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Despite geopolitical uncertainties, regulatory interventions and structural market changes, the real estate asset class remains strategically positioned for family offices – with a clear focus on direct investments and residential real estate. This was shown by the webinar "Family Office Investment Insights – Strategies, Structures, Focal Points" as part of the series "Macro Matters – The KINGSTONE Real Estate View".
Maximilian Radert, Head of Product Development & Research at KINGSTONE Real Estate, discussed investment strategies, risk management and structuring issues in the current market environment with Elena Reuter, Head of Real Estate at FINVIA Family Office, Marie Lindenstruth, Managing Director at Lindenstruth & Cie., Alexander Lehnen, Partner at Heussen Rechtsanwälte, and Dr. Tim Schomberg, CEO & Co-Founder at KINGSTONE Real Estate.
"Family offices operate in an area of tension between macroeconomic changes and structural megatrends. The decisive factor is how these factors are translated into a long-term sustainable allocation strategy," says Maximilian Radert.
The KINGSTONE Family Office Real Estate Report 2025, published in October, in which 32 family offices from the DACH region were surveyed about their real estate investment strategies, shows that around eighty percent of investments are made without intermediary fund structures.
Dr. Tim Schomberg sees this as an expression of entrepreneurial self-image: "Many family offices see real estate not only as an investment product, but also as an entrepreneurial decision. Control and influence play a central role."
Marie Lindenstruth confirmed this assessment from practice. In Germany, her company invests exclusively directly to ensure proximity to the property and its own control options. Elena Reuter also emphasized that her company independently identifies, structures and manages real estate in its home market. Direct responsibility is an essential decision-making criterion for many clients.
The allocation shows a clear focus on residential real estate. Multi-family buildings represent the largest type of use at 37.5 per cent, followed by office properties at 25 per cent.While the office segment is being selectively examined, the residential segment is moving further into focus. Lindenstruth announced that the residential portion would be expanded in the future. The current market conditions offer attractive entry opportunities for this.
For Reuter, the property primarily fulfils a stabilising function in the overall portfolio: capital preservation and sustainable value development are paramount. Opportunistic approaches are deliberately limited and only serve as a deliberate admixture.
Operator properties such as hotels or care facilities do not currently play a significant role in the strategies discussed.
Geopolitical developments and regulatory interventions have a noticeable influence on risk assessment. International conflicts in particular occupy investors intensively and are incorporated into strategic considerations.
At the same time, regulatory framework conditions – for example in the housing market – are met with a conservative calculation. Investments must remain sustainable even under changed legal requirements. However, a fundamental change in strategy cannot be derived from this.
Radert also referred to structural influencing factors such as demographics, decarbonisation and changed working models, which have a long-term impact on real estate markets and must be strategically taken into account.
In addition to market developments, the focus was also on the tax environment. Alexander Lehnen referred to the expected decision of the Federal Constitutional Court on inheritance tax. A legal adjustment is not expected until 2027 at the earliest.
However, the current valuation situation opens up strategic leeway. There are currently favourable time windows for transfers and structuring, especially in the real estate sector.
The return expectations of family offices are predominantly in a range between four and six percent. While security-oriented investors prioritize value preservation, growth-oriented market participants aim for higher target returns.
Schomberg does not see contradictions in this, but different strategic orientations: Both approaches are legitimate, as long as they are implemented consistently.
For the next twelve months, most family offices expect a moderate expansion of their real estate exposure. Reuter reported a noticeable increase in demand for direct real estate, as investors are taking advantage of the current market phase for selective acquisitions. Lindenstruth also confirmed that further investments – especially in Germany – are planned.
