Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 28/02/2024


−2.00 (−1.19%)

Market capitalisation


Phoenix Spree Deutschland (PSD) 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.

Demographic trends within the Berlin market remain positive, providing continuing support for the rental market. Rising interest rates, inflation and economic uncertainty is depressing private buyer and institutional investment demand, continues to weigh on capital values.

Latest Insights

View More

Real Estate | Update

Phoenix Spree Deutschland — One city but two tales

Real Estate | Update

Phoenix Spree Deutschland — To buy or to rent?

Real Estate | Update

Phoenix Spree Deutschland — Stress-testing the challenges



Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Richard Collins


  • Stuart Young

    Partner, head of public markets

Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.9) 5.1 (35.2)
Relative (4.5) 2.6 (32.9)
52 week high/low 246.0p/149.0p


Phoenix Spree Deutschland’s (PSD’s) trading update contrasts the strength of the Berlin private rental sector, reflected in PSD’s increased rents and low vacancy, with the subdued investment market, which continues to weigh on property valuations. Positively, sales of individual condominiums picked up in H223, underlining the strong premium to rental values. Full year results, to 31 December 2023, are due in late April.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 25.8 45.4 45.3 39.3 4.9 23.1
2022A 25.9 (36.5) (17.5) (16.8) N/A 105.2
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A



Real Estate

South African industrial property fundamentals are strong


Real Estate

South African retail property funds remain resilient



IPO apocalypse



ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free