October 2026
Largest Real Estate Services Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Vonovia, Deutsche Wohnen, LEG Immobilien, TAG Immobilien and TLG Immobilien.
 | Vonovia SE is a residential real estate company based out of Germany. Vonovia owns and manages a multitude of residential units in many German cities and regions. The company makes long-term investments in the maintenance, modernization, and senior-friendly conversion of its properties. In addition to conducting property management, it handles financing, service, and coordination tasks. The company manages its operations through four business segments; Rental, Value-add, Recurring Sales, and Development. Maximum revenue is generated from the Rental segment, which combines all of the business activities that are aimed at the value-enhancing management of its residential real estate. It includes the company's property management activities in Germany, Austria, and Sweden. | $19 | -37% | $16B | $67B | 11.2x | 15.5x | ||
| Deutsche Wohnen is a German residential property company headquartered in Berlin and majority-owned by Vonovia since 2021. At the end of 2025 it owned 140,482 residential units, 102,624 of them in Berlin, together with commercial and nursing-care properties. The company earns most of its revenue from renting apartments to private tenants, supplemented by property sales and development. It was founded in 1998 by Deutsche Bank from a housing portfolio bought from the Hoechst pension fund and the state of Rhineland-Palatinate, listed in November 1999 and became fully independent of Deutsche Bank in 2006. It grew through acquisitions including GEHAG in 2007, about 23,500 BauBeCon apartments from Barclays in 2012 at an enterprise value of €1.24 billion and Berlin's GSW Immobilien in 2013, and in 2017 moved its seat from Frankfurt to Berlin and became Deutsche Wohnen SE. It joined the DAX in June 2020, and after two failed attempts Vonovia's third takeover offer succeeded in August 2021, creating Europe's largest residential landlord; Vonovia now holds 87.6% of the shares. Its Berlin rent practices made it the namesake of the Deutsche Wohnen & Co. enteignen campaign, whose September 2021 referendum on expropriating large landlords won more than 56% of the vote. | $17 | -31% | $6.9B | $15B | 11.3x | 17.1x | ||
| 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. | $52 | -31% | $4B | $14B | 9.3x | 9.8x | ||
| 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. | $12 | -24% | $2.3B | $6.5B | 6.0x | 11.4x | ||
| 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. | $13 | -19% | $1.2B | $1.2B | 7.7x | 60.8x | ||
| 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. | $52 | -13% | $834M | $3.6B | 6.9x | 18.6x | ||
| 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. | $11 | -20% | $109M | $399M | 9.9x | 17.8x | ||
| 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. | $21 | -39% | $100M | $329M | 10.8x | 13.7x | ||
| 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. | $199 | +0% | $95M | $136M | 10.9x | 12.3x | ||
| 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. | $5 | -39% | $7M | $7M | 2.2x | (20.8x) | ||
| 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 | -95% | $526K | $34M | 0.5x | 17.0x | ||
| Median | $17 | -31% | $834M | $1.2B | 9.3x | 15.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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