Group for german real estate investment

Contents
Introduction Property market worldwide Why buy a property in Germany? Asset value increase Listed status The company group Mr Charles Smethurst Mr Gerhard Tausch Mr Marc Reilly Mr Cormac Smith Investment - Dolphin Capital GmbH Mr Uwe Bottermann Real Estate - SFG Immobilien AG Sales - SDI Vertriebs GmbH Mr Boris Hofmann From purchase to completion Mr Michael Grabscheit Step 1 - The Purchase Mr Axel Krechberger The art of conversion Step 2 - The Planning Prof Bernhard Kogel Step 3 - The Build Mr Heiko Hummitzsch Step 4 - The Building Approval Step 5 - The Aftercare Mr Jrgen Birkenmaier Success through expertise and experience Our sites Reference Legal information Page 07 Page 08 Page 13 Page 17 Page 18 Page 21 Page 22 Page 24 Page 26 Page 28 Page 30 Page 32 Page 34 Page 36 Page 38 Page 41 Page 42 Page 44 Page 46 Page 49 Page 50 Page 52 Page 55 Page 60 Page 62 Page 66 Page 68 Page 70 Page 73 Page 74 Page 87

Money is like manure, it's not worth a thing unless it's spread around encouraging young things to grow
(Thornton Wilder, Author)

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Page 5 Contents

Dear Prospective Customer,

Welcome to a compendium of what we hope is interesting and helpful information. This book aims to take you on an informative trip through our company, outlining our philosophy and revealing the unique charm, sophisticated atmosphere and excellent quality of life you can achieve by renovating a listed property.Our aim is to achieve perfection in terms of project planning and purchase, stringent implementation of the renovation and build in conjunction with our established associates and really close, open cooperation with our potential customers and customers. For more than twenty years, we have been earning trust in our expertise and our skills time and time again. This has made us successful as a property developer, initiator and sales coordinator in Germany, Europe and the USA. Our internationalism and tradition are values which guarantee our customers carefully structured complete solutions based on expert knowledge. As well as all our in-depth expertise and experience on property with tax subsidies, making attractive old buildings shine with new radiance and bringing joy and benefit to their owners as a focal point of their lives with real quality of life is something very close to our hearts. We hope this provides an interesting and informative read!
Page 6 Introduction Page 7 Introduction

Charles Smethurst
- shown left -

Gerhard Tausch
- shown right -

Property market worldwide

Solid know-how, varied expertise and comprehensive information are the crucial factors in providing a clear depiction of all the facets of the international property market.

However, frequently heard phrases such as the Asian crisis, the financial crisis, the property bubble and the euro-zone crisis make the international property market look somewhat murky and dubious for many people, thus rendering it a closed book. There is no doubt that many investors around the world are asking themselves whether it would be better to invest in
Page 8 The property market worldwide

restrictions in France, Great Britain and Spain have given many investors cause for concern, although the property market in Great Britain is now showing signs of a slight recovery. However, there is some doubt as to whether cautious optimism will prove to be justified given weak economic development and the disadvantageous economic structure here. It is more likely that, both here and in France, increasing interest rates and a more restrictive financial policy will put strain on the property market, while the Spanish and Irish markets will remain lethargic. Even in the USA, the recovery in the property market is exceptionally slow.
Page 9 The property market worldwide

financial or material assets. And many of them are opting for material assets such as property, shares, company stakes and precious metals, as these are not affected or not much affected by inflation. For example, banks and ratings agencies such as Standard & Poors rate the markets in wide areas of Asia, Canada and Australia as very much overheated and in need of correction, especially if interest rates rise. Developments in Europe have also been viewed critically and still are. Fiscal policy

We have been observing and analysing the international property market with meticulousness and concentrated expert knowledge. This means that our recommendations are never based on short-term ostensible success, they are based on long-term, solid commitment with high revenues.
Page 10 The property market worldwide

clear reflationary objectives of financial and economic politicians are bearing fruit. As this becomes apparent in the form of strong negative real interest and extreme financial and fiscal policy strategies, it is no surprise that investors are increasing backing tangible assets such as raw materials, shares, precious metals such as gold and silver and, most importantly, property. If we consider the evident tendency of the central banks in Europe, Switzerland, Scandinavia, Asia, Australia and Canada to initiate new property price bubbles or securing existing ones to counter deflationary effects, then thorough observation and analysis of worldwide developments becomes crucial. For us, this is all employ particular expertise coupled and caution when advising our investment sector. This is something stands for.
Page 11 The property market worldwide

Around the world, the last few months have seen a sometimes significant upward trend in property company share prices, although the question does arise as to what the consequences of a stricter financial policy would be. After the recovery from what were in some cases drastic drops in share prices as a result of the financial crisis triggered by the property price bubble bursting, many companies and investors and the share market as a whole are now benefiting from a new development. The

Why buy a property in Germany?

Responsible market observation and in-depth knowledge about opportunities and risks open up attractive prospects in the German property market.

There are two major elements to the excellent prospects in the German property sector. The long-term stability of the German economy and thus the political framework conditions, plus the security of top revenue
Page 12 The property market Germany

While all around Europe there is talk of government debt crises, Germanys income still exceeds its outgoings in 2012. In the developing countries in Latin America and Asia, growth is continuing albeit at a slower rate, but the fact that the political situations in these places are not necessarily stable must also be taken into consideration. In Europe, fiscal policy measures and structural adjustments can sometimes have a detrimental effect and there has been uncertainty about the stability of the financial system. By contrast, since Reunification, Germany has benefited from its high level of competitiveness, low interest rates, across-the-board economic measures taken by the Federal Government, including the Growth Acceleration Act, increasing internal demand and high employment levels.

Of course, investing within such stable framework conditions creates security. This is all the more so if investment is into virtually inflation-proof material assets such as properties, and we can support this by providing a highly interesting, balanced profile.
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from serious, high-quality, listed property projects. If we look at global economic developments over the last ten years alone, it becomes clear that Germany has survived the worldwide financial market crisis and the burst of the property price bubbles, like those in Spain or the USA, relatively unscathed. Increased productivity, further increases in export rates and unemployment figures at record lows have help secure Germanys uncontested place as the number one European economy.

Our specialisation in listed buildings provides attractive prospects which are able to resist fiscal policy fluctuations and day-to-day political influences on a solid, long-term basis.

The property market Germany

The property market in Germany is showing a not entirely consistent but generally stable development which we are watching with interest and comprehensive expert knowledge. The real investment motivator is that there are no signs of a property bubble forming, including excessive lending, frequent sales and high prices relative to rent and income. The Institute for the German Economy (IW) also supports this hypothesis and suggests that the prices for residential property have increased, for example, by 39 percent in Berlin, by 31 percent in Hamburg and by 23 percent in Munich for the period between 2003 and 2011. For investors in listed and
Page 14 The property market Germany

wards speculative excess over the last few years, it has become a safe place place for property investments from within Germany and abroad. The increased risk involved in government bonds and otherwise low interest rates have also improved the attractiveness of property investments. At the same time, historical buildings have a particularly special status in Germany. High levels of legislative tax subsidies for renovation measures, especially for representative properties, often with outstanding locations, an incomparable feel and an individual atmosphere, historic charm and unique character guarantee high demand from capital investors and tenants. There is no prospect of this trend reversing, as many properties steeped in history are still waiting to be discovered. With our expertise and experience, investors can be sure that the transition to sensible use will be carried out with meticulousness and expertise by top specialists. This provides a guarantee of a safe capital investment with high returns over time based on security, trust and identification from the first indepth analysis to optimum aftercare and continued support.
Page 15 The property market Germany

quality restored properties, the prospects for solid returns are excellent. There are clear trends towards urbanisation in the bigger cities, and this is counteracting the demographic shifts towards an over-ageing population. The population growth due to economic and professional framework conditions is leading to an increase in high-earning young people moving into the cities, creating increased demand for living space and property. As the German property market has not tended to-

Asset value increase

Assets do not form by themselves. They require a clever head, an orderly hand and skilled, empathetic advice. When these components join forces with attractive investment opportunities, assets can grow.

The various ways of investing and increasing ones capital well

Page 16 Asset value increase

stakes is particularly good. But property remains unsurpassed in its efficiency, value retention and even value increase. Historic listed properties which have been perfectly renovated and adequately adapted to meet modern living standards have a particular status. Especially in Germany, which is seen as a stronghold of stability not only in Europe but all over the world because of its solid financial policy and its political, economic and social framework conditions, investment in this sector offers high returns and excellent prospects in the long

term. Providing one has a partner by ones side who, like us, can call upon decades of experience and dedicated specialist knowledge. From the first analysis through the purchase of a property and its renovation by trained experts through to indepth investment advice and excellent long-term aftercare, our customers can rely on us one hundred percent. Long-term, effective asset value increase is initiated on this basis.
Page 17 Asset value increase

provide different opportunities and therefore different risks. Devaluation and loss of buying power should not lead to ones own finances suffering or even being eaten up. A union of expert partners is in the best position to utilise synergies and knowledge and tailor strategies for securing purchase power and optimising assets which are suitable on a long-term basis. Careful, personalised investment into material assets such as precious metals, investment strategies, shares and company

Listed status
Historic buildings are extremely attractive as cultural heritage to be protected and as witnesses of the past. Some of the arguments for buying a listed property include excellent quality of life in established central locations and secure returns on investments with interesting tax benefits.

In times of financial crises and global property price bubbles, investment is focussing on crisis-proof, inflation-proof asset protection. Residential property has traditionally offered good returns and value increases. Historic buildings with their particular flair and special charm virtually have value increase builtPage 18 Listed status

properties. For all properties in question, one should assume internal redevelopment. This involves preserving and restoring the appearance of the building and any major historical features. Other parts of the building, including technical systems, sound-proofing and thermal insulation are brought up to the latest standards of technology and craftsmanship and thus made equivalent to a new build. This gives it a unique flair and charisma, giving the impression of a historic development of German building culture going back, in some cases, more than one hundred years. Purchasing a listed property has considerable advantages over other investment assets, including purchasing new builds

or existing properties. Firstly, the listed status provides particular tax benefits over and above the normal depreciation rates allowed for property based on its year of construction, partly due to the fact the renovation costs can be written down. With the tax breaks on purchase and renovation, revenue from letting and the constant increase in value of listed properties, investing in a historic building provides an excellent crisis-proof, non-currency-dependent and inflation-proof prospect for securing and increasing the value of assets.
Page 19 Listed status

in because of the limited supply in the market. In Germany, listed status for a property is governed by the Listed Property Act which classifies the property as cultural heritage, preservation of which is secured and sponsored by the state. These also include interesting properties in renovation areas which can be the subject depreciated in accordance with Article 7k EStG (Income Tax Act) but are not specifically listed

Page 20 The company group

Group for german real estate investment

Page 21 The company group

Charles Smethurst
What will happen to my money? This is a question many investors asks, primarily when they are looking at short-term investment opportunities. I have been a trained specialist in this particular field for decades as my key area involves pulling together the different interests of company and project finance and the coordination of all the related finance functions. It is especially to ensure a controlled flow of funds which incorporates short-term availability and appropriate profit levels on the basis of the highest possible security. My guiding principles are information and transparency in order to guarantee permanent communication. We develop projects in conjunction with our experts, from the purchase of a property to ensuring its status as a secure-revenue, listed property. This means investors are kept informed with all the available documentation at every stage of the project, from the very beginning of their commitment. For many years we have been providing capable support to investors around the world, maintaining international contacts to build up close relationships based on trust. For us, this a positive confirmation of our philosophy and it reinforces me and all our employees in our lofty claim to achieve the best results for
Page 22 The company group

investors and buyers. Within the German legislation, we have established an outstanding position as a specialist in short-term investment and react quickly and efficiently to changes. This secures us a certain unique selling proposition, even into the future if the regulations for the capital market change.
Mr Charles Smethurst Management | Dolphin Capital GmbH - Investment

Page 23 The company group

Gerhard Tausch
Since we started out nearly thirty years ago, we have established a solid, respectable position in the market for listed properties. We started out with just five employees and now have around 80, growth which has only been possible thanks to the recognition of our work by our customers. Our business model of buying historic buildings, developing them, renovating them sensitively and expertly and then offering them to our customers has proved extraordinarily successful. But we are still completely realistic. We know what the opportunities are for a project, know our expertise and that of our partners, but we also appreciate the sales opportunities for our customers with a typically Swabian sense of thoroughness. We need something to sell, a historical background alone is not sufficient argument. Intensive tests by architects, structural engineers, construction physicists and other specialists and close cooperation with the relevant listed building authorities form the basis. A second line secures finance through investors. Once the capital is available, for example through institutional investors, funds or private investors, we set up
Page 24 The company group

a separate project company for each project. This guarantees serious levels of transparency and makes a significant contribution to a stable finance situation for a historic building to be renovated.
Mr Gerhard Tausch Manager | Initiator and Sales - SFG and SDI

Page 25 The company group

Marc Reilly
The development of the private equity market across the world is a huge focus for us. Having begun in Ireland and expanding to Asia, we are now establishing our company as a market leader in the United Kingdom in the alternative investment market. Each country we work in now has a strong team and is growing all the time. We endeavor to maintain our high standards and constantly learn going forward to give each client the best service. We have a hands on approach to business and have a very direct relationship with our partners and teams in each country. This is very important to Dolphin. The company is in a state of evolution and the Directors have a huge part to play in meeting new partners and going to different parts of the world to plan the future of the company. Our business model works off three principles: Intelligent, Secure and SucPage 26 The company group

cessful. We make intelligent decisions to provide and secure investment with a successful outcome for our clients. As the business grows this will remain at the core of our model and our vision for the future.
Mr Marc Reilly Managing Director of Dolphin Capital Asia

Page 27 The company group

Cormac Smith
Our company have become specialists in short- term secure investments, and we strive to display transparency, trust, ethics and reliability to all off our partners in business and our clients. Our business model is solid and we endeavor to constantly improve ourselves and aim to stand tall in the alternative investment market for the quality of service, superior returns on investment and incomparable security. We have a very strong team of people working with us who are driven to provide potential and current investors with the knowledge they require when deciding on investing with us. We are proud of our team and the expertise they exhibit. We work extremely closely with our colleagues in Germany at all department levels from due diligence, marketing and sales to ensure our private equity investors are given updates as they happen in Germany. Our company is growing and the demand for our product both from the
Page 28 The company group

private investor, and the German investor availing of the tax break is extremely strong, this establishes us with a unique marketability and the flexibility to react to any possible changes in our industry in the future.
Mr Cormac Smith Managing Director of Dolphin Capital Asia

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Investment - Dolphin Capital GmbH

Our aim is to provide optimum revenue properties to meet the various demands of our customers. Our guiding principles are: intelligent planning and project management, safe investment and successful representation of our customers interests.

We are a little bit proud of the fact that we have been able to generate capital for satisfied investors from over 12000 properties in Germany since the end of the eighties. As a serious
Page 30 Investment Dolphin Capital GmbH

tailed insider knowledge of the relevant local markets, expert assessment of properties based on the latest findings and consequent innovative marketing strategies. Responsibility is our credo, which is why Dolphin Capital GmbH has spent years building up a network of independent financing options both throughout Europe and all over the world. We work out the optimum finance system from more than 100 banks, private equity investors and institutional investors to meet the relevant need and the individual situation. However, the selection of a portfolio should be based on a few principles, as there a very wide range of investment opportunities and reasons to

exist and potential and risks in every choice. It is sensible to distribute capital across various investment forms and control investment contributions so that there is a sensible relationship in terms of time between capital returns and income. Tax benefits and state subsidies are also incorporated into the decision-making process. We utilise our dedicated expert knowledge to advise investors on taking the right steps and carefully balance commitment against success. This allows us to minimise risk and guarantee the maximisation of profit opportunities and revenues.
Page 31 Investment Dolphin Capital GmbH

business partner, it was and still is very important for us to bring together the interests of the different parties by means of consultancy and support based on trust and transparency. For example, comprehensive property consultancy and all the related services is becoming more and more important across the country. The structure of our company and the extensive expertise of our employees is therefore a guarantee of de-

Uwe Bottermann
Our expertise in all areas of business with an international reference and extensive experience in consultancy on property law provide a great deal of security and reliability for our customers in the processing of even the most complex of property transactions. Our office looks after the incoming investment capital, handles ordering security and uses its excellent specialist knowledge to provide a secure, professional foundation. We advise and represent German and foreign customers in all matters relating to the property, manage trust accounts and register security and land charges for every single project. In the interests
Page 32 Investment Dolphin Capital GmbH

of our clients, we ensure smooth, communicative support incorporating excellent legal advice, so that all those involved can benefit from our commitment in all areas.
Mr Uwe Bottermann Solicitor | Bottermann::Khorrami

Page 33 Investment Dolphin Capital GmbH

Real Estate - SFG Immobilien AG

We are in love with every project, is how Gerhard Tausch, Board Member for SFG Immobilien AG, underlines the companys commitment and ambition. So the customer can be sure that we have all the expertise and knowledge to provide sensible advice.

As a service company, all our activities are customer-focused.

Page 34 Real Estate SFG Immobilien AG

standards in order to combine carefully structured modules to produce strong complete solutions. We have nearly thirty years of experience in the property business which has no doubt helped us obtain a particular level of expertise. But we do need to stress that specialist know-how, meticulous planning and real empathy with the customer also play a key role for our customers. Especially with historic buildings which provide a living space with an individual atmosphere, an awareness of style and a historic charm, you need contacts who can demonstrate

imagination and prudence at the planning and execution phase. When dedicated framework conditions are combined with realistic finance strategies, the result is an attractive capital investment and a really special living space with which both investors and tenants can wholeheartedly identify. As a financial company, we are happy to invest effort, time and commitment into properties which offer our customers style and value at the same time as comprehensive service in all areas and good returns. Take us at our word.
Page 35 Real Estate SFG Immobilien AG

So before a planned project can turn to a potential property for purchase, numerous experts have contributed to the assessment and given the go-ahead. And because our explicit interest is focussed on listed properties with potential to add value and a high return factor, the views of a large number of partners, in-depth knowledge and expert finesse are required in advance to assess the project before we can proceed with the greatest of caution and prudence. We set extremely high

Sales - SDI Vertriebs GmbH

For us, bundling synergies is about bringing together different skills in a sensible, strategic way in order to make the purchase of a historic property successful for all involved.

Page 36 Sales SDI Vertriebs GmbH

Converting a property which is both worthy of restoration and capable of being renovated into a listed home with an unique feel and state-of-the-art building standards is the challenge faced by all the partners involved in planning and construction. In order for this to result in sufficient economic success, SDI Vetriebs GmbH, which has a high level of in-depth experience

in the sales sector, takes on the role of attracting sales partners and providing comprehensive information about or renovation properties. In our position as a coordination company, we see ourselves primarily as a competent service provider for sales. Our employees have special training in this, all have many years of experience and are constantly kept up-to-date by means of training and continuous professional development. Visualisations of the planned complex are produced in advance to give

the buyer an exact image of the future property. Apart from minor modifications, this provides an exact picture of what he is investing in, so he can assess costs and benefits realistically and accurately. Our sales team can provide assistance on processing, coordinate appointments, prepare purchase documents and smooth the way towards legal approval. Even after the purchase, we and our business partners are available with a wide range of advice and support.

Page 37 Sales SDI Vertriebs GmbH

Boris Hofmann
As specialist solicitors for banking and capital market law, it is our role to determine the legal framework for listed and historic building projects and create a solid legal foundation. The resulting overall prognosis is meticulously analysed and certified by auditors. So it is imperative for us to get to know a property properly by inspecting it ourselves, as a qualified inspection as to the feasibility of the project is the only way to guarantee a sound assessment. For investors and customers, the serious, comprehensive and meaningful design of the sales documents is extremely relevant, as they need a broad idea about an investment project even at an early stage. We have now been working with groups of companies specialising in German property investment for over ten years and make sure we check all the legally relevant information and figures in the property descriptions and all other relevant content, and incorporate the position, quality and exclusivity of a project into our legal appraisal.
Page 38 Sales SDI Vertriebs GmbH Page 39

It would be fair to say that our office has gathered over twenty years of experience in capital investment and can represent the legal interests of all those involved in the financial transaction.
Mr Boris Hofmann Solicitor | Dr. May, Hofmann + Kollegen

Sales SDI Vertriebs GmbH

From purchase to completion

We let a project grow step by step until it is ready for market. We combine our own knowledge in synergy with the specialist know-how of various experts so that, by the end of the process, we are 100 % convinced that we are producing an exclusive future-proof property.

Historic listed properties are often described as exclusive, vintage, centrally located and desirable. Our scouts are on the lookout for these jewels all over Germany. As we believe the long-term value of a property is key, our analyses factor in both the location itself and its macro and
Page 40 From purchase to completion

also right, we can justifiably assume an attractive, stable value capital investment and proceed with the purchase. We then enter the planning phase, where all documentation relating to planning permission and technical documents must be in place. Various experts produce reports on heat and noise insulation, structural engineering calculations and the insulation to be used for windows and walls. Fire safety is also of crucial importance, especially for older or listed buildings. We work closely with the existing standards in order to ensure compliance with the latest guidelines. We then begin on coordinating the services of specialist engineers. In order to guarantee excellent build quality, a supporting structure assessment is required, costs and benefits of different alter-

natives are compared in order to achieve the best results for our customers at a very high level. The project is finally implemented under the supervision of a qualified, able construction management team. Consistent, cooperative construction forms the basis for economical, quick progress on the build and problem-free completion on schedule.
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micro-economic prospects for the future. We want to achieve a contemporary level of return with a high level of certainty for our exclusive clientle. The market survey incorporates a thorough assessment involving architects and, where necessary, structural engineers and construction physicists. We also cover negotiations and communication with the relevant listed building authorities. If these initial investigations produce satisfactory results and the infrastructural and transport connections are

We use qualified companies and specialists for the shell and interior fittings, local ones if possible. Towards the end of the renovation measures, the properties are inspected by an independent expert or testing body such as Dekra or TV prior to being handed over to the new owner, who can then be sure they are receiving their a home with excellent production standards and high quality of living.

From purchase to completion

Michael Grabscheit
The global financial situation and the euro-zone situation have changed so drastically that investors are increasingly looking to material assets such as property. And since there have been more properties available including historic and listed buildings, global and Asian investors have shown more of an interest. As the manager of the office-based sales team at SFG, I am the interface between the bank, the sales team and the customer, and always the first point of contact. My department deals with the internal coordination of sales documentation, preparation and execution of purchase contracts and support for these processes. To a certain extent, I am the buffer, as on one hand the sales process takes time, while on the other hand the customer and sales teams are in a hurry and lawyers and authorities are not renowned for their speed. With my extensive sales experience, there are a lot of things I can speed up and get moving quickly. It is also a good thing that I like to communicate, as transparency and openness can solve
Page 42 From purchase to completion

problems before the even become apparent. Even after the sale, when the project implementation phase is due to start, a constant presence is still required. We are gearing towards longevity, security and satisfaction in the service desert that is Germany.
Mr Michael Grabscheit Head of Office Sales Team at SFG

Page 43 From purchase to completion

Step 1 - The Purchase

Every single one of our purchases is based on a discovery. Our scouts are the first specialists in a long series, scouring Germany on behalf our of customers and scanning the ever-dwindling market in historic properties.

Our in-house sourcing department keeps an eye out for interesting historic buildings. We have a nationwide network
Page 44 Step 1 The purchase

of extension or conversion of the property is felt to be positive by all experts involved, we decide to offer our customers a property for purchase. As a rule, these are historic listed properties which normally have a premium central location, excellent facilities in the immediate vicinity and excellent transport connections. A qualified, transparent, expert analysis is carried out in advance to guarantee the buyer high levels of security and returns. The fact that the property has real flair and unmistakeable charm makes investing in a building of this kind all the more attractive.
Page 45 Step 1 The purchase

which can view potential properties and assess them in advance based on an internal checklist. During a sourcing meeting, criteria such as town planning, immediate social connections and infrastructure, purchase price and investment required and an architectural appraisal are all checked. The renovation cost must also be realistic relative to the subsequent price. If the existing building and the prospects

Axel Krechberger
We handle sourcing, i.e. the area dealing with property purchase and procurement, with sensitivity and expertise. A group of experts make a decision on committing to an investment property based on all relevant factors, including location analysis, regional micro and macro-economic data and comprehensive feasibility calculations. No properties are assessed on paper alone, they are viewed in conjunction with their immediate surroundings. I set particular store by thorough, objective expert reports which factor in all aspects of listed status and future developments in prices and rend. Our qualified scouts, extensive experience in the property sector and trusted cooperation with architects and planners guarantee a capable, sound basis for all our cooperation partners and all those involved.
Page 46 Step 1 The purchase Mr Axel Krechberger Sourcing | Dolphin Capital GmbH Page 47 Step 1 The purchase

The art of conversion

Page 48 The art of conversion Page 49

Converting historic buildings into charismatic buildings which have been lovingly restored requires in-depth knowledge of the market and its mechanisms. This means an investment in property can turn into a secure, sustainable revenue object which retains its value.

The art of conversion

Step 2 - The Planning

Comprehensive, solid project planning to guarantee smooth cooperation throughout the process provides the foundation for on-schedule completion and high levels of quality.

Even before planning permission is granted, all the relevant documents and dockets must be in place, with no exceptions. As well as the living area calculation, a description of the building and the technical reports from the various experts, this
Page 50 Step 2 The planning

get stuck into the project with real commitment. The architect then nominates an independent inspection engineer for the supporting framework to check the structural engineering calculations. Finally, the project can be implemented based on its execution documents. Old and new meet in historic buildings. This is why we set extraordinarily high standards in terms of care and thoroughness, even at the planning stage. Our partners have the same philosophy, so the results achieved easily surpass a new build in terms of historic character and quality of life.
Page 51 Step 2 The planning

also includes evidence of heat and sound protection, structural engineering calculations and the insulation to be used for windows and walls. Fire safety is also of crucial importance, especially in older or listed buildings. It must be certified by an independent expert who is qualified in accordance with the regional construction regulations. Once all the basics relating to the renovation are in place, technical implementation can begin, and, once planning permission is granted, we

Prof. Bernhard Kogel

In my work as an architect, you need highly specialist qualifications, very good experience and know-how in modern technical stock analysis tools for the difficult task of deciding on the preservation and restoration of a listed building and on economic viability. At an early stage of any project, it is a question of reconciling the need of investors and salesmen for quick action against meticulous consideration of the official quality aspects for listed buildings. Our architecture company archis has decades of expertise in this area in order to guarantee absolute seriousness even for fast-pace investments. I have an integrated understanding of service for all our partners. This is why we are involved at every step, from purchase onwards, to assess progress on the build based on regular reports and protocols and remain in constant contact with the site management. Thanks to our extensive experience, we are confident in dealing with listed buildings and building authorities. Cooperation with the Unternehmensgruppe fr deutsches Immobilieninvestment works well inasmuch as it is based on mutual trust and, of course, teamwork. We can rely completely on one another, and that is vitally important to me as we need to carry out lots of preliminary services even before
Page 52 Step 2 The planning

the purchase. I find it all the more pleasing when a building project manages to combine investor interests, current construction physics methods and the desire for modern, contemporary living while retaining the cultural status of a listed building.

Prof. Bernhard Kogel Prof. Dipl. Ing. | archis Architekten + Ingenieure GmbH - Planning and Build

Page 53 Step 2 The planning

Step 3 - The Build

From the shell through the interior fittings to the final approval, we accompany the execution of the build with full commitment and monitor all measures through the eyes of the investor and customer.
Prior to any work on the shell, the elements of the building which are to be preserved are subject to a thorough analysis. We discover the relevant structural engineering situation of a
Page 54 Step 3 The build

and removed so that the reconstruction can be carried out in compliance with a rebuilding of the historic building which is accurate in all details. When we plan the individual stages of the build, we ensure optimum interlinking of the workflows so that the end result is a perfectly restored property with real value and aesthetic appeal. While work on the shell begins on the external walls and basement, work goes on in the interior too. If necessary, ceilings are stabilised and new window and door openings fitted.
Page 55 Step 3 The build

property based on a construction physics laboratory test on tapholes into the exterior walls and ceilings. In order to achieve a good classification within a reconstruction loan corporation scheme, for example, with suitable attractive subsidies, we can then define outstanding insulation standards and efficient technical systems. At the same time, all the components of a renovation property which cannot be used are broken off

This requires a range of specialist skills from our experts in order to return a building, which may have been extended and converted over the years, to its original appearance. Timber protection measures and reinforcements are also carried out, the whole roof structure sometimes needs to be completely replaced or repaired by expert carpenters. Once a supporting structure inspection engineer has approved the shell on completion of these restoration steps, the electrical, heating and sanitation work can begin. A range of different crafts are finely coordinated and work on different tasks in parallel. Installers and heating engineers lay the basic
Page 56 Step 3 The build Pictures left During the renovation phase

lines throughout the property, extra lines for power and supply electronics are fitted to each residential unit and laid precisely and cleanly by professionals. Heating and ventilation are fitted in close cooperation with one another. Once the water supply lines and waste water lines have been prepared, sanitary fittings are installed in kitchens and bathrooms, with floors and walls finished at the same time by professional plasterers and tilers.

Page 57 Step 3 The build

Work nears its completion with the fitting of quality sanitation equipment and the fitting of doors, windows and stairs, plus the installation of partition walls and suspended ceilings and fitting of the attic with boarding and insulation by drywall builders. The process is controlled by a management team which plans the workflows on site, detects problems and faults at
Page 58 Step 3 The build

an early stage and implements constructive solutions quickly. We believe that the constant, direct contact on site is very important. Close cooperation with the individual trades and permanent coordination and inspection by us secure our customers an enormously high build quality and very low level of errors within a tight yet realistic timeframe.

Pictures right During the renovation phase

Page 59 Step 3 The build

Heiko Hummitzsch
Site management for listed renovation properties is a very multi-functional job. The requirements of clients, buyers and the general contractors used for a project must be coordinated, and I set very high standards. It requires careful analysis of the existing situation and definition of renovation work in close cooperation with listing authorities. I have a positive influence on production quality by using reliable local companies whose work I know and whose quality I am sure of. Constant inspections, including those based on the construction journal and the construction consultancy protocols, and constant on-site presence avoid errors even before they arise and solve problems as they occur. Before the build begins, the designs for structural engineering, fire safety, energy supply and heat and noise insulation must be in place so that both purchasers and general contractors have a sound basis for assessment. Complex renovation on stucco or timber work, for example, must be agreed with clients and authorities. Staying on the ball
Page 60 Step 3 The build

until the work is done guarantees that the costs are kept under control, deadlines are met and the final result is perfect, with an exclusive claim to be a quality historic property which will retain its value.
Mr Heiko Hummitzsch Foreman | Engineering Company

Page 61 Step 3 The build

Step 4 - The Building Approval

For a renovation project, building approval marks the end to a long process in which various experts have worked together to unearth a historical treasure. This provides the best prerequisites for long-term satisfaction for the investors, customers and tenants.

The finale to the whole building renovation project is building approval. The individual flats, the special property, are inspected by an independent expert. Shared areas such as basements, stairwells, faades, roof and outdoor areas are also subjected
Page 62 Step 4 Building approval

commitment by granting its seal of approval. This outlay on reports and the involvement of a range of experts and independent institutions serves just one purpose: that the new home provides a good focal point for the lives of its inhabitants for a long time and brings a great deal of joy to their lives. From our perspective, we promise high quality of living and excellent production standards within a historic atmosphere, we are also happy to provided continued support on, for example, management or arranging tenants. Quality control by TV SD
Pictures right Building approval in Gregor-Fuchs-Strae 19 | Leipzig Page 63 Step 4 Building approval

to the scrutiny of an official certified expert. The sanitation, heating, electrical and ventilation systems are also carefully inspected with respect to heat insulation, sound-proofing and fire safety. Finally, the energy efficiency is classified in an energy passport issued by a construction expert. Any problems are remedied, then the construction department can issue approval for use before the property is finally handed over to the owner. We are particularly pleased when the TV honours our

Pictures Building approval in Gregor-Fuchs-Strae 19 | Leipzig

Page 64 Step 4 Building approval

Page 65 Step 4 Building approval

Step 5 - Aftercare
A wonderful, historically representative home provides a great deal of joy. Perfect aftercare in the form of a well-oiled building management services that operates flawlessly to optimise satisfaction even further.

Our building and tenant management service monitor building progress even during the build. As well as the building and location plans which are available anyway, subsequent management of a building relies on insider knowledge of cable
Page 66 Step 5 Aftercare

all accounting and administrative issues. These include operating costs charges, maintenance measurement, drafting of tenancy contracts and new tenancy agreements. Tasks also include checking incoming rent payments, any collection measures necessary and monitoring the work of the caretaker. If a property-owner uses these services, he is relieved of all sorts of time-consuming and expensive activities as he can rely on our expert, committed service at all times. One more reason to be pleased about an investment in a historic building, even after purchase.
Page 67 Step 5 Aftercare

routes and equipment for the various utilities services. The company then takes on all the necessary work involved in managing the building. By appointing a caretaker, an emergency service, a winter service and technical support, all work required can be taken on quickly and effectively. The building and tenant management system ensures smooth advertisement for tenants, checks their credit-worthiness and helps on

Jrgen Birkenmaier
Once the purchase of a historic building is complete, the process of acquiring tenants can take place in parallel to the building work. Building and tenant management involves work up front as well as aftercare. We work in close conjunction with the sales department. We carry out meetings with the owners, are there for final acceptance and make sure the right tenants are selected. We are responsible for all services in the communal areas outside the flats, you could say we resolve problems before any consequences arise. Our interest is in making the project a success by means of constant communication. In line with the objectives of efficiency and economy, we ensure a capable caretaker presence and, where necessary, use cost-effective craftsman for repair work. Another area is accounts and building management, for example, billing for auxiliary costs. We also take care of building administration. We help draw up tenancy contracts and manage collections. We feel personal contact to owners and tenants is extraordinarily important in order to
Page 68 Step 5 Aftercare

ensure that all those involved are satisfied. So perfect service is the ultimate priority. Complete satisfaction can only be achieved if the aftercare after the completion of the actual build is personal, comprehensive and based on trust.
Mr Jrgen Birkenmaier property management KG - HV/MV

Page 69 Step 5 Aftercare

Success through expertise and experience

Outstanding, large-scale, complex restoration projects completed with sensitivity and quality keep investors, owners and tenants happy. And all those who were involved in the successful project are proud that their expertise they have contributed has been acknowledged.

Specialist knowledge and experience are the essential foundations of a level of planning which goes down to the finest
Page 70 Success through specialist knowledge and experience

smooth workflows and extraordinary accuracy to deadlines. This is why we select the specialists for specific implementation with care and consideration. Architects who are at the very top of their profession, engineers, construction physicists and craftsmen who are proven experts in construction materials, insulation, heating, electrics and sanitation - all service and customer-oriented to perfectly round off the team of people involved. Various different areas of work are coordinated, motivation and supervised by us, meaning that cooperation among offices, authorities and institutions such as TV, Dekra

and accredited experts can be processed professionally and in confidence.

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detail. Thanks to our team and its extensive practical experience and continuous training and development to the latest professional standards, we can overcome challenges of any size and complexity. It is important to us to guarantee happy working conditions and a real proximity to our clients. Seamless information flow and dynamic immediate problem-solving provide the basis for

From the beginning of a renovation project to its perfect conclusion and the subsequent aftercare and building management, we have a solid, established team of investors, planners and specialists. Any every new, successfully completed project is visible evidence of our expertise once again.

Success through specialist knowledge and experience

Our sites

Dolphin Capital GmbH In den Kolkwiesen 68

Page 72 Our sites

SFG Immobilien AG Eisenbahnstr. 15 70825 Korntal-Mnchingen Telefon +49 (0) 7150 20 95 80 Fax +49 (0) 7150 20 95 831 www.sfg.de

Dolphin Capital GmbH SFG Immobilien AG Abtnaundorfer Strae 51 04347 Leipzig Telefon +49 (0) 341 26 44 91 86 Fax +49 (0) 341 26 55 11 67 www.sfg.de

SDI Vertriebs GmbH Eisenbahnstr. 15 70825 Korntal-Mnchingen Telefon +49 (0) 7150 20 95 80 Fax +49 (0) 7150 20 95 831 www.sdiv.info

SDI Vertriebs GmbH Schorndorfer Strasse 42/1 71638 Ludwigsburg Telefon +49 (0) 7141 29 81 510 Fax +49 (0) 07141 29 81 519 www.sdiv.info
Page 73 Our sites

30851 Langenhagen - Hannover Tel +49 (0) 511 / 676 859 110 Fax +49 (0) 511 / 676 859 101 www.dolphin-capital.de

References
We utilise all our expertise to implement optimum, quality, carefully restored renovation properties for our customers. See from the following pages how successful we have been for many years.

Page 74 References

Reference property Lindenthaler Str. 53 | Leipzig

Page 75 References

Reference property Lindenthaler Str. 53 | Leipzig

Page 76 References

Page 77 References

Reference property left Romarktstrae 27 | Leipzig

Page 78 References

Reference property Lindenthaler Str. 53 | Leipzig

Page 79 References

Reference property left Villa Winsor | Neustadt am Rbenberge

Reference property Wittenbergerstrae 58 | Leipzig

Page 80 References

Page 81 References

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realized by archis Buhlsche Mhle | Ettlingen

Page 83 References

Page 84 References

Reference property Lutherplatz (left) | Bruchsal Heidelsheim Sophienstrae 178 (right) | Karlsruhe

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Legal information
Publisher and responsible for content

Dolphin Capital GmbH In den Kolkwiesen 68 30851 Langenhagen - Hannover Tel +49 (0) 511 / 676 859 110 Fax +49 (0) 511 / 676 859 101 www.dolphin-capital.de

SFG Immobilien AG Eisenbahnstr. 15 70825 Korntal-Mnchingen Telefon +49 (0) 7150 20 95 80 Fax +49 (0) 7150 20 95 831 www.sfg.de . info@sfg.de

Design, Layout Raum Visionen, Hameln

Page 86 Legal information

www.raumvisionen.de Images Page 9 - Tolle Aussichten - misterQM - photocase.com Page 12 - Frauenkirche dermerkur - Fotolia.com | Fernsehturm Dsseldorf Igor Tarasov - Fotolia.com | Brandenburger Tor RelaxFoto.de - iStockphoto.com Page 16 - Man planting Euro coins in soil Dan Brownsword - gettyimages.de Page 19 - Angelwall - Violess - photocase.com Page 52 - Dachausbau khorixas - Fotolia.com | Glasfenster khorixas - Fotolia.com | Elektriker Niko - Fotolia.com

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Group for german real estate investment