Noratis Promissory Notes

Opportunity to invest in Noratis 3 year 5.25% EUR Promissory Notes

About Company

A leading portfolio developer of affordable residential properties in Germany, listed on Frankfurt Stock Exchange since 2017, with market cap of EUR 81m.

Noratis business model is based on combination of regular rental income from its property portfolio, covering its recurring cost base, and additional upside from real estate development.

Highly experienced and committed management team with a successful track record.

In March 2020 Noratis attracted a new strong strategic shareholder – Merz Group, a privately held German company with global presence, operating primarily in healthcare industry. Its 2019 revenue reached EUR 1.1bn.

Merz Group has committed to invest up to EUR 50m additional equity in Noratis by the end of 2024. 

With additional financial support from its strategic shareholder, Noratis has decided to temporarily focus on portfolio expansion, by limiting property sales. These measures will potentially create a more stable revenue flow in the future, while allowing the company to use market opportunities presented by Covid-19.

Term Sheet


Noratis AG


Real Estate development


Private placement

Security type


Issue size

EUR 5’000’000

Interest rate


Payment frequency



100% of the Nominal value


3 years (bullet)

Call Option

After 1Y @100%, with 1 month notice

Nominal value

EUR 100 000

Minimum subscription

EUR 100 000


Interest coverage ratio at least 1.50x

Capitalization ratio at least 15%

Use of proceeds

Real estate portfolio expansion


Signet Bank AS

Additional information

Noratis Promissory Notes
Key Information Document