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 52% as of January 2023¹
¹Pro forma including effect of mandatory convertible bond issued on January 12, 2023, and fully converted as of April 12, 2023
Annual Statement 2022
- 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 11 183 treasury shares)
- Share capital: CHF 506.5m
- 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 December 2022:
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.
LBBW Asset Management Investmentgesellschaft mbH ², Germany
BayernInvest Kapitalverwaltungsgesellschaft mbH ³, Germany
equity securities or equity related securities and
voting rights that can be exercised at one’s own discretion
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 not entered in the share register.
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.
The 321 533 shares are not entered in the share register.
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
Corporate Bond (144A/Reg S) with a nominal amount of EUR 300 Mio.
Perpetual Hybrid Warrant Bond of CHF 50 Million with an option to increase to CHF 100 Million.
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”.
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.
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.
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.
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.
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.
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).
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.
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
Peach Property Group AG
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
Tel.: +41 62 205 77 00
Fax: +41 62 205 77 90
Christoph KattenfeldHead 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 SesterhennManaging 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 HünermannHead 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 SteinbauerHead of Sales & 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 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
- 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 (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 PratiMember
- 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. BodmerMember
- 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. GarzettiPresident
- 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.
- President and Executive Chairman
- 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.