Kernrechtsfrage
Whether pre-renovation planning costs charged by the fund management could be included as value-added investment costs under Art. 14 VMWG.
Extrahierter Entscheid
They could not be included because they were routine management and decision-preparation work, not value-creating investment.
Extrahierte Begründung
The court held that deciding whether and how to renovate is ordinary asset management aimed at preservation and possible yield optimization; it does not itself create added value, even if it eventually leads to renovation.