Paweł Berłowski / Puls Biznesu

Warsaw, 11 August 2026 – KINGSTONE Real Estate, a Munich-based investment manager and fund manager, is stepping up its activity in the Polish commercial real estate investment market. The company currently acquires assets on behalf of institutional investors from Austria, Germany and France, but is already considering launching a fund in Poland. 

KINGSTONE Real Estate Poland (KINGSTONE RE) is the Polish branch of Munich-based KINGSTONE Investment Management, which was established in 2018 when the company began launching investment funds in its home market. Today, it manages 30 properties worth more than €1.2 billion across six funds, investing primarily in Germany. The Polish office was established in 2020.

“These are open-ended investment funds for German investors, primarily savings banks and insurance companies, as well as some foundations and German pension funds.  We are a family-owned company, with the Schomberg family as the principal shareholder. Tim Schomberg runs the Munich office, while Philipp Schomberg and I jointly manage the Warsaw office”, explains Paweł Sobolewski, Managing Director of KINGSTONE RE Poland.

KINGSTONE had a difficult start, but is now back on track

KINGSTONE RE began operating in Poland during the pandemic, followed by the outbreak of the war in Ukraine. Transactions that had been initiated earlier ultimately failed to close. “But everything is now returning to normal. The market has become more liquid again and we are implementing our plans,” says Paweł Sobolewski. The company currently represents several investors in Poland as their local strategic partner, directly representing their interests as an investment manager – identifying investment opportunities and managing transaction processes – and subsequently as an asset manager responsible for managing the acquired assets.

“We have a team of nine in Warsaw and   are essentially able to cover the entire investment and asset management cycle. We have not yet launched any funds in Poland, although this is part of our long-term strategy. Once we have built a sufficiently large portfolio and established a stronger presence in the market, we will seek to launch a fund in Poland,” says Paweł Sobolewski.

Warsaw, Gdańsk, Kraków and Chojnice to start with

The sale of the Olivia Star building in the Olivia Business Centre complex by Tonsa to Strabag   was the largest transaction to date in which KINGSTONE RE represented the buyer. Property management and leasing services for Olivia Star are to continue to be provided by the existing manager as part of the wider campus, while KINGSTONE RE will be responsible for the building’s comprehensive asset management.

“Strabag trusted our recommendation that   there are high-quality assets outside central Warsaw   that are worth including in a long-term portfolio. The transaction demonstrates both the growing importance of regional cities in Poland and the confidence of international capital in investing in the Polish market,” says Paweł Sobolewski.

Another KINGSTONE RE partner is French company Iroko, a fund investing across Europe. Its strategy focuses on high-yielding assets without requiring them to be located in the largest cities or in prime locations. “In Poland, Iroko chose us as a partner with knowledge of the local market and investment fund processes, and one that operates according to the same reporting standards.   Its first acquisition was Nowa Kamienica in Kraków, near the main railway station, followed by a Carrefour supermarket in Chojnice, in the Pomeranian region,” says Paweł Sobolewski. In 2025, KINGSTONE RE also completed the acquisition of an office building in Warsaw on behalf of an investor from the DACH region (Germany, Austria and Switzerland).

“We currently have three major active investors who, with our support, have acquired approximately €200 million worth of real estate. We are also in talks with further investors interested in acquiring assets in Poland. In Germany and Austria alone, we work with more than 20 entities from the banking and insurance sectors, as well as family offices and international corporations,” says Paweł Sobolewski.

KINGSTONE is developing a PRS strategy

According to Paweł Sobolewski, Poland’s still relatively underdeveloped institutional rental housing market – the so-called PRS – offers significant potential for Western investors. “Over the past few years, Western capital has invested heavily in rental housing in Germany. Investors are now looking to diversify their portfolios, and cash flows from PRS investments in Scandinavia and Poland are significantly more attractive than in Germany. The Polish market is still relatively small and lacks liquidity, so investors looking to acquire rental housing need to work with developers through forward funding arrangements. KINGSTONE already has experience with this model in southern Germany, including Bavaria, and we will be looking for partners in Poland as well. We want to launch our strategy in this segment from early 2027,” says Paweł Sobolewski.

German PRS assets attract Polish investors

As an interesting countertrend, Sobolewski points out that Polish investors are interested in investing in rental housing in Germany through KINGSTONE RE. This represents the opposite flow to that of Western capital. “The model involves developing housing and then renting it out. The German market differs from ours in that tenants are responsible for fitting out their apartments themselves, including providing and installing a kitchen. The main motivation for Polish investors to expand into this market is the desire to gain experience in another market,” says Paweł Sobolewski.

Medium- and long-term plans

KINGSTONE RE is currently focused on supporting its existing investors in the Polish market, as well as those working with the company in Germany. From next year, it plans to   expand its product offering to include higher-yielding projects, such as residential development and data centres, as well as building refurbishment projects, including office properties.

“In the medium term, our goal is to launch our own fund in Poland, which would raise capital locally and invest more broadly across the Polish market. We do not yet know whether such a fund could be launched under a Polish structure, as the current regulatory framework in Poland does not fully accommodate this type of vehicle. If this does not change, we could launch the fund under a German or Luxembourg structure,” says Paweł Sobolewski.

To date, KINGSTONE has launched funds in the German market managing €150–300 million in capital. “These are relatively achievable volumes because we do not need 50 or 100 investors to reach them. Five to ten investors, for example, would be enough. In the future, however, I would not rule out the possibility that, after launching several such funds, we could also create a larger fund with approximately €1 billion in assets under management”, says Paweł Sobolewski.

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About KINGSTONE Real Estate

KINGSTONE Real Estate is an independent, family-run investment manager headquartered in Munich with a focus on real estate investments in the DACH region, Poland and the Benelux countries. With our local offices and teams, we manage real estate portfolios of around EUR 1 billion in total.

Our strength lies in the structuring and management of customized investment solutions from portfolio management to project development for institutional and private investors – including insurance companies, pension funds, banks, foundations and family offices. As an entrepreneurial company, we place particular emphasis on quality, transparency and a trusting, long-term partnership with our business partners.

For more information, go to: www.kingstone-re.com

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