DGAP-Adhoc: Peach Property Group purchases site in Regensdorf near Zurich, expands its property portfolio and plans to construct apartments
Peach Property Group AG / Key word(s): Real Estate
12.09.2013 07:02
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press release
Peach Property Group purchases site in Regensdorf near Zurich, expands its
property portfolio and plans to construct apartments
- GRETAG AG including properties acquired in Regensdorf near Zurich
- Two office buildings sold to investment vehicles of Credit Suisse
- Additional target rental income of CHF 3.2 million
- Land available for development to be used for the construction of
additional investment properties
- Stabilisation of current income and strengthening of the Group's
presence in Switzerland
Zurich, 12 September 2013 - Peach Property Group AG, a leading property
investor and developer of high-quality residential real estate in the
German-speaking region of Europe, today announced that it has acquired 100
percent of the shares in GRETAG AG, a pure-play property company that owns
several commercial properties on a 48,000 m² site in Regensdorf near
Zurich. The site's proximity to the train station enables Zurich main
station to be reached by suburban railway within 15 minutes. By 2015, the
current 30-minute interval between trains to Zurich will be reduced to 15
minutes.Today, the site hosts several commercial properties (education,
offices, restaurants, logistics, manufacturing) that are let at good rents,
and there is also additional space available for utilisation.
In connection with the acquisition of GRETAG, Peach Property Group sold two
office buildings to investment vehicles of Credit Suisse: One property is
the registered seat of Fernfachhochschule Schweiz (FFHS), a distance
education institution, which was taken over by a property investment fund
of Credit Suisse. The other property is a multi-tenant building serving as
the headquarters of SAP (Schweiz) AG, which was sold to an investment group
of Credit Suisse Anlagestiftung.
Peach Property Group will integrate all other properties on this site into
its property portfolio. The annual target rent currently is CHF 3.2
million. Given a vacancy rate of around 30 percent, the actual rent
currently is around CHF 2.3 million. By repositioning the entire site in
the market and partially renovating its existing buildings, Peach Property
Group intends to further boost its rental income and achieve an attractive
increase in value. In addition, Peach Property Group plans to use a space
of 18,000 m², which currently serves as a parking lot, to build attractive,
highly developed rental apartments in the mid-price segment. The potential
gross floor area is around 40,000 m², which corresponds to usable rental
space of around 30,000 m². The plans are to be implemented in stages over
the next five years.
Renzo Fagetti, Managing Director Switzerland for Peach Property Group AG,
comments: 'With its high-quality development of this site in close
proximity to the train station, Peach Property Group will create attractive
living space within the Greater Zurich Area. In close collaboration with
the town of Regensdorf and as part of the ongoing planning activities for
the area north of the train station, Peach Property Group also makes a
clear statement with regard to the sustainable 'Parkway' urban development
strategy and its mix of residential, leisure and commercial uses.'
Thomas Wolfensberger, CEO of Peach Property Group AG, states: 'Peach has
been working hard on this transaction in recent months: The plot was
subdivided successfully, two long-term leases were signed with the two
anchor tenants of the office buildings sold, plans for the construction of
rental units were initiated - all of which has created the foundation for
what we want to achieve in Regensdorf in the next years. The acquisition
further enhances our investment portfolio in line with our strategy and
strengthens our presence in Switzerland. In addition, we are securing a
further potential for the construction of new investment properties at a
very good location.
Contacts
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer
Bruno Birrer, Chief Operating Officer
+41 (0) 44 485 50 00 | investors@peachproperty.com
Contact Credit Suisse AG:
Caroline Stössel, Kommunikation Real Estate Asset Management
+41 (0) 44 332 58 95 | caroline.stoessel@credit-suisse.com
Media Germany:
edicto GmbH, Axel Mühlhaus
+49 (0) 69 90 55 05 52 | amuehlhaus@edicto.de
About Peach Property Group
Peach Property Group AG one of the leading developers in the field of
top-quality residential property in the German-speaking region of Europe.
Its activities cover the entire prime property development value chain,
from site evaluation to project planning, implementation and marketing.
Peach Property Group focuses on city and holiday residences in exceptional
locations and featuring highest-quality fittings for a discerning
clientele. The company's integrated corporate strategy encompasses not only
the development of exclusive residential properties, but also the
management of investment properties for the purpose of generating
consistent annual revenues.
Peach Property Group AG is headquartered in Zurich and also has a branch
office in Cologne. The company's shares are listed on SIX Swiss Exchange
(PEAN, ISIN CH0118530366).
Visit www.peachproperty.com for more information.
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Language: English
Company: Peach Property Group AG
Seestrasse 346
8038 Zürich
Switzerland
Phone: +41 44 485 50 00
Fax: +41 44 485 50 11
E-mail: investors@peachproperty.com
Internet: www.peachproperty.com
ISIN: CH0118530366
Valor: A1C8PJ
Listed: Freiverkehr in Berlin, Stuttgart; Frankfurt in Open
Market ; SIX
End of Announcement EQS Group News-Service
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