Peach Property buys again
Peach Property reports the acquisition of more than 500 residential units in North Rhine-Westphalia. This means that the Group will hold just under 13,000 apartments in its portfolio in the future.
The purchase agreement for the 528 apartments and around 500 sqm of commercial space has already been notarized, Peach Property said. The majority of the portfolio is located in Essen and Dortmund, and the houses and apartments are in "good condition." The vacancy rate is reportedly currently 9.7% and the annual net cold rent is CHF2.4 million (€2.2 million).
The transaction will increase Peach Property's total apartment portfolio by a good 4% to around 12,975 units. The leasable area will also increase by 4% or 36,000 sqm to a new total of over 866,000 sqm, according to the company. The target rent of the rises to CHF 66.1 million.
Details of the seller and the purchase price have not been disclosed, Peach Property said. The transaction is expected to close by the end of the first quarter of 2020. (ah)
