Built on Tradition
Interview with Paul Morzynski, Managing Director of Hallesche Vermögen GmbH & Co. KG
For more than three decades, Hallesche Vermögen GmbH & Co. KG in Hanover has been active in the commercial real estate sector and has established itself as a reliable provider of long-term investment models. The company combines manageable structures with projects aimed at stability – an approach that gains special attention in times of volatile markets. It is therefore not surprising that many investors have remained loyal to the company for years.
Hallesche Vermögen looks back on a company history of more than 30 years. The company originated in 1992 from Halloren Grundbesitz GmbH based in Halle, which was a subsidiary of Halloren Schokoladenfabrik and later passed into family ownership. Paul Morzynski, as a major individual shareholder and long-standing chairman of the supervisory board, developed the company continuously over several years following corporate restructuring. The auditor and tax consultant still supports the development of Hallesche Vermögen today as a consultant and partner. The company is focused on commercial real estate with long-term, reliable lease agreements. For over 30 years, a large commercial property, whose main user is the Jobcenter, has been part of the portfolio. This property is currently being extensively modernized, and the lease will subsequently be extended long-term.
A fully let property with a health insurance company as the main tenant is currently being acquired. The regional focuses of Hallesche Vermögen are Hannover as well as the Halle/Leipzig area.
Regular customers sustain the business
A central component of the business model are the issued bonds. Following issues in 2015 and 2020, a new tranche of 8 million EUR was launched in 2025. The interest rate is at 7.25%. The majority of the subscribers are private individuals, often with long-term ties to the company. "We live off our regular customers," emphasizes Paul Morzynski. The average subscription amounts range between 10,000 and 40,000 EUR; the minimum investment is 2,000 EUR. Many longstanding investors used the opportunity to partially or fully exchange into the new issue. The corporate group itself also participates with about 1.5 million EUR in the current bond. Subscriptions are now mostly done digitally. Artificial intelligence has so far been primarily used for faster information gathering. In the real estate sector, ecological requirements are increasingly dominating project work. "Energy efficiency plays a major role," says Paul Morzynski. At the same time, the market remains challenging, not least because of high construction prices and a structural shortage of skilled workers—particularly in the service sector, on which the corporate group partly relies. Often, Morzynski says, it is difficult to attract enough qualified employees from the region, so there is increased use of freelancers. Nonetheless, he sees advantages in the commercial sector: "There, we achieve returns that are not attainable in the residential sector." Accordingly, the company plans to further expand its holdings and continues to focus on long-term rental relationships with public and freelance/commercial users.