As at 31 December 2022, the Portfolio consists of 96 properties containing 2,553 residential units and 135 commercial units, with a total lettable area of around 188,800 square metres.


Phoenix Spree has successfully implemented its strategy of building up a focused, Berlin portfolio of assets. When the company listed on the main market of the London Stock Exchange in June 2015, its portfolio was valued at €245.3m. Since listing, the value of the portfolio has risen by over 216% to €775.9m as at 31 December 2022.

Number of buildings


Total units


Number of residential units


Total sqm ('000)


Number of commercial units



Lettable area by usage 

As at 31 December 2022, residential use represented 91% of the lettable space within the Portfolio.

The majority of commercial space exists within buildings which are predominantly residential. For example, many apartment blocks in the Portfolio have small shops or offices on the ground floor. These units represent around 8% of the Portfolio’s lettable area.

Property age and construction 

Typically, properties consist of fewer than 40 apartments. The Property Advisor believes that renovated Altbau properties are good long-term investments as the period features of these properties are demanded by tenants and potential buyers.

Neubau properties, in the Property Advisor’s view, benefit from modern construction standards and, as a result, typically have lower maintenance and renovation costs. There are no pre-fabricated properties (Plattenbau) within the Portfolio, nor any properties located in large social housing complexes. The majority of properties in the Portfolio are located in residential streets in either city centre or suburban locations.


Phoenix Spree identifies properties where converting into condominiums will maximise value, with the intention of augmenting returns from its core rental business and reinvesting in the Portfolio.

While the value of apartment blocks in Berlin and other major cities in Germany has seen increases in recent years, prices of apartment blocks lag behind prices of blocks split up and sold as single apartments.

The sub-division and sale of apartment blocks as condominiums has the potential to enhance returns when compared to a pure rental model, and allow further reinvestment into the Portfolio of rental properties.