- Living space and commercial retail space totalling approximately 20,000 m² in Erkrath-Hochdahl near Düsseldorf
- Annual rental income from investment properties increases by CHF 2.6 million (EUR 2.1 million) to CHF 4.6 million (EUR 3.7 million)
- Another strategic step to smoothen income flows
Zurich, 1 February 2012 – Peach Property Group, one of the leading developers of top- quality residential property in the German-speaking part of Europe, has purchased an investment property portfolio east of Düsseldorf in the centre of Erkrath-Hochdahl. The portfolio comprises 143 apartments covering a total surface area of 10,431 m2 as well as 28 business units with a total surface area of 9,324 m2. The annual rental income from the portfolio totals CHF 2.6 million (EUR 2.1 million) increasing the overall annual rental income of Peach Property Group investment property portfolios to CHF 4.6 million (EUR 3.7 million). The properties in Erkrath were sold by a fund of the Rheinisch-Westfälische Immobilien-Anlagegesellschaft based in Düsseldorf. According to an evaluation by independent experts Wüst & Partner, the market value of the Peach Property Group investment property portfolio has increased to CHF 58.0 million (EUR 47.7 million).
Dr Thomas Wolfensberger, CEO of Peach Property Group AG, states: “With the portfolio in Erkrath-Hochdahl, we are pleased to have acquired well-maintained properties in an attractive location and with a high-quality building fabric. This acquisition will provide us with an additional recurring rental income, which will contribute to steadying the company’s earnings.”
Erkrath is about twelve kilometres from the centre of Düsseldorf and boasts an excellent transport network with local motorway intersections and suburban train connections. The properties acquired are situated in a central location around the redesigned market square. All the apartments are currently rented and the vacancy rate for the entire portfolio is 1.6 per cent.
Bernd Hasse, Managing Director of Peach Property Group Germany, comments: “The apartments consist of rent-controlled tenancies with rents some 45 per cent below the current market average. Alongside the current attractive initial return of 9 per cent, this offers substantial potential for value appreciation going forward.”
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Investors and analysts:
Dr. Thomas Wolfensberger, Chief Executive Officer Bruno Birrer, Chief Operating Officer
+41 44 485 50 00
Siro Barino, Barino Consulting
+41 79 335 24 24
About Peach Property Group
Peach Property Group AG is a leading developer in the field of top-quality residential property in the German-speaking part of Europe. Activities cover the entire top-quality property development value chain from site surveying to project planning, implementation and marketing. Properties developed by Peach Property Group AG are located on exceptional sites in or near city centres and holiday resorts. Premier amenities meet the requirements of a demanding clientele.
Peach Property Group AG currently employs 34 real estate and finance specialists at its Zurich head office and at its Cologne branch. The Group is currently planning and implementing 14 projects with a total target marketing volume of approximately CHF 800 million. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366).
Visit www.peachproperty.com for more information.