Sachwert Capital Management

What Sachwert Capital Management does

Sachwert Capital Management GmbH is a private property investment firm headquartered in Bayreuth, Germany, operating as a Single Family Office within the German Real Estate Immobiliengruppe. Founded in 2012 from a pre-existing Family Office and Family Foundation with over 30 years of residential real estate experience, the firm manages a portfolio valued at over €184.7 million across eight German cities (Leipzig, Zwickau, Bayreuth, Nürnberg, Halle-Saale, Jena, Chemnitz, Erfurt). Its core offerings are organized into three physical property categories — Denkmal (heritage properties with AfA tax depreciation benefits), Neubau (new construction, including KfW 40/55 energy efficiency and smart-home features), and Bestand (existing properties generating immediate rental yield) — plus a fourth financial product, the German Real Estate ETP (WKN A19XLE), an exchange-listed real estate bond with a 3% fixed coupon and up to 10% variable yield, issued via its wholly-owned Luxembourg emission house, German Real Estate Capital S.A.

The firm operates a direct-to-buyer sales model, selling properties provisionsfrei (commission-free) and supporting transactions with property exposés, personal consultation, and a newsletter. Customer segments are horizontally defined across capital investors (primary, seeking tax-advantaged medium- to long-term real estate exposure), owner-occupiers (premium historic or new-build residences), and foundations/asset managers seeking diversification. Marketing is conducted through the company website, social channels (Facebook, LinkedIn, Instagram), property exposés, and annual presence at the Expo Real trade show in Munich. A minor cross-border channel partnership with Swiss-based Census Invest extends distribution into Swiss properties.

Revenue mechanics combine a one-time license model from direct property sales (the dominant stream as developer/Bauträger) with a subscription/recurring component from the listed ETP bond. Pricing on physical properties is quote-based and not publicly disclosed; the ETP has a €1,000 minimum investment and is daily-tradable on all major German exchanges. Leadership comprises owner Dr. h.c. Albrecht Spindler, CEO & Head of Finance Andreas Schröer, and an office/project management team of under 50 employees. The company is privately held, family-controlled, and not venture-backed.

Name

Sachwert Capital Management

Legal name

Sachwert Capital Management GmbH

Website

https://sachwertcapital.de

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Sachwert Capital Management GmbH is a privately held Bayreuth-based family office developing and selling German residential real estate (Denkmal, Neubau, Bestand) and operating the exchange-listed German Real Estate ETP bond, serving capital investors, owner-occupiers, and foundations across eight German cities.

Ownership category

akta.pro rank

Product category

Residential Real Estate Investment and Management

NAICS

Real Estate Property Managers (53131), Offices of Real Estate Agents and Brokers (5312), Lessors of Real Estate (5311)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro industry

PRIMARYBPAJAMAA

Residential Real Estate Asset Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

SECONDARYBPAJAMAL

Real Estate Development Asset Management (Project/Construction-to-Stabilization)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

SECONDARYFSAAAKAA

Core Real Estate (Stabilized/Core-Plus)

Financial & Insurance/Asset & Wealth Management/Asset Management — Real Assets (Real Estate, Infrastructure, Natural Resources)

Keywords

• Residential real estate
• Real estate investment
• Heritage properties
• Property development
• Exchange-traded bond

Headquarters

HQ city

Bayreuth

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Property Sales (Eigentumswohnungen): The company develops and sells residential properties (new construction, Denkmal-restored buildings, and existing properties) directly to buyers. As a developer (Bauträger), they generate revenue from the sale of individual apartments and multi-unit residential buildings.
2. German Real Estate ETP (Exchange-Traded Note): The company operates a stock exchange-listed real estate bond (WKN A19XLE) through its Luxembourg-based emission house German Real Estate Capital S.A. The ETP offers a fixed coupon of 3% p.a. with variable effective interest up to 10% p.a., providing a recurring revenue stream from bond interest payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Sachwert Capital Management develops, sells, and manages residential real estate in German cities, offering Denkmal (heritage-protected), Neubau (new construction), and Bestand (existing) properties directly to buyers. The firm also operates the German Real Estate ETP, a stock exchange-listed real estate bond providing indirect residential real estate exposure with daily liquidity. Revenue is generated through property sales, project development fees, and the issuance of exchange-traded real estate bonds via its Luxembourg-based emission house.

Product overview

Sachwert Capital Management GmbH operates as a Single Family Office within the German Real Estate Group, offering a portfolio of residential real estate investment products and property development services. The company's core offerings include the German Real Estate ETP (a stock exchange-listed real estate bond), and three categories of physical property investments: Denkmal (heritage properties with tax advantages), Neubau (new construction), and Bestand (existing properties). Additional services include project development, property acquisition, and investor communications via newsletter. The ETP enables indirect investment in German residential real estate with daily liquidity on German exchanges, while physical properties span multiple cities including Leipzig, Zwickau, Bayreuth, Nuremberg, Halle-Saale, Jena, Chemnitz, and Erfurt.

Differentiator

Problem solved

Functional benefit

Brands

• German Real Estate ETP: A stock-exchange-traded real estate bond (WKN A19XLE) offering investors exposure to German residential real estate with tax advantages and stable rental income. Traded on all major German stock exchanges with daily liquidity.

Products and services

• German Real Estate ETP A publicly listed real estate bond (WKN A19XLE) traded on all major German stock exchanges, providing investors exposure to residential real estate in German cities with a fixed 3% annual coupon and variable yield up to 10% per annum. Minimum investment is €1,000 with daily tradability.
• Denkmal Immobilien (Heritage Properties)

Quantifiable outcome

• 3% fixed annual coupon with up to 10% variable effective return on ETP investment

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Census Invest (Switzerland)minorChannel Partner/ Reseller/ DistributorExclusive partnership for Swiss properties. Census Invest offers exclusive properties from the Swiss partner on Sachwert Capital's platform, extending the company's reach beyond German borders into the Swiss real estate market.

Scale indicators4 records

Recent moves1 record

Expansion highlights5 records

Direct peers

• Accentro Real Estate AG: Accentro is a leading German residential real estate company specializing in the privatization of apartment buildings, with a particularly strong focus on Denkmal (heritage-protected) properties and AfA tax-advantaged investments for private investors. Highly comparable in product mix and target investor segment to Sachwert Capital Management.
• Empira Group: Empira Group is a privately held German real estate investment and development group focused on residential and commercial properties, often operating in secondary German cities. Closely comparable in scale, private ownership structure, and target city profile to Sachwert Capital Management.
• INTERBODEN Group: INTERBODEN is a German residential real estate developer specializing in high-quality new-build and heritage property projects in select German cities. Directly comparable as a mid-size German Bauträger developing and selling residential properties to investors and owner-occupiers, with similar project typologies (Neubau and Denkmal).

Broad incumbents

• TAG Immobilien AG: TAG Immobilien is a German residential real estate company focused on mid-size cities and value-add rental housing, with notable exposure to Northern and Eastern German markets where Sachwert Capital also operates. Comparable in geographic strategy though not in retail-investor Denkmal specialization.
• Vonovia SE: Vonovia is Germany's largest residential real estate company with a portfolio exceeding 500,000 units. While operating at vastly greater scale and focused on institutional rental income rather than Denkmal/Neubau retail-investor sales, it shares the core activity of residential property investment and management in German markets.
• Patrizia Immobilien AG: Patrizia is a German-headquartered real estate investment manager with significant residential and commercial exposure across Europe, serving institutional and semi-institutional investors. Comparable as a German-rooted real estate asset manager operating across multiple property segments, though at substantially larger scale.
• Deutsche Wohnen SE: Deutsche Wohnen is a major German residential real estate company with a focus on urban apartment portfolios, now part of Vonovia. It overlaps with Sachwert in operating residential real estate in German metropolitan areas but serves an institutional tenant base rather than retail investors.
• Grand City Properties SA: Grand City Properties is a Luxembourg-domiciled residential real estate company with significant exposure to German urban markets. It shares the cross-border German-Luxembourg structural element (Sachwert uses Luxembourg for its ETP issuance) and the value-add residential investment thesis, though at much larger institutional scale.

Emerging players

• Real Estate & Asset Management (REAM) GmbH: REAM is a privately held German real estate investment manager focused on residential and commercial real estate across German secondary cities. Comparable in scale and operating geography to Sachwert, with similar focus on opportunistic acquisitions in non-prime German markets.
• ZBI Zentral Boden Immobilien AG: ZBI is a German residential real estate fund manager focused on German metropolitan and selected secondary markets, offering both open-ended and closed-end real estate funds to private investors. Comparable in the retail-investor-facing investment product structure, though with a more fund-centric approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/German.Real.Estate.ETP
• LinkedInlinkedin.com/company/11683351/admin/feed/posts
• Instagraminstagram.com/germanrealestate/?hl=de

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Sachwert Capital Management