REG - Phoenix SpreeDeutsch - Interim Results and Business Update
26/09/2025 07:00
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RNS Number : 9011A Phoenix Spree Deutschland Limited 26 September 2025
26 September 2025
Phoenix Spree Deutschland Limited
(the "Company," or "PSD")
Interim Results and Business Update
Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment
company specialising in Berlin residential real estate, announces its results
for the six months ended 30 June 2025. The Board also provides a further
update on the Company's strategy to significantly accelerate condominium
sales, reduce debt and return capital to shareholders.
HIGHLIGHTS
Table: Financial and operational summary
€ million (unless otherwise stated) 6 Months to 6 Months to Year to 31 December 2024 Year to 31 December 2023
30 June 2025
30 June 2024
Income Statement
Gross rental income 11.0 14.2 28.1 27.5
(Loss) before tax (7.0) (24.1) (39.5) (118.8)
Dividend per share in respect of the period - - - -
Balance Sheet
Portfolio valuation (€m) 548.7 646.4 552.8 675.6
EPRA NTA per share (€)(1) 3.49 3.68 3.55 3.96
EPRA NTA per share (£)(1,2) 2.98 3.12 2.93 3.43
EPRA NTA per share total return (€%) (1.7) (7.1) (10.4) (22.4)
Net LTV (%)(3) 41.0 46.4 40.3 46.3
Operational
Portfolio valuation per sqm (€) 3,654 3,488 3,633 3,598
Condominium sales notarised (€m) 14.6 5.3 9.4 7.2
Condominium sales notarised per sqm (€) 4,043 4,292 4,295 3,976
Vacant condominiums notarised per sqm (€) 5,040 4,841 5,027 4,702
Occupied Condominiums notarised per sqm (€) 3,677 3,611 3,430 3,409
Annual like-for-like rent per sqm growth (%)(4) 1.4 3.2 1.6 4.1
EPRA vacancy (%) 2.1 1.4 1.5 2.0
( )
(1 - EPRA metrics defined and calculated in note 21.)
(2 - Calculated at FX rate GBP/EUR) (1.16982) (as at 30 June 2025 (31 December
2024: GBP/EUR 1:1.206))
(3 - Net LTV uses nominal loan balances (note 16) rather than the loan
balances on the Consolidated Statement of Financial Position which include
capitalised finance arrangement fees.)
(4 - Like-for-like excludes the impact of disposals in the period.)
( )
Strategic repositioning progressing well:
· Portfolio realisation plan on track, prioritising the sale of
individual condominiums at a significant per sqm valuation premium to
equivalent PRS properties.
· Strong progress in transitioning Private Rented Sector ("PRS")
properties into the condominium sales pool, with 942 units (40 properties)
made available for sale. Additional properties are expected to be added on
completion of debt refinancing.
· Year to date condominium sales of €22.4m, sales rates running
ahead of target.
· Full year condominium sales are expected to exceed €30m in 2025
and €55m in 2026.
Refinancing and shareholder distributions:
· Indicative heads of terms agreed for the refinancing of all
borrowings ahead of September 2026 maturity.
· The new facility is expected to enable further properties to be
added to the condominium sales pool and permit distributions to shareholders.
· Net debt as at 30 June 2025 was at €223.5m (30 June 2024:
€297.6m) with net loan-to-value (LTV) reduced to 41.0% from 46.4% as at 30
June 2024.
Condominium sales accelerating:
· 51 units notarised during the half-year, with a combined sales
value of €14.6m, an increase of 177% compared with the same period in 2024.
· Since the half-year end, a further 30 units have been notarised
with a sales value of €7.8m, bringing total year-to-date notarisations (as
at 19 September 2025) to €22.4m.
· A further 25 units with a combined value of €7.8m are subject
to reservation pending notarisation.
· Average sale price for notarised units (vacant and occupied)
during H1 was €4,043 per sqm, a 0.7% premium to latest balance sheet carry
values.
· Vacant units notarised achieved an average sale price of €5,040
per sqm, a 23.3% premium to their latest balance sheet carry values, while
occupied units averaged €3,677 per sqm, an 8.1% discount to their latest
balance sheet carry value.
· To strengthen sales capacity as more condominiums come to market,
the broker panel has been expanded from three to five following the
appointment two additional firms.
Portfolio valuation increase:
· Second consecutive like-for-like valuation increase: The overall
Portfolio value rose by 0.6% on a like-for-like per sqm basis during the first
half of 2025, reflecting stabilisation in the Berlin residential market.
· PRS Portfolio: Achieved its first valuation increase since 2022,
with a like-for-like per sqm increase of 0.8% during the first half of the
financial year.
· Condominium Sales Portfolio: Recorded a like-for-like per sqm
increase of 0.7% during the first half of the financial year.
Outlook:
· Continued resilience in Berlin condominium prices: Driven by
cheaper mortgage finance, stronger buyer sentiment, demographic-driven demand
and reduced new construction.
· Acceleration of condominium sales momentum: Sales from further
properties in the Portfolio being made available for sale are expected to
drive higher transaction volumes from Q3 2025.
· Condominium sales running ahead of plan: The Company expects to
achieve full year sales of at least €30m in 2025 and in excess of €55m in
2026.
· Refinancing: Indicative terms agreed to provide flexibility for
expansion of the condominium sales pool and enabling future shareholder
distributions.
· Focus on shareholder value: Subject to successful refinancing,
the Company expects to announce its first shareholder distribution with its
Annual Results in April 2026.
Robert Hingley, Chair of Phoenix Spree Deutschland, commented:
"The progress achieved during the first half of 2025 has positioned Phoenix
Spree Deutschland strongly for the remainder of the year and beyond. We are
seeing good demand in the Berlin condominium market, with sales prices
remaining robust and volumes meeting expectations.
Our strategic focus on accelerating condominium sales, reducing leverage, and
optimising our Portfolio continues to deliver tangible results. Our debt
refinancing is progressing well, with the aim to provide flexibility to return
capital to shareholders. The Board and Property Advisor are fully committed to
executing our strategy with a clear focus on monetising the full value of the
Portfolio."
Half-year report and accounts
The half-year report and accounts will shortly be available to download from
the Company's webpage www.phoenixspree.com (http://www.phoenixspree.com) and
the National Storage Mechanism in the required format, available for
inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For further information please contact:
Phoenix Spree Deutschland Limited +44 (0)20 3937 8760
Stuart Young
Deutsche Bank AG (Corporate Broker) +44 (0) 20 7260 1263
Hugh Jonathan
Teneo (Financial PR) +44 (0)20 7353 4200
Elizabeth Snow
CHAIRMAN'S STATEMENT
Introduction
During the first half of the current financial year, we have concentrated on
implementing our managed Portfolio realisation strategy, focused on
accelerating the sale of individual apartment units ("condominiums"). The
divergence in price per square metre between condominiums and PRS properties
has persisted and continues to support this strategy. While broader PRS market
values now show signs of stabilisation after a prolonged downturn, condominium
sales prices remain substantially higher.
Financial and operational performance
As of 30 June 2025, the Company's Portfolio value was €548.7m, representing
a like-for-like valuation increase of 0.6% over the six-month period. This
marks the second consecutive period of Portfolio valuation growth,
highlighting further stabilisation in the Berlin residential market.
A significantly reduced fair-value loss on investment properties (-€0.7m
versus -€25.1m in H1 2024) brought the operating result close to break-even
at -€0.2m (H1 2024: -€20.8m). After finance costs of €6.8m, the pre-tax
loss narrowed to -€7.0m (H1 2024: -€24.1m), reducing the loss per share to
-€0.07 from -€0.21 in H1 2024.
Condominium sales volumes have continued to accelerate. In the first half of
2025, the Company notarised 51 units for €14.6m, achieving an average sales
price of €4,043 per sqm, a 22% premium to the Portfolio's average PRS
valuation and 0.7% above the latest balance sheet carry values.
For a more detailed update on our financial and operational performance, as
well as insights into the broader market environment, please refer to the
report from the Property Advisor.
Responsible business
Our corporate responsibility framework, Better Futures, continues to guide how
we engage with all stakeholders. Tenant satisfaction remains a key focus,
especially in rental properties earmarked for future condominium sales. We
prioritise clear and timely communication with affected tenants, offer them
first purchase rights, and strive to minimize any disruption caused by these
transitions.
We are actively investing in our communities through partnerships with
homelessness charities in Berlin and London, including The Intercultural
Initiative and Laughing Hearts, as well as SPEAR, SHP, and Home-Start via our
property advisor, QSix.
In line with our sustainability goals, we are advancing the testing of heating
optimization systems across selected properties, aiming for completion by
end-2025. If successful, we plan to expand this initiative across a
significant portion of our PRS Portfolio, targeting substantial energy savings
and further reducing our environmental impact.
Property Advisor
Our Property Advisor, QSix, remains committed to driving our strategic
objectives forward. QSix's interests are aligned with those of our
shareholders, with all net disposal fees received reinvested in the Company's
shares.
Outlook and priorities
The Berlin condominium market continues to demonstrate resilience, with
condominium sales prices expected to remain well above equivalent PRS values.
The progress achieved in the first half of 2025 positions the Company well for
the remainder of the year and beyond and the Board and Property Advisor remain
focused on executing the Company's strategy.
Our debt refinancing is on track with indicative terms received. The proposed
facility is expected to increase the previous cap on condominium units
available for sale and permit capital distributions to shareholders. More
details on the refinancing will be made available in due course. At the AGM,
shareholders voted to amend the Articles of the Company so that existing
ordinary shares can be converted into redeemable shares and a mandatory
redemption facility introduced.
On behalf of the Board, I would like to thank our shareholders, tenants, and
stakeholders for their continued support.
STRATEGIC UPDATE
Market context
Berlin's residential sector remains divided. Condominium prices and
transaction volumes have remained broadly stable, whereas private rented
sector (PRS) valuations, although showing signs of stabilisation, remain
significantly below their 2022 peak levels and well below current condominium
prices. These contrasting pricing dynamics underscore the Company's strategic
focus on condominium disposals as the best route to reduce debt and unlock
shareholder value.
Progress on condominium preparation and marketing
The 40 properties designated for condominium sales have been organised into
tranches based on their market launch dates. By 30 June 2025, a total of 648
units had been made available for purchase. For Tranche 3, tenant-purchase
negotiations commenced in June, and apartments not reserved by tenants were
listed publicly in early July 2025. As of 1 September 2025, one property
within the Portfolio has been sold in its entirety, leaving 39 properties
remaining in the Condominium Sales Portfolio.
Preparation of Tranche 4 is complete, and communication with tenants has
begun. The units will be listed on the open market in early October, bringing
the cumulative number of units made available for sale to 942 - up from 366 at
the start of the financial year and 108 as of 1 December 2024.
To reinforce the Tranche 4 sales programme, the Company has engaged two
additional brokers. They will operate alongside the existing brokers, Lübke
& Kelber, Engel & Völkers, and the Company's affiliated broker, IWA.
The Company invested significantly in capital expenditure during the first
half of the year to prepare condominium properties for sale, with total spend
expected to reach €15m for the full year. This expense is a one-off and will
not recur at the same level next year. Capital expenditure in 2026 is expected
to be materially lower, depending on the number of additional properties added
to the Condominium Sales Pool.
Table: Condominium tranches
Property group Sales Status / added to market Number of properties Units 1 September 2025 Sqm 1 September 2025 Units 31 December Sqm 31 December 2024 Potential project sales value as at 1 September 2025(1)
1 September 2025
2024
Tranche 1 2024 5 86 7,721 108 9,291 € 33.6m
Tranche 2 December 2024 10 215 16,730 258 19,711 € 65.8m
Tranche 3 June 2025 12 269 18,707 282 19,549 € 77.8m
Tranche 4 September 2025 12 294 19,763 294 19,760 € 91.0m
Total 39 864 62,921 942 68,311 € 268.3m
(1. Potential project sales value as at 1 September 2025 reflects
the estimated sales value of properties currently in the Condominium Sales
Pool over the entire duration of the sales process. Investment properties
held for sale (note 13 of the financial statements) reflects the value of
properties that are expected to be sold within 12 months of the reporting date
based on Management knowledge of current and historic market conditions.)
The total potential sales value of the 39 properties currently approved for
condominium sales is estimated at €268.3m. This valuation reflects the June
2025 balance sheet carry value, adjusted to account for completed sales
between 30 June and 31 August 2025.
Further condominium potential within the Portfolio
Twenty legally divided properties (740 units, or 36% of the Portfolio) are
currently outside the active sales pool. The completion of the new debt
facility is expected to provide flexibility to bring a portion of these assets
into the condominium sales programme during 2026.
Table: Condominium potential within the Portfolio
Property status as at Number of properties Number of units Area Units as % total
01 September 2025
(sqm)
Divided and in condominium sales pool 39 864 62,921 41.5%
Divided but not yet in condominium sales pool 20 740 47,424 35.5%
Total divided properties 59 1,604 110,345 77.0%
Undivided properties (PRS) 14 480 36,422 23.0%
Total properties 73 2,084 146,767 100.0%
REPORT OF THE PROPERTY ADVISOR: FINANCIAL AND OPERATIONAL HIGHLIGHTS
Financial highlights for the half year to 30 June 2025
€ million (unless otherwise stated) 6 Months to 6 Months to Year to Year to
30 June 25 30 June 24 31-Dec-24 31-Dec-23
Gross rental income 11.0 14.2 28.1 27.5
Investment property fair value loss (0.7) (25.1) (5.4) (97.3)
Loss before tax (7.0) (24.1) (39.5) (118.8)
Reported EPS (€) (0.07) (0.21) (0.42) (1.07)
Investment property value 548.7 646.4 552.8 675.6
Net debt (Nominal balances)(1) 224.7 299.8 223.0 313.0
Net LTV (%) 41.0 46.4 40.3 46.3
IFRS NAV per share (€) 2.93 3.22 3.01 3.43
IFRS NAV per share (£)(2) 2.50 2.73 2.49 2.97
EPRA NTA per share (€)(3) 3.49 3.68 3.55 3.96
EPRA NTA per share (£)(2) 2.98 3.12 2.93 3.43
Dividend per share in respect of the period (€ cents) - - - -
Dividend per share in respect of the period (£ pence) - - - -
€ EPRA NTA per share total return for the period (%) (1.7) (7.1) (10.4) (22.4)
£ EPRA NTA per share total return for the period (%)(2) 1.6 (8.9) (14.6) (24.0)
(1 - Nominal loan balances used in calculation as per note 16 rather than
balances on the Consolidated Statement of Financial Position which consider
Capitalised Finance Arrangement Fees in the balance as per IAS 23.)
(2 -) (Calculated at FX rate GBP/EUR) (1.16982) (as 30 June 2025 (31 December
2024: GBP/EUR 1:1.206),)
(3 - Further EPRA Net Asset Measures can be found in note 21)
Financial results overview
Profit and loss
During the six months to 30 June 2025, the Company generated gross revenues of
€11.0m, down from €14.2m in the comparable period of 2024. This reduction
is largely the result of disposals in the latter half of 2024. Reflecting the
smaller size of the Portfolio, property expenses fell by 11% to €7.1m (H1
2024: €8.0m), resulting in a gross profit of €3.9m (H1 2024: €6.2m).
Administrative costs increased to €2.4m (H1 2024: €1.2m), primarily
reflecting higher professional fees linked to the implementation of the
condominium sale programme. A modest -€0.7m fair-value loss was recognised
on investment properties, a significant improvement on the -€25.1m loss
reported in H1 2024. Consequently, the operating result was close to
break-even, recording a loss of -€0.2m versus a -€20.8m operating loss in
H1 2024.
Net finance costs amounted to €6.8m (H1 2024: €3.3m). This figure includes
a €1.9m adverse movement on interest-rate swaps, compared with a €1.5m
gain in the prior year. After finance items, the loss before tax narrowed to
-€7.0m (H1 2024: loss of -€24.1m). The basic and diluted loss per share
declined to -€0.07 (-7 cents) compared with -€0.21 (H1 2024: -21 cents).
Balance sheet
Euro EPRA NTA per share declined by 1.7% during the first half of 2025, to
€3.49 (31 December 2024: €3.68), with the decline largely reflecting
additional capital expenditure required in 2025 to prepare condominium
properties for sale. Sterling EPRA NTA per share increased by 1.7% during the
same period, to £2.98 (31 December 2024: £2.93), primarily due to the
strengthening of the Euro against the Sterling.
Total return
Euro EPRA NTA total return for the first half of 2025 was down 1.7%, compared
to a decline of 7.1% in the first half of 2024. Sterling EPRA NTA total return
for the same period increased by 1.6%, versus a decline of 8.9% in the first
half of 2024.
Portfolio valuation
Condominium values remained resilient during the period and, for the first
time since the decline in real estate values began in 2022, PRS valuations
have risen. As at 30 June 2025, the total Portfolio value was €548.7m, with
an average value of €3,654 per sqm and a gross yield of 3.2%. On a
like-for-like basis (adjusted for disposals), the Portfolio value increased by
0.6% during H1 2025.
Since the total sqm of the higher-valued Condominium Sales Pool decreased (due
to condominium sales) while the lower-valued PRS Properties maintained their
size, the overall mix shifted slightly toward the lower-priced segment. The
total Portfolio weighted average therefore increased by less than the increase
in each segment.
Table: JLL Valuation summary
Total Portfolio 30 June 30 June 31 December 31 December
2025 2024
2024
2023
Number of properties 74 93 74 95
Residential units 2,026 2,472 2,053 2,489
Commercial units 108 138 108 140
Total units 2,134 2,610 2,161 2,629
Total sqm ('000) 150.2 186.0 152.2 187.7
Valuation (€m) 548.7 646.4 552.8 675.6
Value per sqm (€) 3,654 3,480 3,630 3,598
Condominium Sales Pool 30 June 30 June 31 December 31 December
2025 2024
2024
2023
Number of properties 40 6 40 7
Residential units 852 75 880 92
Commercial units 62 8 62 8
Total units 914 83 942 100
Total sqm ('000) 66.3 7.6 68.3 8.9
Valuation (€m) 271.9 29.6 278.0 35.1
Value per sqm (€) 4,099 3,910 4,070 3,921
PRS Properties 30 June 30 June 31 December 31 December
2025 2024
2024
2023
Number of properties 34 87 34 88
Residential units 1,174 2,397 1,173 2,397
Commercial units 46 130 46 132
Total units 1,220 2,527 1,219 2,529
Total sqm ('000) 83.8 178.4 83.9 178.8
Valuation (€m) 276.8 616.9 274.8 640.5
Value per sqm (€) 3,302 3,457 3,277 3,582
Condominium Sales Portfolio like-for-like increase of 0.7%
As of 30 June 2025, the Condominium Sales Portfolio (40 properties, 914 units)
was valued at €271.9m (€4,099 per sqm). The value per sqm of these
properties increased by 0.7% in the half-year.
PRS Portfolio records first like-for-like valuation increase since 2022
As at 30 June 2025, the PRS Portfolio (34 properties, 1,220 units) was valued
at €276.8m, with an average value of €3,302 per sqm. On a like-for-like
basis, the value per sqm of these properties increased by 0.8% in the
half-year. This marks the first valuation increase since the market downturn
began in 2022.
Subject to a successful refinancing, it is expected that a proportion of the
20 further properties which are legally split into condominiums will be
transferred to the Condominium Sales Pool and sold as condominiums. This will
reduce the value of the PRS Portfolio while increasing the value of the
Condominium Sales Portfolio by a larger amount.
Condominium notarisations and pricing
Condominium demand and prices in Berlin remain strong. During the first six
months of 2025, 51 units were notarised, with a combined sales price of
€14.6m, an increase of 177% compared with the same period in 2024. The
average sale price for notarised units (vacant and occupied) during H1 2025
was €4,043 per sqm, a 0.7% premium to latest balance sheet carry values.
Vacant units notarised achieved an average sale price of €5,040 per sqm, a
23.3% premium to their latest balance sheet carry value, while occupied units
averaged €3,677 per sqm, an 8.1% discount to their latest balance sheet
carry value.
Since 30 June, a further 30 units have been notarised with a combined sales
price of €7.8m. A further 25 units €7.8m are subject to reservation
pending notarisation.
With stock from Tranches 3 and 4 added to the market during H2 2025, the
Company expects sales momentum to remain strong into the second half of the
financial year and through 2026.
Table: Condominium notarisations and reservations (2025 to date)
Notarisation period / status Units Sales Value (€m) Price per sqm (€) Premium / discount to Portfolio carry value(1,2) Premium / discount to asset carry value(1,3)
Vacant notarisations
Notarised January 0 0 0 0 -
Notarised February 4 1.45 5,293 45.8% 23.2%
Notarised March 2 0.72 5,987 64.9% 32.1%
Notarised April 4 1.06 4,402 21.3% 20.6%
Notarised May 1 0.35 4,031 11.1% 25.1%
Notarised June 5 1.40 5,253 44.7% 20.9%
Notarised July 2 0.59 4,885 33.8% 8.3%
Notarised August 1 0.30 4,076 11.7% 25.0%
Notarised to 19 September 3 0.65 4,109 12.6% 15.0%
Total vacant notarisations 22 6.53 4,861 33.7% 21.0%
Occupied notarisations
Notarised January 4 0.82 2,987 -17.7% -24.5%
Notarised February 4 1.08 4,055 11.7% 0.5%
Notarised March 9 2.36 3,476 -4.2% -4.4%
Notarised April 7 1.81 3,840 5.8% -11.7%
Notarised May 3 1.05 4,323 19.1% -0.3%
Notarised June 8 2.48 3,626 -0.1% -8.4%
Notarised July 6 1.84 3,772 3.4% -1.4%
Notarised August 14 3.29 3,960 6.3% 1.3%
Notarised to 19 September 4 1.16 4,882 33.8% 5.4%
Total occupied notarisations 59 15.89 3,807 4.1% -4.8%
Total notarisations (vacant and occupied) 81 22.42 4,064 11.5% 1.7%
Total outstanding reservations 25 7.82 4,171 14.3% 9.5%
Total reservations and notarisations 106 30.24 4,091 12.4% 3.7%
1. Carry value is determined using the most recent JLL
valuation per sqm. For notarisations completed before June 30, 2025, the
applicable valuation is from December 2024. For notarisations occurring after
June 30, 2025, the carrying value will be based on the JLL valuation as of
June 30, 2025.
2. The Portfolio carry value is the average valuation per sqm
across all assets within the Company's Portfolio.
3. The asset carry value refers to the JLL valuation of the
specific properties associated with units being notarised during the period.
Ratio of vacant to occupied sales
As at 31 August 2025, the ratio of vacant to occupied sales was low at 25.7%.
This reflects the Company's strategy of initially offering units for sale to
tenants. For Tranches 1 and 2, tenant demand is expected to moderate in the
second half of the financial year. However, the Company expects strong demand
from tenants from Tranches 3 and 4. As at 1 September 2025, there were 109
vacant units available for sale, representing 12.6% of the total stock.
Over an entire four-to-five-year sales cycle, the Company expects vacant units
to account for between 40% and 50% of sales, driven largely by natural tenant
turnover of 8-10% per annum. Condominium sales projects completed between 2016
and 2024 recorded an average vacant sale share of 58%.
Annual condominium sales
For 2025, we expect sales to be in excess of €30m, while the sales target
for 2026 will be a minimum of €55m. This target may be adjusted depending on
the timing and availability of additional properties for sale, subject to the
terms of the Company's new debt facility.
Condominium sales velocity
The Average Annualised Sales Rate(1) (AASR) indicates how quickly inventory is
being absorbed. The duration of the sell-down period for any given condominium
property is significant, in that it affects both the timing and quantum of
proceeds.
Historically, condominium sales projects have taken four to five years from
the first units being placed on the market to achieve full sales completion,
which represents a sales rate of between 20% and 25%. The table below shows
the AASR on a monthly basis. As at end August 2025, the AASR stood at 34.9%.
Table: condominium sales velocity
Period Opening Notarisations in month New units made available during period Closing Average annualised sales rate(1)
units
units
January 104 4 258 358 45.3%
February 358 8 - 350 37.2%
March 350 11 - 339 37.1%
April 339 11 - 328 37.7%
May 328 4 - 324 33.1%
June 324 13 - 311 35.7%
July 311 8 282 585 34.9%
August 585 15 - 570 34.3%
1. Average annualised sales rate is calculated by dividing the number of units
sold in a given month by the total number of units available for sale at the
beginning of that month. This result is then annualised, based on the number
of days in the month, and averaged across historical months. To reduce
volatility in the calculation, newly listed units are only included one month
after marketing begins. This adjustment accounts for the typical delay before
sales commence.
Key variables which are likely to influence the annualised condominium sales
rate are:
· Overall buyer confidence: This is subject to interest rates and
other key macroeconomic and geopolitical considerations.
· Condominium pricing: This has remained resilient to date, and
there are no current indications suggesting a deterioration versus plan.
· Ratio of vacant to occupied units: Vacant units command a
significant premium to occupied units (in H1 2025, this premium stood at 37%).
The percentage of vacant units is expected to increase in 2026, as the number
of sales to tenants decline.
· Tenant churn: Higher tenant turnover creates more vacant units,
which command higher sale prices than occupied units.
· Size of condominium sales pool: The pool shrinks as units are
sold, but, subject to the terms of the Company's refinancing, additional
properties are expected to be added.
· Sales agent performance: Broker performance, actively tracked;
extra agents will be deployed if required.
· Location and property condition: Well-located, well-maintained
properties fetch the highest prices per sqm and attract strong demand.
Rental income
Annualised contracted net rental income at 30 June 2025 was €17.6m, a
decline of 21.4% compared with 30 June 2024. This was due to (1) a fall in the
number of units following the portfolio sale of 16 properties announced on 17
December 2024, (2) a decline in the number of units within the Portfolio
available for rent following condominium sales, and (3) a lower number of new
leases signed during the year.
The Company has always managed rent-to-income multiples for new tenants
conservatively and, despite current cost of living pressures, rent collection
levels have remained stable.
Table: Rental income and vacancy rate
30 June 30 June 31 Dec 31 Dec
2025
2024
2024
2023
Total sqm ('000) 150.2 186.0 152.2 187.8
Annualised Net Rental Income (€m) 17.6 22.4 18.0 22.3
Net Cold Rent per sqm (€) 10.7 10.5 10.7 10.4
Like-for-like rent per sqm growth (%) 1.4 3.2 1.6 4.1
Vacancy (%) 9.9 4.6 8.0 5.0
EPRA Vacancy (%) 2.1 1.4 1.5 2.0
Rental growth
As of 30 June 2025, net cold rent increased to an average of €10.7 per sqm,
up from €10.5 per sqm the previous year. On a like-for-like basis, rental
income per sqm grew by 1.4% in H1 2025, compared to 3.2% in H1 2024.
This slower growth reflects the Company's strategic emphasis on condominium
sales, which prioritises capital expenditure on condominium projects over PRS
properties. Other contributing factors include the termination of a lease with
a municipality in order to redevelop and subsequently sell the property.
EPRA vacancy remains low
Reported vacancy as at 30 June 2025 was 9.9% (30 June 2024: 4.6%), reflecting
an increase in units undergoing refurbishment or notarised for sale. On an
EPRA basis, adjusting for units undergoing refurbishment, the vacancy rate was
2.1% (30 June 2024: 1.4%).
Residential reversionary re-letting premium steady at 35%
Market rents are at record levels, with new lettings across the Portfolio
during the year signed at an average premium of 32.9% to passing rents (H1
2024: 28.7%) or €14.6 per sqm (H1 2024: €13.9 per sqm). For residential
units only, new lettings were signed at an average 36.0% premium (H1 2024:
33.2%) or €14.6 per sqm (H1 2024: €13.8 per sqm).
During H1 2025, 45 new leases were signed (H1 2024: 120 new leases),
representing an annualised reletting rate of approximately 6.3% of occupied
units. (H1 2024: 9.9%). The year-on-year decline is primarily attributed to
more condominium units being made available for sale.
Furnished living
The Company is launching a short-term, furnished-living programme to meet
growing tenant demand for flexible, ready-to-occupy homes while remaining
fully compliant with all relevant housing regulations. As furnished leases
include additional services, fittings and turn-key convenience, they are
assessed differently from standard long-term contracts; this allows rents to
reflect the added value provided, keeps apartments continuously occupied and
well maintained, and aligns with both rent-control and vacancy requirements.
Implementation is progressing through a series of three-year supply agreements
with a leading Berlin furnished living operator. Eleven contracts have already
been completed, four more are scheduled to follow once kitchen installations
and minor refurbishments are finished, and discussions covering a further six
units are under way. Although the current focus is on centrally located one
and two-room flats, the Company is evaluating a broader mix of unit types at
appropriate price points.
Portfolio investment
During H1 2025, the Company invested €5.4m in the Portfolio (H1 2024:
€2.6m), all of which is recognised as capital expenditure. For the full
year, the Company expects capital expenditure to total €15m.
A further €0.7m (H1 2024: €1.0m) was spent on routine maintenance,
expensed through the income statement. No properties were acquired during the
period.
The step-up in capital expenditure reflects the works undertaken to prepare
properties earmarked for condominium sales. Following the portfolio disposal
completed in December 2024, the Company retains sufficient cash reserves to
fund works required to optimise sale values for Tranches 1-4 in the
condominium pipeline.
Table: EPRA Capital Expenditure (€m)
Capex category 30 June 2025 30 June 2024 31 Dec 2024 31 Dec 2023
Acquisitions 0.0 0.0 0.0 5.6
Like-for-like Portfolio 5.2 2.3 4.5 5.9
Development 0.0 0.0 0.5 3.0
Other 0.2 0.3 0.2 0.5
Total Capital Expenditure 5.4 2.6 5.2 15.0
Refinancing of debt
The Company has received indicative heads of terms to refinance all Company
borrowings which mature in Q4 2026. Proceeds will repay the existing Natixis
loan and the two Berliner Sparkasse facilities. The terms proposed, if
approved, will increase the pool of assets from which condominiums can be
sold, and remove the distribution blocker to allow the Company to make capital
repayments to shareholders.
The Company is working towards completing the refinancing before the year end.
Debt and gearing
As at 30 June 2025, the Company had gross borrowings of €245.8m (31 December
2024: €269.6m) and cash balances of €21.1m (31 December 2024: €46.5m),
resulting in net debt of €224.7m (31 December 2024: €223.1m) and a net
loan-to-value ratio on the Portfolio of 41.0% (31 December 2024: 40.3%). The
reduction in gross debt during the period was principally a consequence of the
portfolio sale of the 16 properties in December 2024 and the subsequent
repayment of €38.8m of associated Berliner Sparkasse debt. Further
reductions also occurred through condominium sales during the period, although
this represented a smaller amount.
Table: Borrowings and leverage
Balance sheet category 30 June 2025 30 June 2024 31 Dec 2024 31 Dec 2023
Gross borrowings(1) €245.8m €318.1m €269.6m €324.0m
Cash balances €21.1m €18.3m €46.5m €11.0m
Net borrowings €224.7m €299.8 €223.1m 313.0m
Net LTV 41.0% 46.4% 40.3% 46.3%
Average remaining duration 1.2 years 2.3 years 1.8 years 2.8 years
(1 - Nominal loan balances used in calculation as per note 16 rather than
balances on the Consolidated Statement of Financial Position which consider
Capitalised Finance Arrangement Fees in the balance as per IAS 23)
The vast majority (97%) of the Company's debt has a fixed interest rate
through a combination of fixed rate facilities and interest rate hedging. As
at 30 June 2025, the blended interest rate of the Company's debt was 2.8% (31
December 2024: 2.5%). The increase in the all-in cost of funds reflects the
impact of the Natixis loan restructuring in January, which resulted in an
increased margin to accommodate changes in the facility structure, enabling
the sale of condominiums across a larger number of properties.
OUTLOOK
Macro backdrop: Implications for Berlin condominium demand
Following the ECB's third consecutive 25 bp rate cut on 5 June 2025 to 2.0%,
ten-year Bund yields have fallen to 2.3% (as at 30 August 2025). Banks have
trimmed fixed-rate mortgage rates by 35-40 bp since May, broadening
affordability for first-time buyers and owner-occupiers.
Lower financing costs and improved risk sentiment have supported a pick-up in
condominium transactions. Data published by the Berlin Committee of Valuers
indicate July-August condominium closings were up 18% year-on-year and Jones
Lang Lasalle now expects aggregate condominium transaction values in 2025 to
be approximately 20% higher than in 2024. The volume of PRS transactions, by
contrast, remains muted.
Market dynamics: Demand continues to outstrip supply
Net immigration into Germany was estimated at 450,000 in the seven months to
July, with c.23,000 settling in Berlin. The Federal Statistical Office now
forecasts full-year net inflows of 580,000-600,000. By contrast, new supply of
housing continues to contract: residential building permits fell 28%
year-on-year in the first seven months, and 2025 completions are now expected
at only 160,000-165,000 units, far below the Federal target of 400,000.
Construction costs for multi-family buildings remain materially higher than
market values in most locations, including Berlin. The economics of new
development therefore remain unattractive, reinforcing the scarcity value of
existing stock.
Regulatory environment: Stable but restrictive
No additional rent-control initiatives have been made since June, leaving the
previously announced measures (extension of the Mietpreisbremse to 2029,
reduction of the modernisation pass-through to 7% of capital expenditure, and
the nationwide condominium-conversion moratorium through 2030) in force. On 19
August 2025, the Federal Constitutional Court dismissed a legal challenge to
the conversion ban, reducing the prospect of near-term regulatory reversal.
Because the Company's existing inventory is exempt from these restrictions,
the scarcity value of its saleable stock is reinforced.
Capital return and discount to NAV
The Company has received indicative terms for a new debt facility, which is
expected to allow shareholder distributions alongside ongoing debt reduction.
The Company is working towards completing the refinancing before the year end.
At the current share price, the implied Portfolio valuation of €2,859 per
sqm remains 29% below achieved condominium sale prices. Management believes
that continuing to crystallise value through condominium sales, combined with
the upcoming share redemption programme, is the most effective route to
narrowing the persistent discount of the share price to NAV.
KEY PERFORMANCE INDICATORS
For the six months ended 30 June 2025, the Company has continued to focus on
the recalibrated key performance indicators ("KPIs") introduced in 2024, which
better align with its strategic priorities and evolving market conditions.
The new KPIs emphasise transparency around the Company's accelerated
condominium sales strategy. Condominium sales velocity offers greater
visibility into transaction activity. The inclusion of a share price discount
to EPRA NTA addresses the persistent valuation gap, demonstrating management
accountability for closing the disconnect between underlying asset values and
equity market pricing. The addition of net loan-to-value (LTV) reinforces the
Company's commitment to deleveraging. Like-for-like Portfolio valuation, EPRA
NTA per share and condominium sales have been retained as KPIs.
Table: H1 2025 key performance indicators
Key performance indicators (2024) 30 June 2025 30 June 2024 31 December 2024 31 December 2023
LFL Portfolio valuation growth (%) 0.6 (3.3) 0.8 (11.9)
EPRA NTA per Share (€) 3.49 3.68 3.55 3.96
Share price discount to EPRA NTA (%)(1) 44.6 49.5 42.2 50.7
Condominium notarisations (€m) 14.6 5.3 9.4 7.2
Condominium sales velocity - LTM (%) 35.7 35.8 34.0 26.5
Net loan to value (%) 41.0% 46.4 40.3 46.3
1 For any given period, share price discount to EPRA NTA is calculated using
the Sterling share price and €/£ exchange rate at the end of the period
Statement of Directors' responsibilities
The important events that have occurred during the period under review, the
key factors influencing the condensed consolidated financial statements and
the principal factors that could impact the remaining six months of the
financial year are set out in the Chairman's Statement and the Property
Advisor Report.
Since the date of the Annual Report for the year ended 31 December 2024,
capital and investment markets have continued to react cautiously to
historically high interest rates and economic uncertainty more generally and
sentiment in the Berlin PRS real estate market remains weak.
The principal risks considered are substantially unchanged since the date of
the Annual Report for the year ended 31 December 2024 and continue to be as
set out in that report. As at 30 June 2025, these include, but are not limited
to:
•. Economic and geopolitical risk
• Financing and interest rate risk
· Valuation risk
· Inability to sell properties, including condominiums
· Share price discount to NAV
· German property law risk
· German tenancy law risk
· Tenant affordability and tenant rental challenges
· IT and cyber security risk
· Outsourcing risk
· Environmental risk
The Directors confirm that, to the best of their knowledge:
• The condensed set of financial statements contained within this
half-yearly financial report have been prepared in accordance with
International Accounting Standard ("IAS") 34 'Interim Financial Reporting' and
give a true and fair view of the assets, liabilities, financial position and
profit of the Group; and
• The half-yearly financial report includes a fair review of the information
required by the FCA's Disclosure and Transparency Rule 4.2.7R being disclosure
of important events that have occurred during the first six months of the
financial year, their impact on the condensed set of financial statements and
a description of the principal risks and uncertainties for the remaining six
months of the year; and
• The half-yearly financial report includes a fair review of the information
required by the Disclosure and Transparency Rule 4.2.8R being disclosure of
related party transactions during the first six months of the financial year,
how they have materially affected the financial position of the Company during
the period and any changes therein.
The half-yearly financial report was approved by the Board on 25 September
2025 and the above responsibility statement was signed on its behalf by:
Director
25 September 2025
Condensed Consolidated Statement of Comprehensive Income
For the period from 1 January 2025 to 30 June 2025
Six months ended Six months ended Year ended
Notes 30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Continuing operations
Revenue 11,003 14,179 28,126
Property expenses 5 (7,135) (8,022) (15,755)
Gross profit 3,868 6,157 12,371
Administrative expenses 6 (2,376) (1,243) (3,811)
Loss on disposal of investment property (including investment property held 7 (941) (536) (3,194)
for sale)
Investment property fair value loss 10 (704) (25,148) (5,416)
Operating profit / (loss) (153) (20,770) (50)
Finance income (before (loss) / gain on interest rate swaps) 8 2,919 4,580 9,091
Finance costs (before (loss) / gain on interest rate swaps) 8 (7,838) (9,350) (18,156)
(Loss) / gain on interest rate swaps 8 (1,928) 1,452 (4,775)
Loss on disposal of subsidiary - (25,601)
Loss before taxation (7,000) (24,088) (39,491)
Income tax credit 9 190 3,876 (607)
Loss after taxation (6,810) (20,212) (40,098)
Other comprehensive income - - -
Total comprehensive loss for the period (6,810) (20,212) (40,098)
Total comprehensive income attributable to:
Owners of the parent (6,802) (19,446) (38,895)
Non-controlling interests (8) (766) (1,203)
(6,810) (20,212) (40,098)
Earnings per share attributable to the owners of the parent:
From continuing operations
Basic (€) 20 (0.07) (0.21) (0.42)
Diluted (€) 20 (0.07) (0.21) (0.42)
Condensed Consolidated Statement of Financial Position
At 30 June 2025
As at As at As at
Notes 30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
ASSETS
Non-current assets
Investment properties 12 498,479 525,008 516,902
Property, plant and equipment 13 10 9
Other financial assets at amortised cost 14 816 816 828
Derivative financial instruments 18 2,093 10,248 4,021
501,401 536,082 521,760
Current assets
Trade and other receivables 15 10,345 13,492 8,309
Cash and cash equivalents 21,095 18,253 46,520
31,440 31,745 54,829
Investment properties - held for sale 13 50,220 121,422 35,918
Total assets 583,061 689,249 612,507
EQUITY AND LIABILITIES
Current liabilities
Borrowings 16 423 1,371 407
Trade and other payables 17 13,341 21,698 11,656
Current tax 9 900 1,375 1,589
14,664 24,444 13,652
Non-current liabilities
Borrowings 16 244,168 314,474 267,453
Deferred tax liability 9 53,503 52,909 53,866
297,671 367,383 321,319
Total liabilities 312,335 391,827 334,971
Equity
Stated capital 19 196,578 196,578 196,578
Treasury shares (37,448) (37,448) (37,448)
Retained earnings 110,240 136,491 117,042
Equity attributable to owners of the parent 269,370 295,621 276,172
Non-controlling interest 1,356 1,801 1,364
Total equity 270,726 297,422 277,536
Total equity and liabilities 583,061 689,249 612,507
Condensed Consolidated Statement of Changes in Equity
For the period from 1 January 2025 to 30 June 2025
Attributable to the owners of the parent
Stated capital Treasury Shares Retained earnings Total Non-controlling interest Total equity
€'000 €'000 €'000 €'000 €'000 €'000
Balance at 1 January 2024 (audited) 196,578 (37,448) 155,937 315,067 2,567 317,634
Loss for the period - - (19,446) (19,446) (766) (20,212)
Other comprehensive income - - - - - -
Total comprehensive income for the period - - (46,614) (46,614) (414) (47,028)
Balance at 30 June 2024 (unaudited) 196,578 (37,448) 136,491 295,621 1,801 297,422
Loss for the period - - (19,449) (19,449) (437) (19,886)
Other comprehensive income - - - - - -
Total comprehensive income for the period - - (19,449) (19,449) (437) (19,886)
Balance at 31 December 2024 (audited) 196,578 (37,448) 117,042 276,172 1,364 277,536
Loss for the period - - (6,802) (6,802) (8) (6,810)
Other comprehensive income - - - - - -
Total comprehensive income for the period - - (6,802) (6,802) (8) (6,810)
Balance at 30 June 2025 (unaudited) 196,578 (37,448) 110,240 269,370 1,356 270,726
Treasury shares comprise the accumulated cost of shares acquired on-market.
Condensed Consolidated Statement of Cash Flows
For the period from 1 January 2025 to 30 June 2025
Notes Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Loss before taxation (7,000) (24,088) (39,491)
Adjustments for:
Finance income (2,919) (4,580) (9,091)
Net finance charge (before loss / (gain) on interest rate swaps) 8 7,838 9,350 18,156
Loss / (gain) on interest rate swaps 8 1,928 (1,452) 4,775
Loss on disposal of investment property 7 941 536 3,194
Loss on disposal of subsidiary - - 25,601
Investment property revaluation loss 10 704 25,148 5,416
Depreciation 13 25 55
Operating cash flows before movements in working capital 1,505 4,939 8,615
(Increase) / decrease in receivables (1,661) (658) 712
Increase in payables 1,173 2,210 967
Cash generated from / (used in) operating activities 1,017 6,491 10,294
Income tax paid (862) (7) (44)
Net cash generated from / (used in) operating activities 155 6,484 10,250
Cash flow from investing activities
Proceeds on disposal of investment property (net of disposal costs) 7,470 6,047 19,909
Proceeds on disposal received in advance 510 7,498 64
Interest received 134 41 48
Capital expenditure on investment property 12 (5,369) (2,593) (5,160)
(Acquisition) / disposals of property, plant and equipment (16) (24) (53)
Subsidiary disposal in year:
Net proceeds received on disposal of subsidiary - - 31,884
Subsidiary disposal costs - - (1,562)
Net cash generated from investing activities 2,729 10,969 45,130
Cash flow from financing activities
Interest paid on bank loans (6,000) (7,530) (14,676)
Interest received on interest rate swaps 2,797 4,551 9,043
Interest paid on interest rate swaps (1,327) (1,380) (2,775)
Repayment of bank loans (23,779) (5,857) (54,085)
Drawdown on bank loan facilities - 18 42,635
Net cash (used in) financing activities (28,309) (10,198) (19,858)
Net increase in cash and cash equivalents (25,425) 7,255 35,522
Cash and cash equivalents at beginning of period/year 46,520 10,998 10,998
Exchange gains on cash and cash equivalents - - -
Cash and cash equivalents at end of period/year 21,095 18,253 46,520
Reconciliation of Net Cash Flow to Movement in Debt
For the period from 1 January 2025 to 30 June 2025
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
€'000 €'000 €'000
Cashflow from increase in debt financing (23,779) (5,839) (11,450)
Change in net debt resulting from cash flows (23,779) (5,839) (11,450)
Non-cash changes from increase in debt financing 510 441 1,085
Loans relinquished on disposal of subsidiary undertaking - - (43,018)
Movement in debt in the period/year (23,269) (5,398) (53,383)
Debt at the start of the period/year 267,860 321,243 321,243
Debt at the end of the period/year 16 244,591 315,845 267,860
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
1. General information
The Group consists of a Parent Company, Phoenix Spree Deutschland Limited
('the Company'), incorporated in Jersey, Channel Islands and all its
subsidiaries ('the Group') which are incorporated and domiciled in and operate
out of Jersey and Germany. Phoenix Spree Deutschland Limited is listed under
the Equity Shares (Commercial Companies) category of the London Stock
Exchange.
The Group invests in residential and commercial property in Germany.
The registered office is at IFC 5, St Helier, Jersey, JE1 1ST, Channel
Islands.
2. Basis of preparation
The interim set of condensed consolidated financial statements has been
prepared in accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and with IAS 34 Interim Financial Reporting as
adopted by the European Union and the United Kingdom.
The interim condensed consolidated financial statements do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group's annual financial statements for
the year ended 31 December 2024.
As required by the Disclosure and Transparency Rules of the Financial Conduct
Authority, the financial statements have been prepared applying the accounting
policies and presentation that were applied in the preparation of the
Company's published consolidated financial statements for the year ended 31
December 2024.
The comparative figures for the financial year ended 31 December 2024 are
extracted from but do not comprise, the Group's annual consolidated financial
statements for that financial year.
The results presented in this report are unaudited and they have been prepared
in accordance with the recognition and measurement principles of UK-adopted
International Accounting Standards that are expected to be applicable to the
next set of financial statements and on the basis of the accounting policies
to be used in those financial statements.
The interim condensed consolidated financial statements do not include all of
the information required for full annual financial statements and accordingly,
whilst the interim condensed consolidated financial statements have been
prepared in accordance with the recognition and measurement principles of the
UK-adopted International Accounting Standards, it cannot be construed as being
in full compliance with the UK-adopted International Accounting Standards. The
financial information contained in this announcement does not constitute
statutory accounts as defined by the Companies (Jersey) Law 1991.
The interim condensed consolidated financial statements have not been audited
or reviewed in accordance with International Standard on Review Engagements
(UK) 2410. The consolidated financial statements for the period ended 31
December 2024 is based on the statutory accounts for the period ended 31
December 2024. The auditor reported on those accounts which were not
qualified.
The interim condensed consolidated financial statements have been prepared on
the basis of accounting policies applicable to a going concern. This basis
presumes that funds will be available to finance future operations and that
the realisation of assets and settlement of liabilities, will occur in the
ordinary course of business.
The interim condensed consolidated financial statements were authorised and
approved for issue on 25 September 2025.
2.1 Going concern
The interim condensed consolidated financial statements have been prepared on
a going concern basis which assumes the Group will be able to meet its
liabilities as they fall due for the foreseeable future. The Directors have
prepared forecasts for the Company in light of the continuing global
inflationary pressures and rising interest rates, the conclusion of which was
that there were no concerns. These condensed consolidated financial statements
have therefore been prepared on a going concern basis.
2.2 New standards and interpretations
There are currently no new standards, amendments or interpretations effective
for annual periods beginning on or after 1 January 2025 that are required to
be adopted by the Group.
3. Critical accounting estimates and judgements
The preparation of condensed consolidated financial statements in conformity
with IFRS requires the Group to make certain critical accounting estimates and
judgements. In the process of applying the Group's accounting policies,
management has decided the following estimates and assumptions have a
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the financial period;
i) Estimate of fair value of investment properties
The valuation of the Group's property portfolio is inherently subjective due
to, among other factors, the individual nature of each property, its location
and condition, and expected future rentals. The valuation as at 30 June 2025,
which has been used to prepare these financial statements is based on the
rules, regulations and market as at that date. The fair value estimates of
investments properties are detailed in note 12.
The best evidence of fair value is current prices in an active market of
investment properties with similar leases and other contracts. In the absence
of such information, the Group determines the amount within a range of
reasonable fair value estimates. In making its estimate, the Group considers
information from a variety of sources, including:
a) Discounted cash flow projections based on reliable estimates of future cash
flows, derived from the terms of any existing lease and other contracts, and
(where possible) from external evidence such as current market rents for
similar properties in the same location and condition, and using discount
rates that reflect current market assessments of the uncertainty in the amount
and timing of the cash flows.
b) Current prices in an active market for properties of different nature,
condition or location (or subject to different lease or other contracts),
adjusted to reflect those differences.
c) Recent prices of similar properties in less active markets, with
adjustments to reflect any changes in economic conditions since the date of
the transactions that occurred at those prices.
The Directors remain ultimately responsible for ensuring that the valuers are
adequately qualified, competent and base their results on reasonable and
realistic assumptions. The Directors have appointed Jones Lang LaSalle GmbH
('JLL') as the real estate valuation experts who determine the fair value of
investment properties using recognised valuation techniques and the principles
of IFRS 13. Further information on the valuation process can be found in note
12.
For further information with regard to the movement in the fair value of the
Group's investment properties, refer to the management report on pages 6 to 7.
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
ii) Judgment in relation to the recognition of assets held for sale
In accordance with the requirement of IFRS 5, Management has made an
assumption in respect of the likelihood of investment properties - held for
sale, being sold within the following 12 months. Management considers that
based on historical and current experience of the market since 30 June 2025,
the properties can be reasonably expected to sell within this timeframe.
4. Segmental information
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating-decision maker. The chief
operating-decision maker, who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the
Board of Directors. The Board has identified residential and commercial
property as two distinct operating segments. As commercial property does not
currently account for more than 10% of either the combined revenue, combined
profit or combined assets, the Board has considered the combined operations of
the Group as a whole as the only operating segment.
5. Property expenses
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Property management expenses 553 655 1,306
Repairs and maintenance 778 952 1,957
Impairment charge - trade receivables 160 (63) 1,178
Direct property expenses 3,093 4,122 6,199
Property Advisors' fees and expenses 2,127 2,025 4,315
Other property operating expenses 424 331 800
7,135 8,022 15,755
6. Administrative expenses
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Secretarial & administration fees 517 431 689
Legal & professional fees 1,373 487 2,044
Directors' fees 136 174 272
Bank charges 6 16 26
(Profit) / loss on foreign exchange (8) 9 22
Depreciation 13 25 55
Other administrative expenses 424 198 797
Other income (85) (97) (94)
2,376 1,243 3,811
7. Gain / (loss) on disposal of investment property (including investment
property held for sale)
Notes 30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Disposal proceeds 8,704 6,664 18,768
Book value of disposals 12 (8,786) (6,582) (20,971)
Disposal costs (859) (618) (991)
(941) (536) (3,194)
Where there has been a partial disposal of a property, the net book value of
the asset sold is calculated on a per square metre rate, based on the December
valuation.
8. Net finance income / (charge)
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Interest income 122 29 48
Swap cancellation income - - 388
Interest income on swaps 2,797 4,551 8,655
Finance income 2,919 4,580 9,091
Interest expense on swaps (1,327) (1,380) (2,775)
Interest expense on bank borrowings (6,511) (7,970) (15,381)
Finance cost (7,838) (9,350) (18,156)
Fair value loss on interest rate swap (1,928) 1,452 (4,775)
(6,847) (3,318) (13,840)
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
9. Income tax (credit) / expense
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
The tax (credit) / charge for the period is as follows: €'000 €'000 €'000
Current tax charge 173 526 777
Deferred tax credit - origination and reversal of temporary differences (363) (4,402) (170)
(190) (3,876) 607
The tax charge for the year can be reconciled to the theoretical tax charge on
the profit in the condensed consolidated statement of comprehensive income as
follows:
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Loss before tax on continuing operations (7,000) (24,088) (39,491)
Tax at German income tax rate of 15.8% (2024: 15.8%) (1,108) (3,812) (6,240)
Income not taxable 149 85 505
Tax effect of losses brought forward 769 (149) 6,342
Total tax (credit) for the period / year (190) (3,876) 607
Reconciliation of current tax liabilities
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Balance at beginning of period/year 1,589 856 856
Tax paid (862) (7) (44)
Current tax charge 173 526 777
Balance at end of period/year 900 1,375 1,589
Reconciliation of deferred tax
Capital gains on properties Interest rate swaps Total
Liability Liability Net liabilities
€'000 €'000 €'000
Balance at 1 January 2024 (55,919) (1,392) (57,311)
Charged to the statement of comprehensive income 4,632 (230) 4,402
Deferred tax liability at 30 June 2024 (51,287) (1,622) (52,909)
Deferred tax liability disposal 3,275 - 3,275
Charged to the statement of comprehensive income (5,218) 986 (4,232)
Deferred tax liability at 31 December 2024 (53,230) (636) (53,866)
Charged to the statement of comprehensive income 58 305 363
Deferred tax liability at 30 June 2025 (53,172) (331) (53,503)
10. Investment property fair value (loss) / gain
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Investment property fair value loss (704) (25,148) (5,416)
Further information on investment properties is shown in note 12.
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
11. Dividends
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Amounts recognised as distributions to equity holders in the period:
No interim dividend was paid for the years ended 31 December 2024 and 31 - - -
December 2023.
No final dividend was paid for the years ended 31 December 2024 and 31 - - -
December 2023.
The Board are not proposing to declare a dividend for the first half of the
year (six months to 30 June 2024: Nil cents, Nil pence).
12. Investment properties
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Fair value €'000 €'000 €'000
Balance at beginning of period/year 552,820 675,567 675,567
Capital expenditure 5,369 2,593 5,160
Disposals (8,786) (6,582) (122,491)
Fair value loss (704) (25,148) (5,416)
Investment properties at fair value - as set out in the report by JLL 548,699 646,430 552,820
Assets considered as "Held for sale" (Note 13) (50,220) (121,422) (35,918)
Balance at end of period/year 498,479 525,008 516,902
The property portfolio was valued at 30 June 2025 by the Group's independent
valuers, JLL, in accordance with the methodology described below. The
valuations were performed in accordance with the current Appraisal and
Valuation Standards, 8th edition (the 'Red Book') published by the Royal
Institution of Chartered Surveyors (RICS).
The valuation of the property Portfolio is performed on a building-by-building
basis and the source information on the properties including current rent
levels, void rates and non-recoverable costs was provided to JLL by the
Property Advisors QSix Residential Limited. Assumptions with respect to rental
growth, adjustments to non-recoverable costs and the future valuation of these
are those of JLL. Such estimates are inherently subjective and actual values
can only be determined in a sales transaction. JLL also uses data from
comparable market transactions where these are available alongside their own
assumptions.
Having reviewed the JLL report, the Directors are of the opinion that this
represents a fair and reasonable valuation of the properties and have
consequently adopted this valuation in the preparation of the condensed
consolidated financial statements.
The valuations have been prepared by JLL on a consistent basis at each
reporting date and the methodology is consistent and in accordance with IFRS
which requires that the 'highest and best use' value is taken into account
where that use is physically possible, legally permissible and financially
feasible for the property concerned, and irrespective of the current or
intended use.
All properties are valued as Level 3 measurements under the fair value
hierarchy (see note 22) as the inputs to the discounted cash flow methodology
which have a significant effect on the recorded fair value are not observable.
Additionally, JLL perform reference checks back to comparable market
transactions to confirm the valuation model.
The unrealised fair value gain or loss in respect of investment property is
disclosed in the condensed consolidated statement of comprehensive income as
'Investment property fair value gain or loss'.
Valuations are undertaken using the discounted cash flow valuation technique
as described below and with the inputs set out as follows:
Discounted cash flow methodology (DCF)
The fair value of investment properties is determined using discounted cash
flows.
Under the DCF method, a property's fair value is estimated using explicit
assumptions regarding the benefits and liabilities of ownership over the
asset's life including an exit or terminal value. As an accepted method within
the income approach to valuation the DCF method involves the projection of a
series of cash flows on a real property interest. To this projected cash flow
series, an appropriate, market-derived discount rate is applied to establish
the present value of the income stream associated with the real property.
The duration of the cash flow and the specific timing of inflows and outflows
are determined by events such as rent reviews, lease renewal and related lease
up periods, re-letting, redevelopment, or refurbishment. The appropriate
duration is typically driven by market behaviour that is a characteristic of
the class of real property.
Periodic cash flow is typically estimated as gross income less vacancy,
non-recoverable expenses, collection losses, lease incentives, maintenance
cost, agent and commission costs and other operating and management expenses.
The series of periodic net operating incomes, along with an estimate of the
terminal value anticipated at the end of the projection period, is then
discounted.
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
12. Investment properties (continued)
The Group categorises all investment properties in the following three ways;
Rental Scenario
'Rental Scenario' properties have been valued under the Discounted Cashflow
Methodology and are included in the Investment properties line in the
Non-current assets section of the Condensed Consolidated Statement of
Financial Position. In general, the market participants are willing to pay
higher prices for properties where physical and legal requirements are
fulfilled and it is financially feasible to sell units individually. In these
cases, the market values are still calculated on a rental basis but are
adjusted to reflect the described potential increase in value. JLL calculates
the market value of these assets in what is referred to as a 'Privatisation
potential', which includes a deduction to the rental scenario discount rate
for each completed step met when transitioning from the Rental Scenario to the
Condominium Scenario. Properties expected to be sold in the coming year from
these assets are considered held for sale under IFRS 5 and can be seen in note
13.
Condominium Scenario
Included in this valuation scenario are properties that have the potential or
the benefit of all relevant permissions required to sell apartments
individually (condominiums), and have been approved for sale by the Board.
Units expected to be sold in the coming year from these assets are considered
held for sale under IFRS 5 and can be seen in note 13. The market value of the
Privatisation potential of these assets is reported under this Condominium
Scenario.
Disposal Scenario
Where properties have been notarised for sale prior to the reporting date, but
have not completed; they are held at their notarised disposal value. These
assets are considered held for sale under IFRS 5 as set out in note 13.
The table below sets out the assets valued using these 3 scenarios:
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Rental scenario 276,322 609,450 274,790
Condominium scenario 272,377 29,580 278,030
Disposal scenario - 7,400 -
Total 548,699 646,430 552,820
13. Investment properties - Held for sale
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Fair value - held for sale investment properties
At beginning of period/year 35,918 60,594 60,594
Transferred from investment properties 22,595 108,312 32,667
Transferred to investment properties - (38,800) (39,675)
Capital expenditure 653 304 239
Properties sold (8,786) (6,582) (20,971)
Valuation (loss) / gain on assets held for sale (160) (2,406) 3,064
At end of period/year 50,220 121,422 35,918
Investment properties are re-classified as current assets and described as
'held for sale' in three different situations: properties notarised for sale
at the reporting date, properties where at the reporting date the Group has
obtained and implemented all relevant permissions required to sell individual
apartment units, and efforts are being made to dispose of the assets
('condominium'); and properties which are being marketed for sale but have
currently not been notarised.
Properties notarised for sale by the reporting date are valued at their
disposal price (disposal scenario), and other properties are valued using the
condominium or rental scenarios (see note 12) as appropriate.
Investment properties held for sale are all expected to be sold within 12
months of the reporting date based on Management knowledge of current and
historic market conditions.
14. Other financial assets at amortised cost
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Non-current
Balance at beginning of period/year 828 828 828
Repayment of loan interest (24) (24) (24)
Accrued interest 12 12 24
Balance at end of period/year 816 816 828
The Group entered into a loan agreement with the minority interest of Accentro
Real Estate AG in relation to the acquisition of the assets as share deals.
This loan bears interest at 3% per annum.
These financial assets are considered to have low credit risk and any loss
allowance would be immaterial.
None of these financial assets were either past due or impaired.
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
15. Trade and other receivables
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Current
Trade receivables 542 716 749
Service charges receivable 8,030 9,911 5,779
Less: impairment provision (856) (234) (696)
Net receivables 7,716 10,393 5,832
Prepayments and accrued income 845 905 283
Other receivables 1,784 2,194 2,194
10,345 13,492 8,309
16. Borrowings
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Current liabilities
Bank loans - NATIXIS Pfandbriefbank AG* 120 343 106
Bank loans - Berliner Sparkasse 303 1,028 301
423 1,371 407
Non-current liabilities
Bank loans - NATIXIS Pfandbriefbank AG** 225,504 257,279 248,635
Bank loans - Berliner Sparkasse 18,664 57,195 18,818
244,168 314,474 267,453
244,591 315,845 267,860
* Nominal value of the borrowings as at 30 June 2025 was €1,123,000 (31
December 2024: €1,109,000, 30 June 2024: €1,355,000).
** Nominal value of the borrowings as at 30 June 2025 was €225,705,000 (31
December 2024: €249,333,000, 30 June 2024: €258,493,000).
For further information on borrowings, refer to the management report on page
10.
17. Trade and other payables
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Trade payables 2,563 3,004 3,985
Accrued liabilities 1,975 1,743 2,129
Service charges payable 8,229 9,453 5,478
Advanced payment received on account 574 7,498 64
13,341 21,698 11,656
18. Derivative financial instruments
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Interest rate swaps - carried at fair value through profit or loss
At beginning of period/year 4,021 8,796 8,796
Loss in movement in fair value through profit or loss (1,928) 1,452 (4,775)
At end of period/year 2,093 10,248 4,021
The notional principal amounts of the outstanding interest rate swap contracts
at 30 June 2025 were €219,000,000 (December 2024: €219,000,000, June 2024:
€230,683,750). At 30 June 2025 the fixed interest rates vary from 1.008% to
3.210% (December 2024: 1.008% to 3.210%, June 2024: 0.775% to 3.210%) above
the main factoring Euribor rate.
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
18. Derivative financial instruments (continued)
Maturity analysis of interest rate swaps
30 June 2025 30 June 2024 31 December 2024
€'000 €'000 €'000
Less than 1 year - - 2,738
Between 1 and 2 years 2,093 - 1,345
Between 2 and 5 years - 10,248 -
2,093 10,248 4,083
19. Stated capital
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Issued and fully paid:
At reporting date 196,578 196,578 196,578
196,578 196,578 196,578
The number of shares in issue at 30 June 2025 was 100,751,410 (including
8,924,047 as Treasury Shares), 31 December 2024: 100,751,410 (including
8,924,047 as Treasury Shares), 30 June 2024: 100,751,410 (including 8,924,047
as Treasury Shares).
20. Earnings per share
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Earnings for the purposes of basic earnings per share being net profit (6,802) (19,446) (38,895)
attributable to owners of the parent (€'000)
Weighted average number of ordinary shares for the purposes of basic earnings 91,827,363 91,827,363 91,827,363
per share (Number)
Effect of dilutive potential ordinary shares (Number) - - -
Weighted average number of ordinary shares for the purposes of diluted 91,827,363 91,827,363 91,827,363
earnings per share (Number)
Earnings per share (€) (0.07) (0.21) (0.42)
Diluted earnings per share (€) (0.07) (0.21) (0.42)
21. Net asset value per share and EPRA Net Tangible Assets (NTA)
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Net assets (€'000) 269,370 295,621 276,172
Number of participating ordinary shares 91,827,363 91,827,363 91,827,363
Net asset value per share (€) 2.93 3.22 3.01
EPRA NTA
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Net assets (€'000) 269,370 295,621 276,172
Add back deferred tax assets and liabilities, derivative financial instruments 51,410 42,661 49,845
and share based payment reserves (€'000)
EPRA NTA (€'000) 320,780 338,282 326,017
EPRA NTA per share (€) 3.49 3.68 3.55
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
22. Financial instruments
The Group is exposed to the risks that arise from its use of financial
instruments. This note describes the objectives, policies and processes of the
Group for managing those risks and the methods used to measure them. Further
quantitative information in respect of these risks is presented throughout the
condensed consolidated financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which financial
instrument risk arises, are as follows:
• financial assets
• cash and cash equivalents
• trade and other receivables
• trade and other payables
• borrowings
• derivative financial instruments
The Group held the following financial assets at each reporting date:
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Held at amortised cost
Trade and other receivables - current 9,500 12,587 8,026
Cash and cash equivalents 21,097 18,255 46,520
Loans and receivables 816 816 828
31,413 31,658 55,374
Fair value through profit or loss
Derivative financial asset - interest rate swaps 2,093 10,248 4,021
2,093 10,248 4,021
33,506 41,906 59,395
The Group held the following financial liabilities at each reporting date:
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Held at amortised cost
Borrowings payable: current 423 1,371 407
Borrowings payable: non-current 244,168 314,474 267,453
Trade and other payables 13,341 21,698 11,656
257,932 337,543 279,516
257,932 337,543 279,516
Fair value of financial instruments
The fair values of the financial assets and liabilities are not materially
different to their carrying values due to the short-term nature of the current
assets and liabilities or due to the commercial variable rates applied to the
long-term liabilities.
The interest rate swap was valued externally by the respective counterparty
banks by comparison with the market price for the relevant date.
The interest rate swaps are expected to mature during September 2026.
The Group uses the following hierarchy for determining and disclosing the fair
value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or
liabilities;
Level 2: other techniques for which all inputs which have a significant effect
on the recorded fair value are observable, either directly or indirectly; and
Level 3: techniques which use inputs which have a significant effect on the
recorded fair value that are not based on observable market data.
During each of the reporting periods, there were no transfers between
valuation levels.
Notes to the Condensed Consolidated Financial Statements
For the period from 1 January 2025 to 30 June 2025
22. Financial instruments (continued)
Group fair values
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
€'000 €'000 €'000
Financial (liabilities) / assets
Interest rate swaps - Level 2 - current - - -
Interest rate swaps - Level 2 - non-current 2,093 10,248 4,021
2,093 10,248 4,021
The valuation basis for the investment properties is disclosed in note 12.
23. Related party transactions
Related party transactions not disclosed elsewhere are as follows:
QSix Residential Limited is the Group's appointed Property Advisor. No
Directors of QSix Residential Limited currently sit on the Board of PSD,
although its Principals retain a shareholding in the Company. For the
six-month period ended 30 June 2025, an amount of €2,126,671 (€2,126,671
Management Fees and €Nil Other expenses and fees) (December 2024:
€4,296,112 (€4,293,070 Management fees and €3,042 Other expenses and
fees), June 2024: €2,019,859 (€2,016,817 Management Fees and €3,042
Other expenses and fees)) was payable to QSix Residential Limited. At 30 June
2025 €236,681 (December 2024: €1,113,429, June 2024: €40,235) was
outstanding.
Apex Financial Services (Alternative Funds) Limited, the Company's
administrator provided administration and company secretarial services to PSDL
and its subsidiaries in 2024. For the six-month period ended 30 June 2025, an
amount of €374,857 (December 2024: €688,502, June 2024: €335,467) was
payable to Apex Financial Services (Alternative Funds) Limited. At 30 June
2025 €Nil (December 2024: €Nil, June 2024: €Nil) was outstanding.
Dividends paid to Directors in their capacity as a shareholder amounted to
€Nil (December 2024: €Nil, June 2024: €Nil).
24. Events after the reporting date
Since the reporting date, the Company has completed sales of 20 condominium
units that were notarised at the reporting date with a value of €5.6m. The
Company exchanged contracts on 30 condominium units for a total of €7.8m, of
which 1 unit has competed with a value of €0.1m.
Professional Advisors
Property Advisor QSix Residential Limited
54-56 Jermyn Street
London SW1Y 6LX
Administrator Apex Financial Services (Alternative Funds) Limited
Company Secretary IFC 5
and Registered Office St Helier
Jersey JE1 1ST
Registrar MUFG Corporate Markets (Jersey) Limited
IFC 5
St. Helier
Jersey JE1 1ST
Principal Banker Barclays Private Clients International Limited
13 Library Place
St. Helier
Jersey JE4 8NE
UK Legal Advisor Stephenson Harwood LLP
1 Finsbury Circus
London EC2M 7SH
Jersey Legal Advisor Mourant
22 Grenville Street
St. Helier
Jersey JE4 8PX
German Legal Advisor Mittelstein Rechtsanwälte
as to property law Alsterarkaden 20
20354 Hamburg
Germany
German Legal Advisor Mittelstein Rechtsanwälte
as to general matters Alsterarkaden 20
20354 Hamburg
Germany
German Legal Advisor as Taylor Wessing Partnerschaftsgesellschaft mbB
to German partnership law Thurn-und-Taxis-Platz 6
60313 Frankfurt a.M.
Germany
Sponsor and Broker Deutsche Bank AG
21 Moorfields
London
EC2Y 9DB
Independent Property Valuer Jones Lang LaSalle GmbH
Rahel-Hirsch-Strasse 10
10557 Berlin
Germany
Auditor RSM UK Audit LLP
25 Farringdon Street
London EC4A 4AB
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