29th Jul 2015 09:50
LONDON (Alliance News) - German residential property investor Phoenix Spree Deutschland Ltd on Wednesday said it has exchanged contracts on the acquisition of an apartment complex in Friedrichshain in Berlin.
Phoenix Spree will pay EUR16 million to acquire the complex, with the purchase price reflecting a prospective gross yield of 4.8%. The acquisition will boost Phoenix Spree's rental income by 6%. It expects the deal to complete in the autumn.
"The acquisition of this large prime Berlin asset complements the fund's existing rental portfolio as well as offering the potential to achieve returns through the resale of individual apartments in the medium term," said Chairman Robert Hingley.
Shares in Phoenix Spree were down 1.4% to 143.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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