Appointment of Chief Executive by Property Advisor

RNS Number : 1617Z

Phoenix Spree Deutschland Limited

16 September 2015

 

16 August 2015

Appointment of Chief Executive by Property Advisor

PMM Partners ("PMM"), Property Advisor to Phoenix Spree Deutschland ("PSD") (LSE: PSDL.LN) a UK listed investment company specialising in German residential real estate, is pleased to announce that Jörg Schwagenscheidt has been appointed as Chief Executive of PMM Partners Germany GmbH, with immediate effect.  

Jörg has more than 30 years of relevant industry experience and joins from GSW Immobilien AG ("GSW"), Berlin's largest residential property company, where he was Co-CEO until early 2014. In that role, he was responsible for the asset and property management of a portfolio of more than 65,000 units, as well as taking the lead on acquisitions and disposals. He was integral to the IPO of GSW in 2011 and its subsequent combination with Deutsche Wohnen AG, an MDAX 50 company, in 2013. During his eight years at GSW, Jörg oversaw the growth of the business, including a number capital raisings and the acquisition of more than 15,000 residential units.

In his new role, Jörg will head PMM's German operations, including the asset management of PSD's portfolio and the identification of potential property acquisitions. 

Mike Hilton, Director of PMM Partners commented:

"We are delighted that Jörg has joined PMM Partners. He brings a wealth of industry experience which will be a great asset to both PMM and PSD. Jörg's operational skills and industry contacts are highly complementary to PMM's existing team and we are confident that his input will accelerate the growth of the PSD portfolio and increase potential returns to shareholders."

For further information please contact:

Phoenix Spree Deutschland                       Stuart Young	[phone]
Liberum       Richard Crawley           Christopher Britton	[phone]
Bell Pottinger  Nick Lambert      Victoria Geoghegan Joanna Boon	[phone]

Notes to Editors

About Phoenix Spree Deutschland:

Phoenix Spree Deutschland plc is a closed-ended investment company offering shareholders exposure to the German real estate market, particularly residential property in Berlin and other secondary German cities. Since the Phoenix Spree Deutschland was incorporated in Jersey in  2007, the Company has assembled an attractive portfolio of German real estate assets which currently consists 114 properties containing 2,389 rental units (plus a further 497 parking and miscellaneous units) across Berlin and secondary cities in Germany, representing a lettable area of 175,700 square metres. The primary assets are multi-apartment residential buildings built pre-1914 or post-1990 and 82% of the Portfolio by lettable area relates to residential property, with the balance being commercial property. Berlin is the Portfolio's largest geographical market representing 63% of its current total value.

Phoenix Spree Deutschland has a growth strategy to manage and invest in the Portfolio in order to drive capital growth and increase Shareholder value. The Property Advisor has significant experience in generating rental and capital growth through innovative asset management and value added investment. Underpinning this strategy is the potential value uplift the Property Advisor believes can be achieved within the Portfolio through a natural reversion of current rents to higher market rents, combined with a number of strategies to maximise the rental income and value of properties

About PMM Partners:

PMM Partners (UK) Ltd as acts as Property Advisor to PSD. The Company's previous property advisor was PMM Partners LLP, whose assets and undertaking were transferred to the Property Advisor on 1 January 2015. PMM Partners has asset managed PSD's portfolio since inception. PMM has offices in London and Berlin and has a team of nine staff focussing wholly or primarily on the Portfolio. It is responsible for management of the real estate assets in the Portfolio which includes:

§	creation and execution of business plans;
§	acquisitions and disposals;
§	organising building renovations;
§	initiation of bank finance;
§	tenant selection and negotiation; and
§	supervision of property managers.

PMM's three directors Michael Hilton, Matthew Northover and Paul Ruddle have 30 years combined experience in the German residential sector. PMM Partners Germany GmbH is a wholly owned subsidiary of PMM Partners (UK) Limited.

 

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