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
Liberum Capital Limited (Corporate Broker)
Richard Crawley +44 (0)20 3100 2222
Bell Pottinger (Financial PR)
Elizabeth Snow +44 (0)20 3772 2500