Edison Research: Phoenix Spree Deutschland — Robust valuations and sales progress
Phoenix Spree Deutschland (PSD) has published its H126 portfolio valuation update. Overall valuations were robust on a like-for-like basis (-0.3%), rising for the condominium sales portfolio (+1.1%) but lower for rental properties (-1.2%). Condominium notarisations are on track to meet the company’s 2026 target of at least €55m, and the values achieved provide additional evidence of the resilience of the valuation process. PSD expects the updated Berlin Mietspiegel (rent table), announced in May, to support low-single-digit like-for-like rental growth across the portfolio. As previously announced, £17.5m of capital was returned to shareholders in July by way of a compulsory redemption of shares at a price of £2.56 per share, funded by the net proceeds from its ongoing managed portfolio wind-down strategy. Further distributions will be reviewed semi-annually.
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