UK-based German real estate fund Phoenix Spree Deutschland is to float on the London Stock Exchange.
UK-based German real estate fund Phoenix Spree Deutschland is to float on the London Stock Exchange.
The fund said it was not seeking to raise any extra capital through the IPO, which will be based on the company’s net asset value of €144 mln.
Phoenix Spree founding partner Mike Hilton told UK business paper City A.M. that the firm had chosen to list in London because the ‘vast majority’ of its investors are British-based.
Two-thirds of the fund’s 114 properties are in Berlin, with the rest spread out across twelve cities including Hannover, Bremen and Nuremburg. The fund was launched in 2006 and its portfolio valued at €245 mln at end-2014.
