German Real Assets Are Attracting Record Capital. The SPV Governance Behind Them Often Lags Behind.

Energy transition projects, grid investments, logistics platforms and industrial assets are drawing investors from Europe, North America and the Middle East.

Many investments are held through a German special-purpose vehicle, or SPV. Often more than one.

What can make real assets SPVs structurally demanding is the duration. An infrastructure investment may be held for ten, fifteen or twenty years, with corporate governance obligations throughout the life of the asset. Managing directors retain their statutory responsibilities and may incur personal liability if those duties are breached. Shareholder resolutions must be documented correctly. Annual financial statements need to be prepared and filed on time. Banking and cash management need to function reliably across the investment horizon. And changes in the ownership or control structure that affect the beneficial ownership information must be reflected in the German Transparency Register without undue delay.

Foreign asset managers acquiring German real assets typically have deep investment expertise but no local operational team. Without a defined service model, the governance of the SPV can be left without a clear owner.

Greenfields supports real assets SPVs throughout the investment lifecycle. We can provide managing directors, a registered office, corporate housekeeping, and coordinated accounting, tax, and compliance services from formation through to exit or wind-down.

The asset is managed carefully. The entity behind it should be too.