Home » Economy » Real Estate – Profitable growth at Peach Property News

Real Estate – Profitable growth at Peach Property News

Tuesday, August 22nd, 2017 | Economy

In addition to the increase in rental income (+ 61% to 6.8 million) as a result of the expansion of the portfolio, the profit jump of CHF 12.2 million to CHF 16.0 million was mainly attributable to higher revaluation gains (19.9 Million vs. 13.8 million) as well as sales in the remaining project developments (income of 21.4 million vs. 4.6 million).
More houses were sold and handed over in Hamburg, Berlin and Rorschach, the company listed on the SIX shares with Tuesday. In these projects only three apartments are still available. At the "Wollerau Park" project near Zurich, a sales quota of almost 80% was achieved in the first half of 2017, it says.
As a result, total operating income increased to CHF 48.5 million from 28.5 million. At the same time, however, the operating expenses rose quite clearly (27.0 million vs. 12.6 million). Operating profit at EBIT level subsequently improved by around one third to 21.5 million
Exchange 2010
Compared to the end of the year 2016, the housing stock increased by 36% to 4'246 units and the market value of the portfolio by 48% to CHF 332 million as of the balance sheet date. "We expect to reach the mark of 5,000 apartments by the end of 2017," says CEO Thomas Wolfensberger in the announcement.
Peach Property has greatly reduced its dependency on the development business – ie the construction and sale of owner-occupied apartments – in the past years by buying residential portfolios in Germany. When the company came to the Swiss exchange at the end of 2010, the focus was still on the development of luxury real estate.
For the year as a whole, we are confident that the positive business development will continue. It is, however, to be assumed that the valuation result will not develop to the same extent as in the first half of 2017. However, on the basis of the existing real estate portfolio, a significant increase in rental income compared to the previous year would result.
(AWP)

Related

Roy Singham: Investment company buys soc

About 30 years ago, Roy Singham began developing IT consulting services. In the

Bitcoin Price News

Bitcoin Price News Small Japanese businesses listed on stock exchanges that offer bitcoin-related

Gabriel calls EU negotiations with Turke

After the capture of two other Germans in Turkey, Foreign Minister Sigmar Gabriel

Real Madrid Football Team

Real Madrid Football Team Modric ruled out of Supercopa first leg as suspension