{"id":56163,"date":"2026-03-20T12:15:48","date_gmt":"2026-03-20T11:15:48","guid":{"rendered":"https:\/\/www.bettervest.com\/?page_id=56163"},"modified":"2026-05-19T18:55:01","modified_gmt":"2026-05-19T16:55:01","slug":"hoerning-9","status":"publish","type":"page","link":"https:\/\/www.bettervest.com\/en\/current-projects\/hoerning-9","title":{"rendered":"NEU H\u00f6rning 9 Lengenfeld Projektprofil english"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"56163\" class=\"elementor elementor-56163\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-762d3eee elementor-section-stretched elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"762d3eee\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4d6516ca bettervest_project_header\" data-id=\"4d6516ca\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-54be0d1f elementor-widget elementor-widget-html\" data-id=\"54be0d1f\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script>\r\n    if (window.bettervest == null) {\r\n        window.bettervest = {};\r\n    }\r\n    window.bettervest.projectId = \"127344d3-cb8a-4ca6-a70c-4e13e28dd2d6\";\r\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-195badb7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"195badb7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3298db5\" data-id=\"3298db5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-96ebca9 elementor-widget elementor-widget-spacer\" data-id=\"96ebca9\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c0e738c elementor-widget elementor-widget-spacer\" data-id=\"c0e738c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8f73f5 elementor-widget elementor-widget-heading\" data-id=\"f8f73f5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Preserving history and shaping the future with Markus H\u00f6rning GmbH - through the energy-efficient refurbishment of a historic residential and commercial building in Lengenfeld.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9338657 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9338657\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9296c29\" data-id=\"9296c29\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-339e33c elementor-widget elementor-widget-spacer\" data-id=\"339e33c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d600112 elementor-widget elementor-widget-image\" data-id=\"d600112\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"740\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/Horning-Projektbild-neu-2-1024x740.jpg\" class=\"attachment-large size-large wp-image-56230\" alt=\"\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/Horning-Projektbild-neu-2-1024x740.jpg 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/Horning-Projektbild-neu-2-300x217.jpg 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/Horning-Projektbild-neu-2-768x555.jpg 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/Horning-Projektbild-neu-2-1536x1109.jpg 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/Horning-Projektbild-neu-2-2048x1479.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d43c3e4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d43c3e4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2f65001\" data-id=\"2f65001\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-440d89a elementor-alert-warning elementor-widget elementor-widget-alert\" data-id=\"440d89a\" data-element_type=\"widget\" data-widget_type=\"alert.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-alert\" role=\"alert\">\n\n\t\t\t\t\t\t<span class=\"elementor-alert-title\">Notice pursuant to Section 12 (2) of the German Investment Schemes Act (Verm\u00f6gensanlagengesetz):<\/span>\n\t\t\t\n\t\t\t\t\t\t<span class=\"elementor-alert-description\"><p>The acquisition of this investment is associated with considerable risks and may lead to the complete loss of the invested assets. <\/p>\n<\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0feddd elementor-widget elementor-widget-spacer\" data-id=\"b0feddd\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-866fece elementor-widget elementor-widget-spacer\" data-id=\"866fece\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6dc0c0b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6dc0c0b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d0fd0e7\" data-id=\"d0fd0e7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1d4232 elementor-widget elementor-widget-heading\" data-id=\"f1d4232\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">UN Sustainable Development Goals<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7bd161 elementor-widget elementor-widget-image\" data-id=\"b7bd161\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"3374\" height=\"719\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1.png\" class=\"attachment-full size-full wp-image-45446\" alt=\"\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1.png 3374w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1-300x64.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1-1024x218.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1-768x164.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1-1536x327.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Hoerning-white-background-1-2048x436.png 2048w\" sizes=\"(max-width: 3374px) 100vw, 3374px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-287290d elementor-widget elementor-widget-spacer\" data-id=\"287290d\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a1d890 elementor-widget elementor-widget-html\" data-id=\"5a1d890\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script> \r\njQuery(document).ready(function($) { \r\nvar delay = 100; setTimeout(function() { \r\n$('.elementor-tab-title').removeClass('elementor-active');\r\n $('.elementor-tab-content').css('display', 'none'); }, delay); \r\n}); \r\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b419bf8 elementor-widget elementor-widget-heading\" data-id=\"b419bf8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The investment at a glance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffe1562 elementor-widget elementor-widget-spacer\" data-id=\"ffe1562\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-caa478c elementor-widget elementor-widget-spacer\" data-id=\"caa478c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5a1099cd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a1099cd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-3529c68d\" data-id=\"3529c68d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-549f9d08 elementor-widget elementor-widget-html\" data-id=\"549f9d08\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>.react-app-project-side-bar{font-family: \"Fira Sans\", Sans-serif;}<\/style>\r\n<div class=\"react-app-project-side-bar\"><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-7d8af62f\" data-id=\"7d8af62f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b057f91 elementor-view-stacked elementor-position-left elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"7b057f91\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-sun\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tProject intent\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t<p style=\"margin: 0cm;font-size: medium;font-family: &quot;Times New Roman&quot;, serif;font-style: normal;white-space: normal\"><span lang=\"EN\" style=\"font-size: 11.5pt;font-family: Montserrat;border-width: 1pt;border-color: windowtext;padding: 0cm\">The German company <i>Markus H\u00f6rning GmbH (H\u00f6rning)<\/i> is part of the H\u00f6rning Group and specializes in the <b>acquisition, enhancement, and energy-efficient renovation of historic properties<\/b> in the Vogtland region. In the past, <i>H\u00f6rning<\/i> has successfully <b>co-financed and repaid 4<\/b> of its existing properties<\/span><span lang=\"EN\" style=\"font-size: 11.5pt;font-family: Montserrat\"> through bettervest.<span style=\"border-width: 1pt;border-color: windowtext;padding: 0cm\"> As part of its projects in Vogtland, H\u00f6rning applies particularly <b>high standards<\/b> to energy renovations in order to <b>sustainably increase the value of the properties<\/b>.&nbsp;<\/span><\/span><\/p>\n\n<p style=\"margin: 0cm;font-size: medium;font-family: &quot;Times New Roman&quot;, serif;font-style: normal;white-space: normal\"><span lang=\"EN\" style=\"font-size: 11.5pt;font-family: Montserrat\">&nbsp;<\/span><\/p>\n\n<p style=\"margin: 0cm;font-size: medium;font-family: &quot;Times New Roman&quot;, serif;font-style: normal;white-space: normal\"><span lang=\"EN\" style=\"font-size: 11.5pt;font-family: Montserrat;border-width: 1pt;border-color: windowtext;padding: 0cm\">The loan will be used to finance<\/span>&nbsp;<span lang=\"EN\" style=\"font-family: Montserrat\">the energy-efficient renovation of a historic residential and commercial building in <i>Lengenfeld<\/i>. The development includes <b>two new attic apartments<\/b> with modern living comfort as well as <b>two barrier-free residential units in the annexe<\/b>.&nbsp;<\/span><br><span lang=\"EN\" style=\"font-family: Montserrat\">In addition, the existing apartments in the main building will be <b>modernized<\/b>, the <b>technical infrastructure renewed<\/b>, and the basement comprehensively refurbished. On the ground floor, a bookshop adds cultural vibrancy to the location. The goal is to carry out a comprehensive modernization, <b>significantly improve energy efficiency<\/b>, and ensure the long-term preservation of the property as <b>affordable housing<\/b> that meets <b>contemporary energy standards<\/b>.&nbsp;<\/span><\/p>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20dead56 elementor-view-stacked elementor-position-left elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"20dead56\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-leaf\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tSocial &amp; Economic Impact\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t<p style=\"margin: 0cm;font-size: medium;font-family: &quot;Times New Roman&quot;, serif;font-style: normal;white-space: normal\"><span lang=\"EN\" style=\"font-size: 11.5pt;font-family: Montserrat\">The renovation measures create a <b>win-win situation<\/b> by offering benefits to both tenants and the landlord. Tenants benefit from <b>cost savings<\/b> through significantly reduced ancillary and energy costs as well as an <b>improved quality of living<\/b>, while the landlord can increase their return through a legally permissible rent adjustment. Additionally, the measures <b>increase<\/b> the <b>market value of the property<\/b> and contribute to <b>sustainable urban development<\/b>.<\/span><\/p>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49d54262 elementor-view-stacked elementor-position-left elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"49d54262\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-globe-africa\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tClimate protection\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t<span data-contrast=\"none\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun SCXW196138446 BCX0\" style=\"font-style: normal;font-weight: 400;font-size: 11.5pt;line-height: 19.425px;font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif\"><span class=\"NormalTextRun SCXW196138446 BCX0\">Through <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">the<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">energy-efficient<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">renovation<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> and <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">the<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">installation<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">of<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">photovoltaic<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">systems<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">, a total <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">of<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><\/span><span data-contrast=\"none\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun SCXW196138446 BCX0\" style=\"font-style: normal;font-size: 11.5pt;line-height: 19.425px;font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif;font-weight: bold\"><span class=\"NormalTextRun SCXW196138446 BCX0\">8.6 <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">tons<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">of<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> CO\u2082 <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">are<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">saved<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\"> <\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">annually<\/span><span class=\"NormalTextRun SCXW196138446 BCX0\">.&nbsp;<\/span><\/span><span data-contrast=\"none\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun SCXW196138446 BCX0\" style=\"font-style: normal;font-weight: 400;font-size: 11.5pt;line-height: 19.425px;font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif\"> <\/span><span class=\"EOP SCXW196138446 BCX0\" data-ccp-props=\"{}\" style=\"font-style: normal;font-weight: 400;font-size: 11.5pt;line-height: 19.425px;font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif\">&nbsp;<\/span>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-69edd35a\" data-id=\"69edd35a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2118a514 elementor-view-stacked elementor-position-left elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"2118a514\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-money-bill-alt\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tEarly bird bonus\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tAll investors who invest within the first 2 weeks will receive an <b>Early Bird Bonus<\/b> of <b>0.5%<\/b> p.a. The interest rate will therefore increase from up to <b>9.50%<\/b> to a total of up to <b>10.00% p.a.<\/b><br>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-115d39f4 elementor-view-stacked elementor-position-left elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"115d39f4\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-building\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tEstablished, sustainable company\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t<span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">The <\/span><i style=\"font-family: Montserrat, sans-serif;font-size: 15px;white-space: normal\">Markus H\u00f6rning GmbH<\/i><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">, founded <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"><b>in 2016 in Rodewisch<\/b><\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">, is a <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">family-run real estate company<\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"> specializing in the <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">renovation of existing residential buildings<\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">. In addition, the H\u00f6rning Group offers certified <b>property appraisals, property management, municipal services<\/b> and <b>mobility solutions<\/b>. Under the leadership of <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"><b>Markus H\u00f6rning<\/b><\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"><b>,<\/b> a seasoned real estate and housing management professional as well as a certified property valuation expert, the company relies on <b>lean management<\/b> to ensure <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">competitiveness<\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"> and <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">growth<\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">. Its mission is to realize <b>innovative and affordable housing concepts<\/b> with a strong focus on <b>quality and sustainability<\/b>. Due to its <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">excellent creditworthiness<\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">, the company received the <\/span><b><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">CrefoZert<\/span><\/b><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"> from Creditreform for the <\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"><b>sixth consecutive time in 2025<\/b><\/span><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\">, which discloses a particularly high credit rating. <\/span><i style=\"font-family: Montserrat, sans-serif;font-size: 15px;white-space: normal\">Markus H\u00f6rning GmbH<\/i><span style=\"font-family: Montserrat, sans-serif;font-size: 15px;font-style: normal;white-space: normal\"> maintains close partnerships with companies in the <b>construction and finance sectors<\/b> and is a member of the German Sustainable Building Council (<b>DGNB<\/b>). The company was recognized in <b>2024 and 2025<\/b> for its compliance with ESG criteria as the <b>first and to date only company in the Vogtland region<\/b> to receive the <b>EcoZert certification<\/b>, which is valid until <b>August 2026<\/b>.<\/span><br>\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-536887b8 elementor-view-stacked elementor-position-left elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"536887b8\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-lock\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tRisk reduction measures\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tFor this funding, the use of a special purpose vehicle was deliberately avoided, as the borrower is an established company with significant <b>assets<\/b> and a high <b>equity ratio<\/b>.<br>\nRental income from the <b>18<\/b> properties in the real estate portfolio of <i>Markus H\u00f6rning GmbH<\/i> is also available to support repayment to the crowd.<br>\nAdditionally, this loan is a <b>qualified subordinated loan<\/b> (<i>qualifiziertes Nachrangdarlehen<\/i>). According to legal regulations, it is unfortunately not permitted to provide direct collateral in favor of investors for this type of loan.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5b495bec elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5b495bec\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-621d19d\" data-id=\"621d19d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6dbf5da2 elementor-widget elementor-widget-spacer\" data-id=\"6dbf5da2\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c9c0319 elementor-widget elementor-widget-heading\" data-id=\"7c9c0319\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Project description<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f9b5ebf elementor-widget elementor-widget-accordion\" data-id=\"2f9b5ebf\" data-element_type=\"widget\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7981\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-7981\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Project intent<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-7981\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-7981\"><p>Affordable housing is becoming increasingly scarce, barrier-free apartments are barely available in many areas, and our buildings continue to consume enormous amounts of energy.<\/p><p>Around one third of total energy consumption in Germany is attributable to the building sector, primarily for heating with oil and gas. Demand for modern, efficient, and accessible housing is growing, yet a large proportion of existing stock is neither energy-efficient nor designed to meet the needs of an ageing society.<\/p><p>This is precisely where the new project by <em>Markus H\u00f6rning GmbH<\/em> comes in.<\/p><p><span style=\"color: #99cc00;\"><strong>Acquisition and energy-efficient renovation of a historic residential and commercial building<\/strong><\/span><\/p><p>Located in the heart of <em><strong>Lengenfeld, Saxony<\/strong><\/em>, <em><strong>Markus H\u00f6rning GmbH<\/strong><\/em> is transforming a <strong>turn-of-the-century residential and commercial building<\/strong> into a future-proof residential ensemble.<\/p><p>A visible milestone of this development is the <strong>already completed<\/strong> conversion of <strong>two new attic apartments<\/strong>, offering modern living comfort. In parallel, <strong>two barrier-free residential units<\/strong> are being created in the annexe, specifically addressing the growing demand for age-appropriate housing. At the same time, the existing units in the main building are being <strong>modernized in the existing structure, technical systems renewed<\/strong> and the <strong>basement comprehensively refurbished<\/strong>, in order to sustainably enhance the property as a whole.<\/p><p>The commercial use on the ground floor also remains an integral part of the concept: an already-let <strong>bookshop<\/strong> with a cultural programme, including readings and events, strengthens the local infrastructure and brings <strong>additional vibrancy to the location.<\/strong><\/p><p>A core element of the project is its consistent energy transformation: the existing oil heating system will be replaced by a modern <strong>heat pump solution<\/strong> (or hybrid system), with the goal of achieving energy efficiency class <strong>A<\/strong>. This is complemented by a <strong>photovoltaic system<\/strong> with a <strong>tenant electricity model<\/strong>, supplying residents directly with <strong>locally generated renewable energy<\/strong>.<\/p><p>The results are measurable and impactful:<\/p><ul><li><strong>Over 30% energy savings<\/strong> across the building stock<\/li><li>Reduction of annual energy consumption from approx. <strong>96,000 kWh to 67,200 kWh<\/strong><\/li><li>Savings of around <strong>28,800 kWh per year<\/strong><\/li><\/ul><p>At the same time, the use of an <strong>in-house regional crafts team<\/strong> not only strengthens the quality of the renovation, but also supports the local economy and employment.<\/p><p>The result is a future-proof housing concept whose impact reaches far beyond a single building: as an impulse for sustainable development, a contribution to the energy transition, and an investment in liveable spaces.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7982\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-7982\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Social & Economic Impact<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-7982\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-7982\"><div><p><span lang=\"DE-DE\" xml:lang=\"DE-DE\" data-contrast=\"auto\"><span lang=\"DE-DE\" xml:lang=\"DE-DE\" data-contrast=\"auto\"><span lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\">H\u00f6rning\u2019s\u00a0 business model actively contributes to four of the United Nations Sustainable Development Goals<\/span><span lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"> (\u201e<\/span><a href=\"https:\/\/www.globalgoals.org\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\">sustainable development goals<\/span><\/a><span lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\">\u201c):\u00a0<\/span><\/span><\/span><\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">The energy-efficient renovation of the building, combined with the transition to a modern heat pump solution and a photovoltaic system operating under a tenant electricity model,\u00a0<strong>significantly improves energy efficiency and promotes the use of renewable energies<\/strong>. Local electricity generation and reduced energy consumption decrease dependence on fossil fuels and strengthen a more sustainable, decentralized energy supply (Goal 7.3).<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">At the same time, the reduction of energy consumption by over 30% leads to a measurable\u00a0<strong>decrease in CO\u2082 emissions<\/strong>, making a concrete contribution to climate protection (Goal 13).<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">Beyond ecological benefits, the project also creates\u00a0<strong>social value:<\/strong>\u00a0through the targeted development of barrier-free apartments, much-needed age-appropriate housing is created. This\u00a0<strong>improves quality of life<\/strong>, particularly for older residents, and contributes to better living conditions (Goal 3.9).<\/p><p><span style=\"caret-color: #000000; color: #000000; font-size: 15px; font-style: normal; font-variant-caps: normal;\">Furthermore, the revitalization of the existing building supports the<\/span><span style=\"caret-color: #000000; color: #000000; font-size: 15px; font-style: normal; font-variant-caps: normal;\">\u00a0<\/span><strong style=\"caret-color: #000000; color: #000000; font-size: 15px; font-style: normal; font-variant-caps: normal;\">sustainable development of urban space in Lengenfeld<\/strong><span style=\"caret-color: #000000; color: #000000; font-size: 15px; font-style: normal; font-variant-caps: normal;\">. By upgrading existing infrastructure, creating modern housing, and integrating local commercial use, the attractiveness of the location is enhanced and a contribution is made to future-proof, liveable urban development (Goals 11.1 and 11.6).<\/span><span style=\"font-size: 15px;\">\u00a0<\/span><\/p><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7983\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-7983\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Climate protection<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-7983\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-7983\"><div class=\"OutlineElement Ltr SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; clear: both; cursor: text; overflow: visible; position: relative; direction: ltr; color: #000000; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400;\"><p class=\"Paragraph SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; margin-top: 16px; margin-bottom: 0px; user-select: text; overflow-wrap: break-word; white-space-collapse: preserve; font-weight: normal; font-style: normal; font-kerning: none; background-color: transparent; color: windowtext;\"><span class=\"TextRun SCXW4166529 BCX0\" lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #8cc443; font-size: 11.5pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-weight: bold; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">CO2-<\/span><span class=\"NormalTextRun SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">savings <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">of<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">th<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">e<\/span> <\/span><span class=\"TextRun SCXW4166529 BCX0\" lang=\"DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #92d050; font-size: 12pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-weight: bold; font-variant-ligatures: none !important;\" xml:lang=\"DE\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">Lengenfeld<\/span>\u00a0<span class=\"NormalTextRun SpellingErrorV2Themed SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">property<\/span><\/span><span class=\"EOP SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-size: 12pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; color: #92d050;\" data-ccp-props=\"{&quot;335559738&quot;:240}\">\u00a0<\/span><\/p><\/div><div><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">As part of the renovation, a photovoltaic system will be installed on the building, operating under a\u00a0<strong>tenant electricity model<\/strong>. The electricity generated will be supplied directly to tenants at a\u00a0<strong>price below the local market rate<\/strong>, supplemented by\u00a0<strong>feed-in to the public grid.<\/strong><\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">A key lever also lies in the\u00a0<strong>energy modernization of the building<\/strong>: through the transition to a\u00a0<strong>modern heat pump solution<\/strong>\u00a0(or hybrid system) as well as further efficiency measures, energy consumption will be significantly reduced.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">With a gross floor area of approximately 960 m\u00b2, the annual energy demand will decrease from around\u00a0<strong>96,000 kWh to approx. 67,200 kWh<\/strong>. This corresponds to a saving of around\u00a0<strong>28,800 kWh per year<\/strong>.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">Taking into account an average emission factor of approx.\u00a0<strong>300 g CO\u2082 per kWh<\/strong>, this results in an annual CO\u2082 saving of around\u00a0<strong>8.6 tonnes<\/strong>.<\/p><\/div><div class=\"OutlineElement Ltr SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; clear: both; cursor: text; overflow: visible; position: relative; direction: ltr; color: #000000; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400;\"><p class=\"Paragraph SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; margin-top: 16px; margin-bottom: 0px; user-select: text; overflow-wrap: break-word; white-space-collapse: preserve; font-weight: normal; font-style: normal; font-kerning: none; background-color: transparent; color: windowtext;\"><span class=\"TextRun Underlined SCXW4166529 BCX0\" lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #8cc443; font-size: 11.5pt; text-decoration-line: underline; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-weight: bold; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">Total CO2 <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">reduction<\/span><\/span><span class=\"EOP SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-size: 11.5pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; color: #8cc443;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p><\/div><div class=\"OutlineElement Ltr SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; clear: both; cursor: text; overflow: visible; position: relative; direction: ltr; color: #000000; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400;\"><p class=\"Paragraph SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; margin-top: 16px; margin-bottom: 16px; user-select: text; overflow-wrap: break-word; white-space-collapse: preserve; font-weight: normal; font-style: normal; font-kerning: none; background-color: transparent; color: windowtext;\"><span class=\"TextRun SCXW4166529 BCX0\" lang=\"EN-US\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-size: 12pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\">Together, the photovoltaic system and energy-efficient measures will achieve a combined annual CO\u2082 reduction of <\/span><span class=\"TextRun SCXW4166529 BCX0\" lang=\"EN-US\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-size: 12pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-weight: bold; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">8.6\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW4166529 BCX0\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">tonnes<\/span><\/span><span class=\"TextRun SCXW4166529 BCX0\" lang=\"EN-US\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-size: 12pt; line-height: 19.425px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\">.<\/span><\/p><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7984\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-7984\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Risk reduction measures<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-7984\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-7984\"><div><div><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">The investment risks associated with the subordinated loan are described in detail in section 5 of the Investment Information Sheet (VIB) and in the risk disclosures. The measures taken to mitigate these risks are outlined below:<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">For this funding, the use of a special purpose vehicle was deliberately avoided, as the borrower is an\u00a0<strong>established company with significant assets and a high equity ratio<\/strong>.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">Rental income from the\u00a0<strong>18 properties in the real estate portfolio<\/strong>\u00a0of\u00a0<em>Markus H\u00f6rning GmbH<\/em>\u00a0is also available to support repayment to the crowd.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\" style=\"caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal;\">Additionally, this loan is a\u00a0<strong>qualified subordinated loan<\/strong>\u00a0(<em>qualifiziertes Nachrangdarlehen<\/em>). According to legal regulations, it is unfortunately not permitted to provide direct collateral in favor of investors for this type of loan.<\/p><\/div><div>\u00a0<\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7985\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-7985\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Financing structure<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-7985\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-7985\"><p><img decoding=\"async\" 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alt=\"\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7986\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-7986\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Financing and repayment<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-7986\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-7986\"><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The loan of <strong>\u20ac505,650<\/strong> is intended to finance the energy-efficient refurbishment of a historic property in Lengenfeld. The loan term is 5 years and offers crowd investors <strong>an annual interest rate of up to 9.5% p.a.<\/strong> Investors who participate within the <strong>first 2 weeks<\/strong> will receive an additional <strong>Early Bird Bonus of 0.5% p.a.<\/strong> (resulting in an attractive total return of up to <strong>10% p.a.<\/strong>).<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The funding threshold for this project is \u20ac50,000. If the funding target is not fully reached but the minimum threshold is met, the project owner will still invest the raised funds in the energy refurbishment of the property.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #99cc00;\"><strong>Repayment<\/strong><\/span><\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Investors&#8217; claims to interest and principal payments on the subordinated loans are to be serviced from income generated through residential and commercial rents. The final repayment instalment is to be settled from the sale of the property.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Interest is calculated in accordance with the act\/365 method. <strong>Interest is payable annually in arrears<\/strong> on the anniversary of the start of the regular interest period. The issuer is obliged to pay interest and principal to all investors annually on the anniversary of the start of the regular interest period.<\/p><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The distributed amount is applied first to interest and then to principal. In the <strong>first year, no principal repayment is made (interest-only year)<\/strong>. Upon reaching the funding limit, the payment in the first year, consisting solely of the interest payment, amounts to <strong>EUR 48,036.75<\/strong>. From the <strong>second year<\/strong> onwards, the <strong>instalment comprises both interest and principal payments<\/strong>, amounting to <strong>EUR 157,794.66<\/strong> through to and including the fifth and final year. The principal share of the instalment increases continuously from the second year, while the interest share decreases. The principal repayment amounts to EUR 109,757.91 in year two (69.56% of the instalment), EUR 120,184.91 in year three (76.17%), EUR 131,602.47 in year four (83.40%), and EUR 144,104.71 in year five (91.32%). The difference in each case corresponds to the interest payment. The subordinated loan will thus be fully repaid by the end of the loan term, subject to the agreed subordination with qualified ranking retreat and pre-insolvency enforcement restriction. Further information can be found in the <a class=\"underline underline underline-offset-2 decoration-1 decoration-current\/40 hover:decoration-current focus:decoration-current\" href=\"\/\">Investment Information Sheet<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5363a386 elementor-widget elementor-widget-spacer\" data-id=\"5363a386\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-519c380a elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"519c380a\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4182c59c\" data-id=\"4182c59c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5c89010a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5c89010a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-693c7d42\" data-id=\"693c7d42\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ac6eb16 elementor-widget elementor-widget-spacer\" data-id=\"5ac6eb16\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b34d1e8 elementor-widget elementor-widget-testimonial\" data-id=\"5b34d1e8\" data-element_type=\"widget\" data-widget_type=\"testimonial.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-testimonial-wrapper\">\n\t\t\t\t\t\t\t<div class=\"elementor-testimonial-content\">\"Within this project, we are not only significantly raising the energy standard, but also creating additional low-barrier housing that is so urgently needed in our region. The residents will be able to make use of our mobility services or other support services provided by our partners. Together with the newly designed courtyard and garden, spaces for community and togetherness are being created.\"<p><\/p>\n<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-testimonial-meta elementor-has-image elementor-testimonial-image-position-top\">\n\t\t\t\t<div class=\"elementor-testimonial-meta-inner\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial-image\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"4617\" height=\"2602\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1.jpeg\" class=\"attachment-full size-full wp-image-45390\" alt=\"\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1.jpeg 4617w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1-300x169.jpeg 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1-1024x577.jpeg 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1-768x433.jpeg 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1-1536x866.jpeg 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1-2048x1154.jpeg 2048w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/Markus-Hoerning-Bild-1-800x450.jpeg 800w\" sizes=\"(max-width: 4617px) 100vw, 4617px\" \/>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial-details\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial-name\">Markus H\u00f6rning<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-testimonial-job\">CEO &amp; Shareholder of Markus H\u00f6rning GmbH<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fa8441a elementor-widget elementor-widget-spacer\" data-id=\"3fa8441a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7fc93a7c elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7fc93a7c\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-147233b6\" data-id=\"147233b6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f350114 elementor-widget elementor-widget-spacer\" data-id=\"1f350114\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43770f72 elementor-widget elementor-widget-heading\" data-id=\"43770f72\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Borrower and Country Profile<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-447ce7f3 elementor-widget elementor-widget-spacer\" data-id=\"447ce7f3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-15c49d7c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"15c49d7c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-f56fb02\" data-id=\"f56fb02\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-19431f10 elementor-widget elementor-widget-image\" data-id=\"19431f10\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"117\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2024\/08\/MHAG-Logo-ICON-rgb_transp_s.png\" class=\"attachment-full size-full wp-image-45393\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-6e3e85ea\" data-id=\"6e3e85ea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63e5ada2 elementor-widget elementor-widget-text-editor\" data-id=\"63e5ada2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"margin: 0cm; vertical-align: baseline;\"><b><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848; border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;\">Markus H\u00f6rning GmbH<\/span><\/b><\/p>\n<p style=\"margin: 0cm; vertical-align: baseline;\"><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848; border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;\">Lengenfelder Str. 5a, <\/span><\/p>\n<p style=\"margin: 0cm; vertical-align: baseline;\"><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848; border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;\">08228 Rodewisch<\/span><\/p>\n<p style=\"margin: 0cm; vertical-align: baseline;\"><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848; border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;\">Deutschland<\/span><\/p>\n<p><style>@font-face<br \/>\t{font-family:\"Cambria Math\";<br \/>\tpanose-1:2 4 5 3 5 4 6 3 2 4;<br \/>\tmso-font-charset:0;<br \/>\tmso-generic-font-family:roman;<br \/>\tmso-font-pitch:variable;<br \/>\tmso-font-signature:-536870145 1107305727 0 0 415 0;}@font-face<br \/>\t{font-family:Montserrat;<br \/>\tpanose-1:0 0 5 0 0 0 0 0 0 0;<br \/>\tmso-font-charset:0;<br \/>\tmso-generic-font-family:auto;<br \/>\tmso-font-pitch:variable;<br \/>\tmso-font-signature:536871439 3 0 0 407 0;}p.MsoNormal, li.MsoNormal, div.MsoNormal<br \/>\t{mso-style-unhide:no;<br \/>\tmso-style-qformat:yes;<br \/>\tmso-style-parent:\"\";<br \/>\tmargin:0cm;<br \/>\tmso-pagination:widow-orphan;<br \/>\tfont-size:12.0pt;<br \/>\tfont-family:\"Times New Roman\",serif;<br \/>\tmso-fareast-font-family:\"Times New Roman\";<br \/>\tmso-ansi-language:#0C00;<br \/>\tmso-fareast-language:EN-GB;}p<br \/>\t{mso-style-priority:99;<br \/>\tmso-margin-top-alt:auto;<br \/>\tmargin-right:0cm;<br \/>\tmso-margin-bottom-alt:auto;<br \/>\tmargin-left:0cm;<br \/>\tmso-pagination:widow-orphan;<br \/>\tfont-size:12.0pt;<br \/>\tfont-family:\"Times New Roman\",serif;<br \/>\tmso-fareast-font-family:\"Times New Roman\";<br \/>\tmso-ansi-language:DE;<br \/>\tmso-fareast-language:DE;}.MsoChpDefault<br \/>\t{mso-style-type:export-only;<br \/>\tmso-default-props:yes;<br \/>\tmso-ascii-font-family:Calibri;<br \/>\tmso-ascii-theme-font:minor-latin;<br \/>\tmso-fareast-font-family:Calibri;<br \/>\tmso-fareast-theme-font:minor-latin;<br \/>\tmso-hansi-font-family:Calibri;<br \/>\tmso-hansi-theme-font:minor-latin;<br \/>\tmso-bidi-font-family:\"Times New Roman\";<br \/>\tmso-bidi-theme-font:minor-bidi;<br \/>\tmso-font-kerning:0pt;<br \/>\tmso-ligatures:none;<br \/>\tmso-fareast-language:EN-US;}div.WordSection1<br \/>\t{page:WordSection1;}<\/style><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-25f358bd\" data-id=\"25f358bd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-573aaa89 elementor-widget elementor-widget-text-editor\" data-id=\"573aaa89\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"margin: 0cm; vertical-align: baseline;\"><strong><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848; border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;\">Kontakt<\/span><\/strong><\/p><p style=\"margin: 0cm; vertical-align: baseline;\"><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848; border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;\">https:\/\/markus-hoerning.de\/<br \/>+49 3744 3652050<br \/><\/span><span lang=\"DE\" style=\"font-family: Montserrat; color: #494848;\">office@mhproperties.de<\/span><\/p><p><style>@font-face<br \/>\r\n\t{font-family:\"Cambria Math\";<br \/>\r\n\tpanose-1:2 4 5 3 5 4 6 3 2 4;<br \/>\r\n\tmso-font-charset:0;<br \/>\r\n\tmso-generic-font-family:roman;<br \/>\r\n\tmso-font-pitch:variable;<br \/>\r\n\tmso-font-signature:-536870145 1107305727 0 0 415 0;}@font-face<br \/>\r\n\t{font-family:Montserrat;<br \/>\r\n\tpanose-1:0 0 5 0 0 0 0 0 0 0;<br \/>\r\n\tmso-font-charset:0;<br \/>\r\n\tmso-generic-font-family:auto;<br \/>\r\n\tmso-font-pitch:variable;<br \/>\r\n\tmso-font-signature:536871439 3 0 0 407 0;}p.MsoNormal, li.MsoNormal, div.MsoNormal<br \/>\r\n\t{mso-style-unhide:no;<br \/>\r\n\tmso-style-qformat:yes;<br \/>\r\n\tmso-style-parent:\"\";<br \/>\r\n\tmargin:0cm;<br \/>\r\n\tmso-pagination:widow-orphan;<br \/>\r\n\tfont-size:12.0pt;<br \/>\r\n\tfont-family:\"Times New Roman\",serif;<br \/>\r\n\tmso-fareast-font-family:\"Times New Roman\";<br \/>\r\n\tmso-ansi-language:#0C00;<br \/>\r\n\tmso-fareast-language:EN-GB;}p<br \/>\r\n\t{mso-style-priority:99;<br \/>\r\n\tmso-margin-top-alt:auto;<br \/>\r\n\tmargin-right:0cm;<br \/>\r\n\tmso-margin-bottom-alt:auto;<br \/>\r\n\tmargin-left:0cm;<br \/>\r\n\tmso-pagination:widow-orphan;<br \/>\r\n\tfont-size:12.0pt;<br \/>\r\n\tfont-family:\"Times New Roman\",serif;<br \/>\r\n\tmso-fareast-font-family:\"Times New Roman\";<br \/>\r\n\tmso-ansi-language:DE;<br \/>\r\n\tmso-fareast-language:DE;}.MsoChpDefault<br \/>\r\n\t{mso-style-type:export-only;<br \/>\r\n\tmso-default-props:yes;<br \/>\r\n\tmso-ascii-font-family:Calibri;<br \/>\r\n\tmso-ascii-theme-font:minor-latin;<br \/>\r\n\tmso-fareast-font-family:Calibri;<br \/>\r\n\tmso-fareast-theme-font:minor-latin;<br \/>\r\n\tmso-hansi-font-family:Calibri;<br \/>\r\n\tmso-hansi-theme-font:minor-latin;<br \/>\r\n\tmso-bidi-font-family:\"Times New Roman\";<br \/>\r\n\tmso-bidi-theme-font:minor-bidi;<br \/>\r\n\tmso-font-kerning:0pt;<br \/>\r\n\tmso-ligatures:none;<br \/>\r\n\tmso-fareast-language:EN-US;}div.WordSection1<br \/>\r\n\t{page:WordSection1;}<\/style><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-d788218\" data-id=\"d788218\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-2927a20a elementor-widget elementor-widget-spacer\" data-id=\"2927a20a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f46df2 elementor-widget elementor-widget-accordion\" data-id=\"59f46df2\" data-element_type=\"widget\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1501\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1501\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Companies involved<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1501\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1501\"><p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\"><strong><u>Markus H\u00f6rning GmbH: Project Owner and Borrower<\/u><\/strong><\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\">Markus H\u00f6rning GmbH, founded in <strong>2016<\/strong> and based in Rodewisch, is a real estate company operating with a share capital of <strong>\u20ac500,000<\/strong>, specializing in the renovation of <strong>existing properties<\/strong> in the Vogtland region across several related business areas. As part of the family-run H\u00f6rning Group, the company is managed by <strong>Markus H\u00f6rning<\/strong>, a qualified <strong>real estate and housing management professional<\/strong> and certified property valuation expert with extensive industry experience.<\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\">The company is characterized by a <strong>transparent and streamlined structure<\/strong>, as nearly <strong>all essential project components<\/strong>, from planning to property management, are <strong>handled under Mr. H\u00f6rning&#8217;s leadership.<\/strong> Thanks to <strong>lean management<\/strong>, the organization remains cost-efficient with <strong>short decision-making paths.<\/strong> A team of specialists supports project execution, and an in-house team carries out interior construction work in a cost-effective manner, contributing to the company&#8217;s <strong>competitiveness<\/strong> and <strong>growth.<\/strong><\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\">Markus H\u00f6rning GmbH is committed to implementing <strong>innovative housing concepts<\/strong> for affordable living under ecological criteria, where <strong>quality comes before quantity<\/strong> and economic and ecological responsibility go hand in hand. To date, Markus H\u00f6rning GmbH has successfully completed <strong>22 projects since 2016.<\/strong><\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\">The H\u00f6rning Group collaborates with a <strong>strong network of specialists and partners<\/strong>, including <strong>skilled trades, architects, site managers, energy consultants, construction companies, as well as legal, tax, and financial advisors.<\/strong><\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\"><strong><u>Key milestones in the company&#8217;s history:<\/u><\/strong><\/span><\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2009:<\/strong> Initial entry into the market as a private real estate investor<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2013:<\/strong> Founding of <em>MH Liegenschaften GmbH<\/em> (now the parent company of the group)<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2016:<\/strong> Official founding of <em>Markus H\u00f6rning GmbH<\/em><\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2018:<\/strong> Membership in the German Sustainable Building Council (DGNB)<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2020:<\/strong> First CrefoZert credit rating seal, renewed annually ever since<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2022:<\/strong> Registered master craftsman business at the Chemnitz Chamber of Crafts<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2023:<\/strong> In-house interior construction team with certified site manager<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2023, 2024 and 2025:<\/strong> EcoZert certification for compliance with ESG criteria<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2025:<\/strong> CrefoZert awarded for the sixth consecutive time<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\"><strong>2026:<\/strong> First renovation of a complete residential quarter as a service for third parties<\/span><\/li>\n<\/ul>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\">The company received the Creditreform <strong>&#8220;CrefoZert Bonit\u00e4tssiegel&#8221;<\/strong> for outstanding creditworthiness in 2024, which was also issued again in 2025.<\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\"><strong><u>Vision and Objectives<\/u><\/strong><\/span><\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><span style=\"color: #000000;\">The H\u00f6rning Group aims to establish <strong>progressive real estate management in the region, defined by innovation, sustainability, and a commitment to fostering strong communities.<\/strong> To achieve this, the company has set the following goals:<\/span><\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\">Creation of <strong>high-quality and affordable living spaces<\/strong><\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\">Development of <strong>innovative multigenerational and senior living projects<\/strong><\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\">Building a <strong>solid and profitable real estate portfolio<\/strong><\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\">Promoting <strong>strong neighborhood communities<\/strong> around its properties<\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\">Planning and executing projects based on <strong>ecological criteria<\/strong> with <strong>stable, long-term returns<\/strong><\/span><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><span style=\"color: #000000;\">Expanding a <strong>robust regional network<\/strong><\/span><\/li>\n<\/ul>\n<div style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; margin: 0px; padding: 0px; user-select: text; color: #000000; font-family: Montserrat, Montserrat_MSFontService, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\">&nbsp;<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1502\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-1502\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Organizational Structure H\u00f6rning<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1502\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-1502\"><p><img decoding=\"async\" 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\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\" alt=\"\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1503\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-1503\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Country profile<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1503\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-1503\"><p>\u00a0<\/p><p><span lang=\"EN-US\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-style: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\"><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">It is advisable to gather information about the <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">project<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> location, particularly the country in which the project is being implemented, before making investment decisions. To provide an overview, the following indicators serve as a helpful starting point for independent research. The information was retrieved from the relevant data sources in Juli 2025 and is published without any guarantees.<\/span><\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif;\" data-ccp-props=\"{&quot;335559738&quot;:225,&quot;335559739&quot;:225}\">\u00a0<\/span><\/p><table style=\"font-family: Montserrat, sans-serif; font-size: 15px; font-weight: 400;\" width=\"706\"><tbody><tr><td><p><strong>INDIKATOR<\/strong><\/p><\/td><td><p><strong>BEWERTUNG Deutschland<\/strong><\/p><\/td><\/tr><tr><td><p>Euler Hermes Ranking<\/p><\/td><td><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-style: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\"><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">Euler Hermes <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">has<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">assessed<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">risk<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">of<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> non-<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">payment<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">by<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> German <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">companies<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">as<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> \u201c<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">low<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">risk<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> \u2019 and <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">rated<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">it<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> AA1 on a <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">scale<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">from<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> AA <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">to<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> D (<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">sources<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">: Euler Hermes <\/span><\/span><a style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; cursor: text; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; background-color: #ffffff; color: inherit;\" href=\"https:\/\/www.allianz-trade.de\/wissen\/handelsrisiken\/laenderrisiken.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #000000; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\">Country Risk Map)<\/span><\/a><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;\" data-ccp-props=\"{}\">\u00a0<\/span><\/td><\/tr><tr><td><p><span style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-size: 14.6667px; font-variant-ligatures: none; white-space-collapse: preserve;\">Corruption<\/span> <span style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-size: 14.6667px; font-variant-ligatures: none; white-space-collapse: preserve;\">index<\/span><span style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-size: 14.6667px; font-variant-ligatures: none; white-space-collapse: preserve;\"> (Transparency International)<\/span><\/p><\/td><td><p><span data-ccp-props=\"{}\"><span lang=\"EN-US\" style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\"><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">The corruption index, which is published by Transparency International and is measured on a basis of 0 (<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">high level<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> of corruption) \u2013 100 (no perceived corruption), is 7<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">5<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> in Germany (source: <\/span><\/span><a style=\"font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; cursor: text; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; white-space-collapse: preserve; background-color: #ffffff; color: inherit;\" href=\"https:\/\/www.transparency.de\/cpi\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"EN-US\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #000000; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\">Transparency International 2023<\/span><\/a><span lang=\"EN-US\" style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"EN-US\" data-contrast=\"none\">).<\/span>\u00a0<\/span><\/p><\/td><\/tr><tr><td><p>Interest Rate<\/p><\/td><td><div style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; clear: both; cursor: text; overflow: visible; position: relative; direction: ltr; color: #000000; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400;\"><p style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; margin-bottom: 0px; user-select: text; overflow-wrap: break-word; white-space-collapse: preserve; font-weight: normal; font-style: normal; font-kerning: none; background-color: transparent; color: windowtext;\"><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #494848; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\"><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">On June 5, 2025, <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> European Central Bank <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">lowered<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">its<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">key<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">interest<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> rate <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">to<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> 2.15%, after <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">it<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">had<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">been<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">raised<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">to<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> 3% at <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">beginning<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">of<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">year<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">. <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">Despite<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">current<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> rate <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">cut<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">, <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">borrowing<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">costs<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">remain<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> at a high <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">level<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">. This <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">adjustment<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">follows<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> a <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">period<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">of<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">rising<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">interest<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">rates<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">, <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">which<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">had<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">become<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">necessary<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> in <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">response<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">to<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> persistent <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">upward<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">risks<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">to<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">inflation<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">. (Source: Trading Economics 2025).<\/span><\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; color: #494848;\" data-ccp-props=\"{}\">\u00a0<\/span><\/p><\/div><\/td><\/tr><tr><td><p><span lang=\"DE-DE\" style=\"accent-color: auto; place-content: normal; place-items: normal; place-self: auto; alignment-baseline: auto; anchor-name: none; anchor-scope: none; animation: 0s ease 0s 1 normal none running none; animation-composition: replace; app-region: none; appearance: none; aspect-ratio: auto; backdrop-filter: none; backface-visibility: visible; background: none 0% 0% \/ auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); background-blend-mode: normal; baseline-shift: 0px; baseline-source: auto; border-image: none 100% \/ 1 \/ 0 stretch; border-color: #494848; border-collapse: collapse; border-end-end-radius: 0px; border-end-start-radius: 0px; border-style: none; border-spacing: 0px; border-start-end-radius: 0px; border-start-start-radius: 0px; border-radius: 0px; inset: auto; box-decoration-break: slice; box-shadow: none; box-sizing: content-box; break-after: auto; break-before: auto; break-inside: auto; buffered-rendering: auto; caption-side: top; caret-color: #494848; clear: none; clip: auto; clip-path: none; clip-rule: nonzero; color-interpolation: srgb; color-interpolation-filters: linearrgb; color-rendering: auto; color-scheme: normal; columns: auto; column-fill: balance; gap: normal; column-rule: 0px #494848; column-span: none; contain: none; contain-intrinsic-block-size: none; contain-intrinsic-size: none; contain-intrinsic-inline-size: none; container: none; content: normal; content-visibility: visible; counter-increment: none; counter-reset: none; counter-set: none; cursor: text; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline; dominant-baseline: auto; dynamic-range-limit: no-limit; empty-cells: show; field-sizing: fixed; fill: #000000; fill-opacity: 1; fill-rule: nonzero; filter: none; flex: 0 1 auto; flex-flow: row; float: none; flood-color: #000000; flood-opacity: 1; font-family: WordVisi_MSFontService, Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-feature-settings: normal; font-kerning: none; font-optical-sizing: auto; font-palette: normal; font-size: 14.6667px; font-size-adjust: none; font-stretch: 100%; font-style: normal; font-synthesis: weight style small-caps; font-variant: none; font-variation-settings: normal; font-weight: 400; forced-color-adjust: auto; grid-area: auto; grid: none; height: auto; hyphenate-character: auto; hyphenate-limit-chars: auto; hyphens: manual; image-orientation: from-image; image-rendering: auto; initial-letter: normal; inline-size: auto; inset-block: auto; inset-inline: auto; interactivity: auto; interpolate-size: numeric-only; isolation: auto; lighting-color: #ffffff; line-break: auto; line-height: 18.3458px; list-style: outside none disc; marker: none; mask: none; mask-type: luminance; math-depth: 0; math-shift: normal; math-style: normal; max-height: none; max-width: none; min-height: 0px; min-width: 0px; mix-blend-mode: normal; object-fit: fill; object-position: 50% 50%; object-view-box: none; offset: normal; opacity: 1; order: 0; outline-color: #494848; outline-style: none; outline-offset: 0px; overflow-anchor: auto; overflow-block: visible; overflow-clip-margin: 0px; overflow-inline: visible; overflow-wrap: break-word; overflow: visible; overlay: none; overscroll-behavior-block: auto; overscroll-behavior-inline: auto; overscroll-behavior: auto; page: auto; paint-order: normal; perspective: none; perspective-origin: 0px 0px; pointer-events: auto; position: static; position-anchor: auto; position-area: none; position-try: none; position-visibility: always; print-color-adjust: economy; quotes: auto; r: 0px; reading-flow: normal; reading-order: 0; resize: none; rotate: none; ruby-align: space-around; ruby-position: over; rx: auto; ry: auto; scale: none; scroll-behavior: auto; scroll-initial-target: none; scroll-margin-block: 0px; scroll-margin: 0px; scroll-margin-inline: 0px; scroll-marker-group: none; scroll-padding-block: auto; scroll-padding: auto; scroll-padding-inline: auto; scroll-snap-align: none; scroll-snap-stop: normal; scroll-snap-type: none; scroll-timeline: none; scrollbar-color: auto; scrollbar-gutter: auto; scrollbar-width: auto; shape-image-threshold: 0; shape-margin: 0px; shape-outside: none; shape-rendering: auto; speak: normal; stop-color: #000000; stop-opacity: 1; stroke: none; stroke-dasharray: none; stroke-dashoffset: 0px; stroke-linecap: butt; stroke-linejoin: miter; stroke-miterlimit: 4; stroke-opacity: 1; stroke-width: 1px; tab-size: 8; table-layout: auto; text-align-last: auto; text-anchor: start; text-box: normal; text-combine-upright: none; text-decoration-style: solid; text-decoration-color: #494848; text-decoration-skip-ink: auto; text-emphasis: none #494848; text-emphasis-position: over; text-orientation: mixed; text-overflow: clip; text-rendering: auto; text-shadow: none; text-size-adjust: auto; text-spacing-trim: normal; text-underline-offset: auto; text-underline-position: auto; text-wrap-style: initial; timeline-scope: none; touch-action: auto; transform: none; transform-box: view-box; transform-origin: 0px 0px; transform-style: flat; transition: all; translate: none; unicode-bidi: normal; user-select: text; vector-effect: none; view-timeline: none; view-transition-class: none; view-transition-name: none; visibility: visible; border-block-end: 0px none #494848; border-block-start: 0px none #494848; border-inline-end: 0px none #494848; -webkit-border-image: none; border-inline-start: 0px none #494848; -webkit-box-align: stretch; -webkit-box-decoration-break: slice; -webkit-box-direction: normal; -webkit-box-flex: 0; -webkit-box-ordinal-group: 1; -webkit-box-orient: horizontal; -webkit-box-pack: start; -webkit-font-smoothing: auto; -webkit-line-break: auto; -webkit-line-clamp: none; -webkit-locale: 'de-DE'; block-size: auto; margin-block: 0px; margin-inline: 0px; -webkit-mask-box-image-source: none; -webkit-mask-box-image-slice: 0 fill; -webkit-mask-box-image-width: auto; -webkit-mask-box-image-outset: 0; -webkit-mask-box-image-repeat: stretch; max-block-size: none; max-inline-size: none; min-block-size: 0px; min-inline-size: 0px; padding-block: 0px; padding-inline: 0px; -webkit-rtl-ordering: logical; -webkit-ruby-position: before; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-combine: none; -webkit-text-fill-color: #494848; -webkit-text-orientation: vertical-right; -webkit-text-security: none; -webkit-text-stroke-color: #494848; -webkit-user-drag: none; -webkit-user-modify: read-only; -webkit-writing-mode: horizontal-tb; white-space-collapse: preserve; width: auto; will-change: auto; word-break: normal; writing-mode: horizontal-tb; x: 0px; y: 0px; z-index: auto; zoom: 1;\" xml:lang=\"DE-DE\" data-contrast=\"none\">Creditworthiness<\/span><\/p><p>(Moody\u2019s)<\/p><\/td><td><p><span lang=\"DE-DE\" style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\"><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">Moody\u2019s <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">has<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">rated<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">creditworthiness<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">of<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> German <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">government<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">bonds<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">as<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">Aaa<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> on a <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">scale<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">from<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">Aaa<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">to<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> D and <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">thus<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">categorised<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">them<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">as<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> \u2018prime\u2019 (source: <\/span><\/span><a style=\"font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; cursor: text; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; white-space-collapse: preserve; background-color: #ffffff; color: inherit;\" href=\"https:\/\/tradingeconomics.com\/uganda\/rating\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #000000; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\">Trading Economics 2024<\/span><\/a><span lang=\"DE-DE\" style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\">).<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-size: 14.6667px; font-variant-ligatures: none; white-space-collapse: preserve;\">Foreign<\/span> <span style=\"font-style: normal; font-variant-caps: normal; font-weight: 400; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-size: 14.6667px; font-variant-ligatures: none; white-space-collapse: preserve;\">exchange market <\/span><span style=\"font-size: 15px;\">(Bundesbank)<\/span><\/p><\/td><td><p><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-style: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\"><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">Over <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> last <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">five<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">years<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">, <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">exchange<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> rate <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">for<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">euro<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> in Germany <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">has<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">fluctuated<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\">: <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">five<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">years<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">ago<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">price<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> was USD 1.10740, <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">one<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">year<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">ago<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">it<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> was USD 1.09930 and in <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">July<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> 2024 <\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">the<\/span> <span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; background-position: 0px 100%; background-repeat: repeat-x; border-bottom: 1px solid transparent;\">price<\/span><span style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text;\"> was USD 1.08250(source: <\/span><\/span><a style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; cursor: text; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; background-color: #ffffff; color: inherit;\" href=\"https:\/\/www.bundesbank.de\/dynamic\/action\/de\/statistiken\/zeitreihen-datenbanken\/zeitreihen-datenbank\/723452\/723452?listId=www_sdks_ugx_eur_me&amp;tsId=BBEX3.M.UGX.EUR.CA.AC.A01&amp;dateSelect=2023\" target=\"_blank\" rel=\"noreferrer noopener\"><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; color: #000000; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\">Bundesbank 2023<\/span><\/a><span lang=\"DE-DE\" style=\"-webkit-user-drag: none; -webkit-tap-highlight-color: transparent; user-select: text; font-style: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve; font-size: 11pt; line-height: 18.3458px; font-family: Montserrat, Montserrat_EmbeddedFont, Montserrat_MSFontService, sans-serif; font-variant-ligatures: none !important;\" xml:lang=\"DE-DE\" data-contrast=\"none\">).<\/span><\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b3fc361 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4b3fc361\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-34772c10\" data-id=\"34772c10\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-279b62ad elementor-widget elementor-widget-spacer\" data-id=\"279b62ad\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3aed1592 gallery-spacing-custom elementor-widget__width-inherit elementor-widget elementor-widget-image-gallery\" data-id=\"3aed1592\" data-element_type=\"widget\" data-widget_type=\"image-gallery.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-image-gallery\">\n\t\t\t<div id='gallery-1' class='gallery galleryid-56163 gallery-columns-2 gallery-size-medium_large'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-slideshow=\"3aed1592\" data-elementor-lightbox-title=\"3\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NTYxMjMsInVybCI6Imh0dHBzOlwvXC93d3cuYmV0dGVydmVzdC5jb21cL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC8zLTEucG5nIiwic2xpZGVzaG93IjoiM2FlZDE1OTIifQ%3D%3D\" href='https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1.png'><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"384\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1-768x384.png\" class=\"attachment-medium_large size-medium_large\" alt=\"\" aria-describedby=\"gallery-1-56123\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1-768x384.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1-300x150.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1-1024x512.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1-1536x768.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/3-1.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-56123'>\n\t\t\t\tDie Immobilie in Lengenfeld\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-slideshow=\"3aed1592\" data-elementor-lightbox-title=\"2\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NTYxMjAsInVybCI6Imh0dHBzOlwvXC93d3cuYmV0dGVydmVzdC5jb21cL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC8yLnBuZyIsInNsaWRlc2hvdyI6IjNhZWQxNTkyIn0%3D\" href='https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2.png'><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"384\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2-768x384.png\" class=\"attachment-medium_large size-medium_large\" alt=\"\" aria-describedby=\"gallery-1-56120\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2-768x384.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2-300x150.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2-1024x512.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2-1536x768.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/2.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-56120'>\n\t\t\t\tDiese Aufnahme ist KI-generiert.\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-slideshow=\"3aed1592\" data-elementor-lightbox-title=\"4\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NTYxMTYsInVybCI6Imh0dHBzOlwvXC93d3cuYmV0dGVydmVzdC5jb21cL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC80LnBuZyIsInNsaWRlc2hvdyI6IjNhZWQxNTkyIn0%3D\" href='https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4.png'><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"384\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4-768x384.png\" class=\"attachment-medium_large size-medium_large\" alt=\"\" aria-describedby=\"gallery-1-56116\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4-768x384.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4-300x150.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4-1024x512.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4-1536x768.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/4.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-56116'>\n\t\t\t\tVogelperspektive\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-slideshow=\"3aed1592\" data-elementor-lightbox-title=\"5\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NTYxMTQsInVybCI6Imh0dHBzOlwvXC93d3cuYmV0dGVydmVzdC5jb21cL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC81LnBuZyIsInNsaWRlc2hvdyI6IjNhZWQxNTkyIn0%3D\" href='https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5.png'><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"384\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5-768x384.png\" class=\"attachment-medium_large size-medium_large\" alt=\"\" aria-describedby=\"gallery-1-56114\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5-768x384.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5-300x150.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5-1024x512.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5-1536x768.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/5.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-56114'>\n\t\t\t\tVogelperspektive\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-slideshow=\"3aed1592\" data-elementor-lightbox-title=\"6\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NTYxMTIsInVybCI6Imh0dHBzOlwvXC93d3cuYmV0dGVydmVzdC5jb21cL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC82LnBuZyIsInNsaWRlc2hvdyI6IjNhZWQxNTkyIn0%3D\" href='https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6.png'><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"384\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6-768x384.png\" class=\"attachment-medium_large size-medium_large\" alt=\"\" aria-describedby=\"gallery-1-56112\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6-768x384.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6-300x150.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6-1024x512.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6-1536x768.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/6.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-56112'>\n\t\t\t\tSeitenansicht\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-slideshow=\"3aed1592\" data-elementor-lightbox-title=\"1\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6NTYxMTAsInVybCI6Imh0dHBzOlwvXC93d3cuYmV0dGVydmVzdC5jb21cL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjZcLzA1XC8xLnBuZyIsInNsaWRlc2hvdyI6IjNhZWQxNTkyIn0%3D\" href='https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1.png'><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"384\" src=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1-768x384.png\" class=\"attachment-medium_large size-medium_large\" alt=\"\" aria-describedby=\"gallery-1-56110\" srcset=\"https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1-768x384.png 768w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1-300x150.png 300w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1-1024x512.png 1024w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1-1536x768.png 1536w, https:\/\/www.bettervest.com\/wp-content\/uploads\/2026\/05\/1.png 1600w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-56110'>\n\t\t\t\tDiese Aufnahme ist KI-generiert.\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-168adc08 elementor-widget elementor-widget-spacer\" data-id=\"168adc08\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-405b8f2b elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"405b8f2b\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-68b7aaf\" data-id=\"68b7aaf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7fdcc8c3 elementor-widget elementor-widget-spacer\" data-id=\"7fdcc8c3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-208956df elementor-widget elementor-widget-heading\" data-id=\"208956df\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key figures<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76555cc6 elementor-widget elementor-widget-text-editor\" data-id=\"76555cc6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table width=\"377\"><tbody><tr><td>Borrower<\/td><td>Markus H\u00f6rning GmbH<\/td><\/tr><tr><td>Anlagetyp<\/td><td>Subordinated loan<\/td><\/tr><tr><td>Darlehensvolumen<\/td><td>EUR 505.650,00<\/td><\/tr><tr><td>Duration<\/td><td>5 Years<\/td><\/tr><tr><td>Yield<\/td><td>up to 9.50% p.a. (up to 10.00% p.a. if invested within the first 2 weeks)<\/td><\/tr><tr><td>Repayment and interest payment<\/td><td>annuity (first year interest-only)\u00a0<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-52de703c\" data-id=\"52de703c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4cc05678 project_attachments\" data-id=\"4cc05678\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-483a54aa elementor-widget elementor-widget-spacer\" data-id=\"483a54aa\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2aecb499 elementor-widget elementor-widget-heading\" data-id=\"2aecb499\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Documents<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f742027 elementor-widget elementor-widget-html\" data-id=\"2f742027\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    \/* additional project attachments page CSS *\/\r\n\r\n    .preact-app-project-documents {font-family: \"Fira Sans\", Sans-serif;}\r\n<\/style>\r\n<div class=\"react-app-project-documents\"><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2276872e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2276872e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-43b8aa78\" data-id=\"43b8aa78\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c91f539 elementor-widget elementor-widget-html\" data-id=\"3c91f539\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n\/* additional project page CSS *\/\r\n    \r\n    .rich-header {\r\n        border: 10px solid red;\r\n        display: none !important;\r\n    }  \r\n    .bettervest_project_header {\r\n        background: #FFF !important;\r\n        padding: 0;\r\n        margin: 0;\r\n    }\r\n    .bettervest_project_header .elementor-column-wrap{\r\n        background: #FFF !important;\r\n        padding: 0 !important;\r\n        margin: 0 !important;\r\n    }\r\n    @media only screen and (min-width: 1100px) {\r\n        #nz-content:not(.padding-false) {\r\n            margin-top: -35px !important;\r\n        }\r\n    }\r\n    .bettervest #project .stage {\r\n        height: auto !important;\r\n        min-height: 565px;\r\n    }\r\n    #howtoBtn {\r\n        color: #FFF !important;\r\n    }\r\n    \r\n    .ant-btn[disabled] {\r\n        background: rgba(255,255,255,.5) !important;\r\n        padding-left: 15px!important;\r\n        padding-right: 15px!important;\r\n    }\r\n<\/style>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Preserving history and shaping the future with Markus H\u00f6rning GmbH &#8211; through the energy-efficient refurbishment of a historic residential and commercial building in Lengenfeld. Notice pursuant to Section 12 (2) of the German Investment Schemes Act (Verm\u00f6gensanlagengesetz): The acquisition of this investment is associated with considerable risks and may lead to the complete loss of [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":21948,"parent":20046,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","footnotes":""},"class_list":["post-56163","page","type-page","status-publish","has-post-thumbnail","hentry","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - 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