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DGAP-News: Noratis AG / Key word(s): Real Estate
Noratis AG sells real estate portfolio of 185 units in Neu-Isenburg to the d.i.i. Group
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 company 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."
Noratis AG (www.noratis.de) is a leading portfolio developer of residential properties in Germany. The company identifies and realizes potentials for tenants, owner-occupiers & investors, thereby creating and preserving attractive and at the same time affordable living space throughout Germany. Noratis specializes in the upgrading of ageing residential portfolios, mostly company-owned apartments, residential areas or housing estates in cities with more than 10,000 inhabitants and in peripheral areas of conurbations. After a successful development, the properties remain in the company's portfolio or are sold in the medium term to investors and/or individually to existing tenants, capital investors and owner-occupiers. In this way, Noratis creates a noticeable and sustainable added value for all stakeholders: from investors, employees and financing partners to current and future tenants. Noratis AG is listed on the Frankfurt Stock Exchange.
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26.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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