Appleby, one of the world’s largest providers of offshore legal, fiduciary and administration services, advised Phoenix Spree Deutschland Limited in relation to its flotation on the main market of London’s Stock Exchange on 15 June 2015.
Phoenix Spree, a closed-end investment company, invests in multi-apartment rental properties in Berlin, Hanover, Bremen and Nuremberg, and has a portfolio of 114 properties comprising 2,822 units in Germany, independently valued at an estimated EUR245.3 million. Appleby also acted as lead counsel with regards to the complex restructuring of the Jersey listed fund into its acquisition of a German related fund for the company. Appleby Corporate Partner, Andrew Weaver led on the deal supported by Chris Spencer, Associate in the Corporate Department. Stephenson Harwood acted as lead advisers to Phoenix Spree Deutschland on the flotation. Commenting on the transaction, Andrew Weaver said: “We were delighted to assist Phoenix Spree on its successful listing and complex restructuring of the fund. Completing this deal was a significant achievement for all concerned and a major milestone in the development of our client Phoenix Spree. These transactions also demonstrate the strength of the German real estate market and appetite of investors for exposure for that market which bode well for 2015.”