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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
|
|
|---|---|---|---|---|
| -2.00 | -1.14% | 174.00 | 16:35:22 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 175.00 | 175.00 | 175.00 | 174.00 | 176.00 |
| 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 |
| Top Posts |
|---|
Posted at 24/10/2024 10:25 by davebowler MIGO Opps latest factsheet states they believe PSDL -one of its top 10holding making will be able to sell its portfolio at a premium to NAV. |
Posted at 11/8/2024 08:07 by davebowler MIGO City wire comment- was Phoenix Spree Deutschland (PSDL), a portfolio of Berlin residential property, that has been blindsided by changes to property rules in Germany that have penalised landlords.The trust, which has a 2.8% position in MIGO, trades at a near 60% discount as despite the demand for rental accommodation in the German capital, the shares drifted.'There is little demand for this asset class amongst UK investors and it is likely that the trust will lose next year's continuation vote,' the managers warned. |
Posted at 23/5/2024 04:18 by elbrus55 It is Jersey company, listed in London in Sterling. It is unlikely to appeal to most German investors. There may be tax complications for them. There will be various restrictions on marketing under German and EU law. Germany has plenty of property funds of their own.I am sure why PSDL would actually want to market themselves when they are not raising new capital. Of course, many investors could still buy it through brokers and engage with Investor Relations if they want. |
Posted at 05/5/2024 08:53 by davebowler Citywire....Fund manager Nick Greenwood this week told me the decision of Berlin residential property fund Phoenix Spree Deutschland (PSDL) to ramp up sales of its condominiums was 'very significant' and should finally see the 59% discount in the holding start to narrow. |
Posted at 29/4/2024 21:59 by cerrito I just got the latest of the occasional emails put out by this Berlin estate agent-Gothman.My problem is that in the publications they put out, they describe how various areas in Berlin are going but I have not organized myself to see where PSDL have their properties. |
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 11:39 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 14/3/2023 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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