Keynote by Thomas Richter, Chief Executive Officer of BVI (the German Investment Funds Association)

Experts suggest that only one in ten start-up businesses survives in the market. Any company living to see its tenth anniversary merits heartfelt congratulations, and all the more so if that company looks back on a success-blessed track record such as that of INTREAL. INTREAL has been successful not just in its own right, but has simultaneously blazed the trail for the German real estate industry in general. It was the first company that adopted the principle of separating administration and management from the securities sector and applied it to the real estate sector.

Portrait of Thomas Richter


Interview with Andreas Ertle und Michael Schneider, Managing Directors of INTREAL

Michael Schneider, the ten-year anniversary of a company inevitably makes you look back a decade. Where and when was the idea Born to set up INTREAL?

The model of the third-party AIFM or master AIFM has been entrenched in the securities business for decades. In the real estate sector, by contrast, legal constraints had previously made it impossible to separate fund administration from portfolio management. This changed when Germany amended its investment legislation in late 2007.

Picture of INTREAL Managing Directors
Portrait of Erik Marienfeldt the chairman of the supervisory board at INTREAL.

I’m very proud of the performance of “our” INTREAL

“When the idea of INTREAL was conceived in 2008, we entered uncharted territory and had to convince a lot of people of the concept of a third-party AIFM serving the real estate sector. But the growth story of the past ten years has made a compelling case that we were correct about the concept of creating an independent third-party AIFM (Service KVG) for real estate. As a member of the Supervisory Board, I am, of course, very proud of the performance of “our” INTREAL.

INTREAL’s senior management has played a significant role in the company’s success. Accordingly, I would like to thank Andreas Ertle and Michael Schneider for their great sense of commitment and their prudent leadership. My gratitude also extends to all the employees of INTREAL who show a superior sense of responsibility by acting as trustees of their clients, and who ensure the company keeps evolving.”

Erik Marienfeldt
Chairman of the Supervisory Board, INTREAL

Portrait of Ulrich Müller, Member of the Executive Board, Joachim Herz Stiftung

Stable and dynamic at the same time

“The Joachim Herz Foundation decided in November 2018 to acquire a 49-percent interest in INTREAL and to become a partner because we believe INTREAL represents a stable and simultaneously dynamic entity with a sustainable business model.

As a charitable foundation, it is essential for us to invest in secure and yet profitable investments. We also have another thing in common with INTREAL. We, too, celebrated our foundation’s tenth anniversary in July 2018. With this in mind, I would like to offer my heartfelt congratulations to INTREAL. We look forward to working with you!”

Ulrich Müller
Member of the Executive Board, Joachim Herz Foundation


Portrait of Dr. Christine Bernhofer, Managing Director of Swiss Life

“As a licensed investment management company (KVG), we take advantage of the efficient administrative structures of the INTREAL platform. Especially when it comes to launching new funds, INTREAL enables us to act swiftly on the market due to their sheer size and highly specialized staff, from which we benefit greatly. I would like to congratulate INTREAL cordially on their tenth birthday and wish them all the best for the next ten years!”

Dr. Christine Bernhofer
Managing Director, Swiss Life Kapitalverwaltungsgesellschaft mbH

“INTREAL has done a lot for us since 2012: Together, we launched eight funds with a combined total of over 2 billion euros in real estate fund assets. We appreciate the partnership-like cooperation and the support provided to us on all levels. The INTREAL staff are highly qualified, motivated and seriously committed to providing great service. In retrospect, we can say that everything went very well – even when challenging issues came up. The quality and service provided encouraged us in August 2015 to launch the open-ended real estate public fund “FOKUS WOHNEN DEUTSCHLAND“ with INTREAL. We congratulate INTREAL and look forward to our continued cooperation!”

Klaus Niewöhner-Pape
Managing Director, INDUSTRIA WOHNEN GmbH

Portrait of Klaus Niewöhner-pape, Managing Director of INDUSTRIA WOHNEN GmbH
Portrait of Prof. Dr. Stephan Bone-Winkel, a member of the Supervisory Board at BEOS AG

“Reliability, pragmatism and peer-to-peer communication count among the fundamental values of BEOS AG. We have been sharing and living these values with INTREAL for a long time. Years ago, we jointly paved the way for institutional investors into “Unternehmensimmobilien” – German multi-use and multi-let commercial real estate, a new asset class at the time – and have continued to cope with a flurry of new challenges ever since, e.g. in the areas IT, regulation and reporting. What has never failed to impress us is how much INTREAL identified with our products and how swiftly they found solutions for complex issues. With heartfelt congratulations on ten years in business, we look forward to our future collaboration.”

Prof. Dr. Stephan Bone-Winkel
Member of the Supervisory Board, BEOS AG

“At the time HanseMerkur Grundvermögen AG was founded, we had to address the basic question whether to install a real estate AIFM company for our investment vehicles or to use the services of a third-party AIFM. Our experience since has confirmed our assessment that institutional investors prefer and appreciate a consistent boundary line between asset manager and investment fund management company.

We now look back on around five years of successful collaboration during which we have come to know INTREAL as a quality-minded, service-oriented partner.

We offer our most heartfelt congratulations to INTREAL on their corporate ten-year anniversary and look forward to continuing our great collaboration!”

Lutz Wiemer
Deputy Chairman of the Board, HanseMerkur Grundvermögen AG

Portrait of Lutz Wiemer, HanseMerkur



  • 2007

    Amending the Investment Act (12/2007) This amendment changed the status of AIF management companies, which were no longer rated as financial institutions. AIFMs were no longer subject to the comprehensive regulations of the German Banking Act (Art. 25a, Sec. 2, KWG) in regards to outsourcing activities.

  • 2008

    Annual Tax Act 2008 (12/2007)
    Introduction of the flat-rate withholding tax on investment income. Numerous new regulations necessitate comprehensive adjustments to systems and processes.

  • 2009

    INTREAL founded
    as first German third-Party AIFM (“Service KVG”) with focus on real estate

  • 2010

    Launch of the first INTREAL partner fund
    on behalf of a British asset manager

  • 2011

    4,8 billion € AuA

    First mandate in the service area of AIF administration services
    for Warburg-HIH Invest (formerly Warburg-Henderson). Taking over 17 funds and 22 employees.

    Investor Protection and Functionality Improvement Act (04/2011)
    Among other things, this act introduced minimum holding and redemption periods for open-ended public real estate funds.

    AIFM Directive (07/2011)
    This directive regulates those administrators of alternative investment funds that are not covered by the UCITS Directive. In Germany, the directive was written into national law in the form of the Capital Investment Act (KAGB) in 2013.

  • 2012

    5,7 billion € AuA

    Capital Investment Act (VermAnlG – 06/2012)
    This law amended the Investment Intermediaries and Capital Instruments Act (FinAnlVG) to set up a legal framework for the so-called “grey capital market”, making it comparable to the regulated capital market.

  • 2013

    6,6 billion € AuA

    Implementing the regulatory requirements of the KAGB

    Expansion of the product line
    to include closed-end funds

    Capital Investment Act (KAGB- 07/2013)
    Germany’s AIFM Implementation Act replaced the Investment Act with the Capital Investment Act (KAGB). Unlike the historic Investment Act, the KAGB also regulates closed-end AIFs as well. Furthermore, the KAGB introduced a number of additional investment law changes.

    AIFM Tax Adjustment Act (12/2013)
    This law introduced new parameters for defining a tax free investment fund. If these conditions are not met, the respective fund will be subject to corporate income tax and trade tax.

  • 2014

    7,8 billiion € AuA

    Fully licensed as investment AIFM
    for launching and administrating of real estate AIFs

    INTREAL Solutions founded
    in response to the increased demand for IT services on the AIFM level

    Basel III (01/2014)
    In 2010, the Basel Committee on Banking Supervision adopted new capital and liquidity requirements (Basel III). The new guidance that entered into force in 2014 resulted in changes regarding the equity capitalization of banks, disclosure requirements and leverage caps.

  • 2015

    10,1 billion € AuA

    First closed-end mutual AIF launched

    First open-ended public AIF launched

  • 2016

    13,5 billion € AuA

    Launch of business unit AIF administration services

    Second mandate in the service area of AIF administration services

    Solvency II (EU-Directive – 01/2016)
    Since January 2016, insurance companies governed by the Solvency II guideline are subject to changed capital adequacy requirements. Solvency II required AIF management companies to adapt their investor and supervisory reporting to meet the new requirements for affected investors.

  • 2017

    18,6 billion € AuA

    Initiation of INTREAL Luxembourg S.A.
    to expand the product line to include launch-ing and administering relevant Luxembourg vehicles

  • 2018

    24,4 billion € AuA

    INTREAL office in Frankfurt opened

    Real Exchange AG initiated
    for trading institutional real estate fund shares

    Joachim Herz Foundation became partner of INTREAL (49%)

    Investment Tax Act (01/2018)
    The German Investment Tax Act (InvStG) basically abolished the transparent taxation of investment funds. Starting in January 2018, real estate funds have their domestic income taxed at the fund level.

    MiFID II (EU Directive) – Securities Trading Act amended (01/2018)
    As of 3. January 2018, MiFD II became German law, comprehensively amen-ding the Securities Trading Act (WpHG). Furthermore, a number of EU regula-tions came into effect that apply directly without implementation into national law.

  • 2019

    10 years jubilee INTREAL Service-KVG Logo

    Note: All AuA figures as of year-end of the respective year