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PSDL Phoenix Spree Deutschland Limited

-1.00 (-0.63%)
08 Dec 2023 - Closed
Delayed by 15 minutes
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
  -1.00 -0.63% 157.00 45,492 16:35:29
Bid Price Offer Price High Price Low Price Open Price
158.50 160.00 157.00 157.00 157.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust EUR 26.29M EUR -15.44M EUR -0.1681 -9.34 144.17M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:44:13 O 457 157.002 GBX

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Date Time Title Posts
05/12/202315:41;;; PHOENIX SPREE DEUTSCHLAND :::690

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Phoenix Spree Deutschland (PSDL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 17:44:25157.00457717.50O
2023-12-08 17:43:25156.984164.36O
2023-12-08 16:35:29157.0029,74546,699.65UT
2023-12-08 15:06:49158.84309490.80O
2023-12-08 14:06:38159.9634.80O

Phoenix Spree Deutschland (PSDL) Top Chat Posts

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Posted at 08/12/2023 08:20 by Phoenix Spree Deutschland Daily Update
Phoenix Spree Deutschland Limited is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker PSDL. The last closing price for Phoenix Spree Deutschland was 158p.
Phoenix Spree Deutschland currently has 91,827,360 shares in issue. The market capitalisation of Phoenix Spree Deutschland is £144,168,955.
Phoenix Spree Deutschland has a price to earnings ratio (PE ratio) of -9.34.
This morning PSDL shares opened at 157p
Posted at 05/12/2023 15:41 by cwebb1

Just got back from Germany, some points of interest:

- Prices of these apartment buildings in Berlin are at around 2700 euros. “Give it take”. “Condominium” sales have stalled across the city as speculators have gone home - i.e. earning more in the bank now that savings interest rates are positive.
- qsix has a new investor from Switzerland who they are buying property for. Everyone in the city is talking about this given how little activity there is. They have already closed on deals. So PSDL shareholders are footing the bill for infrastructure, staff etc through the exorbitant management fees charged - that were supposed to be for the benefit of PSDL properties - but qsix is now focussed on catching new fish for new money. Another kick in the teeth for shareholders. Frankly these guys get paid whatever the weather, what ever their performance. Unbelievable really. They deserve to get kicked out. Every action they take is self serving and not for the benefit of the shareholders. Conflict of interest??? Great to see the board acquiescing along.

The disaster train rattles on. What a terrible “manager”;. I’m still absolutely shocked at how they’ve taken over 80 million in fees to collect some rent and deliver dreadful underperformance. They just don’t seem to care. Let’s hope the other big shareholders see sense and force change sooner rather than later.
Posted at 04/10/2023 11:39 by davebowler
Phoenix Spree Deutschland* – Interims: Condominium market reopening; Disposal
programme accelerated
● Results Summary: Phoenix Spree Deutschland’s interim results for the six months to 30 June show an EPRA NTA of €4.64
(£3.99) per share, which reflects a 9.0%. decrease in Euro terms versus the 31 December NTA of €5.10 (-11.7% in Sterling
terms). This decrease was driven by a 6.9% like-for-like valuation decline for the portfolio, (excluding impact of
disposals), which reflects the increase in market yields, partially offset by increasing rents. Rental growth remains
strong at 5.6% on an annualised basis and EPRA vacancy remains at historically low levels of 2.7%, reflecting the
continued supply demand imbalance within the Berlin residential market. The fund’s LTV at 30 June was 42.7%.
PSDL – Like-for-like portfolio valuation movement PSDL – Annual like-for-like rent per sqm growth
Source: Company Data As at 30 June. Source: Company Data
● Reversionary rental uplifts remain compelling: During H1 2023, supply-demand imbalances within the Berlin PRS market
have widened with the company signing 148 new leases at average rents of €13.39 per sqm, equating to an average
31.2% premium to previous passing rents. This reflects the continued net inward migration into the city, which combined
with the higher cost of home ownership thanks to rising mortgage rates, is increasing rental demand at a time when
supply remains constrained by higher funding and construction costs. The annualised like-for-like rental growth at 30
June was 5.6%, and management expect this to increase further. During the period a new transitional Berlin Mietspiegel
(rent index) was published by the Senate Department, which details permitted increases of 5.4% vs 2021. Where
applicable (c.20% of PSDL portfolio), the new rents will become effective from October and although not the primary
driver of the company’s rental growth, it will be accretive to rental income in H2 2023.
● Portfolio valuation: As at 30 June, Phoenix Spree Deutschland’s portfolio was valued at €714.3m. This represents a 6.9%
like-for-like valuation decrease over the six-month period, reflecting outward yield shift within the market given the
rise in interest rates and its impact on buyer sentiment. The valuation equates to an average value of €3,808 per sqm
(31 December: €4,082) and a gross fully occupied yield of 3.3% (31 December: 3.0%). Six properties were valued as
condominiums, with an aggregate value of €39.1m.
● In line with the strategic focus on enhanced disposal activity, the manager has undertaken a detailed analysis of the
entire portfolio to identify individual apartment blocks, portfolios of apartment blocks and additional condominiums
units that can be marketed for sale. Given the fund’s shares continue to trade at a discount to NAV, the Board will
consider disposals at a discount to carrying value. Since period-end the company has accepted offers on two
properties (completion expected at start of 2024), with discussions ongoing over a range of other assets. Several new
condominium projects are also being brought to market. No assets were acquired in H1, in line with the previous
guidance that no new acquisitions would be undertaken at this stage of the cycle. €4.6m of capex was invested in
the existing portfolio in H1 and management expects the full year figure to be materially lower than 2022 (€16.4m).

● Condominium buyer interest returning: The wider macroeconomic backdrop continued to weigh on sentiment in the
condominium market during H1 resulting in only eight condominium units being sold (aggregate value €2.0m).
However, pricing remained compelling with average sales value of €5,715 per sqm representing an average 68%
premium to 31 December 2022 carrying value, which reflects that these units were fully renovated and vacant. Since
period-end, there have been signs of a recovery in buyer interest, with a further six condominiums for sold for €2.1m.
The valuation equated to a 2.2% discount to 31 December 2022 carrying value, reflecting the fact that the majority of
these units were occupied and therefore carried lower premiums. Reservations on a further three units (aggregate
value €0.8m) have been received and are pending notarisation. Management is continuing to review and benchmark
its pricing of condo units, particularly for occupied units where the sales market remains challenging. Importantly, 78%
of the portfolio has been legally split into condominiums, which together with revised sales expectations and a greater
stock of renovated units, should underpin an acceleration in condominium disposals in H2 2023 and H1 2024.
PSDL – Condominium sales PSDL – Portfolio vacancy rate
As at 30 June. Source: Company Data As at 30 June. Source: Company Data
● Balance Sheet: At 30 June, the fund had total borrowings of €318.1m and cash balances of €13.1m, resulting in net debt
of €305.0m and a net loan to value of 42.7% (December 2022: 39.1%). The average remaining duration of the loan book
is 3.3 years with the nearest maturity in 2026. The blended interest rate is 2.49% with the interest rate on 88% of drawn
debt either fixed or hedged with swaps.
● Numis views: Phoenix Spree Deutschland’s 30 June NAV of €4.64 (-9.0% NAV TR in € terms) is broadly in line with
expectations given the 6.9% like-for-like portfolio valuation decrease in H1 had already been released. This reflects the
challenging macro backdrop as property markets respond to rising interest rates. Positively, the underlying supplydemand imbalance for rental property in Berlin continues to result in low vacancy and provides attractive prospects
for reversionary rental growth. Although macro headwinds also served to suppress the level of condominium disposal
activity in H1, pricing remains very attractive for this second avenue of value creation and there are signs of a cautious
recovery in buyer sentiment. The company remains uniquely well placed to capitalise on this, with 78% of its existing
portfolio legally split into condominium units. This, combined with recent realignment of management fees to
incentivise disposals, should help the company execute on its strategy of a period of enhanced disposal activity that
also includes possible sales of individual properties and portfolios. Given the shares continue to trade at a wide c.55%
discount to NAV we believe it is positive to see willingness to undertake disposals at small discounts to carrying value
that are still accretive to overall returns. Although the forecasts for German economy are weak in the near term in
particularly the manufacturing sector, the Berlin market should remain largely insulated thanks to its lower reliance
on the manufacturing sector. Therefore, in our view, the current share price (which implies a value of c.€2,600 per
sqm) is not reflective of the property market fundamentals and the portfolio’s embedded value, reflected by an
average sales price on condominiums of €5,545 per sqm over the past 12 months.
Posted at 16/8/2023 13:38 by carlopig1
Just to expand on cwebb1's observation regarding his reference to QSIX and its 'independent board'. One of the QSIX directors is a personal friend of Robert Hingley the long serving chairman. Their friendship dates back many years. He introduced him to the other partners re becoming chairman of the board almost 9 years ago shortly before they floated. The advisors at the time were PMM who had a much smaller operation focused almost completely on PSDL. They changed their name to QSIX shortly thereafter and added shared mortgages, commercial real estate and debt servicing businesses to their roster. They are a significantly bigger team now but derive the large majority of revenues from PSDL. The falling share price and NAV has affected revenues which may explain some of the motivation to change the reward structure. This does seem to be putting QSIX's interests ahead of the shareholders and given the lack of board independence may explain why this has not been challenged. It does seem to be a very cozey set up.
Posted at 15/8/2023 16:56 by cwebb1
Here are some quotes I found from a recent article:

"However, Hingley said the board was prepared to sell properties at a discount if the price achieved was in the interest of the shareholders."

"The new disposal fee of 1% of gross asset value is designed to incentivise the fund manager to generate the cash for dividends and share buybacks."

"Hingley blamed the decline on ‘a deterioration in buyer sentiment in light of more challenging economic circumstances’ that had hindered condominium sales, but added that the rental business continued to ‘thrive’."

"Hingley acknowledged the ‘frustration of shareholders that PSDL’s share price remains at a material discount to assets’ despite the strong rental performance it has shown over the past year. The company faces a continuation vote at its annual general meeting next year."
Posted at 14/8/2023 17:15 by cwebb1
I have followed this thread for some time, and its refreshing to see others investigating this fund more deeply before piling in. I invested in PSDL several years ago, and after losing close to £20,000 of my money as the share price plummeted, I called it a day. Before I sold out, I spent a long night of the soul looking at the facts, something I should have done at the outset.

As many of you point out, the cashflow characteristics have been problematic for many years. The only way PSDL can sustain a payout is selling more and more property. The rental income is swallowed up by the adviser "QSIX". This is because they are paid as a percentage of the asset value and not the rental income. The annual fees they charge are almost twice those of similar investment funds. In addition, they have gotten away with charging a performance fee. This is a work of art for a public company and almost unheard of. I, too, read the article in the investor's chronicle last week. I don't believe for one second that they voted to pay themselves less, or this was a sign of the board of directors cracking the whip on the advisor. No one votes to pay themselves less unless they are up against the wall: in this case, they were trying to prevent an even bigger failure of the business model i.e., going cashflow negative (with all the warranted attention that would attract).

Reading about this new 1% fee to 'incentivise the adviser to dispose of property' made me laugh. Why do they need an incentive if they are already being paid handsomely to do the right thing for the investors? CAROLPIG1 has it right on the new 1% fee: QSIX must think that they have come to the end of the road and want another 'pay-day': a sale of the fund would mean they would get paid another 5/6/7/8 million (depending on what you believe the valuation to be). I shouldn't need to point out this is additional shareholder value going to the "property adviser", QSIX. So now that there is no chance of getting a performance fee, they have introduced this new fee to take its place. I didn't calculate the cumulative fees since listing. Still, if its 80 million euros and 50% of the gross revenue, it is excessive and unbelievable that they have gotten away with it for so long.

The condominium strategy is absurd: as LOOKHERE1 points out, 8 flats sold in 2022 out of maybe 2000 odd that are owned. QSIX must have seen cash flow was tightening and could have sold flats more to generate cash before the year-end, leaving some chance of maintaining the dividend. They didn't sell more. This is worrying on many fronts: 1) either they couldn't sell them because they were overvalued in their books and didn't want to sell them for much less, in which case the valuations don't stand up when extrapolated, or 2) there is no market for them, either because of the cost or location or quality, but we are constantly led to believe its the strongest housing market in Europe. or 3) they didn't know or notice and were asleep at the wheel. Either way, a disaster. The cash from sales this year will no doubt be used to pay down debt before returning any money to investors.

There is an odd narrative that they should sell assets for below NAV. Indeed then, the NAV doesn't reflect reality, and the actual price of the properties is much lower. I am highly skeptical about the 10% drop in value. I suspect this is just the start (and possibly captured by the share price). The problem is there are few comparisons as the sales markets are stalling. Given how interest rates have multiplied, 10% seems like an overly optimistic decline. Also, JLL has been the valuer since the listing. Once again, everyone is very cozy here. There is no one to challenge these values. Indeed, just like auditors, boards etc., there should be a rotation to ensure we're not all marking our homework with gold stars and a pat on the back.

The share buyback scheme was an unmitigated disaster and a complete failure.

PSDL guided higher in their last RNS on rent inflation. I'm looking forward to seeing the magnitude and the total rent increase over the past four years. I know it won't be very reassuring once you get into it.

The independent board is nothing of the kind. Many of these funds use a PO BOX board in the Channel Islands. The idea of proper governance is utter pretense and make-believe. Many of the board members are employees of the fund administrators. Everyone is taking a fee or salary that relies on keeping the 'show on the road' using LOOKHERE1's analogy.

I called the administrator years ago to enquire about the adviser and how they were selected. They told me that the advisor had managed the fund before it was listed and was the best placed to do so. I asked what consultation or review was regularly done to see if the fees were competitive. The answer was: "None that I know of". I asked if the 'independent board' has ever considered an alternative manager. The answer was: "not that I know of". She also didn't know or think there was ever a process to consider an alternative advisor. So QSIX gets waved through every time a vote has come along. The board must surely be compelled to run a regular 'beauty contest' or re-tender these agreements. Unbelievable, lazy, and inept conduct of the "independent" board.

I have given up reading about the industry, but the new environmental standards will be problematic. Buyers want grade "A" property. Anything less is a problem (PSDL mainly owns old, 100-year+ old property) and the anti-landlord rhetoric. Why bother?

All in all, abysmal governance. I strongly suspect QSIX will look to string out their contract for as long as possible. The 1% is a payday to replace a performance fee they would never get. The reduction in fees this year is where I suspect they would partly end up anyway after the new valuation. As you mention below: there is no capital growth, not enough top-line income growth, no dividend, not enough cash flow, just vested incumbents running it for fees. I agree with CARLOPIG1 that this may be a buy-out candidate - but PE's will want to double their money in four years: I don't think that is possible here with so much to unwind. Fundamentally, the yield is just too low, growth too slow, and costs too high.

The only reason to make a new investment is if you think someone will make an offer for it. There are much better investments out there. Whatever you do, don't get swallowed in by the rhetoric of too many tenants chasing too few flats. LOOKHERE1 is exactly right in their description - this is a classic example of a zombie fund that has been undetected for too long.

Good luck.
Posted at 10/8/2023 14:24 by hugepants
Taking a general view of the share price performance PSDL has certainly underperformed other Germanic residentials recently eg. Vonovia(VNA) is +20% the last month. Deutsche Wohnen +10% whereas PSDL is down 1%. Similarly for year to date PSDL is way worse at -24%.
Posted at 06/6/2023 12:20 by hugepants
A mention in the recent TRY final results;

Our exposure to German residential was the poorest asset allocation decision of the year. I remained convinced, for too long, that the market fundamentals of virtually full occupancy and (sub-market) regulated rents would underpin investor sentiment. The fact that even at prices a year ago all of these names were trading below the reinstatement cost of the underlying assets mattered not a jot. The market focused exclusively on the impact of the cost of debt. During the year we reduced exposure in the larger names (Vonovia, LEG) but maintained the holding in Phoenix Spree, the small Berlin focused vehicle. It is an externally managed fund which has an annually renewed contract with QSix, the manager. Its assets are all prime Berlin, where open-market rents continue to grow. The share price total return in the year was -50%. I remain convinced that once prices stabilise the smaller companies will benefit disproportionately from the impact of portfolio sales. With a market cap of just GBP190m and the share price at half the asset value, it is an excellent example of a portfolio of assets which are no longer benefiting from being held in a listed company.
Posted at 17/4/2023 15:53 by cerrito
While I am reluctant to make comparisons between PSDL and Vonovia, I see that the share price of both have recuperated abit in the last few days.
I note that my online broker Barclays does not allow me to purchase more PSDL shares no doubt because PSDL have not completed some paperwork.
Anyone else having problems making on line purchases of PSDL??
I need to say Barclays are not very flexible and I would not reccomend them to anyone and indeed if I was younger would close my account with them.
At the same time I get the impression that PSDL probably do not see completing Barclays paperwork requirement as a top priority.
Posted at 29/3/2023 08:08 by kenmitch
The bears were right. I’ve taken the loss today. Cancellation of the dividend was the key reason as unlike with the likes of EBOX there’s no income while holders wait for that share price recovery. Bearing in mind the still big discount the share price reaction seems over harsh so a good chance this is the low. But my enthusiasm for PDSL was wrong and even when the share price recovers it will be without the added bonus of big dividends available from so many if the alternatives and I would much rather invest the cash raised from the PDSL sale in those.

The buybacks were definitively a waste of money. Other REITS buying back more heavily than PDSL like SREI also wasted a lot of money on buybacks at much higher prices. If nothing else current events just might reduce the clamour for them.
Posted at 14/3/2023 10:06 by kenmitch
Below is a post I did a couple of days ago on the very good “The Commercial Property Thread,” but in case not seen there I’m posting it here too.

“I agree with SKYSHIP that EBOX looks the best of them all at present. Close behind is one rarely covered on this thread, Berlin Property REIT, PSDL. PSDL is at a 52% discount to 494p NAV.

PSDL results are due at the end of this month. NAV sure to have fallen but possibly not by much. Dividend is small which will put some off, but as long as their results update reassures, share price upside could be large.

This might interest a few, but I’ll refrain from posting my views yet again so will just give the facts and the odd question.

PSDL started their last series of buybacks in June 2021 when the discount to NAV was 17% “a level that does not reflect the track record and performance of the Portfolio.”

The share price at the start of those buybacks was 397p compared with 236p now.

When those buybacks concluded in July 2022 the share price had fallen from the near £4 at the start of them to £3.20 and that “too wide discount” had widened further.

Earlier in September 2019 “the Company has bought back 5.1% of its shares as part of a buyback strategy designed to limit the downside risk to the share price.” Share price then was 390p.

Did those expensive buybacks achieve their aim of “limiting the downside risk to the share price?”

In their interim results in September 2022 (two months after completion of buybacks) PSDL reported “€63 million has been returned to shareholders from dividends and buybacks.”


The share price has fallen 40% from £4 at the start of those buybacks, to just £2.36! Is that really “returning money to shareholders” or is it in reality a 40% loss?

Now that the share price looks really cheap and at a massive 52% discount, compared with the 17% discount PSDL were keen to narrow via buybacks, perhaps there IS a case for buying back now. But they have stopped buybacks!

I bought PSDL too soon and am 16% down. I’m looking to average down but will wait for their results just in case there’s a big fall in NAV (I think a small fall is more likely) or any shock bad news that might explain the exceptionally wide NAV discount. If no such shocks PSDL looks a stunning bargain priced buy.”
Phoenix Spree Deutschland share price data is direct from the London Stock Exchange

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