Zürich (pta034/11.10.2021/19:00) -
=> Long-term issuer credit rating upgraded from "B+" to "BB-"
=> Upgrade of issuer rating for senior unsecured bonds from "BB-" to "BB"
=> Important milestone for further reduction of the cost of debt
Peach Property Group AG, a real estate company focusing on investing and managing residential rental properties in Germany, informs that S&P Global Ratings ("S&P") has upgraded Peach Property Group AG's long term issuer rating from "B+" to "BB-"/stable outlook and its senior unsecured bonds rating from "BB-" to "BB".
As a basis for the upgrade, S&P pointed to Peach Property Group's increased property portfolio, lower leverage ratio, solid operating performance in the first half of 2021, 4.4 percent increase in rental income (like-for-like) and further reduction in overall vacancy to 7.5 percent from 7.9 percent. S&P expects demand for residential properties in Germany to remain strong, resulting in stable cash flow generation, robust occupancy levels and continued positive rental income growth for Peach Property Group on a like-for-like basis.
"The upgrade of our rating by S&P Global Ratings to BB- with a stable outlook is also a recognition of our focus on continuously sound capital management and thus an important step towards being able to further reduce our average interest burden", explains Thorsten Arsan, Chief Financial Officer of Peach Property Group AG.
Dr. Thomas Wolfensberger, CEO of Peach Property Group AG, says: "Our company's strategy for bold but sustainable growth while staying close to tenants and managing very efficiently is paying off; this upgrade is a result of our strengthened asset base. This will open up more value-creating options for us to act in the interest of our shareholders."
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and
Thorsten Arsan, Chief Financial Officer
+41 44 485 50 00 | firstname.lastname@example.org
Edelman GmbH, Ruediger O. Assion
+49 (0) 221 8282 8111 | mobile: +49 (0) 162 4909624 | email@example.com
About Peach Property Group AG
The Peach Property Group is a real estate investor and developer with an investment focus in Germany. The group stands for many years of experience, competence and quality. Innovative solutions for state-of-the-art living needs, strong partnerships and a broad value chain round off the profile. The portfolio consists of high-yield portfolio properties, typically in B-cities in the catchment area of conurbations. In addition, the Group develops real estate for its own portfolio or for condominium marketing. In the latter area, the Group concentrates on A locations and properties with attractive architecture and upscale furnishings for an international clientele. Its activities span the entire value chain from evaluating locations through to acquisitions and also active asset management and property sales or lettings.
Peach Property Group AG has its registered office in Zurich and the Group is headquartered in Cologne. Peach Property Group AG is listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer, Dr. Christian De Prati, Kurt Hardt and Klaus Schmitz.
More information at http://peachproperty.com(end)
|Emitter:||Peach Property Group AG|
|Contact Person:||Dr. Thomas Wolfensberger and Thorsten Arsan|
|Phone:||+41 44 485 50 00|
|Stock Exchanges:||SIX Swiss Exchange; open market (free market) in Frankfurt, free market in Stuttgart; open market in Berlin|