Phoenix Spree Deutschland H1 condominium sales nearly double as realisation plan advances

By Reuters News


Overview

  • UK-listed Berlin residential property seller's H1 2026 condominium sales nearly doubled yr/yr

  • Company completed first compulsory share redemption post-period, returning £17.5 mln to shareholders

  • Rental income fell yr/yr as portfolio realisation advanced, net asset value per share edged lower


Outlook

  • Company maintains FY 2026 notarisations target of at least €55 mln, subject to Q4 sales pace

  • Company reset vacant apartment asking prices in September, averaging 9% below previous levels

  • Third-quarter sales activity below first-half run rate; further inventory releases under consideration


Result Drivers

  • CONDOMINIUM SALES - H1 sales nearly doubled yr/yr, with achieved pricing supporting carrying values, per Chairman Robert Hingley

  • PRICE REDUCTIONS - Co reduced prices on vacant apartments in July and reset asking prices in September to support sales momentum amid tightening financing and affordability conditions

  • COST MANAGEMENT - Administrative expenses declined 43% yr/yr as recurring costs were reviewed


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Rental Income

EUR 10.3 mln

H1 EPRA NTA Per Share

EUR 3.36

H1 Net Asset Value Per Share

EUR 2.89

H1 Pretax Loss

EUR 4.10 mln


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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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