Eschborn, June 26, 2019 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, „Noratis“), a leading real estate company focussing on the development of existing residential property, has acquired a total of 132 apartments and four commercial units in Frankfurt am Main and Steinfurt, North Rhine-Westphalia. These acquisitions are a part of the dynamic growth course of Noratis AG.
In downtown Frankfurt am Main, the company has acquired a residential and commercial building with 21 apartments and four commercially used spaces. The transfer of benefits and obligations is scheduled to take place in August 2019. The building constructed in 1965 has a total lettable area of around 2,030 m². The property has currently an occupancy level of 93 %.
In Steinfurt the acquired portfolio includes 111 residential units with a lettable area of around 6,220 m². The properties are currently fully let. Due to targeted asset management measures, existing development potentials are to be leveraged. The district capital Steinfurt has around 34,000 inhabitants and is located in the catchment area of Münster. The transfer of benefits and obligations of the buildings constructed between 1952 and 1992 is scheduled to take place in September 2019.
Flaminia zu Salm-Salm, Head of Acquisitions at Noratis AG: „We have found interesting properties at the two locations, which meet our acquisition criteria and for which we can still leverage potentials. As planned, we continue to extend our real estate portfolio.”
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.