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LONDON (Alliance News) - German residential real estate investment company Phoenix Spree Deutschland Ltd on Friday posted a big rise in pretax profit for the first half and said its market outlook remains strong, with transactions in the market currently at record levels.
The group, which floated in London in June, said its pretax profit in the first half to the end of June was up to EUR9.1 million, compared to EUR4.9 million a year earlier, even including costs relate to its listing.
Its portfolio value increased by 5.3% in the half to EUR258.3 million, from EUR245.3 million at the end of December, while its net asset value per share was up to EUR2.19 from EUR2.06.
The group will pay a 1.3% maiden interim dividend for the half.
The company said the German residential market remains strong, with the first phase of condominium apartments sold from its Berlin portfolio going for a significant premium to rental building values.
"The market outlook remains very strong. Transaction activity in the German residential market reached record breaking levels in the first half of 2015. Prices in the markets where the company operates continue to benefit from lack of supply and growing demand from both owner occupiers and investors," said Chairman Robert Hingley.
"The board remains confident that the company is well positioned to take advantage of the strong market and to deliver capital growth and dividends to its investors," Hingley added.
Phoenix Spree shares were down 0.2% to 142.21 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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