The strategy is based on ownership and active management of properties throughout their entire life cycle, strong added-value services to customers, and sustainable long-term value creation while taking advantage of short-term arbitrage opportunities in real estate markets. Management focus on refurbishing and creating high-quality office space is supported by tenant preference for higher-quality space.
Cyborg Score Rationale
Q1 2026 results developed in line with expectations with broadly stable revenues and steady progress on balance sheet metrics. However, the company faces headwinds from structural changes, including a headquarters migration to Luxembourg and operational restructuring. Portfolio valuations remain depressed at EUR 3,000 per sqm, creating uncertainty in near-term capital values.
Top Insights
EUR 21.5 million of future cash flow secured from leases signed in Q1 2026 with an average term of 5.5 years, demonstrating stable forward lease pipeline.
Two property disposals already agreed for EUR 42 million year-to-date (as of May 2026), with additional deals in the pipeline, showing continued portfolio optimization.
As of April 2026, the company has 186 employees.
Headquarters migration to Luxembourg is underway, with operations transferred to alstria advisor and a €3.2 million extraordinary charge related to the move.
Named Competitors
Aroundtown AG — German commercial real estate REIT with office portfolio exposure
Bingöl Properties — German commercial office property investor
Recent Developments
(May 2026) Q1 2026 earnings reported with EUR 47.9 million revenue and EUR 17.6 million FFO, reflecting stable operations and cost discipline
(Q1 2026) Portfolio comprising 103 assets valued at EUR 4.3 billion; EUR 21.5 million of future cash flow secured from new leases with 5.5-year average terms
(2026) Headquarters migration to Luxembourg initiated with EUR 3.2 million one-time charge; operational restructuring completed via alstria advisor GmbH spinoff
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