Real Estate 2026

GERMANY Law and Practice Contributed by: Wolfram H. Krüger, Barbara Rybka, Markus Wollenhaupt and Alexander Zitzl, Linklaters

Linklaters is a full-service provider offering interna - tional advice on legal and tax issues in the real estate industry, which gives it a leading edge in meeting cli - ent requirements and demands. The cross-practice team includes real estate experts and specialists in corporate, tax, finance, investment, competition and regulatory law. With more than 50 real estate lawyers in the Frankfurt, Munich and Berlin offices and over 350 real estate lawyers globally, the firm’s real estate team is chosen by leading global investors, develop - ers, occupiers and financial institutions to advise on their largest and most complex or multi-jurisdictional

real estate transactions and disputes. The German real estate sector, inter alia, advises private equity clients (eg, Blackstone, BlackRock, and Cerberus), funds and institutional investors (eg, Barings, Boreal IM, BNP Paribas REIM, CBRE IM, GARBE, DWS, and Tishman Speyer), as well as a number of Asian clients (eg, Hanwha, Frasers, Huazhu Group, Samsung, and CapitaLand). The firm acknowledges, with thanks, the contribution made to this chapter by Isabelle-Carmen Petersen Weis of Linklaters LLP.

Authors

Wolfram H. Krüger is a partner and leads Linklaters’ German real estate practice and the firm’s global real estate practice. Wolfram has exten - sive experience in advising investors, banks, insurance companies and

Markus Wollenhaupt is an investment funds partner and co-heads Linklat - ers’ international real estate sector. He specialises in the structuring, formation and marketing of funds, managed accounts and other invest -

institutional funds on transactions across Europe, with a particular focus on portfolio transactions. His expertise spans the corporate, finance and tax elements of deals. He also advises on distressed assets and is a member of the firm’s Asia initiative. Wolfram has developed some of the market’s most innovative structures, including the joint portfolio sale by three funds with diverse histories, cultures and regulatory regimes. He is also a notary and the co-publisher and author of the comprehensive practitioners’ handbook on real estate transactions.

ment products. Markus focuses on alternative investments, in particular, real estate, private debt, infrastructure and private equity as well as M&A transactions in the asset management sector. He often advises German and international institutional investors regarding their investments. He has 24 years’ experience in investment fund law and connected insurance regulatory issues.

Alexander Zitzl is a managing associ - ate at Linklaters and specialises in national and international transaction- related tax law advice including international tax structuring of M&A, private equity, financing and repo

Barbara Rybka is a managing associ - ate at Linklaters and specialises in advising both national and interna - tional investors and banks on real estate issues. She is experienced in complex single asset and portfolio

transactions and restructurings. He has special expertise in national and international VAT law. His experience includes cross-border portfolio and large single asset transactions in all asset classes includ - ing mid and large cap developments, infrastructure investments and joint ventures. He is a German member of the European VAT Club.

transactions, including sale-and-leaseback transac - tions. Her areas of expertise cover aspects of the entire real estate life cycle, from acquisitions through (re)financing, leasing, property and asset manage - ment, to sales and restructuring. Barbara is a member of the registered association Women in the Real Estate Industry (Frauen in der Immobilien - wirtschaft e.V.).

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