Peach Property Group expands real estate portfolio in North Rhine-Westphalia
- Acquisition of 85 fully-let residential units in Mülheim an der Ruhr as a complement to portfolio in North Rhine-Westphalia
- Direct proximity to portfolio in Oberhausen; joint management increases efficiency
- Peach Property Group's portfolio of residential units grows to 4,328 units
- Annual target rental income of the entire investment portfolio increases to CHF 22.4 million
Zurich, 13 July 2017 - Peach Property Group, an investor specialising in the management of residential property in Germany, is further expanding its real estate portfolio in North Rhine-Westphalia. The acquisition of 85 apartments in Mülheim an der Ruhr, in direct proximity to the recently acquired portfolio in Oberhausen, takes the number of residential units on Peach Property Group's books to a total of 4,328 units. The corresponding purchase agreement has been recently notarized and the transaction is expected to be completed in September 2017. It has been agreed not to disclose the purchase price.
The newly acquired apartments offer residential space of around 6,800 m2 and are fully let. The annual net base rent totals around EUR 500 thousand (almost CHF 540 thousand). Most of the residential units have been renovated during the past few years and are thus in good structural condition. The apartments are in a centrally located building complex surrounded by an attractive outdoor area within a spacious park-like garden.
Dr. Thomas Wolfensberger, Peach Property Group's CEO, commented: "This purchase in Mülheim increases the number of residential units on our books to more than 4,300 with an annual target income of the entire investment portfolio to CHF 22.4 million and it supplements the residential portfolio we recently acquired in Oberhausen. The proximity of the portfolios and the fact that we will jointly manage these will allow for efficiency gains."
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Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher, Chief Financial Officer
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About Peach Property Group AG
Peach Property Group is a property investor and developer focused on investments in Germany and Switzerland. The Group stands for long time experience, competence and quality. Innovative solutions for modern housing needs, strong partnerships and a wide value chain complete the profile of the Group. The portfolio consists of an increasing number of high yield investment properties, typically in B-cities in close reach to metropolitan areas. In addition, the Group develops properties for its own portfolio or for the sale as condominium. Developments for sale focus on A-locations and encompass attractive architecture and high level furnishing for an international clientele. The business activities of the Group cover the entire value chain, from property acquisition and site selection to active asset management and finally to the sale or lease of properties.
Peach Property Group AG is headquartered in Zurich and has its German Group headquarters in Cologne. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer and Dr. Christian De Prati.
For more information, see www.peachproperty.com