Phoenix Spree Deutschland Ltd (GB:PSDL) has released an update.
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Phoenix Spree Deutschland Ltd, a UK listed company specializing in Berlin residential real estate, reports a portfolio valuation of €646.4 million as of June 2024, marking a 3.3% decline over the half-year, amidst high interest rates impacting the market. Despite challenging conditions for building and portfolio sales, the company witnessed an upturn in condominium sales, notarizing 15 units for €5.3 million, and continues to see strong rental market conditions in Berlin. The company is focusing on condominium sales to maximize shareholder returns and negotiating financing amendments to support this strategy, with an update expected by September 2024.
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