EQS-Adhoc
Peach Property Group acquires further residential properties in Lower Saxony and increases residential portfolio to 2,250 units
EQS Group-Ad-hoc: Peach Property Group AG / Key word(s): Real Estate
Peach Property Group acquires further residential properties in Lower Saxony
and increases residential portfolio to 2,250 units
04.04.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
Peach Property Group acquires further residential properties in Lower Saxony
and increases residential portfolio to 2,250 units
04.04.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Press release
Peach Property Group acquires further residential properties in Lower
Saxony and increases residential portfolio to 2,250 units
- Acquisition of 287 apartments and 3 commercial units
- Living space of 19,700 square metres
- Gross initial yield over 10 percent
- Attractive upside potential due to 50% vacancy rate to be realised
through sustainable revitalisation measures
- Joint management with existing portfolio provides efficiency gains
Zurich, 4 April 2016 - Peach Property Group, an investor specialising in
the management of residential property in Germany, today announced the
notarisation of an agreement to acquire 287 apartments and 3 commercial
units near its existing portfolio in Munster/Lower Saxony, further
expanding the Group's residential portfolio in this region. This
acquisition rises the number of apartments owned by Peach Property Group to
a total of 2,250 units, with the lettable floor area increasing by 19,700
square metres to a total of around 150,000 square metres. The closing of
the transaction is expected to take place in May 2016.
The annual target rent of the properties, which were acquired out of a
special situation, is around EUR 1.0 million (CHF 1.1 million). The
residential portfolio has a vacancy rate of around 50 percent. Nonetheless,
the residential portfolio's initial gross yield is over 10 percent.
The newly acquired residential complex, which taken together constitutes a
listed group of buildings, has a central location and attractive outside
spaces. Peach Property Group will revitalise the residential portfolio in a
sustainable manner, thereby reducing the vacancy rate considerably. The
approach will be similar to one followed in the neighbouring
"Gartensiedlung in der Lüneburger Heide" in Munster, where Peach Property
Group succeeded in lowering the vacancy rate to under 5 percent through
various revitalisation measures. Furthermore, the joint management of the
existing residential portfolio in Munster and the new residential units
acquired in its vicinity will result in considerable efficiency gains.
Press release
Peach Property Group acquires further residential properties in Lower
Saxony and increases residential portfolio to 2,250 units
- Acquisition of 287 apartments and 3 commercial units
- Living space of 19,700 square metres
- Gross initial yield over 10 percent
- Attractive upside potential due to 50% vacancy rate to be realised
through sustainable revitalisation measures
- Joint management with existing portfolio provides efficiency gains
Zurich, 4 April 2016 - Peach Property Group, an investor specialising in
the management of residential property in Germany, today announced the
notarisation of an agreement to acquire 287 apartments and 3 commercial
units near its existing portfolio in Munster/Lower Saxony, further
expanding the Group's residential portfolio in this region. This
acquisition rises the number of apartments owned by Peach Property Group to
a total of 2,250 units, with the lettable floor area increasing by 19,700
square metres to a total of around 150,000 square metres. The closing of
the transaction is expected to take place in May 2016.
The annual target rent of the properties, which were acquired out of a
special situation, is around EUR 1.0 million (CHF 1.1 million). The
residential portfolio has a vacancy rate of around 50 percent. Nonetheless,
the residential portfolio's initial gross yield is over 10 percent.
The newly acquired residential complex, which taken together constitutes a
listed group of buildings, has a central location and attractive outside
spaces. Peach Property Group will revitalise the residential portfolio in a
sustainable manner, thereby reducing the vacancy rate considerably. The
approach will be similar to one followed in the neighbouring
"Gartensiedlung in der Lüneburger Heide" in Munster, where Peach Property
Group succeeded in lowering the vacancy rate to under 5 percent through
various revitalisation measures. Furthermore, the joint management of the
existing residential portfolio in Munster and the new residential units
acquired in its vicinity will result in considerable efficiency gains.
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