German real estate investor Phoenix Spree Deutschland has announced its intention to float on the London Stock Exchange.
The Jersey-incorporated closed-end investment company has a portfolio of 114 German properties valued at more than €245m (£176m). The assets are 82% residential and mostly located in Berlin.
Formed in 2006, PSD is now looking to float on the main market of the London Stock Exchange with an aim to deliver total shareholder returns of 8-10%.
The fund is advised by PMM Partners, which has achieved rent increases of 12.7% across the company’s portfolio between 2011 and 2014 and increased underlying NAV by 16.7%.
Mike Hilton, director of PMM Partners, said: “Since 2006, we have built a strong portfolio of assets with significant exposure to the German residential real estate market. The experience of our team, the active asset management strategy we have in place, and our ability to leverage the favourable market conditions within German real estate, has added significant value to our assets and portfolio. We have delivered consistent growth and value over the past nine years.
“An IPO is the next logical step in the company’s strategy as we seek to grow our portfolio and generate further returns for our investors. We look forward to continuing our journey with Phoenix Spree Deutschland, working with the board and shareholders.”
