In the latest real estate special published by DPN – Deutsche Pensions- und Investmentnachrichten, Maximilian Cosack, Head of Private Assets at HUK-COBURG Asset Management, and our CIO Patrick Züchner share their views on the current market environment for real estate debt investments.

The discussion focuses on the attractive entry opportunities currently available in the European real estate debt market, conservative senior secured financing structures, and the importance of disciplined investment selection and deep underwriting expertise.

We are particularly grateful for the trust and strong partnership with HUK-COBURG Asset Management as the institutional anchor investor of our fund.

Many thanks to Maximilian Cosack and Patrick Daum from DPN for the insightful discussion.

In his latest guest article for the private banking magazin, our CIO, Patrick Züchner, analyzes the challenges facing real estate companies and explains why alternative sources of capital, such as Real Estate Debt Funds, are becoming increasingly important.

2026 is set to become a pivotal year for the European real estate market: approximately €100 billion of commercial real estate loans will require refinancing, while banks are becoming significantly more restrictive in their lending activities.

The article covers, among other topics:

• The changing role of banks in real estate financing
• Increasing requirements regarding capital structures and collateral
• Why 2026 could become the ultimate stress test for many property owners
• The opportunities emerging for alternative lenders in a transformed market environment

An insightful perspective on how real estate financing is evolving and where investors may find attractive opportunities in the current market landscape.

German real estate debt strategies are entering a new market cycle with improving fundamentals, despite continued fundraising challenges and selective competition for lower-risk assets, according to Patrick Züchner, our Chief Investment Officer.

Speaking to Real Asset Media, he said Aukera benefits from a long operating history across cycles, even though the firm itself was established in 2020.