EQS-Adhoc
Peach Property Group to acquire two portfolios with 636 apartments in North Rhine-Westphalia - Seite 2
have a high vacancy rate of around 60%, mainly because they were in
administration in recent years owing to the previous owner's financial
difficulties. In many parts, the level of rent in the portfolios is also
significantly lower than the market rent in this area at the present time.
As a result, Peach Property Group sees considerable opportunities for
appreciation through professional, tenant-orientated asset management based
on the planned modernisation and other measures. The annual target rent
Peach Property hopes to achieve for its portfolio is thus over EUR 2.25
million. Up to EUR 6 million has been earmarked for the measures to be
taken in the coming years to increase the portfolio's value. These include
renovating the sanitary facilities, replacing the floor coverings and
windows and installing new electrical systems in parts of the new
portfolio. The exterior space will also be given a facelift in the medium
term.
Dr Thomas Wolfensberger, CEO of Peach Property Group, commented: "By
acquiring the two residential portfolios, we are making considerable
progress in the implementation of our strategy to expand our portfolio of
investment properties and further stabilisation of current revenues. With
selective investments in the new properties we will significantly increase
not only the occupancy rate and hence our rental income, but also the value
of the properties. This is something that we also managed to do in the past
with other properties in our portfolio. Take, for example, our portfolio in
Munster: here, we reduced the vacancy rate by 80 percent in just over three
years to three percent and increased the market value by almost 20 percent.
Going forward, we will look into acquiring additional portfolios so as to
continue to increase the share of investment properties in our property
portfolio and boost current rental income."
Contacts:
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher,
Chief Financial Officer
+41 44 485 50 00 | investors@peachproperty.com
Media Germany
edicto GmbH, Axel Mühlhaus, Peggy Kropmanns
+49 (0) 69 90 55 05 52 | amuehlhaus@edicto.de
About Peach Property Group AG
Peach Property Group AG is a property investor and developer focused on
investments in Switzerland and Germany. The portfolio includes an
increasing number of investment properties that are designed to generate
sustained income as well as attractive residential development properties.
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