Overview
“What do you see in the market?” was the question that defined 2025. In our latest publication “A Year in Review – Real Estate Germany”, we share the trends, transactions and financing dynamics shaping the German real estate landscape – and what they signal for 2026.
From selective deal activity across asset classes to the growing role of private debt and alternative lenders, the market is regaining momentum with discipline and conviction. Flip through the full report below to learn more. We recommend using the fullscreen setting for an optimized user experience.
In this year’s review
German real estate market & outlook
Interview with Dr. Steffen Meinshausen, Tikehau Capital
What’s really driving Germany’s real estate market as it moves through a period of adjustment? In this interview, Dr. Steffen Meinshausen, Head of Real Estate Germany at Tikehau Capital, shares a candid assessment of the past few years, the current investment landscape, and what lies ahead. He explores why transaction activity has remained muted, where financing sentiment is beginning to improve, and why demand for asset classes with strong fundamentals—from residential to food-anchored retail—continues to hold firm. Looking ahead to 2026, the conversation offers a thoughtful, forward-looking view on opportunities, risks, and the sectors poised to shape the next phase of the German real estate market.
Read the full interview in “A Year in Review – Real Estate Germany.”
Selected transactions 2025 – McDermott deal highlights
Sale of Pullman hotel in Cologne
We advised our long-term client Art-Invest on the sale of the Pullman hotel in Cologne to Swedish Pandox group. The transaction highlights continued investor interest in well-located hotel assets in major German cities.
Commercial property acquisitions in Berlin and Hamburg
We advised Attestor and Bentham Capital on a series of real estate acquisitions in Hamburg and Berlin. The transactions comprise a diversified portfolio of commercial properties in prime inner-city locations and underline our clients’ investment strategy in the German real estate market.
Refinancing of Berlin Ku’damm Eck
We advised Empira on the refinancing and development financing of the iconic “Ku’damm Eck”, a landmark mixed-use property located at one of Berlin’s most prominent intersections. The transaction involved a complex stakeholder structure and included a significant development financing component, reflecting continued lender support for prime assets in core urban locations despite a challenging market environment for development financings.
The acquisition of the Marshall Portfolio
We advised GPEP on the acquisition of the Marshall Portfolio, comprising multiple commercial real estate assets. The transaction supports GPEP’s investment strategy focused on value-driven acquisitions and portfolio growth in core and core-plus locations.
Acquisition of EDEKA retail properties
We advised Hahn Gruppe on the acquisition of a portfolio comprising six EDEKA retail properties for a newly launched institutional fund. The properties are characterized by established locations, long-term lease agreements, and a focus on food-anchored retail assets.
Acquisition of a local supply retail portfolio
We advised Habona Invest Gruppe on the acquisition of a portfolio of twenty-two local supply retail properties across Germany for a special fund of a German insurance company. The transaction underscores continued investor interest in resilient neighbourhood retail assets.
View all deal highlights in “A Year in Review – Real Estate Germany.”
Upcoming events in 2026
March 05, Cologne
Immobilienmanager Awards
March 11, Cannes
MIPIM Reception
April 29, London
European Real Estate Reception
June 22, Frankfurt
Verbändetreffen
October 06, Munich
EXPO Real Party