Acquisition of an additional portfolio in Bochum – number of apartments lifted to almost 7,000 units
Acquisition of 172 residential units in Bochum in form of share deal
> Total residential letting space increases to around 445,300 square meters
> Annual target rental income increases by around CHF 1 million to CHF 34 million
> Transaction expected to close in 2017
Peach Property Group, an investor specialising in the management of residential property has notarized a purchase agreement for the acquisition of a German real estate company. As a result Peach Property Group has acquired a portfolio with 172 residential units in Bochum. The acquisition leads to an increase in Peach Property Group’s residential portfolio to 6,944 units comprising of a residential letting space of 445,280 square meters. The final acquisition this year also means that the number of apartments and the residential space in the real estate company has more than doubled since the beginning of the year. As a result of the transaction annual target rental income has increased by CHF 1 million to CHF 34 million. The transaction is scheduled to close before year end 2017.
The new residential units are located at four locations in Bochum and are in excellent building condition, which is also reflected in the attractive re-rental prices. The portfolio is 98.3 percent (and thus almost fully) let, and also includes two commercial units and 53 parking places. The current rent amounts to around CHF 1 million at present (EUR 0.85 million).
Dr. Thomas Wolfensberger, Peach Property Group’s CEO, commented: “We recently acquired a residential portfolio in Bochum and Hamm, and have now increased our holdings in this region to 438 units in just a brief period. This enlarged portfolio size results in an attractive potential to create value, by reinforcing our presence on the dynamic real estate market in Bochum, coupled with an efficient management. Overall, we are progressing very well on our journey to further expand of our real estate portfolio. In the second half of 2017 alone, we increased our portfolio by almost 2,700 units to close 7,000 units while continuing to keep a firm eye on our medium-term target of 9.000 units.”
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Dr. Thomas Wolfensberger, Chief Executive Officer und Dr. Marcel Kucher, Chief Financial Officer
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About Peach Property Group AG
Peach Property Group is a property investor and developer focused on investments in Germany and Switzerland. The Group stands for long time experience, competence and quality. Innovative solutions for modern housing needs, strong partnerships and a wide value chain complete the profile of the Group. The portfolio consists of an increasing number of high yield investment properties, typically in B-cities in close reach to metropolitan areas. In addition, the Group develops properties for its own portfolio or for the sale as condominium. Developments for sale focus on A-locations and encompass attractive architecture and high level furnishing for an international clientele. The business activities of the Group cover the entire value chain, from property acquisition and site selection to active asset management and finally to the sale or lease of properties.
Peach Property Group AG is headquartered in Zurich and has its German Group headquarters in Cologne. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer and Dr. Christian De Prati.
For more information, see http://peachproperty.com