18th Dec 2019 11:46
(Alliance News) - Phoenix Spree Deutschland Ltd on Wednesday said it has bought an apartment complex in Brandenburg, Germany, for a net consideration of EUR24.2 million.
The property is a former barracks, comprising 259 residential units, one commercial unit and 210 parking spaces, the real estate investment firm said.
The acquisition - which is expected to be completed later in December - will initially be financed by existing cash resources and assumes outstanding bank debt of EUR16.4 million. It is intended that this will be refinanced in the new year, Phoenix Spree said.
"The property meets our strict investment criteria, is well-located with strong population and demographics, and there is significant potential to add value through our active asset management strategies," said Chair Robert Hingley.
Phoenix Spree shares were trading 0.5% higher in London on Wednesday at 314.50 pence each.
By Evelina Grecenko; [email protected]
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