Upestate

What Upestate does

UPESTATE Projektentwicklung GmbH is a Hamburg-based real estate project development firm focused on residential and commercial properties in Hamburg and Schleswig-Holstein in Northern Germany. Originating as a partnership in 1999 and formalized in its current GmbH structure around 2016, the company combines in-house architectural expertise with project development and asset management, distinguishing itself on heritage-listed and mixed-use projects such as Zuckerspeicher Kiel in addition to conventional residential conversions.

The business model is built on acquiring, developing, and disposing of properties through three primary exit channels: individual apartment unit sales, share deals of property-holding vehicles, and direct asset sales to institutional buyers. Since 2016 Upestate has executed more than ten projects, ranging from small-scale residential conversions (8 units at Halstenbek Living in 2019; 22 holiday units at Südstrand Großenbrode completed in 2022) to larger portfolio dispositions (the ~200-unit Wohnportfolio Schleswig-Holstein share deal in 2022; the Gartenstraße Kiel asset deal in 2023) and commercial redevelopment (Großer Schippsee Hamburg-Harburg, sold to OTTO WULFF in 2022).

Customers span individual owner-occupiers and buy-to-let buyers on residential projects as well as institutional counterparties on larger commercial and portfolio deals. Upestate operates with a small team of 1-10 employees led by co-founders Friedrich Bengelsdorf and Rolf Walzel, with Gunnar Zachariassen joining around 2023 to expand project management capacity. The model is characteristic of a lean boutique developer pursuing selective, higher-complexity projects rather than high-volume volume transactions.

Name

Upestate

Legal name

UPESTATE Projektentwicklung GmbH

Website

https://upestate.de

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

Upestate Projektentwicklung GmbH is a Hamburg-based real estate project developer focused on residential and commercial properties in Hamburg and Schleswig-Holstein, combining architectural expertise with project development and asset management for individual and institutional buyers.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Residential Remodelers (236118), New Housing For-Sale Builders (236117)

SIC

General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE)

Keywords

• Real estate development
• Property asset management
• Heritage building revitalization
• Residential project development
• Mixed-use property investment

Headquarters

HQ city

Hamburg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Development and Sale: Upestate acquires properties with development potential, executes architectural-led project development (new construction, repositioning, revitalization of heritage buildings), and exits through sales. Exit mechanisms include individual apartment sales (Eigentumswohnungen), share deals (e.g., Wohnportfolio Schleswig-Holstein Share Deal 2022), asset deals (e.g., Gartenstraße Kiel Asset Deal 2023), and bulk/developer sales (e.g., Südstrand Großenbrode completed with all 22 units sold; Schippsee-Quartier sold with building permit to OTTO WULFF).
2. Asset Management: Upestate performs its own asset management on property portfolios (residential and commercial), both during development and for existing holdings, generating value through property upgrades and repositioning.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Upestate is a German real estate project developer (UPESTATE Projektentwicklung GmbH) based in Hamburg that acquires, develops, revitalizes, and sells residential and mixed-use properties primarily in Hamburg and Schleswig-Holstein. The firm combines architectural and investment expertise to manage the full development lifecycle — from site acquisition and heritage building revitalization through construction to final unit sales or portfolio disposition — and additionally provides professional asset management for institutional holdings.

Product overview

Upestate is a real estate project development company offering a portfolio of distinct property development projects rather than a unified software product. The company's offerings span multiple product categories: (1) Vacation/Residential developments like Südstrand Großenbrode featuring vacation apartments and commercial units; (2) Historic revitalization projects including Zuckerspeicher Kiel, Jacobsen-Speicher Kiel, and Wall 40 Kiel focusing on adaptive reuse of heritage buildings; (3) Residential portfolio investments in Schleswig-Holstein covering approximately 200 existing units; (4) Office property repositioning including Gartenstraße Kiel and Büroportfolio Schleswig Holstein; (5) Urban development projects like Großer Schippsee Hamburg Harburg for mixed-use city center revitalization; and (6) Condominium developments such as Halstenbek Living and Heiligenhafen. The company combines architecture expertise with development and asset management capabilities, focusing on northern Germany markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Südstrand Großenbrode Holiday Apartments
• Heiligenhafen Residential Project
• Halstenbek Living (8-Unit Residential)
• Zuckerspeicher Kiel (Heritage Revitalization)
• Wall 40 Kiel (Heritage Revitalization)
• Schuhmacherstraße Kiel Development
• Jacobsen-Speicher Kiel
• Großer Schippsee-Quartier (Project Development)
• Wohnportfolio Schleswig-Holstein (Residential Portfolio)
• Gartenstraße Kiel (Asset Deal)
• Büroportfolio Schleswig-Holstein (Office Portfolio)
• Professional Asset Management Service

Quantifiable outcome

• ~200 residential units developed through Wohnportfolio Schleswig-Holstein (2017–2022)
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• Spine Architects GmbHcoreStrategic or Co-development PartnerSpine Architects GmbH (Hamburg) served as the architecture firm for the Großer Schippsee project in Hamburg-Harburg (5,500 m² BGF). Their planning formed the basis for the building permit application. Spine Architects is a repeat partner in Upestate's project development workflow.
• JES SocialtecturecoreStrategic or Co-development PartnerJES Socialtecture served as the architecture firm for the Zuckerspeicher Kiel project (heritage building revitalization, 2,240 m² BGF), transforming the 1911 listed building into flexible workspace.
• Sprenger von der Lippe ArchitektencoreStrategic or Co-development PartnerSprenger von der Lippe Architekten (Hamburg) provided architecture for multiple Upestate projects including Südstrand Großenbrode (22 holiday apartments in historical Bäderarchitektur style) and Halstenbek Living (8 new-build apartments).
• ICON Immobilien GmbHcoreGTM or Marketing PartnerICON Immobilien GmbH (Hamburg) handled the marketing and sales (Vermarktung) for the Südstrand Großenbrode project, selling 22 holiday apartments and commercial units.
• Baumschlager Eberle ArchitektencoreStrategic or Co-development PartnerBaumschlager Eberle Architekten (Hamburg) served as the architecture firm for the Wall 40 Kiel project, the revitalization of the former Lüthje Brewery (1,600 m² BGF), sold with building permit in 2016.
• OTTO WULFFcoreStrategic or Co-development PartnerOTTO WULFF (project developer) purchased the Großer Schippsee 16 property in Hamburg-Harburg from Upestate after receipt of building permit in 2022. The transaction was for the Schippsee-Quartier development and was described as significant for the Harburg city center revitalization.

Scale indicators3 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Bauwert AG: German residential property developer with operations in Berlin, Hamburg, and other top-tier cities, building new condominiums and apartments. Comparable in for-sale residential development model, German geography, and project-led revenue cycle.
• GBI Holding AG: Frankfurt-based German residential project developer active in multiple German cities, focused on inner-city residential and mixed-use developments. Comparable in project development, mixed residential-commercial product, and German metropolitan focus.
• Becken Gruppe: Hamburg-based, family-owned real estate developer with similar mid-scale, project-based development focus on the Hamburg and northern German market. Comparable in regional specialization, lifecycle integration, and architectural-led approach, making it one of the closest direct comparables for Upestate.
• PROJECT Immobilien Wohnen AG: Hamburg-headquartered residential project developer operating in major German cities, focused on creating inner-city residential neighborhoods through project development and asset management. Directly comparable in residential-led project development, German geography, and mixed asset-class approach.

Broad incumbents

• PATRIZIA SE: Augsburg-based European real estate investment and project development platform active across Germany and Europe. Comparable in pan-German project development and asset management but operates at significantly larger scale with institutional capital backing.
• Wüstenrot Haus- und Städtebau GmbH: German residential project developer (subsidiary of Wüstenrot & Württembergische group) with broad geographic coverage of German cities. Comparable in for-sale residential and urban revitalization development, though with greater geographic and capital scale.
• Bonava Deutschland GmbH: Subsidiary of Swedish Bonava AB, one of Germany's leading residential project developers with broad geographic coverage. Operates at larger scale than Upestate across multiple German cities and offers an overlapping product set of for-sale residential units and neighborhood developments.
• ECE Projektmanagement G.m.b.H. & Co. KG: Hamburg-headquartered, family-owned real estate developer and operator specializing in large-scale commercial, retail, and mixed-use projects. Comparable as a Hamburg-based property developer with a similar lifecycle and architecture-led philosophy, but operates at materially larger scale.

Emerging players

• Terragon Projektentwicklung GmbH: Berlin-based mid-size German project developer focused on urban residential and mixed-use developments, including heritage and listed building revitalization. Comparable in mid-scale, design-led German project development and adaptive reuse focus, though operating in a different city.
• Frankonia Eurobau Projektentwicklung GmbH: German residential and mixed-use project developer with operations in multiple German cities. Comparable in mid-scale for-sale residential and mixed-use project development, though broader in geographic scope and asset class.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/upestate-hamburg

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Upestate