IFM Immobilien

What IFM Immobilien does

IFM Immobilien AG is a Heidelberg-based commercial real estate investor and project developer specializing in office and downtown retail properties in prime German urban locations. Founded in 2005 as Sirius Grundbesitz AG and rebranded in 2006, the company operates across approximately seven German cities (Heidelberg, Frankfurt, Wiesbaden, Mainz, Berlin, Darmstadt, and Eschborn), with a current portfolio of roughly 31,900 sqm anchored by the Kureck mixed-use development in Wiesbaden. Its business model combines long-term rental income from held assets, property revitalization and repositioning services, and one-off capital gains from the sale of assets once value appreciation is realized, supported by a network of architects (3deluxe, Max Dudler) and a property management partner (NORSK Deutschland AG).

The company generates revenue through three streams: recurring rental income from held commercial properties (long-term leases to tenants such as Adina Europe and Henrich Group GmbH at Kureck), transaction-based revenue from property sales (e.g., Zeilgalerie sold to RFR Holding GmbH in 2013, multiple 2016 sales), and one-time project development fees. Property management and leasing are delivered through NORSK Deutschland AG, while design and revitalization work is conducted with named architecture partners. The company holds no proprietary technology and operates a traditional real estate asset management stack.

Since 2015, IFM has been majority-owned (93.18%) by Norway-based THF AS, which triggered the company's delisting from the Frankfurt Stock Exchange's Entry Standard segment. Leadership transitioned through 2018 with the appointment of Kaare M. Krane as CEO. The most recent disclosed annual revenue is EUR 2.14 million (FY2014), and recurring annual net rent stood at EUR 0.5 million as of January 2017, reflecting a deliberate downsizing of the asset base and a strategic focus on stabilizing and monetizing the remaining Kureck flagship development.

Name

IFM Immobilien

Legal name

IFM Immobilien AG

Website

https://ifm.ag

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

IFM Immobilien AG is a Heidelberg-based commercial real estate investor and project developer specializing in office and downtown retail properties across seven German cities, generating revenue from rental income, asset repositioning, and property sales. The company is majority-owned by Norway's THF AS and currently anchors its portfolio on the Kureck mixed-use development in Wiesbaden.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Offices of Real Estate Agents and Brokers (5312), Management of Companies and Enterprises (55)

SIC

Operators Of Nonresidential Buildings (6512), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Asset & Lifecycle Management (CapEx Planning, Reliability) (BPABAAAI)

akta.pro secondary industry

Space & Occupancy (MAC, Space Planning, Move Management) (BPABAAAG)

Keywords

• Commercial real estate investment
• Property project development
• Asset management services
• Office property leasing
• Retail property development

Headquarters

HQ city

Heidelberg

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Rental Income: Long-term rental income from commercial properties held in portfolio, including office and retail properties in downtown locations
2. Property Sales: Sale of properties after value appreciation through revitalization and repositioning, generating capital gains
3. Project Development: Development of new buildings and revitalization of existing properties, creating value appreciation

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

IFM Immobilien AG is a commercial real estate investor and project developer focused on office and downtown retail properties in top German cities. The company operates three lines of business: (1) Investment in new structures and existing properties with attractive risk-opportunity profiles, (2) Project Development including revitalization, restructuring, and repositioning of buildings, and (3) Asset Management of properties held long-term in the portfolio to generate rental income. The current portfolio centers on the Kureck flagship mixed-use development in Wiesbaden.

Product overview

IFM Immobilien AG is a commercial real estate investor and project developer with a focus on office properties and downtown retail uses. The company operates three main business lines: Investment (acquiring properties with attractive risk-opportunity profiles), Project Development (revitalization, restructuring, and repositioning of existing buildings), and Asset Management (professional management and sale of properties). The current portfolio includes the Kureck flagship development project in Wiesbaden featuring office, retail, hotel (Adina Hotel), and residential components, as well as the Taunusstraße 1A property. The company has successfully completed and sold multiple projects including Das Carré (Heidelberg), Maxxon (Eschborn), GutenbergPark (Mainz), Zeilgalerie (Frankfurt), and others. Properties are positioned as premium brands with individualized marketing concepts to achieve successful rental results.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Services Acquisition of new structures and existing commercial properties with attractive risk-opportunity profiles. Includes due diligence, recognized expertise, and established networks in regional German real estate markets, targeting top-location office and retail assets.
• Project Development Services Project development, restructuring, and repositioning of commercial properties, including revitalization of underperforming assets into market-ready products. Leverages a project management team with established networks of architects and construction industry contacts.
• Asset Management Services Management and sale of properties whose appreciation potential has been fully realized. Provides comprehensive know-how and access to a network of investor contacts to optimize property sales and rental outcomes.
• Kureck Flagship mixed-use development project in central Wiesbaden, featuring office, retail, hotel (Adina), and residential components. Includes the Wiesbadener Palais and multiple commercial buildings totaling significant square meter area in the Kureck district.
• Taunusstraße 1A Premium office and retail property located at Taunusstraße 1A in Wiesbaden, part of the Kureck development project, available for commercial lease.
• Adina Hotel Wiesbaden 4-star hotel property at the Kureck development operated by Adina Europe (TFE Hotel-Group) under a long-term lease. Contains 126 rooms and studios, and is the most frequented Adina Hotel in Germany.
• Wiesbadener Palais Historic 1907 building at Taunusstraße 3 in Wiesbaden with protected facade, renovated into office and retail space as part of the Kureck development project.

Quantifiable outcome

• Property occupancy increased from approximately 15% (end of 2006) to about 80% at GutenbergPark

Named customers4 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

Partnerships

Five partnerships are on record, tiered minor and core.

• Henrich Group GmbHminorChannel Partner/ Reseller/ Distributor · 4 November 2021Henrich Group GmbH operates gastronomic facilities at the Adina Hotel in Wiesbaden (Taunusstraße 1b), leasing approximately 790 square meters under a 10-year agreement.
• Adina Europe / TFE Hotel-GruppecoreChannel Partner/ Reseller/ Distributor · 4 June 2019Adina Europe, a brand of TFE Hotel-Gruppe, operates a 4-star hotel with 126 rooms at the Kureck development. Construction began in June 2019 for completion in early 2021. This represents a flagship anchor tenant for the Kureck project.
• NORSK Deutschland AGcoreChannel Partner/ Reseller/ DistributorNORSK Deutschland AG handles property management and leasing for IFM Immobilien AG, managing approximately 790 square meters of commercial space at the Kureck development in Wiesbaden and the Adina Hotel operations.
• 3deluxeminorStrategic or Co-development PartnerWiesbaden-based design firm 3deluxe developed innovative renovation and repositioning plans for the Zeilgalerie property, including the media facade with over 42,000 LEDs.
• Max DudlerminorStrategic or Co-development PartnerSwiss architect Max Dudler collaborated with IFM on revitalization and repositioning concepts for the westendFirst property, contributing to its MIPIM Award nomination.

Scale indicators4 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• DIC Asset AG: Frankfurt-listed German commercial real estate company focused on office and retail properties in German top locations. Directly comparable by geography, asset class (office/retail), and the buy-revitalize-sell business model.
• PATRIZIA AG: Augsburg-based real estate investment and management firm operating across Germany and Europe, active in commercial real estate acquisitions, asset and project management. Directly comparable investment management approach and German real estate focus.
• Hamborner REIT AG: Duisburg-based German REIT focused on high-street retail and office properties in German top locations, with a buy-and-hold income model. Comparable by asset class focus on German top-location retail and office real estate.
• DEMIRE Deutsche Mittelstand Real Estate AG: Frankfurt-listed small-to-mid cap German commercial real estate company focused on office, retail and logistics properties in secondary and top German cities. Comparable by asset class, German geographic focus and value-add repositioning strategy.

Broad incumbents

• Aroundtown SA: Luxembourg-listed major German and European commercial real estate investor with substantial office, hotel and retail exposure. Comparable by asset class and German footprint, but at much larger scale and with a broader European mandate.
• Deutsche EuroShop AG: Hamburg-listed German retail real estate investor focused on shopping centers in German top cities. Comparable by focus on German commercial real estate in prime urban locations, though specialized in retail-anchored centers rather than office.
• Catella AB: Stockholm-based European real estate advisor and investment manager with German commercial real estate exposure. Comparable by real estate advisory and investment focus; also relevant because current IFM CEO Kaare M. Krane previously served as Partner at Catella Corporate Finance.
• Grand City Properties S.A. Luxembourg-listed real estate company focused on German residential and commercial properties. Comparable by German market concentration and value-add repositioning of underperforming real estate, though more weighted to residential.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IFMImmobilienAG
• LinkedInlinkedin.com/company/ifm-immobilien-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 IFM Immobilien