Edison Research: Phoenix Spree Deutschland — Valuation decline but sales premium continuing
While German macroeconomic conditions are challenging, the fundamental demand-supply balance for Berlin rented residential accommodation remains robust. Phoenix Spree’s (PSD’s) FY22 property values and NAV declined, but condominium sales continue to generate a strong premium to book value. We expect rental growth also when results are released in March, as the company continues to harvest strong rent reversion.
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