Peach Property records record number of new leases
In the first half of the year, the Peach Property Group set a record for new lettings in Germany. The increase in lettings went hand in hand with an improvement in the financial structure and portfolio of the real estate group.
According to a media release , the Peach Property Group has reached a new high in new lettings in Germany. The letting success has reduced the number of vacancies, while at the same time rental income has increased. For example, more than 15 percent growth was recorded for newly rented apartments compared to the average price per square meter for the group at the end of 2021. According to the announcement, the Peach Property Group's rent for existing properties continues to be below the average market rent. The continuation of the restructuring program also contributed to the group's solid financial structure. Around 1,400 units have been modernized, 15 percent of which have been brought up to date in terms of energy.
The positive half-year balance reflects "the efficiency and scalability of the group's digital rental platform" and underlines "the potential for rent increases in the portfolio". "We have never renovated and rented out so many apartments," says Dr. Thomas Wolfensberger, CEO of Peach Property Group AG, quoted.
Peach Property describes the sale of twelve of the planned 56 residential units in the new Peninsula development in Wädenswil on Lake Zurich as a strong signal for the Swiss portfolio. In addition to the portfolio optimization, the financing structure is developing positively as a result of successful capital management. A bond maturing in February 2023 was bought back early at a price of 94 percent.
For the second half of the year, the group expects net rental income of CHF 113 to 118 million and an operating result of CHF 18 to 21 million.