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.

20 Feb 2023
Phoenix Spree Deutschland - Valuation decline but sales premium continuing

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Phoenix Spree Deutschland - Valuation decline but sales premium continuing
Phoenix Spree Deutschland Fund (PSDL:LON) | 170 0 0.0% | Mkt Cap: 156.1m
- Published:
20 Feb 2023 -
Author:
Martyn King -
Pages:
7 -
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.