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New five-member Board of Directors proposed – Michael Zahn to become new chairman of the Board of Directors


11.04.2024

Ad hoc announcement pursuant to Art. to 53 LR

The current Board of Directors of Peach Property Group AG («Peach Property Group»), a real estate investor with an investment focus on rental apartments in Germany, proposes the election of a new Board of Directors at the Annual General Meeting on May 14, 2024. The existing Board of Directors with Klaus Schmitz (interim chairman since November 2023), Peter Bodmer and Dr. Christian de Prati will not stand for re-election.

The new chairman of the Board of Directors and thus Chairman of the Board is to become Michael Zahn, former CEO of Deutsche Wohnen Gruppe. As further members of the new Board of Directors the current members propose Annette Benner (GT Restructuring), John Ruane (Ares Management), Beat Frischknecht (Ahead Wealth Solutions AG) and Cyrill Schneuwly (until 2023 Intershop Holding AG).

Michael Zahn was appointed to the Management Board of Deutsche Wohnen SE in 2007 and appointed CEO one year later. Under his leadership, Deutsche Wohnen expanded its portfolio from around 50’000 to around 160’000 units. He left the company after its takeover by the residential real estate group Vonovia at the end of 2021. Today, Michael Zahn works for Hystake Investment Partners, a platform that advises on corporate, investment and ESG strategies in the real estate sector, assists with transactions, restructurings and refinancing and supports the realignment of portfolios and financing structures. Michael Zahn was, among other things, chairman of the Supervisory Board of TLG IMMOBILIEN AG and GSW Immobilien AG.

Annette Benner is a lawyer and partner with GT Restructuring, the restructuring unit of the global law firm Greenberg Traurig in Germany. She develops innovative solutions for the legal and economic restructuring and repositioning of real estate portfolios for creditors and investors in difficult situations. Prior to that, she was Managing Director, Head of Transactions and Loan Investments at the real estate investment company RFR. From 2006 to 2018, Annette Benner was part of the European Senior Management and Deputy General Counsel (Europe) at Situs (formerly Hatfield Philips and LNR) and played a leading role as a specialist for non-performing loans (NPL) and commercial mortgage-backed securities (CMBS).

John Ruane currently serves as Partner and Co-Head of European Real Estate at Ares Management. He is also a member of the Ares Real Estate Global and Debt Investment Committees. Ares Real Estate manages public, private, equity and debt strategies with approximately USD 50 billion of assets under management. Prior to joining Ares, he was partner at AREA Property Partners and worked in the Investment Banking division of Morgan Stanley. He also serves as Chairman of Murapol Group, a Polish residential developer listed on the Warsaw stock exchange.

Beat Frischknecht is chairman of the Board of Directors of Ahead Wealth Solutions AG (Liechtenstein), in which he holds 65 percent of the shares. Among other things, he launched the large investment vehicle PRETIUM Funds Sicav with the PRETIUM Swiss Real Estate sub-fund. He owns all shares in the real estate management company PRETIUM AG, which was founded in 2014. Already since 1992, the trained businessman has built up various group companies in the real estate and fund sector. Amongst others, he served as CEO and chairman of the Board of Directors of the Swiss BFW-Group. He listed BFW Liegenschaften AG on the SIX Swiss Exchange in 2007 before it was transferred to private ownership in 2020.

Cyrill Schneuwly was CEO of Intershop Holding AG from 2008 to 2023. At Switzerland’s oldest listed real estate company, he built up an above-average yielding real estate portfolio. Over the past 15 years, it has achieved an average return on equity of more than 10 percent p.a. Schneuwly is involved in the University of Zurich Foundation and in the Investment Committee of the Investment Foundation for Real Estate Investments Abroad (AFIAA). In previous years, the qualified businessman was, among others, member of the Investment Committee of the Corestate Capital Group.

Klaus Schmitz, executive Chairman of the Board of Directors of Peach Property Group, commented: “We are delighted to be able to propose such high-caliber candidates for the new Board of Directors to our shareholders. We are confident that they will successfully guide Peach Property Group AG over the next few years in exploiting the potential in the growth market for affordable housing in Germany. At the same time, the company will continue to work hard to achieve its ambitious goals for greater sustainability in its real estate portfolio.”

Contacts:

Media, investors and analysts

Klaus Schmitz, Chairman
Vanessa da Cruz, Head of Investor Relations & ESG
+41 44 485 50 31 | investors@peachproperty.com

Media Germany

Feldhoff & Cie
Anke Sostmann, Executive Director
+49 159 04028505 | as@feldhoff-cie.de

About Peach Property Group AG

Peach Property Group is a real estate investor with an investment focus on residential real estate in Germany. The Group stands for many years of experience, competence, and quality. Innovative solutions that cater to tenants’ needs, strong partnerships, and a broad value chain round off the profile while digitalization and sustainability underpin the operational activities. The portfolio consists of high-yielding properties, typically in German Tier II cities in the commuter belt of metropolitan areas. The activities, therefore, span the entire value chain, from location evaluation and acquisition to active asset management and the letting or sale of properties.

In addition, Peach Property Group develops selected properties in Switzerland to be sold as condominiums, of which the “Peninsula Wädenswil” development project is the last such development project.

Peach Property Group AG has its registered office in Zurich and operational headquarters in Cologne. Peach Property Group AG is listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Klaus Schmitz (Executive Chairman), Dr. Christian De Prati and Peter Bodmer.

More information at https://peachproperty.com