The challenge of this project is to extend ESG ratings from portfolios with liquid assets to illiquid assets. In the case of illiquid assets such as real estate the assets can't easily be replaced and a dynamic adjustment strategy is required. To this end, we intend to develop benchmarks with which real estate can be evaluated with regard to the fulfillment of ESG criteria.Within the ERREP project we intend to expand the ESG rating methodology of Conser AG to real estate. This will make it applicable to direct investment, real estate funds and RE-focused asset managers. For this we intend to combine static and dynamic models of real estate ESG rating, with the process being based on modeling and simulation. This would allow Consors' ESG rating methodology to be extended to multi-asset class portfolios. Overall, we demonstrate how to combine static with dynamic ESG rating approaches in relation to real estate and show how multi-asset class ESG rating approaches can be designed.