Investment Property Valuation

RNS Number : 3629H

Phoenix Spree Deutschland Limited

17 August 2016

 

17 August 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 interim 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 30th June 2016, at €329.8 million (31^st December 2015: €282.8 million). This represents a headline increase of 16.7 per cent over the six-month period and equates to a value per square metre of €1,775 (31^st December 2015 €1,635).

On a like-for-like basis, after adjusting for the impact of acquisitions net of disposals, the Portfolio valuation increased by 9.8% per cent in the six months ended 30^th June 2016. This increase in valuation reflects a combination of yield compression, growth in Portfolio rents and an increase in the proportion of Portfolio properties ascribed as having condominium potential.

By geographic segment, Berlin posted the largest like-for-like increase at 13.7 per cent. In line with the Company's investment strategy, the Portfolio continues to focus on traditional, individual multi-family properties located in Berlin.

The Company expects to report its interim results for the six-month period ended 30^th June 2016 before the end of September 2016.   

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

For further information please contact:

PMM Partners (Property Advisor)

Mike Hilton                                                                            [phone]

Paul Ruddle
Mathew Northover
Stuart Young

Liberum Capital Limited (Corporate Broker)                                                                      

Richard Crawley                                                                   [phone]

Christopher Britton

Bell Pottinger (Financial PR)                                                      

Nick Lambert                                                                         [phone]

Elizabeth Snow

 

END

 

 

MSCEAKPKFSFKEFF