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 Having successfully weathered the now repealed rent restrictions, we expect Phoenix Spree Deutschland (PSD) to continue to extract the significant value embedded in its portfolio successfully despite the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.

to view the full report or to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Martyn King +44 (0)20 3077 5745

Learn more at and connect with Edison on: 

LinkedIn       

Twitter          

YouTube