DGAP-Adhoc
Peach Property Group AG expands portfolio; target rental income to exceed CHF 10 million p.a.
Peach Property Group AG / Key word(s): Real Estate
06.11.2014 07:02
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press release
Peach Property Group AG expands portfolio; target rental income to exceed
CHF 10 million p.a.
- Portfolio with 336 apartments in northern Hesse notarised
- Purchasing yield over 11 percent
- Target rental income for the Peach Group increased by more than CHF 1.2
million to over CHF 10 million
- Purchase agreements completed for development properties and building
land in Bad Reichenhall, Wollerau and Rorschach
Zurich, November 6, 2014 - Peach Property Group a leading property investor
and developer of high-end residential and commercial real estate, today
announced the acquisition of a property company based in northern Hesse,
resulting in a major expansion of the company's investment property
portfolio. The acquisition will add a further 336 residential units to the
Group's residential portfolio. Situated in three locations in the Kassel
area, these are in good structural condition and offer a total lettable
space of just under 23,000 square metres. The acquisition will increase the
target annual rental income of the Peach Property Group by more than CHF
1.2 million (approx. EUR 1 million) to just over CHF 10 million (EUR 8.3
million).
The portfolio's initial yield is over 11 percent. The completion of the
purchase still requires the final approval of the financing bank, which is
expected during the next few weeks.
The transaction will bring the Peach Property Group's residential property
portfolio up to a total of 884 residential units. It is the company's
strategy to further improve income stability by increasing the total number
of properties owned. In order to increase rental income still further while
at the same time adding value, the company intends to implement a
modernisation and refurbishment programme similar to ones it has already
successfully implemented in other locations. This is expected to
significantly increase the present 87 percent occupancy rate of the newly
acquired portfolio.
The Peach Property Group also announces the completion of the purchase and
land register transfer of a plot of land in Wollerau, Switzerland, as well
as a hotel in Bad Reichenhall, Germany. Peach plans to consolidate the
newly acquired 5,300 square metre plot in Wollerau with an adjacent plot
already in the company's possession in order to construct condominiums
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