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Phoenix Spree Deutschland Ltd - investment company specialising in German real estate - Acquires contracts worth €18.5 million. The portfolio includes the development of 34 semi-detached houses in the town of Erkner in the eastern German state of Brandenburg, to be completed in the fourth quarter of 2024. They will be adjacent to the Tesla Inc Giga factory which is expected to employ around 40,000 employees. The acquisition was funded entirely through a new acquisition debt facility agreed with Natixis, a French investment bank.
‘We are pleased to have exchanged contracts on an attractive portfolio of assets which meet our strict acquisition criteria. With its close proximity to the new Tesla factory, the town of Erkner is likely to experience strong medium-term demographic trends which should underpin long-term rental and property values in the area and, ultimately, deliver value for our shareholders,’ Jorg Schwagenscheidt, partner & chief Executive of property advisor QSix Germany commented.
Current stock price: 389.00 pence
12-month change: up 20%
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