Peach Property Group resolves capital increase
- 422,554 new registered shares issued from authorised capital
- Kreissparkasse Biberach becomes Peach Property Group AG's second largest shareholder with 7.8%
- Peach Property Group AG's free float remains at a high 70%
- Proceeds will be used to finance acquisitions in residential real estate in Germany
- First day of trading of new shares - 7 April 2017
Zurich, 4 April 2017 - Peach Property Group AG has resolved to perform a capital increase to reinforce its institutional investor base and to finance the further expansion of the Group. 422,554 new registered shares of Peach Property Group AG will be issued from the authorised capital, each with a nominal value of CHF 1.00, while excluding shareholders' subscription rights, as part of a private placement. The issue price corresponds to the volume-weighted average of Peach Property Group AG's share price in the past 60 trading days.
All of the 422,554 new registered shares have been subscribed by Kreissparkasse Biberach. The gross proceeds from the issue totals CHF 6.9 million. Peach Property Group AG's General Meeting in May 2015 resolved to create authorised capital in the amount of 2,000,000 shares. The company is planning to issue these shares from this authorised capital; the other shares from the authorised capital will expire on 8 May 2017. The funds from the capital increase are to be used to further expand the portfolio of residential properties, focusing on B-locations in Germany. The Group was able to increase its portfolio of residential properties by more than one third to 4,243 units at the start of March 2017, thus increasing its annualized target rental income to CHF around 22 million.
Kreissparkasse Biberach will acquire an interest of 7.8% in Peach Property Group AG and thus become the company's second largest shareholder after its CEO Dr. Thomas Wolfensberger. Kreissparkasse Biberach plans to hold a long-term interest in Peach Property Group AG as part of its investment strategy.
This placement increases Peach Property Group AG's share capital from CHF 4,991,923 to CHF 5,414,477. This corresponds to an increase in the previous share capital of around 8.5%. The first day of trading of new shares on SIX Swiss Exchange is 7 April 2017.
Dr. Thomas Wolfsberger, Peach Property Group's CEO, commented: "Acquiring Kreissparkasse Biberach as an anchor investor is a key milestone for our company, and we are very proud of this. This investment anchors our company even more strongly in the institutional investor segment, and highlights our profile as a residential property owner. We will use the funds accruing to our company from this transaction to acquire residential properties in Germany and to thus accelerate our further growth."
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). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer and Dr. Christian De Prati.
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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