Peach Property with significant jump in profits
Although Peach Property generated significantly lower income in the 2016 financial year than in 2015, profit increased significantly.
Peach Property generated earnings after tax of CHF 10.4 million in 2016, a significant increase on the previous year's level of 1.2 million. At 15.5 million, earnings before taxes also very significantly exceeded the previous year's result of 3.3 million.
Income, however, fell from 112.6 million in the previous year to 62.2 million. The main reason for this was that significantly fewer condominium units were handed over in the year under review, according to Peach Property.
Inventory continues to grow
In 2016, the company acquired a total of four residential portfolios in Germany, more than doubling its portfolio by a good 1,600 apartments to a total of 3,129 units. Rental income therefore increased by a good seven percent year-on-year in 2016 to 9.2 million. At the same time, the market value of the portfolio properties increased from 218 to 226 million over the course of the year.
Peach Property expects growth to continue in 2017. The portfolio is also to be further expanded with a focus on residential properties in German B-cities, vacancy rates reduced and rental income increased. Only recently, Peach Property acquired a large portfolio in Oberhausen and Duisburg.
