Davis Polk is advising Lazard & Co., Limited as sponsor to Phoenix Spree Deutschland Limited (“PSDL”), a closed-ended investment company which invests in the German real estate market, in connection with its entry into a new property advisory and investor relations agreement with PMM Residential Limited, a member of the PMM group.
The transaction, the terms of which were announced on November 27, 2018, requires the approval of the shareholders of PSDL, as a related party transaction under the U.K. Listing Rules.
PSDL is a closed-ended investment company, listed on the London Stock Exchange. It offers shareholders exposure to the Berlin residential market. Since its incorporation in Jersey in 2007, PSDL has assembled an attractive portfolio of German real estate assets. As at June 30, 2018, the portfolio was valued at €584 million and consisted of 93 properties containing 2,322 residential units and 152 commercial units. PMM Partners was formed in 2006 by Mike Hilton, Paul Ruddle and Matthew Northover to act as property adviser to PSDL. Affiliates of PMM Partners act as investment advisers on a number of U.K. property and property-related debt funds. As at June 30, 2018, the PMM group had gross assets under management of approximately €1 billion, employed over 50 staff, and had four offices in London, Berlin, Dublin and Surrey. Its interests cover German residential, U.K. specialist mortgages, commercial property lending and loan servicing.
The Davis Polk corporate team includes partner Will Pearce and European Counsel Jamie Corner. All members of the Davis Polk team are based in the London office.