Preserving history and shaping the future with Markus Hörning GmbH - through the energy-efficient refurbishment of a historic residential and commercial building in Reichenbach.
Mit dem Laden des Videos akzeptieren Sie die Datenschutzerklärung von YouTube.
Mehr erfahren
The acquisition of this investment is associated with considerable risks and may lead to the complete loss of the invested assets.
UN Sustainable Development Goals
The investment at a glance
Project intent
The German company Markus Hörning GmbH (Hörning) is part of the Hörning Group and specializes in the acquisition, enhancement, and energy-efficient renovation of historic properties in the Vogtland region. In the past, Hörning has successfully co-financed and repaid several of its existing properties through bettervest. As part of its projects in Vogtland, Hörning applies particularly high standards to energy renovations in order to sustainably increase the value of the properties.
The loan will be used to finance the energy-efficient renovation of a historic residential and commercial building in Reichenbach. The building comprises nine apartments and a bakery located on the ground floor. The goal is to carry out a comprehensive modernization, significantly improve energy efficiency, and ensure the long-term preservation of the property as affordable housing that meets contemporary energy standards.
The apartments on the first residential floor are planned to be designed to be barrier-free.
Social & Economic Impact
The renovation measures create a win-win situation by offering benefits to both tenants and the landlord. Tenants benefit from savings on ancillary costs and improved living quality, while the landlord can increase their return through a legally permissible rent adjustment. Additionally, the measures increase the market value of the property and contribute to sustainable urban development.
Climate protection
Through the energy-efficient renovation and the installation of photovoltaic systems, a total of 20.1 tons of CO₂ are saved annually.
Early bird bonus
All investors who invest up to and including 19.08.2025 will receive an early bird bonus of 0.50% p.a. The interest rate will therefore increase to up to 10.00% p.a. in total.
Established, sustainable company
Markus Hörning GmbH, founded in 2016 in Rodewisch, is a family-run real estate company specializing in the renovation of existing residential buildings. In addition, the Hörning Group offers certified property appraisals, property management, municipal services, and mobility solutions. Under the leadership of Markus Hörning—a seasoned real estate and housing management professional as well as a certified property valuation expert—the company relies on lean management to ensure competitiveness and growth. Its mission is to realize innovative and affordable housing concepts with a strong focus on quality and sustainability.
Due to its excellent creditworthiness, the company received the CrefoZert from Creditreform for the sixth consecutive time in 2025, which discloses a particulary high credit rating. Markus Hörning GmbH maintains close partnerships with companies in the construction and finance sectors and is a member of the German Sustainable Building Council (DGNB). In 2024, the company was once again recognized for its compliance with ESG criteria and was the only company in the Vogtland region to receive the EcoZert certification, which is valid until August 2026.
Risk reduction measures
For this funding, the use of a special purpose vehicle was deliberately avoided, as the borrower is an established company with significant assets and a high equity ratio. Rental income from 21 properties in the real estate portfolio of Markus Hörning GmbH is also available to support repayment to the crowd. Additionally, this loan is a subordinated loan (qualifiziertes Nachrangdarlehen). According to legal regulations, it is unfortunately not permitted to provide direct collateral in favor of investors for this type of loan.
Project description
The transition to a sustainable society begins where people live — in their homes. While climate protection has long been discussed primarily in the context of the energy and transportation sectors, the building sector is increasingly coming into focus. It accounts for around 35 % of total final energy consumption in Germany, making it a key area on the path to climate neutrality. The German government’s Climate Protection Act sets the goal of achieving greenhouse gas neutrality by 2045 at the latest — and the building sector must play a pivotal role in driving this transformation.
Simultaneously, many regions – especially in the rural area – face a dual challenge: On the one hand, increasing demand of afforadble and age-appropriate housing, on the other hand, the exisiting properties often are energetically and structurally outdated. Yet this exactly presents new opportunities and potential: rural regions like Saxony’s Vogtland are currently experiencing an economic upswing, accompanied by increasing demand for high-quality housing. At the same time, the Vogtland region is home to a large senior population, yet only about 2% of available housing is designed to be barrier-free.
Acquisition and Energy-Efficient Renovation of a Historic Residential and Commercial Building
This is precisely where the project in Reichenbach comes in: Markus Hörning GmbH plans to carry out a comprehensive energy-efficient renovation of a historic residential and commercial building from the “Gründerzeit”, preserving it as a future-proof living space for the decades to come. The building comprises nine residential units and a traditional bakery business, which will remain a vital part of the local community and be integrated into the overall energy concept.
In addition to a complete energy upgrade of the building, special focus is placed on designing the lower residential units to be barrier-free. This not only brings the building’s energy standards up to modern levels but also improves accessibility for people with limited mobility.
The planned renovation of the residential and commercial building aims for a comprehensive energy upgrade that reduces the building’s energy demand by over 30%. Key measures include high-quality insulation work, the installation of efficient heating technology, the renewal of the roof and windows, as well as energy-efficient renovation of the interior spaces. The goal is to achieve energy efficiency classes A to B. Over 80% of the total investment volume is allocated to energy-related measures. The renovation brings the building’s technical and energy performance up to a future-proof level.
An element of the energy realignment is the installation of a photovoltaic system with an output of 28,000 kWh per year. This system operates under a tenant electricity model, supplying tenants with their own solar power. Self-consumption of solar energy not only protects against rising electricity costs but also strengthens the neighborhood’s resilience against external supply crises.
In the long term, the project thus makes a measurable contribution to achieving climate goals—concretely, regionally, and sustainably.
Hörning’s business model actively contributes to four of the United Nations Sustainable Development Goals („sustainable development goals“):
The energy-efficient renovation of properties and preparation for the installation of solar systems improve energy efficiency, increase decentralized and independent power supply through a high share of self-generated electricity, and promote the use of renewable energy. This leads to reduced energy consumption and decreased dependence on fossil fuels, making energy supply more sustainable and cost-efficient (Goal 7.3). Additionally, CO2 emissions are reduced (Goal 13), supporting climate protection.
Through the energy renovation, not only is energy efficiency increased, but indoor climate is also improved, leading to healthier living conditions. Better insulation and modern heating systems reduce moisture and mold growth, which positively impacts residents’ health (Goal 3.9).
Furthermore, the renovation of the buildings improves the ecological footprint of the city of Reichenbach. The implementation of energy-efficient measures supports the development of environmentally friendly and future-proof urban infrastructures, enhancing residents’ quality of life and contributing to sustainable urban development (Goals 11.1 and 11.6).
CO2-savings of the Reichenbach property
Following the renovation, a photovoltaic system will be installed on the building located on Moritz-Löscher-Straße in Reichenbach. The system is expected to generate an average annual income of €5,600 (combined from tenant electricity and grid feed-in). The electricity produced will be offered through a tenant electricity model at a price at least 10% below the local market rate. The system generates 28,000 kWh of electricity annually. Given that each kilowatt hour produced by the PV system saves 434 grams of CO₂, this results in an annual CO₂ reduction of 12.1 tonnes.
In addition, energy-efficient upgrades will be implemented to reduce heating energy consumption. The building’s heated area totals 761 square meters, which, based on a standard consumption rate of 80 kWh/m² (for buildings constructed around 2015), corresponds to an annual heating energy demand of 60,880 kWh. This level of consumption equates to approximately 26.4 tonnes of CO₂ emissions per year. Through the planned improvements, heating energy demand can be reduced by 30%, yielding an additional annual CO₂ savings of 8 tonnes.
Total CO2 reduction
Together, the photovoltaic system and energy-efficient measures will achieve a combined annual CO₂ reduction of 20.1 tonnes.
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 disclosure section. The measures taken to mitigate these risks are outlined below:
In this funding round, no special purpose vehicle (SPV) was established, as the borrower is an established company with significant assets and a high equity ratio.
Rental income from 21 properties owned by Markus Hörning GmbH is available to support repayment to the crowd.
Please note: This loan is a qualified subordinated loan. According to legal requirements, it is not permitted to provide direct collateral in favor of investors for this type of financing.
Investment requirement
The loan of € 561,150 is intended to finance the majority of the energy-efficient refurbishment of a historic property in Reichenbach. In addition, only € 3010.63 is financed by equity.
The loan term is 5 years and offers crowd investors an annual interest rate of up to 9.50 % p.a. Investors who participate within the first four weeks will receive an additional early bird bonus of 0.5 % p.a., resulting in an attractive total return of up to 10.00% p.a.
The funding threshold for this project is €50,000. 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.
Repayment
"This energetically renovated house combines sustainability with social interaction: thanks to solar power generation and modern insulation, it stands for environmentally conscious living. The barrier-free design of the lower residential floor enables intergenerational renting and creates a lively, supportive living environment in which young and old enrich each other. The house is more than just a place to live - it is a space for community, consideration and a focus on the future. This makes modern, responsible living accessible to everyone - sustainable, inclusive and inspiring."
The Borrower and Country Profile
Markus Hörning GmbH
Lengenfelder Str. 5a,
08228 Rodewisch
Deutschland
Kontakt
https://markus-hoerning.de/
+49 3744 3652050
office@mhproperties.de
Markus Hörning GmbH
Markus Hörning GmbH, founded in 2016 and based in Rodewisch, is a real estate company with a share capital of €500,000. It specializes in the renovation of existing properties in the Vogtland region and operates in several related business areas. As part of the family-run Hörning Group, the company is managed by Markus Hörning, a certified real estate appraiser and trained real estate management professional with extensive industry experience.
The company is characterized by its transparent and streamlined structure, as nearly all essential project components—from planning to property management—are handled under Mr. Hörning’s leadership. Thanks to lean management, the organization remains cost-efficient with short decision-making paths. A team of specialists supports project execution.
An in-house team carries out interior construction work in a cost-effective manner, contributing to the company’s competitiveness and continued growth.
Markus Hörning GmbH is committed to implementing innovative, eco-conscious housing concepts that promote affordable living while prioritizing quality over quantity. The company’s approach balances economic efficiency with ecological responsibility. Since its official founding in 2016, Markus Hörning GmbH has successfully completed 22 projects.
The Hörning Group collaborates with a strong network of specialists and partners, including skilled trades, architects, site managers, energy consultants, construction companies, as well as legal, tax, and financial advisors.
Key milestones in the company’s history include:
- 2009: Founded as a private investor
- 2013: Foundation of MH Liegenschaften GmbH (the current umbrella organisation of the group)
- 2016: Foundation of Markus Hörning GmbH
- 2018: Membership of the German Sustainable Building Council (DGNB)
- 2020: the first CrefoZert seal of creditworthiness – with annual renewal to date
- 2022: Registered master craftsman’s business in the Chemnitz Chamber of Crafts
- 2023: Own interior fit-out team with certified site manager
- 2023 and 2024: ECOZert for compliance with the ESG guidelines for companies
The company has once again been awarded the Creditreform “CrefoZert Bonitätssiegel” for 2025, recognizing its excellent credit standing.
Vision and Objectives:
The Hörning Group aims to establish progressive real estate management in the region—defined by innovation, sustainability, and a commitment to fostering strong communities. To achieve this, the company has set the following goals:
- Creation of high-quality and affordable living spaces
- Development of innovative multigenerational and senior living projects
- Building a solid and profitable real estate portfolio
- Promoting strong neighborhood communities around its properties Planning and executing projects based on ecological criteria while ensuring stable, long-term returns
- Expanding a robust regional network
It is advisable to gather information about the project 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.
INDIKATOR | BEWERTUNG Deutschland |
Euler Hermes Ranking | Euler Hermes has assessed the risk of non-payment by German companies as “low risk ’ and rated it AA1 on a scale from AA to D (sources: Euler Hermes Country Risk Map) |
Corruption index (Transparency International) | The corruption index, which is published by Transparency International and is measured on a basis of 0 (high level of corruption) – 100 (no perceived corruption), is 75 in Germany (source: Transparency International 2023). |
Interest Rate | On June 5, 2025, the European Central Bank lowered its key interest rate to 2.15%, after it had been raised to 3% at the beginning of the year. Despite the current rate cut, borrowing costs remain at a high level. This adjustment follows a period of rising interest rates, which had become necessary in response to the persistent upward risks to inflation. (Source: Trading Economics 2025). |
Creditworthiness (Moody’s) | Moody’s has rated the creditworthiness of German government bonds as Aaa on a scale from Aaa to D and thus categorised them as ‘prime’ (source: Trading Economics 2024). |
Foreign exchange market (Bundesbank) | Over the last five years, the exchange rate for the euro in Germany has fluctuated: five years ago the price was USD 1.10740, one year ago it was USD 1.09930 and in July 2024 the price was USD 1.08250(source: Bundesbank 2023). |
Key figures
| Borrower | Markus Hörning GmbH |
| Anlagetyp | Subordinated loan |
| Darlehensvolumen | EUR 561.150,00 |
| Duration | 5 Years |
| Yield | up to 9.50% p.a. (up to 10.00% p.a. if invested within the first 4 weeks) |
| Repayment and interest payment | annuity (Ballon) |
