Haspa Peb - Projektentwicklungs- Und Beteiligungsgesellschaft Mbh

What Haspa Peb - Projektentwicklungs- Und Beteiligungsgesellschaft Mbh does

HASPA Projektentwicklungs- und Beteiligungsgesellschaft mbH (HASPA PeB) is a Hamburg-based real estate project development financing company founded in March 2017 as a subsidiary of the Hamburger Sparkasse (HASPA) group. It serves established real estate developers in German metropolitan regions (Hamburg, Berlin, Leipzig, and Dresden) by providing two core financial products: mezzanine capital (stille Beteiligung) with a minimum financing volume of EUR 3 million and a minimum 2-year term, and joint-venture equity participation in the form of 30-40% minority stakes in project development SPVs with a minimum total investment cost of EUR 25 million per project. The company was capitalized with EUR 100 million from three shareholders: Haspa Finanzholding (51%), Haspa AG (30%), and NM Nord-IMMO Management (19%), and by 2020 had deployed approximately EUR 50 million in equity across six JVs and three mezzanine participations, generating EUR 400 million in project volume.

The business model is structured around two revenue streams: a risk-based fixed interest plus variable profit participation on mezzanine capital (designed to be treated as equity on the balance sheet and close financing gaps for developers), and equity upside from minority stakes in JV vehicles, with exit strategies including forward deals, asset deals, and share deals. HASPA PeB operates as a sales-led B2B direct outreach model, leveraging its HASPA parent network to access developers and relying on relationship-driven deal sourcing rather than consumer-facing marketing. The portfolio spans residential, office, hotel, and mixed-use quarter developments, with notable projects including Hindenburghaus (Hamburg), Löwitz Quartier (Leipzig), Berlin-Tegel Am Borsigturm, Athleticum am Volkspark, Berlin Decks, and Luisenquartier, and partnerships with developers such as Otto Wulff, Becken, Hamburg Team, QUEST Investment Partners, property team, and Procom Invest. The company is privately held, headquartered at Börsenbrücke 2a, Hamburg, and operates with a small team; it celebrated break-even in year 4 and has stated a target to more than double project volume over the subsequent five years.

Name

Haspa Peb - Projektentwicklungs- Und Beteiligungsgesellschaft Mbh

Legal name

HASPA Projektentwicklungs- und Beteiligungsgesellschaft mbH

Website

https://haspa-peb.de

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

HASPA PeB is a Hamburg-based real estate development financier providing mezzanine capital (minimum EUR 3M) and 30-40% minority equity stakes (minimum EUR 25M project) to property developers in Hamburg, Berlin, Leipzig, and Dresden, backed by Haspa Finanzholding and Haspa AG.

Ownership category

akta.pro rank

Product category

Real Estate Development Financing

NAICS

Real Estate Credit (522292), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Mortgage Bankers & Loan Correspondents (6162), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Mezzanine Debt & Preferred Equity (CRE Capital Stack) (FSALADAI)

akta.pro secondary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Real estate financing
• Mezzanine capital
• Joint venture equity
• Project development
• Minority equity participation

Headquarters

HQ city

Hamburg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales

Revenue model

1. Mezzanine Capital Financing: Provides subordinated capital (stille Beteiligung) to real estate developers, earning risk-based fixed interest plus variable profit participation. Capital is structured to be treated as equity on the balance sheet, enabling developers to close financing gaps.
2. Joint-Venture Equity Participation: Takes 30-40% minority equity stakes as co-investor in real estate project development companies (SPVs). Earns returns through profit participation and exit gains.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

HASPA PeB provides two financing products to real estate developers: (1) Joint-Venture Beteiligung, in which it acquires 30-40% minority equity stakes in project development SPVs with active involvement across project phases, requiring minimum total investment costs of EUR 25 million; and (2) Mezzaninekapital-Finanzierung, providing subordinated capital treated as equity on the balance sheet with risk-based fixed interest plus variable profit participation, requiring a minimum financing volume of EUR 3 million and a minimum term of two years. Asset classes covered include residential, office, hotel, and quarter developments in Hamburg and Berlin metropolitan regions.

Product overview

HASPA PeB is a real estate project development and financing company offering two core financial products: Joint-Venture Beteiligung (minority stakes of 30-40% in project development SPVs) and Mezzaninekapital-Finanzierung (subordinated capital to bridge financing gaps). The company operates as a strategic partner in German metropolitan regions (Hamburg, Berlin, Leipzig), supporting developments across residential, office, hotel, and mixed-use quartiers. Their portfolio includes named project investments such as Loewitz Quartier (Leipzig), Hindenburghaus (Hamburg), Berlin Decks, Athleticum am Volkspark, Serviced Apartments Luisenweg, and August Berlin.

Differentiator

Problem solved

Functional benefit

Products and services

• Joint-Venture Beteiligung (Real Estate Joint-Venture Equity Participation) Minority equity participation of 30-40% in real estate project development companies (SPVs), with entrepreneurial involvement across all project phases. Minimum total investment costs of EUR 25 million per project. Asset classes covered include residential, office, hotel, and quarter developments. Compensation is via equity profit participation and exit gains (forward deal, asset deal, or share deal).
• Mezzaninekapital-Finanzierung (Mezzanine Capital Financing) Subordinated capital (stille Beteiligung) provided to real estate developers to close financing gaps, structured to be treated as equity on the balance sheet. Minimum financing volume of EUR 3 million, minimum term of two years, with bullet (endfällige) interest structure. Compensation consists of risk-based fixed interest plus variable profit participation. Available for residential, office, hotel, and quarter developments in Hamburg and Berlin metropolitan regions.

Quantifiable outcome

• EUR 400 million in total project volume generated from approximately EUR 50 million equity deployed across 6 joint ventures and 3 mezzanine participations as of 2020.
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

17 partnerships are on record, tiered core and minor.

• Unternehmensgruppe Hermann Friedrich BruhncoreStrategic or Co-development Partner · 1 January 2022Joint Venture partner for Serviced Apartments at Luisenweg/Luisenquartier in Hamburg-Hamm. Also partnered on the Luisenquartier housing development (~208 apartments, ~95 million EUR investment volume). HASPA PeB co-invests in the ~8,000 sqm commercial building with hotel and commercial units.
• MAUS Development GmbHminorStrategic or Co-development Partner · 1 January 2021Mezzanine capital provider for Hoheluftchaussee/Abendrothsweg project in Hamburg — retrofit and vertical extension of an existing residential/commercial building adding new housing units.
• BEOS AGminorStrategic or Co-development Partner · 1 January 2021Partner in the Berlin Decks project (research and technology campus, ~42,000 sqm rental space in Holz-Hybrid construction, DGNB Gold targeted). HASPA PeB provides silent participation for first construction phase (~24,000 sqm rental space). Also partnered with Convalor Projektpartner GmbH and neos GP GmbH.
• Convalor Projektpartner GmbHminorStrategic or Co-development Partner · 1 January 2021Co-developer of Berlin Decks project alongside BEOS AG and neos GP GmbH.
• neos GP GmbHminorStrategic or Co-development Partner · 1 January 2021Co-developer of Berlin Decks project alongside BEOS AG and Convalor Projektpartner GmbH.
• QUEST Investment PartnerscoreStrategic or Co-development Partner · 1 October 2020Joint Venture partner for the acquisition and renovation of the historic Hindenburghaus (1909 Kontorhaus, ~12,600 sqm at Großer Burstah 31, Hamburg). Heritage property under monument protection. Joint venture formed October 2020 for office, retail, and residential redevelopment.
• Procom Invest GmbH & Co. KGcoreStrategic or Co-development Partner · 1 January 2020Joint Venture partner for the new Fernbahnhof Altona-Diebsteich development, won in an EU-wide tender. ProHa Altona GmbH & Co. KG is the JV entity. Two towers (~60m and ~90m) planned with hotel, office, retail, and bicycle parking. C.F. Møller Architects design.
• property team AGcoreStrategic or Co-development Partner · 1 January 2020Joint Venture partner for the Athleticum am Volkspark project (3,600 sqm site, ~5,200 sqm BGF sports medicine center near HSV stadium). Also partnered on Petersen Park development. 10. Nordteam Am Volkspark GmbH is the JV entity.
• Universitätsklinikum Hamburg-Eppendorf (UKE)minorStrategic or Co-development Partner · 1 January 2020Co-initiator of the Athleticum am Volkspark project alongside Philips and HSV Fußball AG. Provides sports medicine expertise and operational role in the sports medicine competence center.
• PhilipsminorStrategic or Co-development Partner · 1 January 2020Co-initiator and healthcare technology partner of the Athleticum am Volkspark sports medicine center. Contributes healthcare/health technology expertise and operates within the facility.
• HSV Fußball AGminorStrategic or Co-development Partner · 1 January 2020Co-initiator of the Athleticum am Volkspark project. Provides land via leasehold arrangement (Erbbaurecht) on parking lot 'Gelb' adjacent to the Volksparkstadion.
• Becken (Becken Development GmbH)coreStrategic or Co-development Partner · 1 December 2019Joint Venture partner for the acquisition of a 47,400 sqm site at Am Borsigturm 130 in Berlin-Tegel. Also partnered on the August Berlin project and sale of the Verwaltungsgebäude to DIC Asset AG. Becken contributes development and project execution expertise; HASPA PeB provides financing.
• OTTO WULFF Bauunternehmung GmbHcoreStrategic or Co-development Partner · 1 January 2019Joint Venture partner (Leipzig zwei GmbH & Co. KG) for the Löwitz Quartier development in Leipzig (10.6 ha, ~131,000 sqm BGF, 11 building plots). Also partner in Petersen Park (Hamburg) and Dresden project (44,000 sqm BGF). HASPA PeB takes minority equity stake; OTTO WULFF handles construction and project execution.
• HAMBURG TEAM Gesellschaft für Projektentwicklung mbHcoreStrategic or Co-development Partner · 1 January 2019Joint Venture partner (Leipzig zwei GmbH & Co. KG) for the Löwitz Quartier development in Leipzig. HAMBURG TEAM contributes project development expertise for the urban quarter development spanning residential, office, hotel, retail, and social infrastructure.
• Values Real EstateminorStrategic or Co-development Partner · 1 January 2018Mezzanine capital provider for the Rosenthaler Straße 43-45 project in Berlin-Mitte (~15,000 sqm BGF). The project, completed in 2022, includes Apple Store, EDEKA, Rossmann, H&M Home, Vodafone, WeWork, and 45 residential units.
• PEG Projektentwicklungsgesellschaft HamburgminorStrategic or Co-development Partner · 1 January 2018Joint Venture partner for Johannisbollwerk 10 project in Hamburg (demolished 5-story building, ~600 sqm site for hotel/office development). Project was subsequently sold to an investor.
• HJD GruppecoreStrategic or Co-development Partner · 1 January 2017Joint Venture partner for Petersen Park (Hamburg-Groß Borstel, 60,000 sqm, ~100,000 sqm BGF mixed-use quarter). HASPA PeB subsequently exited its JV stake in early 2022, transferring full ownership to HJD Gruppe.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Becken: German real estate developer focused on Berlin and major metropolitan office, residential, and mixed-use projects. Direct JV counterparty with HASPA PeB on Berlin-Tegel and other projects. Comparable as a German developer partner with similar asset class focus.
• DIC Asset AG: German commercial real estate investor and asset manager active in office, retail, and logistics across Germany. Already a counterparty to HASPA PeB (acquired Borsigturm property). Comparable as a German CRE investor acquiring development assets and partnering with developers.
• BEOS AG: Berlin-based specialist in commercial real estate development and investment, particularly in technology and office parks. Already a JV partner with HASPA PeB on Berlin Decks. Comparable as a German CRE developer/investor active in Berlin and major metros.
• Berlin Hyp: German commercial real estate bank focused on financing office, residential, retail, and mixed-use developments. Comparable as a specialized CRE lender serving German metropolitan developers including Berlin, the same geographic focus as HASPA PeB.
• Deutsche Hypothekenbank (DZ BANK Group): Commercial real estate financier within the DZ BANK group providing senior and mezzanine loans for German and European CRE projects. Comparable as a long-established German CRE lender with a similar focus on professional developers and project financing.
• pbb Deutsche Pfandbriefbank: Specialist commercial real estate bank providing senior and mezzanine financing to developers and investors across Germany and Europe. Directly comparable as a CRE capital provider to professional developers, the same customer segment as HASPA PeB.

Broad incumbents

• Commerz Real: Real estate investment arm of Commerzbank managing CRE funds and direct investments across Europe. Comparable as a German CRE investment vehicle partnering with developers on project equity and debt.
• Helaba (Landesbank Hessen-Thüringen): German Landesbank providing CRE lending, public finance, and capital markets services. Comparable as a German bank active in real estate project finance and development partnerships, but operating across a much broader portfolio than HASPA PeB.
• LBBW (Landesbank Baden-Württemberg): Major German Landesbank offering a wide range of corporate, real estate, and capital markets services including CRE project finance. Comparable as a German bank with significant CRE lending and project equity capabilities, but broader in scope than HASPA PeB's specialized CRE JV/mezzanine focus.
• Patrizia: German real estate investment manager with German and European CRE exposure across residential, office, and logistics. Comparable as a major German CRE capital provider and developer partner, though with broader geographic and asset class reach than HASPA PeB.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/haspa-projektentwicklungs-und-beteiligungsgesellschaft-mbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Haspa Peb - Projektentwicklungs- Und Beteiligungsgesellschaft Mbh