| Issuer: P&P Group / Key word(s): Real Estate/Sustainability Fürth (Germany), 27.03.2025 – The German property company P&P Group is launching an energy efficiency programme for its entire portfolio of around 1,200 flats. Over the next three to four years, the Bavarian property developer intends to refurbish around 300 to 400 units in each case. The programme should therefore be completed by the end of 2028. In order to find the most effective modernisation strategy for each of the residential buildings in Germany originally built between 1920 and 1980, the P&P Group will first evaluate the most important parameters such as heating, insulation, roof and windows. Based on this, a precisely tailored, specific refurbishment plan is drawn up. ‘It was a logical decision for us to modernise the energy efficiency of all existing projects as well,’ explains Eva-Maria Zurek, CEO of the P&P Group: ’In the new-build sector, we have been focusing heavily on energy efficiency for years, for example with the QNG standard. For many of our business partners, investors and financiers, this is one of the key reasons for working with us. That's why we will also be offering this high quality in our entire property portfolio in future.’ In order to achieve this, each of the projects, almost all of which are let, must be approached individually. ‘The existing portfolio includes everything from apartment blocks to smaller apartment blocks with around ten units to listed properties,’ explains Christoph Langfritz, CIO of the P&P Group: ’There are hardly any duplicates in our portfolio and therefore no one-to-one transferable concepts.’ The installation of modern heating systems such as district heating connections, the switch to heat pumps or other electric heating systems or the installation of external thermal insulation composite systems not only increases comfort for tenants. The properties are also upgraded and become more sought-after than before. As a result, entire neighbourhoods benefit from the P&P Group's energy-efficient refurbishments. Last but not least, such effects also generally lead to increases in the value of refurbished existing properties. ‘The P&P Group will also sell some residential properties after modernisation,’ announces Christoph Langfritz. Rents, which are sometimes very low in the existing properties, may rise after the refurbishments. ‘This does not automatically mean higher costs for tenants,’ emphasises Langfritz: ’This is because the investments can sometimes lead to significant savings in operating costs.’ In an 80 square metre flat, tenants can generally save a quarter of their heating costs. ‘Under optimal conditions, this figure can even rise to half,’ says Langfritz. This depends on the consumption of the previous heating system and what new heating standard is structurally possible in the property. In order to carry out the modernisation programme effectively, the P&P Group has created a new, separate unit within the company. The employees only deal with the modernisation of existing properties. The relevant experience and in-house expertise of the entire company is also important. ‘And we have a lot to offer here: Because restorations have been an important area of our project developments since the P&P Group was founded,’ says CEO Eva-Maria Zurek.
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