Phoenix SpreeDeutsch hits six-year low after co suspends dividend

Phoenix Spree Deutschland

29/03/2023 09:23

** Shares of investment company Phoenix SpreeDeutsch
 PSDL.L , which specialises in Berlin residential real estate,
drop as much as 8.7% to 198p, their lowest in more than six
years
    ** Stock is top loser on the UK small-cap index  .FTSC ; one
of the top losers on the LSE  .PL.L 
    ** PSDL says it is suspending dividend payments preserve
cash and support its core business as its ability to sell new
homes in Berlin has been limited; adds that rising cost of
construction will further limiting new-build development
    ** Adds that ongoing impact of 2022's interest rate hike
continues to weigh on buyer sentiment
    ** "The majority of offers received during the last six
months have been significantly below carrying value, at levels
where the Property Advisor considers that sale is not in
shareholders' interests" - co
    ** PSDL stock down 19.74% YTD

 (Reporting by Aniruddha Ghosh in Bengaluru)
 ((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))