35 properties, three tenders a year
Your margin is under pressure, and the clients are professionals. You want to join a group that shares back office.
Does this sound familiar?
Two situations we know
The institutional client is consolidating
Your largest client is bundling mandates with large providers. You want to sell while the mandate is running.
Your day-to-day, as we know it
This is what happens in your business before anyone talks about succession
Reporting weeks
At quarter-end, every asset manager wants their own report in their own template. The figures come from the same system.
Service charge
Commercial tenants check every recoverable item against the lease. Not every clause is as clear as it seems.
No cut-off deadline, still pressure
In commercial leases, the twelve-month deadline of Section 556 BGB does not apply. Owners and tenants still expect the statement on time.
Change of owner
A portfolio sale, and the new owner brings its own property manager.
How we measure your company
The metrics we look at in the first call
We look at the numbers you use to run your business yourself. The right column shows our acquisition criterion.
| Metric | What it tells us | Our benchmark |
|---|---|---|
| Lettable area managed and type of use | How broadly the portfolio is spread across office, retail and logistics. | Good if no single type of use carries everything. |
| Revenue share of the largest client | How hard a change of owner would hit. | Good if no client brings more than 30%. |
| Term of management contracts | How predictable revenue is over the coming years. | We look for more than 18 months remaining. |
| Reporting on time | How well accounting and property management work together. | Good if reports are ready on the reporting date without reminders. |
| Team size and structure | Whether client relationships depend on the owner. | We look for a team of five or more. |
What actually changes after the acquisition
Step by step
We automate the desk work. Professional decisions and customer contact stay with your people.
TodayCompile the quarterly report for the asset manager
With GTPFigures, vacancies and lease data are transferred into the client's template. The property manager comments on the variances.
TodayPrepare service charge statements per tenant
With GTPCosts are allocated according to the lease's recovery clauses. The property manager checks disputed items.
TodayMonitor lease deadlines, options and indexation
With GTPDeadlines are read from the contracts and reported in good time. The owner decides together with your team.
TodayUpdate budget and forecast per property
With GTPActuals are compared with the budget automatically. The property manager explains the variances.
Your systems stay in use:iX-HausYardi
AI potential in the segment
How much desk work can really be automated here
This is GTP's assessment. We show it upfront so you can see what we will work with after the acquisition.
Reporting for institutional clients
Property accounting and lease data flow automatically into the fund's monthly reporting format.
Extract commercial lease data
Models extract index clauses, options and cost recovery agreements from contract scans into a database.
Indexation and rent adjustment
The system checks index levels against clauses and generates adjustment letters on time.
What limits the technology here
Every client requires its own reporting format, and contracts exist as scans without a clean data structure.
What this means for you
Your own property accounting with structured contract data strengthens your position in the talks.
There is no reliable public study on the level of automation in this segment. The assessment comes from GTP.
What we want to see
The documents we need
After the first call and the non-disclosure agreement, these five documents are enough for a solid offer.
- Mandate list with area, type of use, fee and contract end
- Management contracts with a list of services and termination provisions
- Sample report to an asset manager and service charge statement for one property
- Organization chart with responsibility per mandate
- List of mandate losses over the last three years, with reasons
What we buy
Our acquisition profile for this segment
Criteria
- Team of 5 or more, contracts longer than 18 months
- No client above 30%
- EBITDA from €0.5m
- As a standalone platform or as an add-on
Value drivers
- Long-term mandates with a renewal history
- Prequalifications with funds and insurers
- Own property accounting
Value reducers
- Tender pressure, terms below 2 years
- A few clients account for a large share of revenue
- Service ratings below market
How you can tell we know your business
Three facts you can quote
- 01Apleona (€89m), IC PM and STRABAG PFS (€37.8m each) lead the PM market. Bell covers 88 relevant providers (Bell 2025).
- 02Clients' intention to switch is 33% in the office segment and 46% in retail (Bell PM report 2025).
- 03Small regional PM providers generate €1m to €5m in revenue (Bell 2025).
Market range, third-party source
What comparable companies trade at in the market
| Size class | EBITDA multiple |
|---|---|
| Micro-cap, revenue below €5m The relevant class for most succession cases in this segment | 3.5x to 5.5x |
| Small-cap, revenue €5m to €50m | 5.0x to 7.0x |
Category business services (B2B). Source: DUB KMU-Multiples Q2/2026. The DUB figures show asking prices and price expectations on a business marketplace. They do not include completed transactions. The range comes from an independent third party and is not an offer from GTP.
From multiple to cash
The multiple gives the enterprise value. What reaches your account depends on four items:
- Net financial debt
- Loans, leases and shareholder accounts are deducted, cash is added.
- Working capital
- We assume a normal level. An account emptied before the sale reduces the price.
- Investment backlog
- Vehicles, measuring equipment and software due in the next two years are deducted from the price.
- Payment structure
- Part of the price is paid only after signing, through a rollover or a performance-based component.
What lowers the value
If one of these points applies, the value drops:
- The owner personally holds the key customers
- Short remaining terms or contracts that can be terminated at any time
- If a large share of revenue depends on one customer, the price goes down.
- No second management level that runs the business without the owner
We calculate your value in the first call using your numbers. We go through the four items openly with you, even if the result is below your expectations.
All market data and the regulatory timeline for real-estate-related services
Frequently asked questions
What owners in this segment ask
Do you also buy a property manager without residential management?
Yes. We buy property managers as a standalone platform and as an add-on. Tenders and switching rates make the business volatile. That is why we first check how firmly mandates are tied.
How do you value expiring mandates?
By renewal history. A mandate that has been renewed three times counts for more than one with a long initial term.
Do you also buy asset management?
No, only property management with operational management. Asset management consulting depends on individuals.
What stays with my team?
Property management and client contact stay. Accounting and reporting are centralized.
Real-estate-related services
More segments in this area
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Sell a rental management companyCondominium unit and rental management as an addition to a WEG core.
Sell a real estate accounting companyService providers that handle billing and bookkeeping for other managers.
Sell a technical property management companyTeams that manage maintenance, tendering and GEG measures for owners.
Sell a facility services companyFacility-related services with recurring contracts with management companies and owners.
Why we buy this segment
A management company lives on the trust of advisory councils, owners and tenants in your team. That is why we talk about your people first and the price second.
I am responsible for the purchase agreement and the handover. In a share deal, your appointments remain in place, and no owners' association has to pass a new resolution. We clarify this before the offer.
For M&A advisors, tax advisors and succession advisors
Response on your client usually within 72 hours
Acquisition profile, teaser metrics and our commitments for all 24 segments are on a separate page. We only approach your client through you.
First step
Talk to a buyer who knows your segment
A 30-minute call is enough to know whether we fit. Afterwards you get a written assessment with reasons.
Request a confidential first call
Or call us: +49 40 89741812
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