REG - Phoenix SpreeDeutsch - Sale of Multi-Family Property and Condominiums

Phoenix Spree DeutschlandAnnouncement

15/03/2024 07:00

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RNS Number : 9494G  Phoenix Spree Deutschland Limited  15 March 2024

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                                                                                                             +44 (0)20 3937 8760

 Stuart
 Young                                            

  
 Numis Securities Limited (Corporate Broker)                                                                                                   +44 (0)20 3100 2222

 David Benda                                                                                                                                    

                                                                                                                                                
 Teneo (Financial PR)                                                                                                                          +44 (0)20 7353 4200

 Lizzie Snow / Annushka Shivnani

 

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