Noratis - Resumed sales activity drives H121 results

Noratis’s earnings increased materially in H121 on resumed sales activity, with c €50m revenue from asset disposals in H121 versus c €6m in H120. The growth follows a weak FY20, affected by the decision to postpone major property sales beyond FY20 and focus on portfolio growth after Merz became its anchor shareholder in March 2020. Portfolio expansion continued in H121, reflected in visibly higher rental revenue versus H120. Noratis reaffirmed its FY21 guidance for sizeable year-on-year growth in EBIT and PBT. In August 2021, it issued a €10m corporate bond, which it will use as quasi-equity to finance new property acquisitions in H221.