Phoenix Spree Deutschland Limited Disposal of non-core portfolio for EUR35.25m (8644B)
07 April 2017 - 4:00PM
UK Regulatory
TIDMPSDL
RNS Number : 8644B
Phoenix Spree Deutschland Limited
07 April 2017
7 April 2017
Phoenix Spree Deutschland Ltd
Disposal of non-core portfolio for EUR35.25m
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed
investment company specialising in German residential real estate
(the "Company"), is pleased to announce that it has exchanged
contracts to sell a portfolio of 17 non-core properties in
Nuremberg and Fürth ("the Disposal") for an aggregate cash
consideration of EUR35.25m.
Highlights:
-- Properties were acquired in 2007 and 2008 for an aggregate purchase price of EUR13.9m.
-- Sale proceeds represent an 11% premium to the 31 December 2016 Jones Lang LaSalle valuation.
-- Following completion, and including any acquisitions and
disposals which were notarized in 2016 but had yet to complete by
the financial year end, properties located in Berlin will represent
approximately 82% of the Company's portfolio value.
-- The Disposal represents an exit from Nuremberg & Fürth.
Proceeds will be used to reduce debt, fund further acquisitions in
Berlin and invest in the existing portfolio.
-- The Disposal is expected to have a positive impact on EPRA
NAV after transaction costs and taxes.
Phoenix Spree Deutschland was advised on the Disposal by PMM
Partners (UK) Ltd, property advisor to the Company.
Jörg Schwagenscheidt, Chief Executive of PMM Partners Germany
GmbH, commented:
"This is another important milestone for the Company. The
Disposal represents a profitable exit from the region, releasing
capital from non-core assets which can be redeployed to increase
our exposure to the attractive Berlin residential market."
"We will maintain our highly disciplined approach to acquiring
properties in Berlin, targeting those which fit our strict return
criteria and where we can continue to add value."
For further information please contact:
Phoenix Spree Deutschland +44 (0)20 7292
Stuart Young 7087
Liberum Capital Limited
(Corporate Broker)
Richard Crawley +44 (0)20 3100
Christopher Britton 2222
Bell Pottinger (Financial
PR)
Nick Lambert +44 (0)20 3772
Elizabeth Snow 2500
Notes to Editors
Phoenix Spree Deutschland is an investment company founded in
2007 and listed on the London Stock Exchange. It offers
shareholders exposure to the German residential market,
particularly Berlin. Since Phoenix Spree Deutschland was
incorporated in Jersey in 2007, the Company has assembled an
attractive portfolio of German real estate assets. As at 31
December 2016 the portfolio consisted of 130 properties containing
2,785 residential units and 237 commercial units across Berlin and
secondary cities in Germany, representing a total lettable area of
215,631 square metres. The primary assets are multi-apartment
residential buildings mostly built pre-1914 or post-1990 and 84 per
cent of the Portfolio by lettable area relates to residential
property, with the balance being commercial property. PMM Partners
(UK) Ltd acts as the Property Advisor. It has an experienced team
of property professionals with long-standing experience of the
German residential property market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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