Phoenix Spree Deutschland Limited Acquisition of portfolio of properties (3327F)
21 Marzo 2022 - 8:00AM
UK Regulatory
TIDMPSDL
RNS Number : 3327F
Phoenix Spree Deutschland Limited
21 March 2022
21 March 2022
Phoenix Spree Deutschland Limited
(The "Company" or "PSDL")
Acquisition of portfolio of properties for EUR18.5 million
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed
investment company specialising in German residential real estate
(the "Fund"), is pleased to announce that it has exchanged
contracts to purchase and forward fund a new development of 34
semi-detached houses ("the Acquisition").
Highlights:
-- Portfolio of 34 semi-detached houses with completion expected in Q4 2024.
-- Asset deal with a purchase price of EUR18.5 million,
excluding acquisition costs, with no broker commission
incurred.
-- Price per square metre of EUR4,323, which represents an
estimated prospective gross yield of 3.5% based on current market
rents, with significant rental growth anticipated prior to
completion.
-- Acquisition located in Erkner (Brandenburg), a location in
the Berlin Beltway, adjacent to the new Tesla Giga factory, which
is being constructed at cost of Eur 4bn and is expected to employ
around 40,000 staff.
-- Technical construction provides high energy-saving standards
with geo-thermal heat pumps and electric vehicle charging stations
for every unit.
-- Acquisition structured as a forward deal and funded entirely
through a new acquisition debt facility agreed with Natixis and
announced on 25 January 2022.
-- Forecast investment returns have been rigorously benchmarked
against the alternatives of share buy-backs and the Portfolio IRR
target.
Strong demographics with potential for rental growth
The property is located in Erkner, part of the Greater Berlin
metropolitan area, approximately 30km southeast from the Berlin
city centre. QSix ("the Property Advisor") expects that the area
will display positive demographic given the shortage of supply in
the central Berlin rental market. Likely migration from central
Berlin is anticipated to result in increased rents, condominium
prices and prices for single-familiy homes, in particular.
Erkner provides S-Bahn and train connections several times an
hour (30 minutes to Alexanderplatz) and direct access to the
motorway, A10. It is also situated a short drive from the recently
opened international airport in Schoenefeld. The town has
approximately 12,000 inhabitants and is located adjacent to the new
Tesla Giga Factory in Grünheide, which will employ up to 40,000
employees when fully operational.
Each house will have an electric car charging point, triple
glazing and heating using a combination of hybrid solar collectors
and brine/water heat pumps. These energy saving measures have led
to the asset being given a KfW 55 energy efficiency rating, one of
the highest ratings that new builds can be given. The
energy-efficient nature of the acquisition highlights the Company's
commitment to ensuring that new-build acquisitions meet the highest
efficiency standards.
The Company will continue to review future potential acquisition
opportunities. These will be pursued only in instances where they
meet the Company's strict investment return criteria and screen
favourably against the alternative of share buy-backs.
Mittelstein acted as legal advisors to PSD on the
Acquisition.
Jörg Schwagenscheidt, Partner and Chief Executive of QSix
Germany commented:
"We are pleased to have exchanged contracts on an attractive
portfolio of assets which meet our strict acquisition criteria.
With its close proximity to the new Tesla factory, the town of
Erkner is likely to experience strong medium-term demographic
trends which should underpin long-term rental and property values
in the area and, ultimately, deliver value for our
shareholders."
Legal Entity Identifier: 213800OR6IIJPG98AG39
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
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END
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March 21, 2022 03:00 ET (07:00 GMT)
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