New Berlin Rent Table

30 May 2024

Phoenix Spree Deutschland Limited

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

Announcement of new Berlin Rent Index 

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

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

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

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