Phoenix Spree D Company Research (PSDL)

Phoenix Spree Deutschland (PSD) has provided an update on the impact of the updated Berlin Mietspiegel (rent table), which was announced in May, and on year-to-date progress with condominium sales. PSD says the new rent table is supportive of incremental, low-single-digit like-for-like rental growth across the portfolio. Condominium sales are tracking the company’s 2026 target of €55m, with sales prices remaining resilient and supportive of the most recent external valuation. As previously announced, the company will return £17.5m of capital to shareholders in July by way of a compulsory redemption of shares at a price of £2.56 per share, funded by the net proceeds from its ongoing managed portfolio wind-down strategy. Further distributions will be reviewed semi-annually.