SMG Replaces Key Figures
SMG Swiss Marketplace Group is restructuring its real estate management. Daniel Hendel, currently CEO of ImmoScout24 Germany, will take over as head of SMG Real Estate effective February 1, 2027. He succeeds Martin Waeber, who is stepping down from his operational role following the ramp-up phase of the real estate platforms and will remain with the group as a member of the board of directors and an advisor.
Martin Waeber has shaped SMG’s real estate business since its founding in 2021. Prior to that, he had been with ImmoScout24 since 2014. Under his leadership, SMG further developed its real estate business and strengthened its position in the Swiss market.
The transition is therefore not intended to mark a clean break. Waeber will continue to support SMG Real Estate in an advisory capacity and will remain on the boards of directors of IAZI and Flatfox. As a result, his expertise in data, platforms, and the Swiss real estate market will remain integral to key parts of the ecosystem.
Experience from the Largest Market
Daniel Hendel brings more than 15 years of experience at ImmoScout24 and the Scout24 Group in Germany. He has served as managing director of ImmoScout24 Germany since April 2025. Previously, his responsibilities included product development and consumer products for the digital real estate marketplace.
His background is strategically relevant for SMG. Digital real estate platforms have long since ceased to be merely listing portals. They are evolving into interconnected marketplaces offering data, valuation, financing, marketing, and transaction services. Hendel is tasked with further driving this development in Switzerland and enhancing the user experience for both home seekers and professional providers.
A Strong Business Segment
The leadership change comes during a period of growth. In the first half of 2026, SMG’s Real Estate division generated revenue of 88.5 million Swiss francs. This represents an increase of 11.5 percent compared to the previous year. The adjusted EBITDA margin stood at 62.9 percent, 3.2 percentage points higher than the previous year’s figure.
This makes Real Estate one of the key growth drivers for the publicly traded marketplace group. The real estate portfolio includes, among others, ImmoScout24, Homegate, Immostreet, alle-immobilien.ch, Flatfox, and IAZI. These platforms connect private home seekers, real estate agents, property management firms, property owners, and other stakeholders throughout the real estate cycle.
Corporate Role Also Reassigned
At the same time, Jessica List has announced her departure effective at the end of April 2027. As Chief Corporate Officer and a member of the leadership team, she had been with SMG since March 2022. She originally joined the group to lead the integration following the merger.
List subsequently oversaw key transformation and organizational projects. These included establishing corporate functions, professionalizing the organization, and preparing for the initial public offering (IPO) and the transition to a publicly traded company. Going forward, her responsibilities will be divided between the CEO and the CFO.
A Year of Restructuring
The changes at SMG Real Estate are part of a broader renewal of the Group’s leadership. CEO Christoph Tonini will step down at the end of 2026. Alberto Sanz de Lama will assume the CEO position on January 1, 2027. Tonini is expected to be nominated as Chairman of the Board of Directors at the Annual General Meeting in April 2027.
For the real estate industry, this personnel decision is more than just a reshuffling. It combines Swiss market knowledge with international platform expertise. The key question will be whether SMG uses this transition to create even more integrated solutions for the Swiss real estate market by leveraging its reach, data, and digital services.