Fundamenta fund buys Noratis apartments
The German Noratis AG has sold 221 residential units in Dormagen (Cologne-Düsseldorf region) to an institutional fund designed by the Swiss Fundamenta Group.
The purchase agreement with the FG Wohninvest Deutschland S.C.S SICAV-SIF fund was signed at the end of September. The houses are part of the "Am Rath" residential park in Dormagen and have 151 garages and 56 parking spaces. The purchase price is in the lower double-digit million euro range.
The portfolio now being sold is part of a real estate package of 755 units that Noratis acquired in the fall of 2015. Following the acquisition two years ago, the company, which has been listed in the Scale Segment of the Frankfurt Stock Exchange since the end of June 2017, carried out extensive renovation and modernization work, according to its own information. Of the original package, around 60 apartments currently remain, which are to be sold in the course of individual privatisations.
"Noratis AG has sustainably developed the acquired real estate portfolio. This acquisition will enable us to successively further expand the quality of the FG Wohninvest Deutschland portfolio over the long term," says Christian Paul, CEO of Fundamenta Group Deutschland AG. Various further acquisitions in Germany are in the pipeline.
