Peach Property Group AG successfully completes first stage of major “Am Zirkus 1” project in Berlin
• Hotel due to open on 14 August 2014
• Other major projects in Berlin and Hamburg are also close to completion
• Market value of property portfolio at end of June 2014 had risen by more than 10% compared to end of 2013, reaching CHF 595.9 million
Zürich, 31 July 2014 – Peach Property Group AG, a leading property investor and developer of high-end residential and commercial real estate, today announced the successful completion of the first stage of its major “Am Zirkus 1” project in Berlin. The interior work has been finished on the commercial units covering more than 4,600 square metres, most of which have already been rented. The anchor tenant is Roland Berger Strategy Consultants, a leading international management consultancy, who has signed a long-term lease on attractive market terms. Roland Berger Strategy Consultants have turned six floors of the “Am Zirkus 1” building into their new Berlin headquarters.
“Am Zirkus 1” is in a unique location directly on the river Spree in Berlin, next to the Berliner Ensemble theatre and in the immediate vicinity of Friedrichstrasse in Berlin-Mitte. This outstanding property comprises commercial space as well as a 309 room hotel. The Fattal Group will open a boutique hotel here under the “Leonardo” brand on 14 August 2014. A 20-year lease agreement has been signed with the Fattal Group.
According to the asset reporting published today, good progress has been made on the other projects as well. The construction work for “yoo berlin”, the twin project to “Am Zirkus 1”, is far enough along that the first condominiums will soon be handed over to their buyers. Around 92 percent of the 95 apartments have already been sold including authentication by a notary public or reserved. The large “Harvestehuder-weg 36” project in Hamburg is also close to being completed. According to the appraisal of the independent property experts of Wüest & Partner AG, the market value of the entire property portfolio rose to CHF 595.9 million as at the end of June 2014, which is an increase of 10.4 percent compared with the end of 2013. Investment properties account for 26 percent of this figure.
Thomas Wolfensberger, CEO of Peach Property Group AG, said: “We are proud to have successfully completed this high-quality project at a prime location in Berlin. With Roland Berger Strategy Consultants, we have managed to attract one of the most internationally renowned consultancies as a long-term tenant. We believe this validates our expertise in the development and marketing of exclusive real estate projects. The next milestone will be reached soon when the ‘Leonardo Berlin Mitte’ hotel opens on 14 August.”
The asset report for the second quarter of 2014 is available with the following link:
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. The Group’s activities cover the entire value chain, from site evaluation to project planning, implementation and marketing. In the investment segment, the Group is focused on properties with a potential for achieving attractive yields based on active asset management – typically secondary locations in the catchment area of urban agglomerations. In the development segment, the Group concentrates on exceptional locations and properties with high-end specifications and amenities that meet the requirements of a demanding clientele.
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).
For more information, see www.peachproperty.com
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Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher,
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