Noratis - Portfolio expansion continues
The significant decline in the H120 results reflects Noratis’s decision, announced earlier this year, to postpone major asset sales beyond 2020. Its focus this year is instead on building up the portfolio, which it hopes will provide longer-term earnings sustainability. Portfolio expansion will be supported by €5m equity provided by the company’s new core shareholder Merz Real Estate in May 2020. Noratis plans to raise a further €16.9m for portfolio growth in a public capital increase, announced in August 2020.
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