+49 (0)69 – 170 77 68-20 info@noratis.de

Noratis – Invests in housing

Focused business strategy on the development of existing residential property

Noratis AG is an owner-managed developer of residential property portfolios.
We invest in residential properties with technical and commercial development potential in Germany, mainly in small and medium-sized towns or on the outskirts of metropolitan areas.
Our properties, preferably housing estates, employee housing and quarters, are sustainably upgraded and repositioned through value-enhancing development measures regarding both the buildings and a professional asset management.
After successful development, the properties are either sold or remain in the portfolio. Sales are carried out using the following strategies:

  • Block sales: sales of individual multi-family houses and/or house lines up to entire portfolios
  • Retail sales: sales of individual apartments to tenants, owner-occupiers or investors

Noratis Group’s strategy is aimed at the sustainable growth of the residential property portfolio with stable cash flows.

Key figures

Figures (German GAAP) 2014 2015 2016 2017
Total revenue (EUR millions) 16.7 23.8 44.6 68.0
EBIT (EUR millions) 2.5 3.8 9.9 15.2*
EBT (EUR millions) 1.2 1.5 6.0 12.2**
Total assets (EUR millions) 49.0 92.7 87.5 127.8
Residential units sold 98 249 593 587
Residential units on stock 791 1,465 1,008 1.194

* before IPO-costs EUR 16.7
** before IPO-costs EUR 13.7

Covering all core functions along the value chain with our own employees

All core tasks along the value chain, from acquisition, development and asset management to sales, are carried out by internal specialists (architects, draftsmen, business economists, real estate buyers, engineers, lawyers, etc.).

Property management is assumed by external service providers who are managed by Noratis’ asset management because local know-how and presence are indispensable from Noratis’ point of view. Development measures are also carried out by external service partners. The technical team at Noratis plans and implements these measures.

We have long-standing contacts and successful track records in working together with our business partners.

Investment cycle

ACQUISITION

ACQUISITION

  • Apartments in locations with stable demographic development
  • Strict acquisition criteria for asset and the micro location
  • Acquisition yield: usually 7-11%
  • Wide, established network

DEVELOPMENT

DEVELOPMENT

  • Sustainable enhancement of property values
  • Improvement of rental management
  • Improvement of the occupancy rate
  • Optimisation of rental return

LEASE/SALE

LEASE/SALE

  • Portfolio holding: long-term management and development of property
  • Block sales: sales of multi-family houses or portfolios to investors
  • Retail sales: sales of individual apartments

Specialisation in an attractive segment of the residential property sector

With our business model, we occupy an attractive niche between classic portfolio holders and property developers.

Through ongoing rental income, which generally covers operating and capital costs from day one, our company has the stability of a portfolio holder.

Development measures, on the other hand, have a positive effect on the return without exposure to the development risks of a new building.

Risk-return profile

Not a property developer

Noratis does not carry a property development risk, but invests in existing properties that generate surpluses from day one after capital and operating costs.

Attractive risk-return profile

Noratis generates higher returns compared to portfolio holders and has significantly lower risks compared to property developers.

Our identity is the foundation of sustainable success

Sustainability

Sustainability is an important topic for Noratis. We feel obliged to secure our investments and to maintain business relations with all stakeholders. At the same time, Noratis contributes to the preservation of affordable housing with every project and provides a significant environmental contribution since modernisation is much more resource-conserving than demolition and new construction.

Trust

We attach great importance to a trusting relationship with our investors, partners and customers. Our performance is characterised by high reliability, competence and appreciation.

Responsibility

As a high-performance investor, we assume responsibility for the interest groups we do business with as well as for our employees. Even after successful project sales, we always feel obliged to our partners and customers.

Fairness and transparency

We are committed to fairness and transparency in all our business activities. The social commitment to our tenants is particularly important to us.

Multi-stakeholder approach

In principle, Noratis pursues a multi-stakeholder approach for all projects, with the aim of satisfying all stakeholders equally. This approach is the basis for our long-term success and the prerequisite for binding our tenants, buyers/investors as well as service providers to the company. This means significantly increasing the quality of the housing for tenants and offering investors attractive property with good substance and a sustainable return on investment.

Management and Supervisory Board with proven industry expertise

Management Board and Supervisory Board have proven expertise and many years of experience in the construction, reals estate and financial sector, particularly in the residential market segment.

Management

Igor Bugarski

Igor Christian Bugarski

Civil engineer/CEO

  • At Noratis since 2011, responsible for acquisition, development, sales and legal
  • Extensive work experience in the area of real estate/corporate development (e.g. CBRE and DeTeImmobilien)
  • Acquisition and sales of over 4,000 residential and commercial properties (e.g. Opera Tower in Frankfurt)
  • Studied Civil Engineering at the Technical University of Darmstadt
André Speth

André Speth

Master in Business Administration/CFO

  • At Noratis since 2015, responsible for financing, controlling, investor relations and IT
  • Extensive work experience in the area of real estate investment banking (e.g. Morgan Stanley and Deutsche Bank)
  • Execution of numerous M&A-/capital market transactions (e.g. IPO of LEG)
  • Studied Business Administration at the European Business School in Oestrich-Winkel

Supervisory Board

Jens Bräutigam

Dr Florian Stetter

Chairman of Supervisory Board

  • Founder and CEO of RockHedge AG
  • Former managing director and CFO of DeTeImmobilien and Strabag PFS as well as in various positions of top management consultancies (i.e. McKinsey and OC&C)
  • Member of the supervisory boards of Deutsche Wohnen AG and Calcon AG
  • Studied Management and Law in Vienna and Oxford; holds a PhD in Management of the University of Vienna
Hendrik von Paepcke

Hendrik von Paepcke

Vice Chairman of Supervisory Board

  • Managing director and co-founder of APOprojekt GmbH, responsible for finance, marketing and sales
  • Developed APOprojekt into a leading service provider for the commercial tenant fit-out
  • Many years of work experience at Deutsche Telekom Immobilien und Service GmbH, most recently as Head of Marketing of Sales
  • Studied Business Administration at the University of Hamburg
Oliver C. Smits

Christof Scholl

Member of Supervisory Board

  • Since 2007 Partner at NAI apollo advising national and international investors regarding German investments
  • Many years of work experience at Dr. Lübke GmbH, i.e. as Head of Research & Consulting and Head of International Business, as well as at Deutsche Bank, responsible for private and commercial real estate financing
  • Studied Real Estate and Economics at the European Business School

Get to know us

We want to continue down our successful path with our long-standing business partners and service providers, a large number of satisfied tenants, investors and our team.