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Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in German residential real estate, comments on the ruling by the German Federal Court on the legality of the Mietendeckel
Federal Court rules against legality of Mietendeckel
The Company welcomes the ruling by the German Federal Court today on the legality of the Mietendeckel. PSD and its legal advisors have always been firmly of the opinion that the Mietendeckel was unconstitutional and that State law could not supersede Federal law, a view which has now been upheld by the highest court in Germany.
Positive financial impact
The final phase of the Mietendeckel became effective on 23 November 2020 and had already been fully implemented by the Company. QSix, the Company s Property Advisor, has previously estimated that the financial impact of the combined measures for the financial year ended 31 December 2020 was in the region of 4 per cent of gross rental income and that, in