Last close As at 19/08/2026
GBP1.60
— 0.00 (0.00%)
Market capitalisation
GBP147m
Research: Real Estate
Phoenix Spree Deutschland (PSD) has published its H126 portfolio valuation update. Overall valuations were robust on a like-for-like basis (-0.3%), rising for the condominium sales portfolio (+1.1%) but lower for rental properties (-1.2%). Condominium notarisations are on track to meet the company’s 2026 target of at least €55m, and the values achieved provide additional evidence of the resilience of the valuation process. PSD expects the updated Berlin Mietspiegel (rent table), announced in May, to support low-single-digit like-for-like rental growth across the portfolio. As previously announced, £17.5m of capital was returned to shareholders in July by way of a compulsory redemption of shares at a price of £2.56 per share, funded by the net proceeds from its ongoing managed portfolio wind-down strategy. Further distributions will be reviewed semi-annually.
| Year end | Net rental income (€m) | PBT (€m) | EPS (€) | NAV/share (€) | P/NAV (x) |
|---|---|---|---|---|---|
| 12/22 | 15.7 | (17.5) | (0.17) | 4.50 | 0.41 |
| 12/23 | 16.5 | (111.8) | (1.07) | 3.43 | 0.54 |
| 12/24 | 16.7 | (39.5) | (0.42) | 3.01 | 0.62 |
| 12/25 | 11.6 | (13.6) | (0.07) | 2.94 | 0.63 |
PSD continues to make progress with its accelerated condominium sales programme. In the first half of 2026, 93 condominiums were notarised (15 in June alone), with an aggregate value of €28.1m consistent with PSD’s full year target of at least €55m (2025: €36m). The step up is supported by the increased number of units made available for sale and, a thus far, continuing robust market despite macroeconomic uncertainty and recently increased interest rates. A fifth tranche, comprising eight properties and 227 units, was added to the sales pool in H1, and PSD has expanded its brokerage panel to widen distribution. Together, the company expects this to support sales activity through the remainder of 2026, despite the seasonal summer lull in July and August.
The H1 average notarised price was €4,433 per sqm, an average 2% premium to the latest balance sheet carrying values. Vacant units consistently achieve materially higher prices than occupied units, reflecting broader buyer appeal. Notarised vacant units in H1 achieved an average price of €4,705 per sqm, an average 15% premium to carrying values, while occupied units achieved an average price of €4,264 per sqm, a 5% discount. Optimising the balance between the speed of sale and the mix of vacant units to occupied units is core to maximising value achieved through the managed realisation strategy. PSD cannot require or encourage tenants to vacate and must rely on natural churn. Historically, tenant turnover across the portfolio has averaged c 8–10% per year. With units made available for sale offered initially to existing tenants, there has been a skew of sales towards occupied units (37% by value in H1), but across the sales process PSD expects this to be 40–50%.
PSD intends to make regular distributions of cash as it becomes available. From the gross proceeds of condominium sales, c 50% will be used to repay debt and fund capex to support the sales programme. From the remaining proceeds, after sales costs and the crystallisation of historically deferred tax on accumulated property revaluation gains, we expect c one-third of gross sale proceeds to be available for distribution.
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Research: Healthcare
Oryzon has reported its Q226 results, with iadademstat remaining the key focus. Interim ALICE-2 (testing iadademstat in combination with venetoclax and azacitidine) data showed encouraging response rates in first-line acute myeloid leukaemia (AML). Final ALICE-2 and FRIDA (in FLT3-mutated AML) readouts are expected by end-2026, potentially paving the way for a registrational programme in first-line AML. Oryzon also enrolled the first patient in IDEAL in essential thrombocythaemia (ET), while RESTORE continues to recruit in sickle cell disease (SCD). For vafidemstat, work continues to support resubmission of the PORTICO-2 protocol in borderline personality disorder (BPD). R&D expenses more than doubled in H126 to €10.0m, reflecting increased clinical activity. We raise our probability of success for the AML programme to 35%, following positive interim data presented at EHA, resulting in our valuation upgrading to €1,049.2m from €994.4m. Our per share valuation remains €12.4 due to the higher share count following the €12m equity raise in July.