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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
  6.00 1.54% 396.00 45,766 16:35:15
Bid Price Offer Price High Price Low Price Open Price
398.00 400.00 398.00 393.00 394.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 21.29 33.73 27.62 14.9 379
Last Trade Time Trade Type Trade Size Trade Price Currency
17:20:57 O 239 396.00 GBX

Phoenix Spree Deutschland (PSDL) Latest News (1)

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Date Time Title Posts
02/6/202109:11;;; PHOENIX SPREE DEUTSCHLAND :::515

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DateSubject
14/6/2021
09:20
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 390p.
Phoenix Spree Deutschland Limited has a 4 week average price of 362p and a 12 week average price of 321.50p.
The 1 year high share price is 403p while the 1 year low share price is currently 270p.
There are currently 95,817,910 shares in issue and the average daily traded volume is 177,231 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £379,438,923.60.
02/6/2021
09:11
davebowler: Liberum; Additional share buyback programme Mkt Cap £368m | Share price 380p | Prem/(disc) -16.9% | Div yield 1.7% Event Phoenix Spree Deutschland intends to adopt a more proactive share buyback strategy in order to address the share price discount to NAV. The company will make a material allocation of capital to the buyback programme through a combination of existing cash balances, refinancing, condominium sale proceeds and the disposal of non-core assets. The new buyback programme will take effect immediately. Liberum view The enhanced buyback programme follows the improved outlook for the Berlin market after the recent court ruling that Berlin's rent freeze was unconstitutional. The buyback programme should have a meaningful impact on the discount to NAV. We believe the company is vulnerable to a potential bid and this may have influenced the decision to take a more aggressive approach on buybacks. We expect continued strong performance from PSDL's portfolio over the medium term due to the ongoing supply demand imbalance.. We also note the latest portfolio valuation from December 2020 assumed the rent freeze would be in place for five years, offering near term NAV upside in the June 2021 interims.
25/5/2021
09:20
davebowler: Liberum; M&A activity highlights attractive valuation Mkt Cap £358m | Share price 370.0p | Prem/(disc) -19.0% | Div yield 1.8% Event Vonovia has agreed an €18bn takeover of Deutsche Wohnen, the Berlin-focused residential property company. 76% of Deutsche's Wohnen's €26bn portfolio is located in Berlin. Under the terms of the deal, shareholders in Deutsche Wohnen will receive €53.03 per share (€52 per share in cash and a €1.03 dividend). This represents a 1% premium to the diluted EPRA NTA per share of €52.50 at 31 March 2021. The offer price represented an 18% premium to the prior close. Liberum view Investment demand for German residential portfolios remains high, particularly for regions with long-term structural rental growth. The Berlin market is more institutionalised (60% professional landlords vs. 34% national average) but M&A activity had slowed considerably following the introduction of the rent freeze. Germany's Federal Constitutional Court recently ruled that Berlin's rent freeze is unconstitutional, leading to a strong upturn in investor sentiment towards the sector. We believe PSDL's high-quality €768m portfolio would also be an attractive acquisition target and further upside from the current 19% discount is supported by the supply demand imbalance and M&A activity. We also note the latest portfolio valuation from December 2020 assumed the rent freeze would be in place for five years, offering near term NAV upside in the June 2021 interims.
24/5/2021
23:05
rambutan2: Relevant enough to attract a bit of extra attention, I would have thought: 24-May-2021 / 22:25 CET/CEST Deutsche Wohnen and Vonovia sign agreement on merger of both companies Berlin, May 24, 2021 - Today, Deutsche Wohnen SE (ISIN DE000A0HN5C6) ("Deutsche Wohnen") and Vonovia SE ( "Vonovia") entered into business combination agreement ("BCA") regarding the merger of both companies. In this context, Vonovia has announced its intention to launch a voluntary public takeover offer pursuant to Section 10 para. 1 sent. 1, para. 3 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) ("WpÜG") for all outstanding shares of Deutsche Wohnen against a consideration in cash in the amount of EUR 52.00 per share. In addition, a cash dividend of EUR 1.03 per share is to be paid to the shareholders of Deutsche Wohnen for the 2020 financial year in accordance with the proposed resolution for the annual general meeting of Deutsche Wohnen on June 1, 2021, which will bring the total value of the planned takeover offer to EUR 53.03 per Deutsche Wohnen share. Vonovia thus offers a premium of 17.9 % on the closing price of Deutsche Wohnen on May 21, 2021 and of 25 % to the three-month volume-weighted average price of Deutsche Wohnen shares as of May 21, 2021. The proposed takeover offer will be subject to a minimum acceptance rate of 50% of the outstanding shares in Deutsche Wohnen, merger control clearance and other customary conditions. Deutsche Wohnen and Vonovia expect that the merger control clearance will in any case be granted before the end of the acceptance period of the planned takeover offer. The management board and the supervisory board of Deutsche Wohnen welcome Vonovia's planned takeover offer and, subject to the review of the final offer document, intend to support it and recommend its acceptance to the shareholders. Furthermore, the members of the management board and the supervisory board intend to tender the Deutsche Wohnen shares held by them as part of the planned takeover offer. The business combination will lead to the creation of Europe's largest residential real estate group with a projected combined market capitalization of around EUR 45 billion and a combined real estate portfolio value of approx. EUR 90 billion. The combined company will carry the name "Vonovia SE". The registered office of the combined company is to remain in Bochum following the business combination, with the combined company being managed from Bochum and Berlin. The BCA also sets forth certain governance rights for the combined company. Mr. Michael Zahn is to be appointed as deputy chairman of the management board and Mr. Philip Grosse as chief financial officer of Vonovia. Furthermore, an executive committee below the management board is to be established, in which Mr. Henrik Thomson and Mr. Lars Urbansky will serve. Following completion of the takeover offer, two persons will be appointed to the supervisory board of Vonovia, upon recommendation by Deutsche Wohnen prior to completion of the takeover offer. Moreover, Mr. Michael Zahn and Ms. Helene von Roeder are to become members of the supervisory board of Deutsche Wohnen. As part of the business combination of Deutsche Wohnen and Vonovia, the two companies are taking responsibility for a social and sustainable housing policy. As the largest private housing providers in Berlin, they have concluded a "Future and Social Housing Pact" with the federal state of Berlin. Deutsche Wohnen and Vonovia have also agreed that they will abstain from operations-related redundancies with effect from a date prior to December 31, 2023 in connection with the transaction. In connection with the transaction, Deutsche Wohnen and Vonovia have also agreed on the sale and transfer up to 16,070,566 but at least 12,708,563 treasury shares of Deutsche Wohnen to Vonovia, at a price of EUR 52.00. In addition, the management board of Deutsche Wohnen, with the approval of the supervisory board, has resolved to increase the share capital of Deutsche Wohnen by up to EUR 12,130,478 by issuing to Vonovia 12,130,478 new shares, provided that Vonovia requests this by June 20, 2021 and Vonovia's shareholding does not exceed 37,833,806 shares as a result of this capital increase. Furthermore, Deutsche Wohnen and Vonovia have agreed that Deutsche Wohnen will exercise its right to cash payment instead of delivery of shares in respect of the outstanding convertible bonds of Deutsche Wohnen upon conversion in the event of a change of control. https://investegate.co.uk/vonovia-se/eqs/business-combination-agreement--offer-for-all-outstanding-shares-in-deutsche-wohnen-se/20210524212413ERPAR/
24/5/2021
19:10
jonwig: FT. But how relevant (note the premium)? German residential landlord Vonovia is close to announcing an €18bn acquisition of rival Deutsche Wohnen in a deal that would need the support of local politicians in the hot housing market of Berlin. Four people familiar with the matter told the Financial Times that Vonovia is to make an all-cash bid for Deutsche Wohnen, five years after an earlier attempt faltered. Vonovia is to offer €52 per Deutsche Wohnen share, valuing the equity at €18bn, a premium to Friday’s closing price of more than 15 per cent. Deutsche Wohnen also has €11bn of net debt. https://www.ft.com/content/70b536f7-9a30-4087-a2fc-dd43228a55ce
13/5/2021
12:43
davebowler: Numis -Justin Bell Property commentary- Phoenix Spree Deutschland – Property vs Politics Despite the very positive news last month on the striking out of the local Berlin government’s rental cap in the Federal courts, the rally in the shares has been modest and they are still available on a 17% discount to their December NAV… The market is still clearly harbouring concerns over politics with the German elections approaching in September with the Green Party gaining ground over the CDU in recent polls. PSDL management team have proved capable of generating strong returns against a backdrop of changing political headwinds and have optionality embedded in the portfolio through >70% split into condominiums. Ultimately, they are either able to enact their current business model of renovating vacant apartments to capture the c.40% reversionary potential and provide strong NAV growth; or they can pivot to selling apartments as condos where they have achieved uplifts of 20% to carrying value during the recent rental freeze/cap episode. Management continue to have the powerful ally of fundamentally under-rented units which are valued below replacement cost, in a city with net migration of 40,000 people a year and vacancy rates sub-2%. I think there is very good value on offer here for those able to take a medium-term view.
29/3/2021
11:14
hpcg: There is upside optionality here with the Mietendeckel appeal, but even absent that NAV performance is perfectly acceptable and the well executed buyback keeps a floor under the price. That said I recently reduced here to put cash into other racier opportunities, but I will start accumulating spreadbets into the appeal given the safety factors. There is some interest rate risk, which I think is what has held the share price back, but that is perhaps only a US phenomenon and possibly comes with a weaker dollar.
29/3/2021
10:25
davebowler: Liberum; Phoenix Spree Deutschland generated an 8.8% NAV total return in 2020. EPRA NAV was €5.28 per share at 31 December 2020 (31 December 2019: €4.92). NAV performance has been driven by a 6.3% like-for-like revaluation gain in the period. The portfolio valuation uplift was mainly due to yield compression. The valuation assumes the Mietendeckel (rent freeze) 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 (7% of the portfolio). The gross fully occupied yield on the portfolio is 2.4% (2019: 2.9%) and the EPRA vacancy rate at the period end was a record low of 2.1%. The annualised rental income at December 2020 was €16.4m on the basis of the full implementation of the Mietendeckel regulations, representing a like-for-like decline of 15.8%. New lettings in the period were completed at an average 25% premium to passing rents (36% premium in 2019). Rent collection has remained strong throughout the period with over 99% of residential and commercial rents collected, in line with 2019. Phoenix Spree Deutschland notarised €14.6m of condominium sales in 2020 with the occurring in the second half of the year. The average price achieved was €4,320 per sqm, representing a 19.2% premium to book value. An additional €2.9m of condominium have been sold in Q1 2021. 70% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 15%. 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. Net LTV was relatively stable at 33.1% (32.6% at December 2019). The weighted average maturity of the company's debt is now 6.0 years with an average cost of 2.0%. Liberum view The majority of the key figures in today's report were included in the valuation update at the beginning of February. 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 31 December 2020. In the rental market, the rent freeze has had a significant impact on availability and new lettings with CBRE reporting a 35% drop in rental offers in the year. 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 27% 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 over 30%.
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.
18/10/2019
08:34
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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