CMF Capital is a private equity firm active in the German real estate market.
The company manages investments into medium-sized commercial properties and links
Germany’s resilient local real estate markets with global capital markets.
Our firm is led by a core team of passionate professionals with experience
in real estate development, corporate finance and economics.

Investment Approach

We capitalise on our experience in the German property market to create attractive returns for a range of institutional and private investors. We focus to deliver above-benchmark returns by opportunistically developing attractive commercial properties in large and medium-sized German cities. We identify areas of the country that offer a strong local economy and the potential for future growth.

We invest in well-positioned properties in city centres and create value for our investors by revitalising assets and increasing yields.

Working closely with our sister company, CMF & Partner, an integrated design, planning, construction and property management firm, we secure sites with the greatest value add potential and ensure that capital and operating investments are most efficient.

Our senior management, shared between the two firms, has some 30 years’ experience in the German property market. Together we have delivered nearly €1 billion of commercial properties over the past decades.


Marie-Thérèse Gels

Marie-Thérèse Gels is a co-founder of CMF Capital. Marie-Thérèse has more than 10 years’ experience in capital markets.

Prior to founding CMF Capital, she was a director in Commerzbank’s Shanghai and Frankfurt offices. Marie-Thérèse has worked with banks, pension and sovereign wealth funds, governments and large corporate clients across Europe, Asia and Africa. She previously served on the board of Lütke GmbH, a commercial real estate investment trust.

She received a Bachelor of European Studies from The Hague University and the Institut d'études politiques de Rennes and a Master of European Studies from the University of Bonn. She completed a professional degree in Real Estate Economics at the International Real Estate Business School (IREBS).

Christian Fuchs

Christian Fuchs is a co-founder of CMF Capital. Prior to founding CMF Capital, Christian spent several years working in financial markets in the City of London.

Christian worked for both Moody’s and Commerzbank before joining Mizuho International as a fixed income economist. There Christian specialised in the German economy, analysing and forecasting growth patterns and working closely with other financial institutions and European government officials.

He gained a Bachelor of European Studies at Maastricht University and completed an MPA at the London School of Economics and Political Science.


Ben Berman

Ben Berman is a co-founder of CMF Capital. Ben has many years’ experience in the real estate and infrastructure sectors.

Prior to founding CMF Capital, he worked in the London office of Ove Arup & Partners’ management consulting practice and in the San Francisco office of The Concord Group, a real estate investment consultancy. Ben led capital investment planning, options analysis, commercial and technical due diligence for a broad range of real estate and infrastructure assignments globally.

Originally from the United States, Ben holds a Bachelor of Arts in Urban Studies from the University of Pennsylvania and an MPA from the London School of Economics and Political Science.

Renate Itschert-Fuchs

Renate Itschert-Fuchs is the CEO and majority owner of CMF & Partner and senior partner in CMF Capital. She connects CMF & Partner’s development and property management expertise to CMF Capital’s investment process and contributes to the firm’s investment decisions.

At CMF & Partner, she has overseen the development and on-going management of commercial, industrial and residential sites across Germany, delivering exceptional results for a range of corporate clients.

Renate was CEO of a commercial real estate investment firm for 25 years, directing a portfolio of properties across Germany. Renate has served on the board of several local companies and not-for-profit organisations, and she is an active member of leading regional and national business organisations. She holds a License ès Sciences Commerciales et Industrielles of the Université de Genève.