While the Berlin private rental market continues to be strong, Phoenix Spree Deutschland (PSD) has adapted its historical rent reversion strategy to the changes in market conditions. It plans a material increase in condominium sales, intended to accelerate the unlocking of value embedded in the portfolio, reduce borrowings and better position the company for refinancing in 2026. In this report we analyse in detail the potential impacts of this strategy on earnings, NAV and gearing, but, given the variables involved, refrain from forecasting the outcomes precisely.
