Phoenix Spree Deutschland Ltd - residential real estate investment company - Welcomes German Federal Court ruling on Thursday that Berlin's rent controls are unconstitutional. Phoenix Spree had expected annualised net rental income would be 20% lower in 2021 because of the rent controls, but that will now be reversed. Rental agreements were structured to revert to higher prices, and allow back payments, in the event of a court ruling against rent controls. Expects to claim EUR1.8 million from tenants as a result.
Berlin imposed the rent control policy in February 2020. It would have frozen rents on most residential apartments for five years.
Current stock price: 367.00 pence, up 6.4%
Year-to-date change: up 16%
By Ivan Edwards; ivanedwards@alliancenews.com
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Phoenix Spree D (PSDL)