Phoenix Spree Deutschland Limited Investment Property Valuation (8096L)
14 Gennaio 2016 - 8:00AM
UK Regulatory
TIDMPSDL
RNS Number : 8096L
Phoenix Spree Deutschland Limited
14 January 2016
14(th) January 2016
Phoenix Spree Deutschland
Investment Property Valuation
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed
investment company specialising in German residential real estate,
announces the updated valuation for the portfolio of investment
properties held by the Company and its subsidiaries (the
"Portfolio").
The Portfolio was valued by Jones Lang LaSalle GmbH, the
Company's external valuers, as at 31(st) December 2015, at
EUR282.762 million (31(st) December 2014: EUR245.318 million) which
represents an increase of 15.3 per cent over the twelve-month
period. This increase in valuation reflects yield movement and
adjustments due to improved property condition; rental income
increases; decreasing vacancy; market rent adjustments; and the net
impact of acquisitions and disposals (EUR11.97 million).
On a like-for-like basis, the Portfolio valuation increased by
10.6 per cent in the twelve months ended 31(st) December 2015. This
compares to like-for-like growth of 5.3 per cent for the six months
ended 30(th) June 2015.
All geographical markets registered valuation gains during the
period, with Nürnberg & Fürth seeing the largest like-for-like
increase at 14.7 per cent, followed by Berlin (12.2 per cent),
Central & North (6.0 per cent) and Baden-Württemberg (1.0 per
cent). The like-for-like increases highlight the strength of the
German residential market in Berlin and secondary cities. In
particular, prices of traditional "Altbau" properties within the
Berlin S-Bahn ring and in Nürnberg & Fürth continue to attract
investor interest and benefit from strong market fundamentals.
The Portfolio valuation represents a value per square metre of
EUR1,635 (31(st) December 2014 EUR1,447) and a gross initial rental
yield of 5.7 per cent (6.1 per cent).
The Company expects to report its results for the twelve-month
period ended 31(st) December 2015 during April 2016.
For further information please contact:
Phoenix Spree Deutschland
Stuart Young (Investor Relations) +44 (0)20 7292 7087
Liberum Capital Limited (Corporate Broker)
Richard Crawley +44 (0)20 3100 2222
Christopher Britton
Bell Pottinger (Financial PR)
Nick Lambert +44 (0)20 3772 2500
Notes to Editors
About Phoenix Spree Deutschland:
Phoenix Spree Deutschland Limited is a UK listed investment
company offering shareholders exposure to the German real estate
market, particularly residential property in Berlin and other
secondary German cities. Since Phoenix Spree Deutschland was
incorporated in Jersey in 2007, the Company has assembled an
attractive portfolio of German real estate assets which currently
consists of 115 properties containing 2,369 rental units (plus
parking and miscellaneous units) across Berlin and secondary cities
in Germany, representing a lettable area of 172,895 square metres.
The primary assets are multi-apartment residential buildings mostly
built pre-1914 or post-1990 and 83 per cent 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 66 per cent 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 managing the
Portfolio, PMM Partners, 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 such as
renovation of apartments and conversion of commercial space to
residential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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