- Successful listing and inclusion of shares in the Scale segment
- Use of gross proceeds of 17.25 million Euro to be used to realise growth opportunities for residential properties with development potential on the outskirts of urban areas
Eschborn, June 30, 2017 – Noratis AG, a dynamically growing portfolio developer of residential real estate (“Noratis”), has successfully completed its IPO, becoming the second IPO in the newly founded Scale segment. As of today, the shares of Noratis (ISIN: DE000A2E4MK4, WKN: A2E4MK) are being traded in the Frankfurt Stock Exchange Open Market. Trading started on the level of the placement price (18.75 Euro). CEO Igor Christian Bugarski and CFO André Speth rang the bell on the trading floor for the first price.
“After this strategically crucial step for our company, we now need to focus on our operational business. With the proceeds from the IPO we want to continue our growth over the past few years by successively expanding our real estate portfolio and benefiting from increased financial flexibility regarding acquisition opportunities. At the same time, we are planning to distribute about half of the annual net income to our shareholders. As a strongly growing company with a high payout ratio we want to enrich the universe of listed stocks,” explains André Speth.
Igor Christian Bugarski adds, “We continue to see great market and growth potential. Our focus is on properties with development potential, mostly housing estates, employee housing and quarters of the 1950s to the 1970s. There are around 18 million residential units built in these decades. We regularly identify structural and/or commercial value enhancement potentials in these assets. This can be years of maintenance backlog or a high vacancy rate. We address these issues with our development measures. In this way, Noratis preserves and creates housing with an attractive price/performance ratio for medium and small incomes.”
The supporting issuing bank is ICF BANK AG as Sole Global Coordinator and Sole Bookrunner.
Noratis AG (www.noratis.de) is a dynamically growing portfolio developer of residential real estate located in Eschborn near Frankfurt. The company purchases properties with development potential across Germany, mostly housing estates, employee housing and quarters from the 1950s to 1970s in cities with more than 10,000 inhabitants or on the outskirts of urban areas. After acquisition, Noratis performs an intensive value enhancement of the properties and subsequently sells them in block sales or individually as condominiums. Thereby Noratis offers housing with an attractive price/performance ratio for tenants with medium and small incomes. Since only 2014, Noratis has successfully completed 14 projects with more than 1,300 residential units. The company generated revenues of 44.6 million Euro in fiscal year 2016 and has grown at an annual average of 63 percent since 2014.
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