Peach Property prepares IPO

Swiss luxury property developer Peach Property Group plans to list its shares on the Main Standard of the Swiss stock exchange in the coming weeks as it seeks to raise funds for new development projects. In a statement on Wednesday, the company said that the operation will enable 'future growth of its operations' and added that the timing is subject to capital market conditions.

'The past few years have shown that our business model yields excellent results in different market phases, and is largely independent of general stock market trends. Our IPO will, for the first time, enable a wide range of investors to invest in this segment,' said Chief Executive and majority owner Thomas Wolfensberger. The operation is said to be the second Initial Public Offering launched in Switzerland so far this year.

Bank am Bellevue has been appointed as lead manager for the IPO.

Based in Zurich and Cologne, Peach Property has operations in Switserland, Germany and Austria. In September, the company acquired an 80% interest in the Am Zirkus 1 hotel project in Berlin from ING Real Estate Development. Following the deal, Peach Property manages the entire Am Zirkus project comprising a four-star hotel consisting of 311 rooms and a conference centre, as well as 87 residential units across 13,000 m² and a further 5,100 m² of retail and office accomodation.