Investments with a balanced risk-reward ratio are in short supply. In the search for reliable income, real estate is often the focus. But the prices are high, and larger properties are hardly manageable for investors alone. "In such cases, the merger of private investors in the context of club deals comes into consideration," says lawyer Alexander Pfisterer-Junkert from the law firm BKL Fischer Kühne + Partner in Bonn. This model is gaining in importance, also in view of the increasingly rigid lending by banks. It could be an attractive alternative to traditional debt-based financing. WELT explains how investors are getting in now.