Phoenix Spree Deutschland has announce that it has exchanged contracts to sell a portfolio of 17 non-core properties in Nuremberg and Fürth for an aggregate cash consideration of €35.25m. The properties were acquired in 2007 and 2008 for an aggregate purchase price of €13.9m and the sale proceeds represent an 11% premium to the 31 December 2016 Jones Lang LaSalle valuation. The Disposal represents an exit from Nuremberg & Fürth and the proceeds will be used to reduce debt, fund further acquisitions in Berlin, and invest in the existing portfolio. The company says that the disposal is expected to have a positive impact on EPRA NAV after transaction costs and taxes. The company says that, following the disposal, and including any acquisitions and disposals which were notarized in 2016 but had yet to complete by the financial year end, properties located in Berlin will represent approximately 82% of the Company’s portfolio value.
About Phoenix Spree Deutschland
Phoenix Spree Deutschland offers shareholders exposure to the German real estate market, particularly residential property in Berlin and other secondary German cities. The company says that, over the last eight years, it has assembled what it believes is an attractive portfolio of German real estate assets which the Directors believe offers investors the potential for both stable income returns as well as capital growth.
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Phoenix Spree Deutschland exits all of its Nuremberg and Fürth properties for €35.25m : PSDL