The boss of German developer ACI Real Estate has told investors that getting their cash back is 'not an option'.

In an interview with Arabian Business managing director Robin Lohmann defended his development funds in which investors put €50m.

Although the first fund has healthy returns, funds 2-5 were due to return profits in March this year. Lohmann has faced stern criticism in the German media, after investors who put up to millions of euros into his funds did not receive payments earlier this year.

But Lohmann said: 'Money back is not an option as this point of time, the money has been invested in the land, which is fully paid, the money has been spend in the development, which is normal, the contractor and suppliers are not working for free, also not for a branded tower. '