Edison Investment Research Limited 
Phoenix Spree Deutschland (PSDL): Rent cap decision will determine strategy 
 
07-Dec-2020 / 08:00 GMT/BST 
 
                                                 London, UK, 7 December 2020 
 
Phoenix Spree Deutschland (PSDL): Rent cap decision will determine strategy 
 
Phoenix Spree Deutschland (PSD) is a pure play on Berlin residential 
property, where excess demand drives free market rent growth. H120 financial 
performance was robust despite the COVID-19 pandemic and the first effects 
of Berlin rent controls. Recent full implementation of the legislation will 
significantly reduce FY21 rental income and peg rents for five years, but it 
remains PSD's firm view that the legislation will ultimately be ruled 
unconstitutional and overturned. Our central scenario (shown below) assumes 
repeal, effective from 1 January 2021. Should this not happen, it has 
significant condominium optionality and our analysis highlights significant 
value embedded in the portfolio in either case. 
 
A c 30% discount to FY20e EPRA NAV per share compares with a five-year 
average of 8% since IPO. The discount is a larger c 40% to our estimated 
'condominium' valuation that we would expect to be in focus should the rent 
cap not be repealed. 
 
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1152868 07-Dec-2020 
 
 
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(END) Dow Jones Newswires

December 07, 2020 03:00 ET (08:00 GMT)