Peach Property further expands portfolio

Peach Property Group is acquiring the 172 residential units in Bochum by taking over a German real estate company. The purchase agreement was notarized in December 2017, according to the company.

Through the acquisition, Peach Property increases its total residential portfolio to 6,944 units with a rentable living space of 445,280 sqm. Within a year, the real estate company has more than doubled the number of apartments and the living space in its real estate portfolio. The annual target rental income increases by CHF 1 million to 34 million as a result of the transaction.

The new residential units are located at four sites in Bochum, a city in the Ruhr region, and are in very good structural condition, according to Peach Property. The portfolio, which is 98.3 percent leased, also includes two commercial units and 53 parking spaces. The actual rent is currently 0.85 million euros (around CHF 1 million).

Peach Property is on a shopping spree: In November, the real estate company headquartered in Zurich had taken over a residential portfolio with around 1,100 units in the greater Bielefeld areaThis was followed in mid-December by a portfolio of almost 800 units in Hesse and Thuringia. In the medium term, the company aims to hold 9,000 residential units in its portfolio.