Commerz Real

What Commerz Real does

Commerz Real AG is a Wiesbaden-based alternative asset manager for real assets (real estate, renewable energy, and infrastructure) and a wholly-owned subsidiary of Commerzbank AG. It manages approximately EUR 55 billion in assets across three retail-accessible fund products: hausInvest, an open-ended commercial real estate fund (launched 1972, EUR 14.9B, 160+ properties in 17 countries, 93.1% occupancy, positive annual returns every year since inception); klimaVest, an ELTIF renewable energy fund (launched 2020, EUR 1.8B, the largest ELTIF in Europe per Scope 2026, 102 solar/wind installations plus transmission networks spanning 1.6 GW); and infraVest, an ELTIF infrastructure fund launched January 2026 (EUR ~240M, telecom towers, rail, social infrastructure). Commerz Real also serves institutional investors with bespoke mandates, and operates Commerz Leasing (formerly Commerz Real Mobilienleasing; EUR 5.5B leasing volume for German Mittelstand) following a 2025 intra-group consolidation that brought Aquila Capital and Yellowfin under its umbrella.

The company distributes retail products primarily through Commerzbank's distribution network and a national Vertriebspartner (financial advisor) channel, supported by a partner portal with sales tools, training, and market analyses; institutional business is run as direct relationship-led field sales targeting insurers, pension funds, church endowments, foundations, banks, and family offices with customized structures and off-market asset access. Revenue is generated through management fees on AUM, performance fees on certain mandates, leasing net interest spreads, and rental income flowing through hausInvest from approximately 4,100 tenants (~22% of leased space under Green Lease agreements). The operating footprint spans 9 disclosed offices across 8 countries (Germany x3, US, UK, Luxembourg, Netherlands, France, Italy) with investments in approximately 19 countries; Com.work and the in-house Energy Portfolio Management System are recent internal capability initiatives. All three retail funds are classified as Article 8 products under the EU Disclosure Regulation, and Commerz Real targets climate neutrality across its own operations and supplier portfolio by 2040.

Name

Commerz Real

Legal name

Commerz Real AG

Website

https://www.commerzreal.com/

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Commerz Real AG is a German alternative asset manager (Commerzbank subsidiary) managing ~EUR 55B in real estate, renewable energy, and infrastructure funds for retail and institutional investors, including hausInvest, klimaVest (largest EU ELTIF), and infraVest, plus Commerz Leasing for German Mittelstand.

Ownership category

akta.pro rank

Product category

Real Asset Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Real Estate Property Managers (53131)

SIC

Real Estate (6500), Finance Lessors (6172), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industry

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

Keywords

• Real estate asset management
• Renewable energy investment
• Infrastructure fund management
• Open-ended real estate fund
• Leasing and financing services

Headquarters

HQ city

Wiesbaden

HQ country

Germany

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain, Others

Revenue model

1. Fund Management Fees: Commerz Real generates revenue through management fees charged on its open-ended funds (hausInvest, klimaVest, infraVest) and institutional fund mandates. These fees are calculated as a percentage of assets under management and provide a stable, recurring revenue stream tied to the growing AUM base of approximately EUR 55 billion.
2. Leasing and Financing (Commerz Leasing): Commerz Leasing (formerly Commerz Real Mobilienleasing) provides leasing and hire-purchase solutions to SMEs and industrial clients, managing a leasing volume of EUR 5.5 billion. Revenue is generated through interest spreads and fees on equipment and asset financing.
3. Performance / Performance-based Fees: Institutional mandates and specialized funds may include performance fees tied to fund returns above defined benchmarks. hausInvest has delivered positive returns every year since 1972, suggesting performance-linked income potential.
4. Real Estate Rental Income: hausInvest holds approximately 238 real estate properties globally with ~4,100 tenants, generating rental income that flows through the fund to investors. Approximately 22% of leased space operates under Green Lease agreements.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Commerz Real is an asset manager for real assets managing approximately EUR 55 billion across three asset classes—real estate, renewable energy, and infrastructure—via three flagship ELTIF/open-ended funds (hausInvest, klimaVest, infraVest) for private investors and bespoke institutional mandates, supported by a German SME leasing business (Commerz Leasing). Headquartered in Wiesbaden with offices across Europe and the U.S., the firm combines 50+ years of real estate track record with 100+ completed infrastructure projects and 102 renewable installations.

Product overview

Commerz Real is an asset manager for real assets offering three main investment funds for private investors and institutional solutions. hausInvest (launched 1972) is an open real estate fund investing in commercial properties across 17 countries with €14.9 billion in assets. klimaVest is a renewable energy ELTIF fund investing in wind parks, solar plants, and power grids across Europe with €1.8 billion in volume. infraVest is an infrastructure ELTIF fund (launched January 2026) investing in telecom towers, fiber networks, and transport infrastructure with target returns of 5-6% p.a. For institutional investors, Commerz Real offers customized fund structures across all three asset classes. The company also operates through subsidiaries including Commerz Leasing (leasing services), Commerz Real Investmentgesellschaft (hausInvest management), and Commerz Real Fund Management S.à r.l. (Luxembourg-based fund management for klimaVest and infraVest).

Differentiator

Problem solved

Functional benefit

Brands

• hausInvest: Open-ended real estate fund investing in commercial properties across 17 countries, available to private investors since 1972.
• klimaVest
• infraVest

Products and services

• hausInvest Open-ended real estate fund for private investors investing in over 160 commercial properties (offices, hotels, retail, residential) across 17 countries. Has delivered positive annual returns every year since 1972 with EUR 14.9 billion fund volume and 93.1% occupancy. 60% of fund distributions remain tax-free for German private investors under §20(4) InvStG.
• klimaVest European Long-Term Investment Fund (ELTIF) for private investors investing in renewable energy infrastructure—wind parks, solar plants, and electricity transmission networks—across 6 EU countries. Minimum investment EUR 10,000, target return 3.5–4.5% p.a., fund volume EUR 1.8 billion, 30,000 investors, 102 installations, 1.6 GW rated output.
• infraVest European Long-Term Investment Fund (ELTIF) for private investors investing in infrastructure assets including telecommunications towers (ATC Europe — over 30,000 towers in Germany, France, Spain), fiber networks, energy supply, electric locomotives (Railpool — 500 locomotives, 19 European countries), and social facilities. Target return 5–6% p.a., fund volume approximately EUR 240 million since launch.
• Institutional Investment Solutions Custom fund structures and direct mandates for institutional investors (insurers, pension funds, church endowments, foundations, banks, family offices) covering real estate, renewable energy, and infrastructure asset classes. Includes specialized funds and fully customized individual mandates with off-market asset access (e.g., IHG hotel leases, ATC Europe, Amprion transmission stake).
• Commerz Leasing Leasing and hire-purchase financing solutions for German SMEs and industrial clients (formerly Commerz Real Mobilienleasing GmbH). Manages EUR 5.5 billion in leasing volume with 140 experts across 8 German locations; serves as manufacturer-independent partner for transformation financing.

Quantifiable outcome

• hausInvest has achieved positive annual returns every year since its launch in 1972 (over 50 consecutive years).
• +4 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Palladio PartnerscoreStrategic or Co-development Partner · 2 December 2025Commerz Real invested in Railpool via a fund managed by Palladio Partners. Palladio Partners structured the investment and provides ongoing asset management and supervision of the Railpool investment within the infraVest portfolio.
• AmprioncoreStrategic or Co-development Partner · 5 May 2025klimaVest made its first investment in electricity transmission networks via an indirect participation in Amprion, one of Germany's largest power grid operators. This strategic investment in regulated transmission infrastructure complements the renewable energy generation portfolio.
• IHG (InterContinental Hotels Group)coreChannel Partner/ Reseller/ DistributorIHG operates two Brisbane hotels (voco Brisbane City Centre and Indigo Brisbane City Centre) under 15-year lease agreements with Commerz Real's institutional funds. IHG's global brand, reservation system, and operational expertise drive occupancy and revenue for the properties.
• Betreiber / Developer NetworkminorStrategic or Co-development PartnerCommerz Real works with a network of specialized operators, developers, and local market experts for real estate and infrastructure assets. Three of four case studies on its institutional page originated from long-term relationships with operators, developers, and partners, enabling off-market access to assets not publicly listed.

Scale indicators19 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• KGAL: German asset manager focused exclusively on real assets (real estate, infrastructure, aviation, renewables) for institutional and select retail investors; directly comparable multi-asset real-asset platform with similar institutional client base.
• Infranity: European infrastructure asset manager focused on energy transition, digital infrastructure, and sustainable mobility; directly comparable to the infraVest and klimaVest mandates in infrastructure and renewables.
• La Française Group: European asset manager with a real-asset platform covering real estate, infrastructure, and private debt; directly comparable multi-asset real-asset strategy targeting institutional and wealth-management clients.
• Union Investment: One of Germany's largest open-ended real estate fund managers (UniImmo Deutschland/Europa/Global), a direct competitor to hausInvest in the German retail real estate fund market with a similar advisor-distributed product model.
• Patrizia: German-headquartered real asset investment manager with real estate, infrastructure, and private equity strategies; competes directly for institutional mandates and operates a similar German distribution network.

Broad incumbents

• Hines: Global privately-held real estate investment manager with institutional funds across multiple property types; competes for institutional capital in European commercial real estate with similar long-term fund structures.
• DWS Group: Major German asset manager offering DWS Grundbesitz open-ended real estate funds and alternative/renewable infrastructure products; overlaps with Commerz Real in retail real estate and infrastructure but operates at far greater overall scale across all asset classes.
• Swiss Life Asset Managers: European asset manager with substantial real estate and infrastructure strategies serving institutional clients; comparable in real estate scale and infrastructure product orientation.
• Allianz Global Investors: Global asset manager with significant real estate and infrastructure strategies and a parent insurance balance sheet; currently the seller of ATC Europe to Commerz Real's infraVest, making it both a partner and a competitor in infrastructure.
• BNP Paribas Real Estate: Real estate investment arm of BNP Paribas serving institutional clients across Europe with diversified real estate strategies; comparable in pan-European commercial real estate investing and institutional mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/commerzreal
• Facebookfacebook.com/CommerzReal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Commerz Real