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Peach Property Group AG –
one of the most attractive platforms
in the German housing market for investors

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.


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Stock Profile

Annual Statement 2023

  • Industry: Real Estate
  • ISIN / WKN: CH0118530366 / A1C8PJ
  • Stock Martet Symbol: PEAN (Bloomberg und Reuters)
  • Share Type: Registered shares
  • Number of shares: 20 740 198 (of which 780 treasury shares)
  • Share capital: CHF 20 740 198
  • Initial listing: 12. November 2010
  • Market segment: SIX Swiss Exchange
Stock Fundamentals
as of 31. December
2023
2022
2021
2020
2019
2018
2017
Share capital in CHF
20 740 918
506 471 190
16 882 373
12 494 751
6 601 474
5 487 627
5 443 388
Number of issured shares
20 740 918
16 871 190
16 882 373
12 494 751
6 601 474
5 487 627
5 443 388
Nominal value of each registered share in CHF
1.00
30.00
1.00
1.00
1.00
1.00
1.00
Analyst Coverage
Published
Institute
Analyst
Rating
Target Price (CHF)
17.04.2024
Warburg Research
Philipp Kaiser
Buy
12.00
10.04.2024
Research Partners
Markus Kramer
Buy
15.00
05.02.2024
Kepler Cheuvreux
Ferran Tort Barniol
Hold
14.00
Information on shareholders 31. Dezember 2023

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.

Shareholders
Number of shares
% of all shares
Ares Management Corporation, USA, through: Peak Investment S.à.r.l, Luxembourg ¹
6 207 868
29.93
Franciscus Zweegers, Monaco, through: Arquus Capital N.V., Belgium, and LFH Corporation S.A., Luxembourg, the Netherlands
1 701 550
8.21
Rainer-Marc Frey, Switzerland, through:
H21 Macro Limited,
Cayman Islands
1 300 876
6.27
Kreissparkasse Biberach, Deutschland, through:
LBBW Asset Management Investmentgesellschaft mbH ², Germany
BayernInvest Kapitalverwaltungsgesellschaft mbH ³, Germany
916 909
4.42
Beat Frischknecht, Switzerland, through:
BFW Group AG, Switzerland
800 000
3.86
Other
9 813 715
47.32
Total shares issued
20 740 918
100.00

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


Income statement and Balance sheet key figures
31.12.2023
31.12.2022
31.12.2021
Rental income
EUR 120.8m
EUR 116.5m
EUR 100.4m
Adj. EBITDA
EUR 66.1m
EUR 59.3m
EUR 52.0m
Result after tax
EUR -193.91m
EUR -15.0m
EUR 186.1m
Diluted FFO I per share
EUR 1.11
EUR 1.14
EUR 0.67
FFO I
EUR 22.8m
EUR 19.2m
EUR 10.2m
Total Assets
EUR 2 579m
EUR 2 798m
EUR 2 696.3m
Total Equity
EUR 982m
EUR 1 107.8m
CHF 1 081.3m
Equity ratio
38.1 %
39.6 %
40.1 %
LTV
57.5 %
54.7 %
51.9 %
Number of employees
228
233
194
Portfolio key figures
31.12.2023
31.12.2022
31.12.2021
Number of units
27 500
27 549
27 441
Lettable area
1 783 343 sqm
1 784 029 sqm
1 773 980 sqm
Markt value portfolio
EUR 2 408.5m
EUR 2 602.8m
EUR 2 541.4m
Vacancy in %
7.4 %
6.9 %
8.0 %
l-f-l rental growth*
*Excluding lost income due to collection risk
4.2%
5.1 %
4.0 %
EPRA Net Reinstatement Value (NRV) per share
EUR 55.18
EUR 75.68
EUR 77.02
EPRA Net Tangible Assets (NTA) per share
EUR 43.37
EUR 64.88
EUR 66.40
EPRA Net Disposal Value (NDV) per share
EUR 38.43
EUR 54.98
EUR 59.81
EPRA Eearnings per share
EUR 0.34
EUR -1.22
EUR -1.46
EPRA Net Initial Yield
3.2 %
3.4 %
3.1 %
EPRA Vacancy Rate
8.4 %
7.9 %
9.0 %
EPRA Cost Ratio (including cost of direct vacancy)
46.4 %
50.3 %
51.3 %
EPRA Cost Ratio (excluding cost of direct vacancy)
41.2 %
44.9 %
46.5 %
EPRA LTV
59.3 %
56.8%

Creditor Relations


Maturity Profile & Financing KPI
Bonds
Convertible Bond 2023 Corporate Bond 2020 Hybrid Warrant Bond 2018

Bond Facts

Convertible bond (Swiss standalone prospectus) with nominal amount of CHF 50 million

Issuer
Peach Property Group AG, Switzerland
Securities
Unsecured, convertible, bearer bonds convertible into shares of the Issuer (as defined below) sourced from the Issuer’s conditional capital pursuant to the Terms of the Bonds.
Nominal Amount
CHF 50 million
(with the possibility to increase up to CHF 65’000’000).
Coupons
3.00% p.a. payable annually in arrears on 16 May of each year (except for 2026 on 15 May 2026), commencing on 16 May 2024, calculated on a 30/360 basis
Issue Price
100% of the Nominal Amount
Redemption Price
100% of the Nominal Amount
Issue Date
16. May 2023
Maturity Date
15. May 2026
Initial Conversion Price
CHF 15.00, subject to adjustments as provided in the Terms of the Bonds
Conversion Period
Unless previously repurchased and cancelled, the Bonds may be converted twice per year for a period of 5 Business Days starting on and including 15 June, and 15 December of each year, first time on 15 December 2023 subject to any adjustments to the Conversion Price pursuant to the Terms of the Bonds. Should the Conversion Price at the Conversion be below the nominal value of a Share the Issuer opts for a cash settlement (instead of delivery of Shares) as provided in the Terms of the Bonds.
Denomination
CHF 1 000 principal amount per Bond
Paying/Conversion Agent
Bank J. Safra Sarasin AG
Listing and Trading
The Bonds are listed and admitted to trading on the SIX Swiss Exchange around The Shares are listed on the SIX Swiss Exchange.
Valor / ISIN
126328252 / CH1263282522 (Bonds)
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.

Issuer
Peach Property Finance GmbH, Am Zollhafen 24, 56789 Cologne, Germany (the “Issuer”).
Issue Guarantee
On the Issue Date, the Issuer’s obligations under the Bond will be guaranteed on a senior basis by Peach Property Group AG
Issue amount
Euro 300 000 000
Interest rate
4.375% p.a.
Issue Date
October 26, 2020
Issue Price
100%
Maturity Date
November 15, 2025
Interest Payment Dates
May 15 and November 15, commencing May 15, 2021
Denomination
Minimum denomination of EUR 100,000 and integral multiples of EUR 1,000 in excess thereof
Exchange
The International Stock Exchange (Official List)
Trustee
BNY Mellon Corporate Trustee Services Limited
Paying Agent
The Bank of New York Mellon, London Branch
ISIN
XS2247301794 (Reg S) / XS2247302099 (144A)

Bond facts

Perpetual Hybrid Warrant Bond of CHF 50 Million with an option to increase to CHF 100 Million.

Credit Ratings
Ratingagentur
Corporate Rating
Ausblick
Instrument Rating
Ausblick
Letztes Update
Download
Moody’s
B3
Negative
Caa2
Negative
06.05.2024
Fitch
CCC+
Stable
B-
Stable
28.06.2024

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.


Board of Directors
Name
Year of birth
Position
Member of the Board of Directors since
Michael Zahn
1963
Chairman
14.05.2024
Annette Benner
1975
Member
14.05.2024
Beat Frischknecht
1961
Member
14.05.2024
John Ruane
1978
Member
14.05.2024
Cyrill Schneuwly
1963
Member
14.05.2024
Management
Name
Year of birth
Position
Peach Property Group since
Gerald Klinck Read Bio
1969
Chief Executive Officer (CEO)
2024
Marcus Schmitt Read Bio
1972
Chief Operations Officer (COO)
2023
Thorsten Arsan Read Bio
1974
Chief Financial Officer (CFO)
2021
Dr. Andreas Steinbauer Read Bio
1975
Head of Letting and Sales
2009
Management Transactions

Glossar

Diluted EPS per share

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.

EPRA Net Disposal Value (NDV)

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.

EPRA Net Initial Yield

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.

EPRA Net Reinstatement Value (NRV)

Assumes that entities never sell assets and aims to represent the value required to rebuild the entity.

EPRA Net Tangible Assets (NTA)

Assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax.

EPRA Topped Up Net Initial Yield

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).

EPRA Vacancy Rate

Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.

Funds from Operations – FFO I und II

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.

Gross return

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

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.

Investment properties

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.

Market value investment properties

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.

Net return

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.

Operating Results I and II

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.

Revaluation result

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.

Vacancy

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


Thorsten Arsan | CFO
Head of Investor Relations

Tel.: +41 444 85 50 32
E-Mail: investors@peachproperty.com

Peach Property Group AG
Neptunstrasse 96
8032 Zurich
Switzerland

Google Maps

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.
Thorsten Arsan
CFO
  • Thorsten Arsan is responsible for Corporate Finance
  • He has more than 19 years of experience, including:
    • overseeing Equity and Debt Capital Market transactions, credit ratings, and financing structures
    • he was previously Head of Corporate Finance/Deputy Head of Finance & Treasury at Vonovia SE and former Senior Vice President for Finance, Controlling, Investor Relations and M&A at Adler Group SA
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