Switzerland's Peach Property Group has boosted its presence in the German real estate market with the acquisition of two residential and commercial projects from Germany's Vivacon. The company has acquired two developments in Hamburg and Berlin with total development costs of roughly CHF 253 mln (EUR 166 mln). The financial details of this transaction were not disclosed.
Switzerland's Peach Property Group has boosted its presence in the German real estate market with the acquisition of two residential and commercial projects from Germany's Vivacon. The company has acquired two developments in Hamburg and Berlin with total development costs of roughly CHF 253 mln (EUR 166 mln). The financial details of this transaction were not disclosed.
The Hamburg project consists of 63 luxury apartments with a value of EUR 84 mln, whereas the Berlin development, worth some EUR 82 mln, offers 13,300 m2 of residential space and three commercial units. As part of the deal, Peach Property Group is also taking over Vivacon's development department consisting of 16 employees.
'Through the enlargement of our development team we are expanding the expertise needed for our expansion in the German market,' said Thomas Wolfensberger, CEO of Peach Property Group.
In July the Zürich-based company acquired two residential/commercial developments in Berlin and Dusseldorf, with a total investment volume of around EUR 85 mln. The company has projects worth some EUR 550 mln in Switzerland, Austria, the Balearic Islands and Germany.
