Why invest in Peach Property Group?
Excellent further growth potential in the attractive German real estate market with focus on Tier II cities.
Experienced team with a proven transaction track record.
Activities across the entire value chain from evaluating locations through to acquisitions and also active asset management and property sales or lettings.
Tenant focus and use of distinctive market and location expertise.
High IT orientation with complete cloud environment for efficient processes.
Share
Statement June 30, 2024
- Industry: Real Estate
- ISIN / WKN: CH0118530366 / A1C8PJ
- Stock Martet Symbol: PEAN (Bloomberg und Reuters)
- Share Type: Registered shares
- Number of shares: 22 729 450 (of which 780 treasury shares)
- Share capital: CHF 22 729 450
- Initial listing: 12. November 2010
- Market segment: SIX Swiss Exchange
The following shareholders hold three percent or more of all issued shares of Peach Property Group AG as at 31 Dezember 2023:
The information is based on notified shareholdings according to SIX Exchange Regulation (https://www.ser-ag.com/en/resources/notifications-market-participants/significant-shareholders.html?issuedBy=PEACHP&dateFrom=20210719#/) and the entries in our share register.
H21 Macro Limited,
Cayman Islands
LBBW Asset Management Investmentgesellschaft mbH ², Germany
BayernInvest Kapitalverwaltungsgesellschaft mbH ³, Germany
¹ Ares European Real Estate Fund V (managed by Ares Management UK Ltd), held through Peak Investment S.à.r.l.
² The investment is held in the three special funds LBBW AM-WWH, LBBW AM-WSG and LBBW-IAW. The management, and independent exercise of voting rights (if exercisable), are both carried out by the capital management company LBBW Asset Management Investmentgesellschaft mbH.
³ The investment is held in BayernInvest HIG-Fonds, a special AIF. The management and independent exercise of voting rights are both carried out by BayernInvest Kapitalverwaltungsgesellschaft mbH.
Key Figures
*Excluding lost income due to collection risk
Creditor Relations
Bond Facts
Convertible bond (Swiss standalone prospectus) with nominal amount of CHF 50 million
(with the possibility to increase up to CHF 65’000’000).
11853036 / CH0118530366 (Shares)
Prospectus, dated 21 March 2023: Download
Supplement to prospectus, dated 11 April 2023: Download
Bond facts
Corporate Bond (144A/Reg S) with a nominal amount of EUR 300 Mio.
Bond facts
Perpetual Hybrid Warrant Bond of CHF 50 Million with an option to increase to CHF 100 Million.
Corporate Governance
The organisation, management and control principles of the Peach Property Group follow the principles of the “Swiss Code of Best Practice” and the guidelines of the Swiss stock exchange SIX. The central Corporate Governance elements are outlined in statutes and regulations. In addition, the Peach Property Group AG provides an annual account of Corporate Governance in its year-end report.
- Peach Property Group reports transactions of Peach shares conducted by members of the Executive Management and the Board of Directors to the SIX Swiss Exchange.
- Management transactions of the Peach Property Group can be found on the website of the SIX Swiss Exchange:
- To display the information, please select “Peach Property Group AG” in the search field “Issuer”.
Glossar
We took all outstanding warrants into account when calculating diluted earnings per share. There are further dilutive effects due to the hybrid convertible, hybrid warrant and mandatory convertible bonds issued.
Represents the shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax.
Annualized rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with estimated purchasers’ costs.
Assumes that entities never sell assets and aims to represent the value required to rebuild the entity.
Assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax.
This measure incorporates an adjustment to the EPRA NIY with respect to the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).
Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.
We calculate Funds From Operations (FFO I and II) on hybrid equity, based on operating cash flows and results including interest. Funds From Operations II includes realised results from the sale of investment properties.
The gross return corresponds to the target rental income from letting less lost income due to vacancies in rela- tion to the average value of the portfolio.
Hybrid capital comprises financing instruments with no repayment obligation. The obligation to pay interest arises for the hybrid warrant and hybrid convertible bond only if dividends are distributed to shareholders for the corresponding period. Interest payments are reported in equity as “distributions” to hybrid equity investors. Transaction costs are presented as a deduction from hybrid bonds. In the event of repayment or conversion, we reclassify the (pro rata) costs to retained earnings.
The option right is reported under “Other reserves“. When the options are exercised, they are reclassified on a pro-rata basis to hybrid capital.
The mandatory convertible bond includes financial instruments with a fixed defined conversion date and price in registered shares of Peach. The interest to be paid is charged to the consolidated statement of income.
Our investment properties are residential and commercial properties that we either construct ourselves or acquire and which are held to earn long-term rental income and achieve capital appreciation and which we do not use ourselves. Investment properties also include properties that we develop or convert with the goal of renting them out later.
The market value of our investment properties is determined semi-annually by the external property appraiser Wüest Partner using the “highest and best use” concept based on the discounted cash flow method (DCF method). With this method, all expected future net income is discounted to its present value. Net income is discounted individually for each contiguous property cluster in line with market conditions and on a risk-adjusted basis, commensurate with the respective local and structural opportunities and risks.
The performance of the properties depends on various factors such as the local real estate market (rents, vacancies), changes in the capital markets (discount rate), management (renewal of rental income, vacancies, operating and maintenance costs) and value-enhancing investments (higher rental income, positive impact on vacancies).
The key input factors and assumptions used by Wüest Partner are reviewed by our Investment Management team and the CFO and discussed in detail with the independent appraiser.
The net return corresponds to the target rental income from letting less lost income due to vacancies, administrative and maintenance costs in relation to the average value of the portfolio.
We calculate operating results I and II (Funds from Operation – FFO I and II) based on operating cash flows and results including interest on hybrid capital. FFO II includes the result from the disposal of investment properties.
Investment properties are initially measured at cost, including directly attributable transaction costs. Subsequent measurement is at market value; value adjustments are recognized through profit or loss.
The vacancy rate corresponds to the number of vacant residential units at the end of the reporting year in rela- tion to the total residential units.
Services and contact
Investor Relations
E-Mail: investors@peachproperty.com
Peach Property Group AG
Neptunstrasse 96
8032 Zurich
Switzerland
Share register
Please contact our share register directly regarding the registration of your shares and changes of name or address.
Computershare Schweiz AG
Peach Property Group AG
Postfach
4601 Olten
E-Mail: share.register@computershare.ch
Tel.: +41 62 205 77 00
Fax: +41 62 205 77 90
Christoph Kattenfeld
Head of Acquisitions- Christoph Kattenfeld is responsible for the Peach Group’s acquisition activities.
- He has more than 15 years of experience in corporate finance and real estate, including:
- Director of Investments / Head of Acquisitions with Round Hill Capital / Vitus Gruppe
- Deputy Head of M&A and Executive Director Portfolio Financing with Deutsche Annington
- Christoph Kattenfeld holds an MBA from Wharton School of Business and studied business administration at Vienna University.
Marc Sesterhenn
Managing Director of german Asset companies & Head of Asset & Property Management- Marc Sesterhenn is the managing director of the German asset companies and is responsible for asset and property management.
- He has more than 11 years of experience, including:
- Financial control and commercial project development with LEG/Goldmann Sachs (Whitehall Funds)
- Head of Key Account with Bilfinger Real Estate / Apleona
- Marc Sesterhenn studied Real Estate Asset Management (IREBS) in Kloster-Eberbach and graduated as a real estate economist (EBZ) in Bochum.
Susanne Hünermann
Head of Legal Germany- Susanne Hünermann is responsible for legal affairs for the Group’s companies in Germany.
- Se has more than 18 years of experience in real estate law, including:
- as an attorney with the firm of corporate attorney HeukingKühnLüerWojtek, Cologne.
- Corporate attorney for the group law department with Zurich Group Germany.
- Susanne Hünermann studied legal sciences at the University of Cologne and graduated as a specialist attorney for rental law and residential property ownership law.
Dr. Andreas Steinbauer
Head of Letting & Sales- Dr. Andreas Steinbauer is responsible for the Peach Group’s marketing activities.
- He has more than 15 years of experience, including:
- in end-to-end real estate development
- He was previously responsible for the entire portfolio of luxury project developments with Orco Property Group.
- He holds a doctorate in international real estate markets from the University of Kingston.
Gerald Klinck
CEO- Gerald Klinck is the CEO of Peach Property Group AG
- He has more than 25 years of experience in the real estate industry, including:
- Membership of the Executive Board of Deutsche Wohnen Group
- Board member at Vonovia
- CFO and Co-CEO at TLG Immobilien
- CEO and CFO of Cureus GmbH
- In addition to his role as CEO at Peach Property Group, he also takes over the responsibilities of the CFO
Marcus Schmitt
COO- Marcus Schmitt is the COO of Peach Property Group AG
- He has more than 25 years of experience in the real estate industry, including:
- Focus on managing large portfolios
- Most recently, he held the position of Regional Division Manager at Vonovia, overseeing assets of more than EUR 4 billion
- Marcus Schmitt has a degree in business administration from the University of Passau
Michael Zahn
Chairman of the Board- Michael Zahn has been Chairman of the Board of Directors of Peach Property Group since May 2024
- He has over 15 years of management experience in the real estate sector
- He is Managing Partner at Hystake Investment Partners, a platform that advises on corporate, investment and ESG strategies in the real estate sector
- Michael Zahn was Chairman of the Management Board of Deutsche Wohnen SE
- Since 2020, he has been the Deputy Chairman of the Supervisory Board of Branicks Group AG, since 2022 the Chairman of the Advisory Board of Weisenburger Bau + Verwaltungs GmbH, and since 2022 a member of the Board of Directors of Cofinimmo.
Beat Frischknecht
Member of the Board- Beat Frischknecht has been a member of Peach Property Group AG’s Board of Directors since May 2024
- He is chairman of the Board of Directors of Ahead Wealth Solutions AG (Liechtenstein)
- 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
Cyrill Schneuwly
Member of the Board- Cyrill Schneuwly has been a member of Peach Property Group AG’s Board of Directors since May 2024
- He was CEO of Intershop Holding AG from 2008 to 2023
- Cyrill 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 and CPA was, among others, member of the Investment Committee of the Corestate Capital Group
Urs Meister
Member of the Board- Urs Meister has been a member of the PeachProperty Group Board of Directors since September 27, 2024
- He serves as a member of the Board of Directors of CAT Holding AG
- Since 2023, he has been a member of the Board of Trustees of the Etzel Retirement Center, responsible for finance
- Urs Meister worked for Salomon Brothers, JP Morgan and was a founding partner of the RMF Group. He then spent many years as a portfolio manager with a core competence in fixed income at Swiss Life Asset Management and Suva, among others
- · He holds a degree in economics from the University of St. Gallen, is a Certified European Financial Analyst and, since 2022, has been a certified member of the ZfU Board of Directors.
Eric Assimakopoulos
Member of the Board- Eric Assimakopoulos has been a member of Peach Property Group AG’s Board of Directors since 27.09.2024
- He has over 30 years of experience in the real estate industry
- Founder of the Gnome Group, MetroNexus and Revetas Group, holding key roles such as Chairman, CEO and member of the Investment Committee at MetroNexus and Revetas Group
- He serves as board member at Keystone Holdings, Promotorio, and BTS and has previously held board positions at other companies.
- Eric is actively involved in philanthropic work through Revetas Charitable Adventures, supporting Veterans and underprivileged children through sports and adventure experiences