Publication according to Article 17 of German MAR
Eschborn, 02 October 2018, 12:58 CET/CEST – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, “Noratis”) has been able to recruit Dr Florian Stetter (54) to serve on its Supervisory Board. Subsequently, the existing Chairman of the Supervisory Board Oliver C. Smits informed the Management Board of Noratis AG today that he will retire at the end of October and resign as a member of the Supervisory Board so that Dr Stetter has the possibility to become Chairman of the Supervisory Board of Noratis AG. The Management Board thanks Oliver C. Smits for his valuable work in the development of Noratis AG over the past years. The resignation of Oliver C. Smits takes place in the best possible mutual agreement. The Management Board of Noratis AG has applied to the local court Frankfurt am Main for the appointment of Dr Stetter by the court. Dr Stetter is a seasoned real estate expert and, amongst other things, a member of the supervisory board of Deutsche Wohnen SE.
Mr Smits has commented on his resignation as follows: “Noratis has developed during the past years into a residential property company with an excellent positioning on the German real estate market. The IPO in 2017 has opened up a new chapter for the company. I am pleased that with Dr Stetter a real estate expert has been secured for the Supervisory Board who will provide new impulsions for Noratis AG as a result of his expert knowledge and his network. I have, therefore, decided to resign as Chairman of the Supervisory Board but will continue to be closely associated with Noratis AG as a shareholder. I wish Dr Stetter, the Management Board and the employees of Noratis ongoing success.”
Igor Christian Bugarski, CEO of Noratis: “I would like to thank Mr Smits also on behalf of my Management Board colleague André Speth for his many years of extraordinary commitment to Noratis. During the coming years Noratis is to grow in all areas and move into a new dimension. Mr Speth and I are pleased and proud to with Dr Stetter welcome a renowned personality to the Supervisory Board who will boost this growth from the level of the Supervisory Board.”
Noratis AG (www.noratis.de) is a leading portfolio developer of residential properties in Germany. The company creates and preserves attractive and at the same time affordable living space for tenants, owner-occupiers and investors. Noratis acquires ageing residential portfolios throughout Germany, mostly company-owned apartments, residential areas or housing estates in cities with more than 10,000 inhabitants and in peripheral areas of conurbations. Noratis upgrades these residential properties sustainably, reduces the vacancy rate and creates a positive living climate for all residents. After a successful development, the properties are sold in the medium term as a portfolio to investors and/or individually to existing tenants, capital investors and owner-occupiers. A guarantee for the companies’ success and a profitable corporate development is the aspiration to create a shared value across all development steps for all stakeholders: from investors, employees and financing partners to current and future tenants. Noratis AG has been listed on the Frankfurt Stock Exchange since June 2017.