DWS to Acquire Peakside Capital Advisors, Adding Value-Add Real Estate Platform in Germany and CEE

DWS announced Oct. 5 that it has signed binding agreements to acquire 100% of Peakside Capital Advisors AG from shareholders led by founders and managing partners Stefan Aumann and Boris Schran. Peakside is a specialist real estate asset manager focused on value-add and opportunistic investments in Germany and Central and Eastern Europe, and manages more than EUR 1.7 billion in assets, mainly on behalf of institutional investors.

The transaction is expected to close by year-end 2026, subject to regulatory approvals and other customary closing conditions, the firm said.

DWS Expands Alternatives Platform Through Peakside Acquisition

DWS said the acquisition will strengthen its Alternatives platform by adding established value-add and opportunistic investment expertise and a track record to its European real estate business, which is led by Clemens Schaefer. The deal will broaden DWS' European real estate offering, particularly in Germany, while adding capabilities in Central and Eastern Europe.

The transaction is an acquisition of an asset-management platform rather than a property portfolio. DWS reported assets under management of EUR 1.19 trillion as of June 30, 2026, and has approximately 5,000 employees in offices around the world. Peakside's EUR 1.7 billion in assets under management is modest relative to that total, but is concentrated in a specialized value-add and opportunistic segment.

"The acquisition of Peakside is an important step in strengthening our Alternatives platform," said Stefan Hoops, chief executive officer of DWS. "Peakside will add established capabilities and a strong track record in value-add and opportunistic real estate investing in Europe. It sends a clear signal that real estate is a core part of our Alternatives offering and an exciting asset class that we want to grow."

Peakside Capital Advisors: Profile and Footprint

Headquartered in Zug, Switzerland, Peakside operates across Germany, Luxembourg and Poland, with offices in Frankfurt, Zug, Warsaw, Munich and Luxembourg. The firm employs more than 45 professionals and has expertise across office, retail, logistics and residential real estate. Its PREF fund series reflects its investment experience.

Peakside describes itself as a European investment manager that applies a private equity-style approach to real estate. It implements investment strategies ranging from core to value-add and opportunistic, covering single properties, developments, portfolios, distressed debt and real estate operating companies. The company has acquired assets worth EUR 4.8 billion in total.

Peakside Management to Remain After Closing

DWS said Peakside's current owners Aumann, Schran and Simon Lutz, together with other senior management team members Frank Schäfer and Karol Maziukiewicz, will remain with the business after completion of the transaction. DWS said the continuity is expected to extend across the wider Peakside team.

"By combining our investment expertise with DWS' client relationships, distribution capabilities and global platform, we see significant opportunities to further develop the business and the solutions we provide to investors," said Aumann, founder and managing partner of Peakside. "We look forward to continuing to develop the business as part of DWS and to supporting its next phase of growth."

Schran, also a founder and managing partner, said: "Our clients and existing investments will remain at the heart of our business. Together with DWS, we will focus on preserving continuity, maintaining the entrepreneurial DNA of our team and shaping an exciting new chapter together."

Market Context: Why Value-Add Real Estate Matters Now

European commercial real estate has spent the past several years adjusting to higher interest rates, elevated financing costs and weaker liquidity. That repricing has pressured asset values and created opportunities for managers able to acquire assets at discounts, recapitalize them, improve their physical quality or lease profile, and sell after stabilization. Peakside's mandate, which spans value-add, opportunistic and distressed situations, aligns with that environment.

Germany's office market faces structural pressure from hybrid work, high refurbishment costs and stricter energy-efficiency requirements, widening the gap between high-quality, well-located buildings and older or functionally obsolete stock. Value-add managers can target assets where capital expenditure, energy upgrades, tenant improvements, redevelopment or conversion may create value. These strategies carry greater execution risk because returns depend on financing, construction costs, leasing demand and exit liquidity.

The deal also comes as DWS' alternatives business recorded EUR 700 million of net outflows in the second quarter of 2026, with alternatives assets under management of approximately EUR 105 billion, down 6% from the prior quarter. DWS' total assets under management rose by almost EUR 100 billion during the quarter. Acquiring an established specialist offers a route to expand the alternatives business through an existing franchise rather than building a value-add platform organically.

Outlook

The transaction positions DWS to add local investment expertise in Germany and Central and Eastern Europe while giving Peakside access to DWS' client relationships, distribution capabilities and global platform. Because value-add performance depends heavily on sourcing networks, local market knowledge, lender relationships and execution experience, the retention of Peakside's founders and senior managers is central to the deal's rationale. Closing remains subject to regulatory approvals and customary conditions.

Sources

DWS media release, "DWS to Acquire Peakside Capital Advisors, Expanding Its Value-Add and Opportunistic Real Estate Capabilities," Oct. 5, 2026: https://www.dws.com/en-nl/our-profile/media/media-releases/2026/dws-to-acquire-peakside-capital-advisors/