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 Shares Traded Last Trade
  2.00 0.63% 320.00 14,785 09:04:43
Bid Price Offer Price High Price Low Price Open Price
319.50 321.50 320.00 320.00 320.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 20.39 50.74 41.36 8.2 322
Last Trade Time Trade Type Trade Size Trade Price Currency
09:03:27 O 13,797 320.00 GBX

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13/11/201920:08;;; PHOENIX SPREE DEUTSCHLAND :::413

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DateSubject
12/12/2019
08:20
Phoenix Spree Deutschland Daily Update: Phoenix Spree Deutschland Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PSDL. The last closing price for Phoenix Spree Deutschland was 318p.
Phoenix Spree Deutschland Limited has a 4 week average price of 307p and a 12 week average price of 285p.
The 1 year high share price is 379p while the 1 year low share price is currently 270p.
There are currently 100,751,410 shares in issue and the average daily traded volume is 157,293 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £322,404,512.
18/10/2019
07:34
davebowler: 18 October 2019 Phoenix Spree Deutschland Limited (The "Company" or "PSDL") Commencement of share buy-back programme and condominium sales update Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces the commencement of a share buy-back programme and provides an update on progress with its condominium sales strategy. Commencement of share repurchases at discount to NAV On 26 September 2019, the Company indicated that it would consider buying back up to 10% of existing share capital in issue. This followed the completion of a new EUR240 million term loan on improved terms which provides additional liquidity to take advantage of opportunities arising from market disruption caused by changes to the rent laws, as well as weaknesses in the share price. This liquidity has been supplemented by the proceeds of condominium sales, details of which are provided in this announcement. PSDL shares currently trade at a 24% discount to EPRA Net Asset Value as at 30 June 2019 and the Company announces today that it will commence the purchase of ordinary shares on the London Stock Exchange. The repurchased shares will be held in treasury. Acceleration in second-half condominium sales at a 21.6% premium to book value. Since the financial half-year ended 30 June 2019, a total of 10 condominium units have been notarised for sale with an aggregate value of EUR3.8 million. The average achieved value per sqm for these units was EUR4,685, representing a 21.6% premium to their book value as at 30 June 2019. These sales represent a significant increase compared with the first half of the current financial year, during which four units were notarised for sale, with an aggregate value of EUR2.5 million. In addition to these notarisations, there has been an encouraging start to the marketing of the remaining occupied Boxhagener Strasse units by Accentro, with a number of notarisations expected by the year-end. Accentro is marketing the remaining 16 occupied Boxhagener Strasse units through their extensive network on behalf of PSDL. The Company announced on 26 September 2019 that it had concluded a broader Cooperation Agreement with Accentro which potentially covers the entire portfolio of condominium projects owned by PSDL. Details of this agreement were set out in the interim results for the half year ended 30 June 2019. Berlin rent cap update PSDL and its legal advisors remain firmly of the view that the rent proposals as currently drafted are not lawful and are unconstitutional. In Germany, residential tenant law is governed by the German Civil Code and is therefore a matter for the Federal and not State Government There is considerable and mounting legal opinion supporting this view. The Board also notes recent press reports that certain elements of the current Mietendeckel proposals continue to be the subject of discussion within the Berlin Senate. Specifically, the proposal that existing tenants can apply for rent reductions in certain instances is not supported by all parties within the Berlin coalition. The Company continues to explore all options within the existing portfolio to optimise strategic flexibility pending clarification of the legality of Mietendeckel rules. As well as condominium sales, these include its new re-letting strategy focused on short term furnished apartments and densification projects. Robert Hingley, Chairman of Phoenix Spree Deutschland, commented: "I am delighted that we have seen an acceleration in condominium sales since the half-year end and that our partnership with Accentro has made a promising start. We look forward to further progress as Accentro begins to market other properties on our behalf. Our ability to convert units to be sold at a premium to book value underpins the strategic optionality and value within the portfolio. We are also pleased that our refinancing has allowed us to take advantage quickly of the share price weakness and start buying back shares at a significant discount to Net Asset Value." 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
12/10/2019
11:35
kenmitch: Dividends can be protected from tax in an ISA. Investment Trusts buying back their shares to control the discount don’t seem to realise it doesn’t work. The discount might reduce for a while but more often than not, the discount widens again until.........they start buying back again. And so on and so on. And all the while competent managers are wasting money that could and should have been much better employed in investments. Get NAV up and discount to NAV to zero or a premium,NOT by buying back, but by investing successfully. The many Trusts on low discounts or premiums rarely buy back because the discount is so narrow they don’t need to, and even those who wrongly believe buying back helps the share price,should realise that buying back at a premium would be even more pointless. Successful Trusts don’t need to try to improve the share price by buying back.
07/10/2019
16:06
alpal2: FWIW: I am against share buy-backs. Shares I have been followed which have done buy-backs have seen a short term gain but have reverted to previous discounts as soon as the buying stops. I think a consistent progressive dividend policy has a much more lasting affect. Compare share price / NAV / dividend yield of Sirius with PSDL / SMTP.
18/9/2019
08:14
alpal2: What will it take to get the share price back to the 350p+ price range? Is it purely the 'rent cap' holding the price down or other factors?
12/9/2019
09:07
davebowler: Liberum; Refinancing increases acquisition capability Mkt Cap £287m | Prem/(disc) -30.5% | Div yield 2.4% Event Phoenix Spree Deutschland has agreed a new €240m term loan facility to refinance existing debt of €119m. The new facility will comprise two tranches - a refinancing facility of €190m and an additional facility of €50m. The refinancing facility is a seven-year loan with no amortisation requirements. The LTV ratio will rise from 28.6% to 39.2% upon drawdown of the €190m refinancing facility. The overall cost of debt will decline slightly from 2.19% to 2.13% following drawdown. The additional facility is available for drawdown for a two-year period. Liberum view The new debt facility provides Phoenix Spree with significant firepower to take advantage of potential buying opportunities given the uncertainty in the market from the current rent control proposals. The facility also improves cash flows given the removal of amortisation requirements. The draft bill for the Berlin residential rent price law has been published by the the Berlin Ministry for Housing. The proposals would implement a five-year rent freeze. The rent ceiling ranges from €5.65 to €9.80 per sqm which was not as low as initially feared. The bill sets rent ceilings according to construction year, with the maximum assigned to buildings constructed or fully refurbished between 2003 and 2013. The rent ceiling does not apply to the limited amount of property constructed from 2014 onwards. In addition, there in an income threshold as it only applies to tenants who have to spend more than 30% of their disposable household income on rent. The draft law does allow for some uplift on properties that have been modernised over the last 15 years (potential €1.40 per sqm increase). The draft bill is undergoing a consultation period before entering the legislative process by 15 October. Under the proposals, the rent freeze would take effect from January 2020. There is still a lot of ambiguity about the proposals and we would expect several legal challenges to the rent freeze proposals. Wide share price discounts to NAV discounts are likely to remain until there is greater clarity for the sector. A rent freeze would likely deter development of new rental housing in the city and would reduce supply. Phoenix Spree is relatively well-positioned as it already has permission to convert over 50% of the portfolio to condominiums for sale and is in the process of seeking further approvals. The current market cap implies a 23% discount on the June 2019 portfolio value. Assuming the company can achieve sale prices in line with the level achieved in 2018, the potential upside is c.60% above the value implied by the current share rating.
21/8/2019
08:45
davebowler: Liberum Phoenix Spree Deutschland Confusion regarding court ruling leads to weakness for listed German residential sector Mkt Cap £289m | Prem/(disc) -33.3% | Div yield 2.3% Event The German Federal Constitutional Court ruled yesterday that the 2015 rent cap is constitutional. A Berlin landlord that had set the rent too high had taken a complaint against the rent cap after being ordered to repay money to the tenant. In 2015, the government passed legislation aimed at limiting rents charged on new tenancies in certain areas. The 2015 rent cap (Mietpreispremse) restricts the potential for rent increases upon re-letting to a maximum of 10% above the Mietspiegel or the level paid by the previous tenant. These do not apply to apartments that have been comprehensively refurbished and still allowed for recovery of modernisation costs. At the end of 2018, the Mietpreisbremse applied in 313 of 11,000 cities and municipalities in Germany Liberum view Yesterday's ruling is not related to the rent freeze proposals and should have no operational impact on the listed German landlords. Vonovia, the largest German landlord with a £41bn portfolio, confirmed as much in a statement yesterday afternoon. The majority of the sector sold off yesterday by c.3% following the announcement, which we believe is due to a misunderstanding that yesterday's ruling related to recent rent freeze proposals. A draft bill for the rent freeze is due to be published by 31 August. This will be followed by a consultation period before entering the legislative process by 15 October. Under the proposals, the rent freeze would take effect from January 2020. We would expect several legal challenges to the rent freeze proposals. The legal department of the German parliament has already issued a report outlining that these are unconstitutional. The uncertainty caused by the proposals has led to significant share price declines for the companies with Berlin exposure. Wide discounts are likely to remain until there is greater clarity for the sector. A rent freeze would likely deter development of new rental housing in the city and would reduce supply. We would expect much of the existing rental stock to be converted to condominiums by landlords with existing permissions. Phoenix Spree is well-positioned in this regard as it already has permission to convert over 50% of the portfolio to condominiums and is in the process of seeking further approvals. It also has a strong balance sheet (26% net LTV). The current market cap implies a 24% discount on the June 2019 portfolio value. Assuming the company can achieve sale prices in line with the level achieved in 2018, the potential upside is c.60% above the value implied by the current share rating.
08/8/2019
09:04
davebowler: 8 August 2019 Phoenix Spree Deutschland Limited (The "Company" or "PSDL") Portfolio Valuation and Condominium Agreement Berlin Investment property valuation increases 3.7% for the half year to 30 June 2019 Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces the interim valuation for the portfolio of investment properties held by the Company and its subsidiaries (the "Portfolio"). Increased portfolio value As at 30 June 2019, the Portfolio was valued at EUR665.2 million by Jones Lang LaSalle GmbH, the Company's external valuers (31 December 2018: EUR645.7 million). On a like-for-like basis, after adjusting for the impact of acquisitions net of disposals, the Portfolio valuation increased by 3.9 per cent in the six months ended 30 June 2019. This reflects the combined impact of market rental growth and the active management of the Portfolio. New condominium agreement with Accentro Real Estate AG Since the start of sales in Boxhagener Strasse, the Company's largest condominium project to date, the Company has successfully sold a total of 42 residential units and 3 commercial units to owner-occupiers, tenants and investors. The majority of the remaining 22 units are currently occupied. In order to accelerate the sales process of the remaining Boxhagener Strasse units, the Company has concluded an agreement with Accentro Real Estate AG, one of Germanys leading condominium sales platforms. Under the terms of this agreement, Accentro will market the remaining Boxhagener Strasse units through their extensive network on behalf of PSDL. After 18 months, Accentro is contracted to purchase any unsold units from the fund for a cash consideration, guaranteeing revenues on completion of contract. Update on proposed rent controls The proposed new Berlin State rent controls continue to create significant uncertainty which has negatively impacted the Company share price, resulting in a valuation discount to EPRA Net Asset Value as at 31 December 2018 of 28.6%. Both the share price decline and the discount are in line with the Berlin focussed listed peer group. On June 2019, as expected, the Berlin Senate approved in principle the draft term sheet for the proposed bill for new rent controls. Although the proposed details and mechanisms are as yet unclear, there remain serious concerns regarding the legality and constitutionality of the draft proposal given that rental price laws have always been determined under German federal legislation. A detailed analysis of the proposals will not be possible until the draft is presented at the end of August, after which there will be hearings from interested parties and experts and before entering the legislative process in October. The legal research department of the Bundestag, the German Federal Parliament, issued a statement highlighting that the proposals violate the German Constitution in a number of key aspects and that there are numerous legal arguments to support the view that State law cannot supersede Federal law. We would expect an increasing number of legal challenges as details of the draft bill are made public at the end of August. Given the uncertainty about the legal validity of the proposed rent controls, it is not yet clear what impact there could be on future property prices at this time. However, the interim portfolio valuation conducted by Jones Lang LaSalle GmbH does not factor in any impact on property values. Strategic flexibility Since the launch of Phoenix Spree 12 years ago, the regulatory environment has continually evolved. During this period the Company has successfully delivered positive returns to shareholders. The Board believes that the Company retains significant flexibility to adapt its business model. As previously disclosed, over half of the buildings owned by the Company are already split into condominiums and the Company is in the process of completing a major refinancing which will deliver sufficient liquidity in order to take advantage of opportunities arising from market uncertainty. Robert Hingley, Chairman of Phoenix Spree Deutschland, commented: "It is pleasing that the Company has delivered another resilient performance for the first six months of the financial year. However, it is also clear that our main strategic priority for the remainder of 2019 is to reassure investors that the company can continue to adapt in the eventuality that the new Berlin rent proposals are introduced. Significant preparatory work is already underway, although there is still considerable opposition and uncertainty on both the legality and content of these proposals. I am confident that the Company will be well positioned to respond when the regulatory environment becomes clearer." The Company expects to report its interim results for the six-month period ended 30 June 2019 towards the end of September 2019.
26/6/2019
13:25
charlie153: i tend to agree with you although i make the yield more like 2.5% (last year's dividends totalled c6.7p) also they say 60% of the portfolio has permission to be split up and sold and i think this would be at an uplift give the rental controls should ultimately lead to increased purchase prices if rental supply decreases forcing people to buy. And even if the 40% of the portfolio left were to dramatically fall in value then you are covered by the share price discount.
17/6/2019
09:36
davebowler: Liberum; Phoenix Spree Deutschland made its first announcement on Friday since media reports indicated that Berlin's urban development senator will put forward proposals for a five-year rent freeze in the city to the Berlin Senate. Further details of the proposals are expected in August. The board believes there are concerns regarding the constitutionality of the new rent proposals as rental legislation has always been determined under federal legislation. The board has also highlighted the flexibility within its business model and the company's track record over the past 12 years in the Berlin market which already has a number of rent controls in place. Over half of the properties in the portfolio are already split into condominiums. Liberum view At this stage, there is a limited amount the board can say until there is greater clarity on proposed rent freeze. The shares have fallen by -14.4% since the proposals first emerged and the stock now trades on a 27% discount to NAV. The share price decline is broadly in line with German-listed peers (Deutsche Wohnen -12.8%, ADO Properties -15.8%). A rent freeze would likely deter development of new rental housing in the city and would reduce supply which is the real issue. We would expect much of the existing rental stock will be converted to condominiums by landlords with existing permissions. It would bring an end to the business model operated by landlords, such as Phoenix Spree, that seeks to achieve rental growth through refurbishment and re-letting. Phoenix Spree Deutschland has the ability to adjust its business model as it already has permission to convert over 50% of the portfolio to condominiums and is in the process of seeking further approvals. The company could also seek to change its letting strategy to focus on short-term furnished letting, which would not be affected by the proposed legislation. We have illustrated a headline scenario below of the potential upside from the condominium sale process. The current market cap implies a 19.5% discount on the December 2018 portfolio value. Assuming the company can achieve sale prices in line with the level achieved in 2018, the potential upside is c.60% above the value implied by the current share rating. This makes no allowance for the time it would take to complete the disposal of a large number of units but should provide some reassurance on the optionality within the portfolio. Potential upside from condominium sales Market Cap £m 298.2m €m 334.8m Dec-18 EPRA NAV Euro 461.0m Implied discount (Euro 126.1m) Portfolio value 645.7 Implied discount as % of portfolio value -19.5% Value per sqm 3,527 Market cap implied value per sqm 2,838 Condominium sale price in 2018 4,566 Upside from condominium sale price to implied book value 60.9% Source: Liberum estimates
14/6/2019
12:21
davebowler: Statement re. Share PricePhoenix 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 condominiumsFurthermore, 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.
Phoenix Spree Deutschland share price data is direct from the London Stock Exchange
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