Press and Media

26 September 25

Phoenix Spree Deutschland Limited: Interim Results and Business Update September 2025

Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces its results for the six months ended 30 June 2025. The Board also provides a further update on the Company’s strategy to significantly accelerate condominium sales, reduce debt and return capital to shareholders.

HIGHLIGHTS

Table: Financial and operational summary

^{1 – EPRA metrics defined and calculated in note 21.}

^{2 – Calculated at FX rate GBP/EUR 1.16982 as at 30 June 2025 (31 December 2024: GBP/EUR 1:1.206)}

^{3 – Net LTV uses nominal loan balances (note 16) rather than the loan balances on the Consolidated Statement of Financial Position which include capitalised finance arrangement fees.}

^{4 – Like-for-like excludes the impact of disposals in the period.}

Strategic repositioning progressing well:

• Portfolio realisation plan on track, prioritising the sale of individual condominiums at a significant per sqm valuation premium to equivalent PRS properties.
• Strong progress in transitioning Private Rented Sector (“PRS”) properties into the condominium sales pool, with 942 units (40 properties) made available for sale. Additional properties are expected to be added on completion of debt refinancing.
• Year to date condominium sales of €22.4m, sales rates running ahead of target.
• Full year condominium sales are expected to exceed €30m in 2025 and €55m in 2026.

Refinancing and shareholder distributions:

• Indicative heads of terms agreed for the refinancing of all borrowings ahead of September 2026 maturity.
• The new facility is expected to enable further properties to be added to the condominium sales pool and permit distributions to shareholders.
• Net debt as at 30 June 2025 was at €223.5m (30 June 2024: €297.6m) with net loan-to-value (LTV) reduced to 41.0% from 46.4% as at 30 June 2024.

Condominium sales accelerating:

• 51 units notarised during the half-year, with a combined sales value of €14.6m, an increase of 177% compared with the same period in 2024.
• Since the half-year end, a further 30 units have been notarised with a sales value of €7.8m, bringing total year-to-date notarisations (as at 19 September 2025) to €22.4m.
• A further 25 units with a combined value of €7.8m are subject to reservation pending notarisation.
• Average sale price for notarised units (vacant and occupied) during H1 was €4,043 per sqm, a 0.7% premium to latest balance sheet carry values.
• Vacant units notarised achieved an average sale price of €5,040 per sqm, a 23.3% premium to their latest balance sheet carry values, while occupied units averaged €3,677 per sqm, an 8.1% discount to their latest balance sheet carry value.
• To strengthen sales capacity as more condominiums come to market, the broker panel has been expanded from three to five following the appointment two additional firms.

Portfolio valuation increase:

• Second consecutive like-for-like valuation increase: The overall Portfolio value rose by 0.6% on a like-for-like per sqm basis during the first half of 2025, reflecting stabilisation in the Berlin residential market.
• PRS Portfolio: Achieved its first valuation increase since 2022, with a like-for-like per sqm increase of 0.8% during the first half of the financial year.
• Condominium Sales Portfolio: Recorded a like-for-like per sqm increase of 0.7% during the first half of the financial year.

Outlook:

• Continued resilience in Berlin condominium prices: Driven by cheaper mortgage finance, stronger buyer sentiment, demographic-driven demand and reduced new construction.
• Acceleration of condominium sales momentum: Sales from further properties in the Portfolio being made available for sale are expected to drive higher transaction volumes from Q3 2025.
• Condominium sales running ahead of plan: The Company expects to achieve full year sales of at least €30m in 2025 and in excess of €55m in 2026.
• Refinancing: Indicative terms agreed to provide flexibility for expansion of the condominium sales pool and enabling future shareholder distributions.
• Focus on shareholder value: Subject to successful refinancing, the Company expects to announce its first shareholder distribution with its Annual Results in April 2026.

Robert Hingley, Chair of Phoenix Spree Deutschland, commented:

“The progress achieved during the first half of 2025 has positioned Phoenix Spree Deutschland strongly for the remainder of the year and beyond. We are seeing good demand in the Berlin condominium market, with sales prices remaining robust and volumes meeting expectations.

Our strategic focus on accelerating condominium sales, reducing leverage, and optimising our Portfolio continues to deliver tangible results. Our debt refinancing is progressing well, with the aim to provide flexibility to return capital to shareholders. The Board and Property Advisor are fully committed to executing our strategy with a clear focus on monetising the full value of the Portfolio.”

Half-year report and accounts

The half-year report and accounts will shortly be available to download from the Company’s webpage www.phoenixspree.com and the National Storage Mechanism in the required format, available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information please contact:

To read the full report, click here