EQS-Adhoc: Peach Property Group AG: Sale of major 'Am Zirkus 1' project completed
EQS Group-Ad-hoc: Peach Property Group AG / Key word(s): Real Estate
Peach Property Group AG: Sale of major 'Am Zirkus 1' project completed
19.02.2015 / 07:01
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Press release
Peach Property Group AG: Sale of major "Am Zirkus 1" project completed
- Project sale to KanAm Grund Group special property fund executed
- Cash return of CHF 13 million is slightly above the expected range
- Full occupancy of the property achieved
- Continued implementation of the strategy with a stronger focus on
investment properties
Zurich, 19 February 2015 - Peach Property Group, a leading investor in
residential and commercial real estate, today announced that it has
completed the sale of its major "Am Zirkus 1" project in Berlin. The
agreement concerning the sale of the property to a special property fund of
KanAm Grund Group had been notarised in October 2014. Execution had been
subject to several qualitative conditions, all of which have now been met.
The transaction will generate a cash return of approx. CHF 13 million for
Peach Property Group, which is slightly above the expected range. These
funds are earmarked for the continued reduction of liabilities and for the
expansion of the Group's investment portfolio in line with its strategy,
thus increasing current income further. In this sale, Peach Property Group
was advised by Tylor Wessing and CBRE.
The "Am Zirkus 1" project was developed by a joint venture with Deutsche
Immobilien AG (DIAG), in which Peach Property Group held a share of 80
percent. The building is situated in a central location directly on the
River Spree in Berlin, next to Peach's "yoo berlin" project of up-market
condominiums. On an area of around 11,000 square metres, it comprises a
4-star hotel with 309 rooms operated by the Fattal Group under the
"Leonardo" brand as well as several commercial and office units with a
gross floor area of around 5,000 square metres. The anchor tenant is the
strategy consulting firm Roland Berger Strategy Consultants. The remaining
commercial spaces have also been rented out in the meantime. The
Association of German Engineers (VDI) is another major tenant that signed a
long-term lease at attractive market terms. As a result, the joint venture
is handing over a fully occupied property.
Thomas Wolfensberger, CEO of Peach Property Group: "The sale of this major
project marks yet another step in the implementation of our strategy. We
are completing a high-volume project development, reducing the share of
this business segment. We will be using the funds gained from this
transaction for the continued development of our existing investment
properties and for the acquisition of new investment properties.
Furthermore, we are reducing our liabilities, thus improving our financial
structure."
Contacts:
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher,
Chief Financial Officer
+41 44 485 50 00 | investors@peachproperty.com
Media Germany
edicto GmbH, Axel Mühlhaus, Peggy Kropmanns
+49 (0) 69 90 55 05 52 | amuehlhaus@edicto.de
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).
For more information, see www.peachproperty.com
End of ad hoc announcement
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=TKYNSYDDRO
Document title: Press release
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19.02.2015 News transmitted by EQS Schweiz AG. www.eqs.com - news
archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
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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: Regulated Unofficial Market in Berlin, Stuttgart; Open
Market in Frankfurt ; SIX
End of News EQS Group News-Service
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324879 19.02.2015
EQS Group-Ad-hoc: Peach Property Group AG / Key word(s): Preliminary Results/Profit Warning Peach Property Group AG: Extraordinary factors due to nearly completed project developments depress annual earnings for 2014 30.01.2015 / 18:46 Release of an ad hoc announcement pursuant to Art. 53 KR. The issuer is solely ...