OREANDA-NEWS. Peach Property Group, an investor in residential real estate, today announced a further expansion of its investment portfolio. The respective purchase agreement for the acquisition of a real estate company was notarised yesterday. Peach Property Group thus acquires a portfolio of around 30 buildings with 397 residential and 36 commercial units in D?sseldorf and the surrounding area. The parties agreed not to disclose the purchase price. The closing of the transaction is expected to take place no later than April 2016.

The acquisition will rise the number of apartments in Peach Property Group’s portfolio to over 1,900 units. The lettable residential floor area increases by roughly 24.000 square metres to a total of close to 130.000 square metres. After the recent sales, rent from residential properties now accounts for more than 80 percent of Peach Property Group’s overall rental income. The acquisition increases annual rental income by around CHF 2.6 million (EUR 2.4 million). Overall, the annual target rent thus remains at more than CHF 10 million despite the recently announced sales of the Gretag site and the Erkrath Retail property.

Peach Property Group intends to increase the current occupancy rate of 86 percent in the short term through active asset management and specific investments in the properties. The properties require only minor modernisation work because the buildings are in good structural condition.

Dr. Thomas Wolfensberger, CEO of Peach Property Group, comments: “The acquisition has enabled us to further expand our residential portfolio in Germany by adding properties that provide an attractive yield. We also see interesting value enhancing opportunities through active asset management. We firmly believe in the locations of the new portfolio. Additionally the acquisition will further rise our profile as a holder of residential property with a focus on Germany.”

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).