Phoenix Spree Deutschland’s portfolio comprises a Berlin-focused residential platform in attractive, well-connected districts of the city. At 31 December 2025, the total portfolio comprised 73 properties, 2,081 units and 146.5 thousand square metres.
Our portfolio
At 31 December 2025, the portfolio was independently valued by JLL at €540.1 million, equivalent to €3,686 per square metre. On a like-for-like basis, the portfolio recorded 1.5% growth during the year, reflecting stabilising conditions in the Berlin residential market.
A distinguishing feature of the portfolio is the extent to which assets are legally divided into individual condominium units. This provides the Company with flexibility to realise value through selective disposals while continuing to manage the wider portfolio in an orderly and disciplined way.
The Condominium Sales Pool comprised 40 properties with 891 units and a valuation of €271.0 million at 31 December 2025, equivalent to €4,191 per square metre. The PRS Portfolio comprised 33 properties with 1,190 units and a valuation of €269.1 million, equivalent to €3,288 per square metre. Both segments recorded like-for-like valuation growth during the year.
JLL Valuation Summary1
| Metric | Total Portfolio | Condominium Sales Pool | PRS Portfolio | |||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Properties | 73 | 74 | 40 | 16 | 33 | 58 |
| Total units | 2,081 | 2,161 | 891 | 366 | 1,190 | 1,795 |
| Total sqm (‘000) | 146.5 | 152.2 | 64.7 | 29.0 | 81.9 | 123.2 |
| Valuation (€m) | 540.1 | 552.8 | 271.0 | 110.8 | 269.1 | 442.0 |
| Value per sqm (€m) | 3,686 | 3,633 | 4,191 | 3,820 | 3,288 | 3,589 |
| LFL growth per sqm (YoY) | +1.5% | +0.8% | +3.1% | +10.6% | +0.8% | (1.4)% |
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