Phoenix looks to double its valuation with Berlin apartment-selling spree (2024)

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Update: Berlin residential property fund Phoenix Spree Deutschland plans to ramp up sales of condominums to unlock the huge hidden value in its portfolio. Leave a comment The board of the £600m Henderson Smaller Companies trust drops its reluctance to buy shares, making its first stock repurchases in 13 years. GAVIN LUMSDEN, CITYWIRE INVESTMENT TRUST INSIDER Editor’s Picks Videos & podcasts Dean Orrico and Rob Lauzon, fund managers of Middlefield Canadian Income, will join Citywire on Thursday 9 May to discuss the opportunities their resource-filled country offers. COMMENT & ANALYSIS ‘Valuation agnostic selling’ by investors has depressed the UK stock market but a rebound is on the cards and this equity income trust is a good way to play it. GUIDES Discounts – where investment trust share prices trade below their underlying value – are sometimes presented as a good thing. Are they, asks Gavatar?

Real Estate 01 May, 2024

Update: Berlin residential property fund Phoenix Spree Deutschland plans to ramp up sales of condominums to unlock the huge hidden value in its portfolio.

Phoenix looks to double its valuation with Berlin apartment-selling spree (1)

By Michelle McGagh, Gavin Lumsden

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Phoenix Spree Deutschland (PSDL), the Berlin residential property fund languishing on a 56% discount, plans to ramp up sales of condominiums to unlock the value in its portfolio, repay debts, resume dividends and possibly return capital to shareholders.

Reporting a 22.4% slump in net tangible assets (NTA) to €3.96 (£3.38) per share last year driven by a 11.9% slide in like-for-like valuations caused by higher interest rates, the€317m fund said it was in talks with its lender Natixis about modifying its financing arrangements.

These limit the number of units that can be put up for sale to around 6% of the portfolio. It currently only has seven properties valued at €35.1m, or 4% of assets, as condominiums. However,a further 73% has been legally split into individual apartments, enabling a significant increase in disposals that will please shareholders such as Hawksmoor, CG Asset Management and Asset Value Investors.

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Related News

Phoenix rises from ashes as board blames index change for share slump Phoenix Spree talks to lenders over ramping up profitable condo sales Phoenix Spree takes £5m hit as it backs out of Berlin development

Related Investment Trusts

Phoenix Spree Deutschland Ltd (Ordinary Share) MIGO Opportunities Trust PLC (Ordinary Share)

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