Appleby has advised longstanding client Phoenix Spree Deutschland Limited (Phoenix Spree) on its Firm Placing, Offer for Subscription and Placing Programme, to enable the Company to raise capital in an efficient and cost-effective manner as and when it identifies properties that are suitable for acquisition in accordance with its investment objective and policy. The Firm Placing and Offer for Subscription will raise up to £38 million before expenses. Shares placed under the Placing Programme will be placed at prices determined at the time of such placing.

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.

The Appleby team was led by Corporate Partner Andrew Weaver, who had previously advised Phoenix Spree on its flotation on the main market of London’s Stock Exchange in 2015. Andrew was assisted by Christopher Spencer, associate in the Corporate department.

Stephenson Harwood acted as lead advisers to Phoenix Spree Deutschland on the Placing Programme.

Commenting on the transaction, Andrew said: “This successful placing in the current choppy equity markets is a testament to the confidence investors have in our client. We have acted for Phoenix Spree for a number of years and are pleased to be able to have assisted them with specialist and practical corporate advice in this transaction. The transaction demonstrates the expertise of Appleby’s capital markets and investment funds practices.”