OREANDA-NEWS. Peach Property Group AG, a leading investor in residential and commercial real estate, today announced changes to its executive management team. This comes after the recently reported downsizing of its Board of Directors in a move to further adjust its management team to the Company’s new positioning in the market. This move will also entail a further reduction in Peach Property Group AG’s cost base. The new personnel structure reflects the Company’s focus on its value-enhancing investment property portfolio, while major, complex development projects are being completed.

Going forward, the management team will comprise only four members instead of six. Renzo Fagetti (Managing Director Switzerland) and Mirco Riondato (Chief Investment Officer) will leave the Company no later than mid-2015. Renzo Fagetti will continue to be available to the Company as external real estate developer.

Dr. Thomas Wolfensberger (CEO), Dr. Marcel Kucher (CFO), Bernd Hasse (Managing Director Germany) and Dr. Andreas Steinbauer (Head of Sales and Marketing) will remain on the management team. The operating property business in Switzerland will be headed directly by Chief Executive Officer Dr. Thomas Wolfensberger. Dr. Marcel Kucher will also serve as Chief Operating Officer (COO) in addition to his role as Chief Financial Officer.

The Board of Directors of Peach Property Group AG would like to thank both Renzo Fagetti and Mirco Riondato for their commitment in the past years as well as their valuable and responsible work especially in connection with the Company’s complex development projects.

Peach Property Group AG is also announcing changes to its second management level. In this context, the Technical Director in Germany and the Chief Financial Officer for Germany will leave the Company by mutual agreement and on completely amicable terms in the third quarter of 2015 after the expiry of their contracts. Given Peach Property Group AG’s focus on investment properties, neither position will be filled again. As announced previously, the Company will instead create the new position of Chief Operating Officer / Head of Asset Management Germany.

Thomas Wolfensberger, CEO of Peach Property Group AG, comments: “After completing our major development programmes, we have now made fundamental changes to the Peach Group, thereby reducing operating costs significantly while strengthening the Company’s asset management expertise. The combination of lower operating costs and higher recurring income generated, for instance, by the recently announced increase in our number of rental units to over 1,500, is intended to support the Company’s sustainable development and successful growth. I would like to thank all leaving colleagues for their engaged work over the past years and wish them only the best for their future.”

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).