27 September 2012

Peach Property Group AG extends portfolio in Germany

Zurich - 27 September 2012 – Peach Property Group AG, a leading developer of top-quality residential property in the German-speaking region of Europe, has, through its Germany subsidiary, acquired two historic properties in Dortmund city centre. The vendor of the properties is a closed-end fund. Crown Credit Services GmbH was supporting the sales process. The parties have agreed to keep the purchase price confidential. 

Peach Property Group intends to subject the two buildings to a comprehensive programme of renovation and refurbishment, while respecting their history and heritage. The company is planning a mix of commercial and residential use. The acquired properties are not far from the ‘U’ cultural centre in Dortmund’s pulsating Union District which, in the coming years, is due to undergo extensive renewal that will do much to enhance its potential as a quality location. 

Bernd Hasse, Managing Director of Peach Property Group (Deutschland) GmbH: “With this major refurbishment project, we intend to combine Peach Property Group’s ability to create unique residential properties at high-profile locations with its expertise in integrating into the portfolio investment properties offering attractive yields. This has the advantage of equally generating value for our customers and for our investors. We are proud to contribute to Dortmund’s urban development at this location that offers significant potential for the future.” 

The main building at Rheinische Strasse 173 was built between 1916 and 1921 and served for many years as the head offices of the Hoesch Union. The premises are heritage-protected and feature an imposing neoclassical design. They boast prestigious interiors and an impressive entrance hall. The lettable area exceeds 15,000 m2. Its previous occupier, Dortmund’s utilities office, relocated to new premises last year, as a consequence of which work on the building can begin without delay. The second building acquired by Peach Property Group is at Rheinische Strasse 167-171 and offers a further 2,700 m2 of lettable space. 

Peach Property Group develops and markets attractive residential property projects with strong brands in the luxury segment, and is also establishing a high-yielding portfolio of investment properties. 

Peach Property Group AG is a leading developer 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 high-quality 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 Group’s current projects account for a total target marketing volume of approximately CHF 800 million. 

Source: Peach Property Group AG