Phoenix Spree Deutschland Limited Portfolio Update (5080M)
October 14 2016 - 2:00AM
UK Regulatory
TIDMPSDL
RNS Number : 5080M
Phoenix Spree Deutschland Limited
14 October 2016
14(th) October 2016
Phoenix Spree Deutschland Ltd
Portfolio Update
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed
investment company specialising in German residential real estate
(the "Fund"), is pleased to announce that it has exchanged
contracts to purchase a portfolio of four properties in Berlin
("the Acquisition"). The Fund has also completed the first
apartment sale in its latest condominium programme in
Boxhagenerstrasse, Berlin.
Highlights:
-- Portfolio of four Berlin properties notarised for an aggregate
consideration of EUR18.75 million (GBP16.89million), excluding
acquisition costs; representing a price per square metre of
EUR1,970
-- The Acquisition represents 132 residential units and 16 commercial
units
-- Potential reversionary rental opportunities through modernisation,
refurbishment and re-letting at current market rates
-- Medium term potential to increase the residential footprint
-- Following completion, and including other recent acquisitions,
Berlin will represent around 74% of the fund's portfolio value
-- Following September launch, first Boxhagenerstrasse condominium
sale completed, with a further three reserved
-- Condominium sale price of EUR4,195 per sqm, a 63% premium to
July 2015 acquisition value of EUR2,580 per sqm
The four properties acquired represent over 9,500 square metres
of lettable space, 90% of which is residential. Subject to planning
permissions, there is scope for attic conversion and the courtyards
also offer potential for accretive capex measures as well as
new-build. The properties are located in the districts of Mitte and
Wedding. Mitte is centrally located and already well established as
a favoured location for tenants. Wedding is becoming an
increasingly popular residential location and the properties are
located in close proximity to the main retail area, benefitting
from excellent public transport links.
Jörg Schwagenscheidt, Chief Executive of PMM Partners Germany
GmbH, commented:
"We are pleased that the Fund continues to make good progress in
securing properties. As well as increasing exposure to the
attractive Berlin residential market, the newly acquired properties
offer significant scope for value creation through active asset
management. Notwithstanding the fact that the market for Berlin
residential assets remains competitive, these acquisitions
demonstrate that the Fund continues to source attractive properties
which fit its strict return criteria. The Fund expects to deploy
further capital during the remainder of 2016."
Note:
Sterling denominated purchase price value is based on an
exchange rate of EUR1.11 to GBP1.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information please contact:
Phoenix Spree Deutschland
Stuart Young +44 (0) 20 7292 7153
Liberum Capital Limited
Richard Crawley +44 (0) 20 3100 2222
Christopher Britton
Bell Pottinger
Nick Lambert +44 (0) 20 3772 2582
Elizabeth Snow
This information is provided by RNS
The company news service from the London Stock Exchange
END
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