Phoenix Spree Deutschland Ltd - London-based investor specialising in Berlin residential real estate - Says portfolio valued at €675.6 million at December 31, down from €714.3 million at June 30 and from €775.9 million at the end of 2022, as the ‘investment market remains fragile’.

Condominium notarisations increased during six months to December 31 to €7.2 million from €4.7 million the prior year. Company says: ‘Growing shortage of available rental property in Berlin continues to drive strong market rental growth.’ Also, high home ownership costs are forcing people to remain within the rental system for longer. Says new lettings signed across portfolio at an average 31% premium to passing rents, ‘a new record high’. Condominium sales for 2023 total €7.2 million, up 53% from €4.7 million the prior year, as notarisations more than double to €5.2 million. Company is considering options ‘to increase significantly’ the number of condominiums it makes available for sale this year. Adds that it expects its core rental business to ‘continue to prosper’ despite investment market conditions remaining challenging.

Current stock price: 176.00 pence

12-month change: down 31%

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