Lenwood Capital is a real estate debt investment manager.

Real Estate Debt Investment Management




We are an independent and owner-managed investment manager who invests institutional capital in real estate loans in the German market.

Together with our customers, we develop financing solutions to meet entrepreneurial goals of a real estate investor / developer and a lender.

We invest across the entire financing structure in mezzanine, junior and senior loans secured by real estate covering almost all asset classes.

The loans are provided by institutional funds advised or managed by Lenwood Capital.

On real estate developments, we support investors as capital partner.

We also participate with equity or mezzanine capital in attractive project developments for office, residential, retail, logistics and hotel use in Germany.

Investment Principles


We understand the loan business as a trust business between equal partners and act as a long-term investor on the basis of long-term customer relationships.


Documents and information provided to us are treated with utmost discretion. Sensitive relationships with employees, customers and service providers remain protected.


Lenwood Capital is independently managed and owned by management. This allows us to make investment decisions in an entrepreneurial manner, based on transparent, clearly defined criteria. That’s what our investors value.


We deal at all times with integrity with our business partners.
You can rely on our word throughout the cooperation. We also expect the same from our partners.


We share with you an interest in carrying out every investment as quickly and smoothly as possible. In addition to standardized due diligence processes, our decision making processes is extremely efficient. Committee approval can be obtained within a few days.

Management Team

Ulrich Kastner

Managing Partner

+49 151 41 4444 16
[email protected]

Ulrich Kastner has been working for 20 in the real estate financing industry. Prior to founding Lenwood Capital he started the Real Estate Private Equity Fund Elystan Capital. Previously he worked in Lehman Brothers‘ Fixed Income Division and was responsible for Structured Finance and Securitisation in Germany, Austria and Switzerland. Prior to that he was resonsible for Securitisation and Hybrid Capital for corporates and financial institutions in German speaking countries at Dresdner Kleinwort Wasserstein. Before joining DrKW Ulrich Kastner was in charge of Securitisation and Principal Finance for financial institutions in Europe at WestLB in London.

Ulrich Kastner started his career in Capital Markets at Deutsche Morgan Grenfell in Frankfurt.

Ulrich Kastner studied at the Universities of Passau, Heidelberg and Vienna and is a qualified lawyer in Germany.

Burkhard Schlickenrieder

Managing Partner

+49 163 3090830
[email protected]

Burkhard Schlickenrieder has been active in the real estate industry for more than 20 years and has experience in structured finance and investment banking as well as in the planning and construction business. After several years as an architect in Berlin, he moved to Hypo Vereinsbank (HVB) in 2002 and afterwards to Hypo Real Estate Bank (HRE). Burkhard Schlickenrieder worked for HRE in various functions in risk management and sales. Most recently, for HRE he was responsible for underwriting more than € 2 billion of commercial real estate debt on European markets. Since 2008, he has built up the Real Estate Debt Advisory platform REFTA, which has advised and placed debt & capital of more than € 1.5 billion.

Burkhard Schlickenrieder studied philosophy at the London School of Economics and Political Science (LSE), as well as architecture / building construction at the University of Dortmund.