IN BRIEF: Phoenix Spree Deutschland sells property to pay down debt
Phoenix Spree Deutschland Ltd - London-based investor specialising in Berlin residential real estate - Sells Donaustrasse, Neukoln property for EUR4.8 million, or EUR2,249 per square metre, a 2.6% discount to the purchase price. Notes the sale price reflects the significant investment required to modernise the property. Further, sells two further condominium properties; a vacant unit in Zillestrasse for EUR426,600 at a 9.5% premium to book value, and a rented unit in Fregestrasse for EUR298,000, a 19.6% discount to book value. The company has pending reservations for a further four units representing a combined sales volume of EUR1.33 million. Expects these reservations will be notarised within the next six weeks. Proceeds from these asset sales will be used to repay debt and for investment in the condominium portfolio in order to prepare assets for sale. Read More