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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
  -2.50 -0.76% 325.50 18,060 16:35:25
Bid Price Offer Price High Price Low Price Open Price
326.00 328.00 326.50 326.50 326.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 19.12 24.17 18.62 17.1 312
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:25 UT 1,822 325.50 GBX

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Date Time Title Posts
18/2/202112:38;;; PHOENIX SPREE DEUTSCHLAND :::485

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Phoenix Spree Deutschland (PSDL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-03 16:35:25325.501,8225,930.61UT
2021-03-03 16:28:49326.502271.83AT
2021-03-03 16:28:49326.501652.24AT
2021-03-03 16:28:30326.502891.42AT
2021-03-03 15:28:28328.291,0633,489.74O
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Phoenix Spree Deutschland (PSDL) Top Chat Posts

DateSubject
03/3/2021
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 328p.
Phoenix Spree Deutschland Limited has a 4 week average price of 320p and a 12 week average price of 310p.
The 1 year high share price is 345p while the 1 year low share price is currently 202.50p.
There are currently 95,817,910 shares in issue and the average daily traded volume is 83,148 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £311,887,297.05.
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%.
29/1/2021
16:07
davebowler: Numis, according to David Stephenson - hTTp://www.adventurousinvestor.com/2316-new-additions-to-my-funds-trading-list-phoenix-spree-and-tetragon Condominium Sales: Phoenix Spree Deutschland has announced that since 30 June a further 30 condominium units have been notarised for sale, for a total of €10.5m. Pricing has remained strong with an average price of €4,276 per sqm achieved, which represents a 20.2% premium to the book value of each property. The volume of sales increased markedly in the second half of the year when compared with the eight residential units and two attic spaces sold in H1 for an aggregate €3.0m. In line with the agreement with Accentro Real Estate the company is guaranteed a further €1.2m of condominium proceeds for the financial year to 31 December 2020 in relation to the three remaining unsold units at the Boxhagenerstrasse building. At 31 December, 70% of the portfolio had been legally split into condominiums with a further 17% in the application process. Share Buybacks: The company resumed its share buyback programme following the release of its 30 June interim report in September, by which point it had become clear that the Covid-19 pandemic had not had a notable impact on the company’s rent collection and financial position. As at 5 January the company had bought back 4,733,500 shares (4.7% of share capital) for an aggregate consideration of £15.2m, with the average price paid equivalent to a 30% discount to the 30 June EPRA NAV. Debt refinancing: The company has refinanced €21.4m of existing loans into a new debt facility which is non-amortising and benefits from more flexible terms to allow the sale of assets as condominiums. The new facility releases a further €8.1m of cash and has a maturity profile in line with both the replaced debt and the company’s existing facilities. The replaced debt incurred an amortisation cost of 1.5%. Outlook: Management maintains its view that the “Mietendeckel” rent-cap is unconstitutional and notes that a final decision from the federal court is expected in the first the half of this year. The company continues to explore all options to “optimise strategic flexibility” within the existing portfolio including further condominium sales and share buybacks as well as continued caution over capex projects and new tenant contracts that provide for the retrospective collection of rent should the Mietendeckel be overturned. Numis Views: Management had indicated in its interim results condominium sales were expected to accelerate in H2 following Covid-19 restrictions in Berlin being lifted. Reflecting this, as well the strategy to focus on condominium sales, the total of €14.6m notarised for sale in 2020 represents a 65% increase on the prior year. It will be interesting to see if the rate of sales is impacted should the current Covid-19 restrictions in Berlin that were re-introduced last month be extended beyond 31 January. The proactive approach of legally splitting further portions of the Berlin portfolio into condominiums will provide management with even greater flexibility to implement condominium projects if deemed appropriate and the significant premiums to book value that continue to be achieved on sales give comfort on the valuations. The company is expected to release its 31 December portfolio valuation in early February. Phoenix Spree Deutchland delivered share price total returns of 2.2% in 2020 and the shares currently trade at a 31% discount to our estimated NAV (allowing for currency movements). The federal court’s final decision on the legality of the Mietendeckel is due in the first half of this year and could prove to be a meaningful catalyst for the company’s shares to rerate. Following the first announcement of the proposed rent caps in June 2019 the discount widened to 32% having traded at an average of c.7% over the preceding 12 months. In our view, it is positive for shareholders that the company continues to undertake share buybacks while the discount is wide, and we believe that the disposals at significant uplifts demonstrate the value in the portfolio. A number of other property ICs started share buyback programmes in the second half of 2020, including Schroder Real Estate and Standard Life Investment Property Income.
28/1/2021
20:19
hpcg: It could simply be cash management? Or, given the last purchase they made was on the 11th Jan and the share price moved up on the 12th of Jan that it moved outside of their metric for purchasing. Those purchases were at 321p so I guess we'll know if it was the latter if purchases resume.
28/1/2021
18:05
frazboy: Hpcg - the last RNS on the 12th Jan showed a tranche of 75,000 purchased at ~ 320p. There was no mention of this being a final purchase, so could be that they’ve paused whilst taking stock but I would have thought that would warrant an update. And from the business update on the 5th: ‘PSD has authority to buy back up to 10% of its ordinary share capital. Share buybacks were resumed following the release of the Company's interim results on 15 September 2020, by which time it had become clear that the financial impact of the COVID-19 pandemic has been limited, with rent collection in the six months to 30 June 2020 broadly in line with the six months to 30 June 2019. As at 5 January 2021, the Company had bought back 4,733,500 ordinary shares, representing 4.7% of the ordinary share capital, for a total consideration of £15.2m. The average price paid represents a 30% discount to EPRA net asset value per share as at 30 June 2020.’
28/1/2021
17:51
hpcg: From the September report: Given current high levels of rent collection, and the lifting of the majority of lock-down restrictions in Berlin, I am pleased to announce the resumption of share buy-backs. So perhaps related to the reverse of the above. However i have a feeling they may have used up their mandate. What I can't find is any information relating to this year's AGM which would have had the limit. Having said that the 2019 annual report suggests plenty of headroom Following the completion of a new €240 million loan facility on improved terms, the Company announced in September 2019 that it would consider buying back up to 10% of existing share capital in issue. The share buy-back programme commenced in mid-October and, as at 31 March 2020, the Company had purchased a total of 3.5 million shares (3.5% of the ordinary share capital) for a total consideration of £11.2 million. The average price paid represented a 23% discount to EPRA Net Asset Value per share as at 31 December 2019.
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.
15/9/2020
10:44
davebowler: Liberum; Phoenix Spree Deutschland has generated a 3.9% NAV total return in H1 2020. EPRA NAV was €5.06 per share at 30 June 2020 (31 December 2019: €4.92). NAV performance has been driven by a 2.6% like-for-like revaluation gain in the period. The valuation uplift is a result of modest yield compression and active management in the period. The portfolio value per sqm was €3,839 at 30 June 2020 (December 2019: €3,741). Six of the properties have been valued as condominiums, with a total value of €33m. The gross fully occupied yield on the portfolio is 2.8%. Like-for-like rental growth has slowed to 1.8%, reflecting the impact of the Mietendeckel. New lettings in the period were completed at an average 18.6% premium to passing rents (40% premium in H1 2019). Rent collection has remained strong throughout the period with 99.6% of residential rents collected. The Hartz IV welfare programme includes help for rental payments in instances of financial hardship and is available to tenants impacted by Covid-19. Commercial rents account for 11.6% of contracted rental income and the collection rate was resilient at 96.2%. €2.5m of condominium sales were notarised in H1 2020 at an average price of €4,392 per sqm. The average sales price represents a 15.7% premium to book value and a 14.4% premium to the average portfolio value per sqm at 30 June 2020. An increase in condominium sales is expected in H2 and the sales agreement with Accentro Real Estate guarantees revenues of at least €4.5m in H2. 66% of the portfolio has been registered as condominiums and applications for a further 19% are underway. PSDL believes there is a high likelihood that the Berlin rent cap (Mietendeckel) will be successfully challenged. The company's legal advice is that the proposals are unconstitutional and there are doubts over the State of Berlin's ability to pass local rent legislation, given the differences from existing federal law. In May, the opposition in the Berlin house of representatives and a quorum of Federal Parliament MPs lodged cases at Berlin's Regional Constitutional Court and the Federal Constitutional Court. In Bavaria, a similar six-year rent freeze was blocked by the Bavarian Constitutional Court in July. PSDL's portfolio valuation assumes the Mietendeckel is in place for the full five years. Net LTV was relatively stable at 33.0% (32.6% at December 2019. The weighted average maturity of the company's debt is now 6.5 years with an average cost of 2.0%. Liberum view Given the combination of the rent freeze and the impact of Covid-19, it has been a robust H1 for PSDL with strong cash collection. The manager has sought to maximise the company's optionality in the event that the Mietendeckel is found to be unconstitutional. New tenancy agreements specify the rent payable while the Mietendeckel is in place and contracted rents (free market rent in the absence of Mietendeckel). The company remains confident on the potential for the Mietendeckel to be challenged. Phoenix Spree is well-positioned relative to its peer group as the company's size and strategy offer greater flexibility to adjust its business model. The price level achieved on the condominium sales gives comfort over the level of downside protection. The 2.6% valuation uplift is in line with the trend indicated by the latest figures from CBRE on the Berlin residential market. Price growth has slowed but still remains positive. Demand for condominiums remains relatively high in an undersupplied market.
11/8/2020
08:02
davebowler: Liberum; Phoenix Spree Deutschland's portfolio value rose by 2.6% on a like-for-like basis to €746.7m in the six-month period to 30 June 2020. The valuation uplift is a result of modest yield compression and active management in the period. The portfolio value per sqm was €3,839 at 30 June 2020 (December 2019: €3,741). Six of the properties have been valued as condominiums, with a total value of €33m. The gross fully occupied yield on the portfolio is 2.8%. Rent collection has remained strong throughout the period with 99.6% of residential rents collected. The Hartz IV welfare programme includes help for rental payments in instances of financial hardship and is available to tenants impacted by Covid-19. Commercial rents account for 11.6% of contracted rental income and the collection rate was resilient at 96.2%. €2.5m of condominium sales were notarised in H1 2020 at an average price of €4,392 per sqm. The average sales price represents a 15.7% premium to book value and a 14.4% premium to the average portfolio value per sqm at 30 June 2020. An increase in condominium sales is expected in H2 and the sales agreement with Accentro Real Estate guarantees revenues of at least €4.5m in H2. 63% of the portfolio has been registered as condominiums and applications for a further 22% are underway. PSDL believes there is a high likelihood that the Berlin rent cap (Mietendeckel) will be successfully challenged. The company's legal advice is that the proposals are unconstitutional and there are doubts over the State of Berlin's ability to pass local rent legislation, given the differences from existing federal law. In May, the opposition in the Berlin house of representatives and a quorum of Federal Parliament MPs lodged cases at Berlin's Regional Constitutional Court and the Federal Constitutional Court. In Bavaria, a similar six-year rent freeze was blocked by the Bavarian Constitutional Court in July. PSDL's portfolio valuation assumes the Mietendeckel is in place for the full five years. Liberum view The 2.6% valuation uplift is in line with the trend indicated by the latest figures from CBRE on the Berlin residential market. Price growth has slowed but still remains positive. Demand for condominiums remains relatively high in an undersupplied market. Given the combination of the rent freeze and the impact of Covid-19, it has been a robust H1 for PSDL with high levels of rent collection. The company also remains confident on the potential for the Mietendeckel to be challenged. Phoenix Spree is well-positioned relative to its peer group as the company's size and strategy offer greater flexibility to adjust its business model. 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 H1 2020 to the value of the portfolio implied by the market capitalisation to be 54%.
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
Phoenix Spree Deutschland share price data is direct from the London Stock Exchange
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