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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
  0.00 0.0% 319.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
318.50 320.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 19.12 24.17 18.62 16.3 309
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 319.50 GBX

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25/11/202022:06;;; PHOENIX SPREE DEUTSCHLAND :::464

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DateSubject
26/11/2020
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 317.50p.
Phoenix Spree Deutschland Limited has a 4 week average price of 312p and a 12 week average price of 299p.
The 1 year high share price is 335.50p while the 1 year low share price is currently 202.50p.
There are currently 96,621,410 shares in issue and the average daily traded volume is 86,425 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £308,705,404.95.
25/11/2020
22:06
cerrito: hxxps://www.deutschlandfunk.de/dauerstreit-um-mietendeckel-kampf-um-bezahlbares-wohnen.724.de.html?dram:article_id=487954# Another article covering Berlin and Munich but not terribly well translated. Reminded me that on November 23 the final phase of rent controls came in.This is what PSDL said in the interims quote Final phase of the Mietendeckel, due to come into force in November 2020, will materially impact collected rents in 2021 unless legal challenge is successful. unquote I did not get the impression from reading this article that anything on ther legal front will happen till Spring.
24/9/2020
11:57
hpcg: Well fair play to the Miton asset managers if they did encourage the PSDL board. It can be a tricky one as there have been no end of company buy backs that look to be below NAV but were really above, but that is certainly not the case here as transactions back up.
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.
15/9/2020
09:28
hpcg: There is a lot to like in the report: * Absolute EPRA NAV up, NAV per share up. * Buy backs resuming - very good use of the money with this discount to NAV even if it will be small. * Sales are at a premium to NAV. * Dividend is coming The rent cap is a risk, they are very confident but as investors we have to be cautious. However it appears that even if it stands they can simply sell out of the affected areas at a higher valuation to eager home owners.
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%.
20/7/2020
15:05
cerrito: Caught up on an article in the FT last week on DW continuing to buyredidential apartment blocks of the type favoured by Psdl in Berlin despite grass roots opposition. The milieuschutz law was mentioned whereby the State can make a counter offer and as a result DW have apparently agreed not to sell properties they are looking to buy for 20 years.
30/1/2020
10:36
davebowler: RNS Number : 3502B Phoenix Spree Deutschland Limited 30 January 2020 30 January 2020 Phoenix Spree Deutschland Limited (The "Company" or "PSDL") Investment property valuation as at 31 December 2019 Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces the valuation for the portfolio of investment properties held by the Company and its subsidiaries (the "Portfolio") as at 31 December 2019. Further increase in portfolio value The total Portfolio was valued at EUR730.2 million by Jones Lang LaSalle GmbH, the Company's external valuers, an increase of 13.1 per cent over the twelve-month period (31 December 2018: EUR645.7 million). This valuation represents an average value per square metre of EUR3,741 (31 December 2018: EUR3,527) and a gross fully-occupied rental yield of 2.9 per cent (31 December 2018: 3.0 per cent). On a like-for-like basis, after adjusting for the impact of acquisitions net of disposals, the Portfolio valuation increased by 7.1 per cent in the year to 31 December 2019, and 3.1 per cent in the second half of the financial year. This reflects the combined impact of market rental growth and the active management of the Portfolio. Based on the Company's year-end Portfolio valuation, it is expected that the reported EPRA NAV per share as at 31 December will fall within a range of EUR4.90 - EUR4.96 (GBP4.15 - GBP4.20*) (31 December 2018: EUR4.58 (GBP4.11)). This represents a Sterling EPRA NAV per share total return within a range of 2.5 to 3.8 per cent for the financial year to 31 December 2019. Update on proposed rent controls On 26 November 2019, the Berlin Senate (the government of the federal state of Berlin) passed a draft bill for the Berlin rent price cap (Mietendeckel). It is expected that this bill will be adopted by the Berlin House of Representatives (the legislative chamber of the federal state of Berlin) and come into force in early February 2020. The opposition in the Berlin House of Representatives and a parliamentary faction of the Federal Government have already announced that they intend to have the proposed legislation reviewed by Berlin's Regional Constitutional Court and the Federal Constitutional Court. The Company and its legal advisors remain of the view that the proposals as currently drafted are unconstitutional and illegal. In particular, they raise concerns about whether the state of Berlin is competent to pass local rent legislation, as the provisions substantially deviate from existing German federal law. 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. Jones Lang Lasalle GmbH have, however, confirmed that, to date, there has been no material adverse effect on either sale prices or rental levels in the Berlin market. The portfolio valuation conducted by Jones Lang LaSalle GmbH for year to 31 December 2019 reflects current Berlin market prices and does not factor in any additional future impact on property valuations that may materialise in the event the proposed rent controls are introduced. The Company has previously set out how it intends to adapt its strategy during any period in which the proposed rent controls are in force to mitigate any short-term impact on the portfolio, while ensuring it maintains maximum strategic optionality in the event the proposals are found to be unconstitutional. Good progress has been made with these plans which include share buybacks, condominium splitting and sales, as well as selective acquisitions in areas within Greater Berlin that are not impacted by the rent control proposals. Condominium sales at an 18 per cent premium to book value. During the year to 31 December 2019, a total of 18 apartments were notarised for sale, with an aggregate value of EUR8.8 million. The average notarised value per sqm achieved was EUR4,068, representing a 17.5 per cent premium to book value and an 8.8 per cent premium to the 31 December 2019 Berlin Portfolio average of EUR3,741 per sqm. Condominium sales accelerated significantly during the second half of the financial year, with a total of 14 units notarised with an aggregate value of EUR6.3m, a 23.6 per cent premium to book value. Share Buy-backs at an average 24 per cent discount to net asset value Following the completion of a new EUR240 million loan facility on improved terms, the Company announced in September 2019 that it would consider buying back up to 10 per cent of existing share capital in issue. The share buy-back programme commenced in mid-October and, as at 30 January 2019, the Company had purchased a total of 3.2 million shares (3.2 per cent of the ordinary share capital) for a total consideration of GBP10.3 million. The average price paid represented a 23.9 per cent discount to EPRA Net Asset Value per share as at 30 June 2019. Acquisitions unaffected by proposed Berlin rent controls Notwithstanding the uncertain regulatory backdrop in central Berlin, there remains opportunity to acquire in areas within the Greater Berlin region that are unaffected by the proposed Mietendeckel rent controls. In December 2019, the Company completed the acquisition of an apartment complex in Brandenburg, with a total asset value of EUR43.5 million, for a net consideration of EUR24.2 million, excluding acquisition costs. This property meets the Company's investment criteria and the Board believes there is significant potential to add value through active asset management strategies. Full year results The Company will publish its full year results in early April 2020. * Based on Sterling / Euro exchange rate as at 31(st) December 2019 of 1.182 Robert Hingley, Chairman of Phoenix Spree Deutschland commented: "I am pleased with the continued performance of the portfolio and the progress made in mitigating any short-term impact on the portfolio during the period of uncertainty created by the proposed rent controls. Supported by our strong balance sheet, we remain well placed to take advantage of selective acquisition opportunities and share buy-backs, while maintaining our strategic optionality in the event the rent control proposals are found to be unconstitutional."
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
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.
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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