The document summarizes information about a German real estate developer that specializes in refurbishing listed buildings. It has been operating since 1989, is among the top 5 developers in Germany, and has completed over 4,000 units with a turnover of more than €300 million. In 2011 it acquired Sueddeutsche Finanzgruppe and has a track record of over €1.3 billion in listed buildings. Only 1% of buildings in Germany have listed status, which receive tax incentives for purchase and preservation. The developer uses special purpose vehicles and sales agencies to conduct off-plan sales and separate operations for each project. It typically funds projects through banks, pension funds, private equity, institutions, and high-net-worth