Peach Property buys again in Germany
Peach Property Group has expanded its real estate portfolio in the German state of North Rhine-Westphalia. It acquired 85 residential units in Mülheim an der Ruhr.
The apartments are located in the immediate vicinity of the recently acquired portfolio in OberhausenPeach Property announces. They have a total living space of 6,800 sqm and are fully leased, according to the company. The annual net rental amounts to 500,000 euros (540,000 CHF). The acquisition brings the company's portfolio to 4,328 residential units with annual target rents of CHF 22.4 million.
The residential units in Mülheim are in good structural condition and most of them have been refurbished in recent years, Peach Property adds. They are located in a centrally located building complex.
The purchase agreement has already been notarized and the transaction is expected to close in September 2017. Peach Property is not disclosing who the seller is. The parties have agreed not to disclose the purchase price.
