6th Jan 2021 19:09
Phoenix Spree Deutschland Ltd - investment company specialising in German residential real estate - Says further 30 condominium units were notarised for sale, with an aggregate value of EUR10.5 million. Condominium pricing has remained strong, with the average achieved residential value per square metre at EUR4,276 - representing an average 20% premium to the book value of each property. Says sales represent a significant increase compared with the first half of the current financial year, during which 8 residential units and two attic spaces were notarised for sale, with an aggregate value of EUR3.0 million. In total, the company have notarised for sale EUR14.6 million during 2020, a 65% increase from the prior year.
"Our ability to sell condominiums at a premium to book value underpins the strategic optionality and value within the portfolio and I am pleased that we have been able to accelerate these sales. This, combined with our ability to access funding on attractive terms, allows us to continue to deliver value to shareholders and buy back shares at a significant discount to Net Asset Value, pending a final legal ruling on the Berlin rent-cap expected in 2021," says Chair Robert Hingley.
Current stock price: 324.00 pence
Year-to-date change: up 2.2%
By Arvind Bhunjun; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Phoenix Spree D