Zurich/Cologne, 21 July 2009: After successful projects in Switzerland and Austria, the Peach Property Group AG, one of the leading developers of luxury residential property in Europe, is now also entering the German market with the acquisition of development properties at prime locations in Berlin and Düsseldorf.
The development projects consist of two first-class properties in the district of Berlin-Mitte and directly on the banks of the River Rhine in Düsseldorf, with a total investment volume of around 85 million euros. The Peach Property Group is acquiring these projects from the German property developer Vivacon AG and is thus increasing its current total investment volume to over 385 million euros.
At the beginning of June, the Peach Property Group drew up a purchase contract for three more Vivacon AG properties, and it is set to be completed by the end of August.
Dr Thomas Wolfensberger, CEO and Member of the Board of Directors of the Peach Property Group AG, said:
“Entering the German market, with the projects in Berlin-Mitte and directly on the banks of the River Rhine in Düsseldorf, represents a further important and logical step in the development of the Peach Group and underlines the Group’s strategy of investing exclusively in top-class locations.”
To prepare for this entry into the German market, Peach Property Group (Deutschland) GmbH, a 100% subsidiary of the Peach Property Group AG (Zurich), has been founded and has its registered office in Cologne. The purchase price was not disclosed.
“Living 106” in Berlin
In its showcase project for Berlin, “Living 106” at Chausseestrasse 106, the Peach Property Group is acquiring a property with outstanding potential for development. Just a few metres away lies Berlin’s largest construction site: the headquarters of the Bundesnachrichtendienst (BND), the German Federal Intelligence Service. If nothing else, this major project and its unique location make the approximately 54 serviced apartments and 21 freehold apartments in planning an attractive investment. The Berlin-based company Berlin Capital Investments (www.berlin-capital.com) is responsible for marketing the existing and new-build apartments. 60% of the “Living 106” apartments are already sold, and the property is set to be completed in mid-2010.
“Luxury apartments by Philippe Starck” in Düsseldorf
The Theresienhospital, an historically listed building directly on the River Rhine in Düsseldorf’s old town, is being renovated and converted. To supplement the existing building, a new building containing three town houses and four apartments is being constructed on Ritterstrasse. A total of 45 high-quality residential and two ground-floor commercial units are thus being built and include design elements from star designer Philippe Starck. The sizes of the apartments range from 110 m2 to 250 m2, and the property is set to be completed in autumn 2011.
In conjunction with the development of the “Luxury apartments by Philippe Starck” in Düsseldorf, the Peach Property Group is also taking over the collaboration with YOO Ltd., the exclusive licensor of Philippe Starck in Europe. Thus the Peach Property Group is continuing in German-speaking Europe that which the exclusive Philippe Starck projects in Miami, London, Sydney, New York and other major international cities have initiated in terms of residential property of the highest quality.