Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Spree D LSE:PSDL London Ordinary Share JE00B248KJ21 SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.00p +0.54% 370.00p 358.00p 370.00p 370.00p 360.00p 360.00p 59,160 09:45:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 13.6 41.7 35.8 10.1 258.53

Phoenix Spree D Share Discussion Threads

Showing 151 to 175 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
05/1/2018
09:24
PSDL is IC's Value Tip of the Year. Unfortunately the article ("Buy at 325.5p") is riddled with typos, including one in the conclusion: "In addition to its many attractions, Phoenix Spree Deutschland is also largely exempt from any unfavourable influences from Brexit. The shortage of accommodation in Berlin is unlikely to be resolved in the short term, and the explosive pace of new rent increases shows just how much hidden value may yet be realised. So-called condominium sales are also expected to continue as more people opt to buy rather than rent. In the four years to December 2019 [sic], NAV per share is forecast to rise by 53 per cent. We think the shares, albeit relatively illiquid and now trading at a premium to forecast NAV, still offer plenty of scope for upside. Buy."
jonwig
21/12/2017
21:38
There is a German listed company called Adler, which I only know about because it is (or at least was) held in British Empire trust. This invests in apartments across Germany (not just Berlin) and I believe was trading at a discount, hence their interest, although I don't know if it still is or have much further detail I'm afraid. Could be worth checking out though. Turning back to PSDL, I note the share register seems to have some big institutional investors on board (woodford, invesco, etc) so hopefully they would be able to block a bargain sell off as happened with TPF.
riverman77
21/12/2017
16:07
If you find any, please post them on here dave!
hiddendepths
21/12/2017
15:58
I wonder if there are any other similar vehicles like this that own Berlin property and trading at a discount to NAV -German listed ones, maybe?
davebowler
21/12/2017
09:42
Liberum; Event Phoenix Spree Deutschland has exchanged contracts to sell a portfolio of 34 properties located in Central and Northern Germany for €73m. The properties were originally acquired in 2006/2007 for €38.7m and the sale price represents a 26% premium to the June 2017 valuation. Berlin will represent 99% of the portfolio by value following this disposal and other portfolio activity outlined below. A further four properties located in Central & North Germany have been notarised for sale for €6.7m (11% above the June 2017 valuation). The sale proceeds will be used to reduce debt and fund further acquisitions and capex in the existing portfolio. In terms of acquisitions, Phoenix Spree has notarised the purchase of 10 Berlin properties for an aggregate purchase price of €36.5m. The properties comprise 235 residential units and 7 commercial units, with an average purchase price per sqm of €2,358. Liberum view The disposal of the assets in Central and North Germany follows the divestment of the Nuremberg and Furth properties earlier in the year. Both disposals were completed well above book value (weighted average 25% premium for Central & North Germany and 11% premium for Nuremberg and Furth) and enabled the company to crystallise significant valuation improvement since acquisition. The company is now almost entirely focused on the high-growth Berlin market where investment demand remains very strong, as evidenced by yesterday's takeover of Taliesin Property Fund. The outlook for long-term rental growth in the Berlin residential market is underpinned by market dynamics with demand well ahead of supply. Phoenix Spree Deutschland trades on a 19.4% premium to the June 2017 NAV and we expect strong performance in H2 2017 due to the strength of investment demand, rental growth following the Mietspiegel announcement in May 2017 and today's NAV accretive disposal (c.4% NAV uplift assuming 5% costs).
davebowler
21/12/2017
08:50
Just bought in to replace my Taliesin. Relieved the shares didn't move up this morning on that RNS! I guess they moved up yesterday and already trade at a significant premium to end June assets. But, as jonwig says, that NAV is clearly understated now. I do like the Berlin market still. It will presumably move to a premium to other German cities - eventually! And yes, now Taliesin is gone, a bid is a significant possibility.
hiddendepths
21/12/2017
07:45
Disposal of non-Berlin properties at a 26% uplift (!) on 30 June valuation: https://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/update-on-non-core-disposals-and-acquisitions/201712210700039892Z/ This alone justifies a significant premium to latest NAV, even without M&A speculation - which will probably increase now that we're wholly in Berlin.
jonwig
20/12/2017
21:46
Mietspiegel is the local reference rent table. Liberum i guess are making reference to a public rent table showing strong rental growht? Since the 1 June 2015, individual administrative regions across Germany have had the right to implement a rent cap ('Mietpreisbremse') on the maximum rent that may be charged by landlords on new tenancies. The law allows landlords to charge either the rent paid by the previous tenant, or a rent of a maximum of 10% over the local rent reference tables ('Mietspiegel') https://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/interim-results/201508280700393792X/
yieldsearch
20/12/2017
20:49
Does anyone understand the reference in the Liberum report to Mietspiegel announcement in May 2017 I can see no reference in interims as at June 30 of PSDL/TPF Thanks
cerrito
20/12/2017
10:18
Liberum; Event The Blackstone Group LP, through various newly formed affiliates, intends to acquire Taliesin Property Fund for €51 per share in cash, which equates to a value of €260m for all of the company's share capital. The price represents a 10% premium to yesterday's closing price and a 16% premium to the company's adjusted June NAV of €44.14. Taliesin's Board of Directors has agreed to this bid, and recommends that shareholders vote in favour of it; it is expected that the acquisition will complete in Q1 2018. Liberum view The premium paid for Taliesin reflects the attractiveness of its Berlin property portfolio with continuing privatisation potential and ongoing yield compression. This takeover follows an active period of M&A activity and consolidation within the German property sector, most recently the intended takeover of BUWOG by Vonovia. Investment demand for German residential portfolios remains high, particularly for high-growth cities and the outlook for long-term rental growth in the Berlin residential market is underpinned by market dynamics with demand well ahead of supply. The Taliesin shares currently trade at a 4.2% premium to NAV. Phoenix Spree Deutschland trades on a 14.4% premium to the June 2017 NAV and we expect strong performance in H2 2017 due to the strength of investment demand and rental growth following the Mietspiegel announcement in May 2017.
davebowler
20/12/2017
09:01
Good question, Grabster Rise this morning no surprise as I think PSDL will be the only London listed Berlin property play. I see only two significant shareholders- Woodford with 21% and Bracebridge(not sure who they are) with 6.5%....so much will depend on Woodford. I have enough for now.
cerrito
20/12/2017
08:39
Now Taliesin Property Fund (TPF) which has been a constant part of my portfolio has been snapped up - far FAR too cheaply imo. Is Phoenix Spree next target?
grabster
19/12/2017
09:27
Liberum; M&A activity highlights continued demand for German residential assets Event Vonovia has announced a cash offer for BUWOG at a price of €29.05 per share (24% premium to last reported EPRA NAV). The deal has been supported by the Board of BUWOG. BUWOG has a €3.9bn investment portfolio of which 51% is in Germany and 49% is in Austria. The deal will enable Vonovia to enhance scale in Austria and some of its overlapping regions in Germany. The largest city exposure in the enlarged portfolio will be Berlin (14% of portfolio). Liberum view The proposed transaction is the latest in a line of takeovers in the German listed market in recent years. Vonovia has completed five corporate acquisitions since February 2014. Investment demand for German residential portfolios remains high, particularly for high-growth cities. Phoenix Spree Deutschland trades on a c.14% premium to the June 2017 NAV and we expect strong performance in H2 2017 due to the strength of investment demand and rental growth following the Mietspiegel announcement in May 2017.
davebowler
18/12/2017
11:03
Germany’s Vonovia to buy BUWOG for €5.2bn 10% of the portfolio in Berlin
yieldsearch
25/11/2017
07:27
The property market in Berlin is booming and offers great value to businesses. It is one of Europe’s most dynamic destinations for tech companies. The city is also benefiting from growth in tourism and the continuing transfer of government ministries from other parts of Germany. Residential prices have been rising but remain good value compared to other major capitals such as London and Paris where prices per square metre are five or more times higher. It remains a high-growth, supply-constrained city. The economic fundamentals are strong with one of the highest GDPs per inhabitant (Eurostat, 2016) in the country, low unemployment and healthy wage growth. More: Https://www.property-magazine.eu/optimum-believes-berlin-still-offers-excellent-value-in-real-estate-45156.html
jonwig
17/11/2017
10:04
Thanks dave!
jeff h
17/11/2017
09:28
Liberum; Event Q3 updates from two of the larger Berlin-focused property companies have highlighted a number of positive portfolio trends and a strong long-term market outlook. Deutsche Wohnen has a €16bn portfolio of which 77% is in Berlin (114,000 units) and ADO Properties has a €2.8bn portfolio located entirely in Berlin. Takeaways from the respective results included: Rising rental growth - Deutsche Wohnen reported rental growth of 5.0% in Berlin for the 12 months to September 2017 (3.6% at June 2017) as the impact of the the most recent Mietspiegel (rent reference index) starts to come through. The Berlin Mietspiegel delivered its highest increase since inception in the most recent publication in May with an uplift of 9.4%. ADO Properties expects like-for-like rental growth of at least 5% p.a. going forward. Reversionary potential - Despite strong rental growth, reversionary potential remains high for both companies with markets rents still 30% and 43% above in-place rents for Deutsche Wohnen and ADO Properties respectively. Population growth - Berlin’s population rose by 60,000 in 2016 which was the highest annual growth since reunification. Berlin has the highest population growth forecast of the German federal states over the period to 2035 with an expected increase of 14.5% (500k residents) over that period. Affordability - Rents remain significantly lower than the level of other large German cities. Liberum view We expect Phoenix Spree will deliver increased rental growth in the second half of the year following the Mietspiegel publication. Over the longer term, favourable demographic trends point to robust rental growth as evidenced by ADO's guidance of at least 5% p.a. going forward. Phoenix Spree's rental growth has typically outperformed the peer group due to the company's intense asset management approach. Phoenix Spree currently trades on a 9.5% premium to the June NAV compared to a 13% average premium for the peer group. We continue to regard it as highly attractive given the prospect of material long-term NAV growth.
davebowler
10/11/2017
14:53
Relevant commentary , but on Taliesin- HTtp://citywire.co.uk/investment-trust-insider/news/property-manager-says-berlin-bonanza-has-further-to-run/a1068267?ea=252901&re=50577&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&;utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
04/10/2017
08:56
Comment on TPF thread; ''Berlin is now the preeminent city of Europe, yet property prices are less than half those prevailing in Moscow, Stockholm, Paris or Vienna: prices are far closer to those prevailing in Kiev than to London.''
davebowler
04/10/2017
08:49
Jonwig:just caught up with your 148 and having rad it, I did make a bit of a mountain out of a molehill. Thanks as always davebowler for sharing Liberum's insights and I note they see a 10%+ upgrade in the tp from here
cerrito
04/10/2017
08:40
Liberum; Stellar results; further upside to come BUY Target price 367p (from 275p) | Publication price 330p | *Corporate Client of Liberum Phoenix Spree delivered 24% NAV return in H1 2017 as yield compression accelerated strongly. Rental growth remains robust with a 5% like-for-like increase in the period. The potential for further reversionary gains was highlighted by new lettings in Berlin (44% above passing rents). We are upgrading our NAV forecasts by an average of 18% to reflect material outperformance in H1 2017. We upgrade our TP to 367p (from 275p). BUY. 24% NAV return The running yield compressed by c.50bps in H1 2017, which helped to drive a 15.6% revaluation gain. Annualised l-f-l rental growth of 6.1% in Berlin was ahead of listed peers. Rising Berlin exposure Exposure to the high-growth Berlin market has increased to 84% following the Nuremberg & Furth disposal. This will rise further as acquisition activity is Berlin-focused. Re-letting rewards The growth in new letting rents is outpacing in-place rents. New lettings in H1 were completed at a 31% premium to passing rent (44% in Berlin). Material NAV upgrades Our TP has been increased to 367p (from 275p) which is based on a 10% premium to one-year forward NAV. We upgraded our NAV forecasts by c.18% to reflect H1 outperformance.
davebowler
27/9/2017
05:57
Cerrito - thanks for your post. I didn't pay much attention to it at first, as you'd expect a performance fee to rear its head at some point, given its rather good performance. Your question as to "what advice they are giving" I think can be answered by saying that PMM Partners are essentially the whole of PSDL and do all the work, apart from the Board, which oversees them and meets a few times a year! (Just as a normal investment trust is simply board plus investment manager.) In fact, PMM Partners is involved with no other property company, from what I can see here: Http://www.pmm-partners.co.uk/ (Website not maintained up-to-date.)
jonwig
26/9/2017
22:24
Good to see share price increase despite the weakening of the euro against the £ and fact that the generally good results had been trailed. I have to say I had not anticipated the increase in accruals for investment advisor’s fees. I normally do not get too fussed about these when the investment adviser is not part of the group-I see one of the partners of the advisor is a director of PSDL which I have no intrinsic problem with and that PSDL provided financing to some partners for the acquisition of a related fund in 2015 which is before my time. Of more interest to me is what advise are they giving: is it big picture? ie should they be in Berlin or in Nuremberg ie should it be to continue expanding in residential at the expense of commercial or more small picture?-ie how should they be investing in the Berlin market. I did read the TPF interims which came out in August this morning-I am in TPFZ but not TPF- as I find their overview of the Berlin market interesting. The following TPF comments are borne out in today’s PSDL results: quote The virtuous circle in Berlin residential real estate continues apace. A low interest rate environment combined with higher property valuations is allowing the Group to re-finance maturing senior debt facilities at lower interest rates and higher principal amounts. Lower borrowing rates have played a large part in the yield compression seen in the portfolio valuation but equally important, I would argue, has been the ongoing price growth in individual apartment sales, the elevated level of market rents versus in situ rents and the still cheap absolute price of Berlin residential property. Unquote I also see that TPF appear to be more relaxed than they have in the past about regulatory risk by the Berlin authorities but do refer to political tensions and that a delay in getting planning permission for refurbishments which means an increase in vacant properties. That caught my eye as PSDL’s Belrin vacancy levels were higher than I thought they would have been. Good that the balance sheet structure of PSDL is so healthy. Not buying or selling at the moment ; a bit apprehensive of the Berlin concentration so my next move may be to sell.
cerrito
26/9/2017
06:33
H1 results very satisfactory: Https://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/half-year-report/201709260700027395R/ EPRA NAV up 22.3% over half year to €3.34 (294p). Premium not excessive, I think.
jonwig
14/8/2017
09:32
Liberum; nterims: 18% NAV increase due to revaluation gain Event Taliesin Property Fund's adjusted NAV per share rose 17.6% to €44.14 at 30 June 2017 (December 2016: €37.53). The portfolio value rose 14.1% over the period and the average value per sqm is now €3,070 per sqm. Privatisation potential is increasingly being reflected in the valuation. Seven apartment sales completed at Kavalierstrasse in the first half of the year at an average sales price of €4,200 per sqm. The LTV ratio has declined to 37.8% (December 2016: 42.2%) largely due to the valuation uplift in the period. A large senior loan matures at the end of 2017 and refinancing discussions are ongoing with various lenders. The company expects to release capital as part of the refinancing as indicative terms have been received for a €60m loan (current balance is €25m). Liberum view The 18% increase in H1 2017 follows a NAV return of 25% in 2016. Performance has benefited from increased share of the privatisation potential of the portfolio and ongoing yield compression in the market. In addition, the outlook for long-term rental growth in the Berlin residential market is underpinned by market dynamics with demand well ahead of supply. Taliesin currently trades on a 2.3% discount to the June 2017 NAV.
davebowler
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