Phoenix Spree Deutschland Dividends - PSDL

Phoenix Spree Deutschland Dividends - PSDL

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Stock Name Stock Symbol Market Stock Type
Phoenix Spree Deutschland Limited PSDL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
11.00 2.76% 410.00 16:35:03
Open Price Low Price High Price Close Price Previous Close
400.00 399.00 405.00 410.00 399.00
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Phoenix Spree Deutschland PSDL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
29/03/2021FinalGBX4.6531/12/201931/12/202013/05/202114/05/202107/06/20216.75
15/09/2020InterimGBX2.130/12/201930/06/202024/09/202025/09/202016/10/20200
06/04/2020FinalGBX4.431/12/201831/12/201911/06/202012/06/202003/07/20206.3
26/09/2019InterimGBX2.130/12/201830/06/201910/10/201911/10/201925/10/20190
29/04/2019FinalGBX4.6231/12/201731/12/201806/06/201907/06/201927/06/20196.72
27/09/2018InterimGBX2.130/12/201730/06/201804/10/201805/10/201819/10/20180
30/04/2018FinalGBX4.431/12/201631/12/201707/06/201808/06/201829/06/20186.2
26/09/2017InterimGBX230/12/201630/06/201705/10/201706/10/201720/10/20170
27/04/2017FinalGBX3.731/12/201531/12/201608/06/201709/06/201730/06/20175.3
22/09/2016InterimGBX1.630/12/201530/06/201629/09/201630/09/201614/10/20160
28/04/2016FinalGBX2.931/12/201431/12/201519/05/201620/05/201610/06/20164.2
28/08/2015InterimGBX1.330/12/201430/06/201517/09/201518/09/201509/10/20150

Top Dividend Posts

DateSubject
25/5/2021
09:20
davebowler: Liberum; M&A activity highlights attractive valuation Mkt Cap £358m | Share price 370.0p | Prem/(disc) -19.0% | Div yield 1.8% Event Vonovia has agreed an €18bn takeover of Deutsche Wohnen, the Berlin-focused residential property company. 76% of Deutsche's Wohnen's €26bn portfolio is located in Berlin. Under the terms of the deal, shareholders in Deutsche Wohnen will receive €53.03 per share (€52 per share in cash and a €1.03 dividend). This represents a 1% premium to the diluted EPRA NTA per share of €52.50 at 31 March 2021. The offer price represented an 18% premium to the prior close. Liberum view Investment demand for German residential portfolios remains high, particularly for regions with long-term structural rental growth. The Berlin market is more institutionalised (60% professional landlords vs. 34% national average) but M&A activity had slowed considerably following the introduction of the rent freeze. Germany's Federal Constitutional Court recently ruled that Berlin's rent freeze is unconstitutional, leading to a strong upturn in investor sentiment towards the sector. We believe PSDL's high-quality €768m portfolio would also be an attractive acquisition target and further upside from the current 19% discount is supported by the supply demand imbalance and M&A activity. We also note the latest portfolio valuation from December 2020 assumed the rent freeze would be in place for five years, offering near term NAV upside in the June 2021 interims.
24/5/2021
23:05
rambutan2: Relevant enough to attract a bit of extra attention, I would have thought: 24-May-2021 / 22:25 CET/CEST Deutsche Wohnen and Vonovia sign agreement on merger of both companies Berlin, May 24, 2021 - Today, Deutsche Wohnen SE (ISIN DE000A0HN5C6) ("Deutsche Wohnen") and Vonovia SE ( "Vonovia") entered into business combination agreement ("BCA") regarding the merger of both companies. In this context, Vonovia has announced its intention to launch a voluntary public takeover offer pursuant to Section 10 para. 1 sent. 1, para. 3 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) ("WpÜG") for all outstanding shares of Deutsche Wohnen against a consideration in cash in the amount of EUR 52.00 per share. In addition, a cash dividend of EUR 1.03 per share is to be paid to the shareholders of Deutsche Wohnen for the 2020 financial year in accordance with the proposed resolution for the annual general meeting of Deutsche Wohnen on June 1, 2021, which will bring the total value of the planned takeover offer to EUR 53.03 per Deutsche Wohnen share. Vonovia thus offers a premium of 17.9 % on the closing price of Deutsche Wohnen on May 21, 2021 and of 25 % to the three-month volume-weighted average price of Deutsche Wohnen shares as of May 21, 2021. The proposed takeover offer will be subject to a minimum acceptance rate of 50% of the outstanding shares in Deutsche Wohnen, merger control clearance and other customary conditions. Deutsche Wohnen and Vonovia expect that the merger control clearance will in any case be granted before the end of the acceptance period of the planned takeover offer. The management board and the supervisory board of Deutsche Wohnen welcome Vonovia's planned takeover offer and, subject to the review of the final offer document, intend to support it and recommend its acceptance to the shareholders. Furthermore, the members of the management board and the supervisory board intend to tender the Deutsche Wohnen shares held by them as part of the planned takeover offer. The business combination will lead to the creation of Europe's largest residential real estate group with a projected combined market capitalization of around EUR 45 billion and a combined real estate portfolio value of approx. EUR 90 billion. The combined company will carry the name "Vonovia SE". The registered office of the combined company is to remain in Bochum following the business combination, with the combined company being managed from Bochum and Berlin. The BCA also sets forth certain governance rights for the combined company. Mr. Michael Zahn is to be appointed as deputy chairman of the management board and Mr. Philip Grosse as chief financial officer of Vonovia. Furthermore, an executive committee below the management board is to be established, in which Mr. Henrik Thomson and Mr. Lars Urbansky will serve. Following completion of the takeover offer, two persons will be appointed to the supervisory board of Vonovia, upon recommendation by Deutsche Wohnen prior to completion of the takeover offer. Moreover, Mr. Michael Zahn and Ms. Helene von Roeder are to become members of the supervisory board of Deutsche Wohnen. As part of the business combination of Deutsche Wohnen and Vonovia, the two companies are taking responsibility for a social and sustainable housing policy. As the largest private housing providers in Berlin, they have concluded a "Future and Social Housing Pact" with the federal state of Berlin. Deutsche Wohnen and Vonovia have also agreed that they will abstain from operations-related redundancies with effect from a date prior to December 31, 2023 in connection with the transaction. In connection with the transaction, Deutsche Wohnen and Vonovia have also agreed on the sale and transfer up to 16,070,566 but at least 12,708,563 treasury shares of Deutsche Wohnen to Vonovia, at a price of EUR 52.00. In addition, the management board of Deutsche Wohnen, with the approval of the supervisory board, has resolved to increase the share capital of Deutsche Wohnen by up to EUR 12,130,478 by issuing to Vonovia 12,130,478 new shares, provided that Vonovia requests this by June 20, 2021 and Vonovia's shareholding does not exceed 37,833,806 shares as a result of this capital increase. Furthermore, Deutsche Wohnen and Vonovia have agreed that Deutsche Wohnen will exercise its right to cash payment instead of delivery of shares in respect of the outstanding convertible bonds of Deutsche Wohnen upon conversion in the event of a change of control. https://investegate.co.uk/vonovia-se/eqs/business-combination-agreement--offer-for-all-outstanding-shares-in-deutsche-wohnen-se/20210524212413ERPAR/
13/5/2021
12:43
davebowler: Numis -Justin Bell Property commentary- Phoenix Spree Deutschland – Property vs Politics Despite the very positive news last month on the striking out of the local Berlin government’s rental cap in the Federal courts, the rally in the shares has been modest and they are still available on a 17% discount to their December NAV… The market is still clearly harbouring concerns over politics with the German elections approaching in September with the Green Party gaining ground over the CDU in recent polls. PSDL management team have proved capable of generating strong returns against a backdrop of changing political headwinds and have optionality embedded in the portfolio through >70% split into condominiums. Ultimately, they are either able to enact their current business model of renovating vacant apartments to capture the c.40% reversionary potential and provide strong NAV growth; or they can pivot to selling apartments as condos where they have achieved uplifts of 20% to carrying value during the recent rental freeze/cap episode. Management continue to have the powerful ally of fundamentally under-rented units which are valued below replacement cost, in a city with net migration of 40,000 people a year and vacancy rates sub-2%. I think there is very good value on offer here for those able to take a medium-term view.
15/4/2021
15:31
davebowler: Zoom presentation is on at the moment hosted by PSDL.
15/4/2021
14:51
cerrito: The point in the last para of the RNS concerning a possible change of government after the September elections leading to a change in Federal law, especially if the Greens do as well as current indications suggest they will is well taken...but as they PSDL say they have been able to ride the waves.
29/3/2021
10:25
davebowler: Liberum; Phoenix Spree Deutschland generated an 8.8% NAV total return in 2020. EPRA NAV was €5.28 per share at 31 December 2020 (31 December 2019: €4.92). NAV performance has been driven by a 6.3% like-for-like revaluation gain in the period. The portfolio valuation uplift was mainly due to yield compression. The valuation assumes the Mietendeckel (rent freeze) is in place for the full five year term. The portfolio value per sqm was €3,977 at 31 December 2020 (December 2019: €3,741). Nine of the properties have been valued as condominiums, with a total value of €52m (7% of the portfolio). The gross fully occupied yield on the portfolio is 2.4% (2019: 2.9%) and the EPRA vacancy rate at the period end was a record low of 2.1%. The annualised rental income at December 2020 was €16.4m on the basis of the full implementation of the Mietendeckel regulations, representing a like-for-like decline of 15.8%. New lettings in the period were completed at an average 25% premium to passing rents (36% premium in 2019). Rent collection has remained strong throughout the period with over 99% of residential and commercial rents collected, in line with 2019. Phoenix Spree Deutschland notarised €14.6m of condominium sales in 2020 with the occurring in the second half of the year. The average price achieved was €4,320 per sqm, representing a 19.2% premium to book value. An additional €2.9m of condominium have been sold in Q1 2021. 70% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 15%. In relation to the Berlin rent cap (Mietendeckel), PSDL's legal advice is that the rules are unconstitutional and the company is awaiting a ruling on the legality of the Mietendeckel. A decision is expected by the Federal Court in H1 2021. If it is successfully challenged, the negative impact on net income from the Mietendeckkel will be removed from the portfolio valuation. Net LTV was relatively stable at 33.1% (32.6% at December 2019). The weighted average maturity of the company's debt is now 6.0 years with an average cost of 2.0%. Liberum view The majority of the key figures in today's report were included in the valuation update at the beginning of February. The 6% valuation gain is broadly in line with the trend indicated by the latest figures from CBRE on the Berlin residential market. Valuations have continued to increase despite the introduction of the Mietendeckel. Demand for condominiums remains relatively high in an under-supplied market. CBRE's figures indicate a 5% increase for multifamily prices and a 7% rise for condominiums in the 12-month period to 31 December 2020. In the rental market, the rent freeze has had a significant impact on availability and new lettings with CBRE reporting a 35% drop in rental offers in the year. Given the combination of the rent cap and the impact of Covid-19, it has been a robust year for PSDL with no impact on rent collection and a 9% NAV TR. The company remains confident on the potential for the Mietendeckel to be challenged. The decision now rests with the Federal Court after a German constitutional court dismissed a motion to suspend the law in October. Even if the Mietendeckel remains in place, we believe PSDL is attractive at the current 27% discount. We would expect the company to accelerate the pace of condominium sales in the event that the Mietendeckel is not overturned. The proportion of the portfolio that can be sold as condominiums has steadily increased and debt refinancing has been agreed to provide enhanced flexibility. The price level achieved on the condominium sales gives comfort over the level of downside protection. We estimate the upside from the achieved condominium sale price in H2 2020 to the value of the portfolio implied by the market capitalisation to be over 30%.
18/2/2021
12:38
jeff h: A few pertinent points about charges at PSDL:- "....For a trust such as Phoenix Spree Deutschland, however, it also includes a variety of other costs, said Mr Greenwood. “If you run an equity fund, there’s no maintenance needed. If you own a series of properties in Berlin, someone has to collect rent, someone has got to maintain them,” he said. The fund manager’s fee accounted for 1.2 percentage points of Phoenix Spree’s 3.65pc ongoing charge. All of the rest was made up by other costs, including those involved in buying and selling properties, renovations, general upkeep and dealing with tenants. Mr Greenwood argued some of these costs should not be seen in the same light as the fund manager’s charge. “Common sense would say any maintenance you do is part of the investment process, not part of the running costs of the fund,” he said...." https://www.telegraph.co.uk/investing/funds/questor-investors-should-stay-alert-charges-high-costs-not-always/
04/2/2021
09:32
davebowler: Liberum; Phoenix Spree Deutschland Yield compression drives 9% NAV TR in 2020 Mkt Cap £308m | Prem/(disc) -31.4% | Div yield 2.0% Event Phoenix Spree Deutschland's portfolio value rose by 6.3% on a like-for-like basis to €768.3m in the 12-month period to 31 December 2020. The valuation uplift is predominantly due to yield compression. The portfolio valuation assumes the Mietendeckel is in place for the full five year term. The portfolio value per sqm was €3,977 at 31 December 2020 (December 2019: €3,741). Nine of the properties have been valued as condominiums, with a total value of €52m. The gross fully occupied yield on the portfolio is 2.4%. EPRA NAV is projected to be in the range of €5.27-€5.33 (475p-481p) per share at 31 December 2020. We calculate a 9.3% NAV total return for 2020 in Euros based on the mid-point of the range. Rent collection has remained strong throughout the period with over 99% of residential and commercial rents collected, in line with 2019. As previously reported, Phoenix Spree Deutschland has notarised a further 30 condominium sales since 30 June 2020 for a total of €10.5m. The average price achieved was €4,276 per sqm, representing a 20.2% premium to book value. An additional €1.2m of condominium revenues is guaranteed through the company's agreement with Accentro Real Estate for three unsold units. In total, €14.6m of sales were agreed in 2020. 70% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 17%. In relation to the Berlin rent cap (Mietendeckel), PSDL's legal advice is that the rules are unconstitutional and the company is awaiting a ruling on the legality of the Mietendeckel. A decision is expected by the Federal Court in H1 2021. If it is successfully challenged, the negative impact on net income from the Mietendeckkel will be removed from the portfolio valuation. Liberum view The 6% valuation gain is broadly in line with the trend indicated by the latest figures from CBRE on the Berlin residential market. Valuations have continued to increase despite the introduction of the Mietendeckel. Demand for condominiums remains relatively high in an under-supplied market. CBRE's figures indicate a 5% increase for multifamily prices and a 7% rise for condominiums in the 12-month period to 30 September 2020. Given the combination of the rent cap and the impact of Covid-19, it has been a robust year for PSDL with no impact on rent collection and a 9% NAV TR. The company remains confident on the potential for the Mietendeckel to be challenged. The decision now rests with the Federal Court after a German constitutional court dismissed a motion to suspend the law in October. Even if the Mietendeckel remains in place, we believe PSDL is attractive at the current 31% discount. We would expect the company to accelerate the pace of condominium sales in the event that the Mietendeckel is not overturned. The proportion of the portfolio that can be sold as condominiums has steadily increased and debt refinancing has been agreed to provide enhanced flexibility. The price level achieved on the condominium sales gives comfort over the level of downside protection. We estimate the upside from the achieved condominium sale price in H2 2020 to the value of the portfolio implied by the market capitalisation to be 36%.
04/2/2021
08:20
stockstockham: Think as has been pointed out, valued as if The Mietendeckel is a lost cause, when they're confident it'll go their way. In meantime, there's natural NAV growth in part thanks to ZIRP, condiminium angle, and each buyback adds incrementally. Struggling to see what's not to like with PSDL down here.
06/12/2020
18:26
cerrito: The Edison report is a good and detailed read though it did not change my thinking about PSDL much-ie the odds are that eventually the legislation will be repealed but do not expect anything soon. If there is a delay, one assumes there will be some difficulty in collecting the extra rent that would be due. Of course one thing that could change is if there was a change of political control in Berlin. That said my understanding is that it is not really efficient to think in terms of a CDU/Liberal administration. I see that PSDL dipped their toes into the landtag of Brandenburg where the SPD is the largest party and AFD the second largest but the make up of the parties seems quite messy and no doubt have other issues on their minds. No desire at all to sell at these prices but have difficulty in knowing if I should buy more.
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P: V: D:20210723 21:34:42