REG - Phoenix SpreeDeutsch - New Berlin Rent Table

Phoenix Spree DeutschlandAnnouncement

30/05/2024 16:30

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RNS Number : 5222Q  Phoenix Spree Deutschland Limited  30 May 2024

30 May 2024

 

 

Phoenix Spree Deutschland Limited

(the "Company", the "Group" or "PSD")

 

Announcement of new Berlin Rent Index 

 

 

The Company welcomes the release today by The Senate Department for Urban
Development, Building and Housing of the new Berlin Mietspiegel (rent index).
 This replaces the transitional Mietspiegel which was announced in June 2023.

 

Where applicable, the Company will notify qualifying tenants of any upward
revisions to future monthly rental payments, with increases expected to become
effective from September 2024. Although not the primary driver of PSD's rent
growth, it is anticipated that the new Mietspiegel will be accretive to rental
income from the third quarter of 2024.

 

As reported on April 2024, supply-demand imbalances within the Berlin rental
market are currently at their widest in recent memory, leading to record
market rents, with new lettings across PSD's Portfolio signed at an average
premium of 31 per cent to passing rents during 2023 and vacancy levels at an
all-time low.

 

 

For further information, please
contact:                                          

 Phoenix Spree Deutschland Limited              +44 (0)20 3937 8760

 Stuart Young 

  
 Numis Securities Limited (Corporate Broker)    +44 (0)20 3100 2222

 David Benda                                     

                                                 
 Teneo (Financial PR)                           +44 (0)20 7353 4200

  Lizzie Snow / Annushka Shivnani

 

 

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