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Q2 2026 Deep Dive: The Top 5 Federal States and the Top 3 Investors Within Them

In this Deep Dive, we highlight the five most active federal states in Q2 2026 and feature the three most active investors in each, providing a brief profile, their transaction focus areas, and their acquisition profiles.

North Rhine-Westphalia was the most active state with 46 transactions, followed by Bavaria with 34. Together, these two regions accounted for about 60 percent of the total 134 recorded transactions. Next came Hesse with 21, Lower Saxony with 17, and Baden-Württemberg with 16 deals.

Among investors, the Saller Group leads in North Rhine-Westphalia, TSC Real Estate Germany in Bavaria, and Quantum Immobilien in Hesse. In Lower Saxony, Habona Invest and Taurus Investment Holdings share the top spot.

#1 North Rhine-Westphalia: 46 transactions

Saller Group

Weimar · Project Developer, Investment Manager, Property Owner

An owner-managed real estate investment firm with over 40 years of experience, active in Germany, the Czech Republic, Poland, Slovakia, and Austria. Specializes in the planning, construction, and management of commercial real estate.

A total of 17 transactions, 5 of which took place in Q2 2026

Asset Classes: Trading (15 transactions)

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ADOLF WEBER

Hamburg · Project Developer

Project developer with operations in North Rhine-Westphalia and other German regions.

A total of 1 transaction, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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Art-Invest GmbH & Co. KG

Cologne · Project Developer, Asset Manager

An institutional investor and project developer with a vision for the future. Specializes in creating sustainable value for clients and stakeholders and views digitalization as an opportunity for the real estate industry.

A total of 4 transactions, 2 of which took place in Q2 2026

Asset Classes: Office (2 transactions), Hotel (2 transactions)

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#2 Bayern: 34 Transactions

TSC Real Estate Germany

Berlin · Investment Manager, Asset Manager, Fund

TSC Real Estate Germany is one of the most active investors in the German healthcare real estate market, with a consistent focus on nursing facilities and healthcare centers.

A total of 11 transactions, 4 of which took place in Q2 2026

Asset Classes: Healthcare (11 transactions)

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CONREN Land AG

Frankfurt am Main · Funds, Investment Managers

An investment firm focused on office and residential real estate.

A total of 6 transactions, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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Dawonia Management

Bavaria · Landowners

A Bavarian residential real estate portfolio manager with a long-standing focus on the southern German market.

Total: N/A transactions, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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#3 Hesse: 21 transactions

Quantum Real Estate AG

Hamburg · Project Developer, Investment Manager

Developers of vibrant urban neighborhoods, modern corporate headquarters, and livable housing in dynamic markets.

A total of 8 transactions, 2 of which took place in Q2 2026

Asset Classes: Profile on network.assetbird.de

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ABG FRANKFURT HOLDING

Frankfurt · Project Developer, Property Owner

One of the leading project developers in Frankfurt and the surrounding region. Offers a wide range of services in project development, construction management, and real estate management.

A total of 1 transaction, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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AIF Management, LLC

Stuttgart · Funds, Investment Managers, Asset Managers

Expert in regulated alternative investment funds. As an investor, BaFin-licensed trustee, and asset manager, AIF Capital Group offers institutional investors high-yield real estate investments.

A total of 6 transactions, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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#4 Lower Saxony: 17 transactions

Habona Invest GmbH

Frankfurt am Main · Funds, Investment Managers

Specializing in local retail and social infrastructure since 2009. The investment focus is on food retail and daycare centers. A crisis- and inflation-resistant investment strategy for private and institutional investors.

A total of 7 transactions, 2 of which took place in Q2 2026

Asset Classes: Trading (7 Transactions)

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Taurus Investment Holdings

Munich · Project Developer, Investment Manager

A leading global commercial real estate investment and development company with a proven track record.

A total of 1 transaction, including 1 in Q2 2026

Asset Classes: Residential (1 transaction)

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Graff Real Estate Management

Lower Saxony · Landowner

Real estate manager specializing in the northern German market.

Total: N/A transactions, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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#5 Baden-Württemberg: 16 transactions

Aedifica Asset Management GmbH

Brussels · Portfolio Managers, Funds

A publicly traded Belgian company specializing in sustainable senior living facilities and housing for older adults requiring care throughout Europe.

A total of 2 transactions, including 1 in Q2 2026

Asset Classes: Healthcare (2 transactions)

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B&B Immo, LLC

Baden-Württemberg · Property Owners

Real estate investor focused on the southern German market.

Total: N/A transactions, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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currily AG

Stuttgart · Real Estate Inc., Property Owner, Project Developer

Stuttgarter Immobilien AG focuses on property management and project development in southern Germany.

A total of 1 transaction, including 1 in Q2 2026

Asset Classes: Profile on network.assetbird.de

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Outlook for Q3 2026

North Rhine-Westphalia has solidified its leading position. It will be interesting to see whether Bavaria can catch up in the third quarter or whether new regions will come to the fore. The concentration on just a few active states shows where market activity currently lies in the German real estate market.

Find More Investor Profiles

The complete ranking, including purchase profiles and transaction histories for all investors, is available at network.assetbird.de.

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