As at 31 December 2023, the Portfolio consists of 95 properties containing 2,489 residential units and 140 commercial units, with a total lettable area of  187,800 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 €245m. Since listing, the value of the portfolio has risen to €675.6m as at 31 December 2023.

Number of buildings


Total units


Number of residential units


Total sqm ('000)


Number of commercial units



Lettable area by usage 

As at 30 December 2023, residential use represented 92% 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. 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.