Phoenix Spree Deutschland Limited Appointment of Chief Executive by Property Advisor (1617Z)
16 Settembre 2015 - 8:00AM
UK Regulatory
TIDMPSDL
RNS Number : 1617Z
Phoenix Spree Deutschland Limited
16 September 2015
16 August 2015
Appointment of Chief Executive by Property Advisor
PMM Partners ("PMM"), Property Advisor to Phoenix Spree
Deutschland ("PSD") (LSE: PSDL.LN) a UK listed investment company
specialising in German residential real estate, is pleased to
announce that Jörg Schwagenscheidt has been appointed as Chief
Executive of PMM Partners Germany GmbH, with immediate effect.
Jörg has more than 30 years of relevant industry experience and
joins from GSW Immobilien AG ("GSW"), Berlin's largest residential
property company, where he was Co-CEO until early 2014. In that
role, he was responsible for the asset and property management of a
portfolio of more than 65,000 units, as well as taking the lead on
acquisitions and disposals. He was integral to the IPO of GSW in
2011 and its subsequent combination with Deutsche Wohnen AG, an
MDAX 50 company, in 2013. During his eight years at GSW, Jörg
oversaw the growth of the business, including a number capital
raisings and the acquisition of more than 15,000 residential
units.
In his new role, Jörg will head PMM's German operations,
including the asset management of PSD's portfolio and the
identification of potential property acquisitions.
Mike Hilton, Director of PMM Partners commented:
"We are delighted that Jörg has joined PMM Partners. He brings a
wealth of industry experience which will be a great asset to both
PMM and PSD. Jörg's operational skills and industry contacts are
highly complementary to PMM's existing team and we are confident
that his input will accelerate the growth of the PSD portfolio and
increase potential returns to shareholders."
For further information please contact:
Phoenix Spree Deutschland
Stuart Young +44 (0)20 7292 7153
Liberum
Richard Crawley
Christopher Britton +44 (0)20 3100 2222
Bell Pottinger
Nick Lambert
Victoria Geoghegan
Joanna Boon +44 (0)20 3772 2500
Notes to Editors
About Phoenix Spree Deutschland:
Phoenix Spree Deutschland plc is a closed-ended investment
company offering shareholders exposure to the German real estate
market, particularly residential property in Berlin and other
secondary German cities. Since the Phoenix Spree Deutschland was
incorporated in Jersey in 2007, the Company has assembled an
attractive portfolio of German real estate assets which currently
consists 114 properties containing 2,389 rental units (plus a
further 497 parking and miscellaneous units) across Berlin and
secondary cities in Germany, representing a lettable area of
175,700 square metres. The primary assets are multi-apartment
residential buildings built pre-1914 or post-1990 and 82% of the
Portfolio by lettable area relates to residential property, with
the balance being commercial property. Berlin is the Portfolio's
largest geographical market representing 63% of its current total
value.
Phoenix Spree Deutschland has a growth strategy to manage and
invest in the Portfolio in order to drive capital growth and
increase Shareholder value. The Property Advisor has significant
experience in generating rental and capital growth through
innovative asset management and value added investment.
Underpinning this strategy is the potential value uplift the
Property Advisor believes can be achieved within the Portfolio
through a natural reversion of current rents to higher market
rents, combined with a number of strategies to maximise the rental
income and value of properties
About PMM Partners:
PMM Partners (UK) Ltd as acts as Property Advisor to PSD. The
Company's previous property advisor was PMM Partners LLP, whose
assets and undertaking were transferred to the Property Advisor on
1 January 2015. PMM Partners has asset managed PSD's portfolio
since inception. PMM has offices in London and Berlin and has a
team of nine staff focussing wholly or primarily on the Portfolio.
It is responsible for management of the real estate assets in the
Portfolio which includes:
-- creation and execution of business plans;
-- acquisitions and disposals;
-- organising building renovations;
-- initiation of bank finance;
-- tenant selection and negotiation; and
-- supervision of property managers.
PMM's three directors Michael Hilton, Matthew Northover and Paul
Ruddle have 30 years combined experience in the German residential
sector. PMM Partners Germany GmbH is a wholly owned subsidiary of
PMM Partners (UK) Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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