We are a leading portfolio developer of residential properties in Germany. We identify and realize potentials for tenants, owner-occupiers & investors, thereby creating and preserving attractive and at the same time affordable living space throughout Germany.
We specialize in upgrading ageing residential portfolios, mostly company-owned apartments, residential areas or housing estates in cities with more than 10,000 inhabitants and in peripheral areas of conurbations. We tap both technical and commercial development potentials through extensive and proactive asset management.
After a successful development, the properties remain in our portfolio or are sold in the medium term to investors and/or individually to existing tenants, capital investors and owner-occupiers.
In this way, we create a noticeable and sustainable added value for all stakeholders: from investors, employees and financing partners to current and future tenants. Noratis AG is listed on the Frankfurt Stock Exchange.
Noratis – Developing Residential Real Estate
FOCUSED BUSINESS MODEL WITH AN ATTRACTIVE RISK-RETURN PROFILE
Our business model combines the high supply of residential real estate in need of attention with the ever-rising demand for both, attractive and affordable living space.
Generally, we acquire real estate that, already from the beginning, generate rental surplus. The business model thus combines the advantages of a real estate developer with those of an asset manager. Recurring rental income secure an ongoing cash-flow whereas significant profits are being realized when selling the upgraded properties.
All core tasks along the value chain, from acquisition, development and asset management to sales, are carried out by around 50 Noratis-employees. Property Management is assumed by external service providers. Development measures are carried out mostly by service partners.

IGOR CHRISTIAN BUGARSKI
CEO | Civil Engineer
Major shareholder of Noratis since 2011, responsible for acquisition, development,
sales, legal and HR
Extensive work experience in the area of real estate / corporate development (e.g. CBRE and DeTeImmobilien)
Acquisition and sales of over 8,000 residential and commercial properties (e.g. Opera Tower in Frankfurt)
Studied Civil Engineering
at the Technical
University of
Darmstadt
»We create and preserve attractive and affordable living space«
Igor Christian Bugarski, CEO of Noratis AG
ANDRÉ SPETH
CFO | Master in Business Administration
Part of Noratis since 2015, responsible for finance, 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 capital
market transactions (e.g. IPO of LEG)
Studied Business Administration at the European Business
School in
Oestrich-Winkel
JOACHIM VON BREDOW
Chairman of Supervisory Board
Managing Director of Merz Immobilien Management GmbH
Since 2023 Chairman of the
Supervisory Board of Noratis AG
Many years of work experience at DIC Asset AG as Head of Fund & Portfolio Management and as Managing Director at
DIC Onsite GmbH
Studied Banking and
Real Estate Economics
at the EBS University
of Economics and Law
HANS-JÖRG BERGLER
Vice Chairman of Supervisory Board
COO of the Merz Group
Since 2023 Vice Chairman of the Supervisory Board of Noratis AG
Joined Merz in 2007 as Head of Corporate Development,
since 2014 responsible for
HR, Communications and
Corporate Development
Over 20 years of
experience in strategic
corporate planning
and M&A in Germany
and the US
Studied Business
Studies at the
University of Munich
DR HENNING SCHRÖER
Member of Supervisory Board
Managing Director of fidubonum GmbH & Co. KG
Many years of activity as
Head of the Family Office
and managing director of
the real estate companies
of the Merz family and
in the legal department
of Deutsche Bank
Studied Law and
Business at the
Universities of
Bochum and
Lausanne
CHRISTOF SCHOLL
Member of Supervisory Board
Partner at NAI apollo advising
(inter-)national investors (since 2007)
Former Head of Research & Consulting as well as of International Business at Dr Lübke GmbH
Many years of work experience at Deutsche Bank, responsible for private and commercial real estate financing
Studied Real Estate and Economics at the
European Business
School

MICHAEL NICK
Member of Supervisory Board
Managing Partner at Merz Holding GmbH & Co. KG (since 2012)
Various executive roles at Merz
(since 1998)
Many years of work experience at Merck (M&A) and Arthur D. Little
Studied Business in
Frankfurt and
Rotterdam
CONTACT
We look forward to your suggestions, questions and criticism. Please use our contact form.
Noratis AG
Hauptstraße 129
65760 Eschborn
Germany
T +49 (0)69 170 77 68 20
F +49 (0)69 170 77 68 24
You can reach us by telephone from Monday to Thursday from 9:00 to 12:00 and from 14:00 to 17:00 and on Friday from 9:00 to 12:00 and from 14:00 to 15:00.
Our Property Accounting is available (+49 (0)6196 780 7130):
Tuesday: 12:00 to 14:00
Wednesday: 15:30 to 17:30
Thursday: 14:00 to 16:00