolio includes companies focused on 3D design, construction, renovation, and supply chain logistics, primarily targeting businesses in the AEC industry. Notably, Foundamental has invested in Aeria, a commercial real estate asset management platform that secured $1.8 million in pre-seed funding, and Homebase, a prop-tech startup that raised $30 million to expand its market leadership in Southeast Asia's Proptech industry. These transactions highlight Foundamental's active role in the commercial real estate sector, particularly through technology-driven innovations that enhance asset management and homeownership.

13. Pt1

• Website: pt1.vc
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2018
• Headcount: 11-50
• Number of deals in 2024: 6
• LinkedIn: proptech1

PT1 is a venture capital firm based in Berlin, Germany, founded in 2018. The firm specializes in investing in early-stage startups that focus on transformative real asset technologies, providing both capital and expertise to innovative entrepreneurs in Europe. PT1 operates through a structured investment management approach, targeting pre-seed and seed funding stages. Notably, PT1 has participated in several relevant transactions in the commercial real estate context, including Beanstock, a French buy-to-let investment marketplace that raised €12M in a Series A round, and Wunderflats, a Berlin-based platform for temporary furnished housing, which has secured multiple rounds of funding. These investments highlight PT1's engagement in the real estate sector, particularly through technology-driven platforms that address modern housing and investment needs.

14. Vaudoise Assurances

• Website: vaudoise.ch
• Type: Corporate
• Headquarters: Lausanne, Vaud, Switzerland
• Founded year: 1895
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: vaudoise-assurances

Vaudoise Assurances is a corporate insurance company based in Lausanne, Vaud, Switzerland, founded in 1895. It offers a comprehensive range of insurance products and financial services tailored for individuals and businesses, including car insurance, home insurance, and business liability coverage. In recent years, Vaudoise Assurances has expanded its footprint in the commercial real estate sector. Notably, on December 16, 2021, they acquired a strategic 20% stake in SEG Suisse Estate Group SA through their subsidiary Vaudoise Asset Management, aiming to enhance their capabilities in managing third-party real estate assets. Furthermore, they participated in a CHF 10 million Series A financing round for Foxstone, an online real estate investment platform, indicating their interest in innovative real estate investment solutions. These transactions highlight Vaudoise Assurances' active role in the commercial real estate market, complementing their core insurance business.

15. IBB Ventures

• Website: ibbventures.de
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn: ibb-beteiligungsgesellschaft-mbh

IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in providing funding and support to innovative startups, particularly in the early stages of their development. With a portfolio of over 270 startups, IBB Ventures offers not only financial backing but also expertise and resources to help these businesses thrive in competitive markets. Notably, IBB Ventures has been involved in several transactions within the real estate sector, including multiple funding rounds for Realbest, a Berlin-based real estate startup that focuses on enhancing brokerage and distribution networks. Their investments in Realbest across various funding rounds (Series B, Series C, and a venture round) highlight their commitment to supporting companies that operate in the commercial real estate space. Additionally, their investment in assetbird, which raised funds in 2024, further emphasizes their engagement with real estate technology and services.

Commercial Real Estate Insights: Key Investors in DACH

Investor	Headquarter	Size	Founded	Deals 2024
Partners Group	Baar, Zug, Switzerland	1001-5000	1996	19
Deutsche Bank	Frankfurt, Hesse, Germany	10001+	1870	32
Picus Capital	Munich, Bavaria, Germany	11-50	2015	28
Axel Springer	Berlin, Berlin, Germany	10001+	1946	1
Loric Ventures	Berlin, Berlin, Germany	1-10	2016	0
Ringier	Zurich, Zurich, Switzerland	5001-10000	1833	0
BitStone Capital	Neunkirchen, North Rhine-Westphalia, Germany	1-10	2017	4
Scout24 SE	Munich, Bavaria, Germany	1001-5000	1998	1
Project A	Berlin, Berlin, Germany	51-200	2012	13
Allianz	Munich, Bavaria, Germany	10001+	1890	5
ImmoScout24	Berlin, Berlin, Germany	1001-5000	1998	0
Foundamental	Berlin, Berlin, Germany	11-50	2019	7
Pt1	Berlin, Berlin, Germany	11-50	2018	6
Vaudoise Assurances	Lausanne, Vaud, Switzerland	1001-5000	1895	1
IBB Ventures	Berlin, Berlin, Germany	11-50	1997	18

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