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Annual Results

Phoenix Spree pre-tax profits up

28 April 2016 13:00

Phoenix Spree Deutschland reports pre-exceptional Profit Before Tax up 132% to EUR19.7 million for the year to 31 December (2014: EUR8.5 million). The Company's portfolio value rose by 15.3% from EUR245.3m to EUR282.8m during the year, or 10.6% on a like-for-like basis.

Other highlights:

- 2015 EPRA NAV per share grew by 10.7% to EUR2.28 (GBP1.67) (31 December 2014: EUR2.06 (GBP1.60))

- Strong letting performance Rent per square metre rose by 9.5% to EUR7.5 (4.8% on a like-for-like basis)

- Average rent on new lettings for the overall portfolio was EUR8.9 per sqm, a 9.8% increase over 2014. In Berlin, new leases were signed at an average of EUR10.3 per sqm, a 10.6% increase over 2014

- Final Dividend of 2.9p, giving a total dividend of 4.2p for the financial year

Robert Hingley, Chairman of Phoenix Spree Deutschland, commented:

"I am delighted to announce our first set of full year results since our introduction to the stock market. Since listing in June 2015 we have delivered against our strategic objectives of delivering value to shareholders by growing our German residential portfolio, particularly in Berlin where there is still a significant supply/demand imbalance. We have also grown rental incomes throughout the year due to the active asset management of the portfolio and unlocked further value by reselling apartment blocks as condominiums at a premium to rental property values.

"The outlook for the German residential market remains positive and there is significant opportunity for us to continue to grow the portfolio. The recent successful fundraising will allow us to continue to strengthen our Berlin presence and to take advantages of opportunities as they arise."

At 12:59pm: (LON:PSDL) Phoenix Spree Deutschland share price was 0p at 180p

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