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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.

Continuous reduction of the Loan-to-Value (LTV) ratio down to 51.9% as of 31.12.2021

Share

Stock Profile

Annual Statement 2021

  • Industry: Real Estate
  • ISIN / WKN: CH0118530366 / A1C8PJ
  • Stock Martet Symbol: PEAN (Bloomberg und Reuters)
  • Share Type: Registered shares
  • Number of shares: 16 882 373 (of which 7 741 treasury shares)
  • Share capital in TCHF: 16 882
  • Initial listing: 12. November 2010
  • Market segment: SIX Swiss Exchange
Stock Fundamentals
as of 31. December
2021
2020
2019
2018
2017
2016
2015
Share capital in CHF
16 882 373
12 494 751
6 601 474
5 487 627
5 443 388
4 991 923
4 909 816
Number of issured shares
16 882 373
12 494 751
6 601 474
5 487 627
5 443 388
4 991 923
4 909 816
Nominal value of each registered share in CHF
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Information on shareholders 31. December 2021

The following shareholders hold three percent or more of all issued shares of Peach Property Group AG as at 31 December 2021:

Shareholders
Number of shares
% of all shares
Ares Management Corporation, USA, through: Peak Investment S.à.r.l, Luxembourg ¹
4 410 694
26.13
Franciscus Zweegers, Monaco, through: Arquus Capital N.V., Belgium, and LFH Corporation S.A., Luxembourg, the Netherlands
1 279 675
7.58
Kreissparkasse Biberach, Deutschland, through:
LBBW Asset Management Investmentgesellschaft mbH ², Germany
BayernInvest Kapitalverwaltungsgesellschaft mbH ³, Germany
426 627
311 533
738 160
4.37
Dr. Thomas Wolfensberger, Switzerland
733 321
4.34
Gerd Schepers, Switzerland, through: Val Global Inc., Marshall Islands
619 754
3.67
Marius Barnett, London, through: Victoria Park Peaky S.à.r.l, Luxembourg
526 481
3.12
Other
8 574 288
50.79
Total shares issued
16 882 373
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 two special funds LBBW AM-WWH and LBBW AM-WSG. The management, and independent exercise
of voting rights (if exercisable), are both carried out by the capital management company LBBW Asset Management Investmentgesellschaft
mbH. The 426 627 shares are entered in the share register with voting rights.

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. Of the 331 533 shares, 175 013 shares are entered in the share
register with voting rights. 136 520 shares are not entered in the share register.

Analyst Coverage
Published
Institute
Analyst
Rating
Target Price (CHF)
31.03.2022
Warburg Research
Philipp Kaiser
Buy
79.00
31.03.2022
Research Partners
Markus Kramer
Buy
74.00
29.03.2022
SRC Research
Stefan Scharff, Christopher Mehl
Buy
73.00
04.04.2022
Solventis Research
Ulf van Lengerich
Buy
73.00
30.03.2022
Quirin Privatbank Equity Research
Katharina Schmenger
Buy
70.00

Key Figures


Income statement and Balance sheet key figures
31.12.2021
31.12.2020
31.12.2019
Rental income
CHF 108.6 mm
CHF 54.7 mm
CHF 38.9 mm
Adj. EBITDA
CHF 56.3 mm
CHF 25.7 mm
CHF 17.0 mm
Result after tax
CHF 201.2 mm
CHF 127.3 mm
CHF 91.0 mm
Diluted FFO I per share
CHF 0.72
CHF 0.55
CHF -0.43
FFO I
CHF 11 mm
CHF 4.6 mm
CHF -2.5 mm
Total Assets
CHF 2 794 mm
CHF 2 224.5 mm
CHF 1 206.4 mm
Total Equity
CHF 1 120.4 mm
CHF 754.9 mm
CHF 389.6 mm
Equity ratio
40.1 %
34.2 %
32.9 %
LTV
51.9 %
57.5 %
59.6 %
Number of employees
194
119
78
Portfolio key figures
31.12.2021
31.12.2020
31.12.2019
Number of units
27 441
23 201
12 424
Lettable area
1 773 980 sqm
1 505 900 sqm
863 740 sqm
Markt value portfolio
2 633.7 m
2 039.0 m
1 072.0 m
Vacancy in %
8.0 %
7.9 %
9.3 %
l-f-l rental growth
4.0 %
4.7 %
4.5 %
EPRA Net Reinstatement Value (NRV)
CHF 79.67
CHF 67.62
CHF 60.18
EPRA Net Tangible Assets (NTA)
CHF 68.56
CHF 57.29
CHF 50.63
EPRA Net Disposal Value (NDV)
CHF 61.73
CHF 50.02
CHF 42.89
EPRA Eearnings per share
CHF -1.59
CHF 0.31
n/a
EPRA Initial Yield
2.9 %
3.2 %
3.5 %
EPRA Vacancy Rate
9.0 %
9.1 %
9.3 %
EPRA Cost Ratio (including cost of direct vacancy)
51.5 %
62.4 %
n/a
EPRA Cost Ratio (excluding cost of direct vacancy)
46.7 %
58.0 %
n/a

Creditor Relations


Financial Policy
Maturity Profile & Financing KPI
Bonds
Corporate Bond 2020 Corporate Bond 2019 Hybrid Warrant Bond 2018

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
Outstanding amount
Euro 200 496 000
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

Unternehmensanleihe (144Corporate Bond (144A/Reg S) with a nominal amount of EUR 250 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 250 000 000.-
Interest rate
3.50% p.a.
Issue Date
November 15, 2019
Issue Price
99.238%
Maturity Date
February 15, 2023
Interest Payment Dates
May 15 and November 15, commencing May 15, 2020
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
XS2010038060 (Reg S) / XS2010038656 (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
Ba2
Stable
Ba2
Stable
01.11.2021
Fitch
BB
Stable
BB+
Stable
12.10.2021

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
Elected Until
Reto A. Garzetti Read Bio
1960
President
2015
General Meeting 2022
Klaus Schmitz Read Bio
1982
Member
2020
General Meeting 2022
Peter E. Bodmer Read Bio
1964
Member
2009
General Meeting 2022
Dr. Christian De Prati Read Bio
1970
Member
2011
General Meeting 2022
Kurt Hardt Read Bio
1966
Member
2018
General Meeting 2022
Management
Name
Year of birth
Position
Peach Property Group since
Dr. Thomas Wolfensberger Read Bio
1972
Chief Executive Officer (CEO)
2006
Thorsten Arsan Read Bio
1974
Chief Financial Officer (CFO)
2021
Dr. Andreas Steinbauer Read Bio
1975
Head of Letting and Sales
2009

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 Reinstatement Value (NRV)

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

EPRA Net Reinstatement Value (NRV)

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

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 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.

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.

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).

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.

Vacancy

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

Services and contact


Stefan Feller | CFA
Head of Investor Relations

Tel.: +41 44 485 50 18
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.
Frank Gieshold
Head of Tech. Asset Management
  • Frank Gieshold is the technical manager for the assets of all of the German Group companies.
  • He has more than 30 years of experience, including:
    • Technical real estate management with a managerial function in the Hahn Group
    • Project development and revitalisation with Hahn Group/Corpus
    • Project control and project management
  • Frank Gieshold studied at the Cologne Technical University and Wiesbaden Technical University, gradating in construction science and economic science.
Marc Sesterhenn
Head of Asset Management
  • Marc Sesterhenn is the managing director of the German asset management companies and is responsible for asset 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
  • Marc Sesterhenn studied Real Estate Asset Management (IREBS) in Kloster-Eberbach and graduated as a real estate economist (GDW) in Bochum.
Susanne Hünermann
Legal Counsel
  • 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.
Nicole Grau
Head of Group Accounting
  • Nicole Grau is responsible for accounting, consolidated accounting, taxes and the Group’s internal control system.
  • She has more than 16 years of experience in the financial sector, including 12 years as an auditor with PWC, specialising in international accounting and since 2012 she has been Head of Group Accounting with Peach Property Group.
  • Nicole Grau holds degrees in business administration and also auditing.
Peter Slongo
General Counsel
  • Peter Slongo is responsible for the Group’s legal services as well as ad-hoc and regular reporting requirements under stock market law.
  • He has more than 15 years of experience in building law, including as a member of the board of directors with a private Swiss construction company, an associate with a Zurich-based firm of corporate lawyers and, since 2013, as Peach Property Group’s General Counsel.
  • Peter Slongo studied law at the University of Zurich and went on to obtain a further qualification as a specialist attorney for construction and real-estate law.

Dr. Andreas Steinbauer
Head of Letting
  • 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
Dr. Thomas Wolfensberger
CEO
  • Dr. Thomas Wolfensberger is responsible for corporate strategy, capital markets, portfolio management and projects located in Switzerland.
  • He has more than 20 years of experience, including:
    • Project manager for successful IPOs, bond issues and real estate transactions with a total volume of more than EUR 3 billion.
    • Previously he formed and later sold an international financial technology company with 120 employees. Prior to this he worked as a consultant for IBM and Accenture.
  • He holds a doctorate in economics from the University of Zurich.
Kurt Hardt
Member
  • Kurt Hardt (Born in 1966) became a member of Peach Property Group AG’s Board of Directors in May 2018. He has a longstanding career in corporate banking & capital markets in Germany with a focus on real estate.
  • His scope of action includes corporate banking, capital markets and real estate.
  • Kurt Hardt studied business administration at the Verwaltungs- und Wirtschaftsakademie (VWA) and is a qualified “Bankkaufmann”.
Klaus Schmitz
Member
  • Klaus Schmitz (born in 1982) has been a member of Peach Property Group AG’s Board since October 2020. He has had a long career in investment banking and private equity with a main focus on real estate.
  • His activities span investment management with focus on real estate in the DACH region.
  • Klaus Schmitz studied economics and philosophy at the London School of Economics (LSE) and holds An MBA from Harvard Business School.
Dr. Christian De Prati
Member
  • Dr. Christian De Prati (born in 1970) became a member of Peach Property Group AG’s Board of Directors in September 2011. He has a long-standing career in investment banking.
  • His activities span investment banking, real estate and corporate governance.
  • Dr. Christian De Prati studied at and obtained his doctorate in economic sciences at the University of Zurich.
Peter E. Bodmer
Member
  • Peter E. Bodmer (born in 1964) has been a member of Peach Property Group AG’s Board of Directors since March 2009. He acquired his decades of international experience with various companies in the engineering, automotive supply, construction and real estate industries.
  • His work focuses on strategic planning, construction and business development.
  • Peter E. Bodmer graduated in business administration at the University of Zurich and holds an MBA from IMD Lausanne.
Reto A. Garzetti
President
  • Reto A. Garzetti (born in 1960) has been the President of Peach Property Group AG’s Board of Directors since May 2015. He has more than 30 years of international experience, in particular in strategic consulting, financial services and real estate.
  • His work focuses on real estate, pharmaceuticals and engineering.
  • Reto A. Garzetti studied business administration focusing on banking science, trading and securities law at the University of Zurich.