The Frankfurt am Main Court of Appeal determined in its decision on 21 June 2017 (17 U 160/16) that a recommendation for an investment in closed-end real estate funds to a charitable foundation, which is subject to the obligation of capital preservation pursuant to its articles of association, was not a violation of the duty to provide investor-oriented advice as the investment in such a fund does not violate the charitable foundation's obligation of capital preservation as a matter of principle.