FMS Wertmanagement AöR operates as a winding-up institution for the nationalized Hypo Real Estate Holding AG in Germany. It operates in four segments: Commercial Real Estate, Infrastructure, Public Sector, and Structured Products. The company manages public-sector securities, and structured products and infrastructure financing, and offers real estate loans, as well as exposures that must be restructured or require workout activities. It also refinances on money and capital markets through repos, short-term, and unsecured borrowings, and issues bonds and promissory notes with medium and long-term maturities.