Eschborn, July 30, 2019 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, „Noratis“), a leading real estate company focussing on the development of existing residential property, has purchased another 65 residential units in Celle. As a result, the company’s overall portfolio in the city in Lower Saxony expands to 303 units. The transaction is to be closed at the beginning of the 4th quarter 2019.
The property built in 1972 has a total residential floor area of 3,745 m² as well as 11 parking spac-es. It benefits from a central location with good traffic connections in the Southern Celle district Neuenhäusen. The local population increased by just over 2.7 percent during the past five years, supporting an ongoing high demand for residential space.
Noratis intends to develop the property, which is currently let up to around 95 percent, both tech-nically and structurally, in line with its corporate strategy during the coming quarters to leverage the existing value potentials.
Flaminia zu Salm-Salm, Head of Acquisitions at Noratis AG: “The acquisition in Celle perfectly fits into our investment profile. The property is characterised by a coherent overall package, including robust building fabric, good lettability, appreciation potential and attractive purchasing criteria. Through this acquisition, we enlarge our portfolio in the region, resulting in additional synergy effects.”
The transaction was accompanied by BNP Paribas Real Estate on the seller side.