Press Release Commerz Real acquires stake in tower operator ATC Europe
18.02.2026 • 4 Reading Time
Highlights
- First acquisition for new infrastructure fund Infravest
- Partnership with Allianz Global Investors
Commerz Real, in partnership with Allianz Global Investors, has acquired a minority stake in ATC Europe — a leading wireless communication tower operator — from Allianz insurance companies (hereinafter "Allianz") on behalf of its newly launched infrastructure fund Infravest. Allianz Global Investors will manage the stake going forward. Allianz remains invested in ATC Europe. The purchase price was not disclosed. This transaction represents the first investment of the recently launched retail investor fund. ATC Europe owns more than 30,000 towers across Germany, France, and Spain, making it one of the leading wireless communication tower operators in Europe. Germany, with approximately
15,000 sites, represents the company’s primary market. ATC Europe is the European arm of American Tower Corporation.
15,000 sites, represents the company’s primary market. ATC Europe is the European arm of American Tower Corporation.
The ATC Europe business model is built around investments in critical infrastructure and is characterised by long-term, inflation-linked lease agreements with major telecommunications operators, generating stable and predictable cash flows. Through the continuous build-out of new sites, ATC Europe is closing existing gaps in mobile coverage and meeting the growing demand for mobile data transmission. Our partnership with Allianz Global Investors has enabled us to secure a stake in this attractive business for our investors.
About Commerz Real Group
Commerz Real AG is the asset manager of Commerzbank Group and has 50 years of international market experience. The company combines comprehensive asset management expertise
with broad structuring capabilities, developing tangible asset-oriented fund products and individual investment solutions in the areas of real estate and infrastructure. As the leasing service provider
of Commerzbank, Commerz Real Mobilienleasing also offers tailored leasing concepts. Since 2025, the asset management subsidiaries of Commerzbank Group have been bundled under
Commerz Real AG. In addition to the Commerz Real brands and products, these include Aquila Capital Investmentgesellschaft, with a focus on sustainable real asset investments in the energy
infrastructure sector, as well as Yellowfin, a boutique for liquid investment strategies. Under the umbrella of Commerz Real AG, a total of appapproximately 1,000 employees at around 20 locations
manage assets of approximately €55 billion.
with broad structuring capabilities, developing tangible asset-oriented fund products and individual investment solutions in the areas of real estate and infrastructure. As the leasing service provider
of Commerzbank, Commerz Real Mobilienleasing also offers tailored leasing concepts. Since 2025, the asset management subsidiaries of Commerzbank Group have been bundled under
Commerz Real AG. In addition to the Commerz Real brands and products, these include Aquila Capital Investmentgesellschaft, with a focus on sustainable real asset investments in the energy
infrastructure sector, as well as Yellowfin, a boutique for liquid investment strategies. Under the umbrella of Commerz Real AG, a total of appapproximately 1,000 employees at around 20 locations
manage assets of approximately €55 billion.
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