Phoenix Spree Deutschland Ltd (GB:PSDL) has released an update.
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Phoenix Spree Deutschland Ltd, the UK-listed investment firm specializing in Berlin residential real estate, reports a strategic shift to bolster condominium sales while planning to reduce debt. Despite a tough macroeconomic environment, the company recorded a loss before tax of €111.8 million for the year ended 31 December 2023, compared to €17.5 million the previous year, mainly due to a substantial revaluation loss of investment properties. The Board is taking measures to refinance the current debt facility on more favorable terms and, once achieved, aims to return excess capital to shareholders.
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