TIDMPSDL
RNS Number : 0734B
Phoenix Spree Deutschland Limited
29 September 2022
Phoenix Spree Deutschland Limited
(the "Company" or "PSD")
Interim Results for the half-year to 30 June 2022
Phoenix Spree Deutschland (LSE: PSDL.LN), the specialist
investor in Berlin residential real estate, announces its Interim
Results for the six months ended 30 June 2022.
Financial Summary
EUR million (unless otherwise Six months Six months 12 months 12 months
stated) to June to June to December to December
2022 2021 2021 2020
Gross rental income 13.0 12.9 25.8 23.9
----------- ----------- ------------ ------------
Profit before tax 17.0 20.4 45.3 37.9
----------- ----------- ------------ ------------
Dividend (EUR cents (GBP pence)) 2.35 (2.09) 2.35 (2.02) 7.50 (6.30) 7.50 (6.62)
(1)
----------- ----------- ------------ ------------
Portfolio valuation(2) 820.1 777.7 801.5 768.3
----------- ----------- ------------ ------------
EPRA NTA per share (EUR) 5.72 5.42 5.65 5.28
----------- ----------- ------------ ------------
EPRA NTA per share (GBP)(3) 4.92 4.66 4.74 4.76
----------- ----------- ------------ ------------
EPRA NTA per share total return
(EUR per cent) 2.2 3.6 8.4 8.8
----------- ----------- ------------ ------------
Net LTV (per cent)(4) 36.0 33.7 34.7 33.1
----------- ----------- ------------ ------------
Portfolio valuation per sqm (EUR) 4,318 4,075 4,225 3,977
----------- ----------- ------------ ------------
Annual like-for-like rent per
sqm growth (per cent) 3.7 4.6 3.9 (15.8)
----------- ----------- ------------ ------------
EPRA Vacancy (per cent) 2.5 1.3 3.1 2.1
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Condominium sales notarised 3.0 4.3 15.2 14.6
----------- ----------- ------------ ------------
(1-GBP:EUR FX rate locked in at 1:1.124 as at 28 September
2022.)
(2 -Portfolio valuation includes investment properties under
construction.)
(3-GBP:EUR FX rate 1:1.162 as at 30 June 2022.)
(4- Net LTV uses nominal loan balances as per note 17 rather
than the loan balance on the Consolidated Statement of Financial
Position which consider Capitalised Finance Arrangement Fees in the
balance.)
Further increase in rental and portfolio values during H1
2022
-- EPRA NTA per share up 1.2 per cent in H1 2022 to EUR5.72;
EPRA NTA per share total return of 2.2 per cent.
-- Including investment properties under construction worth
EUR7.7m, the Portfolio was valued at EUR820.1 million, a 2.3 per
cent increase versus 31 December 2021.
-- Like-for-like Portfolio value, adjusted for acquisitions and
disposals, increased by 2.2 per cent in H1 2022.
-- Like-for-like rental income per sqm increased by 3.7 per cent
versus prior year, down from 4.6 per cent in H1 2021, mainly
reflecting re-letting mix effects, which have subsequently
normalised.
Strong Balance Sheet, completion of new loan facility and
refinancing
-- Net LTV remains conservative at 36.0 per cent (31 December 2021: 34.7 per cent).
-- New EUR60 million loan facility agreed with Natixis and announced on 25 January 2022.
-- Successful refinancing of EUR49.7 million of Berliner
Sparkasse debt, with EUR13.7 million of cash released at 28
September 2022.
-- Company's interest rate hedging policy has seen cash
borrowing costs decline, despite rising long term rates.
-- Company's first loan maturity is not due until September 2026.
Continued strong demand for Berlin residential rental
property
-- 148 new leases in Berlin signed during H1 2022 at an average
rent of EUR13.2 per sqm and 33.7 per cent premium to passing
rents.
-- EUR6.2 million invested across the Portfolio (30 June 2021:
EUR2.7million), continuing to improve the quality of accommodation
for tenants and supporting reversionary rental strategy.
-- EPRA vacancy of 2.5 per cent remains at historically low
level, reflecting ongoing structural undersupply of available
rental property.
-- All furnished apartments made available for refugees impacted
by the Ukraine crisis for a rent-free period have now been fully
let.
Actively managing the Portfolio
-- Forward purchase in H1 of 17 new-build, semi-detached,
residential properties (34 houses) for a total agreed purchase
price of EUR18.5 million, four multi-family houses consisting of 24
residential units for a purchase price of EUR6.3million.
-- Post-period end, acquisition of 25 residential units for a purchase price of EUR4.9million.
-- All acquisitions fully financed using Natixis acquisition facility.
-- Since period-end, contracts notarised to sell two non-core
properties for an aggregate consideration of EUR8.6 million.
Condominium sales at a premium to book value
-- Condominium sales notarised during H1 2022 of EUR3.0 million, (H1 2021 EUR4.3million).
-- Average achieved value per sqm of EUR5,257 for residential
units, a gross premium of 19.2 per cent to the 31 December 2021
book value of each property.
-- 75.8 per cent of Portfolio assets legally split into condominiums as at 30 June 2022.
-- Sales slowdown reflects increases in the cost of living,
higher borrowing costs and economic uncertainty.
Further value delivered through share buy-backs and dividend
-- Unchanged interim dividend of EUR2.35 cents per share.
-- During the half year ended 30 June 2022, the Company bought
back a further 930,509 ordinary shares, representing 0.9 per cent
of the ordinary shares in issue, for a total consideration of
GBP3.3 million.
-- Since share buybacks commenced in 2019, including the interim
dividend for 2022 and bought-back shares held in treasury, EUR63.4
million has been returned to shareholders.
Outlook
-- Supply-demand imbalances within the Berlin PRS provide support to rental values:
o Rising cost of home ownership forcing potential buyers to
remain within the rental system for longer.
o Urban housing shortage further exacerbated by anticipated net
inward migration of almost one million from Ukraine to Germany.
o Rising cost of construction further limiting new-build
completions.
-- Reversionary potential within Portfolio underpins future rental growth:
o New letting rental values expected to remain at a significant
premium to average in-place rents across the Portfolio.
-- Disposals and balance sheet
o The Company will continue to review its portfolio of assets to
ascertain the potential for disposals of condominiums and other
buildings that are deemed to be non-core.
o The Board considers the current level of gearing and cash
balances to be appropriate at this stage in the real estate cycle
and does not intend to materially increase debt levels until such
time as the market outlook becomes more stable.
o The Company will continue to keep its cash commitments under
close review, and will prioritise continued investment in the
existing Portfolio, where appropriate, and dividend payments to
shareholders.
o To the extent that the Board considers it prudent to do so,
any excess proceeds from disposals will be made available for share
buybacks.
Robert Hingley, Chairman of Phoenix Spree Deutschland
commented:
"The first six months of the financial year were characterised
by significant market disruption caused by the combined effects of
global inflationary pressures, rising interest rates and the
ongoing conflict in Ukraine. Against this backdrop, it is pleasing
that the Portfolio was able to deliver further valuation gains
during the first half of the financial year.
Although financial market conditions have become significantly
more challenging, demographic trends within the Berlin market
remain positive, with a significant undersupply of private rental
property. Affordability comparisons with other German cities remain
favourable and the reversionary potential that exists within the
Portfolio should continue to support rental values."
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
Laura Marshall +44 (0)20 7353 4200
CHAIRMAN'S STATEMENT
I am pleased to report that, during the first half of the
financial year, PSD has delivered further increases in property and
rental values. As at 30 June 2022, the Portfolio, excluding
investment property under construction, was valued at EUR812.4
million by Jones Lang LaSalle GmbH, a like-for-like increase of 2.2
per cent since 31 December 2021. The Euro EPRA NTA total return per
share stood at 2.2 per cent with the sterling return at 4.8 per
cent.
The Board is pleased to declare an unchanged interim dividend of
2.35 cents per share (2.09 pence per share) for the first half of
the year (six months to 30 June 2021: 2.35 cents, 2.02 pence). The
dividend is expected to be paid on or around 28 October 2022 to
shareholders on the register at the close of business on 7 October
2022, with an ex-dividend date of 6 October 2022.
Working with our tenants
At times of economic stress, it is even more important that we
work closely with our tenants, just as we did during the dual
challenges presented by the COVID-19 pandemic and the Mietendeckel.
Now, with inflationary pressures and a rising cost of living
impacting most European economies, the health and wellbeing of our
tenants remains foremost in our minds.
Our thoughts remain with those impacted by war in Ukraine. In
response to the humanitarian crisis the war has caused, PSD has
made available a number of furnished apartments on a rent-free
basis for refugees and I am pleased to report that these have now
been fully let. We will continue to work constructively with those
in greatest need wherever we can.
Investing in our tenanted accommodation
Following the removal of the Mietendeckel, which specified rent
levels well below free market levels, the Company resumed its
programme of investment to improve the overall standard of our
tenanted accommodation. During the first half of the financial year
48.1 per cent of the Company's gross revenues were reinvested into
the Portfolio and it is anticipated that this high level of
investment will continue.
Protecting our environment
The Board recognises that the nature of our business has
environmental and social impacts and that we have a responsibility
to consider and minimise these impacts, where possible. As a member
of EPRA, we want to contribute to greater transparency in
reporting. To this end, we have strengthened our commitment to
delivering against our environmental and social impacts by
introducing EPRA's Sustainability Best Practices Recommendations
and capturing our ESG measurements within their framework.
I am therefore delighted to report that this commitment has been
recognised in the EPRA Sustainability Awards 2022, with PSD
receiving a Gold award in recognition of the Company's commitment
to best practice in its reporting. This recognition further
encourages us to continue to approach the future in a consistent,
ethical, safe and environmentally friendly way.
Our charitable initiatives
The Company has continued with its programme of financial
support to two Berlin focussed charities, The Intercultural
Initiative and Laughing Hearts. The Intercultural Initiative is a
Berlin refuge that helps women and children affected by domestic
violence. Laughing Hearts supports children living in children's
homes and social care.
QSix, our Property Advisor, has also continued to support two
charities in London, SPEAR and SHP, both working with homeless
people. Funding is given to SPEAR to run an outreach service,
providing accommodation to rough sleepers and helping with their
health and wider social care problems. SHP supports an
employability programme that assists homeless people or those at
high risk of becoming homeless with finding a job and securing a
sustainable income.
Our Board
We are all deeply saddened by the recent death of Greg Branch,
and I would like to reiterate our sincere thanks for his exemplary
service during his time in office. Greg had served on the Company
Board since 2020, bringing a wealth of experience from a
distinguished career spanning over 30 years in the financial
services and real estate sectors. He will be sorely missed as a
colleague and friend to the current and previous Directors of the
Company, investment professionals at QSix, and by those in the
wider business community who were privileged to work with him.
As previously announced, Isabel Robins joined the Board of PSD
as a non-executive Director with effect from 14 March 2022. Mrs
Robins has over 23 years' experience of complex offshore real
estate structures, encompassing a broad range of property funds,
investments, and developments. Her real estate experience and
insight will add a valuable perspective to complement and enhance
the skill set of the Board. Mrs Robins replaces Monique O'Keefe,
who stepped down as a Senior Independent Director to take up a
senior executive position at another company.
The Board is in the process of commissioning a search for a new
Non-Executive Director.
Disposals and balance sheet
With its strong balance sheet and conservative debt financing,
PSD is well positioned to withstand more challenging economic and
financial market conditions. Demographic trends within the Berlin
market remain positive and will continue to support future rental
values. This, combined with a high level of investment into our
buildings, underpins the future reversionary potential that exists
within the Portfolio.
The Company recognises that PSD's share price remains at a
material discount to EPRA NTA and, since the commencement of the
Company's share buyback programme in October 2019, 8.9 per cent of
ordinary shares in issue have been repurchased. The Board considers
the current level of gearing and cash balances to be appropriate at
this stage in the real estate cycle and will not look to increase
debt levels until such time as the market outlook becomes more
stable. The Company will continue to keep its cash commitments
under close review, and will prioritise continued investment in the
existing Portfolio, where appropriate, and dividend payments to
shareholders. To the extent that the Board considers it prudent to
do so, any excess proceeds from disposals will be made available
for share buybacks.
REPORT OF THE PROPERTY ADVISOR
Financial results
Table: Financial highlights for the six-month period to 30 June
2022
EUR million (unless otherwise 6 months 6 months Year Year
stated) to 30-Jun-22 to 30-Jun-21 to to
31-Dec-21 31-Dec-20
Gross rental income 13.0 12.9 25.8 23.9
-------------- -------------- ----------- -----------
Investment property fair
value gain 11.4 16.0 38.0 41.5
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Profit before tax (PBT) 17.0 20.4 45.3 37.9
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EPS (EUR) 0.15 0.17 0.39 0.31
-------------- -------------- ----------- -----------
Investment property value 820.1 777.7 801.5 768.3
-------------- -------------- ----------- -----------
Net debt(1) 295.6 261.8 278.0 254.4
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Net LTV (per cent)(1) 36.0 33.7 34.7 33.1
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IFRS NAV per share (EUR) 4.84 4.54 4.74 4.48
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IFRS NAV per share (GBP)(2) 4.17 3.90 3.98 4.04
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EPRA NTA per share (EUR) 5.72 5.42 5.65 5.28
-------------- -------------- ----------- -----------
EPRA NTA per share (GBP)(2) 4.92 4.66 4.74 4.76
-------------- -------------- ----------- -----------
Dividend per share (EUR cents) 2.35 2.35 7.5 7.5
-------------- -------------- ----------- -----------
Dividend per share (GBP pence)
(3) 2.09 2.02 6.27 6.75
-------------- -------------- ----------- -----------
EPRA NTA per share total
return for period (EUR per
cent) 2.2 3.6 8.4 8.8
-------------- -------------- ----------- -----------
EPRA NTA per share total
return for period (GBP per
cent) 4.8 (1.1) 1.0 16.0
-------------- -------------- ----------- -----------
(1 - Net LTV and net debt uses nominal loan balances as per note
17 rather than the loan balances on the Consolidated Statement of
Financial Position which consider Capitalised Finance Arrangement
Fees in the balance as per IAS 23.)
(2 - GBP:EUR FX rate 1:1.162 as at 30 June 2022)
(3 - GBP:EUR FX rate locked in at 1:1.124 as at 28 September
2022.)
Revenue for the six-month period was EUR13.0 million (six months
to 30 June 2021: EUR12.9 million). Profit before taxation was
EUR17.0 million (six months to 30 June 2021: EUR20.4 million), the
principal component of which was a revaluation gain of EUR11.4
million (30 June 2021: EUR16.0 million).
Reported earnings per share for the period were 15 cents (six
months to 30 June 2021: 17 cents).
Reported EPRA NTA per share rose by 1.2 per cent in the first
half of 2022 to EUR5.72 (GBP4.92) (31 December 2021: EUR5.65
(GBP4.74)). After taking into account the 2021 final dividend of
5.15 cents (4.36 pence), which was paid in June 2022, the EUR EPRA
NTA total return in the first half of 2022 was 2.2 per cent (H1
2021: 3.6 per cent). The GBP EPRA NTA total return for the same
period was 4.8 per cent, reflecting the weakening of the GBP
against the EUR in the first six months of the year.
Like-for-like portfolio value increase of 2.2 per cent
Pricing in the Berlin residential property market has remained
broadly stable in the first half of the financial year. The second
half to date has seen a material deterioration in buyer sentiment
and, consequently, transaction volumes. With financial markets
experiencing record volatility, the outlook for the German property
market in the second half is uncertain.
As at 30 June 2022, the Portfolio, including investment
properties under construction, was valued at EUR820.1 million (31
December 2021: EUR801.5 million). This represents a 2.3 per cent
increase over the six-month period. On a like-for-like basis,
excluding the impact of acquisitions and disposals, the Portfolio
value increased by 2.2 per cent during the first half of the
financial year and 6.0 per cent versus the first half of the prior
year. This reflects an increase in rental values, improvements in
the micro locations of certain Portfolio assets, investments in the
Brandenburg asset and completion of the condominium splitting
process in one building.
Table: Portfolio valuation and breakdown
30-Jun-22 30-Jun-21 31-Dec-21 31-Dec-20
Total sqm ('000) 188.2 190.8 189.7 193.2
---------- ---------- ---------- ----------
Valuation (EUR million) 820.1 777.7 801.5 768.3
---------- ---------- ---------- ----------
Like-for-like valuation growth
(per cent) 2.2 2.5 6.3 6.3
---------- ---------- ---------- ----------
Value per sqm (EUR) (1) 4,318 4,075 4,225 3,977
---------- ---------- ---------- ----------
Fully occupied gross yield
(per cent) 2.8 2.9 2.8 2.4
---------- ---------- ---------- ----------
Number of buildings 95 97 97 98
---------- ---------- ---------- ----------
Residential units 2,554 2,586 2,569 2,618
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Commercial units 136 139 138 139
---------- ---------- ---------- ----------
Total units 2,690 2,725 2,707 2,757
---------- ---------- ---------- ----------
(1 - Excludes Investment property under construction.)
The valuation represents an average value per square metre of
EUR4,318 (31 December 2021: EUR4,225), at a gross fully occupied
yield of 2.8 per cent (31 December 2021: 2.8 per cent). Included
within the Portfolio valuation are six properties valued as
condominiums, with an aggregate value of EUR32.8 million (31
December 2021: eight properties, aggregate value EUR38.8
million).
Like-for-like rental income per square metre growth of 3.7 per
cent
After considering the impact of acquisitions and disposals,
like-for-like rental income per square metre grew 3.7 per cent
compared with 30 June 2021. Gross in-place rent was EUR9.8 per sqm
as at 30 June 2022, an increase of 3.5 per cent compared with 30
June 2021 and an increase of 1.9 per cent on 31 December 2021.
Table: Rental income and vacancy rate
30-Jun-22 30-Jun-21 31-Dec-21 31-Dec-20
Total sqm ('000) 188.1 190.8 189.7 193.2
---------- ---------- ---------- ----------
Gross in place rent per
sqm (EUR) 9.8 9.5 9.6 9.3
---------- ---------- ---------- ----------
Like-for-like rent per
sqm growth 3.7 4.6 3.9 4.1
---------- ---------- ---------- ----------
Vacancy (per cent) 7.0 7.7 8.4 6.8
---------- ---------- ---------- ----------
EPRA Vacancy per cent
(per cent) 2.5 1.3 3.1 2.1
---------- ---------- ---------- ----------
EPRA vacancy remains at historically low levels
Reported vacancy as at 30 June 2022 was 7.0 per cent (30 June
2021: 7.7 per cent). On an EPRA basis, which adjusts for units
undergoing development and made available for sale, the vacancy
rate was 2.5 per cent (30 June 2021: 1.3 per cent). The rise in
vacancy was due to an increased number of newly modernised
apartments being made available for rental following the removal of
the Mietendeckel. Notwithstanding this increase, EPRA vacancy
remains low from a historical perspective and is likely to remain
so given the ongoing supply demand imbalance for rental property in
Berlin.
Berlin reversionary re-letting premium of 33.7 per cent
During the six months to 30 June 2022, 174 new leases were
signed, representing a letting rate of approximately 7.3 per cent
of occupied units. The average rent achieved on all new lettings
was EUR12.7 per sqm, an 8.5 per cent increase on the prior year,
and an average premium of 28.4 per cent to passing rents. This
compares to a 23.5 per cent premium in the six month period to 30
June 2021.
The reversionary premium is negatively impacted by the inclusion
of re-lettings from the acquisition in Brandenburg in 2020, where
rents are lower than those achieved in central Berlin. Looking
solely at the Berlin portfolio, which represents 90.7 per cent of
total residential lettable space, the reversionary premium achieved
was 33.7 per cent, down from 35.8 per cent in the prior period.
Limited impact from COVID-19 on rent collection
The prolonged duration of the COVID-19 outbreak and the further
restrictions it has caused in early 2022 have had a limited impact
on rent collection levels with over 98.4 per cent of rents due
collected during the first six months of the financial year.
Where appropriate, PSD continues to support its tenants, both
residential and commercial, by agreeing, on a case-by-case basis,
the payment of monthly rents or deferring rental payments. In
addition, PSD has in place a Vulnerable Tenant Policy which it will
continue to monitor and apply to relevant tenants.
Investment in the Portfolio
During the first half of 2022, a total of EUR6.2 million was
invested across the Portfolio (H1 2021: EUR2.7 million). These
items are recorded as capital expenditure in the Financial
Statements. A further EUR0.9 million was spent on maintaining the
assets and is expensed through the profit and loss account.
The increase in capital expenditure reflects the ruling against
the Mietendeckel as projects which had been postponed or cancelled
pending a final ruling on the legality of the Mietendeckel are
reinstated.
Table: EPRA Capital Expenditure
(All figures in EUR'000 unless otherwise stated)
30-Jun-22 30-Jun-21 31-Dec-21 31-Dec-20
Acquisitions 0 0 0 0
---------- ---------- ---------- ----------
Like-for-like portfolio 1,769 2,486 4,674 3,645
---------- ---------- ---------- ----------
Development 4,288 101 4,406 274
---------- ---------- ---------- ----------
Other 178 143 397 252
---------- ---------- ---------- ----------
Total Capital Expenditure 6,234 2,729 9,477 4,171
---------- ---------- ---------- ----------
Acquisitions and disposals
On 21 March 2022, the Company announced that it has exchanged
contracts to forward fund 17 new-build, semi-detached, residential
properties (34 units) for a total agreed purchase price of EUR18.5
million, with construction expected to complete in the second half
of 2024. The price paid of EUR4,323 per sqm represents an estimated
prospective gross yield of 3.5 per cent and the projected fully
occupied rental income generated by the property is EUR652,670 per
annum, equivalent to 3.2 per cent of the Portfolio gross in-place
rent as at 31 December 2021.
On 5 May 2022, the Company exchanged contracts to acquire four
multi-family houses consisting of 24 residential units for a
purchase price of EUR6.3million. These properties are located in
Hoppegarten and Neuenhagen, Berlin. Built in 1995 and 1998, they
are in good technical condition and offer significant reversionary
potential, having benefited from recent positive demographic
changes.
On 22 September 2022, the Company exchanged contracts to acquire
a multi-family house with 22 residential units and 3 commercial
units for EUR4.9million. This property is located in
Berlin-Neukölln, is well maintained, and offers significant
reversionary and attic potential.
All three acquisitions will be fully financed using the new loan
facility recently agreed with Natixis, announced in January
2022.
Since the beginning of the financial year, the Company has been
actively exploring options for the disposal of buildings deemed to
be non-core. Typically, these buildings will have a mature tenant
structure with limited scope for further capital expenditure and
subsequent reversionary re-letting.
Since the half-year end, the Company has exchanged contracts to
sell two non-core properties for an aggregate consideration of
EUR8.6million, a narrow discount to last JLL valuation of
EUR8.8million as at 30 June 2022. These buildings were acquired in
2008 and 2017 respectively, for an aggregate purchase price of
EUR3.9million.
The first of the two properties is an existing Altbau building
combined with an ongoing construction project of an additional
apartment block located within its footprint. The existing
building, which was fully split in the land register, is located in
a Milieuschutzgebiet area. The second property is a smaller
building, with a significant commercial component and mature
residential tenant structure.
Condominium sales at a 19.2 per cent premium to book value
PSD's condominium strategy involves the division and resale of
selected properties as single apartments. This is subject to full
regulatory approval and involves the legal splitting of the
freeholds in properties that have been identified as being suitable
for condominium conversion.
During the first half of 2022, nine condominiums units were
notarised for sale for an aggregate value of EUR3.0 million (H1
2021: EUR4.3 million).
Condominium notarisations during the second quarter of 2022 have
been negatively impacted by concerns over increases in the cost of
living, higher borrowing costs and uncertainty surrounding the
macro-economic environment, including the impact of the crisis in
Ukraine. These factors have led to a deterioration in buyer
sentiment and reduced investment volumes.
The average achieved notarised value per sqm for the residential
units was EUR5,257, representing a gross premium of 19.2 per cent
to book value and 21.8 per cent to PSD's average Berlin residential
portfolio value as at 30 June 2022.
Since the half year reporting date, the Company has notarised
for sale a further 2 condominium units with total value EUR1.0
million and at a price per square metre of EUR6,236. This
represents a gross premium of 33.0 per cent to book value and 44.4
per cent to the average residential portfolio value as at 30 June
2022.
As at 28 September 2022, 75.8 per cent of the Portfolio had been
registered as condominiums, providing opportunities for the
implementation of further sales projects where appropriate. A
further 9.5 per cent are in application, over half of which are in
the final stages of the process. This provides PSD with additional
strategic flexibility to respond to changes in market
conditions.
Recent Federal Government legislation has placed significant
restrictions on the ability of landlords to split their properties
into condominiums in the future. Reflecting this, there can be no
guarantee that applications which are currently in process will
complete. The legislation is, however, not retrospective and does
not impact assets that have already been split into condominiums.
Moreover, these measures will inevitably increase the scarcity of
condominiums available for sale in the future, further exacerbating
the supply-demand imbalance which currently exists.
Condominium construction
After the overturning of the Mietendeckel, a condominium
construction project commenced in an existing asset bought in 2007.
The project involves building out the attic and renovating existing
commercial units to create seven new residential units.
Construction on this project started in the second half of 2021,
and the first units are projected to be available in the second
half of 2022. The total construction budget for this project is
EUR3.8 million.
The Company also has building permits to renovate attics in 19
existing assets to create a further 45 units for sale as
condominiums or as rental stock.
Debt and gearing
As at 30 June 2022, PSD had nominal borrowings of EUR305.1
million (31 December 2021: EUR288.4 million) and cash balances of
EUR9.6 million (31 December 2021: EUR10.4 million), resulting in
net debt of EUR295.5 million (31 December 2021: EUR278.0 million)
and a net loan to value on the Portfolio of 36.0 per cent (31
December 2021: 34.7 per cent).
The change in gross debt in the period results from the
additional drawdown of debt, including borrowings for further capex
on existing and development buildings plus a tranche of the new
build acquisition, offset partly by repayments of debt on the sale
of condominiums alongside amortisation of debt held with Berliner
Sparkasse.
Nearly all PSD's debt effectively has a fixed interest rate
through hedging. As at 30 June 2022, the blended interest rate of
PSD's loan book was 2.1 per cent (31 December 2021: 2.0 per cent).
The average remaining duration of the loan book at 31 December 2021
had decreased to 4.3 years (31 December 2021: 4.9 years).
Outlook
During recent months there has been a significant change in
investor and consumer confidence in reaction to inflationary
pressures, consequential interest rate rises, expectations for
future global central bank monetary policy and economic growth.
This has further been impacted by the ongoing conflict in Ukraine.
Although PSD's share price has significantly outperformed its
listed German residential peers during the first half of the
financial year, these circumstances have created a degree of
uncertainty across global equity markets from which PSD has not
been immune.
Whilst rental values should continue to be supported by industry
fundamentals, there has been a material deterioration in buyer
sentiment since the beginning of the year. For PSD, this has been
evident in condominium sales and, to the extent that the key
drivers of weaker buyer sentiment (higher mortgage rates, and a
higher cost of living) are unlikely to reverse during the second
half of the year, it is anticipated that condominium sales for the
full year 2022 will be materially lower than 2021.
At the institutional level, investor appetite for real assets
has also weakened. A higher cost of funding has seen a reduction in
investor demand for larger portfolio transactions, and there is
sufficient anecdotal evidence to suggest that pricing has weakened.
In parallel with this, a number of larger market participants are
now net sellers of assets as they seek to reduce leverage from
levels that are currently significantly higher than at PSD.
Against this backdrop, PSD is well positioned to withstand more
challenging market conditions. With a net LTV of 36.0 per cent, the
Company's balance sheet remains strong, with an average remaining
duration of the loan book exceeding four years. None of the
Company's debt reaches maturity until September 2026. Moreover,
following a transition away from negative rates, the Company's
interest rate hedging policy has seen cash borrowing costs decline,
despite rising long term rates.
The Company will continue to review the portfolio of assets to
ascertain the potential for disposals of buildings that are deemed
to be non-core. Two buildings have already been notarised for sale,
and further potential non-core disposals are currently under
consideration.
Whilst there is now evidence of yields rising in certain
segments of the German residential market, supply-demand imbalances
within the Berlin PRS market should continue to support rental
values. An increase in the cost of home ownership is likely to
place further pressure on the significant shortage of housing that
already exists in Berlin, as potential buyers remain within the
rental system for longer. This shortage has been further
exacerbated by the migration of almost one million refugees into
Germany from Ukraine.
Additionally, higher funding, labour and construction costs
present significant headwinds to large-scale new-build
construction, a trend which is likely to further limit the future
supply of rental accommodation. Future rent growth should therefore
continue to be underpinned, and there remains significant future
reversionary rental potential across PSD's portfolio of
buildings.
The Company recognises the challenges that its customers are
facing as a direct consequence of inflation. Notwithstanding
current cost-of-living pressures, year-to-date rent collection
levels have remained stable. The Company has always managed
rent-to-income multiples for new tenants conservatively and this
customer demographic, combined with recent Federal support
initiatives to help mitigate the financial impact of rising fuel
costs, should ensure rent collection levels remain resilient.
Although the current economic backdrop presents near-term
headwinds for the German residential real estate industry, the
Property Advisor remains confident in the long-term outlook for
PSD. Since its inception in 2006, PSD has successfully adapted its
business model to accommodate significant changes to the economic
and regulatory environment and will continue to respond to the
challenges presented by the current economic downturn.
Key Performance Indicators
PSD has chosen a number of Key Performance Indicators (KPIs),
which the Board believes will help investors understand the
performance of PSD and the underlying property Portfolio.
-- The value of the Portfolio grew by 2.2 per cent on a
like-for-like for basis for the first half of the year (H1 2021:
2.5 per cent). This increase was driven a like-for-like average
rent per let sqm of 3.7 per cent (H1 2021: 4.6 per cent).
-- The EPRA vacancy of the Portfolio stood at 2.5 per cent (31 December 2021: 1.3 per cent).
-- The Group continued with its targeted condominium programme,
notarising sales of EUR3.0 million in the half year to 30 June 2022
(H1 2021: EUR4.3 million).
-- EPRA NTA per share increased by 1.2 per cent to EUR5.72 as at
30 June 2022 (31 December 2021: EUR5.65).
-- The declared dividend for the half year 2022 was EUR2.35 cents (GBP2.09 pence) per share.
Statement of Directors' responsibilities
The important events that have occurred during the period under
review, the key factors influencing the condensed consolidated
financial statements and the principal factors that could impact
the remaining six months of the financial year are set out in the
Chairman's Statement and the Property Advisor Report.
Since the date of the Annual Report for the year ended 31
December 2021, capital and investment markets have reacted
negatively to inflationary pressures, rising interest rates and
economic uncertainty more generally.
As stated above, there has been a material deterioration in
sentiment in the Berlin real estate market. Other principal risks
considered are substantially unchanged since the date of the Annual
Report for the year ended 31 December 2021, and continue to be as
set out in that report. These include, but are not limited to:
-- Financial and economic risk
-- Market risk
-- Inflationary risk
-- Tenant, letting and political risk
-- Outsourcing risk
-- IT and Cyber Security risk
-- Regulatory risk
The Directors confirm that, to the best of their knowledge:
-- The condensed set of financial statements contained within
this half yearly financial report have been prepared in accordance
with International Accounting Standard ("IAS") 34 'Interim
Financial Reporting' and gives a true and fair view of the assets,
liabilities, financial position and profit of the Group; and
-- The half yearly financial report includes a fair review of
the information required by the FCA's Disclosure and Transparency
Rule 4.2.7R being disclosure of important events that have occurred
during the first six months of the financial year, their impact on
the condensed set of financial statements and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
-- The half yearly financial report includes a fair review of
the information required by the Disclosure and Transparency Rule
4.2.8R being disclosure of related party transactions during the
first six months of the financial year, how they have materially
affected the financial position of the Group during the period and
any changes therein.
The half yearly financial report was approved by the Board on 28
September 2022 and the above responsibility statement was signed on
its behalf by:
Director
28 September 2022
Condensed Consolidated Statement
of Comprehensive Income
For the period from 1
January 2022 to 30 June
2022
Six Six
months months Year
ended ended ended
Notes 30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Continuing operations
Revenue 12,972 12,925 25,790
Property expenses 5 (8,737) (7,391) (16,082)
Gross profit 4,235 5,534 9,708
Administrative expenses 6 (1,306) (1,586) (3,447)
Gain on disposal of investment
property (including investment
property held for sale) 7 88 577 1,518
Investment property fair
value gain 10 11,395 15,987 37,983
Performance fee due to
Property Advisor 20 343 - (343)
Operating profit 14,755 20,512 45,419
Net finance charge (before gain
/ (loss) on interest rate swaps) 8 (3,892) (3,721) (7,482)
Gain / (loss) on interest
rate swaps 8 6,089 3,643 7,313
Profit before taxation 16,952 20,434 45,250
Income tax expense 9 (2,981) (4,198) (7,882)
Profit after taxation 13,971 16,236 37,368
Other comprehensive - - -
income
Total comprehensive
income
for the period 13,971 16,236 37,368
------------ ------------ ----------
Total comprehensive
income
attributable to:
Owners of the parent 13,891 16,208 37,311
Non-controlling interests 80 28 57
------------
13,971 16,236 37,368
------------ ------------ ----------
Earnings per share attributable
to the owners of the parent:
From continuing
operations
Basic (EUR) 22 0.15 0.17 0.39
Diluted (EUR) 22 0.15 0.17 0.39
------------ ------------ ----------
Condensed Consolidated Statement
of Financial Position
At 30 June 2022
As at As at As at
Notes 30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
ASSETS
Non-current assets
Investment properties 12,14 779,290 763,960 759,830
Property, plant and equipment 18 31 20
Other financial assets
at amortised cost 15 938 919 926
Deferred tax asset 9 759 2,303 1,722
781,005 767,213 762,498
Current assets
Investment properties
- held for sale 13 40,804 13,720 41,631
Trade and other receivables 16 11,775 12,746 11,699
Cash and cash equivalents 9,550 28,393 10,441
62,129 54,859 63,771
Total assets 843,134 822,072 826,269
------------ ------------ ----------
EQUITY AND LIABILITIES
Current liabilities
Borrowings 17 835 1,085 922
Trade and other payables 18 10,962 10,548 11,893
Current tax 9 1,296 513 512
13,093 12,146 13,327
Non-current liabilities
Borrowings 17 300,270 285,525 283,233
Derivative financial instruments 19 4,795 14,554 10,884
Deferred tax liability 9 76,413 71,897 75,198
381,478 371,976 369,315
Total liabilities 394,571 384,122 382,642
------------ ------------ ----------
Equity
Stated capital 21 196,578 196,578 196,578
Treasury shares (37,111) (19,705) (33,275)
Share based payment reserve 20 - - 343
Retained earnings 285,429 257,519 276,394
Equity attributable to
owners of the parent 444,896 434,392 440,040
Non-controlling interest 3,667 3,558 3,587
Total equity 448,563 437,950 443,627
------------ ------------ ----------
Total equity and liabilities 843,134 822,072 826,269
------------ ------------ ----------
Condensed Consolidated Statement
of Changes in Equity
For the period from 1
January 2022 to 30 June
2022
Attributable to the owners
of the parent
Stated Treasury Share Retained Total Non-controlling Total
capital Shares based earnings interest equity
payment
reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1 January
2021 196,578 (17,206) 6,369 244,685 430,426 3,530 433,956
Comprehensive income:
Profit for the period - - - 16,208 16,208 28 16,236
Other comprehensive - - - - - - -
income
Total comprehensive income
for the period - - - 16,208 16,208 28 16,236
Transactions with
owners
-
recognised directly in
equity:
Issue of shares - - - - - - -
Dividends paid - - - (5,207) (5,207) - (5,207)
Performance fee - - - - - - -
Settlement of performance
fee using treasury shares 4,536 (6,369) 1,833 - -
Acquisition of treasury
shares - (7,035) - - (7,035) - (7,035)
Balance at 30 June 2021
(unaudited) 196,578 (19,705) - 257,519 434,392 3,558 437,950
Comprehensive income:
Profit for the period - - - 21,103 21,103 29 21,132
Other comprehensive - - - - - - -
income
Total comprehensive income
for the period - - - 21,103 21,103 29 21,132
Transactions with
owners
-
recognised directly in
equity:
Dividends paid - - - (2,228) (2,228) - (2,228)
Performance fee - - 343 - 343 - 343
Acquisition of treasury
shares - (13,570) - - (13,570) - (13,570)
Balance at 31 December
2021 (audited) 196,578 (33,275) 343 276,394 440,040 3,587 443,627
Comprehensive income:
Profit for the period - - - 13,891 13,891 80 13,971
Other comprehensive - - - - - - -
income
Total comprehensive income
for the period - - - 13,891 13,891 80 13,971
Transactions with
owners
-
recognised directly in
equity:
Dividends paid - - - (4,856) (4,856) - (4,856)
Performance fee - - (343) - (343) - (343)
Acquisition of treasury
shares - (3,836) - - (3,836) - (3,836)
Balance at 30 June 2022
(unaudited) 196,578 (37,111) - 285,429 444,896 3,667 448,563
-------- -------- ---------------- -------- -------- --------------- --------
The share based payment reserve had been established in relation
to the issue of shares for the payment of the performance fee of
the property advisor.
Treasury shares comprise the accumulated cost of shares acquired
on-market.
Condensed Consolidated
Statement of Cash Flows
For the period from 1
January 2022 to 30 June
2022
Notes Six Six months Year
months ended ended
ended
30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Profit before taxation 16,952 20,434 45,250
Adjustments for:
Net finance charge (2,197) 78 169
Gain on disposal of
investment
property (88) (577) (1,518)
Investment property
revaluation
gain (11,395) (15,987) (37,983)
Depreciation 8 8 8
Performance fee due to
property advisor (343) - 343
------------
Operating cash flows before
movements in working capital 2,937 3,956 6,269
Increase in receivables (4,424) (4,332) (1,320)
(Decrease) / increase in payables (931) 1,530 2,875
------------
Cash (used in) / generated
from operating activities (2,418) 1,154 7,824
Income tax (paid) (19) (34) 163
------------
Net cash (used in) / generated
from operating activities (2,437) 1,120 7,987
Cash flow from investing activities
Proceeds on disposal of investment
property (net of disposal costs) 11,244 10,198 13,758
Interest received 2 18 1
Capital expenditure on investment
property (6,234) (2,729) (9,477)
Property additions (7,724) - -
(Acquisition) / disposals of
property, plant and equipment (6) 3 14
Net cash (used in) / generated
from investing activities (2,718) 7,490 4,296
Cash flow from financing activities
Interest paid on bank loans (3,687) (3,663) (7,743)
Repayment of bank loans (3,281) (1,308) (4,059)
Drawdown on bank loan facilities 20,012 - 900
Dividends paid (4,856) (5,207) (7,435)
Acquisition of treasury
shares (4,001) (7,035) (20,501)
Net cash generated from / (used
in) financing activities 4,187 (17,213) (38,838)
Net (decrease) in cash and
cash equivalents (968) (8,603) (26,555)
Cash and cash equivalents at
beginning of period/year 10,441 36,996 36,996
Exchange gains on cash and cash - - -
equivalents
Cash and cash equivalents at
end of period/year 9,550 28,393 10,441
------------ ------------ ----------
Reconciliation of Net Cash Flow to Movement
in Debt
For the period from 1
January 2022 to 30 June
2022
Six Six Year
months months ended
ended ended
30 June 30 June 31
2022 2021 December
2021
EUR'000 EUR'000 EUR'000
Cashflow from increase
/ (decrease) in debt
financing 16,731 (1,308) (3,159)
Non-cash changes from
increase in debt
financing 219 369 (235)
Movement in debt in the
period/year 16,950 (939) (3,394)
------------ ------------ ----------
Debt at the start of the
period/year 284,155 287,549 287,549
Debt at the end of the
period/year 17 301,105 286,610 284,155
------------ ------------ ----------
Dividends paid during the six months to 30 June 2022 represent the
final dividend relating to the year end 2021.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
1. General information
The Group consists of a Parent Company, Phoenix Spree Deutschland
Limited ('the Company'), incorporated in Jersey, Channel Islands
and all its subsidiaries ('the Group') which are incorporated and
domiciled in and operate out of Jersey and Germany. Phoenix Spree
Deutschland Limited is listed on the premium segment of the Main
Market of the London Stock Exchange.
The Group invests in residential and commercial property in Germany.
The registered office is at 12 Castle Street, St Helier, Jersey,
JE2 3RT, Channel Islands.
2. Basis of preparation
The interim set of condensed consolidated financial statements has
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and with IAS 34 Interim
Financial Reporting as adopted by the European Union and the United
Kingdom.
The interim condensed consolidated financial statements do not include
all the information and disclosures required in the annual financial
statements, and should be read in conjunction with the Group's annual
financial statements for the year ended 31 December 2021.
As required by the Disclosure and Transparency Rules of the Financial
Conduct Authority, the financial statements have been prepared applying
the accounting policies and presentation that were applied in the
preparation of the Company's published consolidated financial statements
for the year ended 31 December 2021.
The comparative figures for the financial year ended 31 December
2021 are extracted from but do not comprise, the Group's annual consolidated
financial statements for that financial year.
The interim condensed consolidated financial statements were authorised
and approved for issue on 28 September 2022.
The interim condensed consolidated financial statements are neither
reviewed nor audited, and do not constitute statutory accounts within
the meaning of Section 105 of the Companies (Jersey) Law 1991.
2.1 Going concern
The interim condensed consolidated financial statements have been
prepared on a going concern basis which assumes the Group will be
able to meet its liabilities as they fall due for the foreseeable
future. The Directors carried out a thorough review of the viability
of the Company in the light of the continuing global inflationary
pressures, rising interest rates and the ongoing conflict in Ukraine,
the conclusion of which was that there were no concerns regarding
the viability of the Company. These condensed consolidated financial
statements have therefore been prepared on a going concern basis.
2.2 New standards and
interpretations
There are currently no new standards, amendments or interpretations
effective for annual periods beginning on or after 1 January 2022
that are required to be adopted by the Group.
3. Critical accounting estimates and judgements
The preparation of condensed consolidated financial statements in
conformity with IFRS requires the Group to make certain critical
accounting estimates and judgements. In the process of applying the
Group's accounting policies, management has decided the following
estimates and assumptions have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the financial period;
i) Estimate of fair value of investment properties
The valuation of the Group's property portfolio is inherently subjective
due to, among other factors, the individual nature of each property,
its location and condition, and expected future rentals. The valuation
as at 30 June 2022, which has been used to prepare these financial
statements is based on the rules, regulations and market as at that
date. The fair value estimates of investments properties are detailed
in note 12.
The best evidence of fair value is current prices in an active market
of investment properties with similar leases and other contracts.
In the absence of such information, the Group determines the amount
within a range of reasonable fair value estimates. In making its
estimate, the Group considers information from a variety of sources,
including:
a) Discounted cash flow projections based on reliable estimates of
future cash flows, derived from the terms of any existing lease and
other contracts, and (where possible) from external evidence such
as current market rents for similar properties in the same location
and condition, and using discount rates that reflect current market
assessments of the uncertainty in the amount and timing of the cash
flows.
b) Current prices in an active market for properties of different
nature, condition or location (or subject to different lease or other
contracts), adjusted to reflect those differences.
c) Recent prices of similar properties in less active markets, with
adjustments to reflect any changes in economic conditions since the
date of the transactions that occurred at those prices.
The Directors remain ultimately responsible for ensuring that the
valuers are adequately qualified, competent and base their results
on reasonable and realistic assumptions. The Directors have appointed
JLL as the real estate valuation experts who determine the fair value
of investment properties using recognised valuation techniques and
the principles of IFRS 13. Further information on the valuation process
can be found in note 12.
For further information with regard to the movement in the fair value
of the Group's investment properties, refer to the management report
on pages 6 to 7.
ii) Judgment in relation to the recognition of assets held for sale
In accordance with the requirement of IFRS 5, Management has made
an assumption in respect of the likelihood of investment properties
- held for sale, being sold within the following 12 months. Management
considers that based on historical and current experience of market
since 30 June 2022, the properties can be reasonably expected to
sell within this timeframe.
4. Segmental information
Information reported to the Board of Directors, the chief operating
decision maker, relates to the Group as a whole. Therefore, the Group
has not included any further segmental analysis within these condensed
consolidated unaudited interim financial statements.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
5. Property expenses
30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Property management expenses 613 606 1,195
Repairs and maintenance 899 598 1,731
Cost incurred in splitting assets - 33 -
into condominiums at the land
registry
Impairment charge - trade receivables (66) 49 420
Service charges paid on behalf
of tenants 3,862 2,761 6,014
Property Advisors' fees
and expenses 3,429 3,344 6,722
8,737 7,391 16,082
------------ ------------ ----------
6. Administrative
expenses
30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Secretarial & administration
fees 318 386 609
Legal & professional fees 895 971 2,405
Directors' fees 152 158 287
Bank charges 41 53 62
(Profit) / loss on foreign
exchange (105) 14 82
Depreciation 8 8 8
Other income (3) (4) (6)
1,306 1,586 3,447
------------ ------------ ----------
7. Gain on disposal of investment property (including
investment property held for sale)
Notes 30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Disposal proceeds 7,314 10,323 16,667
Book value of disposals 12 (6,720) (9,346) (14,309)
Disposal costs (506) (400) (840)
88 577 1,518
------------ ------------ ----------
Where there has been a partial disposal of a property, the net book
value of the asset sold is calculated on a per square metre rate,
based on the December valuation.
8. Net finance charge
30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Interest income (14) (18) (26)
Fair value gain on
interest
rate swap (6,089) (3,643) (7,313)
Finance expense on bank borrowings 3,906 3,739 7,508
(2,197) 78 169
------------ ------------ ----------
9. Income tax expense
30 June 30 June 31
2022 2021 December
2021
(unaudited) (unaudited) (audited)
The tax charge for the
period is as follows: EUR'000 EUR'000 EUR'000
Current tax charge / (credit) 803 (3) (201)
Deferred tax charge - origination and
reversal of temporary differences 2,178 4,201 8,083
2,981 4,198 7,882
------------ ------------ ----------
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
9. Income tax expense
(continued)
The tax charge for the year can be reconciled to the theoretical
tax charge on the profit in the condensed consolidated statement
of comprehensive income as follows:
30 June 30 June 31 December
2022 2021 2021
EUR'000 EUR'000 EUR'000
Profit before tax on continuing
operations 16,952 20,434 45,250
Tax at German income tax rate
of 15.8% (2021: 15.8%) 2,678 3,229 7,150
Income not taxable (14) (91) (240)
Tax effect of losses brought
forward 316 1,061 972
Total tax charge for
the period/year 2,981 4,198 7,882
------------ ------------ ------------
Reconciliation of current tax liabilities
30 June 30 June 31 December
2022 2021 2021
EUR'000 EUR'000 EUR'000
Balance at beginning of
period/year 512 550 550
Tax (paid) / received (19) (34) 163
Current tax charge / (credit) 803 (3) (201)
Balance at end of period/year 1,296 513 512
------------ ------------ ------------
Reconciliation of
deferred
tax
Capital Interest Total
gains rate
on swaps
properties
EUR'000 EUR'000 EUR'000
Liability Asset Net
liabilities
Balance at 1 January 2021 (68,273) 2,880 (65,393)
Charged to the statement
of comprehensive income (3,624) (577) (4,201)
Deferred tax (liability)
/ asset at 30 June 2021 (71,897) 2,303 (69,594)
Charged to the statement
of comprehensive income (3,301) (581) (3,882)
Deferred tax (liability)
/ asset at 31 December
2021 (75,198) 1,722 (73,476)
------------ ------------ ------------
Charged to the statement
of comprehensive income (1,215) (963) (2,178)
Deferred tax (liability)
/ asset at 30 June 2022 (76,413) 759 (75,654)
------------ ------------ ------------
10. Investment property
fair value gain
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Investment property fair
value gain 11,395 15,987 37,983
------------ ------------ ------------
Further information on investment properties is shown in note 12.
11. Dividends
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Amounts recognised as distributions
to equity holders in the period:
Interim dividend for the year ended 31 December
2021 of EUR2.35 cents (2.02p) declared 24
September 2021, paid 29 October 2021 (2020:
EUR2.35 cents (2.1p)) per share. - - 2,228
Final dividend for the year ended 31 December
2021 of 5.15 cents (EUR) (4.65 pence) paid
7 June 2022 (2020: 5.15 cents (EUR) (4.65
pence)) per share. 4,856 5,207 5,207
------------ ------------ ------------
The Board is pleased to declare an unchanged interim dividend of
2.35 cents per share (2.09 pence per share, GBP:EUR FX rate locked
in at 1:1.124 as at 28 September 2022.) for the first half of the
year (six months to 30 June 2021: 2.35 cents, 2.02 pence). The dividend
is expected to be paid on or around 28 October 2022 to shareholders
on the register at close of business on 7 October 2022, with an ex-dividend
date of 6 October 2022.
The proposed dividend has not been included as a liability in these
condensed consolidated financial statements. The payment of this
dividend will not have any tax consequences for the Group.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1 January
2022 to 30 June 2022
----------------------------------------- ------ --- ------ --- ------ ------------ ------------ ------------
12. Investment
properties
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Fair value EUR'000 EUR'000 EUR'000
Balance at beginning
of period/year 801,461 768,310 768,310
Capital expenditure 6,234 2,729 9,477
Disposals (6,720) (9,346) (14,309)
Fair value gain 11,395 15,987 37,983
------------ ------------ ------------
Investment properties at fair value - as
set out in the report by JLL 812,370 777,680 801,461
Assets considered as
"Held
for sale" (Note 13) (40,804) (13,720) (41,631)
Assets considered as
"Under
construction" (Note 14) 7,724 - -
Balance at end of period/year 779,290 763,960 759,830
------------ ------------ ------------
The property portfolio was valued at 30 June 2022 by the Group's
independent valuers, Jones Lang LaSalle GmbH ('JLL'), in accordance
with the methodology described below. The valuations were performed
in accordance with the current Appraisal and Valuation Standards,
8th edition (the 'Red Book') published by the Royal Institution of
Chartered Surveyors (RICS).
The valuation is performed on a building-by-building basis and the
source information on the properties including current rent levels,
void rates and non-recoverable costs was provided to JLL by the Property
Advisors QSix Residential Limited. Assumptions with respect to rental
growth, adjustments to non-recoverable costs and the future valuation
of these are those of JLL. Such estimates are inherently subjective
and actual values can only be determined in a sales transaction.
JLL also uses data from comparable market transactions where these
are available alongside their own assumptions.
Having reviewed the JLL report, the Directors are of the opinion
that this represents a fair and reasonable valuation of the properties
and have consequently adopted this valuation in the preparation of
the condensed consolidated financial statements.
The valuations have been prepared by JLL on a consistent basis at
each reporting date and the methodology is consistent and in accordance
with IFRS which requires that the 'highest and best use' value is
taken into account where that use is physically possible, legally
permissible and financially feasible for the property concerned,
and irrespective of the current or intended use.
All properties are valued as Level 3 measurements under the fair
value hierarchy (see note 24) as the inputs to the discounted cash
flow methodology which have a significant effect on the recorded
fair value are not observable. Additionally, JLL perform reference
checks back to comparable market transactions to confirm the valuation
model.
The unrealised fair value gain in respect of investment property
is disclosed in the condensed consolidated statement of comprehensive
income as 'Investment property fair value gain'.
Valuations are undertaken using the discounted cash flow valuation
technique as described below and with the inputs set out as follows:
Discounted cash flow methodology
(DCF)
The fair value of investment properties is determined using discounted
cash flows.
Under the DCF method, a property's fair value is estimated using
explicit assumptions regarding the benefits and liabilities of ownership
over the asset's life including an exit or terminal value. As an
accepted method within the income approach to valuation the DCF method
involves the projection of a series of cash flows on a real property
interest. To this projected cash flow series, an appropriate, market-derived
discount rate is applied to establish the present value of the income
stream associated with the real property.
The duration of the cash flow and the specific timing of inflows
and outflows are determined by events such as rent reviews, lease
renewal and related lease up periods, re-letting, redevelopment,
or refurbishment. The appropriate duration is typically driven by
market behaviour that is a characteristic of the class of real property.
Periodic cash flow is typically estimated as gross income less vacancy,
non-recoverable expenses, collection losses, lease incentives, maintenance
cost, agent and commission costs and other operating and management
expenses. The series of periodic net operating incomes, along with
an estimate of the terminal value anticipated at the end of the projection
period, is then discounted.
The Group categorises all investment
properties in the following three
ways;
Rental Scenario
Where properties have been valued under the "Discounted Cashflow
Methodology" and are intended to be held by the Group for the foreseeable
future, they are considered valued under the "Rental Scenario" This
will equal the "Investment Properties" line in the Non-Current Assets
section of the condensed consolidated statement of financial position.
Condominium scenario
Where properties have the potential or the benefit of all relevant
permissions required to sell apartments individually (condominiums)
then we value these as a 'condominium scenario'. Expected sales in
the coming year from these assets are considered held for sale under
IFRS 5 and can be seen in note 13. The additional value is reflected
by using a lower discount rate under the DCF Methodology. Properties
which do not have the benefit of all relevant permissions are described
as valued using a standard 'rental scenario'. Included in properties
valued under the condominium scenario are properties not yet released
to held for sale as only a portion of the properties are forecast
to be sold in the coming 12 months.
Disposal Scenario
Where properties have been notarised for sale prior to the reporting
date, but have not completed; they are held at their notarised disposal
value. These assets are considered held for sale under IFRS 5 as
set out in note 13.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
------------------------ ------ ------- ------ ------ ------ ------------------------------ --------------------------------- --------------------------------------
12. Investment properties (continued)
The table below sets out the
assets valued using these 3
scenarios:
30 June 30 June 31 December
2022 2021 2021
EUR'000 EUR'000 EUR'000
Rental scenario 779,540 734,240 762,690
Condominium scenario 32,318 42,294 33,050
Disposal scenario 512 1,146 5,721
Total 812,370 777,680 801,461
------------------------------ --------------------------------- --------------------------------------
13. Investment
properties
- Held for sale
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Fair value - held for sale investment
properties
At beginning of period/year 41,631 19,302 19,302
Transferred from investment
properties 5,359 3,248 35,886
Capital expenditure 534 458 586
Properties sold (6,720) (9,346) (14,309)
Valuation gain on
apartments
held for sale - 58 166
At end of period/year 40,804 13,720 41,631
------------------------------ --------------------------------- --------------------------------------
Investment properties are re-classified as current assets and described
as 'held for sale' in three different situations: properties notarised
for sale at the reporting date, properties where at the reporting
date the Group has obtained and implemented all relevant permissions
required to sell individual apartment units, and efforts are being
made to dispose of the assets ('condominium'); and properties which
are being marketed for sale but have currently not been notarised.
Properties notarised for sale by the reporting date are valued at
their disposal price (disposal scenario), and other properties are
valued using the condominium or rental scenarios (see note 12) as
appropriate.
Investment properties held for sale are all expected to be sold within
12 months of the reporting date based on Management knowledge of
current and historic market conditions.
14. Investment
properties
- Under construction
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Fair value - under construction investment
properties
At beginning of -
period/year - -
Properties purchased 5,550 - -
Capital expenditure 2,174 - -
At end of period/year 7,724 - -
------------------------------ --------------------------------- --------------------------------------
Investment properties are considered as under construction from the
point of completion of the acquisition of the property up until the
completion of the development, at which point the property will be
transferred to investment properties.
The directors consider the fair value of the current investment property
under construction to be the acquisition price plus any capital expenditure
incurred. Due to the acquisition occurring in May 2022 and the close
proximity to the reporting date, the directors consider this method
represents a fair and reasonable reflection of fair value.
15. Other financial
assets
at amortised cost
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Non-current
Balance at beginning
of period/year 926 901 901
Accrued interest 12 18 25
Balance at end of period/year 938 919 926
------------------------------ --------------------------------- --------------------------------------
The Group entered into a loan agreement with the minority interest
of Accentro Real Estate AG in relation to the acquisition of the
assets as share deals. This loan bears interest at 3% per annum.
These financial assets are considered to have low credit risk and
any loss allowance would be immaterial.
None of these financial assets were either past due or impaired.
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
------------------------ ------ ------- ------ ------ ------ ------------------------------ --------------------------------- --------------------------------------
16. Trade and other
receivables
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Current
Trade receivables 1,061 920 827
Less: impairment provision (249) (138) (315)
------------------------------ --------------------------------- --------------------------------------
Net receivables 812 782 512
Prepayments and accrued income 2,321 795 514
Investment property disposal
proceeds receivable - 3,944 4,513
Service charges receivable 8,066 7,033 5,562
Other receivables 576 192 598
11,775 12,746 11,699
------------------------------ --------------------------------- --------------------------------------
17. Borrowings
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Current liabilities
Bank loans - NATIXIS
Pfandbriefbank
AG* 34 284 121
Bank loans - Berliner Sparkasse 801 801 801
--------------------------------- --------------------------------------
835 1,085 922
Non-current liabilities
Bank loans - NATIXIS
Pfandbriefbank
AG** 239,454 236,201 234,328
Bank loans - Berliner Sparkasse 60,816 49,324 48,905
300,270 285,525 283,233
301,105 286,610 284,155
------------------------------ --------------------------------- --------------------------------------
* Nominal value of the borrowings as at 30 June 2022 was EUR986,000
(31 December 2021: EUR901,000, 30 June 2021: EUR977,000).
** Nominal value of the borrowings as at 30 June 2022 was EUR242,497,000
(31 December 2021: EUR240,000,000, 30 June 2021: EUR239,110,000).
For further information on borrowings, refer to the management report
on page 10.
18. Trade and other
payables
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Trade payables 609 1,155 2,758
Accrued liabilities 2,806 1,643 1,472
Service charges payable 5,769 7,750 5,203
Advanced payment received
on account 1,778 - 2,437
Deferred income - - 23
10,962 10,548 11,893
------------------------------ --------------------------------- --------------------------------------
19. Derivative
financial
instruments
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Interest rate swaps - carried at fair value through
profit or loss
At beginning of period/year 10,884 18,197 18,197
Gain in movement in fair value through profit
or loss (6,089) (3,643) (7,313)
At end of period/year 4,795 14,554 10,884
------------------------------ --------------------------------- --------------------------------------
The notional principal amounts of the outstanding interest rate swap
contracts at 30 June 2022 were EUR204,269,000 (December 2021: EUR204,269,000,
June 2021: EUR204,269,000). At 30 June 2022 the fixed interest rates
vary from 0.24% to 1.01% (December 2021: 0.24% to 1.07%, June 2021:
0.24% to 1.01%) above the main factoring Euribor rate.
Maturity analysis of interest rate swaps
30 June 30 June 31 December
2022 2021 2021
EUR'000 EUR'000 EUR'000
Between 2 and 5 years 4,795 - 10,405
More than 5 years - 14,554 479
4,795 14,554 10,884
------------------------------ --------------------------------- --------------------------------------
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
------------------------ ------ ------- ------ ------ ------ ------------------------------ --------------------------------- --------------------------------------
20. Share based payment
reserve
Performance
fee
EUR'000
Balance at 1 January 2021 6,369
Settlement of
performance
fee in shares (6,369)
--------------------------------------
Balance at 30 June 2021 -
Fee charge for the period 343
--------------------------------------
Balance at 31 December
2021 343
Fee charge for the period (343)
Balance at 30 June 2022 -
--------------------------------------
No performance fee has been recognised in the period because the
performance criteria were not met.
Performance Fee
The Property Advisor is entitled to an asset and estate management
performance fee, measured over consecutive three year periods, equal
to 15% of the excess (or in the case of the initial period or any
performance period ending prior to 31 December 2020, 16%) by which
the annual EPRA NAV total return of the Group exceeds 8% per annum,
compounding (the 'Performance Fee'). As the EPRA NAV measurement
has been superseded by EPRA NTA (See note 23), future performance
fees will be calculated with respect to movements in EPRA NTA. The
Performance Fee is subject to a high watermark, being the higher
of:
(i) EPRA NTA per share at 1 January 2021; and
(ii) the EPRA NTA per share at the end of a Performance Period in
relation to which a performance fee was earned in accordance of the
provisions continued with the Property Advisor and Investor Relations
Agreement.
Other Property Advisor Fees
Under the Property Advisory Agreement for providing property advisory
services, the Property Advisor will be entitled to a Portfolio and
Asset Management Fee as follows:
(i) 1.2% of the EPRA NTA of the Group where EPRA NTA of the
Group is equal to or less than EUR500 million; and
(ii) 1% of the EPRA NTA of the Group greater than EUR500 million.
The Property Advisor is entitled to receive a finance fee equal
to:
(i) 0.1% of the value of any borrowing arrangement which the
Property Advisor has negotiated and/or supervised; and
(ii) a fixed fee of GBP1,000 in respect of any borrowing arrangement
which the Property Advisor has renegotiated or varied.
The Property Advisor is entitled to a capex monitoring fee equal
to 7% of any capital expenditure incurred by any Subsidiary which
the Property Advisor is responsible for managing.
The Property Advisor is entitled to receive a transaction fee fixed
at GBP1,000 in respect of any acquisition or disposal of property
by any Subsidiary.
The Property Advisor is entitled to a letting fee equal to between
one and three month's net cold rent (being gross rents receivable
less service costs and taxes) for each new tenancy signed by the
Company where the Property Advisor has sourced the relevant tenant.
The Property Advisor shall be entitled to a fee for Investor
Relations Services at the annual rate of GBP75,000 payable
quarterly in arrears.
The management fee will be reduced by the aggregate amount of any
transaction fees and finance fees payable to the Property Advisor
in respect of that calendar year.
Details of the fees paid to the Property Advisor are set out in note
26.
21. Stated capital
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Issued and fully paid:
At 1 January 196,578 196,578 196,578
196,578 196,578 196,578
------------------------------ --------------------------------- --------------------------------------
The number of shares in issue at 30 June 2022 was 100,751,410 (including
8,879,802 as Treasury Shares) (31 December 2021: 100,751,410 (including
7,949,293 as Treasury Shares), 30 June 2021: 100,751,410 (including
5,057,849 as Treasury Shares)).
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
------------------------ ------ ------- ------ ------ ------ ------------------------------ --------------------------------- --------------------------------
22. Earnings per share
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Earnings for the purposes of basic earnings
per share being net profit attributable
to owners of the parent (EUR'000) 13,891 16,208 37,311
Weighted average number of ordinary shares
for the purposes of basic earnings per share
(Number) 92,456,025 96,259,529 94,973,655
Effect of dilutive potential ordinary shares
(Number) - - 72,433
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share (Number) 92,456,025 96,259,529 95,046,088
------------------------------ --------------------------------- --------------------------------
Earnings per share (EUR) 0.15 0.17 0.39
Diluted earnings per share
(EUR) 0.15 0.17 0.39
------------------------------ --------------------------------- --------------------------------
23. Net asset value per share
and EPRA Net Tangible Assets
(NTA)
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Net assets (EUR'000) 444,896 434,392 440,040
Number of participating
ordinary shares 91,871,607 95,693,560 92,802,117
Net asset value per share
(EUR) 4.84 4.54 4.74
------------------------------ --------------------------------- --------------------------------
EPRA NTA
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Net assets (EUR'000) 444,896 434,392 440,040
Add back deferred tax assets and liabilities,
derivative financial instruments and share
based payment reserves (EUR'000) 80,449 84,148 84,017
EPRA NTA (EUR'000) 525,345 518,540 524,057
EPRA NTA per share (EUR) 5.72 5.42 5.65
24. Financial
instruments
The Group is exposed to the risks that arise from its use of financial
instruments. This note describes the objectives, policies and processes
of the Group for managing those risks and the methods used to measure
them. Further quantitative information in respect of these risks
is presented throughout the condensed consolidated financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which
financial instrument risk arises, are as follows:
-- financial assets
-- cash and cash equivalents
-- trade and other receivables
-- trade and other payables
-- borrowings
-- derivative financial instruments
The Group held the following financial assets at each reporting date:
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Loans and receivables
Trade and other receivables - current 9,454 11,951 11,185
Cash and cash equivalents 9,552 28,393 10,441
Loans and receivables 938 919 926
19,944 41,263 22,552
------------------------------ --------------------------------- --------------------------------
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
------------------------ ------ ------- ------ ------ ------ ------------------------------ --------------------------------- --------------------------------
24. Financial instruments (continued)
The Group held the following financial liabilities at each reporting
date:
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Held at amortised cost
Borrowings payable: current 835 1,085 922
Borrowings payable:
non-current 300,270 285,525 283,233
Trade and other payables 10,962 10,548 11,893
312,067 297,158 296,048
------------------------------ --------------------------------- --------------------------------
Fair value through
profit
or loss
Derivative financial liability
- interest rate swaps 4,795 14,554 10,884
4,795 14,554 10,884
------------------------------ --------------------------------- --------------------------------
316,862 311,712 306,932
------------------------------ --------------------------------- --------------------------------
Fair value of financial
instruments
With the exception of the variable rate borrowings, the fair values
of the financial assets and liabilities are not materially different
to their carrying values due to the short term nature of the current
assets and liabilities or due to the commercial variable rates applied
to the long term liabilities.
The interest rate swap was valued externally by the respective counterparty
banks by comparison with the market price for the relevant date.
The interest rate swaps are expected to mature between July 2026
and February 2027.
The Group uses the following hierarchy for determining and disclosing
the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical
assets or liabilities;
Level 2: other techniques for which all inputs which have a significant
effect on the recorded fair value are observable, either directly
or indirectly; and
Level 3: techniques which use inputs which have a significant effect
on the recorded fair value that are not based on observable market
data.
During each of the reporting periods, there were no transfers between
valuation levels.
Group fair values
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Financial liabilities
Interest rate swaps - Level
2 - current - - (10,405)
Interest rate swaps - Level
2 - non-current (4,795) (14,554) (479)
(4,795) (14,554) (10,884)
------------------------------ --------------------------------- --------------------------------
The valuation basis for the investment properties
is disclosed in note 12.
25. Capital commitments
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
EUR'000 EUR'000 EUR'000
Contracted capital commitments 12,950 - -
at the end of the year
------------------------------ --------------------------------- --------------------------------
Capital commitments include contracted obligations in respect of
the construction, enhancement and repair of the Group's properties.
The full amount disclosed above, EUR12.95m relates to an asset under
construction (see note 14) and is matched 100% with secured debt
finance.
26. Related party transactions
Related party transactions not disclosed elsewhere are as follows:
QSix Residential Limited is the Group's appointed Property Advisor.
No Directors of QSix Residential Limited currently sit on the Board
of PSD, although its Principals retain a shareholding in the Company.
For the six month period ended 30 June 2022, an amount of EUR3,429,000
(EUR3,384,000 Management Fees and EUR45,000 Other expenses and fees)
(December 2021: EUR6,722,029 (EUR6,653,493 Management fees and EUR90,437
Other expenses and fees), June 2021: EUR3,344,000 (EUR3,298,000 Management
fees and EUR46,000 Other expenses and fees)) was payable to QSix
Residential Limited. At 30 June 2022 EUR839,000 (December 2021: EUR977,260,
June 2021: EUR839,000) was outstanding.
The Property Advisor is also entitled to an asset and estate management
performance fee. The charge for the period in respect of the performance
fee was credit EUR343,000 (December 2021: EUR343,000, June 2021:
credit EURnil). Please refer to note 20 for more details.
Apex Financial Services (Alternative Funds) Limited, the Company's
administrator provided administration and company secretarial services
to PSDL and its subsidiaries in 2022. For the six month period ended
30 June 2022, an amount of EUR289,000 (December 2021: EUR609,000,
June 2021: EUR320,600) was payable to Apex Financial Services (Alternative
Funds) Limited. At 30 June 2022 EUR117,500 (December 2021: EUR154,000,
June 2021: EURnil) was outstanding.
Dividends paid to Directors in their capacity as a shareholder amounted
to EUR643 (December 2021: EUR2,976, June 2021: EUR2,422).
Notes to the Condensed Consolidated
Financial Statements
For the period from 1
January 2022 to 30 June
2022
------------------------ ------ ------- -------------------- ------------------------------ --------------------------------- --------------------------------
27. Events after the
reporting date
The Company exchanged contracts for the sale of two residential units
in Berlin for total proceeds of EUR0.5 million prior to the reporting
date all of which was received in Q3 2022.
In Q3 2022 the Company exchanged contracts for the sale of two condominiums
in Berlin for the aggregated consideration of EUR1.0 million. All
the transactions are expected to be completed in Q4 2022.
In Q3 2022 the Company exchanged contracts for the disposal of two
non-core Berlin property an aggregate consideration of EUR8.6million.
In Q3 2022 the Company exchanged contracts for the acquisition of
one property in Berlin with a purchase price of EUR4.9million. The
purchase is expected to complete in the first half of 2023.
Professional Advisors
Property Advisor QSix Residential
Limited
54-56 Jermyn Street
London SW1Y 6LX
Administrator Apex Financial Services
(Alternative Funds) Limited
Company Secretary 12 Castle
Street
and Registered Office St Helier
Jersey JE2 3RT
Registrar Link Asset Services (Jersey)
Limited
12 Castle Street
St.
Helier
Jersey JE2 3RT
Principal Banker Barclays Private Clients
International Limited
13 Library Place
St.
Helier
Jersey JE4 8NE
UK Legal Advisor Stephenson Harwood LLP
1 Finsbury Circus
London EC2M 7SH
Jersey Legal Advisor Mourant Ozannes
22 Grenville Street
St.
Helier
Jersey JE4 8PX
German Legal Advisor Mittelstein
Rechtsanwälte
as to property law Alsterarkaden
20
20354 Hamburg
Germany
German Legal Advisor Mittelstein
Rechtsanwälte
as to general matters Alsterarkaden
20
20354
Hamburg
Germany
Taylor Wessing Partnerschaftsgesellschaft
German Legal Advisor as mbB
to German partnership Thurn-und-Taxis-Platz
law 6
60313 Frankfurt
a.M.
Germany
Numis Securities
Sponsor and Broker Limited
45 Gresham
Street
10 Paternoster
Square
London
EC2V
7BF
Independent Property Jones Lang
Valuer LaSalle GmbH
Rahel-Hirsch-Strasse
10
10557
Berlin
Germany
Auditor RSM UK Audit
LLP
25 Farringdon
Street
London EC4A
4AB
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September 29, 2022 02:00 ET (06:00 GMT)
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