26 sep 25   phoenix spreedeutsch - interim results and business update phoenix spree deutschland fund | psdl | 163 0 0.0% | mkt cap: 149.4m    rns number : 9011a phoenix spree deutschland limited 26 september 2025   26 september 2025 phoenix spree deutschland limited (the "company," or "psd") interim results and business update phoenix spree deutschland limited (lse: psdl.ln), the uk listed investment company specialising in berlin residential real estate, announces its results for the six months ended 30 june 2025. the board also provides a further update on the company's strategy to significantly accelerate condominium sales, reduce debt and return capital to shareholders. highlights table: financial and operational summary  € million (unless otherwise stated) 6 months to 30 june 2025 6 months to 30 june 2024 year to 31 december 2024 year to 31 december 2023 income statement     gross rental income 11.0 14.2 28.1 27.5 (loss) before tax  (7.0) (24.1) (39.5) (118.8) dividend per share in respect of the period - - - -      balance sheet     portfolio valuation (€m) 548.7 646.4 552.8 675.6 epra nta per share (€)1 3.49 3.68 3.55 3.96 epra nta per share (£)1,2 2.98 3.12 2.93 3.43 epra nta per share total return (€%) (1.7) (7.1) (10.4) (22.4) net ltv (%)3 41.0 46.4 40.3 46.3      operational     portfolio valuation per sqm (€) 3,654 3,488 3,633 3,598 condominium sales notarised (€m) 14.6 5.3 9.4 7.2 condominium sales notarised per sqm (€) 4,043 4,292 4,295 3,976 vacant condominiums notarised per sqm (€) 5,040 4,841 5,027 4,702 occupied condominiums notarised per sqm (€) 3,677 3,611 3,430 3,409 annual like-for-like rent per sqm growth (%)4 1.4 3.2 1.6 4.1 epra vacancy (%) 2.1 1.4 1.5 2.0   1 - epra metrics defined and calculated in note 21. 2 - calculated at fx rate gbp/eur 1.16982 as at 30 june 2025 (31 december 2024: gbp/eur 1:1.206) 3 - net ltv uses nominal loan balances (note 16) rather than the loan balances on the consolidated statement of financial position which include capitalised finance arrangement fees. 4 - like-for-like excludes the impact of disposals in the period.   strategic repositioning progressing well: ·      portfolio realisation plan on track, prioritising the sale of individual condominiums at a significant per sqm valuation premium to equivalent prs properties. ·      strong progress in transitioning private rented sector ("prs") properties into the condominium sales pool, with 942 units (40 properties) made available for sale. additional properties are expected to be added on completion of debt refinancing. ·      year to date condominium sales of €22.4m, sales rates running ahead of target. ·      full year condominium sales are expected to exceed €30m in 2025 and €55m in 2026.   refinancing and shareholder distributions: ·      indicative heads of terms agreed for the refinancing of all borrowings ahead of september 2026 maturity. ·      the new facility is expected to enable further properties to be added to the condominium sales pool and permit distributions to shareholders. ·      net debt as at 30 june 2025 was at €223.5m (30 june 2024: €297.6m) with net loan-to-value (ltv) reduced to 41.0% from 46.4% as at 30 june 2024.   condominium sales accelerating: ·      51 units notarised during the half-year, with a combined sales value of €14.6m, an increase of 177% compared with the same period in 2024. ·      since the half-year end, a further 30 units have been notarised with a sales value of €7.8m, bringing total year-to-date notarisations (as at 19 september 2025) to €22.4m. ·      a further 25 units with a combined value of €7.8m are subject to reservation pending notarisation. ·      average sale price for notarised units (vacant and occupied) during h1 was €4,043 per sqm, a 0.7% premium to latest balance sheet carry values. ·      vacant units notarised achieved an average sale price of €5,040 per sqm, a 23.3% premium to their latest balance sheet carry values, while occupied units averaged €3,677 per sqm, an 8.1% discount to their latest balance sheet carry value. ·      to strengthen sales capacity as more condominiums come to market, the broker panel has been expanded from three to five following the appointment two additional firms. portfolio valuation increase: ·      second consecutive like-for-like valuation increase: the overall portfolio value rose by 0.6% on a like-for-like per sqm basis during the first half of 2025, reflecting stabilisation in the berlin residential market. ·      prs portfolio: achieved its first valuation increase since 2022, with a like-for-like per sqm increase of 0.8% during the first half of the financial year. ·      condominium sales portfolio: recorded a like-for-like per sqm increase of 0.7% during the first half of the financial year.   outlook: ·      continued resilience in berlin condominium prices: driven by cheaper mortgage finance, stronger buyer sentiment, demographic-driven demand and reduced new construction. ·      acceleration of condominium sales momentum: sales from further properties in the portfolio being made available for sale are expected to drive higher transaction volumes from q3 2025. ·      condominium sales running ahead of plan: the company expects to achieve full year sales of at least €30m in 2025 and in excess of €55m in 2026. ·      refinancing: indicative terms agreed to provide flexibility for expansion of the condominium sales pool and enabling future shareholder distributions. ·      focus on shareholder value: subject to successful refinancing, the company expects to announce its first shareholder distribution with its annual results in april 2026.   robert hingley, chair of phoenix spree deutschland, commented: "the progress achieved during the first half of 2025 has positioned phoenix spree deutschland strongly for the remainder of the year and beyond. we are seeing good demand in the berlin condominium market, with sales prices remaining robust and volumes meeting expectations. our strategic focus on accelerating condominium sales, reducing leverage, and optimising our portfolio continues to deliver tangible results. our debt refinancing is progressing well, with the aim to provide flexibility to return capital to shareholders. the board and property advisor are fully committed to executing our strategy with a clear focus on monetising the full value of the portfolio." half-year report and accounts the half-year report and accounts will shortly be available to download from the company's webpage www.phoenixspree.com and the national storage mechanism in the required format, available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. for further information please contact: phoenix spree deutschland limited stuart young +44 (0)20 3937 8760 deutsche bank ag (corporate broker) hugh jonathan +44 (0) 20 7260 1263 teneo (financial pr) elizabeth snow +44 (0)20 7353 4200      chairman's statement introduction during the first half of the current financial year, we have concentrated on implementing our managed portfolio realisation strategy, focused on accelerating the sale of individual apartment units ("condominiums"). the divergence in price per square metre between condominiums and prs properties has persisted and continues to support this strategy. while broader prs market values now show signs of stabilisation after a prolonged downturn, condominium sales prices remain substantially higher.   financial and operational performance as of 30 june 2025, the company's portfolio value was €548.7m, representing a like-for-like valuation increase of 0.6% over the six-month period. this marks the second consecutive period of portfolio valuation growth, highlighting further stabilisation in the berlin residential market.   a significantly reduced fair-value loss on investment properties (-€0.7m versus -€25.1m in h1 2024) brought the operating result close to break-even at -€0.2m (h1 2024: -€20.8m). after finance costs of €6.8m, the pre-tax loss narrowed to -€7.0m (h1 2024: -€24.1m), reducing the loss per share to -€0.07 from -€0.21 in h1 2024.   condominium sales volumes have continued to accelerate. in the first half of 2025, the company notarised 51 units for €14.6m, achieving an average sales price of €4,043 per sqm, a 22% premium to the portfolio's average prs valuation and 0.7% above the latest balance sheet carry values. for a more detailed update on our financial and operational performance, as well as insights into the broader market environment, please refer to the report from the property advisor. responsible business our corporate responsibility framework, better futures, continues to guide how we engage with all stakeholders. tenant satisfaction remains a key focus, especially in rental properties earmarked for future condominium sales. we prioritise clear and timely communication with affected tenants, offer them first purchase rights, and strive to minimize any disruption caused by these transitions. we are actively investing in our communities through partnerships with homelessness charities in berlin and london, including the intercultural initiative and laughing hearts, as well as spear, shp, and home-start via our property advisor, qsix. in line with our sustainability goals, we are advancing the testing of heating optimization systems across selected properties, aiming for completion by end-2025. if successful, we plan to expand this initiative across a significant portion of our prs portfolio, targeting substantial energy savings and further reducing our environmental impact. property advisor our property advisor, qsix, remains committed to driving our strategic objectives forward. qsix's interests are aligned with those of our shareholders, with all net disposal fees received reinvested in the company's shares.   outlook and priorities the berlin condominium market continues to demonstrate resilience, with condominium sales prices expected to remain well above equivalent prs values. the progress achieved in the first half of 2025 positions the company well for the remainder of the year and beyond and the board and property advisor remain focused on executing the company's strategy. our debt refinancing is on track with indicative terms received. the proposed facility is expected to increase the previous cap on condominium units available for sale and permit capital distributions to shareholders. more details on the refinancing will be made available in due course. at the agm, shareholders voted to amend the articles of the company so that existing ordinary shares can be converted into redeemable shares and a mandatory redemption facility introduced. on behalf of the board, i would like to thank our shareholders, tenants, and stakeholders for their continued support.     strategic update market context berlin's residential sector remains divided. condominium prices and transaction volumes have remained broadly stable, whereas private rented sector (prs) valuations, although showing signs of stabilisation, remain significantly below their 2022 peak levels and well below current condominium prices. these contrasting pricing dynamics underscore the company's strategic focus on condominium disposals as the best route to reduce debt and unlock shareholder value.   progress on condominium preparation and marketing the 40 properties designated for condominium sales have been organised into tranches based on their market launch dates. by 30 june 2025, a total of 648 units had been made available for purchase. for tranche 3, tenant-purchase negotiations commenced in june, and apartments not reserved by tenants were listed publicly in early july 2025. as of 1 september 2025, one property within the portfolio has been sold in its entirety, leaving 39 properties remaining in the condominium sales portfolio.   preparation of tranche 4 is complete, and communication with tenants has begun. the units will be listed on the open market in early october, bringing the cumulative number of units made available for sale to 942 - up from 366 at the start of the financial year and 108 as of 1 december 2024.   to reinforce the tranche 4 sales programme, the company has engaged two additional brokers. they will operate alongside the existing brokers, lübke & kelber, engel & völkers, and the company's affiliated broker, iwa.   the company invested significantly in capital expenditure during the first half of the year to prepare condominium properties for sale, with total spend expected to reach €15m for the full year. this expense is a one-off and will not recur at the same level next year. capital expenditure in 2026 is expected to be materially lower, depending on the number of additional properties added to the condominium sales pool.   table: condominium tranches property group sales status / added to market number of properties 1 september 2025 units 1 september 2025 sqm 1 september 2025  units 31 december 2024 sqm 31 december 2024 potential project sales value as at 1 september 20251 tranche 1 2024 5 86 7,721 108 9,291 € 33.6m tranche 2 december 2024 10 215 16,730 258 19,711 € 65.8m tranche 3 june 2025 12 269 18,707 282 19,549 € 77.8m tranche 4 september 2025 12 294 19,763 294 19,760 € 91.0m total  39 864 62,921 942 68,311 € 268.3m 1.       potential project sales value as at 1 september 2025 reflects the estimated sales value of properties currently in the condominium sales pool over the entire duration of the sales process.  investment properties held for sale (note 13 of the financial statements) reflects the value of properties that are expected to be sold within 12 months of the reporting date based on management knowledge of current and historic market conditions. the total potential sales value of the 39 properties currently approved for condominium sales is estimated at €268.3m. this valuation reflects the june 2025 balance sheet carry value, adjusted to account for completed sales between 30 june and 31 august 2025. further condominium potential within the portfolio twenty legally divided properties (740 units, or 36% of the portfolio) are currently outside the active sales pool. the completion of the new debt facility is expected to provide flexibility to bring a portion of these assets into the condominium sales programme during 2026.   table: condominium potential within the portfolio property status as at 01 september 2025 number of properties number of units area (sqm) units as % total divided and in condominium sales pool 39 864 62,921 41.5% divided but not yet in condominium sales pool 20 740 47,424 35.5% total divided properties 59 1,604 110,345 77.0% undivided properties (prs) 14 480 36,422 23.0% total properties 73 2,084 146,767 100.0%   report of the property advisor: financial and operational highlights financial highlights for the half year to 30 june 2025 € million (unless otherwise stated) 6 months to 6 months to year to year to 30 june 25 30 june 24 31-dec-24 31-dec-23 gross rental income 11.0 14.2 28.1 27.5 investment property fair value loss  (0.7) (25.1) (5.4) (97.3) loss before tax (7.0) (24.1) (39.5) (118.8) reported eps (€)  (0.07) (0.21) (0.42) (1.07) investment property value  548.7 646.4 552.8 675.6 net debt (nominal balances)1 224.7 299.8 223.0 313.0 net ltv (%)  41.0 46.4 40.3 46.3 ifrs nav per share (€)  2.93 3.22 3.01 3.43 ifrs nav per share (£)2 2.50 2.73 2.49 2.97 epra nta per share (€)3  3.49 3.68 3.55 3.96 epra nta per share (£)2 2.98 3.12 2.93 3.43 dividend per share in respect of the period (€ cents)  - - - - dividend per share in respect of the period (£ pence) - - - - € epra nta per share total return for the period (%) (1.7) (7.1) (10.4) (22.4) £ epra nta per share total return for the period (%)2 1.6 (8.9) (14.6) (24.0) 1 - nominal loan balances used in calculation as per note 16 rather than balances on the consolidated statement of financial position which consider capitalised finance arrangement fees in the balance as per ias 23. 2 - calculated at fx rate gbp/eur 1.16982 as 30 june 2025 (31 december 2024: gbp/eur 1:1.206), 3 - further epra net asset measures can be found in note 21 financial results overview   profit and loss during the six months to 30 june 2025, the company generated gross revenues of €11.0m, down from €14.2m in the comparable period of 2024. this reduction is largely the result of disposals in the latter half of 2024. reflecting the smaller size of the portfolio, property expenses fell by 11% to €7.1m (h1 2024: €8.0m), resulting in a gross profit of €3.9m (h1 2024: €6.2m).   administrative costs increased to €2.4m (h1 2024: €1.2m), primarily reflecting higher professional fees linked to the implementation of the condominium sale programme. a modest -€0.7m fair-value loss was recognised on investment properties, a significant improvement on the -€25.1m loss reported in h1 2024. consequently, the operating result was close to break-even, recording a loss of -€0.2m versus a -€20.8m operating loss in h1 2024.   net finance costs amounted to €6.8m (h1 2024: €3.3m). this figure includes a €1.9m adverse movement on interest-rate swaps, compared with a €1.5m gain in the prior year. after finance items, the loss before tax narrowed to -€7.0m (h1 2024: loss of -€24.1m). the basic and diluted loss per share declined to -€0.07 (-7 cents) compared with -€0.21 (h1 2024: -21 cents).   balance sheet euro epra nta per share declined by 1.7% during the first half of 2025, to €3.49 (31 december 2024: €3.68), with the decline largely reflecting additional capital expenditure required in 2025 to prepare condominium properties for sale. sterling epra nta per share increased by 1.7% during the same period, to £2.98 (31 december 2024: £2.93), primarily due to the strengthening of the euro against the sterling.   total return   euro epra nta total return for the first half of 2025 was down 1.7%, compared to a decline of 7.1% in the first half of 2024. sterling epra nta total return for the same period increased by 1.6%, versus a decline of 8.9% in the first half of 2024.   portfolio valuation condominium values remained resilient during the period and, for the first time since the decline in real estate values began in 2022, prs valuations have risen. as at 30 june 2025, the total portfolio value was €548.7m, with an average value of €3,654 per sqm and a gross yield of 3.2%. on a like-for-like basis (adjusted for disposals), the portfolio value increased by 0.6% during h1 2025. since the total sqm of the higher-valued condominium sales pool decreased (due to condominium sales) while the lower-valued prs properties maintained their size, the overall mix shifted slightly toward the lower-priced segment. the total portfolio weighted average therefore increased by less than the increase in each segment. table: jll valuation summary total portfolio 30 june 2025 30 june 2024 31 december 2024 31 december 2023 number of properties 74 93 74 95 residential units 2,026 2,472 2,053 2,489 commercial units 108 138 108 140 total units 2,134 2,610 2,161 2,629 total sqm ('000) 150.2 186.0 152.2 187.7 valuation (€m) 548.7 646.4 552.8 675.6 value per sqm (€) 3,654 3,480 3,630 3,598   condominium sales pool 30 june 2025 30 june 2024 31 december 2024 31 december 2023 number of properties 40 6 40 7 residential units 852 75 880 92 commercial units 62 8 62 8 total units 914 83 942 100 total sqm ('000) 66.3 7.6 68.3 8.9 valuation (€m) 271.9 29.6 278.0 35.1 value per sqm (€) 4,099 3,910 4,070 3,921           prs properties 30 june 2025 30 june 2024 31 december 2024 31 december 2023 number of properties 34 87 34 88 residential units 1,174 2,397 1,173 2,397 commercial units 46 130 46 132 total units 1,220 2,527 1,219 2,529 total sqm ('000) 83.8 178.4 83.9 178.8 valuation (€m) 276.8 616.9 274.8 640.5 value per sqm (€) 3,302 3,457 3,277 3,582   condominium sales portfolio like-for-like increase of 0.7% as of 30 june 2025, the condominium sales portfolio (40 properties, 914 units) was valued at €271.9m (€4,099 per sqm). the value per sqm of these properties increased by 0.7% in the half-year.   prs portfolio records first like-for-like valuation increase since 2022 as at 30 june 2025, the prs portfolio (34 properties, 1,220 units) was valued at €276.8m, with an average value of €3,302 per sqm. on a like-for-like basis, the value per sqm of these properties increased by 0.8% in the half-year. this marks the first valuation increase since the market downturn began in 2022.   subject to a successful refinancing, it is expected that a proportion of the 20 further properties which are legally split into condominiums will be transferred to the condominium sales pool and sold as condominiums. this will reduce the value of the prs portfolio while increasing the value of the condominium sales portfolio by a larger amount.   condominium notarisations and pricing condominium demand and prices in berlin remain strong. during the first six months of 2025, 51 units were notarised, with a combined sales price of €14.6m, an increase of 177% compared with the same period in 2024. the average sale price for notarised units (vacant and occupied) during h1 2025 was €4,043 per sqm, a 0.7% premium to latest balance sheet carry values. vacant units notarised achieved an average sale price of €5,040 per sqm, a 23.3% premium to their latest balance sheet carry value, while occupied units averaged €3,677 per sqm, an 8.1% discount to their latest balance sheet carry value.   since 30 june, a further 30 units have been notarised with a combined sales price of €7.8m. a further 25 units €7.8m are subject to reservation pending notarisation.   with stock from tranches 3 and 4 added to the market during h2 2025, the company expects sales momentum to remain strong into the second half of the financial year and through 2026. table: condominium notarisations and reservations (2025 to date) notarisation period / status units  sales value (€m) price per sqm (€) premium / discount to portfolio carry value1,2 premium / discount to asset carry value1,3 vacant notarisations      notarised january 0 0 0 0 - notarised february 4 1.45 5,293 45.8% 23.2% notarised march 2 0.72 5,987 64.9% 32.1% notarised april 4 1.06 4,402 21.3% 20.6% notarised may 1 0.35 4,031 11.1% 25.1% notarised june 5 1.40 5,253 44.7% 20.9% notarised july 2 0.59 4,885 33.8% 8.3% notarised august 1 0.30 4,076 11.7% 25.0% notarised to 19 september 3 0.65 4,109 12.6% 15.0% total vacant notarisations 22 6.53 4,861 33.7% 21.0%       occupied notarisations      notarised january 4 0.82 2,987 -17.7% -24.5% notarised february 4 1.08 4,055 11.7% 0.5% notarised march 9 2.36 3,476 -4.2% -4.4% notarised april 7 1.81 3,840 5.8% -11.7% notarised may 3 1.05 4,323 19.1% -0.3% notarised june 8 2.48 3,626 -0.1% -8.4% notarised july 6 1.84 3,772 3.4% -1.4% notarised august 14 3.29 3,960 6.3% 1.3% notarised to 19 september 4 1.16 4,882 33.8% 5.4% total occupied notarisations 59 15.89 3,807 4.1% -4.8% total notarisations (vacant and occupied) 81 22.42 4,064 11.5% 1.7% total outstanding reservations 25 7.82 4,171 14.3% 9.5% total reservations and notarisations 106 30.24 4,091 12.4% 3.7% 1.         carry value is determined using the most recent jll valuation per sqm. for notarisations completed before june 30, 2025, the applicable valuation is from december 2024. for notarisations occurring after june 30, 2025, the carrying value will be based on the jll valuation as of june 30, 2025. 2.         the portfolio carry value is the average valuation per sqm across all assets within the company's portfolio. 3.         the asset carry value refers to the jll valuation of the specific properties associated with units being notarised during the period. ratio of vacant to occupied sales as at 31 august 2025, the ratio of vacant to occupied sales was low at 25.7%. this reflects the company's strategy of initially offering units for sale to tenants. for tranches 1 and 2, tenant demand is expected to moderate in the second half of the financial year. however, the company expects strong demand from tenants from tranches 3 and 4. as at 1 september 2025, there were 109 vacant units available for sale, representing 12.6% of the total stock.   over an entire four-to-five-year sales cycle, the company expects vacant units to account for between 40% and 50% of sales, driven largely by natural tenant turnover of 8-10% per annum. condominium sales projects completed between 2016 and 2024 recorded an average vacant sale share of 58%.   annual condominium sales for 2025, we expect sales to be in excess of €30m, while the sales target for 2026 will be a minimum of €55m. this target may be adjusted depending on the timing and availability of additional properties for sale, subject to the terms of the company's new debt facility.   condominium sales velocity the average annualised sales rate1 (aasr) indicates how quickly inventory is being absorbed. the duration of the sell-down period for any given condominium property is significant, in that it affects both the timing and quantum of proceeds.   historically, condominium sales projects have taken four to five years from the first units being placed on the market to achieve full sales completion, which represents a sales rate of between 20% and 25%. the table below shows the aasr on a monthly basis. as at end august 2025, the aasr stood at 34.9%.   table: condominium sales velocity period opening units notarisations in month new units made available during period closing units average annualised sales rate1 january 104 4 258 358 45.3% february 358 8 - 350 37.2% march 350 11 - 339 37.1% april 339 11 - 328 37.7% may 328 4 - 324 33.1% june 324 13 - 311 35.7% july 311 8 282 585 34.9% august 585 15 - 570 34.3% 1. average annualised sales rate is calculated by dividing the number of units sold in a given month by the total number of units available for sale at the beginning of that month. this result is then annualised, based on the number of days in the month, and averaged across historical months. to reduce volatility in the calculation, newly listed units are only included one month after marketing begins. this adjustment accounts for the typical delay before sales commence. key variables which are likely to influence the annualised condominium sales rate are: ·      overall buyer confidence: this is subject to interest rates and other key macroeconomic and geopolitical considerations. ·      condominium pricing: this has remained resilient to date, and there are no current indications suggesting a deterioration versus plan. ·      ratio of vacant to occupied units: vacant units command a significant premium to occupied units (in h1 2025, this premium stood at 37%). the percentage of vacant units is expected to increase in 2026, as the number of sales to tenants decline. ·      tenant churn: higher tenant turnover creates more vacant units, which command higher sale prices than occupied units. ·      size of condominium sales pool: the pool shrinks as units are sold, but, subject to the terms of the company's refinancing, additional properties are expected to be added. ·      sales agent performance: broker performance, actively tracked; extra agents will be deployed if required. ·      location and property condition: well-located, well-maintained properties fetch the highest prices per sqm and attract strong demand. rental income annualised contracted net rental income at 30 june 2025 was €17.6m, a decline of 21.4% compared with 30 june 2024. this was due to (1) a fall in the number of units following the portfolio sale of 16 properties announced on 17 december 2024, (2) a decline in the number of units within the portfolio available for rent following condominium sales, and (3) a lower number of new leases signed during the year.   the company has always managed rent-to-income multiples for new tenants conservatively and, despite current cost of living pressures, rent collection levels have remained stable.   table: rental income and vacancy rate  30 june 2025 30 june 2024 31 dec 2024 31 dec 2023 total sqm ('000) 150.2 186.0 152.2 187.8 annualised net rental income (€m) 17.6 22.4 18.0 22.3 net cold rent per sqm (€) 10.7 10.5 10.7 10.4 like-for-like rent per sqm growth (%) 1.4 3.2 1.6 4.1 vacancy (%) 9.9 4.6 8.0 5.0 epra vacancy (%) 2.1 1.4 1.5 2.0     rental growth as of 30 june 2025, net cold rent increased to an average of €10.7 per sqm, up from €10.5 per sqm the previous year. on a like-for-like basis, rental income per sqm grew by 1.4% in h1 2025, compared to 3.2% in h1 2024.   this slower growth reflects the company's strategic emphasis on condominium sales, which prioritises capital expenditure on condominium projects over prs properties. other contributing factors include the termination of a lease with a municipality in order to redevelop and subsequently sell the property.   epra vacancy remains low reported vacancy as at 30 june 2025 was 9.9% (30 june 2024: 4.6%), reflecting an increase in units undergoing refurbishment or notarised for sale. on an epra basis, adjusting for units undergoing refurbishment, the vacancy rate was 2.1% (30 june 2024: 1.4%).   residential reversionary re-letting premium steady at 35% market rents are at record levels, with new lettings across the portfolio during the year signed at an average premium of 32.9% to passing rents (h1 2024: 28.7%) or €14.6 per sqm (h1 2024: €13.9 per sqm). for residential units only, new lettings were signed at an average 36.0% premium (h1 2024: 33.2%) or €14.6 per sqm (h1 2024: €13.8 per sqm).   during h1 2025, 45 new leases were signed (h1 2024: 120 new leases), representing an annualised reletting rate of approximately 6.3% of occupied units. (h1 2024: 9.9%). the year-on-year decline is primarily attributed to more condominium units being made available for sale.   furnished living the company is launching a short-term, furnished-living programme to meet growing tenant demand for flexible, ready-to-occupy homes while remaining fully compliant with all relevant housing regulations. as furnished leases include additional services, fittings and turn-key convenience, they are assessed differently from standard long-term contracts; this allows rents to reflect the added value provided, keeps apartments continuously occupied and well maintained, and aligns with both rent-control and vacancy requirements.   implementation is progressing through a series of three-year supply agreements with a leading berlin furnished living operator. eleven contracts have already been completed, four more are scheduled to follow once kitchen installations and minor refurbishments are finished, and discussions covering a further six units are under way. although the current focus is on centrally located one and two-room flats, the company is evaluating a broader mix of unit types at appropriate price points.   portfolio investment during h1 2025, the company invested €5.4m in the portfolio (h1 2024: €2.6m), all of which is recognised as capital expenditure. for the full year, the company expects capital expenditure to total €15m.   a further €0.7m (h1 2024: €1.0m) was spent on routine maintenance, expensed through the income statement. no properties were acquired during the period.   the step-up in capital expenditure reflects the works undertaken to prepare properties earmarked for condominium sales. following the portfolio disposal completed in december 2024, the company retains sufficient cash reserves to fund works required to optimise sale values for tranches 1-4 in the condominium pipeline.   table: epra capital expenditure (€m) capex category 30 june 2025 30 june 2024 31 dec 2024 31 dec 2023 acquisitions 0.0 0.0 0.0 5.6 like-for-like portfolio 5.2 2.3 4.5 5.9 development 0.0 0.0 0.5 3.0 other 0.2 0.3 0.2 0.5 total capital expenditure 5.4 2.6 5.2 15.0   refinancing of debt the company has received indicative heads of terms to refinance all company borrowings which mature in q4 2026. proceeds will repay the existing natixis loan and the two berliner sparkasse facilities. the terms proposed, if approved, will increase the pool of assets from which condominiums can be sold, and remove the distribution blocker to allow the company to make capital repayments to shareholders.   the company is working towards completing the refinancing before the year end.   debt and gearing as at 30 june 2025, the company had gross borrowings of €245.8m (31 december 2024: €269.6m) and cash balances of €21.1m (31 december 2024: €46.5m), resulting in net debt of €224.7m (31 december 2024: €223.1m) and a net loan-to-value ratio on the portfolio of 41.0% (31 december 2024: 40.3%). the reduction in gross debt during the period was principally a consequence of the portfolio sale of the 16 properties in december 2024 and the subsequent repayment of €38.8m of associated berliner sparkasse debt. further reductions also occurred through condominium sales during the period, although this represented a smaller amount. table: borrowings and leverage balance sheet category 30 june 2025 30 june 2024 31 dec 2024 31 dec 2023 gross borrowings1 €245.8m €318.1m €269.6m €324.0m cash balances €21.1m €18.3m €46.5m €11.0m net borrowings €224.7m €299.8 €223.1m 313.0m net ltv 41.0% 46.4% 40.3% 46.3% average remaining duration 1.2 years 2.3 years 1.8 years 2.8 years 1 - nominal loan balances used in calculation as per note 16 rather than balances on the consolidated statement of financial position which consider capitalised finance arrangement fees in the balance as per ias 23 the vast majority (97%) of the company's debt has a fixed interest rate through a combination of fixed rate facilities and interest rate hedging. as at 30 june 2025, the blended interest rate of the company's debt was 2.8% (31 december 2024: 2.5%). the increase in the all-in cost of funds reflects the impact of the natixis loan restructuring in january, which resulted in an increased margin to accommodate changes in the facility structure, enabling the sale of condominiums across a larger number of properties.   outlook macro backdrop: implications for berlin condominium demand following the ecb's third consecutive 25 bp rate cut on 5 june 2025 to 2.0%, ten-year bund yields have fallen to 2.3% (as at 30 august 2025). banks have trimmed fixed-rate mortgage rates by 35-40 bp since may, broadening affordability for first-time buyers and owner-occupiers.   lower financing costs and improved risk sentiment have supported a pick-up in condominium transactions. data published by the berlin committee of valuers indicate july-august condominium closings were up 18% year-on-year and jones lang lasalle now expects aggregate condominium transaction values in 2025 to be approximately 20% higher than in 2024. the volume of prs transactions, by contrast, remains muted.   market dynamics: demand continues to outstrip supply net immigration into germany was estimated at 450,000 in the seven months to july, with c.23,000 settling in berlin. the federal statistical office now forecasts full-year net inflows of 580,000-600,000. by contrast, new supply of housing continues to contract: residential building permits fell 28% year-on-year in the first seven months, and 2025 completions are now expected at only 160,000-165,000 units, far below the federal target of 400,000. construction costs for multi-family buildings remain materially higher than market values in most locations, including berlin. the economics of new development therefore remain unattractive, reinforcing the scarcity value of existing stock.   regulatory environment: stable but restrictive no additional rent-control initiatives have been made since june, leaving the previously announced measures (extension of the mietpreisbremse to 2029, reduction of the modernisation pass-through to 7% of capital expenditure, and the nationwide condominium-conversion moratorium through 2030) in force. on 19 august 2025, the federal constitutional court dismissed a legal challenge to the conversion ban, reducing the prospect of near-term regulatory reversal. because the company's existing inventory is exempt from these restrictions, the scarcity value of its saleable stock is reinforced.   capital return and discount to nav the company has received indicative terms for a new debt facility, which is expected to allow shareholder distributions alongside ongoing debt reduction. the company is working towards completing the refinancing before the year end.   at the current share price, the implied portfolio valuation of €2,859 per sqm remains 29% below achieved condominium sale prices. management believes that continuing to crystallise value through condominium sales, combined with the upcoming share redemption programme, is the most effective route to narrowing the persistent discount of the share price to nav.   key performance indicators for the six months ended 30 june 2025, the company has continued to focus on the recalibrated key performance indicators ("kpis") introduced in 2024, which better align with its strategic priorities and evolving market conditions. the new kpis emphasise transparency around the company's accelerated condominium sales strategy. condominium sales velocity offers greater visibility into transaction activity. the inclusion of a share price discount to epra nta addresses the persistent valuation gap, demonstrating management accountability for closing the disconnect between underlying asset values and equity market pricing. the addition of net loan-to-value (ltv) reinforces the company's commitment to deleveraging. like-for-like portfolio valuation, epra nta per share and condominium sales have been retained as kpis. table: h1 2025 key performance indicators key performance indicators (2024) 30 june 2025 30 june 2024 31 december 2024 31 december 2023 lfl portfolio valuation growth (%) 0.6 (3.3) 0.8 (11.9) epra nta per share (€) 3.49 3.68 3.55 3.96 share price discount to epra nta (%)1 44.6 49.5 42.2 50.7 condominium notarisations (€m) 14.6 5.3 9.4 7.2 condominium sales velocity - ltm (%) 35.7 35.8 34.0 26.5 net loan to value (%) 41.0% 46.4 40.3 46.3 1 for any given period, share price discount to epra nta is calculated using the sterling share price and €/£ exchange rate at the end of the period   statement of directors' responsibilities the important events that have occurred during the period under review, the key factors influencing the condensed consolidated financial statements and the principal factors that could impact the remaining six months of the financial year are set out in the chairman's statement and the property advisor report.   since the date of the annual report for the year ended 31 december 2024, capital and investment markets have continued to react cautiously to historically high interest rates and economic uncertainty more generally and sentiment in the berlin prs real estate market remains weak.   the principal risks considered are substantially unchanged since the date of the annual report for the year ended 31 december 2024 and continue to be as set out in that report. as at 30 june 2025, these include, but are not limited to:   •.     economic and geopolitical risk •      financing and interest rate risk ·      valuation risk ·      inability to sell properties, including condominiums ·      share price discount to nav ·      german property law risk ·      german tenancy law risk ·      tenant affordability and tenant rental challenges ·      it and cyber security risk ·      outsourcing risk ·      environmental risk   the directors confirm that, to the best of their knowledge:   • the condensed set of financial statements contained within this half-yearly financial report have been prepared in accordance with international accounting standard ("ias") 34 'interim financial reporting' and give a true and fair view of the assets, liabilities, financial position and profit of the group; and   • the half-yearly financial report includes a fair review of the information required by the fca's disclosure and transparency rule 4.2.7r being disclosure of important events that have occurred during the first six months of the financial year, their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and   • the half-yearly financial report includes a fair review of the information required by the disclosure and transparency rule 4.2.8r being disclosure of related party transactions during the first six months of the financial year, how they have materially affected the financial position of the company during the period and any changes therein.   the half-yearly financial report was approved by the board on 25 september 2025 and the above responsibility statement was signed on its behalf by:     director 25 september 2025     condensed consolidated statement of comprehensive income            for the period from 1 january 2025 to 30 june 2025                                                        six months ended   six months ended   year ended        notes     30 june 2025    30 june 2024    31 december 2024             (unaudited)    (unaudited)    (audited)            €'000   €'000   €'000 continuing operations                                revenue             11,003    14,179    28,126 property expenses       5    (7,135)  (8,022)  (15,755)                 gross profit             3,868    6,157    12,371                 administrative expenses       6    (2,376)  (1,243)  (3,811) loss on disposal of investment property (including investment property held for sale)  7    (941)  (536)  (3,194) investment property fair value loss       10    (704)  (25,148)  (5,416)                 operating profit / (loss)           (153)  (20,770)  (50)                 finance income (before (loss) / gain on interest rate swaps)    8      2,919    4,580    9,091 finance costs (before (loss) / gain on interest rate swaps)    8    (7,838)  (9,350)  (18,156) (loss) / gain on interest rate swaps       8    (1,928)    1,452  (4,775) loss on disposal of subsidiary               -  (25,601)                 loss before taxation           (7,000)  (24,088)  (39,491)                 income tax credit       9      190    3,876  (607)                 loss after taxation           (6,810)  (20,212)  (40,098)                 other comprehensive income             -    -    -                 total comprehensive loss for the period           (6,810)   (20,212)   (40,098)                 total comprehensive income attributable to:                owners of the parent           (6,802)  (19,446)  (38,895) non-controlling interests           (8)  (766)  (1,203)            (6,810)   (20,212)   (40,098)                 earnings per share attributable to the owners of the parent:             from continuing operations                basic (€)       20    (0.07)  (0.21)  (0.42) diluted (€)       20    (0.07)  (0.21)  (0.42)                                                                                                                                                                                                                                                                                                                                                                                                                                                 condensed consolidated statement of financial position             at 30 june 2025                                                           as at   as at   as at        notes     30 june 2025    30 june 2024    31 december 2024             (unaudited)    (unaudited)    (audited)             €'000    €'000    €'000 assets                                non-current assets                investment properties       12      498,479    525,008    516,902 property, plant and equipment             13    10    9 other financial assets at amortised cost       14      816    816    828 derivative financial instruments       18      2,093    10,248    4,021              501,401    536,082    521,760                 current assets                trade and other receivables       15      10,345    13,492    8,309 cash and cash equivalents             21,095    18,253    46,520              31,440    31,745    54,829                 investment properties - held for sale       13      50,220    121,422    35,918                 total assets             583,061     689,249     612,507                 equity and liabilities                                current liabilities                borrowings       16      423    1,371    407 trade and other payables       17      13,341    21,698    11,656 current tax       9      900    1,375    1,589              14,664    24,444    13,652 non-current liabilities                borrowings       16      244,168    314,474    267,453 deferred tax liability       9      53,503    52,909    53,866              297,671    367,383    321,319                 total liabilities             312,335     391,827     334,971                 equity                stated capital       19      196,578    196,578    196,578 treasury shares           (37,448)  (37,448)  (37,448) retained earnings             110,240    136,491    117,042 equity attributable to owners of the parent             269,370    295,621    276,172                 non-controlling interest             1,356    1,801    1,364 total equity             270,726     297,422     277,536                 total equity and liabilities             583,061     689,249     612,507                                                                                                                                                                                                                                                                                                                                     condensed consolidated statement of changes in equity              for the period from 1 january 2025 to 30 june 2025                                                                      attributable to the owners of the parent                             stated capital   treasury shares   retained earnings   total   non-controlling interest   total equity       €'000   €'000   €'000   €'000   €'000   €'000                   balance at 1 january 2024 (audited)       196,578   (37,448)     155,937     315,067                    2,567     317,634                   loss for the period       -    -  (19,446)  (19,446)   (766)  (20,212)  other comprehensive income       -    -    -    -    -    -  total comprehensive income for the period       -     -   (46,614)   (46,614)   (414)   (47,028)                   balance at 30 june 2024 (unaudited)       196,578   (37,448)     136,491     295,621     1,801     297,422                   loss for the period       -    -  (19,449)  (19,449)   (437)  (19,886)  other comprehensive income       -    -    -    -    -    -  total comprehensive income for the period       -     -   (19,449)   (19,449)   (437)   (19,886)                   balance at 31 december 2024 (audited)       196,578   (37,448)     117,042     276,172     1,364     277,536                   loss for the period       -    -  (6,802)  (6,802)   (8)  (6,810)  other comprehensive income       -    -    -    -     -    -  total comprehensive income for the period       -     -   (6,802)   (6,802)   (8)   (6,810)                                    balance at 30 june 2025 (unaudited)       196,578   (37,448)     110,240     269,370     1,356     270,726                   treasury shares comprise the accumulated cost of shares acquired on-market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              condensed consolidated statement of cash flows              for the period from 1 january 2025 to 30 june 2025                                                       notes    six months ended   six months ended   year ended              30 june 2025    30 june 2024    31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   loss before taxation           (7,000)   (24,088)   (39,491)                   adjustments for:                 finance income           (2,919)  (4,580)  (9,091)  net finance charge (before loss / (gain) on interest rate swaps)    8      7,838    9,350    18,156  loss / (gain) on interest rate swaps       8      1,928  (1,452)    4,775  loss on disposal of investment property       7      941    536    3,194  loss on disposal of subsidiary             -    -    25,601  investment property revaluation loss       10      704    25,148    5,416  depreciation             13    25    55  operating cash flows before movements in working capital          1,505     4,939     8,615                   (increase) / decrease in receivables           (1,661)  (658)    712  increase in payables             1,173    2,210    967  cash generated from / (used in) operating activities          1,017     6,491     10,294  income tax paid           (862)  (7)  (44)  net cash generated from / (used in) operating activities          155     6,484     10,250                   cash flow from investing activities                 proceeds on disposal of investment property (net of disposal costs)          7,470    6,047    19,909  proceeds on disposal received in advance          510    7,498    64  interest received             134    41    48  capital expenditure on investment property       12    (5,369)  (2,593)  (5,160)  (acquisition) / disposals of property, plant and equipment        (16)  (24)  (53)  subsidiary disposal in year:                 net proceeds received on disposal of subsidiary             -    -    31,884  subsidiary disposal costs             -    -  (1,562)  net cash generated from investing activities           2,729     10,969     45,130                   cash flow from financing activities                 interest paid on bank loans           (6,000)  (7,530)  (14,676)  interest received on interest rate swaps             2,797    4,551    9,043  interest paid on interest rate swaps           (1,327)  (1,380)  (2,775)  repayment of bank loans           (23,779)  (5,857)  (54,085)  drawdown on bank loan facilities             -    18    42,635  net cash (used in) financing activities           (28,309)   (10,198)   (19,858)                   net increase in cash and cash equivalents           (25,425)     7,255     35,522                   cash and cash equivalents at beginning of period/year          46,520     10,998     10,998  exchange gains on cash and cash equivalents             -    -    -                   cash and cash equivalents at end of period/year          21,095     18,253     46,520                                    reconciliation of net cash flow to movement in debt              for the period from 1 january 2025 to 30 june 2025                         six months ended   six months ended    year ended              30 june 2025    30 june 2024    31 december 2024             €'000   €'000   €'000                   cashflow from increase in debt financing           (23,779)  (5,839)  (11,450)  change in net debt resulting from cash flows           (23,779)  (5,839)  (11,450)  non-cash changes from increase in debt financing             510    441    1,085  loans relinquished on disposal of subsidiary undertaking          -    -  (43,018)  movement in debt in the period/year           (23,269)   (5,398)   (53,383)  debt at the start of the period/year             267,860    321,243    321,243  debt at the end of the period/year       16      244,591    315,845    267,860                   notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                1. general information  the group consists of a parent company, phoenix spree deutschland limited ('the company'), incorporated in jersey, channel islands and all its subsidiaries ('the group') which are incorporated and domiciled in and operate out of jersey and germany. phoenix spree deutschland limited is listed under the equity shares (commercial companies) category of the london stock exchange.                   the group invests in residential and commercial property in germany.                   the registered office is at ifc 5, st helier, jersey, je1 1st, channel islands.                   2. basis of preparation                 the interim set of condensed consolidated financial statements has been prepared in accordance with the disclosure and transparency rules of the financial conduct authority and with ias 34 interim financial reporting as adopted by the european union and the united kingdom.                   the interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements for the year ended 31 december 2024.                   as required by the disclosure and transparency rules of the financial conduct authority, the financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the year ended 31 december 2024.                   the comparative figures for the financial year ended 31 december 2024 are extracted from but do not comprise, the group's annual consolidated financial statements for that financial year.                   the results presented in this report are unaudited and they have been prepared in accordance with the recognition and measurement principles of uk-adopted international accounting standards that are expected to be applicable to the next set of financial statements and on the basis of the accounting policies to be used in those financial statements.                   the interim condensed consolidated financial statements do not include all of the information required for full annual financial statements and accordingly, whilst the interim condensed consolidated financial statements have been prepared in accordance with the recognition and measurement principles of the uk-adopted international accounting standards, it cannot be construed as being in full compliance with the uk-adopted international accounting standards. the financial information contained in this announcement does not constitute statutory accounts as defined by the companies (jersey) law 1991.                   the interim condensed consolidated financial statements have not been audited or reviewed in accordance with international standard on review engagements (uk) 2410. the consolidated financial statements for the period ended 31 december 2024 is based on the statutory accounts for the period ended 31 december 2024. the auditor reported on those accounts which were not qualified.                   the interim condensed consolidated financial statements have been prepared on the basis of accounting policies applicable to a going concern. this basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, will occur in the ordinary course of business.                   the interim condensed consolidated financial statements were authorised and approved for issue on 25 september 2025.                   2.1 going concern                 the interim condensed consolidated financial statements have been prepared on a going concern basis which assumes the group will be able to meet its liabilities as they fall due for the foreseeable future. the directors have prepared forecasts for the company in light of the continuing global inflationary pressures and rising interest rates, the conclusion of which was that there were no concerns. these condensed consolidated financial statements have therefore been prepared on a going concern basis.                   2.2 new standards and interpretations                 there are currently no new standards, amendments or interpretations effective for annual periods beginning on or after 1 january 2025 that are required to be adopted by the group.                   3. critical accounting estimates and judgements  the preparation of condensed consolidated financial statements in conformity with ifrs requires the group to make certain critical accounting estimates and judgements. in the process of applying the group's accounting policies, management has decided the following estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period;                   i) estimate of fair value of investment properties  the valuation of the group's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and condition, and expected future rentals. the valuation as at 30 june 2025, which has been used to prepare these financial statements is based on the rules, regulations and market as at that date.  the fair value estimates of investments properties are detailed in note 12.                   the best evidence of fair value is current prices in an active market of investment properties with similar leases and other contracts. in the absence of such information, the group determines the amount within a range of reasonable fair value estimates. in making its estimate, the group considers information from a variety of sources, including:                   a) discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and other contracts, and (where possible) from external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.                   b) current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts), adjusted to reflect those differences.                   c) recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices.                   the directors remain ultimately responsible for ensuring that the valuers are adequately qualified, competent and base their results on reasonable and realistic assumptions. the directors have appointed jones lang lasalle gmbh ('jll') as the real estate valuation experts who determine the fair value of investment properties using recognised valuation techniques and the principles of ifrs 13. further information on the valuation process can be found in note 12.                   for further information with regard to the movement in the fair value of the group's investment properties, refer to the management report on pages 6 to 7.                   notes to the condensed consolidated financial statements for the period from 1 january 2025 to 30 june 2025      ii) judgment in relation to the recognition of assets held for sale  in accordance with the requirement of ifrs 5, management has made an assumption in respect of the likelihood of investment properties - held for sale, being sold within the following 12 months. management considers that based on historical and current experience of the market since 30 june 2025, the properties can be reasonably expected to sell within this timeframe.                   4.   segmental information  operating segments are reported in a manner consistent with the internal reporting provided to the chief operating-decision maker.  the chief operating-decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors. the board has identified residential and commercial property as two distinct operating segments.  as commercial property does not currently account for more than 10% of either the combined revenue, combined profit or combined assets, the board has considered the combined operations of the group as a whole as the only operating segment.                   5.   property expenses                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   property management expenses             553    655    1,306  repairs and maintenance             778    952    1,957  impairment charge - trade receivables             160  (63)    1,178  direct property expenses             3,093    4,122    6,199  property advisors' fees and expenses            2,127    2,025    4,315  other property operating expenses             424    331    800               7,135     8,022     15,755  6.   administrative expenses                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   secretarial & administration fees             517    431    689  legal & professional fees             1,373    487    2,044  directors' fees             136    174    272  bank charges             6    16    26  (profit) / loss on foreign exchange           (8)    9    22  depreciation             13    25    55  other administrative expenses             424    198    797  other income         (85)  (97)  (94)               2,376     1,243     3,811  7.  gain / (loss) on disposal of investment property (including investment property held for sale)               notes   30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   disposal proceeds             8,704    6,664    18,768  book value of disposals       12    (8,786)  (6,582)  (20,971)  disposal costs           (859)  (618)  (991)             (941)   (536)   (3,194)  where there has been a partial disposal of a property, the net book value of the asset sold is calculated on a per square metre rate, based on the december valuation.                   8.  net finance income / (charge)                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   interest income             122    29    48  swap cancellation income             -    -    388  interest income on swaps             2,797    4,551    8,655  finance income             2,919    4,580    9,091                   interest expense on swaps           (1,327)  (1,380)  (2,775)  interest expense on bank borrowings           (6,511)  (7,970)  (15,381)  finance cost           (7,838)  (9,350)  (18,156)                   fair value loss on interest rate swap          (1,928)    1,452  (4,775)                              (6,847)   (3,318)   (13,840)  notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                  9.  income tax (credit) / expense                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)  the tax (credit) / charge for the period is as follows:           €'000   €'000   €'000                   current tax charge            173    526    777  deferred tax credit - origination and reversal of temporary differences     (363)  (4,402)  (170)             (190)   (3,876)     607                   the tax charge for the year can be reconciled to the theoretical tax charge on the profit in the condensed consolidated statement of comprehensive income as follows:                             30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   loss before tax on continuing operations        (7,000)   (24,088)   (39,491)                   tax at german income tax rate of 15.8% (2024: 15.8%)        (1,108)  (3,812)  (6,240)  income not taxable             149    85    505  tax effect of losses brought forward          769  (149)    6,342  total tax (credit) for the period / year          (190)   (3,876)     607                reconciliation of current tax liabilities                     30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   balance at beginning of period/year            1,589    856    856  tax paid           (862)  (7)  (44)  current tax charge             173    526    777  balance at end of period/year             900     1,375     1,589                   reconciliation of deferred tax                            capital gains on properties   interest rate swaps   total             liability   liability net liabilities             €'000   €'000   €'000                   balance at 1 january 2024           (55,919)  (1,392)  (57,311)                   charged to the statement of comprehensive income             4,632  (230)    4,402  deferred tax liability at 30 june 2024           (51,287)  (1,622)  (52,909)                   deferred tax liability disposal             3,275    -    3,275  charged to the statement of comprehensive income           (5,218)    986  (4,232)  deferred tax liability at 31 december 2024           (53,230)  (636)  (53,866)                   charged to the statement of comprehensive income             58    305    363  deferred tax liability at 30 june 2025           (53,172)   (331)   (53,503)                   10.  investment property fair value (loss) / gain                        30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   investment property fair value loss          (704)  (25,148)  (5,416)                   further information on investment properties is shown in note 12.                                                     notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                11.  dividends                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  amounts recognised as distributions to equity holders in the period:            no interim dividend was paid for the years ended 31 december 2024 and 31 december 2023.     -    -    -  no final dividend was paid for the years ended 31 december 2024 and 31 december 2023.     -    -    -                   the board are not proposing to declare a dividend for the first half of the year (six months to 30 june 2024: nil cents, nil pence).                   12.  investment properties                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)  fair value           €'000   €'000   €'000                   balance at beginning of period/year            552,820    675,567    675,567  capital expenditure             5,369    2,593    5,160  disposals           (8,786)  (6,582)  (122,491)  fair value loss           (704)  (25,148)  (5,416)  investment properties at fair value - as set out in the report by jll      548,699    646,430    552,820  assets considered as "held for sale" (note 13)          (50,220)  (121,422)  (35,918)  balance at end of period/year             498,479     525,008     516,902                   the property portfolio was valued at 30 june 2025 by the group's independent valuers, jll, in accordance with the methodology described below. the valuations were performed in accordance with the current appraisal and valuation standards, 8th edition (the 'red book') published by the royal institution of chartered surveyors (rics).                   the valuation of the property portfolio is performed on a building-by-building basis and the source information on the properties including current rent levels, void rates and non-recoverable costs was provided to jll by the property advisors qsix residential limited. assumptions with respect to rental growth, adjustments to non-recoverable costs and the future valuation of these are those of jll. such estimates are inherently subjective and actual values can only be determined in a sales transaction. jll also uses data from comparable market transactions where these are available alongside their own assumptions.                   having reviewed the jll report, the directors are of the opinion that this represents a fair and reasonable valuation of the properties and have consequently adopted this valuation in the preparation of the condensed consolidated financial statements.                   the valuations have been prepared by jll on a consistent basis at each reporting date and the methodology is consistent and in accordance with ifrs which requires that the 'highest and best use' value is taken into account where that use is physically possible, legally permissible and financially feasible for the property concerned, and irrespective of the current or intended use.                   all properties are valued as level 3 measurements under the fair value hierarchy (see note 22) as the inputs to the discounted cash flow methodology which have a significant effect on the recorded fair value are not observable. additionally, jll perform reference checks back to comparable market transactions to confirm the valuation model.                   the unrealised fair value gain or loss in respect of investment property is disclosed in the condensed consolidated statement of comprehensive income as 'investment property fair value gain or loss'.                   valuations are undertaken using the discounted cash flow valuation technique as described below and with the inputs set out as follows:                   discounted cash flow methodology (dcf)              the fair value of investment properties is determined using discounted cash flows.                   under the dcf method, a property's fair value is estimated using explicit assumptions regarding the benefits and liabilities of ownership over the asset's life including an exit or terminal value. as an accepted method within the income approach to valuation the dcf method involves the projection of a series of cash flows on a real property interest. to this projected cash flow series, an appropriate, market-derived discount rate is applied to establish the present value of the income stream associated with the real property.                   the duration of the cash flow and the specific timing of inflows and outflows are determined by events such as rent reviews, lease renewal and related lease up periods, re-letting, redevelopment, or refurbishment. the appropriate duration is typically driven by market behaviour that is a characteristic of the class of real property.                   periodic cash flow is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease incentives, maintenance cost, agent and commission costs and other operating and management expenses. the series of periodic net operating incomes, along with an estimate of the terminal value anticipated at the end of the projection period, is then discounted.                                                                                                                                                                            notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                12.  investment properties (continued)                                  the group categorises all investment properties in the following three ways;                               rental scenario                 'rental scenario' properties have been valued under the discounted cashflow methodology and are included in the investment properties line in the non-current assets section of the condensed consolidated statement of financial position. in general, the market participants are willing to pay higher prices for properties where physical and legal requirements are fulfilled and it is financially feasible to sell units individually. in these cases, the market values are still calculated on a rental basis but are adjusted to reflect the described potential increase in value. jll calculates the market value of these assets in what is referred to as a 'privatisation potential', which includes a deduction to the rental scenario discount rate for each completed step met when transitioning from the rental scenario to the condominium scenario. properties expected to be sold in the coming year from these assets are considered held for sale under ifrs 5 and can be seen in note 13.                   condominium scenario                 included in this valuation scenario are properties that have the potential or the benefit of all relevant permissions required to sell apartments individually (condominiums), and have been approved for sale by the board. units expected to be sold in the coming year from these assets are considered held for sale under ifrs 5 and can be seen in note 13. the market value of the privatisation potential of these assets is reported under this condominium scenario.                   disposal scenario                 where properties have been notarised for sale prior to the reporting date, but have not completed; they are held at their notarised disposal value. these assets are considered held for sale under ifrs 5 as set out in note 13.                   the table below sets out the assets valued using these 3 scenarios:                        30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  rental scenario             276,322    609,450  274,790  condominium scenario             272,377    29,580  278,030  disposal scenario             -    7,400    -  total           548,699   646,430   552,820                   13.  investment properties - held for sale                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  fair value - held for sale investment properties           at beginning of period/year           35,918  60,594                             60,594  transferred from investment properties             22,595    108,312  32,667  transferred to investment properties             -  (38,800)  (39,675)  capital expenditure             653    304    239  properties sold           (8,786)  (6,582)  (20,971)  valuation (loss) / gain on assets held for sale           (160)  (2,406)  3,064  at end of period/year           50,220   121,422   35,918                   investment properties are re-classified as current assets and described as 'held for sale' in three different situations: properties notarised for sale at the reporting date, properties where at the reporting date the group has obtained and implemented all relevant permissions required to sell individual apartment units, and efforts are being made to dispose of the assets ('condominium'); and properties which are being marketed for sale but have currently not been notarised.                   properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the condominium or rental scenarios (see note 12) as appropriate.                   investment properties held for sale are all expected to be sold within 12 months of the reporting date based on management knowledge of current and historic market conditions.                   14.  other financial assets at amortised cost                          30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  non-current                 balance at beginning of period/year          828  828  828  repayment of loan interest           (24)  (24)  (24)  accrued interest           12  12  24  balance at end of period/year           816   816   828  the group entered into a loan agreement with the minority interest of accentro real estate ag in relation to the acquisition of the assets as share deals. this loan bears interest at 3% per annum.                   these financial assets are considered to have low credit risk and any loss allowance would be immaterial.                   none of these financial assets were either past due or impaired.  notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                15.  trade and other receivables                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  current                 trade receivables           542  716  749  service charges receivable           8,030  9,911  5,779  less: impairment provision           (856)  (234)  (696)  net receivables           7,716  10,393  5,832  prepayments and accrued income           845  905  283  other receivables           1,784  2,194  2,194             10,345   13,492   8,309                   16.  borrowings                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  current liabilities                 bank loans  -  natixis pfandbriefbank ag*           120  343  106  bank loans  -  berliner sparkasse    303  1,028  301             423  1,371  407  non-current liabilities                 bank loans  -  natixis pfandbriefbank ag**           225,504  257,279  248,635  bank loans  -  berliner sparkasse    18,664  57,195  18,818             244,168  314,474  267,453                              244,591   315,845   267,860                   * nominal value of the borrowings as at 30 june 2025 was €1,123,000 (31 december 2024: €1,109,000, 30 june 2024: €1,355,000).                   ** nominal value of the borrowings as at 30 june 2025 was €225,705,000 (31 december 2024: €249,333,000, 30 june 2024: €258,493,000).                   for further information on borrowings, refer to the management report on page 10.                   17.  trade and other payables                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000                   trade payables    2,563  3,004  3,985  accrued liabilities    1,975  1,743  2,129  service charges payable    8,229  9,453  5,478  advanced payment received on account           574  7,498  64             13,341   21,698   11,656                   18.  derivative financial instruments                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  interest rate swaps - carried at fair value through profit or loss        at beginning of period/year           4,021  8,796  8,796  loss in movement in fair value through profit or loss    (1,928)  1,452  (4,775)  at end of period/year           2,093   10,248   4,021                   the notional principal amounts of the outstanding interest rate swap contracts at 30 june 2025 were €219,000,000 (december 2024: €219,000,000, june 2024: €230,683,750). at 30 june 2025 the fixed interest rates vary from 1.008% to 3.210% (december 2024: 1.008% to 3.210%, june 2024: 0.775% to 3.210%) above the main factoring euribor rate.                                                                                                                         notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                18.  derivative financial instruments (continued)                 maturity analysis of interest rate swaps                  30 june 2025  30 june 2024  31 december 2024             €'000   €'000   €'000  less than 1 year                                                  -                                         -                                2,738  between 1 and 2 years                                         2,093                                         -                                 1,345  between 2 and 5 years                                                  -                              10,248                                         -             2,093   10,248   4,083                   19.  stated capital                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  issued and fully paid:                 at reporting date                            196,578                            196,578                            196,578                           196,578                 196,578                 196,578                   the number of shares in issue at 30 june 2025 was 100,751,410 (including 8,924,047 as treasury shares), 31 december 2024: 100,751,410 (including 8,924,047 as treasury shares), 30 june 2024: 100,751,410 (including 8,924,047 as treasury shares).                   20.  earnings per share                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)                   earnings for the purposes of basic earnings per share being net profit attributable to owners of the parent (€'000)                                (6,802)                            (19,446)                           (38,895)  weighted average number of ordinary shares for the purposes of basic earnings per share (number)                        91,827,363                      91,827,363                      91,827,363  effect of dilutive potential ordinary shares (number)                                           -                                         -                                         -  weighted average number of ordinary shares for the purposes of diluted earnings per share (number)                        91,827,363                      91,827,363                      91,827,363                   earnings per share (€)                                         (0.07)                                 (0.21)                                (0.42)  diluted earnings per share (€)                                         (0.07)                                 (0.21)                                (0.42)                   21.  net asset value per share and epra net tangible assets (nta)                      30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)                   net assets (€'000)             269,370    295,621    276,172  number of participating ordinary shares            91,827,363    91,827,363    91,827,363                   net asset value per share (€)           2.93  3.22  3.01                   epra nta                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)                   net assets (€'000)             269,370    295,621    276,172  add back deferred tax assets and liabilities, derivative financial instruments and share based payment reserves (€'000)                                51,410                              42,661                             49,845                   epra nta (€'000)             320,780    338,282    326,017  epra nta per share (€)            3.49     3.68     3.55                                         notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                  22.  financial instruments                 the group is exposed to the risks that arise from its use of financial instruments. this note describes the objectives, policies and processes of the group for managing those risks and the methods used to measure them. further quantitative information in respect of these risks is presented throughout the condensed consolidated financial statements.                   principal financial instruments                   the principal financial instruments used by the group, from which financial instrument risk arises, are as follows:  • financial assets  • cash and cash equivalents  • trade and other receivables  • trade and other payables  • borrowings  • derivative financial instruments                   the group held the following financial assets at each reporting date:            30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  held at amortised cost                 trade and other receivables - current      9,500    12,587  8,026  cash and cash equivalents             21,097    18,255  46,520  loans and receivables             816    816  828             31,413   31,658   55,374  fair value through profit or loss                 derivative financial asset - interest rate swaps          2,093    10,248  4,021               2,093     10,248     4,021                                33,506     41,906     59,395                   the group held the following financial liabilities at each reporting date:            30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  held at amortised cost                 borrowings payable: current             423    1,371  407  borrowings payable: non-current            244,168    314,474  267,453  trade and other payables      13,341    21,698  11,656               257,932     337,543   279,516                                257,932     337,543   279,516                   fair value of financial instruments                 the fair values of the financial assets and liabilities are not materially different to their carrying values due to the short-term nature of the current assets and liabilities or due to the commercial variable rates applied to the long-term liabilities.                   the interest rate swap was valued externally by the respective counterparty banks by comparison with the market price for the relevant date.                   the interest rate swaps are expected to mature during september 2026.                   the group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:                   level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;                   level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and                   level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.                   during each of the reporting periods, there were no transfers between valuation levels.                                                                                                                                                           notes to the condensed consolidated financial statements              for the period from 1 january 2025 to 30 june 2025                                                22.  financial instruments (continued)                                  group fair values                           30 june 2025  30 june 2024  31 december 2024              (unaudited)    (unaudited)    (audited)             €'000   €'000   €'000  financial (liabilities) / assets                 interest rate swaps - level 2 - current        -  -  -  interest rate swaps - level 2 - non-current        2,093  10,248  4,021             2,093   10,248   4,021                   the valuation basis for the investment properties is disclosed in note 12.                           23.  related party transactions                                  related party transactions not disclosed elsewhere are as follows:                   qsix residential limited is the group's appointed property advisor. no directors of qsix residential limited currently sit on the board of psd, although its principals retain a shareholding in the company. for the six-month period ended 30 june 2025, an amount of €2,126,671 (€2,126,671 management fees and €nil other expenses and fees) (december 2024: €4,296,112 (€4,293,070 management fees and €3,042 other expenses and fees), june 2024: €2,019,859 (€2,016,817 management fees and €3,042 other expenses and fees)) was payable to qsix residential limited. at 30 june 2025 €236,681 (december 2024: €1,113,429, june 2024: €40,235) was outstanding.                   apex financial services (alternative funds) limited, the company's administrator provided administration and company secretarial services to psdl and its subsidiaries in 2024. for the six-month period ended 30 june 2025, an amount of €374,857 (december 2024: €688,502, june 2024: €335,467) was payable to apex financial services (alternative funds) limited. at 30 june 2025 €nil (december 2024: €nil, june 2024: €nil) was outstanding.                   dividends paid to directors in their capacity as a shareholder amounted to €nil (december 2024: €nil, june 2024: €nil).                   24.  events after the reporting date                                  since the reporting date, the company has completed sales of 20 condominium units that were notarised at the reporting date with a value of €5.6m. the company exchanged contracts on 30 condominium units for a total of €7.8m, of which 1 unit has competed with a value of €0.1m.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           professional advisors                                  property advisor   qsix residential limited             54-56 jermyn street             london sw1y 6lx                       administrator   apex financial services (alternative funds) limited       company secretary   ifc 5              and registered office   st helier                 jersey je1 1st                        registrar   mufg corporate markets (jersey) limited          ifc 5             st. helier                 jersey je1 1st                           principal banker   barclays private clients international limited          13 library place             st. helier                 jersey je4 8ne                           uk legal advisor   stephenson harwood llp          1 finsbury circus          london ec2m 7sh                        jersey legal advisor   mourant          22 grenville street             st. helier                 jersey je4 8px                           german legal advisor   mittelstein rechtsanwälte            as to property law   alsterarkaden 20               20354 hamburg               germany                             german legal advisor   mittelstein rechtsanwälte            as to general matters   alsterarkaden 20                 20354 hamburg                 germany                               german legal advisor as   taylor wessing partnerschaftsgesellschaft mbb          to german partnership law   thurn-und-taxis-platz 6               60313 frankfurt a.m.                 germany                               sponsor and broker   deutsche bank ag               21 moorfields                 london                 ec2y 9db                               independent property valuer   jones lang lasalle gmbh               rahel-hirsch-strasse 10               10557 berlin                 germany                               auditor   rsm uk audit llp                 25 farringdon street                 london ec4a 4ab                                 this information is provided by rns, the news service of the london 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