Peach Property Group AG acquires Primogon AG; Renzo Fagetti appointed Managing Director for Switzerland
- Acquisition of Swiss development service provider Primogon AG effective retroactively to 1 January 2013
- Expansion of consultancy business to reinforce market position
- Access to additional attractive projects
- Expansion of Peach Property Group management
Zurich, 10 April 2013 – Peach Property Group AG, a leading developer of top-quality residential properties in the German-speaking region of Europe, is expanding its business providing development services to outside clients through the acquisition of the development service provider Primogon AG.
This is an important step in further strengthening Peach Property Group’s market position and offering significant value-added to institutional clients in Switzerland by providing a full range of services. In addition, the executive management of Peach Property Group in Switzerland is being reinforced and operational responsibilities in project implementation reorganised.
Peach Property Group is acquiring 100 per cent of the shares of Swiss development service provider Primogon AG effective retroactively to 1 January 2013. The Zurich-based company was established in 2001 and offers a full range of property development services, including identifying market potential, market analysis, providing development project solutions, sales and marketing, and building contractor representation. This enables clients to sustainably increase the value of properties and land that is unused or not used to their full potential and develop them into attractive investment properties. Primogon’s clients include top institutional property investors as well as land and property owners. In recent times the company has developed large-scale projects for Swiss investors with total investments of approximately CHF 720 million in the past five years alone. Similar to Peach Property Group, it focuses on the residential market.
By acquiring Primogon AG, Peach Property Group AG aims to expand its range of development services and obtain access to additional attractive projects. Going forward, Primogon AG and its expert team of three proven specialists will operate under the „Primogon – Member of the Peach Property Group“ brand. Both parties agreed not to disclose the purchase price.
The company is reinforcing its management team in the wake of this acquisition to promote the growth and expansion plans of Peach Property Group. From 1 May 2013, the founder and main shareholder to date of Primogon AG, Renzo Fagetti (57), will be responsible for all of Peach Property Group AG’s project development, implementation and property management activities in Switzerland. Fagetti has many years of experience in property development and also possesses excellent knowledge of the market and a broad network of contacts. Among other positions, he was employed by ABB Immobilien AG for ten years and, as Managing Director and member of the Board of Directors, he was tasked with managing and developing ABB’s property portfolio in Switzerland. He managed two of the largest urban development projects in Switzerland at the time, namely Baden-Nord and Zentrum Zurich-Nord. Under his leadership, ABB Immobilien AG developed and sold property investments worth a total of CHF 4 billion.
According to Dr. Thomas Wolfensberger, CEO of Peach Property Group, „The acquisition of Primogon AG opens up further growth potential for Peach Property Group in Switzerland. We were also able to bring Renzo Fagetti, a very experienced Swiss property expert and capable leader, on board our executive management, bolster our services for the long term, and provide our clients with a more comprehensive range of services.“
Photo Renzo Fagetti:
https://www.peachproperty.com/wp-content/uploads/2013/04/Renzo-Fagetti.jpg
Contacts:
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer
Bruno Birrer, Chief Operating Officer
+41 44 485 50 00 | investors@peachproperty.com
Media Germany
Edicto GmbH, Axel Mühlhaus
+49 (0) 69 90 55 05 52 | amuehlhaus@edicto.de
About Peach Property Group
Peach Property Group AG is a leading developer in the field of top-quality residential property in the German-speaking region of Europe. Its activities cover the entire prime property development value chain, from site evaluation to project planning, implementation and marketing. Peach Property Group focuses on city and holiday residences in exceptional locations and featuring the highest-quality fittings for a discerning clientele. The company’s integrated corporate strategy encompasses not only the development of high-quality residential properties, but also the management of investment properties for the purpose of generating consistent annual operating income.
Peach Property Group AG is headquartered in Zurich and also has a branch office in Cologne. The company is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366).
Visit www.peachproperty.com for more information.