The German arm of Peach Property Group has unveiled plans to list its shares on the Prime Standard segment of the Frankfurt Stock Exchange. The initial public offering would be the first to be carried out by a German property company in 2012. 'Now is the time,' said Bernd Hasse, CEO of Peach Property Group, in an interview during EXPO REAL.
The German arm of Peach Property Group has unveiled plans to list its shares on the Prime Standard segment of the Frankfurt Stock Exchange. The initial public offering would be the first to be carried out by a German property company in 2012. 'Now is the time,' said Bernd Hasse, CEO of Peach Property Group, in an interview during EXPO REAL.
'We have a great pipeline of development projects and this is the good time to be public and raise new funds. In addition, sentiment for real estate is good at the moment due to inflation fears,' he adds. The company is not authorised to give out financial details regarding the pricing of the IPO or the planned raising volume. The operation is due to be executed during the fourth quarter of 2012, Hasse noted.
Peach Property Group Deutschland is an indirect subsidiary of Peach Property Group, a company listed in Switzerland which will continue to hold the majority stake in the company. The group focuses on the development of high-end luxury residential properties in Germany, Austria and Switzerland but also carries out refurbishment of trophy assets and manages a vast investment portfolio.
The German arm, based in Cologne, already boasts an attractive project pipeline for new construction and refurbishment and is in talks about further projects. According to Hasse, the expected proceeds from the IPO will be used to help expand the pipeline and accelerate the growth of Peach Property Group (Deutschland). Its larger projects include 'Living 108' in Berlin and the refurbishment of the former Hoesch headquarters building in Dortmund. Peach Property Group (Deutschland) reported a net profit of EUR 3.4 mln in the first half of 2012, much higher than the profit reported for 2011 as a whole.