Noratis, a specialised asset developer, acquiring residential rental income-producing assets in secondary locations with optimisation potential, revealed today it has purchased 132 residential units in Frankfurt and Steinfurt, North Rhine-Westphalia, Germany.
The property in Frankfurt consists of 21 apartments and 4 commercial units. Its total lettable area is c. 2k sqm and the occupancy level stands at 93%. The transfer of benefits and obligations is scheduled for August 2019.
In Steinfurt, Noratis acquired a portfolio of 111 residential units with a lettable area of c. 6.2k sqm. The properties are fully let and all benefits and obligations resulting from the acquisition will take place in September 2019.
Flaminia zu Salm-Salm, Head of Acquisitions at Noratis AG, explained that ‘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’.