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Phoenix Spree Deutschland


Market Cap£370m

Last Close 395p

Phoenix Spree Deutschland is a long-term investor in mid-market residential property in Berlin, targeting reliable income and capital growth. Its core strategy is to acquire unmodernised apartment blocks that may be improved to the benefit of tenants, generating attractive returns for shareholders.

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Investment summary

The external portfolio valuations increased by a like-for-like 2.5% in H121, reflecting an increase in market rents following removal of the Mietendeckel rent cap, further progress in condominium splitting and general valuation improvements related to specific assets. Meanwhile, the collection of back-rents, due for the period in which the rent cap was in place, is proceeding well, with more than 89% of the c €2.1m due to PSDL already collected. Despite some drag from COVID-19 restrictions, H121 condominium notarisations increased by 45.1% versus H120, amounting to €4.3m at an average 25.4% premium to book value and 15.9% premium to the average value of the Berlin residential portfolio. Seeking to ensure that the share price better reflects the intrinsic value of the company’s portfolio and future prospects PSD continues to actively repurchase shares at an accretive discount to net assets, acquiring c 2.4m shares at an average c 399p since June compared with the end-FY20 EPRA NTA per share of €5.28, or c 451p (at £/€ = 1.17).

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 22.6 44.6 28.6 21.8 21.2 N/A
2020A 23.9 48.3 37.9 30.1 15.3 N/A
2021E 28.2 51.5 44.3 37.1 12.4 N/A
2022E 28.1 51.6 44.4 36.8 12.5 N/A
Industry outlook

Strong demand for housing in Berlin has been by net migration and a relative lack of supply, generating growth in free market rents and capital values.

Last updated on 21/09/2021
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Share price graph
Balance sheet
Forecast net debt (€m) 254
Forecast gearing ratio (%) N/A
Price performance
Actual (2.2) (0.5) 21.0
Relative* (0.9) (0.6) (2.7)
52-week high/low 413.0p/310.0p
*% relative to local index
Key management
Richard Collins COO