15
March 2024
Phoenix Spree Deutschland
Limited
(the "Company", the "Group"
or "PSD")
Sale of Multi-Family Property
and Condominiums
Phoenix Spree Deutschland Limited
(LSE: PSDL.LN), the UK-listed investment company specialising in
Berlin residential real estate, announces the sale of a
multi-family property and further sales of condominiums.
The Company has notarised the sale
of Donaustrasse, Neukoln for €4.8m, a value of €2,249 per sqm or a
2.6 per cent discount to the purchase price. The property was
recently acquired (notarised for purchase in September 2022) and
the sale price reflects the significant investment required to
modernise the property.
The Company is also pleased to
announce the notarisation for sale of two further condominium
properties. A vacant unit in Zillestrasse was sold for
€426,600 in a bare shell condition (€4,750 per sqm and a 9.5 per
cent premium to book value), while a rented unit in Fregestrasse
was sold for €298,000 (€3,401 per sqm at a 19.6 per cent discount
to book value). The Company has pending reservations for a
further four units representing a combined sales volume of €1.33m
and a value per sqm of €3,941. It is expected these
reservations will be notarised within the next six
weeks.
Proceeds from these asset sales will
be used to repay debt and for investment in the condominium
portfolio in order to prepare assets for sale.
The condominium transaction values
outlined above compare with the Company's current share price,
which implies a Portfolio valuation per sqm of under €2,500 and a
discount to the most recently published EPRA NTA of 64%. As
announced in the recent trading update, the
Company is examining strategic options, which will allow for a
significant increase in the number of individual units which can be
made available for sale in the future. With over 1,900 units, representing 77 per cent of the
Portfolio, now split as condominiums, PSD is uniquely placed in the
listed marketplace to benefit from the valuation premium that
condominium units command versus their rental
equivalents.
Full Year Results
The Company will report its
full-year results, together with a comprehensive update on its
condominium strategy, on 30 April 2024.
END
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
|
|
Teneo (Financial
PR)
Lizzie Snow / Annushka
Shivnani
|
+44 (0)20 7353 4200
|