Development expertise meets financial strength: DCD Services and Equora Capital seal strategic partnership

Hamburg-based project developer DCD Services and Luxembourg-based investment company Equora Capital are joining forces. As part of a strategic partnership, Equora Capital is acquiring a 50 percent stake in DCD Services. This brings financial strength and development expertise together under one roof, with the ambition of revitalising Germany's recently stalled project development market. The parties have agreed not to disclose the purchase price.

Both companies share a common conviction: profitable investment and responsible urban development are mutually dependent. Equora Capital will contribute its international expertise in financing structures, while DCD Services provides the necessary project development know-how. As a service developer, DCD Services focuses on unlocking and completing stalled project developments and securing up-to-date building rights. This line of business will be continued and further expanded through mandates for institutional owners. With Equora coming on board, the acquisition programme is being extended to include the purchase of land and participation in joint ventures. The focus is particularly on inner-city locations in German major cities and metropolitan regions, above all in the residential and mixed-use segments — although subsidised housing is also part of the joint considerations.

„For us, this is the logical next step in our corporate development. As a service developer, our expertise has won us a number of attractive clients, and we have successfully helped them with their projects. We will continue to expand this business area in the future — it will always remain an integral part of DCD Services. At the same time, the partnership with Equora now enables us to drive forward our own new-build developments and actively shape urban building blocks. Urban development is always oriented towards the future. Especially when the market stalls, project developers bear responsibility for planning and building with foresight. In Equora Capital, we have found the right partner for this — one that is willing to invest in the German market and help shape the future of German cities.“

Lothar Schubert, Managing Partner of DCD Services

To kick off the collaboration, Equora Capital and DCD Services are pooling joint projects with an investment volume of around 900 million euros. These include B.YARD in Berlin-Friedrichshain, an ensemble of residential, office, retail and creative uses being built on a 3,300 m² site. Further joint projects are already in planning, including a hotel and office project on Papiermühlengasse in Dresden and the 'Neuer Turm am Alexanderplatz' project in Berlin. Separate announcements will follow for both ventures.

Despite the continuing challenging environment in the German real estate investment market, the two partners have deliberately chosen to join forces at this point in time. While many investors are still bearing the after-effects of the real estate crisis, Equora Capital and DCD Services consider the German market to be undervalued, particularly in international comparison — and therefore a major opportunity for equity-strong and opportunistically acting players. In addition, there is a nationwide construction backlog of more than 760,000 approved but unrealised apartments. This shows that hardly anything is moving in the market at present, while demand remains immense.

„We see Germany as an important building block for our investors' investment strategies — a market that offers good long-term potential, particularly in the top cities and for prestigious properties. Of course, it takes courage to invest counter-cyclically in such an environment. But given the current risk-reward ratio and manageable competition, we are delighted to be stepping up our investments in Germany with such an experienced partner at our side. Together, we want to develop products that are not only profitable but also pay into the location over the long term.“

Dr. Murat Ay, Managing Director of Equora Capital

About DCD Services

DCD Services GmbH, based in Hamburg, is an owner-managed service developer and project developer. A team of around 20 experts develops, revitalises and transforms real estate in Germany's leading cities. The focus is on value-add developments together with family offices and on restructurings for banks. Since its foundation in 2025, the company has been responsible for projects with a total investment volume of around 900 million euros, including B.YARD, Neuer Tower am Alexanderplatz and Papiermühlengasse in Dresden as well as the Wandsbeker Tor and Bergedorfer Tor projects.

DCD Services emerged from the DNA of DC Developments. The project development company was founded in 2007 and was one of the leading project developers in Germany. In total, it was responsible for projects worth more than 2 billion euros that today enhance the inner cities of Germany's top locations.

About Equora Capital

Equora Capital S.à r.l., based in Luxembourg, is an investment company active across Europe in commercial and residential real estate. Founded by Dr. Murat Ay, the company focuses on income-generating properties, value-add investments and project developments, deliberately taking advantage of market phases with negative sentiment. Equora Capital invests its own capital together with long-term partners. Since its foundation in 2025, Equora has acquired five real estate projects with a total investment volume of around 600 million euros. Equora Capital currently invests primarily in Germany, including in B.YARD in Berlin-Friedrichshain, the Alexandertower in Berlin and a hotel and office project on Papiermühlengasse in Dresden.

The DCD Services joint venture projects at a glance

To launch the collaboration, Equora Capital and DCD Services are contributing several projects to the partnership. These include the following ventures:

B.YARD, Berlin

At Straße der Pariser Kommune 20 in Berlin-Friedrichshain, B.YARD is being built on a site of around 3,300 square metres. The design by TCHOBAN VOSS Architekten comprises 60 apartments, around 7,000 square metres of office space and areas for retail, studios and galleries. A space for art in the basement will strengthen the local art and culture scene and complement the quarter around Ostbahnhof. Completion is planned for the third quarter of 2028. The investment volume amounts to 100 million euros.

Neuer Tower am Alexanderplatz, Berlin

At Berlin's Alexanderplatz, the 'Neuer Tower am Alexanderplatz' project envisages a 40-storey building designed by O&O Baukunst. In total, around 316 apartments — including publicly subsidised housing — a hotel with around 295 rooms and complementary commercial space will be created. The mix of uses will combine inner-city living, hospitality and commercial space at a central location in the capital. In total, the investment comprises a volume of 400 million euros.

Papiermühlengasse, Dresden

On a site of around 4,260 square metres at Papiermühlengasse 18 in Dresden, a multifunctional new building designed by TCHOBAN VOSS Architekten is planned. The eight-storey building will comprise a hotel and office space on around 15,000 square metres of gross floor area. Additional space for retail and gastronomy is planned on the ground floor. Construction is scheduled to begin in September 2027, with completion planned for the fourth quarter of 2029. An investment volume of 60 million euros is envisaged for the project.

A selection of DCD Services service projects

Wandsbeker Höfe, Hamburg

Wandsbeker Chaussee has always been the most important arterial road between northern Hamburg and the city centre. Right here, at the S-Bahn station of the same name, the Wandsbeker Höfe will be built on a site of 2,142 square metres. The project comprises 110 apartments, one third of which are publicly subsidised, 500 square metres of commercial space, community areas and a city loggia as a green retreat for sport, relaxation and gardening. The designs come from the ARGE Coido Architects and Schaub & Partner Architekten from Hamburg.

Bergedorfer Tor, Hamburg

On the site of the former Alte Post directly at Bergedorf station, the Bergedorfer Tor forms a mixed-use urban quarter. The five buildings comprise around 8,200 square metres of office space, a 2,500-square-metre medical centre and areas for retail, gastronomy, care and residential use. Flexible office space and individually fitted rental areas enable a wide range of usage concepts. A landscaped, publicly accessible inner courtyard of around 2,500 square metres connects the individual buildings.