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
DR HENNING SCHRÖER
Chairman of Supervisory Board
Head of Family Office and Managing
Director of Real Estate at Merz
Since 2021 Chairman of the
Supervisory Board of Noratis AG
Many years of work experience in
legal division at Deutsche Bank
Studied Law and Business at
the Universities of Bochum
and Lausanne
DR FLORIAN STETTER
Vice Chairman of Supervisory Board
Founder and CEO of the
RockHedge Group
Since 2018 Member of the Supervisory
Board of Noratis AG; Member of the
Supervisory Boards of Deutsche Wohnen
AG, C+P Immobilien AG and InelliWay
Former Managing Director and CFO of
DeTeImmobilien and Strabag PFS;
formerly active in various positions of
top management consultancies (e.g.
McKinsey, OC&C and Oliver Wyman)
Studied Management and Law
in Vienna and England
HENDRIK VON PAEPCKE
Member of Supervisory Board
Managing Director and co-founder of
APOprojekt GmbH, responsible for
finance, marketing and sales
Foundation of APOprojekt in 2007, develop-
ment of the company into a leading service
provider for commercial tenant fit-out
Many years of work experience at Deutsche
Telekom Immobilien & Service GmbH,
most recently as Head of Marketing
& Sales
Studied Business Administration at
the University of Hamburg
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 from Monday to Friday from 10:00 to 12:00 and Wednesday from 13:00 to 15:00 (+49 (0)6196 780 7130).