28th Nov 2025 14:55
(Alliance News) - Phoenix Spree Deutschland Ltd on Friday said it plans to begin shareholder returns following the refinancing of its debt facilities.
Terms include a EUR255.0 million, five-year, interest-only, term loan at 210 basis points over the 3‑month Euribor rate. Restrictions on condominium sales and distributions to shareholders have been lifted, though Phoenix Spree must apply 52% of net condominium sale proceeds (net of taxes and sales costs) to prepay the facility.
The agreement also requires Phoenix Spree to hedge interest on no less than 80% of the outstanding debt balance.
The new facility was facilitated by Natixis Pfandbriefbank AG ahead of the September 2026 maturity of its previous facilities.
Phoenix Spree intends to use the value of existing Natixis interest rate swaps to partially offset the cost of acquiring a new interest rate cap.
Due to the refinancing, the Berlin-focused residential real estate investor will restart shareholder returns through compulsory pro rata redemptions of ordinary shares, starting in 2026.
The company will provide more detail with its annual results published to be published on April 23.
"After repaying existing debt of EUR233 million and facilitating new hedging, the company plans to apply the balance of the facility to preparatory capital expenditure for condominium sales projects and maintenance of an appropriate liquidity buffer," Phoenix Spree said.
Also on Friday, Phoenix Spree said year-to-date condominium notarisations are EUR30.2 million, ahead of the EUR30 million target set for 2025.
The company said it remains confident in achieving 2026 notarisations in excess of EUR55 million.
Year-to-date, the average notarised price is EUR4,077 million per square metre, an 11.9% premium to the average value of its portfolio at June 30 and a 3.4% premium to the latest carry values of the buildings from which the units were sold.
Vacant units have an average sales price of EUR4,644 per square metre, a 21.1% premium to latest balance sheet carrying values. Occupied units achieved EUR3,845 per square metre, a 3.8% discount to latest balance sheet carrying values.
Additionally, 24 units at an aggregate value of EUR7.6 million are currently reserved and pending notarisation.
Phoenix Spree Deutschland traded up 3.2% at 171.50 pence each in London on Friday afternoon.
By Aidan Lane, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Phoenix Spree D