We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Phoenix Spree Deutschland Limited | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.00 | 1.35% | 150.00 | 148.00 | 150.00 | 148.00 | 145.00 | 148.00 | 54,739 | 16:35:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 26.29M | -15.44M | -0.1681 | -8.80 | 135.9M |
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
DISLLFFDSFIRIID
(END) Dow Jones Newswires
April 07, 2017 02:00 ET (06:00 GMT)
1 Year Phoenix Spree Deutschland Chart |
1 Month Phoenix Spree Deutschland Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions