A listed housing ensemble is being created in the "Liechtensteiner Gärten," with 102 residential units and a total living space of approximately 8,139 m2. The refurbishment and reconstruction of the apartment buildings and external landscaping on Liechtensteiner Straße, at numbers 9-15, 17-19, 21-23, 25-31 and 33-39 will be carried out on the basis of heritage preservation requirements with faithful attention to the historical 1930s styling. The interior will accommodate freehold apartments with floor layouts planned to accommodate different needs, from around 53 m2 to 135 m2 and with a high standard of fit-out. These meet all present-day expectations with regard to modern living comforts. Execution of the works will take place in four construction phases. In the first phase, the Principal will complete works in house numbers 9-15 with 26 residential units ranging from 53 m2 up to 126 m2, with a total living space of around 1,994 m2 and 9 parking spaces. These are scheduled to be ready for occupation by 31 December 2010; final completion is guaranteed by 1 April 2011.

Liechtensteiner Gärten are located in the popular southern part of Leipzig, only 15 minutes from the city centre, and are listed for special preservation as cultural heritage. These listed properties are of equal interest to owner-occupiers and capital contributors, since in this case, besides the linear depreciation, increased allowances can be claimed for listed property depreciation (allowance according to §§ 7 i and 10 f of EStG approximately 73% of production costs).