Phoenix Spree Deutschland Limited New Loan Facility & Refinancing of Existing Debt (4466Z)
25 Enero 2022 - 1:00AM
UK Regulatory
TIDMPSDL
RNS Number : 4466Z
Phoenix Spree Deutschland Limited
25 January 2022
25 January 2022
Phoenix Spree Deutschland Limited
(The "Company" or "PSDL")
Completion of new EUR60 million loan facility and refinancing of
existing debt.
Increased flexibility to maintain investment into existing
Portfolio of assets and pursue potential future acquisitions
As part of its ongoing financing activities, Phoenix Spree
Deutschland Limited (LSE: PSDL.LN), the UK listed investment
company specialising in Berlin residential real estate, announces
the completion of a new EUR60 million loan facility (the "New
Facility") and the refinancing of existing debt on improved terms
(the "Refinancing")
New Facility agreed with Natixis
The New Facility agreed with Natixis Pfandbriefbank AG
("Natixis") on 29 December 2021, comprises two components: a EUR45
million Acquisition Facility (the "Acquisition Facility") and a
EUR15 million Capex Facility (the "Capex Facility").
The New Facility matures in September 2026 and carries an
interest rate of 1.15% over 3-month Euribor. It can be used to
finance up to 100% of the total cost of both acquisitions and
capex. When drawn, it is non-amortising and terms to protect
against future adverse interest rate movements have been
agreed.
The Acquisition Facility provides the Company with additional
flexibility to pursue potential future acquisitions if suitable
opportunities, which offer clear value for shareholders, arise.
The Capex Facility will allow the Company to continue to
undertake its extensive capex programme. The Company remains
committed to improving living standards for its tenants and
fulfilling its environmental obligations and, following the removal
of the Berlin rent controls ("the Mietendeckel"), has been able to
resume its comprehensive programme of vacant apartment renovations
and modernisations.
Refinancing agreed with Berliner Sparkasse
Additionally, the Company is pleased to announce the refinancing
of existing debt provided by Berliner Sparkasse. The Refinancing
was agreed on 17 January 2022 and leverages the increase in
valuation of certain underlying assets within the Portfolio,
releasing a further EUR14.9 million of equity. Following
completion, the total value of the loans that have been refinanced
is EUR49.7 million and the maturities remain unchanged (at between
five and six years). The interest rate payable on these loans is
lower than the current portfolio average and no additional hedging
instruments for adverse interest rate movements are required.
The equity released by the Refinancing can be reinvested into
the Portfolio, including future potential share buy-backs.
Robert Hingley, Chairman of Phoenix Spree Deutschland Limited,
commented:
"We are delighted that we continue to deepen our relationship
with Natixis and Berliner Sparkasse by agreeing further credit
facilities which provide the Company with the flexibility to pursue
potential future acquisitions and to continue with our significant
levels of investment into the existing Portfolio of assets. Against
positive long-term demographic trends and a stabilising political
backdrop, the completion of these transactions underpins our
confidence in the future of the Berlin residential property market
and will allow us to continue to deliver value to our
shareholders."
The Company expects to report its Portfolio Valuation for the
financial year ended 31 December 2021 in early February 2022.
Legal Entity Identifier: 213800OR6IIJPG98AG39
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
Oliver Norgate +44 (0)20 7353 4200
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