Peach Property repatriates Eurobond
The company, which specializes in German rental apartments, has taken a further step towards improving its financing profile.
Peach Property Group AG has fully repaid an originally EUR 300 million Eurobond. With part of the financing agreed with Castlelake in August, the outstanding balance of EUR 100 million of the Eurobond maturing in November 2025 has been repaid in full and ahead of schedule, the Zurich-based company announced.
The refinancing for 2025 has now been completed as planned, says CEO Gerald Klinck. According to the information provided, Peach is now financed exclusively with a loan portfolio secured by mortgages. One of the next goals is to sell off the properties that are not part of the core portfolio. The company is primarily active in the German market for rental apartments.
Peach had run into difficulties in the wake of the real estate crisis in Germany, in particular due to lower valuations, and had to find some breathing space last year by selling properties at well below book value (IB reported). (aw)
