The business model, our values, goals, metrics and reports

POLIS Immobilien AG is a nationwide company that acquires, modernizes or revitalises office properties for its own portfolio and manages them on its own. As a specialist in property modernization and management, we focus on one market segment: office real estate in inner-city locations at the most important German office locations. We acquire fully leased properties with modern equipment, which generate a secure cash flow, as well as properties that are vacant or in need of modernization, which exhibit tangible value potential. We intend to provide state-of-the-art, high-end offices and commercial space with an attractive work environment and help our tenants succeed in their business.


The business model

Moderate buy-and-sell-strategy


POLIS business model


Good locations

As an active portfolio holder, POLIS focuses on one market segment: office real estate in inner-city central locations at the most important German office locations. We invest in high-quality and well-situated buildings that enhance the prospect of seamless leasing.

Guaranteed cash flow and value creation potential

We buy both fully let properties with modern equipment that generate a secure cash flow (“core properties”) and real estate that is vacant or requires modernization but exhibits tangible potential for value growth (“value-added properties”). Growth in value is achieved, for example, by eliminating vacancies, changing the rental concept, repurposing, expanding or implementing architectural and technical modernization measures, including full revitalization. We also acquire real estate and non-office real estate, which we then turn into high-yield office real estate.

Multi-tenant strategy

We pursue a multi-tenant strategy; this means our business model is primarily geared towards office properties with multiple tenants as opposed to a single tenant. This strategy reduces the risk of rental losses and the likelihood that substantial rental spaces come up for re-letting at the same time.

Attractive returns at moderate risk

Our policy is consistent with our desire to increase shareholder value, cash flow and attractive return while maintaining a moderate level of risk.

Buy-and-sell strategy

After modernization, repurposing or re-letting, the company sells office properties to a moderate extent in order to realize value increases.

Additional services

We are increasingly offering our tenants additional services to enhance the attractiveness of the rental space.

POLIS Immobilien AG has been operating successfully as a reliable investor and landlord in the German market for more than 20 years.

Our values

Our professional activity takes into account compliance with certain core values. These values shape our way of working and commit us to act ethically and responsibly towards shareholders, business partners, employees and society.

Integrity, honesty and openness are prerequisites for trusting relationships, which are our basis for our dealings with shareholders, prospects, business partners and tenants.

Customer orientation

We want to provide modern, technically high-quality and economical office and business premises with an appealing working environment and help our tenants to be as successful as possible in their work or business. In addition, we want to achieve a high level of tenant satisfaction through good service.

Creating sustainable values

The focus on good, mostly inner-city locations, the observance of high quality standards and diversification of tenants (multi-tenant concept) ensure high investment security for our real estate portfolio and guarantee the permanent cash flow and value appreciation that our shareholders seek. In the interest of the sustainability of this performance, we take into account environmental aspects such as the use of resources, waste management and the environmental compatibility of building materials. POLIS is a founding member of the German Sustainable Building Council e.V.


POLIS Immobilien AG strives to offer tenants not only modern office space but also additional services in the future in order to generate additional benefits for the tenant. POLIS is also successful in terms of its own business operations with a very high level of automation and digitalization. In addition to a sophisticated IT architecture (consisting of ERP, planning and document management systems), electronic invoicing, process assurance and workflows as well as largely automated accounting entries deserve mention. All employees can access customizable, self-updating user interfaces via a BI solution. In the future, POLIS also wants to link building services more closely with the automated commissioning of maintenance and repair services. POLIS is an active driver of software development in the real estate sector and always endeavours to create further advantages and benefits both internally and externally.

POLIS invests in commercial real estate, primarily office real estate in central locations in major German cities.In these properties, POLIS offers modern and future-oriented office space of various sizes. New usage concepts are also taken into account.

Our targets

Operational targets

  • Creating market-driven office and business premises that meet the expectations of our tenants and their employees.
  • Creating sustainable value through the acquisition, modernization, maintenance and management of quality real estate in attractive locations.
  • Achieving excellent results in project planning and execution.
  • Customer orientation and service in the care of our tenants.

 Financial targets

  • Achieving long-term, profitable growth in order to increase the enterprise value.
  • Achieving attractive returns for our shareholders with a moderate operational and financial risk structure.

POLIS sees digitalization as an opportunity and a challenge, and therefore actively promotes this in all areas of the company, in rental space and in real estate management.

Key figures and reports

Group financial information according to IFRS for the financial years 2020 to 2022

Income statement

EUR ’000
EUR ’000
EUR ’000
Rental income
26,555 28,930 32,234
Net rental income
20,004 21,417 25,719
Result from the revaluation of investment properties
36,354 30,752 588
Result from the sale of investment properties   0 0 0
EBIT1 51,060 47,594 20,865
EBT2 46,340 44,252 17,702
Consolidated net income
39,034 38,018 14,280
1 Earnings before interest and taxes

2 Earnings before taxes

Balance sheet

EUR ’000
EUR ’000
EUR ’000
Total assets
631,767 672,183 761,205
Investments properties
610,450 645,260 711,660
Equity 371,274 414,093 446,989
Equity ratio1 59% 62% 59%
Loan liabilities2 185,596 182,021 241,640
Loan to value3 30% 28% 34%
Net asset value (NAV)4 414,362 464,284 503,843
1Ratio of balance sheet equity to total assets

2Liabilities to banks

3Ratio of loan liabilities to investment property

4 Net asset value: equity plus deferred tax liabilities less deferred tax assets

Consolidated cash flow

EUR ’000
EUR ’000
EUR ’000
Cash flow from operating activities 13,748 19,855 20,036
Cash flow from investing activities -21,541 -7,371 -61,019
Cash flow from financing activities -8,316 -8,097 55,186

POLIS attaches great importance to reliability, fair competition, adherence to compliance rules and all legal, contractual and supervisory regulations.



Polis team

Senior officers of the POLIS AG (from left to right)

Holger Bongardt
Authorized signatory, Commercial Director

Dr. Michael Piontek

Mathias Gross

Volker Hahn
Authorized signatory, Head of Acquisitions & Letting

The Board of Management of POLIS Immobilien AG

Mathias Gross

Mathias Gross, COO of POLIS Immobilien AG

As Head of Asset Management at Allianz Real Estate, Mr. Gross oversaw the establishment and development of the German commercial and residential portfolio for more than nine years. Previously, he held various executive positions at Deutsche Telekom Immobilien und Service GmbH and B & L Immobilien AG.


Michael Piontek

Dr. Michael Piontek, CFO of POLIS Immobilien AG

After having worked for many years nationwide in the banking sector with a focus on commercial real estate business, he moved to the state of Berlin in 2003, where he served as divisional manager and sole managing director of various real estate, fund administration and controlling companies with assets under management of several billion euros. Dr. Michael Piontek is a trained banker and holds a Master of Business Administration specializing in Financial Management from the University of Wales (UK). He holds a Doctor of Business Administration degree from Sheffield Hallam University (UK).


Your contact persons, who are available for you with their team

Monika Kierspel

Authorized signatory,
Head of Asset Management
Team North

Monika Bender

Authorized signatory,
Head of Asset Management
Team South

Andreas Burghoff

Head of Construction
Building Management

Lavy Bornemann

Authorized signatory
Letting Manager


The Supervisory Board of POLIS Immobilien AG

Klaus R. Müller

Member of the Supervisory Board of Mann Immobilien-Verwaltung AG, Karlsruhe, resident in Germersheim

Wolfgang Herr

Member of the Board of Management of Mann Immobilien-Verwaltung AG, Karlsruhe, resident in Baden-Baden (Deputy Chairman)

Leopold Mann

Member of the Executive Board of Mann Management GmbH, resident in Baden-Baden

Benn Stein

Lawyer, specialist in tax law and certified accountant, CT legal Stein und Partner, Hamburg, resident in Hamburg



Annual General Meeting 2023



Paying agent and depository

POLIS Immobilien AG

c/o Commerzbank AG
GS-OPS Income & General Meetings
60261 Frankfurt am Main



Milestones / history


POLIS acquires an office building in Potsdam – its biggest single property to date – by way of an international share deal. The transaction represents dynamic progress for the POLIS growth strategy and adds an asset worth more than EUR 700 million to the portfolio. POLIS also again manages properties on behalf of third parties.


POLIS expands its own property portfolio with the takeover of the Technical Centre in Halle, adding an economically resurgent location in eastern Germany. This new acquisition, coupled with value increases in the existing portfolio of properties thanks to attractive locations, investments and new lease agreements, pushes up the value of the investment properties to over EUR 610 million.


POLIS continues its growth in the new federal states and acquires two properties in two new locations. First, an office building in Erfurt, and second, an office and administration building in Gera are acquired. With this expansion of the existing portfolio, the value of the investment property exceeds EUR 500 million for the first time.


POLIS adds the property acquired in Dresden at the end of 2017 to its portfolio. In addition, POLIS Immobilien AG celebrates its 20th anniversary.


POLIS takes over the property, purchased at the end of 2016, in the World Trade Center of Dresden and is able to acquire another property in Dresden for its own portfolio. The division “Asset Management for Third Parties” is closed at the end of the year.


Dr. Alan Cadmus leaves the board. In his place, Mathias Gross is appointed to the board. For a modernization property in Stuttgart, the DGNB certificate is awarded in gold. The real estate portfolio is expanded to include a further property in Dresden.


POLIS Immobilien AG applies for revocation of admission to the regulated market, which takes effect on 7 October 2015.


Start of modernization of our office property in Frankfurt.


Dr. Michael Piontek is appointed to the board. To optimize the portfolio, two investment properties are sold and two locations closed. In Berlin, the portfolio is expanded to include an office property.


For portfolio optimization, two investment properties are sold.


To optimize the portfolio, four investment properties are sold and three locations closed. There is a takeover of four office properties in Dresden. Entry into “Asset Management for Third Parties” through creation of a fund including three investment properties.


Dr. Matthias von Bodecker leaves the board.


POLIS modernizes four office buildings in Cologne, Düsseldorf and Stuttgart simultaneously. Two modernization projects receive a pre-certificate from DGNB in silver.


POLIS realizes increases in value through the sale of Torstrasse 15 in Stuttgart and – following a thorough modernization – of Steinstrasse 20 in Düsseldorf. MANN Immobilien-Verwaltungs AG announces that – after accepting the purchase offers of the mandatory offer – it holds approx. 53.20% of the shares in POLIS Immobilien AG.


Change of name from POLIS Grundbesitz und Beteiligungs AG into POLIS Immobilien AG. IPO on 21 March. Expansion of the portfolio to 30 properties with a total value of around EUR 246 million.


POLIS adopts a growth strategy and carries out two capital increases. Expansion of the portfolio to 14 properties with a total value of around EUR 120 million. MANN Immobilien-Verwaltungs AG announces that it holds more than 25% of the shares in POLIS Immobilien AG.


Bouwfonds Asset Management (as a subsidiary of ABN AMRO-Bank) takes over the participation of Delbrück & Co, private bankers, and asset management.


Dr. Matthias von Bodecker is appointed to the Board of Management.

1999 – 2001

Portfolio development and implementation of several capital increases.


Foundation of POLIS Grundbesitz und Beteiligungs AG by Bankhaus Delbrück & Co, private bankers, and Dr. Alan Cadmus. Dr. Alan Cadmus becomes founding director.




POLIS is a member of the following organizations