Phoenix Spree Deutschland Limited Further share buy-back programme (4904A)
02 Giugno 2021 - 8:00AM
UK Regulatory
TIDMPSDL
RNS Number : 4904A
Phoenix Spree Deutschland Limited
02 June 2021
2 June 2021
Phoenix Spree Deutschland Limited
(the "Company" or "PSD")
Further share buy-back programme
The Board of Phoenix Spree Deutschland Limited (LSE: PSDL.LN),
the UK listed investment company specialising in German residential
real estate, notes that the share price continues to trade at a
material discount to Net Asset Value. As at 1 June 2021, this
discount stood at 17% [1] , a level that the Board believes does
not reflect the track record and performance of the underlying
Portfolio and the positive outlook following the removal of the
Berlin rent controls.
Over the past five years the Company has delivered an average
total shareholder return of 29% per annum. During the financial
year ended 31 December 2020, when faced with the twin challenges of
COVID-19 and the unconstitutional introduction of rent caps, PSD
was still able to deliver an EPRA NTA total return of 8.8%.
The Board wishes to ensure that the share price better reflects
the intrinsic value of the Company's portfolio and its future
prospects. Since October 2019, the Company has bought back 5.1% of
its shares in issue as part of a buy-back strategy designed to
limit the downside risk to the share price. However, reflecting the
renewed confidence in the outlook for the Company following the
ruling by the German Federal Court that the Berlin rent controls
were unconstitutional, the Company now intends to adopt a more
proactive buyback strategy in order to take advantage of the
valuation discount and to seek to ensure that the share price
better reflects the underlying net asset value.
The Company will, with immediate effect, make a material
allocation of capital to the buyback programme funded through a
combination of existing cash balances, refinancing, condominium
sale proceeds and the disposal of non-core assets. The Board
believes this allocation can be achieved without compromising the
organic growth prospects of the company, which are based on
reversionary re-letting, the preparation and sale of new
condominiums and the construction of new attic living space.
It is intended that purchases of shares under this proactive
share buy-back programme will commence immediately.
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
Oliver Norgate +44 (0)20 7353 4200
[1] Based on EPRA NTA as at 31 December 2020 of EUR5.28, a
closing share price of GBP3.80 on 1 June 2021 and a GBP / EUR
exchange rate of 1.16 as at 1 June2021
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END
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