Phoenix Spree D Company Research (PSDL)

Phoenix Spree Deutschland (PSD) has reported FY25 results and announced its first return of capital by means of a compulsory redemption of shares. The £17.5m redemption is funded by the net proceeds from its ongoing managed portfolio wind-down strategy and further distributions will be reviewed semi-annually. Amid a robust Berlin condominium market, underpinned by a structural supply‑demand imbalance and improving financing conditions, valuations have stabilised and PSD’s notarisations are increasing strongly, in line with its targets. As the portfolio continues to shrink, further cost reduction is a priority for 2026.