Eschborn, 26 May 2021 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, „Noratis“) has sold its real estate portfolio in Neu-Isenburg, Rhine-Main Region, with a total of 185 residential units and a rental area of around 11,600 m². The portfolio has been bought by the Wiesbaden-based d.i.i. Group. Both parties have agreed not to disclose the purchase price.
The properties are located close to downtown Neu-Isenburg and in the district of Gravenbruch. They have been extensively upgraded during the past years. For the 150 residential units close to the city centre, the façade was refurbished and many building services were renewed, elevators were renovated and fire protection was comprehensively enhanced, amongst other measures. For the 35 residential units located in the Gravenbruch district, Noratis upgraded the façade, repaired the roof and likewise enhanced the fire protection, amongst other measures. In addition, the com-pany refurbished vacant apartments in all properties and returned them to the rental market.
As a portfolio developer, selling technically and commercially upgraded properties is a central part of Noratis’ business model. During the past year Noratis deliberately abstained from larger property sales for the benefit of a more rapid extension of the property stock. Despite higher sales activities, the company intends to maintain this growth course in 2021 as well.
Flaminia zu Salm-Salm, Head of Transaction Management at Noratis AG: “The Rhine-Main Region is our domestic market. We are pleased that we have been able to successfully sell the properties in Neu-Isenburg after having extensively upgraded them. This represents an important step towards meeting our 2021 sales target. We intend to invest the inflow of funds in the further expansion of our portfolio throughout Germany.”