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Phoenix Spree Deutschland gives portfolio update

04 December 2015 07:38

Phoenix Spree Deutschland has exchanged contracts to acquire four properties in Berlin and disposed of two buildings in Nuremberg at a significant premium to book value.


- Four Berlin properties acquired for an aggregate consideration of 19.8 million euros, excluding acquisition costs; representing a price per square metre of 1640 euros

- The Acquisitions represent 150 residential and 10 commercial units and should increase the Fund's rental income by approximately 5.4%

- Completion expected in Q1 2016, following which the Fund's Berlin properties will represent c.68% of its portfolio

- Acquisition spend since London Stock Exchange listing in June 2015 is 35.8m euros, and the Fund expects to deploy further capital during 2016

- Disposal of two buildings in Nürnberg at a significant premium to book value

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