May 2026
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Largest Real Estate Development Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Vantage Towers, LEG Immobilien, GSW Immobilien, TAG Immobilien and Aroundtown.
 | Vantage is the tower arm of Vodafone, spun off in 2021. Vantage fully owns 45,000 towers in Germany, Spain, Greece, and other European countries. Vantage also owns stakes in Inwit (22,000 towers, Vantage owns 33% stake), the Italian tower operator resulting from the merger of Vodafone and Telecom Italia’s towers in the region, and Cornerstone (14,000 towers, 50% stake) a tower joint venture in the U.K. with Telefonica. | -- | -- | $23B | $27B | 21.2x | 24.3x | ||
| LEG Immobilien SE is a general real estate company. The company's portfolio consists mainly of residential units, followed by garages, parking spaces, and commercial units. The business model is supplemented by the targeted development of value-added services. LEG is mainly focused on the German market of the North Rhine-Westphalia region. The company divides its portfolio into three groups: high-growth markets, stable markets, and higher-yielding markets. | $69 | -20% | $5B | $16B | 10.0x | 10.4x | ||
| GSW Immobilien AG is engaged in the management of its own real estate and the acquisition and management of investments in other companies, particularly real estate holding companies. | $81 | -5% | $5B | $6B | 11.2x | 36.7x | ||
| TAG Immobilien AG is a general real estate company that operates in Germany It focuses on sales activities in addition to the development and management of a residential property . The company focuses on regions characterized by improving quality of life while considering acquisition activity as a component of its operational growth plan. The company has three segments: Rental Germany, Rental Poland and Sales Poland, which derives maximum revenue. | $17 | -1% | $3B | $7B | 6.1x | 10.8x | ||
| Aroundtown SA is a Luxembourg-based specialist real estate investment group focusing on value-add income-generating properties in the German markets. The group covers commercial and residential real estate assets that benefit from fundamentals and growth prospects. The company operates in Germany, the Netherlands, the United Kingdom, Belgium, and other countries, out of which the majority of the revenue is generated from the German markets. | $3 | -- | $3B | $16B | 9.0x | 13.0x | ||
| Sirius Real Estate Ltd is in the business of investment in and acquisition of the commercial property to provide workspace in Germany. It operates in two segments that is Germany; and United Kingdom. The Company invests in large mixed-use commercial real estate assets in Germany. The firm derives revenues in the form of rental income from operations in Germany. Its portfolio includes Conventional offices, Smartspace Office, Officepods, Virtual office, Classical storage spaces, Smart space Storage, Flexi storage, Workshop spaces, and others. | $1 | +10% | $2B | $3B | 9.2x | 12.5x | ||
| Grand City Properties SA is a real estate company. It is a specialist real estate company focused on buying, re-developing, optimizing, repositioning, investing, and managing value-add opportunities in the German real estate market. The company is also involved in asset and property management activities along with the real estate value chain. Its portfolio is mainly located in Berlin, North Rhine Westphalia, Dresden, Leipzig, Halle, Nuremberg, Munich, Mannheim, Frankfurt, Bremen, Hamburg, and others. | $11 | -- | $2B | $5B | 8.8x | 8.1x | ||
| Deutsche EuroShop AG is a German real estate investment firm that invests in shopping centers. The company's properties are mostly located in Germany, with the remainder in Austria, Poland, Hungary, and the Czech Republic. The company generates revenue from leasing properties to tenants, which include general retailers, consumer electronics retailers, and fashion and accessories stores. Deutsche EuroShop operates through two geographical segments: domestic, which contributes the majority of consolidated revenue, and international. | $23 | +2% | $2B | $4B | 11.8x | 14.2x | ||
| TLG Immobilien AG is a commercial real estate company that focuses on the Berlin and eastern Germany regions of the Baltic coast and the Middle Germany core region. The company manages a portfolio of commercial properties mainly for office and retail uses. In addition, TLG Immobilien owns and operates several hotel properties that are located in Berlin, Dresden, Leipzig, and Rostock. The company provides property management, letting, sales, and purchases services. The majority of the group's revenue comes from rental and letting activities. | $14 | -- | $1B | $2B | 11.0x | 44.9x | ||
| Sedlmayr Grund und Immobilien KGaA operates as a real estate company. It is involved in the management, development, and expansion of its property portfolio which mainly comprises a housing and commercial areas. Its other operations consist of real estate leasing, real estate sales and serviced apartment leasing. | $1,533 | -17% | $1B | $2B | 12.6x | 35.1x | ||
| TAG Colonia-Immobilien AG is a Hamburg-based property company focused on the German residential real estate sector. It is engaged in acquiring, selling, and managing real estate in Germany. The company reports in the Rental Germany Segment, Rental Poland Segment, and Sales Poland segment. Its residential portfolio on a regional basis and has divided its real estate holdings in the ‘Rental’ segment into the following regions: Berlin, Chemnitz, Dresden, Erfurt, Gera, Hamburg, Leipzig, Rhine-Ruhr, Rostock, Salzgitter, and others. | $6 | -- | $1B | $5B | 3.8x | 20.5x | ||
| Argo Properties NV is a foreign company engaged in the purchase, management, and rental of residential and office buildings in Germany. The company's segment includes Income generating residential real estate and Income generating real estate for development. It generates maximum revenue from the Income generating residential real estate segment. | $48 | -- | $1B | $2B | 26.9x | 17.2x | ||
| GAG Immobilien AG is a Germany based provider of real-estate services and consultation in the city of Cologne. The company operates as a landlord, and is focused on the business of Leasing, Selling and Managing properties. In the leasing business, the company focuses on leasing the properties it owns. The organization apart from being involved in the provision of leasing services, also sells homes, condominiums, flats and buildings. In the Managing business, the entity undertakes the management and administration of third-party apartments for their owners or owner associations. | $58 | -4% | $933M | $4B | 7.0x | 18.7x | ||
| Patrizia SE Formerly Patrizia AG is an active real estate investment company that operates in two primary segments: Management Services, which includes the buying and selling of properties, long-term property management, portfolio management, and service fee income; and Investments segment, which includes returns on co-investments as well as principal investments. The majority of the company's revenue is generated by the Management Services segment. | $9 | -9% | $748M | $913M | 3.0x | 12.5x | ||
| Instone Real Estate Group SE is a real estate development company. The company is engaged in the development of modern, urban, multi-family homes and the redevelopment of listed buildings for residential use. The company constructs apartment buildings and residential quarters, refurbishment of monument-protected properties, and new buildings of real estate properties and other related activities. The company operates only in one business segment and one geographical segment and generates revenue and holds majority assets in Germany. | $10 | +1% | $446M | $751M | 1.4x | 7.5x | ||
| Dinkelacker AG is engaged as a real estate company, including office, retail, dining and living free of commission from the own portfolio with an emphasis in Stuttgart. It offers residential properties, garages, parking places and commercial properties on rent. | $1,309 | -4% | $381M | $456M | 15.6x | 23.2x | ||
| Deutsche Real Estate AG is engaged in investing in building a portfolio with focus on office, logistics and retail properties in the growth regions of Germany. | $16 | +126% | $328M | $323M | 9.2x | 20.8x | ||
| VIB Vermoegen AG is a real estate holding company which is engaged in the development, acquisition, and management of commercial real estate properties, The real estate portfolio of VIB Vermogen AG includes logistics properties, industrial real estate, shopping centers and retail parks, as well as commercial and service centers. Its segment are Rental and Management of Real Estate Assets and Management of Properties of Institutional Investors. | $9 | -- | $306M | $2B | 11.4x | 6.6x | ||
| STINAG Stuttgart Invest AG operates as a holding company, which engages in thereal estate, finance and equity investments business. It focuses on the real estate portfolio through its project developments, the acquisition of advanced project developments and existing properties, and the management of its own portfolio. | $18 | -- | $263M | $422M | 12.5x | 20.1x | ||
| 029 Group SE is a hospitality and lifestyle platform blending luxury, technology, and community to build and support category-defining brands aimed at making people’s lives happier. The company investment is focused on two business sectors which are Hospitality and Lifestyle. The company operates in three segments Hospitality, Enabling Technologies, and Consumer Brands. | $48 | -6% | $239M | $239M | (106.3x) | (88.5x) | ||
| AGROB Immobilien AG engages in the real estate management and development businesses in Germany. It also provides inventory management, real estate, and project development services. In addition, it operates a satellite system with various parabolic antennas and a network of fiber-optic cables. | $36 | -18% | $139M | $273M | 18.9x | 27.6x | ||
| FCR Immobilien AG is a German-based company investing in real estate properties. The company mainly invests in shopping and retail parks in Germany. Its portfolio consists of approximately 78 properties. Geographically, the company operates in inland and EU countries, it derives a majority of revenue from Germany. | $14 | -6% | $135M | $440M | 10.3x | 18.7x | ||
| Deutsche Fachmarkt AG is a real estate company. It focusses on small retail properties in small to medium-sized cities in northern and eastern Germany. | $28 | -9% | $135M | $370M | 13.3x | 17.4x | ||
| Branicks Group AG is a commercial real estate investor and asset manager. It operates in the area of portfolio, asset, and property management. The company operates its business through two segments: Commercial Portfolio, and Institutional Business. The Commercial Portfolio segment consists of investments and revenue streams from properties and Institutional Business (IBU) segment comprises all of the real estate investment services for institutional clients who structure and manage funds, club deals, and separate accounts. Key revenue is generated from the commercial portfolio segment. | $2 | -26% | $129M | $2B | 7.4x | 11.2x | ||
| Hasen-Immobilien AG is a Germany-based company. It focuses in the business activities of administration and reorganization of the real estate portfolio located in the greater Augsburg area and in Munich. It offers residential and commercial properties for sale and rent. | $226 | +11% | $109M | $150M | 11.6x | 21.8x | ||
| Gateway Real Estate AG is a developer of commercial and residential real estate properties in Germany. The company's operating segment includes Standing Assets; Commercial Properties Development; and Residential Properties Development. Its property portfolio consists of Commercial and Residential Properties, Offices, Hotels, Shopping Centers, Office Refurbishments, and Parking Spaces. Geographically, the company conducts all its business activities in Germany. | $0 | -39% | $76M | $1B | 33.2x | (10.9x) | ||
| DEMIRE Deutsche Mittelstand Real Estate AG is a Germany-based commercial real estate company. It focuses on German real estate market and is an investor and property holder in the segment for secondary locations where its activities include acquisition management and rental of commercial properties. The company concentrates on office, retail, hotel and logistics, real estate and owns properties in medium-sized cities and locations bordering metropolitan areas across Germany, such as in the Munich, Freiburg, Rostock, Dusseldorf, Bonn, Hamburg, Berlin and Dresden areas. The Company's particular strength lies in realizing the potential of the properties at these locations while focusing on a range of properties that appeals to both regional and international tenants. | $0 | -52% | $45M | $576M | 4.2x | 18.7x | ||
| Franconofurt AG along with its subsidiaries, is involved in the property management business. It engages in a diversified array of services within this business, namely brokering, renovation, management, and purchasing of various properties. | $890 | +6% | $45M | $112M | 6.6x | 14.7x | ||
| InCity Immobilien AG is a German company which operates in the real estate industry. The firm purchases and manages high-quality residential and commercial real estate projects. It also participates through partnership models with regional project developers in residential and commercial real estate projects in selected German metropolitan regions. The company’s main activities comprise the investment and management, with partners, of undervalued residential and commercial real estate properties in metropolitan cities across Germany to add value to them and gain profit on their further resale or leasing. | $0 | -11% | $39M | $116M | 2.7x | 143.2x | ||
| Beno Holding AG and its subsidiaries are specialized asset managers and owners of operational real estate. The company follows the approach of buy, transform, and hold, while focusing on the long-term leasing of commercial and, above all, industrial properties. Additionally, its operating subsidiaries concentrate on managing the real estate, essential to the operations of medium-sized businesses. The group owns and operates several commercial real estate properties in Germany, along with offering real estate brokerage, real estate management, real estate design, and other related services to different businesses. | $10 | +22% | $33M | $99M | 9.4x | 10.9x | ||
| Adler Group SA is a company specialized and focused on the purchase, management, and development of income-producing multi-family residential real estate. The portfolio of the company and its subsidiaries is situated in or on the outskirts of urban areas such as Berlin. The company operates in Germany. Its segment include: Residential property management; Privatization; Adler RE; and Consus. It derives maximum revenue from Residential property management segment. | $0 | -- | $30M | $4B | 10.8x | (11.1x) | ||
| Buergerliches Brauhaus Ravensburg Lindau AG operates on the management of their real estate ownership and leasing of other property and the installation of gaming or other entertainment devices and the operation of gastronomic facilities. | $2,005 | -5% | $27M | $21M | 7.3x | 25.1x | ||
| Immovaria Real Estate AG is a real estate and investment company that invests its assets in real estate. The Company focuses on the acquisition of its property, and investments in real estate in urban areas. The investment focus is on unencumbered real estate and real estate property companies in the greater Berlin area and in other high-yield metropolitan areas in the Federal Republic of Germany, as well as investments in companies with successful real estate management. | $4 | -6% | $27M | $22M | 87.7x | (51.1x) | ||
| RCM Beteiligungs AG is engaged in the acquisition, management, and sale of real estate properties. The company primarily focuses residential and commercial properties. In addition, it also focuses on securities trading and investment. Geographically all the operations are functioned through the region of Germany. | $1 | -14% | $17M | $34M | 11.6x | 113.5x | ||
| Lubke Kelber AG is an residential and commercial investments company in Germany. It participate in real estate investments. | $12 | -1% | $13M | $13M | 11.0x | (23686.9x) | ||
| Deutsche Grundstuecksauktionen AG is an auction house specializing in the auction and agency sale of land and buildings. It offers services relating to the placement and sale of properties, as well as permanent Internet property auction services. Its services portfolio includes, among others, property transfer, contract management, insurance check, vacancy and rental management, re-renting of vacancies, property management, technical facility management, support and supervision of repair and modernization measures, dunning processes, operation costs consulting. | $7 | -21% | $11M | $10M | 3.1x | (24.8x) | ||
| TTL Beteiligungs- Und Grundbesitz-AG is an investment company focused on the German commercial real estate markets. The company holds interest in GEG German Estate Group and Deutsche Immobilien Chancen Group. | $0 | -45% | $3M | $76M | 53.5x | (2.9x) | ||
| Noratis AG is a developer of residential property portfolios. The company invests in residential properties with technical and commercial development potential in Germany, mainly in small and medium-sized towns or on the outskirts of metropolitan areas. The Company specializes in the upgrading of ageing residential portfolios, mostly company-owned apartments, residential areas or housing estates in cities with more than 10,000 inhabitants and in peripheral areas of conurbations. | $0 | -79% | $2M | $38M | 0.5x | 5.6x | ||
| Coreo AG is a real estate investment company. The company focuses on commercial and residential properties, especially in the office and retail sectors. It generates maximum revenue in the form of rental income. | $1 | -- | $1M | $71M | 3.8x | 50.5x | ||
| GORE German Office Real Estate AG is a real estate investor that builds real estate focusing on office properties. | $0 | -82% | $146K | $146K | — | (0.0x) | ||
| publity AG is an asset manager and investor specializing in office real estate in Germany. The company covers the core of the value chain from the acquisition to the development and sale of real estate. | $0 | -100% | $22K | $22K | 0.0x | (0.0x) | ||
| Verianos SE is a property investment company. It acts as a real estate merchant banking partnership which connects property and capital markets for its clients. The company serves a diversified client base with tailored solutions for its relevant property issues. | $0 | +2% | $8K | $24M | 13.7x | (8.0x) | ||
| Median | $10 | -6% | $137M | $448M | 10.0x | 13.6x |
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