What Incity does

InCity Immobilien AG is a publicly listed German real estate company (Frankfurt Freiverkehr ticker IC8, ISIN DE000A0HNF96) operating across three integrated business lines: ownership and management of its own property portfolio (seven mixed-use properties in Berlin and Frankfurt am Main totaling approximately 25,150 m² of lettable area), third-party asset management mandates (including the LILIENTHAL Business City at BER airport), and project development in partnership with regional German developers (completed projects in Frankfurt, Düsseldorf, Hamburg, Berlin, and Böblingen). The company generates revenue through rental income from its owned properties, asset management and property management fees from third-party owners, and returns from project development SPVs in which it typically holds a 51% majority stake. Founded in 2005 and IPO'd in 2007, the company has grown share capital to EUR 86 million through a series of capital increases concluding in 2017.

The company's go-to-market is relationship-driven and B2B, targeting institutional and private investors, family offices, project developers, and property owners in Berlin and Frankfurt am Main through its own network of brokers and partners. There is no technology platform; the firm's core capability is its in-house multidisciplinary team covering architecture, business administration, construction project management, real estate financing, property management, and law. The company is majority-owned by Realsoul Holding S.A. (formerly Haron Holding AG) at 92.6%, with a free float of approximately 7.4%. In December 2024, the company resolved to delist from the Freiverkehr, and in 2024 its CFO departed. FY 2023 consolidated revenue was EUR 7.5 million with a net loss of EUR 6.0 million on a balance sheet total of EUR 158.1 million and an equity ratio of 50.1%.

Name

Incity

Legal name

InCity Immobilien AG

Website

https://incity.ag

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

InCity Immobilien AG is a German real estate company that owns and manages a seven-property portfolio in Berlin and Frankfurt am Main, provides asset management mandates to third-party owners, and co-develops residential and commercial projects with regional partners across German metropolitan markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Rental Income from Own Property Portfolio: InCity generates rental income from its seven-property portfolio of residential and commercial properties in Berlin (six properties) and Frankfurt am Main (one property). Properties include mixed-use buildings with office, retail, and residential components.
2. Asset Management Fees for Third Parties: InCity earns fees for providing asset management mandates to external property owners, including asset advisory, property management, and strategic portfolio development services.
3. Project Development and Co-Development Returns: InCity participates in residential and commercial real estate project developments through partnership models with regional project developers, typically taking a majority stake (51%) in project SPVs. Returns are realized upon sale of completed units.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

InCity Immobilien AG is a multidisciplinary real estate company that acquires, manages, and develops commercial, residential, and mixed-use properties with a primary focus on the Berlin and Frankfurt am Main markets. The company operates three core service lines: management of its own seven-property portfolio, asset management mandates for third-party property owners (e.g., LILIENTHAL Business City at BER), and project development/co-development of residential and commercial real estate in selected German metropolitan regions via partnership models with regional developers.

Product overview

InCity Immobilien AG is a multidisciplinary real estate company offering three core product lines: Property Portfolio Management (managing seven owned properties worth approximately EUR 50-100 million across Berlin and Frankfurt), Asset Management for Third Parties (providing comprehensive mandates for third-party property owners including Lilienthal Business City), and Project Development (participating in residential and commercial development projects through partnership models). The company's own portfolio consists of mixed-use properties including office, residential, and retail spaces, while their project development activities span multiple German cities including Düsseldorf, Hamburg, Frankfurt, Berlin, and Böblingen through partnerships with regional developers.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Portfolio Management (Immobilienbestand) Management of InCity's own property portfolio of seven mixed-use, residential, and commercial properties (six in Berlin and one in Frankfurt am Main), totaling approximately 25,150 m² of lettable area, focused on long-term rental income and value enhancement.
• Asset Management for Third Parties (Asset Management für Dritte) Comprehensive asset management mandates for third-party property owners, including asset advisory, property and facility management, strategic portfolio development, CAPEX oversight, and value enhancement services.
• Project Development (Projektentwicklungen) Development and co-development of residential and commercial real estate projects in selected German metropolitan regions through partnership models with regional developers, typically via SPVs in which InCity holds a 51% majority stake. Returns are realized upon the sale of completed units.

Quantifiable outcome

• Portfolio of 7 properties with approximately 25,150 m² lettable area managed centrally
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• CORPUS SIREO Projektentwicklung Wohnen GmbHminorStrategic or Co-development Partner · 1 January 2017Project partner for the Rhein VII Düsseldorf residential project (EUR 54 million, 83 owner-occupied apartments, completed 2017). All units were sold and handed over to new owners.
• Quaterra Immobilien GmbHminorStrategic or Co-development Partner · 1 January 2017Project partner for the Elbquartier Blankenese Hamburg development (35 semi-detached houses and town villas, 94% of units sold, completed).
• WIB Wirena Immobilien Beteelligungs AGminorStrategic or Co-development Partner · 1 January 2015Project partner for multiple projects: Heimat 79 Berlin (EUR 5 million, completed 2014), Gallushöfe Frankfurt am Main (EUR 17 million, completed 2016), and Villa Noblesse Frankfurt (sold ahead of schedule in 2013 for EUR 4.6 million).
• Brutschin Wohnbau GmbHminorStrategic or Co-development Partner · 1 January 2015Project partner for Flugfeld Böblingen residential development (EUR 19 million, 62 apartments and 7 town houses, completed 2015).
• Unternehmerfamilie GutperleminorStrategic or Co-development Partner · 1 January 2014Project partner for the Logistikcenter Interpark Offenbach an der Queich (EUR 27 million, 43,600 m² extension for Daimler AG, completed 2014, sold to institutional investor).
• IBB Grundstücksentwicklungsgesellschaft mbHminorStrategic or Co-development Partner · 1 January 2012Accredited partner for Opernblick Frankfurt am Main (EUR 11 million, all units sold, completed 2012) and Gallushöfe Frankfurt am Main.
• SO Grund GmbHminorStrategic or Co-development Partner · 1 January 2011Project partner for Wohnkreis Dornbusch Frankfurt am Main (EUR 15 million, 64 rental apartments and 2 retail units, completed 2013, bulk sold to institutional investor before construction).
• LILIENTHAL Business City OwnercoreImplementation/ SI/ Consulting PartnerInCity advises and manages the LILIENTHAL Business City near Berlin-Brandenburg Airport (BER) as asset advisor and property manager. The mandate includes strategic further development of the 36,700 m² existing buildings and potential development of approximately 132,800 m² BGF on undeveloped plots.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• DIC Asset AG: German commercial real estate investment company managing direct real estate investments and real estate management services across German metros. Directly comparable to InCity in target market (German office/commercial), product mix (investment + third-party asset management), and listed micro/small-cap positioning.
• Corestate Capital Holding S.A. European real estate investment manager with German roots, focused on residential, commercial, and hotel real estate via co-investment, fund management, and project development. Comparable in business model to InCity's project development/SPV co-investment approach.
• HAMBORNER REIT AG: German publicly listed REIT focused on German commercial real estate (offices and retail) in metropolitan areas. Comparable to InCity in geographic focus on German metros and commercial property holdings, though at larger scale.
• Alstria Office REIT-AG: German office real estate company focused on acquiring, managing, and repositioning office properties in major German cities. Directly comparable to InCity's Berlin/Frankfurt office-heavy portfolio and value-add repositioning strategy (similar to InCity's Beethovenstraße play).
• Deutsche EuroShop AG: German real estate investment company focused on retail properties in prime European city locations. Comparable to InCity's long-term, value-stable investment strategy in prime German metro locations, though specialized in retail rather than mixed-use.
• Patrizia AG: German real estate investment manager with vertically integrated capabilities across acquisition, asset management, and project development for institutional investors. Comparable to InCity's three-pronged model (own portfolio, third-party asset management, project development) and German residential/commercial focus.

Broad incumbents

• Grand City Properties S.A. European real estate company focused on German residential and commercial properties, particularly in metropolitan areas. Comparable to InCity's German metro concentration and value-add repositioning approach, though at significantly larger scale.
• Aroundtown SA: European commercial real estate company with major exposure to German office and hotel markets, including the legacy TLG Immobilien portfolio. Comparable in focus on German office/commercial assets, though at materially larger scale than InCity.
• adler group S.A. German residential and commercial real estate company with significant German metropolitan exposure. Comparable in geographic concentration in Germany and exposure to the same property cycle, though primarily residential-focused and at much larger scale.

Others

• IFM Immobilien AG: Former German real estate company co-founded and led by InCity's Deputy Supervisory Board Chair Georg Glatzel. While not currently a direct competitor, it represents the closest historical/leadership analog to InCity's model of a small German real estate company going public and scaling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries12 records

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 Incity