German resi group produces annual profit and income rises

Berlin, Germany

Phoenix Spree Deutschland, the UK listed investment company specialising in German residential rentals, produced a 32.5% rise in profit in 2020 off the back of a 5.7% rise in lettings income.

Pre-tax profit came in at €37.9m (£32m), compared to €28.6m in 2019, while gross rental income rose to €3.9m.

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