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Phoenix Spree Deutschland updates on folio value

17 August 2016 07:34

Phoenix Spree Deutschland said its portfolio was valued by Jones Lang LaSalle GmbH at €329.8m on June 30, from €282.8m six months earlier.

This represents a headline increase of 16.7 per cent over the six-month period and equates to a value per square metre of €1,775 (31st December 2015 €1,635). On a like-for-like basis, after adjusting for the impact of acquisitions net of disposals, the Portfolio valuation increased by 9.8% per cent in the six months ended 30th June 2016.

This increase in valuation reflects a combination of yield compression, growth in Portfolio rents and an increase in the proportion of Portfolio properties ascribed as having condominium potential.

By geographic segment, Berlin posted the largest like-for-like increase at 13.7 per cent. In line with the Company's investment strategy, the Portfolio continues to focus on traditional, individual multi-family properties located in Berlin.

Story provided by StockMarketWire.com

Related Company: PSDL

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