DGAP-News: Noratis AG / Key word(s): Disposal/Real Estate
Noratis AG sells property in Frankfurt am Main
Eschborn, 16 May 2019 - Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, "Noratis"), a leading real estate company focussing on residential investment properties in Germany, has recorded another successful sale. A total of 60 units with a rentable area of around 4,855 m² in a popular residential area in Frankfurt have now been sold following value-enhancing asset management activities. It has been agreed not to disclose the purchase price.
Noratis added the building to its portfolio in July 2017 in order to increase the potential of the apartments in the property. During the holding period, several empty apartments were completely renovated and a building permit was obtained for an extension of the building and the addition of balconies. The now successfully sold, mixed-use building was constructed in 1962 and has 59 apartments, a discount store with bakery and 31 underground parking spaces. The deal is scheduled to be closed at the end of June 2019.
The property is the last in the Noratis "Gloria" sales portfolio, which Noratis successfully marketed together with the real estate consultant CBRE.
Igor Christian Bugarski, CEO of Noratis: "After a holding period of just under two years, we successfully sold this property as planned. We are still enjoying excellent on-track growth. We intend to continue investing the proceeds from the sale in expanding of our real estate portfolio."
Noratis AG (www.noratis.de) is a leading real estate company focussing on residential investment properties in Germany. The business model is based on the high supply of existing apartments with development needs in all market phases due to the ongoing ageing of the market, thus meeting consistently robust demand for affordable living space. Noratis acquires apartments with development potential throughout Germany, mostly company apartments, neighbourhoods or housing estates in cities with more than 10,000 inhabitants and in peripheral areas of conurbations. Noratis' expertise in acquiring portfolios with value potential and its comprehensive development competence thus form the basis for a high-growth, profitable corporate development. The business model is characterised by the combination of current, stable rental income with attractive developer returns from continuous sales proceeds. Noratis' success is based on the consideration of the interests of all stakeholders, from investors, employees and financing partners to tenants.
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16.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|EQS News ID:||811823|
|End of News||DGAP News Service|
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