Phoenix Spree Deutschland Limited (LSE:PSDL) reported condominium sales of €36 million in 2025, comfortably exceeding its €30 million target. The year included a record December, with average achieved prices of €4,132 per square metre coming in above balance sheet carrying values. Management said demand has remained resilient, particularly for vacant apartments, underscoring continued buyer appetite despite a challenging market backdrop.
Following the completion of a full refinancing of its debt and the expansion of its broker network, the group plans to further build its condominium sales pipeline. It is targeting at least €55 million of notarisations in 2026 as part of this effort. From next year, Phoenix Spree Deutschland also intends to begin returning capital to shareholders through compulsory pro-rata redemptions, funded from net proceeds of asset disposals. The move represents a significant milestone in the execution of its managed wind-down and realisation strategy.
The company’s overall outlook continues to be constrained by weak historical financial performance, including several years of losses, uneven revenue trends and a balance sheet that has gradually softened. These factors are partially offset by a recent improvement in free cash flow. Share price technicals are moderately supportive, showing a mild upward trend with broadly neutral momentum, while valuation metrics remain difficult to assess due to the absence of meaningful P/E and dividend yield data.
More about Phoenix Spree Deutschland Ltd
Phoenix Spree Deutschland Limited is a Jersey-incorporated, closed-ended investment company listed on the premium segment of the Official List and the Main Market of the London Stock Exchange. The company invests in German residential property, spanning condominiums and private rented sector assets, and is currently focused on an orderly wind-down and managed realisation process aimed at returning capital to shareholders over time.
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