About What we do

Alterx - The Real Partners is a value investor in all sectors of the European real estate market. It operates a true partnership model that challenges the traditional investment manager approach.

Alterx was established by Gerhard L. Dunstheimer and Tom Walsh, real estate investors with over 15 years of track record each, to advise on enduring real estate investment structure that seeks to maximise value for all stakeholders: LPs, team members and “The Cause” (a charitable group, founded by Alterx).


Alterx specialises in the identification of value and the execution of active management strategies across all real estate sectors in the UK and continental Europe.


Relationships are at the heart of everything that Alterx does. A significant portion of our transactions are sourced through Alterx’ past and present partners.


Alterx is well capitalised and has a proven track record of being able to underwrite and close transactions in a timely and confidential manner.

Approach We as investors

Investment Style

We do things differently and take pride in it. We have substantial equity commitment that has been structured to be multi-generational. This gives us the ability to take mid-term positions through our long-term relationships with the various participants in the market. We are not bound by usual strict time frames of private equity fund structures.

We have the flexibility to operate in the largest transactions but also across the low/mid-market, with a minimum equity investment is €5 million, we have the ability to deliver €250+ million of equity per investment.


We seek to operate a pure real estate strategy that requires a deeper knowledge of location, capex and leasing risks. We are long-term investors and believe in the creation of wealth, rather than IRR, which enables us to make timely realizations but also to adapt business plans when it is profitable to do so.

Track Record

The team is trusted by international LPs, having invested over €3.5bn of equity in over 17 European countries since 2005. Discretion and ability to execute is key to our track record, which is why the vast majority of deals were completed off-market. Since forming Alterx, we have advised on investments in land, development asset repositioning and recapitalisation opportunities.

How We Work The Alterx Way

We believe that there is a need for a new investor ↔ manager relationship.

The Investors

Trusted and selected “generational investors” with capital growth and wealth preservation interests.

Their Need

Generational investors need to allocate capital and require strong alignment with bespoke services.

Their Problem

The traditional fund model is challenged. Risk/reward favours the GP and is often short-termist. Few sustainable fund models exist in Europe.

Our model

  • A sustainable model to satisfy multi-generational investors’ needs.

  • A model that strives to create “perfect” alignment for all stakeholders through constitutional reinvestment of proceeds and transparent incentivisation.

  • A model that aims to make a difference by distributing profits to “THE CAUSE”.

  • All team members participate in our success.

  • The sole focus is to create value, not increase AUM.

  • Our structure is self fulfilling; the more successful we are, the greater the alignment.

  • Succession planning is intrinsic to our business model and the key to success in a long-term investment partner.

  • Business plan time frames are designed to suit the asset, not the fund-life.

Contact Us Get In Touch

Alterx is headquarted in London, UK and is also represented in Hamburg, Germany.

London Hamburg
Silver House, 31-35 Beak Street
W1F 9SX London
Gutruf Haus, Neuer Wall 10
20354 Hamburg
+44 20 38 26 63 63 +44 20 38 26 63 61