Based on the property analysis, Noratis put together an extensive renovation plan, which was then presented to the city. The measures included, for example, upgrading the surrounding area and successively renovating vacant apartments. Existing tenants were able to remain in their apartments and experience how their quality of life improved. The external impression also changed significantly. Facades, basements, and the top floor ceilings were insulated with the aim being to increase the sustainability of the building and reduce ancillary costs. Existing balconies were repaired or apartments with no balconies now had one added. In addition, a lighter color concept reinforced the building’s new feel-good image.

Success did not take long. The location became significantly more attractive and therefore attracted new tenants, resulting in an increase in rental income. This also made the properties more interesting to other property investors. Around 2.5 years later, Noratis sold the 80 residential units to the asset manager Fundamenta at the beginning of 2019. “As an international asset manager, we are constantly looking for attractive properties. Real estate without any renovation backlog, without social tensions. Simply put, solid properties that work and generate regular income for our investors, ”says Christian Paul, Chairman of the Board of Directors of Fundamenta Group Germany, explaining the goal of his company. “We have enjoyed good experiences with Noratis properties in the past. And the sustainable overall concept also convinced us this to be the case with the portfolio in Trier.”

With the block sale, Noratis realized a developer return for an extremely successful real estate project. A win for Noratis, but also a win for the tenants and for the city of Trier. Completely in line with the multi-stakeholder approach of Noratis, which is geared towards long-term sustainability.