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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Phoenix Spree Deutschland Limited | PSDL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 139.50 | 11:12:51 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 139.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 29/09/2022 | Interim | GBP | 0.0209 | 06/10/2022 | 07/10/2022 | 28/10/2022 |
| 30/03/2022 | Final | GBP | 0.0429 | 12/05/2022 | 13/05/2022 | 09/06/2022 |
| 24/09/2021 | Interim | GBP | 0.0202 | 07/10/2021 | 08/10/2021 | 29/10/2021 |
| 29/03/2021 | Final | GBP | 0.0465 | 13/05/2021 | 14/05/2021 | 07/06/2021 |
| 15/09/2020 | Interim | GBP | 0.021 | 24/09/2020 | 25/09/2020 | 16/10/2020 |
| 06/04/2020 | Final | GBP | 0.044 | 11/06/2020 | 12/06/2020 | 03/07/2020 |
| 26/09/2019 | Interim | GBP | 0.021 | 10/10/2019 | 11/10/2019 | 25/10/2019 |
| 29/04/2019 | Final | GBP | 0.0462 | 06/06/2019 | 07/06/2019 | 27/06/2019 |
| Top Posts |
|---|
Posted at 14/3/2024 11:15 by riskvsreward One rule of thumb I use for filtering reits is to see if insiders buy any of their own shares. If they don’t back up their own business ideas why should I? If they don’t invest any of their own money there is a good chance they are in it to line up their own pocket at the expense of the shareholders. While this is not bullet-proof it will help you to avoid the ones like psdl, home and labs etc. |
Posted at 14/3/2024 10:54 by smithie6 Will any of the supposedly high NAV/share at PSDL ever end up in shareholders's handsOr Just slowly slide off the table in to the hands of Qsix, year by year. That sadly is what has happened at many dubious listed property companies. Like hanging a carrot in front of a donkey.....it is tempting, but eating the carrot never actually happens ! ======= Personally, I always like to look at what % of the rental income is used by the people charging to collect & administer it. If it is too high a cut then I just think it stinks & I avoid the shares. If the rental income at any property company just gets eaten on route then clearly shareholders, at the very end of the table, will never get any of it to eat. |
Posted at 13/3/2024 19:27 by cerrito HugePantsYou did a good deal buying this morning and I would have joined you if Barclays allowed me to do so. I note that trading by volume has been high by PSDL standards since Feb 23 this year.No surprise. I have to say that I had never heard of the Epra index. |
Posted at 13/3/2024 10:32 by hugepants I bought back some based on this mornings updateStatement Re Share Price movement The Board of Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, notes the recent movement in the Company's share price. The board believes that this reflects index reweighting ahead of the removal of the Company from the FTSE EPRA index, which will become effective on Monday 18th March. The Board can confirm that it is not aware of any adverse material change relating to the Company's trading, which remains consistent with the business update issued on 7 February, highlights of which are reiterated below. The Board considers the current share price, which values the Company at a 67 per cent discount to the most recently published EPRA NTA, and implies a value per square metre of approximately half the cost of construction, does not reflect the value of the underlying assets within the Portfolio........ |
Posted at 29/2/2024 10:19 by cerrito I was rather intrigued by yesterday's RNS as I had never heard of Mr Schwagenscheidt I see from the Qsix website that there are 10 people in the Berlin Office.PSDL's Property Advisors fees and expenses were E6,862k up slightly from the 2021 figure of E6,722k. This seems rather alot compared to 2022 revenue of E25.9m. In addition in both years there was a performance fee of E343k but as I understand it none due for 2023. I note the PSDL AR states that quote senior Property Advisorpersonnel and their families retain a significant stake in theCompany, aligning their interests with other key stakeholders.unquote |
Posted at 08/2/2024 17:00 by davebowler Phoenix Spree talks to lenders over ramping up profitable condo salesBerlin residential property fund Phoenix Spree Deutschland wants to ‘significantly Michelle McGagh Berlin residential property fund Phoenix Spree Deutschland (PSDL) is in talks with its lenders to ‘significantly The £166m investment company said it was also ‘examining other strategic options’ to increase condo sales in a bid to repay debts, resume its dividend suspended last year and return capital to shareholders frustrated by its 55% share price discount. The company said it had seen a ‘material upturn’ in sales of condos in the second half of last year as buyers returned to the market, encouraged by ‘greater visibility in forward bank lending rates’. Last year, 25 condos were notarised for sale at a total value of €7.2m, representing a 53% increase on the €4.7m worth of sales in 2022. Mike Hilton, chief executive of QSix which manages Phoenix Spree, said that the condos sold at an average of €3,976 per square metre, a 4.1% premium to their carrying value at the end of 2022, but below the historical average. Hilton hopes to capture huge upside for shareholders as the fund’s share price only implies a valuation of €2,750 per square metre after a 45% fall in the past three years. Only 4% of the portfolio is currently valued as condos, although the company has another 73% of assets in units that are legally split into condos but not yet valued as such. Bringing them to market ought ‘to materially increase sales volumes’, the firm said. Since listing in 2015, Phoenix Spree has set about splitting multi-occupied buildings into condos and has increased the number of properties that have been legally split, even as new legislation was introduced in 2021 that limited the ability of landlords to divide buildings into single dwellings. While the legislation was not retrospective and did not impact the buildings Phoenix Spree had already split, Hilton said it ‘inevitably ‘With over 1,900 units, representing 77% of the portfolio, now split as condos, Phoenix Spree is uniquely placed in the listed market to benefit from this trend,’ Hilton said. Offloading properties has been a key focus for the company, which last year agreed to pay a 1% disposal fee to QSix in order to incentivise sales and return cash to shareholders. However, Hilton noted that attempts to sell whole buildings had not been successful as market conditions were ‘not conducive to achieving sales’ at a fair value. ‘The few transactions that were agreed generally failed to proceed to sales,’ he said. While the value of rental apartments may lag the sales value, rental strength remained strong in the second half of last year as inward migration and higher homeownership costs forced more people into rented accommodation at the same time as higher borrowing and construction costs squeezed housebuilding. This pushed market rents to record levels, with rents signed at a 31% uplift to passing rents, or €13.70 per square meter – a 5.9% increase on 2022. Although Berlin rents are subject to the ‘Mietspiegel&# While a new index will be released in mid-2024, Hilton said it is expected that it will ‘provide scope for further permissible rent increases to qualifying tenants, supporting rental growth from the third quarter of 2024 onwards’. The fund reported a 5.3% slide in the valuation of its assets to €675.6m in the second half of last year as all but one asset experienced valuation declines driven by yield expansion. The exception to this was Donaustrasse, which was the trust’s latest acquisition and rose 26% over the period. Hilton said the investment market remains ‘fragile’ |
Posted at 07/1/2024 20:55 by cerrito Here is the Citywire articlequote Berlin property investor Phoenix Spree Deutschland is left with a £4.7m compensation bill after pulling out of a deal to buy 34 homes to avoid increasing its debt. Berlin residential property fund Phoenix Spree Deutschland (PSDL) has pulled out of a deal to buy a development in the Brandenberg forest, saddling it with a €5.55m (£4.7m) compensation bill. The £155m London-listed fund cancelled its contract with The Grounds Real Estate Development for the sale of its Terra Homes project in Erkner on the south-eastern edge of Berlin. The trust had been due to purchase the 34 homes in a contract worth €18.5m but the contract was terminated by mutual agreement at PSDL’s request, according to reports in German newspapers. According to Justin Bell of Deutsche Numis, PSDL has confirmed the cancellation of the contract and the subsequent €5.5m payment it has to make will have ‘no material impact on net asset value (NAV)’ and the decision to pull out of the deal ‘avoids drawing down further on debt to fund completion of the project and taking market risk on valuations’. The property trust has been trying to offload properties over the past six months in a bid to raise cash to reinstate its dividend and hopefully narrow its persistently wide discount, which currently stands at 44%. The fund even agreed to pay its fund manager, QSix Residential, a 1% disposal fee to increase sales of its condominiums in the German capital. The new fee was combined with a €5m cap on QSix’s annual management fee in the next 12 months, down from the €7m the fund manager earned in the previous year. Shares in the Jersey investment company have slid 32.5% in the past year, mystifying shareholders such as MIGO Opportunities (MIGO) manager Nick Greenwood who believes that the closed-end fund deserves a much higher rating given the shortage of residential property in Berlin. At 168p yesterday the shares languished on a 58% discount to NAV of 399p, although the valuation is out of date as it relates to the 30 June figure released in the half-year results in September. unquote |
Posted at 04/10/2023 12:39 by davebowler Numis-Phoenix Spree Deutschland* – Interims: Condominium market reopening; Disposal programme accelerated ● Results Summary: Phoenix Spree Deutschland’s interim results for the six months to 30 June show an EPRA NTA of €4.64 (£3.99) per share, which reflects a 9.0%. decrease in Euro terms versus the 31 December NTA of €5.10 (-11.7% in Sterling terms). This decrease was driven by a 6.9% like-for-like valuation decline for the portfolio, (excluding impact of disposals), which reflects the increase in market yields, partially offset by increasing rents. Rental growth remains strong at 5.6% on an annualised basis and EPRA vacancy remains at historically low levels of 2.7%, reflecting the continued supply demand imbalance within the Berlin residential market. The fund’s LTV at 30 June was 42.7%. PSDL – Like-for-like portfolio valuation movement PSDL – Annual like-for-like rent per sqm growth Source: Company Data As at 30 June. Source: Company Data ● Reversionary rental uplifts remain compelling: During H1 2023, supply-demand imbalances within the Berlin PRS market have widened with the company signing 148 new leases at average rents of €13.39 per sqm, equating to an average 31.2% premium to previous passing rents. This reflects the continued net inward migration into the city, which combined with the higher cost of home ownership thanks to rising mortgage rates, is increasing rental demand at a time when supply remains constrained by higher funding and construction costs. The annualised like-for-like rental growth at 30 June was 5.6%, and management expect this to increase further. During the period a new transitional Berlin Mietspiegel (rent index) was published by the Senate Department, which details permitted increases of 5.4% vs 2021. Where applicable (c.20% of PSDL portfolio), the new rents will become effective from October and although not the primary driver of the company’s rental growth, it will be accretive to rental income in H2 2023. ● Portfolio valuation: As at 30 June, Phoenix Spree Deutschland’s portfolio was valued at €714.3m. This represents a 6.9% like-for-like valuation decrease over the six-month period, reflecting outward yield shift within the market given the rise in interest rates and its impact on buyer sentiment. The valuation equates to an average value of €3,808 per sqm (31 December: €4,082) and a gross fully occupied yield of 3.3% (31 December: 3.0%). Six properties were valued as condominiums, with an aggregate value of €39.1m. ● In line with the strategic focus on enhanced disposal activity, the manager has undertaken a detailed analysis of the entire portfolio to identify individual apartment blocks, portfolios of apartment blocks and additional condominiums units that can be marketed for sale. Given the fund’s shares continue to trade at a discount to NAV, the Board will consider disposals at a discount to carrying value. Since period-end the company has accepted offers on two properties (completion expected at start of 2024), with discussions ongoing over a range of other assets. Several new condominium projects are also being brought to market. No assets were acquired in H1, in line with the previous guidance that no new acquisitions would be undertaken at this stage of the cycle. €4.6m of capex was invested in the existing portfolio in H1 and management expects the full year figure to be materially lower than 2022 (€16.4m). ● Condominium buyer interest returning: The wider macroeconomic backdrop continued to weigh on sentiment in the condominium market during H1 resulting in only eight condominium units being sold (aggregate value €2.0m). However, pricing remained compelling with average sales value of €5,715 per sqm representing an average 68% premium to 31 December 2022 carrying value, which reflects that these units were fully renovated and vacant. Since period-end, there have been signs of a recovery in buyer interest, with a further six condominiums for sold for €2.1m. The valuation equated to a 2.2% discount to 31 December 2022 carrying value, reflecting the fact that the majority of these units were occupied and therefore carried lower premiums. Reservations on a further three units (aggregate value €0.8m) have been received and are pending notarisation. Management is continuing to review and benchmark its pricing of condo units, particularly for occupied units where the sales market remains challenging. Importantly, 78% of the portfolio has been legally split into condominiums, which together with revised sales expectations and a greater stock of renovated units, should underpin an acceleration in condominium disposals in H2 2023 and H1 2024. PSDL – Condominium sales PSDL – Portfolio vacancy rate As at 30 June. Source: Company Data As at 30 June. Source: Company Data ● Balance Sheet: At 30 June, the fund had total borrowings of €318.1m and cash balances of €13.1m, resulting in net debt of €305.0m and a net loan to value of 42.7% (December 2022: 39.1%). The average remaining duration of the loan book is 3.3 years with the nearest maturity in 2026. The blended interest rate is 2.49% with the interest rate on 88% of drawn debt either fixed or hedged with swaps. ● Numis views: Phoenix Spree Deutschland’s 30 June NAV of €4.64 (-9.0% NAV TR in € terms) is broadly in line with expectations given the 6.9% like-for-like portfolio valuation decrease in H1 had already been released. This reflects the challenging macro backdrop as property markets respond to rising interest rates. Positively, the underlying supplydemand imbalance for rental property in Berlin continues to result in low vacancy and provides attractive prospects for reversionary rental growth. Although macro headwinds also served to suppress the level of condominium disposal activity in H1, pricing remains very attractive for this second avenue of value creation and there are signs of a cautious recovery in buyer sentiment. The company remains uniquely well placed to capitalise on this, with 78% of its existing portfolio legally split into condominium units. This, combined with recent realignment of management fees to incentivise disposals, should help the company execute on its strategy of a period of enhanced disposal activity that also includes possible sales of individual properties and portfolios. Given the shares continue to trade at a wide c.55% discount to NAV we believe it is positive to see willingness to undertake disposals at small discounts to carrying value that are still accretive to overall returns. Although the forecasts for German economy are weak in the near term in particularly the manufacturing sector, the Berlin market should remain largely insulated thanks to its lower reliance on the manufacturing sector. Therefore, in our view, the current share price (which implies a value of c.€2,600 per sqm) is not reflective of the property market fundamentals and the portfolio’s embedded value, reflected by an average sales price on condominiums of €5,545 per sqm over the past 12 months. |
Posted at 14/8/2023 18:15 by cwebb1 I have followed this thread for some time, and its refreshing to see others investigating this fund more deeply before piling in. I invested in PSDL several years ago, and after losing close to £20,000 of my money as the share price plummeted, I called it a day. Before I sold out, I spent a long night of the soul looking at the facts, something I should have done at the outset.As many of you point out, the cashflow characteristics have been problematic for many years. The only way PSDL can sustain a payout is selling more and more property. The rental income is swallowed up by the adviser "QSIX". This is because they are paid as a percentage of the asset value and not the rental income. The annual fees they charge are almost twice those of similar investment funds. In addition, they have gotten away with charging a performance fee. This is a work of art for a public company and almost unheard of. I, too, read the article in the investor's chronicle last week. I don't believe for one second that they voted to pay themselves less, or this was a sign of the board of directors cracking the whip on the advisor. No one votes to pay themselves less unless they are up against the wall: in this case, they were trying to prevent an even bigger failure of the business model i.e., going cashflow negative (with all the warranted attention that would attract). Reading about this new 1% fee to 'incentivise the adviser to dispose of property' made me laugh. Why do they need an incentive if they are already being paid handsomely to do the right thing for the investors? CAROLPIG1 has it right on the new 1% fee: QSIX must think that they have come to the end of the road and want another 'pay-day': a sale of the fund would mean they would get paid another 5/6/7/8 million (depending on what you believe the valuation to be). I shouldn't need to point out this is additional shareholder value going to the "property adviser", QSIX. So now that there is no chance of getting a performance fee, they have introduced this new fee to take its place. I didn't calculate the cumulative fees since listing. Still, if its 80 million euros and 50% of the gross revenue, it is excessive and unbelievable that they have gotten away with it for so long. The condominium strategy is absurd: as LOOKHERE1 points out, 8 flats sold in 2022 out of maybe 2000 odd that are owned. QSIX must have seen cash flow was tightening and could have sold flats more to generate cash before the year-end, leaving some chance of maintaining the dividend. They didn't sell more. This is worrying on many fronts: 1) either they couldn't sell them because they were overvalued in their books and didn't want to sell them for much less, in which case the valuations don't stand up when extrapolated, or 2) there is no market for them, either because of the cost or location or quality, but we are constantly led to believe its the strongest housing market in Europe. or 3) they didn't know or notice and were asleep at the wheel. Either way, a disaster. The cash from sales this year will no doubt be used to pay down debt before returning any money to investors. There is an odd narrative that they should sell assets for below NAV. Indeed then, the NAV doesn't reflect reality, and the actual price of the properties is much lower. I am highly skeptical about the 10% drop in value. I suspect this is just the start (and possibly captured by the share price). The problem is there are few comparisons as the sales markets are stalling. Given how interest rates have multiplied, 10% seems like an overly optimistic decline. Also, JLL has been the valuer since the listing. Once again, everyone is very cozy here. There is no one to challenge these values. Indeed, just like auditors, boards etc., there should be a rotation to ensure we're not all marking our homework with gold stars and a pat on the back. The share buyback scheme was an unmitigated disaster and a complete failure. PSDL guided higher in their last RNS on rent inflation. I'm looking forward to seeing the magnitude and the total rent increase over the past four years. I know it won't be very reassuring once you get into it. The independent board is nothing of the kind. Many of these funds use a PO BOX board in the Channel Islands. The idea of proper governance is utter pretense and make-believe. Many of the board members are employees of the fund administrators. Everyone is taking a fee or salary that relies on keeping the 'show on the road' using LOOKHERE1's analogy. I called the administrator years ago to enquire about the adviser and how they were selected. They told me that the advisor had managed the fund before it was listed and was the best placed to do so. I asked what consultation or review was regularly done to see if the fees were competitive. The answer was: "None that I know of". I asked if the 'independent board' has ever considered an alternative manager. The answer was: "not that I know of". She also didn't know or think there was ever a process to consider an alternative advisor. So QSIX gets waved through every time a vote has come along. The board must surely be compelled to run a regular 'beauty contest' or re-tender these agreements. Unbelievable, lazy, and inept conduct of the "independent" board. I have given up reading about the industry, but the new environmental standards will be problematic. Buyers want grade "A" property. Anything less is a problem (PSDL mainly owns old, 100-year+ old property) and the anti-landlord rhetoric. Why bother? All in all, abysmal governance. I strongly suspect QSIX will look to string out their contract for as long as possible. The 1% is a payday to replace a performance fee they would never get. The reduction in fees this year is where I suspect they would partly end up anyway after the new valuation. As you mention below: there is no capital growth, not enough top-line income growth, no dividend, not enough cash flow, just vested incumbents running it for fees. I agree with CARLOPIG1 that this may be a buy-out candidate - but PE's will want to double their money in four years: I don't think that is possible here with so much to unwind. Fundamentally, the yield is just too low, growth too slow, and costs too high. The only reason to make a new investment is if you think someone will make an offer for it. There are much better investments out there. Whatever you do, don't get swallowed in by the rhetoric of too many tenants chasing too few flats. LOOKHERE1 is exactly right in their description - this is a classic example of a zombie fund that has been undetected for too long. Good luck. |
Posted at 14/3/2023 10:06 by kenmitch Below is a post I did a couple of days ago on the very good “The Commercial Property Thread,” but in case not seen there I’m posting it here too.“I agree with SKYSHIP that EBOX looks the best of them all at present. Close behind is one rarely covered on this thread, Berlin Property REIT, PSDL. PSDL is at a 52% discount to 494p NAV. PSDL results are due at the end of this month. NAV sure to have fallen but possibly not by much. Dividend is small which will put some off, but as long as their results update reassures, share price upside could be large. This might interest a few, but I’ll refrain from posting my views yet again so will just give the facts and the odd question. PSDL started their last series of buybacks in June 2021 when the discount to NAV was 17% “a level that does not reflect the track record and performance of the Portfolio.” The share price at the start of those buybacks was 397p compared with 236p now. When those buybacks concluded in July 2022 the share price had fallen from the near £4 at the start of them to £3.20 and that “too wide discount” had widened further. Earlier in September 2019 “the Company has bought back 5.1% of its shares as part of a buyback strategy designed to limit the downside risk to the share price.” Share price then was 390p. Did those expensive buybacks achieve their aim of “limiting the downside risk to the share price?” In their interim results in September 2022 (two months after completion of buybacks) PSDL reported “€63 million has been returned to shareholders from dividends and buybacks.” Really? The share price has fallen 40% from £4 at the start of those buybacks, to just £2.36! Is that really “returning money to shareholders” or is it in reality a 40% loss? Now that the share price looks really cheap and at a massive 52% discount, compared with the 17% discount PSDL were keen to narrow via buybacks, perhaps there IS a case for buying back now. But they have stopped buybacks! I bought PSDL too soon and am 16% down. I’m looking to average down but will wait for their results just in case there’s a big fall in NAV (I think a small fall is more likely) or any shock bad news that might explain the exceptionally wide NAV discount. If no such shocks PSDL looks a stunning bargain priced buy.” |
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