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Recent significant fund-raising and portfolio expansion by Noratis confirm the company’s ambition to benefit from favourable macro factors and the clear opportunity to develop real estate in non-core German cities. This follows a “very successful” 2017, with sales up by over 50% and adjusted PBT more than doubled, driven by the disposals of newly-enhanced (optimised) property blocks. Reinvestment was no less effective; the continued ability to buy at attractive yields led to a 25% increase in the asset base (c €100m). Positive 2018 guidance increases the prospect of a rise in an already generous dividend (7.3% yield 2018e).

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