Peach Property Group AG

EQS-Adhoc: Peach Property Group changes Board of Directors and announces details of cost-cutting programme

EQS Group-Ad-hoc: Peach Property Group AG / Key word(s): Change of
Peach Property Group changes Board of Directors and announces details
of cost-cutting programme

20.03.2015 / 18:38
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.


Press release

Peach Property Group changes Board of Directors and announces details of
cost-cutting Programme

  - Reduction of Board of Directors to three members
  - New President of Board of Directors nominated
  - Programme to cut costs by CHF 2.5 million annually
  - CEO forgoes part of fixed salary

Zurich, 20 March 2015 - Peach Property Group, a leading investor in
residential and commercial real estate, today announced changes on its
Board of Directors. The Board will be downsized from currently six to three
members. At the same time, Reto A. Garzetti, who has great property and
finance expertise, will be nominated for election as the new President of
the Board of Directors at the General Meeting to be held on 8 May 2015.

Reto A. Garzetti (55) studied business administration with an emphasis on
banking sciences / commercial and securities law at the University of
Zurich. He has dual Swiss/Italian citizenship. His work is focused on the
property, pharmaceutical and mechanical engineering sectors. He is a member
of several Boards of Directors of different companies in Switzerland and
the United States. Since 1999, Mr. Garzetti has been a partner and a vice
president of the Board of Directors of investment consulting company SE
Swiss Equities AG in Zurich. He is also a member of the Board of Directors
of global pharmaceutical company Siegfried Holding AG. Further Board of
Director memberships in the real estate area in Switzerland include Meili &
Peter Architekten AG, HFS Helvetic Financial Services AG as well as AGI AG.
In the United States, Mr. Garzetti is a member of the Board of Directors of
Southeastern Technologies Inc. and Setech Inc.

The Group's President, Dr. Corinne Billeter-Wohlfahrt, as well as the
members of Peach Property Group's Board of Directors, Dr. Christian Wenger
and Dr. Thomas Wolfensberger will not stand for re-election at the General
Meeting. Going forward, Dr. Thomas Wolfensberger will fully devote himself
to his work as the Group's Chief Executive Officer (CEO). In this capacity
he will be pushing ahead with the strategy of increasing the focus on
investment properties aimed at increasing value and of implementing
standardised property development. In the context of the organisational
streamlining, Martin Eberhard resigns from his post as a Board member with
immediate effect.  The other members of the Board of Directors, Peter E.
Bodmer and Dr. Christian De Prati will be nominated for further one-year
terms of office.

The Board of Directors thanks its departing members for their untiring work
for the Group.

At the same time, the Group disclosed initial details of the cost-saving
programme announced at its financials press conference on 10 March 2015. In
agreement with the Board of Directors, CEO Dr. Thomas Wolfensberger will
forgo a large portion of his annual fixed salary, which will be reduced by
CHF 200,000 to CHF 350,000. Coupled with other measures, the Group aims to
create a package by the end of the first half-year that will result in
annual cost savings of at least CHF 2.5 Mio.

Dr. Thomas Wolfensberger commented: "Last year Peach managed to boost its
rental income to more than CHF 10 million. At the same time, we reduced our
annual operating expenses by CHF 4 million in the past two years. Now that
the largest development projects have been completed, we will be able to
reduce our cost base even further. At the same time, we will enhance our
asset management expertise for property portfolios. The changes, which
affect our entire Group, all aim to ensure a sustainable and profitable


Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher,
Chief Financial Officer
+41 44 485 50 00 |

Media Germany
edicto GmbH, Axel Mühlhaus, Peggy Kropmanns
+49 (0) 69 90 55 05 52 |

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

End of ad hoc announcement

Additional features:

Document title: Press release


20.03.2015 News transmitted by EQS Schweiz AG. - news

The issuer is responsible for the contents of the release.


Language:    English
Company:     Peach Property Group AG
             Seestrasse 346
             8038 Zürich
Phone:       +41 44 485 50 00
Fax:         +41 44 485 50 11
ISIN:        CH0118530366
Valor:       A1C8PJ
Listed:      Regulated Unofficial Market in Berlin, Stuttgart; Open
             Market in Frankfurt ; SIX

End of News    EQS Group News-Service
335763 20.03.2015

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