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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Phoenix Spree Deutschland Limited    PSDL   JE00B248KJ21

PHOENIX SPREE DEUTSCHLAND LIMITED

(PSDL)
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Phoenix Spree Deutschland : Investment Property Valuation

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07/19/2017 | 02:13am EDT

19 July 2017

Phoenix Spree Deutschland

Investment Property Valuation

Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed investment company specialising in German residential real estate, announces the interim valuation for the portfolio of investment properties held by the Company and its subsidiaries (the 'Portfolio').

The Portfolio was valued at €519.7 million (31 December 2016: €423.8 million) by Jones Lang LaSalle GmbH, the Company's external valuers, as at 30 June 2017. This represents a headline increase of 22.6 per cent over the six-month period and equates to a 17.4 per cent increase in value per square metre to €2,307 (31 December 2016: €1,965).

On a like-for-like basis, after adjusting for the impact of acquisitions net of disposals, the Portfolio valuation increased by 15.6 per cent in the six months ended 30 June 2017. This increase in valuation reflects a combination of yield compression and growth in Portfolio rents.

By geographic segment, Berlin posted the largest like-for-like increase at 18.2 per cent over the six-month period. In line with the Company's investment strategy, the Portfolio continues to focus on traditional, individual multi-family properties located in Berlin.

The Company expects to report its interim results for the six-month period ended 30 June 2017 before the end of September 2017.

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

For further information please contact:

PMM Partners (Property Advisor)

Mike Hilton +44 (0)20 3937 8760

Paul Ruddle
Mathew Northover
Stuart Young

Liberum Capital Limited (Corporate Broker)

Richard Crawley +44 (0)20 3100 2222

Christopher Britton

Bell Pottinger (Financial PR)

Elizabeth Snow +44 (0)20 3772 2500

Phoenix Spree Deutschland Ltd. published this content on 19 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 July 2017 06:13:06 UTC.

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Financials
Sales 2019 22,6 M 26,7 M 26,7 M
Net income 2019 22,3 M 26,4 M 26,4 M
Net Debt 2019 250 M 296 M 296 M
P/E ratio 2019 17,2x
Yield 2019 1,98%
Capitalization 317 M 374 M 376 M
EV / Sales 2018 25,3x
EV / Sales 2019 27,4x
Nbr of Employees -
Free-Float 89,7%
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NameTitle
Robert Hingley Non-Executive Chairman
Quentin Spicer Independent Non-Executive Director
Jonathan Hugo Eccles Thompson Independent Non-Executive Director
Monique O'Keefe Senior Independent Director
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