A Croatian real estate fund based in Zagreb has been compelled to undertake a comprehensive restructuring of its portfolio following significant delays in several construction projects in Germany. SOENT real estate GmbH from Berlin has been mandated as the central partner for this realignment.
The initial mandate for SOENT real estate includes the economic realisation of approximately 40 per cent of the total project volume. The evaluation and analysis of existing projects will be carried out in collaboration with SOENT real estate GmbH's long-standing partners. The fund has been active in the German market since 2013 and has realised and marketed a total of around 60 projects in various European countries.
Focus on new federal states and diverse types of use
The overall portfolio currently comprises 15 projects in Germany. These include existing space of approximately 44,000 square metres, as well as a further 268,000 square metres of planned new-build space. A large proportion of these areas are located in the new federal states. The spectrum of intended uses is broad, ranging from residential and commercial properties to hotels and care facilities, as well as logistics spaces. Furthermore, two data centres, an AI data centre, and infrastructure projects are part of the portfolio.
SOENT real estate GmbH will lead the development of the first five locations together with a project management company specialising in complex construction projects. A significant portion of the portfolio is also to be divested through off-market transactions. Another Croatian investor has already expressed interest in acquiring up to 40 per cent of the project shares.
Outlook and Timeline for Restructuring
A spokesperson for the fund described the current situation as "serious, but solvable, provided the right partners are involved". The commencement of the initial restructuring and development measures is scheduled for the fourth quarter of 2026. These measures aim to ensure the sustainable value development of the portfolio and consolidate the fund's long-term market presence in Germany.
