Peach Property buys residential portfolio in North Hesse
Peach Property Group has notarized a contract for the purchase of 116 apartments south of Kassel, thus expanding its residential portfolio in northern Hesse.
With the acquisition, the number of apartments in Peach Property Group's portfolio increases to a total of 2,034 units and the rentable living space increases by 8,300 sqm to a total of over 137,000 sqm. The transaction is expected to close in April 2016.
The newly acquired apartments generate an annual rent of around CHF 600,000 and are almost fully let. Due to the very good structural condition, there is no need for investment in the short and medium term, writes Peach Property in a media release.
Peach Property's portfolio consists of existing properties, typically in B-cities in the catchment area of metropolitan areas. In addition, the Group develops properties for its own portfolio or for marketing in condominium ownership. In the latter area, the Group focuses on A-locations. (ah)
