Peach Property reports record profit
Peach Property said it posted the highest pre-tax profit in the company's history in fiscal 2021, at CHF258 million, up nearly 70% from the previous year.
According to preliminary, unaudited figures, Peach Property Group also almost doubled its rental income year-on-year in the 2021 financial year. Mainly thanks to the acquisitions of the last two years, revenues increased from CHF 54.7 million in 2020 to now CHF 108 million, the company, which focuses on the German real estate market, reports.
At the end of the year, the portfolio comprised a good 27,400 residential units and had a total market value of 2.6 billion (previous year: 2.1 billion). The positive development was due to economies of scale from the acquisitions and revaluations of the entire portfolio. In this context, the investment strategy of focusing on Tier II cities near German metropolitan areas with significant potential for value appreciation has paid off, the company said.
Peach Property Group expects further positive business development in 2022. It intends to invest CHF 70 million in modernizing its real estate portfolio (previous year: CHF 45 million), also in order to reduce vacancies. (ah)
