Phoenix Spree: valuation increases by 3.9%


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.

TD Premium

Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.

TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.