- German property investor Phoenix Spree Deutschland said it was increasing the size of a share buyback programme, while noting that its shares continued to trade well below the value of its assets.

The company said it had bough back 5.1% of its shares on issue since October 2019.

It said it had now decided to adopt a 'more proactive buyback strategy', reflecting renewed confidence in its outlook following a favourable German court ruling on Berlin rent controls.

'The company will, with immediate effect, make a material allocation of capital to the buyback programme funded through a combination of existing cash balances, refinancing, condominium sale proceeds and the disposal of non-core assets,' it said.

'The board believes this allocation can be achieved without compromising the organic growth prospects of the company, which are based on reversionary re-letting, the preparation and sale of new condominiums and the construction of new attic living space.'

'It is intended that purchases of shares under this proactive share buy-back programme will commence immediately.'

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