Swiss Peach Property Group plans to go public

ZURICH, Oct 13 (BestGrowthStock) – Swiss luxury property developer
Peach Property Group plans to list on the Swiss bourse in coming
weeks, in what would be only the second initial public offering
in Switzerland this year.

Peach Property Group Ltd aims to raise funds to invest in
new development projects with its IPO of newly issued registered
shares, the group said in a statement on Wednesday.

Peach Property Group combines real estate investment,
development and construction management focusing on luxury
residential properties in locations such as Berlin or the lake
Zurich area.

A spokesman for the group said the company was currently
majority owned by chief executive Thomas Wolfensberger and his
family.

The group had a net profit of 18.2 million Swiss francs
($18.87 million) in 2009 and 16.6 million francs in the first
half of 2010, it said.

Earlier this year, the group said the total marketable
volume of its projects in 10 locations in Switzerland, Germany
and Austria was 810 million francs.

The group currently employs 34 real estate and financial
specialists.

Bank am Bellevue has been appointed as lead manager for the
IPO, Peach Property Group said.

So far, the listing of Swiss food group Orior (ORON.S: ) in
April was the only IPO in Switzerland this year.

Switzerland’s real estate market continued to grow during
the financial crisis, especially in areas around Zurich and
Geneva, thanks to strong immigration of highly-skilled
professionals, low interest rates and an overall solid economy.
($1=.9644 Swiss Franc)
(Reporting by Sven Egenter; Editing by Hans Peters)

Swiss Peach Property Group plans to go public