Press release
Peach Property Group sells Gretag property in Regensdorf near Zurich
- Purchase agreement with Turidomus Anlagestiftung notarised- Transaction expected to be completed by the end of March 2016
- Net-Cash inflow of nearly CHF 70 million or CHF 14 per share
- Solid balance sheet - further strengthening of equity ratio
Zurich, 4 March 2016 - Peach Property Group AG, a leading investor in real estate, today announced the sale of its Gretag property in Regensdorf, Switzerland, along with the planned construction project for 665 apartments to Turidomus Anlagestiftung. The respective purchase agreement has been notarised yesterday. The sale will generate payback of around CHF 70 million or more than CHF 14 per share for Peach Property Group. This means that Peach Property Group is selling the property at a significantly higher price than the purchase price. This figure is also higher than the current carrying amount and rewards the value-enhancing development of the property in recent years. Peach Property Group expects the transaction to be completed by the end of March 2016.
The property now sold comprises of two plots spanning around 36,000 m². It is located not far from Zurich, in direct proximity to Regensdorf train station. The site currently covers several commercial properties and has a sizeable land reserve for future construction. The Gretag property is a key component of the "Bahnhof-Nord" development zone north of the train station, currently the largest development area in the Canton of Zurich. After intensive planning work, the community assembly in Regensdorf resolved on a partial revision of the construction and zoning regulations and approved the private "Gretag property" design plan at the beginning of December 2015. This was a milestone in the development of the area.
The funds generated from the transaction will be used primarily to reduce liabilities and thus further strengthen the Group's equity ratio. In addition, the investment portfolio will be expanded further, primarily in Germany.
Dr. Thomas Wolfensberger, CEO of Peach Property Group, comments: "In selling the Gretag property, we are harvesting the fruits of its development, which we have rigorously advanced in recent years. We are delighted to have found an experienced, financially sound investor in Turidomus Anlagestiftung that will implement the construction project in the same vein. The transaction will generate substantial funds for us, which we will use to significantly reduce our liabilities. This particularly includes refinancing our bond in Germany. Our equity ratio is thus expected to further rise."
About Peach Property Group AG
Peach Property Group AG is a property investor and developer focused on investments in Germany and Switzerland. The Group stands for long time experience, competence and quality. Innovative solutions for modern housing needs, strong partnerships and a wide value chain complete the profile of the Group. The portfolio consists of an increasing number of high yield investment properties, typically in B-cities in close reach to metropolitan areas. In addition, the Group develops properties for its own portfolio or for the sale as condominium. Developments for sale focus on A-locations and encompass attractive architecture and high level furnishing for an international clientele. The business activities of the Group cover the entire value chain, from property acquisition and site selection to active asset management and finally to the sale or lease of properties.
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
Contact:
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
German media
edicto GmbH, Axel Mühlhaus, Peggy Kropmanns
Eschersheimer Landstraße 42, 60322 Frankfurt am Main
+49 (0) 69 90 55 05 52 | amuehlhaus@edicto.de
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