Highlights

  • Phoenix Spree Deutschland Total portfolio value rose 1.5% year-on-year to EUR 540.1 million as of 31 December 2025.
  • The company’s Condominium sales reached EUR 36.0 million in 2025, exceeding the EUR 30.0 million target.
  • The condominium sales portfolio recorded a 3.1% like-for-like valuation increase during 2025.
  • Average condominium pricing was EUR 4,135 per sqm, at a 3.9% premium to carrying values.
  • The condominium sales pool is set to expand with 11 additional properties, adding 340 units in H1 2026.

Phoenix Spree Deutschland Ltd (LSE:PSDL) shares were marginally lower by 0.14% at GBX 171.75 during the morning session on 6 February 2026. The stock is trading in the red territory today despite the release of company’s portfolio valuation and condominium sales update, which showed improved asset values and higher transaction activity. Over the past year, the stock has gained 10.81%, reflecting broader market attention on the company’s operational progress.

As of 31 December 2025, Phoenix Spree Deutschland reported a total portfolio valuation of EUR 540.1 million, with an average value of EUR 3,686 per square metre and a gross yield of 3.6%. On a like-for-like basis, adjusted for disposals, the overall portfolio value increased by 1.5% compared with the prior year, marking the second consecutive annual valuation increase.

The Private Rented Sector (PRS) portfolio was valued at EUR 269.1 million across 33 properties comprising 1,190 units. Average value stood at EUR 3,288 per square metre, with like-for-like valuations rising 0.8% during the year. This represented the first annual increase in PRS valuations since the downturn began in 2022.

Condominium Sales Exceed Annual Targets

During 2025, the company completed sales of 122 condominium units for total proceeds of EUR 36.0 million, significantly higher than EUR 9.4 million achieved in 2024. The figure exceeded the EUR 30.0 million sales target for the year by 20%.

Average notarised pricing during 2025 was EUR 4,135 per square metre, representing a 3.9% premium to the latest balance sheet carrying values. Vacant units achieved average pricing of EUR 4,585 per square metre, while occupied units were sold at EUR 3,913 per square metre.

Condominium Portfolio Records Higher Valuations

The condominium sales portfolio, consisting of 40 properties and 891 units, was valued at EUR 271.0 million as of year-end 2025. The average value reached EUR 4,191 per square metre, reflecting a like-for-like increase of 3.1% over the year.

The update highlighted that condominium values continued to trade at a premium compared with PRS assets, supported by demand conditions and constrained new supply in the Berlin residential market.

Early 2026 Sales and Capital Return Plan

In early 2026, 14 units were notarised for EUR 4.1 million, with an additional 26 units worth EUR 7.0 million reserved and pending notarisation. The company expects to add 11 further properties, comprising 340 units, to the condominium sales pool during the first half of 2026.

Following the completion of full debt refinancing in December 2025, Phoenix Spree Deutschland stated its intention to return capital to shareholders in 2026 through compulsory pro rata redemptions of ordinary shares.

Investor Takeaway

Phoenix Spree Deutschland shares have gained 10.81% over the past year, even as the stock edged lower intraday on 6 February 2026. Going forward, portfolio valuation trends, condominium sales execution, and the planned capital return framework are expected to remain key areas of investor attention.

FAQs

  1. What was the key outcome of Phoenix Spree Deutschland’s 2025 portfolio valuation?

The total portfolio value increased 1.5% on a like-for-like basis, marking the second consecutive annual rise.

  1. How did condominium sales perform during 2025?

Condominium sales reached EUR 36.0 million from 122 units, exceeding the EUR 30.0 million annual target.

  1. What capital action did the company outline for 2026?

Following debt refinancing in December 2025, the company plans compulsory pro rata redemptions of ordinary shares in 2026.