Ad hoc announcement according to article 53 KR

Peach Property Group AG: Realignment of the Board of Directors

Zürich (pta040/05.10.2023/19:00 UTC+2)

Ad hoc announcement pursuant to Art. 53 LR

  • Resignation of Reto Garzetti and of Kurt Hardt
  • Klaus Schmitz becomes Executive Chairman of the Board of Directors
  • Peter Bodmer and Dr. Christian De Prati remain on the Board of Directors

Reto Garzetti, Executive Chairman of the Board of Directors, and Kurt Hardt, Member of the Board of Directors, have decided to step down from the Board of Directors of Peach Property Group AG as of October 31, 2023. Klaus Schmitz, previously a member of the Board of Directors, will be appointed as Executive Chairman of the Board of Directors for the remaining term of office until the next General Meeting. Klaus Schmitz has been on the Company's Board of Directors since 2020 and acts as Shareholder Representative of Peak Investment S.à.r.l.. The current independent directors Peter Bodmer and Dr. Christian De Prati will remain in office.

After a sustained period of strong growth, Peach Property Group is facing a different market and financing environment in line with the current development of the overall German real estate market. The reason for the resignation of Reto Garzetti and Kurt Hardt is different approaches to implementing the corporate strategy.

Peach Property Group would like to thank the Executive Chairman of the Board of Directors, Reto Garzetti, for his many years of dedicated, successful development work, thanks to which the Peach Group significantly strengthened its market position as a provider of affordable rental apartments in German metropolitan areas, and Kurt Hardt, member of the Board of Directors of the anchor shareholder Kreissparkasse Biberach, for his competent support, particularly in securing financing.

Reto Garzetti:

"Over the past years, we have built up a significant, high-quality real-estate portfolio and created a solid basis for sustainable value creation. I would like to thank all our employees and the Board of Directors, who have contributed to this success with great commitment. Peach Property Group is very well positioned to succeed in the current challenging economic cycle."

Klaus Schmitz:

"Peach Property Group has expanded very strongly over the last years growing from 8,442 units in 2018 to now over 27,500 units. In this phase of the market cycle, a key focus for real estate owners is driving efficiency across their portfolios, growing the top line, and dealing with the changed financing environment. With the help of Peach's dedicated employees, the company is well positioned to thrive in this environment."


Media, investors, and analysts

Thorsten Arsan, Chief Financial Officer
+41 44 485 50 18 |

About Peach Property Group AG

Peach Property Group is a real estate investor with an investment focus on residential real estate in Germany. The Group stands for many years of experience, competence, and quality. Innovative solutions that cater to tenants' needs, strong partnerships, and a broad value chain round off the profile while digitalization and sustainability underpin the operational activities. The portfolio consists of high-yield properties, typically in German Tier II cities in the commuter belt of metropolitan areas. The activities, therefore, span the entire value chain, from location evaluation and acquisition to active asset management and the letting or sale of properties. In addition, the Group develops selected properties in Switzerland to be sold as condominiums, of which the "Peninsula Wädenswil" development project is the final such development project.

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 currently consists of Reto Garzetti (President and Executive Chairman), Peter Bodmer, Dr. Christian De Prati, Kurt Hardt and Klaus Schmitz and as of November 1, 2023, of Klaus Schmitz (President and Executive Chairman), Peter Bodmer and Dr. Christian De Prati.

More information at


Emitter: Peach Property Group AG
Neptunstrasse 96
8032 Zürich
Contact Person: Thorsten Arsan
Phone: +41 44 485 50 00
ISIN(s): CH0118530366 (Share)
Stock Exchange(s): SIX Swiss Exchange; Free Market in Berlin, Frankfurt, Stuttgart