Globe Trade Centre to acquire a portfolio of 5.2k residential units from Peach Property Group.

Globe Trade Centre, a real estate development group, agreed to acquire a portfolio of 5.2k residential units from Peach Property Group, a residential property manager. Financial terms were not disclosed. "This transaction is an important milestone in our business development in a challenging environment. We were able to achieve a good and fair purchase price for the portfolio in difficult market conditions, which was in line with our expectations. The additional cash inflow provides us with considerable financial flexibility. Together with the capital increase of around EUR 120 million planned for this year, for which we have approached major shareholders to obtain advance commitments, this portfolio transaction will contribute significantly to the upcoming refinancing tasks. We are convinced that on this basis we will be able to significantly improve the operating performance, the sustainability and profitability of Peach Property Group in the medium term," Gerald Klinck, Peach Property Group CEO.