Business
PSDL Final Results
PSDL Final Results.
About this update from Phoenix Spree Deutschland Ltd
[{"type":"text","content":"\n \nRNS Number : 3156X Phoenix Spree Deutschland Limited 29 April 2019 \n\nPhoenix Spree Deutschland Limited \n \n(\"Phoenix Spree\", or the \"Company\") \n \nFINANCIAL RESULTS FOR YEAR ENDED 31 DECEMBER 2018\n \nSTRONG PORTFOLIO PERFORMANCE AND FURTHER GROWTH IN BERLIN\n \n \nPhoenix Spree Deutschland (LSE: PSDL.LN), the UK listed real estate company specialising in Berlin residential property, today announces its full year results for the year ended 31 December 2018. \n \nRobert Hingley, Chairman of Phoenix Spree, commented:\n \n\"I am delighted to report that, following an exceptionally strong year in 2017, we have continued this momentum, delivering further increases in rental growth and portfolio value. This performance reflects the active management of our portfolio as well as the continued positive dynamics that characterise the Berlin residential market, where we are now fully focused following the disposal of our Northern German portfolio. Although Berlin residential yield compression has moderated, following a long period of declining property yields, we see significant opportunity to grow the portfolio value through a combination of investment into our existing properties and the acquisition of assets that meet our strict acquisition criteria. We are confident that we will continue to deliver value to shareholders through further rental growth, condominium sales and densification within the existing portfolio.\"\n \nFinancial highlights: increases in rental growth, property values and EPRA NAV\n \n· IFRS NAV per share up 2.3% to €4.05 (£3.64) (31 December 2017: €3.96 (£3.52). \n· EPRA NAV per share up 11.4% to €4.58 (£4.11) (31 December 2017: €4.11 (£3.65).\n· Strong like-for-like rental income growth per sqm of 9.0% during the year.\no Contracted net rental income of €17.5 million, (31 December 2017 €18.1 million), reflecting the sale of the Northern German portfolio in April 2018.\no Gross rental income including service charges of €22.7 million (€23.7 million in 2017).\n· EPRA total return per share of 13.2% (year to 31 December 2017: 53.0%).&...