Ad-hoc | 28 June 2011 07:04
Peach Property Group AG / Key word(s): Real Estate/Contract
28.06.2011 07:04
Release of an ad hoc announcement pursuant to Art. 72 KR
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Media release
Peach Property Group starts building construction of 'yoo berlin' and 'Am
Zirkus 1' projects
- Sales volume of over EUR 32 million already achieved
- Project finance fully assured
- Civil engineering work completed to time within budget
- 'Am Zirkus 1' hotel project leased for 20 years
- Cost security achieved for building construction
- Construction in progress on all Peach Property Group projects in
Germany
Zurich, Berlin and Cologne, 28 June 2011 - Peach Property Group Ltd, a
leading developer of top-quality residential properties in German-speaking
Europe, announces the start of building construction work on its 'yoo
berlin' and 'Am Zirkus 1' projects. Civil engineering work on the
foundations, launched 12 months ago, has been completed to time and within
budget. Over the same period, apartment sales volume at 'yoo berlin' has
rocketed to over EUR 32 million, meeting the planned quota for advance
sales. Target asking prices for the apartments have, without exception,
been met or exceeded. Thus finance for the whole project is now assured. A
firm 20-year lease has been concluded for the 'Am Zirkus 1' hotel project.
General contractor agreements were concluded in June, also providing
reasonable cost security for the remaining course of building construction
work on the two projects.
Total investment costs for both parts of the project (the Peach Property
Group portions) are expected to run to around EUR 124.4 million (CHF 148
million).
Thomas Wolfensberger, CEO of Peach Property Group, notes: 'Peach Property
Group now meets all the preconditions, in terms of advance sales and
finance, which were necessary to move the entire project forward to the
building construction stage, after completion of the civil engineering
works. This is one of the most important milestones that we have ever
passed in the German market.'
Historic location for Peach Property Group's showpiece development
The 'yoo berlin' part of the project is rising on a unique historic site on
the banks of the river Spree, in the centre of Berlin. It comprises 12,800
square metres of saleable living space. A total of 87 dwelling units will
be built, subdivided into six different residential formats: townhouse,
penthouse, pied-à-terre, atrium suite, master suite and atrium
pied-à-terre. The apartments are being built in cooperation with designer
Philippe Starck under the label 'yoo - inspired by Starck', with floor
spaces ranging from 62 to 339 square metres. There are also a lobby and a
health, fitness and spa area, complete with bar and café.
Next door, Peach Property Group is building the 'Am Zirkus 1' part of the
project. This will be a 311-room hotel with office and business units.
Total surface area will be 16,500 square metres, of which 5,000 is
top-quality office space.
Fattal Group, which already operates 24 Leonardo Hotels in Germany, five of
which are in Berlin, is fitting out the hotel in avant-garde style. This
positions 'Am Zirkus 1' as the first theme hotel. Peach Property Group has
leased the hotel to Fattal Group for 20 years.
The representative office space is spread across 10 floors, with individual
areas ranging from 150 to 500 square metres. A common feature is the
exposed position impressively overlooking the river Spree, Weidendammer
Bridge and the skyline of the district around Berlin's Friedrichstrasse
railway station. This wide view, unusual for offices, is achieved by
arranging all office space in the building's south-east wing.
Bernd Hasse, Managing Director Peach Property Group (Deutschland) GmbH,
commented: 'Demand for properties in locations of the quality of the 'Am
Zirkus 1' and 'yoo berlin' developments far exceeds the limited
availability.'
Construction in progress on all Peach Property Group projects in Germany
The two parts of the project 'yoo berlin' and 'Am Zirkus 1' are scheduled
for completion in 2012 (office and hotel section) and 2013 (residential
units).
Thus all Peach Property Group's projects in Germany are either being built
or already completed. In May, the foundation stone was laid for
'Harvestehuderweg 36' in Hamburg, while the Group's third Berlin project,
'living 106', was completed on time at the end of 2010 and has only a few
residential units still for sale.
Further information
www.yooberlin.com
Contact
For investors and analysts:
Dr. Thomas Wolfensberger, Chief Executive Officer
Bruno Birrer, Chief Operating Officer
Tel.: +41 44 485 50 00
investors@peachestates.com
For the media:
Siro Barino, Head of Corporate Communications
Tel.: +41 79 335 24 24
info@barino.ch
Information on Peach Property Group Ltd
Peach Property Group Ltd is one of the leading developers in the area of
top-quality residential property in the German-speaking part of Europe.
Activities cover the entire value chain of property development, from site
surveying to project planning, implementation and marketing. Properties
developed by Peach Property Group Ltd are located on exceptional sites in
or near city centres and holiday resorts. Premier amenities meet the
requirements of a demanding clientele.
Peach Property Group Ltd currently employs 34 real estate and finance
specialists at its Zurich head office and at its Cologne branch. The Group
plans and is currently implementing 14 projects with total target marketing
volume of approximately CHF 800 million. Peach Property Group Ltd has been
listed on the SIX Swiss Exchange since 12 November 2010 (PEAN, ISIN
CH0118530366).
For further information, please visit www.peachestates.com
28.06.2011 News transmitted by EquityStory AG.
The issuer is responsible for the contents of the release.
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Language: English
Company: Peach Property Group AG
Seestrasse 346
8038 Zürich
Schweiz
Phone: +41 44 485 50 00
Fax: +41 44 485 50 11
E-mail: investors@peachestates.com
Internet: www.peachestates.com
ISIN: CH0118530366
Swiss Security Number: A1C8PJ
Listed: Freiverkehr in Berlin, Stuttgart; Open Market in
Frankfurt; SIX
End of Announcement EquityStory News-Service
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