Peach Property expands portfolio again
Peach Property Group has purchased 200 apartments in Kaiserslautern. The company now holds a good 1,300 residential units in the Rhineland-Palatinate industrial and university city.
According to Peach Property, the newly acquired apartments are located in downtown Kaiserslautern, are in very good structural condition and are 95.5 percent leased. The majority of the buildings were built between the end of the Wilhelminian period and the 1950s. Almost all facades of the properties have already been renovated and a good two thirds of the apartments have been refurbished. The apartments are located in the immediate vicinity of the portfolios in Kaiserslautern that Peach Property Group already holds in its portfolio.
The transaction increases the Group's total residential portfolio to around 8,800 units, 99 percent of which are located in Germany. The annual target rent increases by 2.4 percent to around CHF 46.5 million as a result of the purchase.
With the new acquisition in Kaiserslautern, Peach Property can now offer tenants apartments ranging from mid-range to upscale quality and in a variety of city locations, says CEO Dr. Thomas Wolfensberger. The medium-term goal is to maintain 11,000 residential units in the portfolio. (ah)
