May 2026
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Largest Real Estate Services Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Vantage Towers, Vonovia, Deutsche Wohnen, LEG Immobilien and TAG Immobilien.
 | 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. | -- | -- | $22B | $27B | 21.2x | 24.3x | ||
| 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. | $25 | -26% | $21B | $18B | 2.6x | 37.7x | ||
| Deutsche Wohnen SE is a holding company that manages a collection of residential real estate properties in Germany. The company operates in four segments: Rental; Value-add; Recurring Sales; Development. | $22 | -17% | $9B | $18B | 12.9x | (43.2x) | ||
| 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. | $67 | -22% | $5B | $16B | 10.0x | 10.4x | ||
| 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. | $16 | -4% | $3B | $7B | 6.0x | 10.6x | ||
| 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 | -- | $1B | $2B | 10.8x | 44.1x | ||
| 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. | $57 | -5% | $925M | $4B | 7.0x | 18.8x | ||
| 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. | $28 | -9% | $135M | $366M | 10.6x | 14.7x | ||
| 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. | $13 | -10% | $129M | $430M | 10.2x | 18.5x | ||
| 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. | $224 | +9% | $107M | $148M | 11.6x | 21.8x | ||
| 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 | -8% | $40M | $117M | 2.8x | 145.7x | ||
| 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 | -24% | $11M | $10M | 3.0x | (23.9x) | ||
| 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 | -87% | $2M | $37M | 0.5x | 5.4x | ||
| Median | $19 | -10% | $925M | $2B | 10.0x | 18.5x |
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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