Periskop Partners: Germany reclaims status as top-three destination

Germany, the Eurozone’s largest economy, is seeing a resurgence in both domestic and international interest.

Lars Meisinger

"Liquidity is coming back," Lars Meisinger, CEO of Periskop Partners, told CRE Media Europe at MIPIM 2026. "The market is being led by domestic family offices, but institutional capital is looking again. Germany is now featured among the top three global destinations—second to the UK, but ahead of the US."

Unlike France or the UK, where activity is often hyper-concentrated in a single capital, Germany’s decentralised nature remains its greatest strength. While Berlin and Munich remain the magnets for residential investment, the "Top 7" and even "Top 11" cities provide a breadth of exposure that other European markets cannot match.

"In logistics, you don’t have to be in the gateway cities; there are nodal points that offer higher yields," he explained.

Periskop Partners holds the largest land bank among institutional investors in Germany, with approximately 4.8 million m² under management. With 60% of this land earmarked for residential use, the firm is uniquely positioned to address the country’s chronic housing shortage.

The firm’s optimism is bolstered by federal legislative shifts, such as the Bauturbo-Pakt (Building Acceleration Law), which Meisinger noted has been passed in record time to push delivery through at the municipal level.

A key takeaway was Periskop’s focus on thematic, "anti-fragile" asset classes. Meisinger identified a five-to-seven-year window where Germany will spend heavily on its defence industry, creating a niche for defence logistics.

While investors aren't retreating from the US entirely, geopolitical repositioning and tariff revisions are causing a rethink.

"Germany provides a natural direction for flows due to its absorption, liquidity, and diversification."

Reflecting on the atmosphere in Cannes, Meisinger described the mood as far more constructive than in 2025, though still defined by "VUCA" (volatility, uncertainty, complexity, and ambiguity).

"While the engagement levels are high, translation into tangible outcomes is happening sector by sector. But overall, the platform for the market to rebuild itself is now stable."

Branislav Pekic