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 

Stuart Young

 

+44 (0)20 3937 8760 

Numis Securities Limited (Corporate Broker) 

David Benda  

 

+44 (0)20 3100 2222 

 

 

Teneo (Financial PR) 

 Lizzie Snow / Annushka Shivnani 

 

+44 (0)20 7353 4200 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCURVSRSOUVOAR