Peach acquires another housing package in North Rhine-Westphalia
Peach Property has purchased a portfolio of 1,109 apartments in the greater Bielefeld area. The units are spread over seven locations, mostly in North Rhine-Westphalia. 30 units are in Lower Saxony. The majority of the buildings date from the 1960s and 70s; Peach states that there is no maintenance backlog. The package generates €3.8mn in annual rent income. This is the fourth portfolio in the region that Peach has acquired this year. The deal boosts the company’s holdings by 23 % to 5,979 units with more than 390,000 sqm lettable living space, target rent income increases by about 19 % to CHF30mn per year.
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