Peach Property can build in Regensdorf
Peach Property Group AG has received the green light for its major project on the Gretag site in Regensdorf near Zurich. A development with residential and commercial space is to be built in several stages starting in 2017.
The Regensdorf municipal assembly has approved a partial revision of the building and zoning regulations for the Bahnhof-Nord area as well as the private design plan for the Gretag site. Now the canton will deal with the planning.
Peach Property plans to build a total of 654 apartments in a medium price range, as well as commercial and restaurant space. The total leasable area after completion will amount to 55,000 sqm. Construction is scheduled to start in 2017. The Gretag site covers an area of more than 48,000 sqm, 36,000 sqm of which is owned by Peach Property Group.
The Bahnhof-Nord area is currently the largest development area in the Canton of Zurich. The Gretag site forms a central part of this area. (ah)
Meanwhile, Peach Property has placed a hybrid bond and raised around CHF 25 million- A total of around 25,000 units, each with a nominal value of CHF 1,000, were placed as part of the public offering in Switzerland and a private placement with selected European investors. The Company has thus placed the target volume communicated at the beginning of the subscription period. The increase option up to CHF 50 million could not be realized.
Peach Property intends to use the funds to refinance liabilities and expand its existing portfolio, primarily in Germany. (ah)
