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
  -1.50p -0.46% 322.00p 320.50p 322.00p 323.50p 320.00p 323.50p 85,911 13:16:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 20.4 50.7 41.4 8.1 324

Phoenix Spree Deutschland Limited Stmnt re Share Price Movement

14/06/2019 10:43am

UK Regulatory (RNS & others)

Phoenix Spree Deutschland (LSE:PSDL)
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6 Months : From Apr 2019 to Oct 2019

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RNS Number : 3337C

Phoenix Spree Deutschland Limited

14 June 2019

Phoenix Spree Deutschland Limited

("Phoenix Spree", or the "Company")

Statement re. Share Price

Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed real estate company specialising in Berlin residential property, provides a statement regarding new Berlin state rent proposals.

The Board notes the recent weakness in the share price of Phoenix Spree, which has resulted in the shares trading at a 27% discount to EPRA Net Asset Value as at 31 December 2018. The decline in share price is in line with the listed German peer group and, the Board believes, reflects market concern following press reports of the possibility of new rent controls being proposed by the Berlin state government.

Further details of the proposals are expected to emerge during August, which the Company will review carefully. To the extent that rental legislation has always been determined under Federal legislation, the Board believes there are serious concerns regarding the constitutionality of the new rent proposals and there is no certainty that these proposals will come into effect. We would expect an increasing number of legal challenges.

It should be noted that there already exist a number of rent control instruments in the Berlin market and, during its 12 years of operation, the Company has adapted many times to the changing environment while still delivering positive returns to investors each year. The Board believes the Company has significant strategic flexibility to adapt its business model if required. As per the Annual Report over half of the buildings the Company holds are already split into condominiums

Furthermore, there is a significant body of evidence from other markets where stringent rent controls have been imposed which seek to limit rent levels to below that set by the market indicating that this leads to a reduction in the supply of rental properties.

As previously disclosed, the Company is in the process of completing a significant refinancing which will deliver sufficient liquidity in order to take advantage of opportunities arising from this uncertainty.

For further Information, please contact:

Phoenix Spree Deutschland Limited 
 Stuart Young                                 +44 (0)20 3937 8760 
Numis Securities Limited (Corporate Broker) 
 David Benda                                  +44 (0)20 3100 2222 
Tulchan Communications (Financial PR) 
 Elizabeth Snow                               +44 (0)20 7353 4200 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



(END) Dow Jones Newswires

June 14, 2019 05:43 ET (09:43 GMT)

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