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LONDON (Alliance News) - Phoenix Spree Deutschland Ltd on Monday said it has spend EUR55.0 million on acquisitions in the Berlin market in the first half of 2016.
The company said it completed five acquisitions in the first half, with three further due to compete in the third quarter. After this, Berlin properties will represent 72% of the company's portfolio value.
The acquisitions made in Berlin comprise 486 residential and 23 commercial units and will increase the company's rental income by more than 16%.
"The Berlin residential market is highly attractive, with in-place housing stock valued below the cost of construction, and this is attracting significant inflows of capital. Against this competitive backdrop, these acquisitions demonstrate the fund's ability to execute its strategy of increasing exposure to the Berlin residential market," said Robert Hingley, Phoenix Spree's chairman.
Phoenix Spree shares were untraded early Monday, having last traded at 191.34 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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