Peach Property Group confirms forecast
Peach Property Group sees itself operationally on track after the first half of the year and reports progress on its project in Wädenswil
Zurich-based Peach Property has confirmed its full-year guidance after the 1st half. According to a preliminary announcement, the company, which specializes in German residential real estate, reaffirms its target for the key operating figure FFO I, which is still expected to reach CHF 18 to 21 million in the financial year. Net rental income is forecast to be between CHF 113 million and CHF 118 million. Peach Property plans to present its full half-year figures at the end of August.
In the leasing business, Peach reports a new record with the conclusion of around 1,800 new leases. Vacancy has reduced by around 0.3% in the first six months. The valuation of the portfolio, which also reflects investments made, is expected to increase by 3%, according to the data. The leverage ratio (LTV), which stood at 51.9% at the end of the year, continues to move towards the medium-term target of 50%, it says. Peach points out that around EUR 600 million of the portfolio is unsecured by real estate liens, and further optimization of the financing structure is under review.
At the Swiss "Peninsula" development project in Wädenswil, demolition work began in the 2nd quarter, and the first notarizations took place in July. At present, sales contracts had been concluded for 12 of the total of 56 planned residential units with a sales volume of over CHF 30 million. (aw)
