combine Transaction

What combine Transaction does

combine Transaction is a boutique commercial real estate transaction advisory firm headquartered in Kirchheim bei München, Germany, with on-the-ground coverage in Munich, Hamburg, and Berlin. Founded in 2023 as a focused transaction brand within combine Unternehmensgruppe (which traces its history to 1998), the firm serves German institutional landlords, occupiers, investors, and developers across office, logistics, and hospitality real estate.

The firm operates four service lines: Letting Services, Landlord Services, Investment Services (acquisition and disposal of commercial real estate), and the recently launched Industrial & Logistics (I&L) vertical. It is staffed by approximately 28 named senior professionals, most of whom were recruited from global brokerage platforms including JLL, Colliers, BNP Paribas Real Estate, and Savills, bringing 20+ years of average tenure and individual track records on transactions ranging from €2.3 billion to €3.5 billion in deal volume.

The business model is pure brokerage: revenue is generated exclusively through transaction-based commissions, with published fee schedules of 4% on investment transactions up to €20 million and 3% above that threshold, 3-4 net monthly rents for rental mandates, and 2% for right-of-first-refusal exercises. The firm has no proprietary technology platform, no disclosed AI tooling, and no subscription or retainer revenue stream. Its sister company, combine Consulting, provides complementary strategic advisory, enabling bundled service offerings to institutional clients.

Name

combine Transaction

Legal name

combine Transaction München GmbH

Website

https://combine-transaction.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

combine Transaction is a boutique German commercial real estate transaction advisory firm providing brokerage services in letting, landlord representation, investment sales, and industrial & logistics across Munich, Hamburg, and Berlin.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Brokerage Services

NAICS

Title Abstract and Settlement Offices (541191)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Closing Coordination & Transaction Management (Broker/Agent Support) (BPAJAOAH)

Keywords

• Commercial real estate brokerage
• Tenant representation services
• Landlord advisory services
• Investment transaction advisory
• Industrial logistics real estate

Headquarters

HQ city

Kirchheim Bei München

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Brokerage Transaction Fees: combine Transaction operates as a commercial real estate broker, earning commissions on completed transactions. For sales/purchases up to €20M the fee is 4% of the total transaction value; for transactions exceeding €20M it is 3%. For rental agreements under 10 years the fee is 3.0 net monthly rents; for agreements of 10 years or more it is 4.0 net monthly rents. For right-of-first-refusal agreements the fee is 2% of total consideration. All fees are exclusive of VAT.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

combine Transaction is a German boutique commercial real estate brokerage and advisory firm providing integrated services across Letting Services (tenant representation and office space search), Landlord Services (property owner representation and marketing strategy), Investment Services (buy- and sell-side advisory across office, residential, land, and industrial & logistics assets), and a dedicated Industrial & Logistics service line. Services are delivered through offices in Munich, Hamburg, and Berlin by senior professionals averaging 20+ years of industry experience, with transactions historically generating multi-billion-euro deal volumes in the German market.

Product overview

combine Transaction is a transaction boutique providing integrated real estate brokerage and advisory services. The company operates as a unified service offering organized into three main service lines: Letting Services (tenant representation and space search), Landlord Services (property owner advisory and marketing), and Investment Services (transaction brokerage for investors and developers). The Investment Services division further encompasses specialized sub-services covering office, residential, land, and industrial & logistics real estate segments. The company recently expanded its portfolio with a dedicated Service Line for Industrial and Logistics Real Estate (I&L). As part of the combine corporate group, services are delivered through offices in Munich, Hamburg, and Berlin with integrated consulting capabilities from sister company combine Consulting.

Differentiator

Problem solved

Functional benefit

Products and services

• Letting Services
• Landlord Services
• Investment Services
• Service Line Industrie- und Logistikimmobilien (I&L)

Quantifiable outcome

• Tobias Teske has transacted approximately €2.3 billion in investment volume in Munich.
• +1 more outcomes

Named customers4 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

Six partnerships are on record, tiered core, key and flagship.

• Clemens F. Kerscher (via combine Transaction I&L)coreOthers · 5 February 2025Clemens F. Kerscher was appointed Managing Director of the newly established combine Transaction I&L service line (Industrie- & Logistikimmobilien / Industrial & Logistics Real Estate), which launched in February 2025. He brings over 18 years of experience from JLL and Realogis, where he most recently served as Managing Director and Head of Capital Markets. His appointment marks a strategic expansion of combine Transaction's service offering into the industrial and logistics real estate segment.
• RESIDIA GruppekeyStrategic or Co-development Partner · 5 February 2025RESIDIA Gruppe partnered with combine Transaction to broker the lease of a hotel development at Aschauerstraße 20 in Munich. combine Transaction acted as the sole transaction broker, facilitating the deal to Homaris AG as hotel operator. The project involves approximately 6,000 sqm BGF with 223 rooms, scheduled to open in 2027.
• VTG GmbHkeyStrategic or Co-development Partner · 3 February 2025VTG GmbH, a leading European rail freight company, was advised by combine Transaction (transaction support) and its sister company combine Consulting (requirements analysis and management) in its lease of approximately 8,900 sqm at the FLEETYARD in Hamburg-Hammerbrook. This was a multi-month structured search and selection process resulting in VTG's new headquarters.
• combine ConsultingflagshipStrategic or Co-development Partner · 3 February 2025combine Consulting is the sister company of combine Transaction within the combine Unternehmensgruppe. It provides New Work concept consulting, change management, and requirements analysis services. In joint mandates (e.g., VTG GmbH FLEETYARD), the two firms co-advise clients — combine Consulting handles advisory and requirements management while combine Transaction handles transaction execution — offering clients a one-stop boutique advisory experience.
• Homaris AGkeyGTM or Marketing Partner · 10 January 2025Homaris AG, an innovative hotel and serviced apartment operator, partnered with RESIDIA Gruppe and combine Transaction for the operation of a new hotel at Aschauerstraße 20 in Munich. combine Transaction facilitated the transaction between developer and operator. Homaris operates approximately 2,450 rooms and serviced apartments across German A-cities.
• Immobilienscout24keyGTM or Marketing PartnerImmobilienscout24 is Germany's leading commercial real estate portal and serves as combine Transaction's primary third-party listing platform. The firm maintains active showroom listings for office and industrial/logistics spaces across Munich, Berlin, Hamburg, and the I&L segment, driving inbound leads from prospective tenants.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Avison Young Germany: Privately held global CRE services firm with German offices serving occupiers and investors across major markets. Direct competitor on mid-to-large letting and investment mandates and former employer of combine Transaction team members.
• Colliers International (Germany): One of the leading global CRE services firms operating across letting, investment, and advisory in Munich, Berlin, and Hamburg. Directly comparable as a transaction-focused advisor in the same three German cities where combine Transaction operates, and the former employer of much of combine Transaction's senior team.
• Savills Germany: International real estate advisor with a German presence spanning investment, occupational, and capital markets. Direct competitor on letting and investment mandates, and a former employer of several combine Transaction senior advisors.
• Cushman & Wakefield Germany: Global CRE advisory covering office, retail, industrial, and investment transactions in Germany's major cities. Competes directly with combine Transaction on tenant and investor mandates and is among the prior employers of the firm's leadership.
• Realogis: Germany's largest specialist broker for industrial and logistics real estate, covering leasing, investment, and capital markets. Direct competitor on the I&L segment combine Transaction entered in February 2025, and former employer of I&L Managing Director Clemens Kerscher.
• JLL (Jones Lang LaSalle) Germany: Global CRE services firm with full-service letting, investment brokerage, and capital markets coverage across Germany's primary markets, including a dedicated industrial/logistics desk. Direct competitor in investment and letting mandates, and prior employer of key combine Transaction advisors.
• BNP Paribas Real Estate Germany: Full-service German CRE advisory and transaction firm offering letting, investment, valuation, and consultancy. Direct competitor on office and investment transactions; a prior employer of combine Transaction's Stefan Börger (formerly at Müller Int.-Immobilien, now BNP Paribas).
• Angermann & Co. Established German CRE advisory offering office and industrial brokerage, valuations, and investment advisory. Mid-sized German competitor with prior employer overlap with combine Transaction leadership.
• Engel & Völkers Commercial: Commercial real estate arm of the Engel & Völkers group active in office, retail, and investment brokerage across German cities. Comparable mid-market competitor with letting and investment services overlapping combine Transaction's offering.

Broad incumbents

• CBRE Germany: World's largest CRE services firm with broad investment, leasing, valuation, and capital markets capabilities across Germany. Competes on the largest mandates and cross-border occupier accounts where combine Transaction lacks scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/combine-transaction

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 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 combine Transaction