Business news for the stock market

Zürich (pta008/19.12.2019/07:00) - Peach Property Group, an investor specialising in the management of residential property has sold its property in Rheinische Strasse 173 in Dortmund to NOVUM Development, a company of DET Beteiligungsgesellschaft (DET Holding), specialising in project development. The building is the former headquarter of Hoesch-Union, centrally located adjacent to the "Smart Rhino" development area at the heart of the city of Dortmund. The parties have agreed not to disclose the purchase price; the transaction is expected to be closed at the beginning of the second quarter of 2020.

NOVUM Development is planning to convert the listed property into a hotel, whereby the Hamburg based hotel group NOVUM Hospitality will lease the building on long-term, operating the hotel under its lifestyle brand "the niu".

Dr. Thomas Wolfensberger, Peach Property Group's CEO, commented: "We are very pleased that NOVUM Development will realize the planned hotel development in this impressive property. The sale of this commercial property will further sharpen our profile as residential real estate investor with now around 13,000 apartments in Germany in our portfolio."

David Etmenan, Chief Executive Officer & Owner NOVUM Hospitality: "We are delighted, not only to be able to function as the project owner of this historic industrial property, but also to operate the planned hotel with NOVUM Hospitality under our millennial brand "the niu" in the near future. The new hotel will provide unique overnight accommodation for both leisure and business travellers at the heart of North Rhine-Westphalia"

Contacts:

Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher, Chief Financial Officer
+41 44 485 50 00 | investors@peachproperty.com

Media Germany
edicto GmbH, Axel Mühlhaus, Peggy Kropmanns
+49 (0)69 90 55 05 52 | amuehlhaus@edicto.de

NOVUM Hospitality
Norah Lewerentz An der Alster 63 20099 Hamburg
Tel: +49 40 600 808 273 | presse@novum-hospitality.com | http://novum-hospitality.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 and Kurt Hardt.

You can find more information at http://peachproperty.com

About NOVUM HOSPITALITY
With 181 hotels and more than 24,000 hotel rooms in 65 locations in Europe, the family-run NOVUM Hospitality is ranked amongst the biggest hotel groups in Germany. Founded in 1988 and geared for growth since 2004, Chief Executive Officer & Owner David Etmenan transformed the single-brand company into a multi-brand hotel group. The hotel portfolio today comprises three- and four-star hotels in central locations run under the brands of Novum Hotels, Select Hotels, the niu and Yggotel. Additionally, NOVUM Hospitality acts as a franchisee of InterContinental Hotels Group, Accor, Best Western Hotels & Resorts and Choice Hotels.

For further information visit http://novum-hospitality.com

(end)

emitter: Peach Property Group AG
address: Neptunstrasse 96, 8032 Zürich
country: Switzerland
contact person: Dr. Thomas Wolfensberger and Dr. Marcel Kucher
phone: +41 44 485 50 00
e-mail: investors@peachproperty.com
website: www.peachproperty.com

ISIN(s): CH0118530366 (share)
stock exchanges: listed in SIX Swiss Exchange; open market (free market) in Frankfurt, free market in Stuttgart; open market in Berlin

[ source: http://www.pressetext.com/news/20191219008 ]