London, UK, 13 May 2022

Phoenix Spree Deutschland (PSDL): Positive return to core strategy

Driven by a continuing housing shortage, Berlin residential property rents and condominium prices have continued to increase over the past year. Having successfully weathered the now repealed rent restrictions, we expect Phoenix Spree Deutschland (PSD) to continue to extract the significant value embedded in its portfolio successfully despite the uncertainties of rising inflation and interest rates and war in Ukraine.

The discount to NAV that emerged with the Mietendeckel has narrowed, but remains at c 27% based on FY21 EPRA NTA per share. We estimate that the discount may be c 33% if all assets split into condominiums were valued as such.

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