Acquisitions in North Rhine-Westphalia boost portfolio to just over 8,600 units – target rent rises to CHF 45.5 m p.a.
=> Purchase agreement signed for residential portfolio comprising 221 apartments with 95.5% occupancy rate in the Rhine-Ruhr metropolitan region; transaction expected to be closed at the beginning of January 2019
=> Total residential portfolio increases to approx. 8,600 units with lettable space of 560,000 m2
=> Closing completed for all other acquisitions made in 2018
=> Company confirms medium-term target to grow overall stock to 11,000 apartments and reviews purchase of further residential portfolios
Peach Property Group, an investor specialising in the management of residential property in Germany, today announced the notarisation of an agreement for the acquisition of a portfolio comprising 221 residential units in Marl in the German state of North Rhine-Westphalia. The apartments are in good condition and currently exhibit an occupancy rate of 95.5 percent. They are located not far from the portfolios already held by Peach Property Group in the Rhine-Ruhr area, which allows administrative synergies to be achieved. The transaction is expected to be completed at the start of January 2019, lifting the total number of units in the Peach Group’s residential portfolio to over 8,600 units with lettable space of 560,000 square metres. The annual target rent will increase by 2.9 percent to CHF 45.5 million.
In addition to this new acquisition, Peach Property also completed all previous property acquisitions as of the beginning of December. These include around 1,100 apartments in Heidenheim near Ulm and just under 400 units in North Rhine-Westphalia and Lower Saxony.
Dr. Thomas Wolfensberger, CEO of Peach Property Group, comments: “We are delighted to be able to further strengthen and consolidate our portfolio in North Rhine-Westphalia with this acquisition in Marl and that we have also managed to fully integrate all the portfolios acquired in 2018. This puts us in an excellent position to grow our residential portfolio to 11,000 units in the medium term. Additional acquisitions are reviewed on an ongoing basis.”
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Dr. Thomas Wolfensberger, Chief Executive Officer and 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, Dr. Christian De Prati and Kurt Hardt.
For more information, see http://peachproperty.com