EQS-News

Peach Property Group reports progress at its Wollerau project near Zurich: 45% of apartments sold and start of construction

EQS Group-News: Peach Property Group AG / Key word(s): Real Estate
Peach Property Group reports progress at its Wollerau project near Zurich:
45% of apartments sold and start of construction

31.05.2016 / 07:00
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Press release

Peach Property Group reports progress at its Wollerau project near Zurich:
45% of apartments sold and start of construction

- More than 45 percent of "Wollerau Park" project notarised or reserved,
clearly exceeding pre-sales rate

- Construction has started; dismantling already at an advanced stage

- By the beginning of 2018, 46 high-quality apartments and 10 commercial
units with a sales volume of CHF 87 million will be built

- Cash return of CHF 30 million expected upon project completion

Zurich, 31 May 2016 - Peach Property Group, an investor specialising in
portfolio management in Germany with a focus on residential property and
selected development projects, today announced the achievement of key
milestones at its "Wollerau Park" project near Zurich. Apartments worth CHF
40 million have already been reserved or notarised and therefore
construction was started. The sales or reservations represent more than 45
percent of the expected sales volume of just under CHF 87 million, thus
clearly exceeding the pre-sales rate. After completing the project and
repaying liabilities related to it, the Group expects a cash return of CHF
30 million.

The project is divided into two sections, "Wollerau Lofts" and "Wollerau
Residenzen". The park-like development on a land area of more than 10,800
sqm is scheduled to be completed by early 2018. In total, 46 high-quality
condominiums will be built. "Wollerau Park" is located in one of the most
tax-friendly communities in Switzerland, in direct vicinity to Zurich.
Further project information as well as a list with available apartment can
be found at www.wollerau-park.ch.

"The success of the "Wollerau Park" concept as well as the very positive
response of our customers underlines that we truly met a market demand with
this development" says Dr. Andreas Steinbauer, Head of Sales and Marketing
at Peach Property Group.

The project was officially approved by the authorities in March 2015. After
a successful pre-sale process, construction has now been initiated. The
existing buildings are currently being dismantled - with construction of
the new buildings to begin immediately thereafter. For this purpose, an