The 2008-9 financial crisis left its mark on the European banking sector. States had to intervene in many cases in order to rescue banking institutions struggling with increasing levels of bad loans. Adopted solutions included the creation of vehicles for bad assets alongside the creation of strategies for luring property investors. At the same time banks were faced with internal restructuring in an attempt to cut costs and comply with new European financial regulations. In dealing with Corporate Real Estate Asset Management, cost-efficiency led to the selection of a number of main drivers in aligning strategic business objectives with the Corporate Real Estate Strategy. Against this background outsourcing of CREAM services regained senior management’s attention: however what is the best practice and how can this process meet the core strategic business objectives? The paper examines the implications of the banking sector restructuring process in Germany, with a particular emphasis on the centralisation of real estate competencies in a wholly owned subsidiary (WOS). The challenges of using this vehicle as a catalyst for aligning strategic business objectives with the bank’s Corporate Real Estate Strategy are also critically appraised. A case study approach is used, involving mainly qualitative data analysis of one of the German Landesbanks. The effects of the specific model of outsourcing are analysed from a ‘client’s perspective’. Main findings emphasise the importance of retaining control over CREAM and solutions to the ‘dilemma’ of reconciling divergent interests of shareholders and third parties involved.