Acquisition of 200 apartments in Kaiserslautern brings investment portfolio to around 8,800 units
=> Purchase agreement signed for a further 200 apartments in Kaiserslautern
=> Peach Property Group’s residential portfolio in Kaiserslautern increases to a good 1,300 units
=> New apartments are in very good condition with 95.5 percent occupancy rate
=> Peach Property Group’s annual target rental income up to around CHF 46.5 million p.a. as a result of the transaction
Peach Property Group, an investor specialising in the management of residential property in Germany, has notarised the purchase agreement for 200 apartments in Kaiserslautern. The transaction will be closed with economic effect as of 1 January 2019. The acquisition brings the total number of residential units owned by Peach Property Group in Kaiserslautern to a good 1,300 and the Group’s total residential portfolio to around 8,800 units. Around 99 percent of the Group’s portfolio is located in Germany. Peach Property Group’s annual target rental income is up by 2.4 percent to a total of CHF 46.5 million p.a. as a result of the transaction.
The new apartments in the centre of Kaiserslautern are in very good condition and have an occupancy rate of 95.5 percent. Nearly all facades of the buildings, most of which were built between the end of the so-called Gründerzeit and the 1950s, have already been renovated and a good two thirds of the apartments have been refurbished in recent years. The apartments are all located in the immediate vicinity of the buildings already held by Peach Property Group in Kaiserslautern.
Dr. Thomas Wolfensberger, Peach Property Group’s CEO, commented: “We are very pleased that we have reached a substantial portfolio size in Kaiserslautern and can leverage further synergies through effective administration. The new purchase in Kaiserslautern means that we can now offer our tenants a wide range of apartments – from medium to high quality and in various city locations. We have taken another step towards our medium-term goal of 11,000 units.”
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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