Peach Property Group acquires further residential properties in Lower Saxony and increases residential portfolio to 2,250 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.
Dr Thomas Wolfensberger, CEO of Peach Property Group AG, said: “This latest acquisition increases our residential portfolio to more than 2,250 units. With this acquisition we have shown that we are able to purchase property at very favourable terms even in the current market situation. We managed to reduce the vacancy rate in our Munster portfolio substantially over the past few years and created attractive living space in the mid-price segment. This is an approach we will also pursue with our newly acquired residential portfolio. In addition, we will benefit from the joint management of these properties and the residential complexes situated nearby.”
About Peach Property Group AG
Peach Property Group 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
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Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher, Chief Financial Officer
+41 44 485 50 00 | firstname.lastname@example.org
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