Camping resorts, glamping, holiday parks and leisure assets. We connect projects, capital and operating capability, and turn sites into assets: with the planning position resolved, with numbers that hold up, and with a clean separation between ownership and operations.
Demand has grown against the trend for twenty years. The supply side is family owned, fragmented and rarely bankable. Our business sits exactly in between.
Source: Federal Statistical Office of Germany, accommodation statistics 2025. Camping is the best documented part of an asset class that also covers holiday parks, glamping and leisure assets.
The biggest problem in this asset class is not a shortage of money. It is a shortage of qualified operators.
Institutional capital arrived long ago. BNP Paribas REIM holds a portfolio of 26 sites through its Plein Air Property Fund, valued at more than 400 million euros, Swiss Life Asset Managers has taken a stake in Club del Sole, and a sovereign wealth fund from Abu Dhabi is invested in European Camping Group. The yield premium sits exactly where those investors are working: between the single family owned asset and the professionally run portfolio. What is missing are assets that can actually be bought, and people who can run them afterwards. We bring both.
For an owner, investable means a business a bank will finance and a buyer can value. Almost every conversation we have starts with one of these five sentences.
The site works, but succession is unresolved.
Waldmark takes over the operation and ownership stays in the family. You hand over the responsibility, not the property and not the income.
The site performs below its potential.
We do the maths before anyone invests: accommodation mix, achieved rates, ancillary revenue, unused planning capacity. What follows is a capital plan whose return you can trace.
The land is there, the planning consent is not.
Concept, pre-application, permitting route, design and delivery through to opening. You stay the owner or contribute the land into the project company.
The asset is bought, the operator is missing.
Waldmark runs the site in the name and for the account of the owner, with a site manager on the ground, standards, revenue management and monthly reporting.
The numbers will not survive the bank.
Within our own projects we rebuild every third party model independently and add a real downside case. Sometimes the outcome is a no. We do not sell reports, we review what we take responsibility for.
Every route starts the same way: with a conversation in which we listen and then give you an honest view.
I have a site.
A camping resort, holiday park, glamping site or leisure asset. Sale, succession, partial sale, or simply the wish to hand over the operation.
I have land.
A private owner, a farming business, a municipality or an institutional holder. Land in a location with tourism demand, but without planning consent and without a concept.
I have capital.
Family office, private investor or institutional holder with an interest in the asset class. We exchange views on the market, on projects and on structure, with no offer and no subscription material.
I operate.
Site manager, planner, specialist consultant or supplier. This asset class has too few people who can genuinely run a site. We are building that side of it.
First conversations are confidential. We name neither people nor assets, not to third parties and not on this website.
This website presents the company. It is not an offer and not an invitation to subscribe for or acquire financial instruments or participations.
The usual route in this industry is a lease. The operator then earns on the gap between rent and operating result, and every euro of that gap is missing from the owner. We separated the roles and work with management agreements, the way shopping centre management has done for decades.
Owner and property company
Holds the land and the asset, carries the investment and receives the operating result. Revenue and cost run through this company, and operating performance feeds straight into the owner’s result.
4-RED GmbH
Finds and secures sites and existing assets. Develops the concept and the planning consent. Structures capital and contracts. Steers development, asset management and reporting.
Waldmark
Pre-opening, day to day management, standards, revenue management and operational leadership, with an employed site manager per location. The operating arm of 4-RED, run against the same metrics we report to the owner.
An asset can buy services from both companies, but only under separate contracts at market terms. Every fee stands on its own in the contract and stays fully traceable for the owner.
4-RED does not recommend a project because Waldmark would earn from it. Waldmark does not promise operating results in order to enable a transaction.
Compare that with a lease, where the operator earns against you and you never get to see it.
We work without a rigid exclusion list. Three things we always look at first, after that the numbers decide.
The site supports its own site manager, or has a clear path there. This is our single most important criterion, whatever the format.
Accommodation mix, unused planning capacity, expansion land or repositioning. Visible, not hoped for.
The price has to be derived from what the site earns. Argued from land value alone, we will not get there together.
Project volumes typically range from 3 to 30 million euros. We work across the German speaking region, in France and Spain, and in anglophone markets.
We review properly and come back with a clear view, including when it is a no. How long the review will take, we tell you at first contact.
The difference from an adviser is simple: in the end we operate.
Alexander Prietz
Managing Partner
4-RED has worked as a service developer since 2006. For two decades we developed, managed and operated retail real estate in Europe and in the United States. Conceiving, developing and operating are not three suppliers to us, they are three roles we have carried ourselves.
That is why we do not treat outdoor hospitality as a leisure business but as operator real estate, with everything that involves. We know the owner’s side because we stood on it for years.
Development and operations run with established partners for design, planning law and operational delivery. Every project is led by the managing partner, none is handled alone.
Our aim is to build the leading platform for outdoor hospitality in Europe. Not the largest one, but the one capital, owners and operators call first.
After that you will know whether your project fits, and we will tell you openly if it does not.
Market letter: once a quarter, a view on transactions, pricing and operator topics in outdoor hospitality. Not a newsletter, no advertising.