Phoenix Spree Deutschland Ltd - investment company specialising in German real estate - Reports IFRS net asset value of €4.84 per share on June 30, up from €4.54 year-on-year. Posts pretax profit of €17.0 million for the six months ended on June 30, down from €20.4 million a year ago. Revenue, however, increases slightly to €13.0 million from €12.9 million. The company says 148 new leases in Berlin have been signed at an average rent of €13.2 per square metre and 33.7 per cent premium to passing rents.

Declares an interim dividend of 2.35 cents per share, unchanged from a year prior. Says will continue to review the portfolio of assets to ‘ascertain the potential for disposals of buildings that are deemed to be non-core’.

Chair Robert Hingley says: ‘The first six months of the financial year were characterised by significant market disruption caused by the combined effects of global inflationary pressures, rising interest rates and the ongoing conflict in Ukraine. Against this backdrop, it is pleasing that the Portfolio was able to deliver further valuation gains during the first half of the financial year.’

Current stock price: 290.00 pence

12-month change: down 25%

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