Last checked at 
9 Aug 2018 07:00
9 August 2018
Phoenix Spree Deutschland Limited(The "Company" or "PSDL")
Investment property valuation for the half year to 30th June 2018
Phoenix Spree Deutschland (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces the interim valuation for the portfolio of investment properties held by the Company and its subsidiaries (the "Portfolio").
As at 30th June 2018, the Portfolio was valued at €583.7million by Jones Lang LaSalle GmbH, the Company's external valuers (31st December 2017: €609.3 million). The headline decrease reflects previously announced North German disposals which completed post the financial year-end.
On a like-for-like basis, after adjusting for the impact of acquisitions net of disposals, the Portfolio valuation increased by 5.4 per cent in the six months ended 30th June 2018. This reflects the combined impact of market rental growth and the ongoing active management of the Portfolio. The valuation per square metre equates to a 14.8 per cent increase during the six-month period to €3,275 (31st December 2017: €2,853), reflecting the shifting mix of the portfolio as well as underlying organic growth.
Berlin, where the Portfolio is now focused following the Central & Northern German disposal, posted a like-for-like increase of 5.3 per cent over the six-month period.
The Company expects to report its interim results for the six-month period ended 30th June 2018 towards the end of September 2018.
Robert Hingley, Chairman of Phoenix Spree Deutschland, commented:
"It is pleasing that, after an exceptionally strong performance in 2017, the Portfolio has registered further like-for-like valuation gains. These gains reflect both the quality of the assets within the Portfolio and the fact that our active asset management strategy has continued to deliver strong rental growth. Following the recent completion of the disposal of our Central and Northern Germany portfolio, at a premium to book value, the Company is now focused on Berlin, where we continue to selectively acquire further assets. Supply-demand and population demographics in the Berlin market remain favourable, and we see potential for further underlying value and rental growth in the second half of the year"
For further information please contact:
Phoenix Spree Deutschland Limited +44 (0)20 3937 8760
Stuart Young
Liberum Capital Limited (Corporate Broker) +44 (0)20 3100 2222
Richard Crawley
Christopher Britton
Tulchan Communications (Financial PR) +44 (0)20 7353 4200Tom MurrayElizabeth Snow
The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of the Company is Estera Trust (Jersey) Limited.