Ziegert Group
Ziegert Group, Berlin
The sudden insolvency of the Berlin-based Ziegert Group has sent shockwaves through Germany's residential property sector, raising questions about the fragility of the country’s mid-sized development and brokerage firms. After nearly four decades in operation and over 20,000 condominium sales under its belt, the company filed for insolvency at the Berlin-Charlottenburg District Court on 24 March, affecting its core firms Ziegert GmbH and project development subsidiary Incept GmbH. Lawyer Friedemann Schade of BRL has been appointed provisional insolvency administrator.
Ziegert cited a "sustained and permanently poor market environment" as the reason for the filing, referencing high interest rates, rising construction costs, buyer caution and geopolitical instability. According to multiple reports, the group had already begun cutting staff in late 2022 as part of a strategic realignment. Its most recent financial statements have not yet been filed, though the group had secured a €50 million investment from Miami-based H.I.G. Capital in September 2024. That financing was supposed to support existing projects and new acquisitions, but proved insufficient to plug the group’s financial gaps.
Founded in 1985 by Nikolaus Ziegert, the company became a fixture of Berlin's real estate landscape, with operations extending to Leipzig and elsewhere. Its activities spanned the full value chain, from brokerage to development and marketing of multifamily and new-build condominiums. Ziegert was particularly known for marketing divided rental buildings to private buyers, as well as launching mid-sized neighbourhood projects like its ongoing developments in Neukölln, Charlottenburg and Köpenick.
At its peak, Ziegert claimed sales volumes nearing €850 million across 2021 and 2022. The firm’s advisory board included high-profile figures such as former Interior Minister Otto Schily and former Dresdner Bank CEO Bernd Fahrholz.
Timing of group's insolvency comes as a surprise
But recent missteps may have compounded the company's troubles. Last autumn, Ziegert was criticised for marketing flats in a social housing building in Berlin-Neukölln still under occupancy restrictions. Prospective buyers were allegedly offered indemnities to circumvent potential fines, raising eyebrows among regulators and industry observers.
The timing of the insolvency is striking. Market conditions, while still difficult, have shown signs of stabilisation in recent months, with key indicators such as rents and residential property prices showing modest improvement. As one Berlin-based investor commented to REFIRE: "If a group like Ziegert can’t make it through this phase, it shows just how thin the capital buffers are for many firms in this space."
Institutional investors are also taking stock. One fund manager familiar with the H.I.G. deal noted privately that the exposure "was meant to be a bridge into a recovering market, not a lifeline." While not yet facing direct losses, several are now reviewing existing JV structures with developers across Germany to assess risk and timeline assumptions.
Ziegert’s collapse follows a string of insolvencies among German developers and marketers, including high-profile names such as Christoph Gröner's CG Elementum and the Signa Group. The real estate industry is facing a reckoning over excessive leverage, tightening credit, and delayed sales in a slower market. Many mid-sized firms are now retrenching—scaling back pipelines, divesting non-core assets, or halting speculative acquisitions.
The future of Ziegert’s ongoing projects remains unclear. The administrator has stated that he is still assessing the group’s structure and financing. Until the main insolvency proceedings are opened, Ziegert himself and co-CEO Kyrill Radevremain in place, albeit under supervision. Creditors and investors will now be watching closely to see whether parts of the group can be sold off or salvaged—or whether another long-standing name in Berlin real estate is destined to disappear.