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Noratis AG
Regulatory Filings • Sep 21, 2017
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Corporate | 21 September 2017 14:31
Noratis AG acquires property portfolio comprising 354 apartments in Northern Germany
DGAP-News: Noratis AG / Key word(s): Real Estate
21.09.2017 / 14:31
The issuer is solely responsible for the content of this announcement.
Noratis AG acquires property portfolio comprising 354 apartments in Northern Germany
Eschborn, 21 September 2017 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, “Noratis”) today announced that it has signed a notarised agreement for the acquisition of a property portfolio comprising 354 apartments in the Hamburg metropolitan region. The multi-family houses are located in Ratzeburg and Mölln near Lübeck; they were built between 1953 and 1984. The total rental space amounts to around 20,600 square metres, the current rent totals EUR 1.2 million, and the vacancy rate is around 6 percent.
Following its active asset management approach, Noratis AG plans to enhance the value of the portfolio and reduce its vacancy rate. Almost all of the properties are located on owned land, with just 18 apartments being situated on land subject to a heritable building right.
Igor Christian Bugarski, CEO of Noratis, explains the acquisition: “After the recently announced portfolio sale in Dormagen, we can now follow this up with an exciting portfolio acquisition that reflects our proven acquisition profile. This is a further building block for the continued dynamic development of Noratis AG.”
Noratis AG ( www.noratis.de ), located in Eschborn near Frankfurt, is a dynamically growing portfolio developer of residential real estate. The company purchases properties with development potential across Germany, mostly employee dwellings and housing estates built from the 1950s to 1970s in cities with more than 10,000 inhabitants or on the outskirts of conurbations. After acquisition, Noratis significantly enhances the value of the properties and subsequently sells them in block sales or individually as condominiums. This strategy enables Noratis to conserve and offer affordable housing for tenants with medium and small incomes. Since 2014 alone, Noratis has successfully completed 15 projects comprising more than 1,500 residential units. The company generated revenues of EUR 44.6 million in fiscal year 2016 and has grown at an annual average of 63% since 2014.
Investor relations contact:
edicto GmbH
Axel Mühlhaus/ Dr. Sönke Knop
Eschersheimer Landstrasse 42
60322 Frankfurt
Phone: +49 69 905505-52
E-mail: [email protected]
21.09.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | Noratis AG |
| Hauptstraße 129 | |
| 65760 Eschborn | |
| Germany | |
| Phone: | +49 (0) 69 / 170 77 68 20 |
| E-mail: | [email protected] |
| Internet: | www.noratis.de |
| ISIN: | DE000A2E4MK4 |
| WKN: | A2E4MK |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Open Market (Scale) in Frankfurt |
| End of News | DGAP News Service |