Fiduciary Capital is a real estate investment and development group based in and focused on Munich, the third largest European office market after London and Paris, and the Munich metro region with a population of 6 million.
Michael A. Gerlich is responsible for all aspects of the group and is supported by a well attuned, experienced interdisciplinary team of real estate specialists, engineers and architects.


Fiduciary Capital was founded in early 2012 by its sole managing partner Michael A. Gerlich, who has over 20 years of real estate investment and development experience, and since has solely focused on acquiring real estate assets together with primarily German institutional investors that offer the potential to achieve attractive returns through innovative value creation and diligent optimization and that possess clearly identifiable and underwritable, low to moderate downside risk.

The focus has been on existing commercial assets with chronic vacancies and/or refurbishment or (re-)development potential.

Acquisition Profile:

    Location: Focus on Munich Metropolitan Region (other German metro regions under consideration)

    • Developing Locations
    • Established Locations
    • Core Locations
  • Property Type: Commercial and Residential Property with Value-Add Potential
    • Development
    • Re-Development
    • Refurbishment
    • Repositioning
    • Vacancy
    • Short Lease Terms
  • Investment Size
    • Minimum Size: € 5 million
    • Ideal Size: € 100 million


Since being founded in 2012 Fiduciary Capital has acquired buildings located within or near the central ring road in Munich totalling 150.000 sqm (all in negotiated transactions without any participation of intermediaries) that are at various stages of development (i.e., in early 2016 a finished project totalling 35.000 sqm was sold). Fiduciary Capital directly let nearly 110.000 sqm in these buildings (90% without any participation of intermediaries).

Additionally, in early 2012 Fiduciary Capital was engaged with asset management services for a total of 75.000 sqm in Munich und 90.000 sqm in Dusseldorf (sold in 2013 and in 2014, respectively).

Finally, between 1999 and 2012 Michael Gerlich ha¬s acquired, (re-)developed, refurbished and/or respositioned major projects or assets totalling 70.000 sqm in Munich, between 1995 and 2012 totalling 200.000 in other metro regions.

Fiduciary Capital is currently developing buildings with a total area of 120.000 sqm in central locations in residential southern Munich that it owns together with German institutional investors.

Examples of Fiduciary Capital Projects from 2012

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M-Park (Munich)

Estate of 60.000 sqm
Office and Commercial Complex totalling 80.000 sqm

Direct acquisition (without any intermediaries) of a 15-acre estate with 11 buildings and over 860.000 square feet of predominately office space. The estate is embedded in a residential area near the Isar and the Mittlere Ring in a fast-growing residential district in southern Munich. An underground station is located directly on the site and a connection to Marienplatz, the city’s heart, takes less than 10 minutes. The fast train and the Bavarian cross-country train station is only 5 minutes away. The nearly fully-let complex features a strong tenant base including ASM Pacific Technology, Beckman Coulter and Nanoscape AG and offers additional significant potential in the medium term.

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M-Campus (Munich)

Office Complex Redevelopment
35.000 sqm

Direct acquisition (without any intermediaries) of a vacant office complex totalling 35.000 sqm in a commercial area near the middle ring road in southern Munich that Fiduciary Capital expected to be able to help transform towards residential. It has been developing into a fast-growing residential area since acquisition. Fiduciary Capital developed a redevelopment concept with internal architects and engineers that encompasses the core and shell refurbishment of the buildings and the construction of attractive and highly efficient student and micro appartments – highly sought after uses in Munich. Until the project’s realization Fiduciary Capital directly let (without any intermediaries) the buildings to a high credit tenant for the medium term. The building permit has been achieved and the project is being realized. The buildings are being certified LEED Platinum.

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M-Tower (Munich)

Office Complex Redevelopment
35.000 sqm

Direct acquisition (without any intermediaries) of a vacant office complex totalling 35.000 sqm in a commercial area near the middle ring road in eastern Munich that Fiduciary Capital expected to be able to help transform to an established office market. It has been developing into a fast-growing and sought after office area since acquisition, especially since the area has been prioritized for development by the city in early 2016. The foreign seller was insolvent and the finanzing bank had significant trouble to sell or lease the delapidated asset.

Fiduciary Capital negotiated a transaction with the bank for 2 years before the complex ownership and financing structure was cleaned up and a secure transaction was enabled. Furthermore, the asset was in a complex entitlement situation: Half a dozen neighbors had a large number of significant easements and encombrances on the site that prevented the development of an efficient scheme. Fiduciary Capital was able to agree agreements with all neighbors to delete or ammend these rights so that the redevelopment concept, that Fiduciary Capital had developed with internal architects and engineers, could be realized. Fiduciary Capital’s concept encompasses the core and shell refurbishment of the tower building and the demolition of the highly-inefficient and badly-lit low-rise buildings. These are being replaced with an underground carpark and well-lit new buildings that integrate into the existing tower, thereby creating highly efficient floorplates of up to 2.000 sqm, a unique selling point in Munich’s central office market. In a very short time Fiduciary Capital was able to procure directly (without any intermediaries) the acquisition and development debt financing and subsequently the necessary equity partner to complete the transaction in July 2014.
Only a few months later Fiduciary Capital, together with external architects, completed and submitted the building permit that was achieved within an unusually short period given its complexity. Futhermore, Fiduciary Capital was able to achieve an increase of the envelope leading to 20% more lettable space as well as a pre-agreement with an anchor tenant, the global advertising agency Publicis, for 50% of the buildings. All tender packages were fully completed and those that were awarded by Fiduciary Capital were singificantly below budget. In 2015 Fiduciary Capital also achieved the DGNB Gold green building certification for the scheme. Fiduciary Capital‘s hard work and significant value creation over a very short time led to the U.S. equity partner wanting to realize the investment ahead of schedule through a sale of the finished project to a German institutional investor. The successful sale was completed in early 2016, only 18 months after the acquisition. The institutional buyer has rebranded the project and is finishing the construction.

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Examples of Michael A. Gerlich’s Projects until 2012

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Central Tower (Munich)

Office Complex Development (1999 at Lend Lease) and Redevelopment (2009 at Rockpoint)
25.000 sqm

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Atrium Office Complex (Munich)

Office Complex Redevelopment (2006 at Rockpoint)
50.000 sqm

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KÖ-Quartier (Dusseldorf)

Office Complex Redevelopment (2010 at Rockpoint)
90.000 sqm

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ERH (Berlin)

Office Complex Redevelopment and Development (2008 at Rockpoint)
30.000 sqm


Michael A. Gerlich is the founder and sole managing member of Fiduciary Capital and all ist subsidiaries since early 2012.

Prior to setting up Fiduciary Capital, Michael was a Managing Director and Partner of U.S. real estate firm Rockpoint Group for over six years, where he founded and led its German business (later also Europe) focusing on existing commercial assets with chronic vacancies and/or refurbishment or redevelopment potential until Rockpoint’s exit from all its international businesses at the end of 2011.

Prior to Rockpoint, Michael spent a total of ten years, among others, as a Managing Director and Head of the German real estate arms of General

Electric Capital Corporation Europe and of Lend Lease Real Estate Investments Europe, where he founded, built and managed the German and Central European business as well as one of the first industrial property funds in Europe.

Over the last 20+ years he has acquired, (re-)developed and/or managed assets totaling EUR 3+ billion across all sectors with a strong focus on the off-market acquisition, value enhancement and (re-)development of distressed single commercial real estate assets in Munich and other metro areas.

Michael graduated in the United States with university degrees in finance, business and political science.


Fiduciary Capital’s capital partners are now limited to experienced blue chip institutional investors. Fiduciary Capital’s acquisitions and projects are being capitalized exclusively by equity and/or debt from German institutional
investors and banks. Our relationships are based on respectful partnership, longevity and sustainablity.


Fiduciary Capital and/or members of its team are active members of several economic, business and real estate associations as well as non-governmental / non-for-profit organizations.
A few examples of these are:





Being socially and financially deeply engaged in our hometown is at least as important for Fiduciary Capital. Therefore the following Munich institutions are being financially supported by Fiduciary Capital:




In the past Michael A. Gerlich served in a diverse number of supervisory and volunteer positions at several non-governmental / non-for-profit organizations, such as on the district board of Rotary International and the regional board of Junior Achievement. He also served as a lecturer at his U.S. university for several years and still serves on its global advisory board.


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Fiduciary Capital GmbH
Michael Gerlich
Bavariafilmplatz 7
82031 Gruenwald
LK Munich

T +49 89 6499 1900
F +49 89 6499 1901
E fc@fiduciarycapital.de