International law firm Stephenson Harwood LLP has advised Phoenix Spree Deutschland Limited (the "Company") on a secondary fundraising by way of a firm placing, offer for subscription and placing programme. The Company is targeting an initial issue of £38 million and also intends to implement a placing programme to enable it to raise capital in an efficient and cost-effective manner over the next 12 months. Stephenson Harwood advised on all aspects of the fundraising.
The Company was launched in 2007 and offers shareholders exposure to the German real estate market, particularly residential property in Berlin and other secondary German cities. PMM Partners (UK) Limited provides property advisory services to the Company. In June 2015, it sought admission of its ordinary shares to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities, on which Stephenson Harwood also advised.
William Saunders, head of funds at Stephenson Harwood commented "We are delighted to be advising Phoenix Spree Deutschland on this fundraising. Following the Company's introduction to the main market earlier this year, it is fantastic to see demand for the Company's shares to enable it to grow its portfolio."
The Stephenson Harwood team was led by corporate partner William Saunders, who was assisted by corporate associate Alexa Whitehead and trainee solicitor, Jessica Harris.