05.10.2015, 13:50
Peach Property Group extends lease with EDEKA in Erkrath by more than 16 years
OREANDA-NEWS. Peach Property Group AG, a specialist investor in high-potential residential and commercial properties, today announced a major rental success in its property portfolio. The company has extended its lease with Germany's largest food retailer, the Edeka Group (EDEKA), for its commercial property in Erkrath near D?sseldorf ahead of time by over 16 years until the end of 2031. Furthermore, under the new agreement EDEKA will rent the entire building with all commercial and residential units as the sole tenant; previously it had rented 95% of the total lettable space of 6,700 m.
In Peach Property Group's building at the centre of Erkrath-Hochdahl, located directly on the market square, the Edeka Group has run a freshness centre with a food market since 2005 and is now planning to make investments in the low single-digit million Euro range to modernize its space. In addition to an attractive, state-of-the-art store design, parts of the building and shop technology are also to be updated. Peach Property Group will also invest in modernising the entrance area as well as the building technology.
Peach Property Group had acquired the property in 2012 as part of a portfolio together with 143 apartments and other commercial units. The property is situated in an attractive location just a few kilometres fromthe centre of D?sseldorf and boasts an excellent transport network. From the Erkrath property alone Peach generates annual rental income adding up a seven-figure Euro sum.
The annual target rental income of all of Peach Property Group's investment properties, which make up 61% of the value of its property portfolio, currently amounts to EUR 10.8 million/CHF 11.5 million.
Dr. Thomas Wolfensberger, CEO of Peach Property Group, comments: "We are delighted that with EDEKA we were able to get a first-class tenant to make a long-term commitment. This will safeguard rental income so that we can generate sustained earnings for a significant period. What is more, it is entirely in line with our strategy of increasing our focus on investment properties aimed at increasing value. The fact that the commercial units in this property have been rented to a single retailer with an excellent credit rating for an extended period - a retailer that along with us is investing a considerable sum in modernizing the space - will substantially increase the value of this property. This success is testament to the effectiveness of our asset management and the quality of our property portfolios."
About Peach Property Group AG
Peach Property Group AG is a property investor and developer focused on investments in Switzerland and Germany. The portfolio includes an increasing number of investment properties that are designed to generate sustained income as well as attractive residential development properties. The Group's activities cover the entire value chain, from site evaluation to project planning, implementation and marketing. In the investment segment, the Group is focused on properties with a potential for achieving attractive yields based on active asset management - typically secondary nlocations in the catchment area of urban agglomerations. In the development segment, the Group concentrates on exceptional locations and properties with high-end specifications and amenities that meet the requirements of a demanding clientele.
Peach Property Group AG is headquartered in Zurich and has its German Group headquarters in Cologne. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366).
In Peach Property Group's building at the centre of Erkrath-Hochdahl, located directly on the market square, the Edeka Group has run a freshness centre with a food market since 2005 and is now planning to make investments in the low single-digit million Euro range to modernize its space. In addition to an attractive, state-of-the-art store design, parts of the building and shop technology are also to be updated. Peach Property Group will also invest in modernising the entrance area as well as the building technology.
Peach Property Group had acquired the property in 2012 as part of a portfolio together with 143 apartments and other commercial units. The property is situated in an attractive location just a few kilometres fromthe centre of D?sseldorf and boasts an excellent transport network. From the Erkrath property alone Peach generates annual rental income adding up a seven-figure Euro sum.
The annual target rental income of all of Peach Property Group's investment properties, which make up 61% of the value of its property portfolio, currently amounts to EUR 10.8 million/CHF 11.5 million.
Dr. Thomas Wolfensberger, CEO of Peach Property Group, comments: "We are delighted that with EDEKA we were able to get a first-class tenant to make a long-term commitment. This will safeguard rental income so that we can generate sustained earnings for a significant period. What is more, it is entirely in line with our strategy of increasing our focus on investment properties aimed at increasing value. The fact that the commercial units in this property have been rented to a single retailer with an excellent credit rating for an extended period - a retailer that along with us is investing a considerable sum in modernizing the space - will substantially increase the value of this property. This success is testament to the effectiveness of our asset management and the quality of our property portfolios."
About Peach Property Group AG
Peach Property Group AG is a property investor and developer focused on investments in Switzerland and Germany. The portfolio includes an increasing number of investment properties that are designed to generate sustained income as well as attractive residential development properties. The Group's activities cover the entire value chain, from site evaluation to project planning, implementation and marketing. In the investment segment, the Group is focused on properties with a potential for achieving attractive yields based on active asset management - typically secondary nlocations in the catchment area of urban agglomerations. In the development segment, the Group concentrates on exceptional locations and properties with high-end specifications and amenities that meet the requirements of a demanding clientele.
Peach Property Group AG is headquartered in Zurich and has its German Group headquarters in Cologne. Peach Property Group AG is listed on the SIX Swiss Exchange (PEAN, ISIN CH0118530366).
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