Regensdorf: Peach Property sells Gretag site to Turidomus
Peach Property Group is selling the Gretag site in Regensdorf near Zurich together with the planned construction project for 665 apartments to Turidomus Anlagestiftung. The corresponding purchase agreement was notarized yesterday.
Through the sale, Peach Property Group will achieve net capital returns of around CHF 70 million. The real estate group is thus realizing "a sales price that is significantly above the acquisition price and also above the current book value and honors the value-enhancing development of the site in recent years," writes Peach Property. The transaction is expected to be completed by the end of March 2016.
The site now being sold comprises two parcels of land with around 36,000 square meters directly adjacent to the Regensdorf train station. The site is currently developed with several commercial properties and also has a large building land reserve. According to Peach Property, it forms a central part of the "Bahnhof Nord" development area - currently the largest development area in the canton of Zurich. Following intensive preparatory work and planning, the Regensdorf municipal assembly passed a partial revision of the building and zoning regulations at the beginning of December 2015 and approved the "Gretag-Areal" private design plan.
The funds from the transaction will primarily be used to reduce liabilities, primarily to repay the bond in Germany, and to further strengthen Peach Property's equity ratio. In addition, the company intends to further expand its existing portfolio - primarily in Germany, it says. (mr)
