Shares in Phoenix Spree Deutschland (PSDL) rose over 3 per cent in a falling market after the Germany-focused landlord revealed that its portfolio valuation rose by an astonishing 43.8 per cent in the year to 31 December 2017. The rise reflects continued demand in Berlin, which is still experiencing a significant undersupply of new properties.
Significant renovation and refurbishment has taken place during the year, which, as well as improving conditions for tenants, also allows Phoenix to increase rents. Following the disposal of certain assets, the portfolio is now 99 per cent by value centred on Berlin. The proceeds from these disposals will be used to acquire further assets there, and since June 2017 a total of 15 properties have been acquired, valued to €54.2m (£47.6m).
