Peach Property Group AG to take over further real estate projects from Vivacon AG and to take over the development team of Vivacon AG
Zurich/Cologne, 22 September 2009 – Peach Property Group AG, one of Europe’s leading developers of luxury residential property, is to take over two further exclusive projects, „Hamburg – Harvestehuder Weg 36“ and „Yoo Berlin – am Zirkus“, from Vivacon AG. At the same time, Peach Property Group AG is to boost its expertise in the development of luxury residential property by taking over a team of 16 employees from the development department of Vivacon AG and is appointing Rahman Rahmanzadeh as the Group’s new Chief Construction Officer. These moves will ensure uninterrupted supervision of existing and new projects by Peach Property Group AG.
Following the acquisition in July of two first-class properties from Vivacon AG in Berlin-Mitte and Düsseldorf, Peach Property Group AG is now also to acquire the „Hamburg – Harvestehuder Weg 36“ and „Yoo Berlin – am Zirkus“ projects from Vivacon AG. Both parties have agreed not to disclose the purchase prices of the two projects. The project „Hamburg – Harvestehuder Weg 36“ involves the construction of 63 luxury owner-occupied apartments at a highly exclusive location very close to Hamburg’s Outer Alster Lake and comprises a project investment volume of around CHF 110 million (EUR 72 million). The project „Yoo Berlin – am Zirkus“ comprises 86 luxury owner-occupied apartments covering a total living area of around 13,300 m². It also includes three commercial spaces, and the project investment volume amounts to around CHF 120 million (EUR 79 million).
Reinforcing expertise in real estate development
Peach Property Group AG is reinforcing its expertise in the area of development via its acquisition of a team of 16 employees from the development department of Vivacon AG. This will ensure uninterrupted supervision of all development projects by Peach Property Group AG. In addition, the Group has also appointed qualified engineer Rahman Rahmanzadeh as its new Chief Construction Officer. Mr Rahmanzadeh is renowned for his expertise in the development of complex real estate projects and has gained extensive experience in large-scale projects in Germany and Switzerland in particular.
Dr. Thomas Wolfensberger, CEO and board member of Peach Property Group AG, has commented that:
„By enhancing the quality of our development team we will be continuing to reinforce the necessary expertise for our expansion at top locations in the German market and ensuring the optimal supervision of all existing projects.“
In preparation for entry into the German market, Peach Property Group (Deutschland) GmbH was founded in 2009 as a wholly owned subsidiary of Peach Property Group AG (Zurich) with headquarters in Cologne.
„Hamburg – Harvestehuder Weg 36“
With the flagship Hamburg-based project „Harvestehuder Weg 36“, Peach Property Group AG will be taking over a property with outstanding development potential. The property is situated in a top location just a few metres from Hamburg’s Outer Alster Lake. This large-scale project involves the construction of 5 four-storey buildings with a total of 63 luxury owner-occupied apartments. Completion of the property is scheduled for mid-2012.
„Yoo Berlin – am Zirkus“
„Yoo Berlin – am Zirkus“ is a property in an absolutely first-class location right on the river Spree and in the immediate vicinity of Berthold-Brecht-Platz and other cultural centres of Germany’s capital city. Yoo Berlin „am Zirkus“ is to be erected under licence from „Yoo“- luxury apartments by Philippe Starck, with Peach Property Group AG having secured the exclusive licence for the entire German-speaking region. A total of 86 luxury owner-occupied apartments covering a total living area of around 13,300 m² will be built. Given the central location, 3 commercial spaces are also planned. Completion of the property is scheduled for 2011. The total investment volume of „Yoo Berlin – am Zirkus“ amounts to around CHF 120 million (EUR 79 million).
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