Buoyant demand for German residential property helped to boost adjusted net asset value (NAV) by more than 6 per cent to 242¢ a share at Phoenix Spree Deutschland (PSDL), and shareholders were rewarded with a near-quarter rise in the half-year dividend.
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at
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As a mark of the rapidly growing value of residential assets, the portfolio was boosted by a valuation uplift of €21.7m (£18.6m), well up from €9m the previous year, while rental income grew by 41 per cent to €7.6m. On top of this, there is a significant reversionary element, identified as the difference between current rent and rental income if all rents were marked to market. In fact, new leases were signed at a 26.4 per cent premium to passing rent.