Phoenix Spree Deutschland

What Phoenix Spree Deutschland does

Phoenix Spree Deutschland is a London Stock Exchange-listed closed-ended investment company (ticker: PSDL, ISIN: JE00B248KJ21) focused exclusively on Berlin residential real estate. Incorporated in Jersey in 2007 and admitted to the LSE Main Market in June 2015, the company manages a portfolio of 73 properties containing 2,081 residential units and approximately 146,500 sqm, independently valued at €540.1m as at 31 December 2025 by JLL. The company has no full-time employees of its own; day-to-day operations, acquisitions, disposals, and investor relations are outsourced to its Property Advisor QSix Residential Limited, with on-the-ground tenant management handled by Core Immobilien Management GmbH in Berlin.

The company operates two core product lines. The PRS Portfolio (Private Rented Sector) comprises 33 properties with 1,190 units held for long-term rental income, valued at €269.1m (€3,288/sqm). The Condominium Sales Pool comprises 40 properties with 891 units legally subdivided for individual sale, valued at €271.0m (€4,191/sqm) — a meaningful premium over the PRS valuation reflecting owner-occupier demand and the scarcity of legally divided stock in Berlin. The company also operates under its "Better Futures" Corporate Responsibility framework covering environmental, social, and governance initiatives.

The business model is built around two distinct revenue streams. Recurring gross rental income from residential and commercial tenancies generated €22.7m in FY2025, with like-for-like rental growth of 0.8%. Non-recurring condominium sales generated €36.0m of notarised transactions across 122 units in FY2025 at an average of €4,132/sqm — vacant units achieving €4,585/sqm versus occupied units at €3,909/sqm, reflecting a deliberate arbitrage strategy of creating vacant possession to maximise per-unit proceeds. The investor customer base comprises institutional and retail shareholders accessing Berlin residential exposure through the listed vehicle; the underlying tenants are individual Berlin households and small commercial occupiers across the portfolio's mixed-use buildings.

Name

Phoenix Spree Deutschland

Legal name

Phoenix Spree Deutschland Limited

Website

https://phoenixspree.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Phoenix Spree Deutschland is a London Stock Exchange-listed (LSE: PSDL) Berlin-focused residential REIT operating a 73-property portfolio of 2,081 units valued at €540.1m, generating revenue through long-term PRS rentals and individual condominium unit sales to capture the PRS-to-condo valuation arbitrage.

Ownership category

akta.pro rank

Headquarters

HQ city

City Of London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Residential and Commercial Rental Income: The company earns gross rental income from residential and commercial units across its Berlin portfolio. In FY2025, gross rental income was €22.7m, reflecting asset disposals, intentional vacancy for condominium sales, and the December 2024 asset sale.
2. Condominium Unit Sales: The company generates revenue from the sub-division and sale of select apartment blocks as individual condominiums. In FY2025, condominium sales notarised totalled €36.0m across 122 units, at an average price of €4,132/sqm. Vacant units achieved €4,585/sqm versus occupied units at €3,909/sqm.
3. Portfolio Disposals: The company generates proceeds from the disposal of non-Berlin assets and other portfolio properties. During 2024, the company completed disposal of assets including a significant December 2024 sale, with proceeds used to reduce debt and fund the condominium strategy.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Phoenix Spree Deutschland is a Jersey-domiciled, London Stock Exchange-listed closed-ended investment company that owns and manages a Berlin-focused residential property portfolio. It generates revenue through long-term private rented sector (PRS) rental income and through the legal subdivision and sale of individual condominium units at premiums over block valuations. Active asset management, renovation, and selective condominium conversion are central to its value realisation strategy.

Product overview

Phoenix Spree Deutschland is a London Stock Exchange-listed real estate investment company operating a Berlin-focused residential platform. The company manages two core product lines: the PRS Portfolio (Private Rented Sector) comprising 33 properties with 1,190 residential units held for long-term rental income, and the Condominium Sales Pool comprising 40 properties with 891 units designated for subdivision and individual sale. The company also operates under its Better Futures Corporate Responsibility framework. The total portfolio at 31 December 2025 comprised 73 properties, 2,081 units valued at €540.1 million.

Differentiator

Problem solved

Functional benefit

Products and services

• PRS Portfolio (Private Rented Sector) Core rental portfolio of residential properties in Berlin held for long-term rental income. As at 31 December 2025, comprised 33 properties with 1,190 residential units valued at €269.1 million (€3,288/sqm). FY2025 gross rental income was €22.7 million.
• Condominium Sales Pool Select residential properties designated for legal subdivision into individual condominium units and sale to owner-occupiers and investors. As at 31 December 2025, comprised 40 properties with 891 units valued at €271.0 million (€4,191/sqm). FY2025 condominium sales notarised totalled €36.0 million across 122 units at an average price of €4,132/sqm.
• Residential Tenancy Management (Berlin) Property management services delivered to residential tenants in Berlin, including rent collection, maintenance requests, new tenancy arrangements, and tenant communications, provided through appointed management company Core Immobilien Management GmbH.

Quantifiable outcome

• Portfolio valuation: €540.1m (31 December 2025), up 1.5% like-for-like per sqm, marking a second consecutive year of positive LFL growth
• +7 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered core and minor.

• QSix Residential Limited (formerly PMM Residential Limited)coreStrategic or Co-development Partner · 1 January 2007QSix Residential Limited acts as Phoenix Spree Deutschland's Property Advisor and is responsible for day-to-day management and execution of the company's strategy. Its principals have backgrounds in property and finance and each have more than a decade of experience in the German residential market. QSix supports portfolio management, condominium sales execution, operational oversight, financing matters, and strategic planning. The company was incorporated on 24 November 2017 (registered number 11081891) and maintains offices in both London and Berlin. Senior QSix personnel and their families retain a significant stake in the company, aligning their interests with other stakeholders.
• Core Immobilien Management GmbHcoreImplementation/ SI/ Consulting PartnerCore Immobilien Management GmbH serves as the company's property management company in Berlin, handling all tenant communications, rent collection, maintenance requests, new tenancy arrangements, and tenant surveys. Located at Markgrafenstraße 22, 10117 Berlin. The company maintains close contact with tenants through Core to ensure timely notification of changes to tenancy laws and rental levels.
• JLL (Jones Lang LaSalle GmbH)coreOthersJLL acts as the independent property valuer for the company's portfolio, providing bi-annual valuations. Located at Rahel-Hirsch-Strasse 10, D-10557 Berlin. JLL conducted the December 2025 valuation at €540.1m total portfolio value.
• RSM UK Audit LLPcoreOthersRSM UK Audit LLP serves as the company's independent external auditor. Located at 25 Farringdon Street, London EC4A 4AB. Audited the annual report and financial statements for the year ended 31 December 2025.
• MUFG Corporate Markets (Jersey) LimitedcoreOthersMUFG Corporate Markets (Jersey) Limited acts as the company's Registrar, providing share registration services and investor centre access for shareholders. Located at IFC 5, St. Helier, Jersey JE1 1ST. Provides 24-hour online access for shareholders to view holdings, change addresses, manage dividend payments, and access documents.
• Apex Financial Services (Alternative Funds) LimitedcoreOthersApex Financial Services (Alternative Funds) Limited provides company secretarial and administrative services and serves as the Registered Office of the Company. Located at IFC 5, St Helier, Jersey JE1 1ST. Tel: +44 (0) 1534 847000.
• Stephenson Harwood LLPcoreOthersStephenson Harwood LLP acts as the company's primary Legal Advisor. Located at 1 Finsbury Circus, London EC2M 7SH.
• Single Homeless Project (SHP)minorOthersQSix, the company's Property Advisor, continued to support SHP for a fourth year in 2022, funding an employability programme that helps homeless people or those at high risk of becoming homeless to find jobs and secure sustainable income. In 2022, 180 people took part in the Achieving Potential employability programme. QSix's funding also supported a Big Give Christmas campaign (£10,000 donated, matched to £30,000) helping approximately 263 people with micro-grants.
• SPEARminorOthersQSix provides funding to SPEAR to run an outreach service helping rough sleepers in Southwest London to secure accommodation and support for health and social care needs. In 2022, this helped 644 people experiencing homelessness.
• Laughing HeartsminorOthersPSD supports Laughing Hearts charity, which supports children living in children's homes and social care by providing cultural, sport, and art activities. PSD's 2022 donation facilitated a garden swing, trips to Hamburg and Hungary, residential items for facilities, and workshops including English language learning.
• Home-StartminorOthersQSix started providing funding to Home-Start in 2022. Home-Start provides volunteer-led home visiting support for families, aiming to ensure no parent or family feels alone in raising children.
• The Intercultural Initiative (Women's Refuge)minorOthersFor the fourth consecutive year, PSD supported a women's refuge helping women affected by domestic violence by providing emergency shelter and advice. PSD's 2022 donation helped cover management costs, provided immediate purchases for women and children transitioning to independent lives, and funded more intensive support.
• Mourant OzannesminorOthersMourant Ozannes acts as Jersey Legal Advisor to the company. Located at 22 Grenville Street, St. Helier, Jersey JE4 8PX.
• Mittelstein RechtsanwälteminorOthersMittelstein Rechtsanwälte acts as German Legal Advisor as to property law. Located at Alsterarkaden 20, 20354 Hamburg, Germany.
• Taylor Wessing Partnerschaftsgesellschaft mbBminorOthersTaylor Wessing acts as German Legal Advisor as to German partnership law. Located at Thurn-und-Taxis-Platz 6, 60313 Frankfurt a. M., Germany.

Scale indicators15 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• LXI REIT plc: UK-listed closed-ended REIT investing in UK commercial real estate. Comparable LSE-listed investment vehicle structure with similar dividend and capital-return focus.
• Deutsche Wohnen: Berlin-focused residential landlord with ~155,000 units (now part of Vonovia). Highly comparable given shared Berlin market exposure and large-scale residential rental operations; PSDL is a smaller, more nimble pure-play vehicle.
• Picton Property Income Limited: UK-listed diversified property investment company focused on commercial property. Comparable LSE-listed closed-ended investment structure but focused on UK commercial rather than German residential.
• Adler Group SA: German-focused residential real estate company (~82,000 units, ~€6bn portfolio at peak). Comparable as a listed vehicle focused on German residential rental; differs via scale and recent restructuring.
• Schroders European Real Estate Investment Trust PLC: London-listed (LSE) closed-ended REIT focused on Continental European commercial real estate. Most comparable LSE-listed investment company structure with similar target investor base and listed real estate exposure.
• Regional REIT Limited: UK-listed (LSE) closed-ended real estate investment trust focused on UK regional office property. Comparable closed-ended LSE investment structure with similar investor base and dividend dynamics.
• Grainger plc: UK's largest listed residential landlord (PRS) with ~10,000+ operational units and an active build-to-rent and re-leasing strategy. Comparable as a listed residential REIT executing an active asset management and value-add strategy.

Broad incumbents

• Vonovia SE: Germany's largest residential landlord (~540,000+ units) and operator of the former Deutsche Wohnen. Comparable as a German residential landlord; differs in scale and pan-German rather than Berlin-only focus.
• CLS Holdings plc: UK-listed property investment company with European office and mixed-use assets. Comparable as a London-listed closed-ended European real estate vehicle with similar capital structure.
• Aroundtown SA: German-listed commercial and residential real estate company with significant German exposure. Comparable as a German real estate investment vehicle; less focused on Berlin residential and broader in scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Phoenix_Spree
• LinkedInlinkedin.com/company/qsixrealestate

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phoenix Spree Deutschland