Phoenix Spree Deutschland Limited Investment Property Valuation & Portfolio update (7431O)
01 Febrero 2019 - 1:00AM
UK Regulatory
TIDMPSDL
RNS Number : 7431O
Phoenix Spree Deutschland Limited
01 February 2019
1 February 2019
Phoenix Spree Deutschland Limited
(the "Company")
Investment Portfolio Valuation
Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK main
market listed investment company focused on Berlin residential real
estate, announces the updated valuation for the portfolio of
investment properties held by the Company and its subsidiaries (the
"Portfolio") as at 31(st) December 2018.
Significant Portfolio value and NAV gains
On a like-for-like basis, excluding the net impact of
acquisitions and disposals, the Portfolio valuation increased by
14.0 per cent during the year ended 31(st) December 2018 as it
continued to benefit from the strong market fundamentals in
Berlin.
The total Portfolio was valued at EUR645.7 million by Jones Lang
LaSalle GmbH, the Company's external valuers, an increase of 6.0
per cent over the twelve-month period (31(st) December 2017:
EUR609.3 million), reflecting the impact of non-Berlin disposals
during year. The Portfolio valuation represents an average value
per square metre of EUR3,527 (31(st) December 2017: EUR2,853) and a
gross fully occupied rental yield of 3.0 per cent (31(st) December
2017: 3.4 per cent).
The Berlin portfolio was valued at EUR641.8m, an increase of
21.4 per cent year-on-year (31(st) December 2017: EUR528.5
million). Since the 2018 financial year-end, all residual
non-Berlin assets have been sold, creating a fully focussed Berlin
fund.
The increase in the Portfolio valuation was substantially driven
by increased market rents and the Property Advisor's active
management of the portfolio, which combined to deliver
like-for-like rental growth per sqm of 7.4 per cent for the year to
31(st) December 2018 (31(st) December 2017: 8.4 per cent).
Based on the Company's year-end Portfolio valuation, it is
expected that the reported EPRA NAV per share as at 31 December
will fall within a range of EUR4.52 - 4.56 (GBP4.07 - 4.11*) (31
December 2017: EUR4.11 (GBP3.65)). This represents a Sterling EPRA
NAV per share total return within a range of 13.3 to 14.4 per cent
for the financial year to 31(st) December 2018.
Further targeted Berlin acquisitions
The Company has continued to grow in Berlin with a number of
carefully targeted acquisitions in central locations which fulfil
its strict acquisition criteria. In total, 222 units (210
residential and 12 commercial) were notarised during 2018 for an
aggregate purchase price of EUR36.3 million, at an average price
per sqm of EUR2,390, and annual fully occupied rent of EUR36.3
million.
Acquisitions have been financed using a combination of debt and
equity, with a target net loan-to-value ratio of approximately 50%.
The balance sheet remains strong, and the Company continues to
review its debt structure with a view to creating significant
additional capacity for further Berlin acquisition opportunities
during the current financial year.
Portfolio investment reaches new high
The Company remains committed to improving living standards for
its tenants and fulfilling its environmental obligations in areas
where its properties are located. During 2018, the Company has
invested its highest sum on record to further improve the overall
quality of its accommodation and surroundings. This has created
significant future embedded value within the Berlin Portfolio, as
evidenced by 2018 new leases which, on average, were signed at a
39.7 per cent premium to passing rents, and by condominium sales
which completed at a 29.5 per cent premium to the average valuation
of the properties which are valued for rental purposes only as at
31(st) December 2018.
Robert Hingley, Chairman of Phoenix Spree Deutschland Limited,
commented:
"After a record valuation uplift during 2017, I am delighted
that the Portfolio has continued to deliver strong gains during the
financial year to 31(st) December 2018.
Our carefully targeted acquisition and disposal strategy has
created a fully-focused Berlin portfolio which continues to benefit
from robust market conditions, underpinned by the significant
undersupply of available rental property. This, combined with our
ongoing reinvestment programme, has created significant embedded
value within the Portfolio.
The Board continues to view the prospects for the Berlin
property market with optimism and remains confident that the
Company's active asset management strategy will deliver further
growth during the year ahead. We will continue to acquire rental
properties in Berlin, where the market outlook remains strong and
where we see potential for further value and rental growth through
continued investment.
The Company expects to report its full results for the
twelve-month period ended 31st December 2018 towards the end of
April 2019."
* Based on Sterling / Euro exchange rate as at 31(st) December
2018 of 1.11
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 +44 (0)20 7353 4200
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END
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