Phoenix Spree Deutschland Limited PSDL-Investment Property Valuation (2682X)
August 09 2018 - 2:00AM
UK Regulatory
TIDMPSDL
RNS Number : 2682X
Phoenix Spree Deutschland Limited
09 August 2018
9 August 2018
Phoenix Spree Deutschland Limited
(The "Company" or "PSDL")
Investment property valuation for the half year to 30(th) June
2018
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed
investment company specialising in Berlin residential real estate,
announces the interim valuation for the portfolio of investment
properties held by the Company and its subsidiaries (the
"Portfolio").
As at 30(th) June 2018, the Portfolio was valued at
EUR583.7million by Jones Lang LaSalle GmbH, the Company's external
valuers (31(st) December 2017: EUR609.3 million). The headline
decrease reflects previously announced North German disposals which
completed post the financial year-end.
On a like-for-like basis, after adjusting for the impact of
acquisitions net of disposals, the Portfolio valuation increased by
5.4 per cent in the six months ended 30(th) June 2018. This
reflects the combined impact of market rental growth and the
ongoing active management of the Portfolio. The valuation per
square metre equates to a 14.8 per cent increase during the
six-month period to EUR3,275 (31(st) December 2017: EUR2,853),
reflecting the shifting mix of the portfolio as well as underlying
organic growth.
Berlin, where the Portfolio is now focused following the Central
& Northern German disposal, posted a like-for-like increase of
5.3 per cent over the six-month period.
The Company expects to report its interim results for the
six-month period ended 30(th) June 2018 towards the end of
September 2018.
Robert Hingley, Chairman of Phoenix Spree Deutschland,
commented:
"It is pleasing that, after an exceptionally strong performance
in 2017, the Portfolio has registered further like-for-like
valuation gains. These gains reflect both the quality of the assets
within the Portfolio and the fact that our active asset management
strategy has continued to deliver strong rental growth. Following
the recent completion of the disposal of our Central and Northern
Germany portfolio, at a premium to book value, the Company is now
focused on Berlin, where we continue to selectively acquire further
assets. Supply-demand and population demographics in the Berlin
market remain favourable, and we see potential for further
underlying value and rental growth in the second half of the
year"
For further information please contact:
Phoenix Spree Deutschland Limited +44 (0)20 3937 8760
Stuart Young
Liberum Capital Limited (Corporate Broker) +44 (0)20 3100
2222
Richard Crawley
Christopher Britton
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
Tom Murray
Elizabeth Snow
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No.596/2014. By the publication of
this Announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain. The
person responsible for arranging for the release of this
Announcement on behalf of the Company is Estera Trust (Jersey)
Limited.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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