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LONDON - Phoenix Spree Deutschland (LSE: PSDL.LN), a UK-based investment company focusing on Berlin residential real estate, announced today that following a shareholder vote, the company will continue operations and has provided an update on its condominium sales strategy. The resolutions to continue the company and amend its Investment Objective and Policy were passed at an Extraordinary General Meeting (EGM) held recently.
The company reported an increase in the number of units on the market, growing from 108 as of 1 December 2024 to 366 currently, across 16 properties. Additionally, Phoenix Spree Deutschland expects to make 576 units across 24 properties available for sale in the second and third quarters of 2025.
Since the end of the 2024 financial year, 13 units have been notarised for sale, with a combined sales value of €3.73 million and an average price per square meter of €4,220. There are also reservations for an additional 22 units, combining for a sales value of €6.53 million.
Notarised vacant units have been sold at an average price per square meter of €5,336, which is a 47% premium over the average valuation of the company’s portfolio as of 31 December 2024. Occupied units have been notarised for sale at an average price per square meter of €3,718, a 2% premium.
Year-to-date, the value of reservations and notarisations represents a 258% increase compared to the same period in the previous year, with the company attributing the growth partly to strong tenant demand. Phoenix Spree Deutschland remains confident it will reach its targeted annualised condominium sales rate of €50 million by the end of 2025.
The company has a total of 60 properties, comprising 1,682 units, legally split as condominiums. As part of its strategy to refinance its existing September 2026 debt facility, Phoenix Spree Deutschland aims to increase the size of the condominium pool available for sale.
The current condominium market conditions remain strong, with no significant change in pricing dynamics from 2024. Phoenix Spree Deutschland’s phased rollout of condominiums is on track, and an update on progress is expected to be provided with the company’s annual results announcement on 29 April 2025.
The information in this article is based on a press release statement from Phoenix Spree Deutschland.
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