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Phoenix Spree Deutschland ups size of share buyback
StockMarketWire.com
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German property investor Phoenix Spree Deutschland said it was increasing the size of a share buyback programme, while noting that its shares continued to trade well below the value of its assets.
The company said it had bough back 5.1% of its shares on issue since October 2019.
It said it had now decided to adopt a 'more proactive buyback strategy', reflecting renewed confidence in its outlook following a favourable German court ruling on Berlin rent controls.
'The company will, with immediate effect, make a material allocation of capital to the buyback programme funded through a combination of existing cash balances, refinancing, condominium sale proceeds and the disposal of non-core assets,' it said.
'The board believes this allocation can be achieved without compromising the organic growth prospects of the company, which are based on reversionary re-letting, the preparation and sale of new condominiums and the construction of new attic living space.'
'It is intended that purchases of shares under this proactive share buy-back programme will commence immediately.'
Story provided by StockMarketWire.com
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