Phoenix Spree: valuation increases by 3.9%

08/08/2019

Phoenix Spree, which is listed on the London Stock Exchange, reported a 3.9% increase on a like-for-like basis in the value of its portfolio in the first six months of the year to €665.2mn. The company pointed out that the uncertainty surrounding the Berlin Senate’s announced rent cap has had a negative impact on the share price, resulting in an almost 30% discount to its net asset value per share. Phoenix Spree stressed that it can adapt its business model to changed legal conditions,  and refers in this context to its condominium business. In a press release Phoenix Spree announces an agreement with Accentro Real Estate involving an condominium project, at Boxhagener Straße in Berlin’s Friedrichshain district, to more quickly sell off the remaining 22 of a total of 42 apartments.


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