Phoenix Spree Deutschland Ltd - Berlin, Germany-based residential real estate investor - Says portfolio valuation at June 30 was EUR714.3 million compared to EUR812.4 million the year before, a fall of 12%. Explains buyer sentiment and transaction volumes within the Berlin residential market continued to be affected by high inflation and interest rates which negatively impacted the valuation of the portfolio. The valuation represents an average value per square metre of EUR3,808 down from EUR4,318 before. Reports the rental market remains strong. Supply-demand imbalances within the Berlin market have widened as further net inward migration and higher homeownership costs continue to increase demand. Buyer interest in the condominium market has shown early signs of recovery and given the strong rental market backdrop it is anticipated that annual like-for-like rental growth will accelerate from 5.5% as at June 30 to around 6.5% over the next 12 months.
Current stock price: 193.50 pence
12-month change: down 42%
By Jeremy Cutler, Alliance News reporter
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Phoenix Spree D (PSDL)