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Estating extends its institutional real estate infrastructure across Europe
Luxembourg, 28 September 2026. Estating, a Fintech platform specialising in real estate that connects institutional-grade real estate assets with wealth management, is taking a further step following its recent expansion into Spain: the company is partnering with RealTech Capital and Tortuga to strengthen its European infrastructure.
Martin Halblaub, co-founder, Chairman and Group CEO of Estating, highlights: “A significant proportion of the highest-quality institutional real estate trades off-market, and that is precisely where institutional and wealth management capital cannot reach—not because of a lack of appetite, but because there is no access route with a governance framework that a regulated intermediary can accept. Estating has spent six years building and operating that route. Today, we are extending it into Europe with our first two European partners: RealTech Capital on the product side and Tortuga on the digital channel side.”
Estating covers the full value chain. It accesses and selects assets, structures and securitises them and, ultimately, distributes them through professional wealth management channels. This infrastructure has been operational for six years, achieved profitability in 2025 and currently works with ten asset partners in the United States and close to thirty wealth management partners in Latin America.
The company maintains an independent position with respect to the asset, technology and distribution: it is not tied to a single asset class or specific technology provider, nor to a single distribution network. Partners connect to this infrastructure at both ends of the value chain. Each partner uses the infrastructure while also expanding its capabilities. The model remains open to new participants on both sides.
RealTech Capital is a Luxembourg-based real assets manager established by a second-generation Polish property development group that has built and delivered more than 10,000 units. It is currently developing a fund platform in Luxembourg, initially focused on Poland.
The relationship works in both directions. RealTech Capital gains access to capital markets infrastructure that it would otherwise have to build itself, enabling its assets to be converted into securities that an international investor can hold.
Estating gains the ability to select from high-quality products in one of Europe’s best-performing markets over a sustained period, and to do so in a market that has historically traded off-market, where institutional access has been the missing link. The assets reach investors within a structure governed under Luxembourg law.
RealTech Capital’s vertically integrated model brings together within a single structure capabilities that are typically spread across different counterparties: asset identification and acquisition, development, operational management and capital markets structuring. Piotr Baran is CEO of RealTech Capital, Chairman of the PCG development group, a member of the Management Board of the Polish Association of Developers (PZFD) and President of its Foundation. Jakub Trojan, COO, brings operational asset management expertise, while Martin Halblaub, Chairman, contributes capital markets experience.
Baran explains: “We buy, build and own the assets we manage, and we have been doing so for two generations. Poland, a market that has traditionally traded off-market, has consistently outperformed the European average over the years, and precisely because of this, institutional access to these assets has been lacking.” He also highlights: “Our ambition is to provide that access and, over time, become the consolidator of a fragmented market. What we were missing was the capital markets layer capable of turning real assets into something that an international investor can hold. That is what this partnership provides, and we would rather hold a stake in that infrastructure than rent it.”
Tortuga, also headquartered in Luxembourg, issues security tokens under MiFID and provides institutional access to the digital asset ecosystem through different blockchains and custody systems. Its architecture is agnostic to the network used. Its co-CEOs are Wiktor Buczek and Mateusz Radominski, while Levan Iliashvili serves as CTO, having previously been involved in building Georgia’s digital asset exchange.
Here too, the relationship is reciprocal. Tortuga uses Estating’s infrastructure—its capabilities in accessing, selecting, structuring and securitising real assets—allowing it to focus on building a platform that remains agnostic to the blockchain technology used.
Estating, in turn, gains a channel that takes its products directly to the pools of capital within the digital asset ecosystem, alongside the wealth management channels with which it already works.
“Tokenisation only creates value if the underlying assets have strong fundamentals. Estating’s ability to access, select and manage real assets, and deliver them structured as securities, allows us to focus fully on increasing their value on blockchain,” say Buczek and Radominski.
RealTech Capital, Estating and Tortuga have independent ownership, capitalisation and governance structures, as well as their own clients and growth strategies. The collaboration between the three companies is based on complementary capabilities and does not involve any corporate integration.
Halblaub is co-founder and Chairman of all three companies and explains: “We wanted to build each component in the right order and design it to fit with the others, rather than bringing together companies later in the process.”
“Bringing selected real assets to large pools of capital will be one of the major challenges of the next decade,” he adds. “The infrastructure required is a set of capabilities that are built over years and in the right order: the origination and selection of real assets, a structuring process recognised by both the regulator and the custodian, and distribution capable of reaching the client where they already operate. That infrastructure is already built and operational. Achieving profitability in our sixth year allows us to scale on the strength of our own infrastructure. RealTech Capital and Tortuga are the first two European partners connected to it. They will not be the last.”
For private banks, wealth managers and family offices, the proposition enables them to incorporate institutional-grade real estate into their clients’ portfolios using their existing custody, reporting and investment management infrastructure: the asset is structured as a security with an ISIN, held in the client’s usual custody account and valued and reported alongside the rest of the portfolio’s positions. Estating operates under a business-to-business model and does not distribute directly to end investors.
The addition of RealTech Capital and Tortuga expands Estating’s international partner network and opens up its European dimension, following the company’s recent expansion into Spain, which has been identified as a strategic market for the development of its European business.
Estating is a Fintech platform specialising in infrastructure for real estate within the Real-World Assets (RWA) ecosystem. Founded in 2020 by Martin Halblaub and Daniel Vegue Domínguez, the company has its registered office and corporate governance in Luxembourg and operates through an international network of asset and wealth management partners.
It integrates the value chain required to originate and select assets, structure and securitise them, and distribute them as investment products within a regulated European framework. Its infrastructure is designed for private banks, wealth managers, multi-family offices, single-family offices and other regulated intermediaries.
About RealTech Capital: RealTech Capital is a vertically integrated Luxembourg real asset manager focused on real estate in Poland, established by a second-generation development group with more than 10,000 units built and delivered. It combines asset sourcing, development, operational asset management and capital markets structuring in a single manager. Co-founded by Piotr Baran, Jakub Trojan and Martin Halblaub.
About Tortuga: Tortuga is a Luxembourg-based security token platform issuing under MiFID and providing institutional access to the digital asset ecosystem across multiple blockchains and custody systems. Its architecture is network-agnostic. Co-founded by Wiktor Buczek, Mateusz Radominski, Levan Iliashvili, Martin Halblaub and Daniel Vegue Domínguez.
Press contact:
Cristina Murgas – cmurgas@bonsainconsultores.com – Tel: +34 615 303 499
Tatiana Böhm – tbohm@bonsaiconsultores.com – Tel: +34 637 550 861
