Eschborn, February 12, 2020 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, “Noratis”), a leading real estate company focussing on the development of existing residential properties in Germany, has made its first purchase in 2020 and hence recorded a successful start of the year. In Emden the company has acquired a real estate portfolio with 79 residential units, spread over 15 apartment buildings. The properties were built in 1953 and have a total rental space of 3,777 m². The closing is scheduled for the first quarter 2020.
The city of Emden is a university location and shows a stable population development with over 50,000 inhabitants. The apartments are all located in the district of Herrentor, an attractive residential site which is connected to downtown Emden by public transportation.
The properties are to be comprehensively upgraded during the coming years. The planned value-adding investments include modernisation measures in HVAC, facades and common areas as well as the refurbishing of vacant apartments. This way the attractiveness of the properties is to be increased and the existing vacancies are to be continuously reduced.
Flaminia zu Salm-Salm, Head of Transaction Management at Noratis AG: “I am very pleased that we were able to develop a new real estate location for Noratis already at the beginning of 2020. Emden is an attractive town where we can also imagine to acquire further properties. Together with the technical potential of the property, the portfolio is an excellent match for our existing real property portfolio.”