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Separated by project status
One category in detail — use the tabs to switch between the asset classes.
The full acquisition profile for each category is available as a PDF.
Project developments
Distressed · building permit in place · refurbishment of existing stock
- Germany
- nationwide
- Austria
- nationwide
- Portfolio
- at least 10 assets, opportunistic
- Minimum size
- 5,000 m² GFA
- Volume / asset
- from approx. € 25 M
- Discount
- ≥ 25 % to replacement cost
- ESG
- KfW 40 QNG · klimaaktiv · ÖGNI Gold
- Project status
- Building permit in place / process well advanced; development plan binding or positive enquiry
- Location
- Urban / established peripheral; proven demand; no problem locations
- Transaction
- Share / asset deal
New build exclusively in 3D concrete printing, modular or element construction — a binding acquisition criterion. Material-neutral (concrete, steel, timber, hybrid). Conventional new build in in-situ concrete or masonry is excluded.
Where a building permit is already in place, conversion requires an amendment permit (Tektur). Assets for which this cannot be achieved under building law are not eligible.
Assets under construction
Partial completion · financing default · distressed construction
- Germany
- nationwide
- Austria
- nationwide
- Portfolio
- at least 10 assets, opportunistic
- Minimum size
- 5,000 m² GFA
- Volume / asset
- from approx. € 25 M
- Discount
- ≥ 25 % to replacement cost
- ESG
- KfW 40 QNG · klimaaktiv · ÖGNI Gold
- Project status
- Construction commenced; construction halt / financing default / builder insolvency possible
- Location
- Urban / established peripheral; proven demand; no problem locations
- Transaction
- Share / asset deal
New-build component exclusively in 3D concrete printing, modular or element construction; conventional new build in in-situ concrete or masonry is excluded. Material-neutral (concrete, steel, timber, hybrid).
What matters is the state of construction: up to foundation or base-slab level, completion in modular construction is possible — the asset qualifies. Above that level, completion takes place in the method already commenced under the defined exemption regime; this route qualifies too. It is the foundation level, not the percentage of completion, that is decisive.
Existing properties
NPL · vacancy · forced sale · distressed assets
- Germany
- nationwide
- Austria
- nationwide
- Portfolio
- at least 10 assets, opportunistic
- Minimum size
- ≥ 5,000 m² LA or > 65 units
- Volume / asset
- from approx. € 25 M
- Discount
- ≥ 25 % to replacement cost
- Vacancy
- full vacancy possible
- ESG
- KfW 40 QNG · klimaaktiv · ÖGNI Gold
- Building condition
- Refurbishment / revitalisation required; vacancy; repositioning need
- Minimum size
- ≥ 5,000 m² LA or > 65 units
- Mixed-use assets
- Residential share > 70 %
- Transaction
- Share / asset deal
Area measures: A and B are measured in gross floor area (GFA), C in lettable area (LA). The two are not equivalent — lettable area is regularly lower than gross floor area.
The construction-method restriction applies only to new-build components — replacement build, storey addition, extension — to be realised in 3D concrete printing, modular or element construction (for storey additions, element and modular construction as a priority). Material-neutral (concrete, steel, timber, hybrid).
Pure refurbishment and revitalisation of existing fabric are NOT covered. An asset without a new-build component qualifies without limitation.