(the "Company", the "Group" or "PSD")
Continuation vote and condominium sales update
Following today's announcement that shareholders have voted in favour of the continuation of the Company,
Highlights
· Resolutions to continue the Company and amend its Investment Objective and Policy have been passed at today's EGM.
· Number of units on the market has increased from 108 as at
· 13 units notarised for sale since the 2024 financial year-end, with a combined sales value of
· Vacant units notarised for sale at an average price per sqm of
· Year-to-date, the value of reservations and notarisations represents a 258% increase compared with the same period in the prior year, partially driven by strong demand from tenants.
· The Company remains confident that it will reach its targeted annualised condominium sales rate of
· The Company has a total of 60 properties (1,682 units) legally split as condominiums. As part of refinancing its existing
Condominium preparation and marketing
|
Building group |
Sales Status |
Number of buildings |
No of units as at |
Total sqm as at |
Expected project sales value |
|
|
On market 2024 |
6 |
108 |
9,291 |
|
|
|
Added |
10 |
258 |
19,711 |
|
|
|
Commencing Q2 25 |
12 |
282 |
19,549 |
|
|
Tranche 4 |
Commencing Q3 25 |
12 |
294 |
19,760 |
|
|
Total |
|
40 |
942 |
68,312 |
|
As previously announced, preparations for the marketing of the first 10 buildings, comprising 258 units, began in late 2024 and these buildings are now being actively marketed. These buildings were prioritised due to minimal capital expenditure requirements to facilitate sales and are now being actively marketed by Engel & Völkers and Lübke Kelber. Tenants are initially offered the option to purchase their units before wider sales processes begin, and buying interest has been stronger than expected. After this initial phase, we expect buyer demand to shift more towards vacant apartments and anticipate a split of around 50% between vacant and occupied units across the life of each project.
The number of units currently being marketed for sale has increased from 108 in
A further 24 buildings are expected to be added to the condominium sales pool in two tranches. Preparatory work on the next 12 buildings (282 units) is underway, with capital expenditure projects to facilitate sales expected to conclude by the end of the first half of the financial year, enabling their marketing to begin. The final 12 buildings (294 units), requiring more preparation, are expected to be market-ready by Q3 2025.
By 2025 year-end, the total number of units available for sale is projected to grow to 942.
Condominium notarisations and reservations
|
Notarisation period / Status |
Units |
Sales Value (€m) |
Price per sqm (€) |
Premium / (discount) to Portfolio average |
|
Notarised January (vacant) |
0 |
0 |
0 |
0 |
|
Notarised February (vacant) |
3 |
1.08 |
5,286 |
45.6% |
|
Notarised to |
1 |
0.38 |
5,487 |
51.1% |
|
Total Vacant notarisations |
4 |
1.46 |
5,336 |
47.0% |
|
|
|
|
|
|
|
Notarised January (occupied) |
4 |
0.82 |
2,987 |
-17.7% |
|
Notarised February (occupied) |
5 |
1.45 |
4,314 |
18.8% |
|
Notarised To 7 March (occupied) |
0 |
0 |
0 |
|
|
Total occupied notarisations |
9 |
2.27 |
3,718 |
2.4% |
|
|
|
|
|
|
|
Total notarisations (vacant and occupied) |
13 |
3.73 |
4,220 |
16.3% |
|
|
|
|
|
|
|
Outstanding Reservations (vacant) |
4 |
1.23 |
5,803 |
59.9% |
|
Outstanding Reservations (occupied) |
18 |
5.30 |
3,682 |
1.4% |
|
Total outstanding reservations |
22 |
6.53 |
3,954 |
8.9% |
|
|
|
|
|
|
|
Total reservations and notarisations |
35 |
10.26 |
4,047 |
11.5% |
Conditions in the condominium market remain buoyant, with no discernible change in pricing dynamics versus those experienced during 2024.
Following the addition of 10 buildings to the condominium sales pool in late
The average notarised sales price achieved year-to-date was
A further 22 units with a combined sales value of
Outlook
The phased rollout of condominiums is progressing as planned, and the Company remains confident of achieving its previously announced annualised target of
Currently, combined sales and notarisations (of
The portfolio disposal announced on
The Portfolio of assets owned by the Company currently consists of 74 buildings (2,162 units) and the number of buildings that are currently legally split as condominiums is 60 (1,682 units). However, the Company's current
Annual Results
The Company intends to publish its full-year results for the twelve months to
For Further Information, Please Contact:
Stuart Young
Deutsche Numis (Corporate Broker) +44 (0) 20 7260 1000
David Benda
Teneo (Financial PR) +44 (0) 20 7353 4200
Elizabeth Snow
Annushka Shivnani
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