Business
Business Update
Business Update.
About this update from Phoenix Spree Deutschland Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 6598K\n Phoenix Spree Deutschland Limited\n 06 January 2021\n \n \n \n \n 06 January 2021\n \n \n Phoenix Spree Deutschland Limited\n \n \n (\"PSD\" or the \"Company\")\n \n \n Business Update\n \n \n \n Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in German residential real estate, announces a further debt refinancing, together with an update on condominiums, share buybacks and equity research coverage.\n \n \n Condominium notarisations at a 20% per cent premium to book value\n \n \n Since the financial half year ended 30 June 2020, a further 30 condominium units were notarised for sale, with an aggregate value of €10.5 million. Condominium pricing has remained strong, with the average achieved residential value per sqm at €4,276, representing an average 20.2% premium to the book value of each property.\n \n \n \n \n \n The Company is additionally guaranteed €1.2m of condominium revenues in relation to the current financial year through its agreement with Accentro Real Estate AG for 3 remaining unsold units at its Boxhagenerstrasse condominium project. \n \n \n \n \n \n These sales represent a significant increase compared with the first half of the current financial year, during which 8 residential units and two attic spaces were notarised for sale, with an aggregate value of €3.0 million. In total the Company have notarised for sale €14.6m during the year to 31 December 2020, a 65% increase versus the prior year.\n \n \n \n \n \n As at 31 December, 70% of the Berlin portfolio has been legally split into condominiums, providing opportunities for the implementation of further projects where appropriate. A further 17% are in application, over half of which are in the final stages of the process. \n \n \n \n \n \n Continuation of share buybacks at a discount to NAV\n \n \n PSD has authority to buy back up to 10% of its ordinary share capital. Share buybacks were resumed following the release of the Company's interim results on 15 September 2020, by which time it had become clear that the financial impact of the COVID-19 pandemic has been limited, with \n rent collection in the six months to 30 June 2020 broadly in line with the six months to 30 June 2019.\n \n \n As at 5 January 2021, the Company had bought back 4,...