Instone Real Estate Group SE
Company overview
Instone Real Estate Group SE is registered in the commercial register of the Amtsgericht (Local Court) Essen under registration number HRB 32658, with its registered office at Grugaplatz 2-4, 45131 Essen, Germany. The registry’s current legal form is a Societas Europaea (SE) – a European public company – not the Aktiengesellschaft (AG) form the company previously held. The SE was newly established under HRB 32658 on 31 August 2021, when the general meeting of the former Instone Real Estate Group AG resolved the cross-border conversion into an SE. The commonly stored incorporation date of 1 January 1991 for this record is a placeholder and does not correspond to any verified registry event for this entity; it should not be treated as the company’s founding or SE-registration date.
The company’s actual corporate history is more recent. Instone was formed between 2014 and 2015 through the combination of the German residential developers formart GmbH & Co. KG and GRK under the Dutch holding company Instone Real Estate Group N.V., which listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange on 15 February 2018 – Germany’s first listing of a dedicated residential-property developer. The group was subsequently reorganised into the German stock corporation Instone Real Estate Group AG and, in August 2021, converted into the present Instone Real Estate Group SE.
Instone Real Estate Group SE develops residential real estate in Germany, covering new construction of multi-family apartment buildings and larger urban residential quarters, publicly subsidised (“geforderter”) housing, refurbishment and conversion of monument-protected buildings, and repurposing of former military or industrial sites. As of 2025 the group reported a portfolio of roughly 50 active development projects concentrated in German metropolitan regions such as the Rhine-Ruhr area, Rhine-Main, Berlin, Munich, Stuttgart and Leipzig, sold to private investors, owner-occupiers and institutional buyers.
The company’s shares trade on the regulated market of the Frankfurt Stock Exchange under ISIN DE000A2NBX80, ticker INS, and are included in the SDAX index.
Recent operating and financial developments
For the 2025 financial year, Instone reported adjusted consolidated revenue of EUR 504.4 million (2024: EUR 527.2 million) and adjusted consolidated earnings after tax of EUR 31.6 million (2024: EUR 36.9 million), with a gross margin of 23.8%. Sales volume recovered to EUR 502.3 million (2024: EUR 330.2 million), which the company described as reflecting the tail end of a multi-year downturn in German residential development. For the first half of 2026, Instone reported adjusted revenue of EUR 184.2 million (down 20.3% year-on-year) and adjusted earnings after tax of EUR 1.3 million, sharply lower than EUR 17.2 million in the first half of 2025, with net financial debt of EUR 174.4 million and leverage of 4.2x adjusted EBITDA; management attributed the decline to lower construction output and slower handovers in specific projects, and confirmed full-year 2026 guidance at the lower end of its previously communicated range.
An active commercial-register status confirms only that the entity has not been dissolved or struck off; it is not evidence of current financial health. Given the documented earnings volatility and leverage in the German residential-development sector since 2023, users relying on this profile for due-diligence purposes should consult Instone’s most recent interim and annual reports directly for up-to-date financial condition rather than infer stability from registry status alone.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
5
Shareholders of Instone Real Estate Group SE
Instone Real Estate Group SE is a listed company; its complete shareholder register is not public, and disclosure is limited to holdings that cross statutory notification thresholds under the German Securities Trading Act (WpHG), together with index-fund and institutional-holdings data captured by data providers. The company’s underlying dataset lists eight disclosed institutional holdings as of 4 September 2026, of which five are stored in this record: Vanguard International Stock Index-Total Intl Stock Indx (approximately 7.73%), abrdn Global Premier Properties Fund (approximately 7.28%), Fidelity International Real Estate Fund (approximately 9.48%), WisdomTree Tr-WisdomTree International Small Cap Dividend Fd (approximately 2.16%) and DFA International Core Equity Portfolio (approximately 1.75%). These are fund-level index/portfolio holdings rather than a single controlling investor, and the remaining three disclosed holdings in the source dataset are not included in this stored record.
External verification through WpHG voting-rights notifications confirms that Instone’s shareholder base is dispersed among institutional investors, with no shareholder currently reported at or near a controlling stake. Janus Henderson Group Plc (St Helier, Jersey) crossed the 3% voting-rights threshold on 15 January 2026, reporting 2.9954% of voting rights. The Goldman Sachs Group, Inc. has also appeared as a notifying legal entity in 2026 voting-rights filings, consistent with market-making or custodial holdings rather than a strategic stake. Historically, Instone’s principal shareholder was the private equity manager ActivumSG Capital Management, which had held a stake of roughly 28% following the company’s 2018 IPO; ActivumSG fully exited this position in July 2024 through a block sale of approximately 18.3 million shares (about EUR 391 million) placed with institutional investors, meaning Instone currently has no dominant company-founder or sponsor shareholder.
Ultimate beneficial ownership
No individual or entity meeting the German GwG/WpHG beneficial-ownership disclosure threshold (generally 25% of shares or voting rights) has been identified from the available registry data, WpHG notifications or company disclosures. Instone’s free float is reported at effectively the full share capital following ActivumSG’s 2024 exit, and its shareholder base consists of dispersed institutional and index investors, none of which is disclosed as holding a stake approaching the UBO threshold. No ultimate beneficial owner is reported for this company on current evidence.
Data availability
Shareholder disclosure for this German-listed SE is major shareholders only: statutory WpHG notifications and index/fund-holdings data cover reportable thresholds and large institutional positions, but do not provide a complete, real-time shareholder register. The stored dataset used for this profile is also a partial extract (five of eight disclosed holdings) as of 4 September 2026 and should not be read as an exhaustive shareholder list.
Sources
- Zavia.ai internal shareholder dataset, retrieved 4 September 2026
- EQS-PVR voting-rights notification (Janus Henderson Group Plc), 20 January 2026 – https://www.wallstreet-online.de/nachricht/20401528-instone-real-estate-stimmrechtsaenderung-finanzberichte-2026-fokus, retrieved 25 September 2026
- EQS-PVR voting-rights notification, 9 June 2026 – https://www.onvista.de/news/2026/06-09-eqs-pvr-instone-real-estate-group-se-veroeffentlichung-gemaess-40-abs-1-wphg-mit-dem-ziel-der-europaweiten-verbreitung-0-37-26520185, retrieved 25 September 2026
- ActivumSG Capital Management, stake sale announcement, July 2024 – https://realassets.ipe.com/news/activumsg-sells-entire-stake-in-instone-real-estate-for-391m/10026585.article, retrieved 25 September 2026
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| Fidelity International Real Estate Fund | 9.5% | Handelsregister (Commercial Register) | |
| Vanguard International Stock Index-Total Intl Stock Indx | 7.7% | Handelsregister (Commercial Register) | |
| abrdn Global Premier Properties Fund | 7.3% | Handelsregister (Commercial Register) | |
| WisdomTree Tr-WisdomTree International Small Cap Dividend Fd | 2.2% | Handelsregister (Commercial Register) | |
| DFA International Core Equity Portfolio | 1.8% | Handelsregister (Commercial Register) |
Officers
37
Directors and officers of Instone Real Estate Group SE
The underlying officer register for this record lists 37 entries spanning 2018 to 2023, of which 13 are marked active and 24 are marked resigned. This dataset is unreliable as a current source: it mixes genuine former Instone corporate officers with entries that are clearly institutional shareholders mislabelled as officers holding the role “Partner” (for example, Fidelity Select Portfolios, Fidelity Investment Trust and LF Ruffer Investment Funds), and it contains duplicate, conflicting records for the same individual – Andreas Gräf appears both as an active “Member of the Management Body” (appointed 28 August 2018, recorded end date 31 August 2021) and separately as a resigned “Member of the Board” (appointed 12 May 2023). Because of these inconsistencies, the current board composition below is taken from Instone Real Estate Group SE’s own investor-relations and management pages rather than from the stored register.
As governed by German SE law, Instone operates a two-tier board. The Management Board (Vorstand), verified as of September 2026, has three members: Kruno Crepulja (Chairman of the Management Board / Chief Executive Officer, in the role since 2017), David Dreyfus (Chief Financial Officer, appointed effective 1 September 2023) and Andreas Gräf (Chief Operating Officer) – contrary to the stored register, Instone’s own management page currently lists Gräf as a serving Management Board member. The Supervisory Board (Aufsichtsrat) has five members: Stefan Brendgen (Chairman), Stefan Mohr (Deputy Chairman), Marc Oliver Heß, Iris Schöberl and David S. Beardsell, all standing at the 2026 Annual General Meeting for terms running to the meeting that resolves on discharge for the 2029 financial year. Nationality is not disclosed in any official source reviewed and is reported here as “Not disclosed” for all individuals; it must not be inferred from names, addresses or countries of residence.
Recent officer changes
- David Dreyfus appointed Chief Financial Officer and Management Board member, effective 1 September 2023 (company announcement).
- Andreas Gräf’s Management Board term was renewed/re-confirmed around 12 May 2023, per company filings, despite the stored register showing an unresolved resignation entry for this appointment – flagged here as a data-quality discrepancy rather than a verified departure.
- Supervisory Board members Stefan Brendgen, Stefan Mohr, Marc Oliver Heß, Iris Schöberl and David S. Beardsell were proposed for re-election at the 2026 Annual General Meeting (3 June 2026).
Data availability
Germany’s commercial register (Handelsregister) publishes current legal representatives, but the third-party officer feed used to build this profile is partial and contains material errors: it conflates shareholder/fund entities with natural-person officers and shows at least one current Management Board member as resigned when the company’s own website confirms he remains in post. Historical appointment and resignation dates before 2021 should be treated as indicative only. Nationality and country-of-residence fields are not published by the German source and are not disclosed for any listed individual.
Sources
- Instone Group, Management page – https://instone-group.de/en/management/, retrieved 25 September 2026
- Instone Real Estate Group SE, Investor Relations – Vorstand & Aufsichtsrat – https://ir.de.instone.de/websites/instonereal/German/5650/vorstand-_-aufsichtsrat.html, retrieved 25 September 2026
- Instone Real Estate Group SE, Annual General Meeting 2026 notice and CVs – https://ir.de.instone.de/websites/instonereal/German/6000/annual-general-meeting.html, retrieved 25 September 2026
- Handelsregister (Commercial Register), HRB 32658, Amtsgericht Essen – https://www.handelsregister.de
Registry feed — rows exactly as filed with Handelsregister (Commercial Register), including entries the profile above does not cover.
Group Structure
Group structure of Instone Real Estate Group SE
Instone Real Estate Group SE is the ultimate parent entity of the Instone group; no parent or controlling corporate shareholder is disclosed in the stored corporate-linkage data or in external filings, and the company’s own investor-relations material describes it as an independent, listed group. The stored group data lists approximately 25 linked entities, almost all identified as project or holding companies through which individual residential developments are structured. The great majority are registered in Germany, with a single entity registered in Austria (DURST-BAU GmbH) and two in Luxembourg (formart Luxembourg s.a r.l. and its own subsidiary, Immobiliengesellschaft CSC (Kirchberg) s.a r.l.). Ownership percentages within this structure are not disclosed in the source data.
The stored data does not distinguish direct from indirect subsidiaries beyond the parent-child hierarchy shown, and does not provide filing or effective dates for the individual entities. It should be treated as a project-company inventory reflecting Instone’s operating structure rather than a verified, percentage-weighted ownership chart.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Instone Real Estate Development GmbH | DE | DE 45130B28401 | Direct subsidiary (per stored linkage data) | Ownership percentage not disclosed | Active | Not disclosed |
| Nyoo Real Estate GmbH | DE | DE 45130B30620 | Direct subsidiary (per stored linkage data) | Ownership percentage not disclosed | Active | Not disclosed |
| Instone Real Estate Beteiligungsges. mbH | DE | DE 45130B35038 | Direct subsidiary (per stored linkage data) | Ownership percentage not disclosed | Active | Not disclosed |
| formart Luxembourg s.a r.l. | LU | LU B18517 | Indirect subsidiary (per stored linkage data) | Ownership percentage not disclosed | Active | Not disclosed |
| DURST-BAU GmbH | AT | AT FN42220p | Indirect subsidiary (per stored linkage data) | Ownership percentage not disclosed | Active | Not disclosed |
Data availability
Corporate-linkage information for this record is partial: the stored data identifies a plausible set of German, Austrian and Luxembourg project entities linked to Instone Real Estate Group SE but provides no ownership percentages, relationship dates, or registry-filing references, and none of the individual entity links have been independently re-verified against the Handelsregister for this profile. No parent company above Instone Real Estate Group SE was identified in any source reviewed.
Sources
- Zavia.ai internal corporate-linkage dataset, retrieved 4 September 2026
- Handelsregister (Commercial Register), Amtsgericht Essen – https://www.handelsregister.de
Instone Real Estate Group SE
Germany
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Frequently Asked Questions
What does Instone Real Estate Group SE do?
Instone Real Estate Group SE (HRB 32658, Amtsgericht Essen) is a German residential real estate developer that builds multi-family apartments, urban residential quarters, subsidised housing and refurbished monument-protected buildings across German metropolitan regions, with roughly 50 active projects reported in 2025.
Who owns Instone Real Estate Group SE?
Instone has no controlling shareholder. Its shares are held by dispersed institutional and index investors; disclosed holders in available data include Vanguard, Fidelity, abrdn, WisdomTree and DFA funds, plus Janus Henderson Group Plc, which crossed the 3% voting-rights threshold in January 2026. Former principal shareholder ActivumSG Capital Management (about 28%) fully exited in July 2024.
Who is Instone Real Estate Group SE's UBO (Ultimate Beneficial Owner)?
No ultimate beneficial owner meeting the 25% German GwG/WpHG threshold has been identified. Instone is a widely held listed company with dispersed institutional ownership and no shareholder currently disclosed at or above that threshold.
What is Instone Real Estate Group SE's company registration number?
Instone Real Estate Group SE's registration number is HRB 32658 Essen, filed with Handelsregister (Commercial Register) in Germany. Its current status on the register is active.
Is Instone Real Estate Group SE still an active company?
Instone Real Estate Group SE's status on Handelsregister (Commercial Register) is listed as active.
What is Instone Real Estate Group SE's registered address?
The registered address on file for Instone Real Estate Group SE is Essen, Germany.
What is Instone Real Estate Group SE's revenue?
Instone reported adjusted consolidated revenue of EUR 504.4 million for full-year 2025 (2024: EUR 527.2 million) and adjusted earnings after tax of EUR 31.6 million. First-half 2026 adjusted revenue was EUR 184.2 million, with adjusted earnings after tax falling to EUR 1.3 million (H1 2025: EUR 17.2 million) amid lower construction output.
Is Instone Real Estate Group SE listed on a stock exchange?
Instone Real Estate Group SE is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under ISIN DE000A2NBX80, ticker INS, and is a constituent of the SDAX index. Its predecessor N.V. entity first listed in February 2018; the company converted to an SE, newly registered under HRB 32658, on 31 August 2021.
Who are the officers/directors of Instone Real Estate Group SE?
Instone's Management Board (Vorstand) comprises Kruno Crepulja (CEO), David Dreyfus (CFO, since September 2023) and Andreas Gräf (COO); the Supervisory Board (Aufsichtsrat) is chaired by Stefan Brendgen, with Stefan Mohr as deputy chair and Marc Oliver Heß, Iris Schöberl and David S. Beardsell as members, all proposed for re-election at the 2026 AGM.
Does Instone Real Estate Group SE have a parent company or subsidiaries?
Instone Real Estate Group SE is the top-level, independently listed parent of the Instone group. It has no disclosed parent company and consolidates roughly 25 German, Austrian and Luxembourg project and holding entities used to structure individual residential developments.
Can Zavia monitor changes to Instone Real Estate Group SE's ownership over time?
This profile reflects a point-in-time snapshot from Handelsregister (Commercial Register). Zavia's monitoring API can track changes to Instone Real Estate Group SE's registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access Instone Real Estate Group SE's data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including Germany, so records like Instone Real Estate Group SE's registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from Handelsregister (Commercial Register) and was last synced on 8 September 2026.