| Edison Investment Research Limited
London, UK, 27 February 2025
Edison issues report on Phoenix Spree Deutschland (PSDL) Edison issues report on Phoenix Spree Deutschland (LSE: PSDL) The completion of amendments to its financing arrangements allows Phoenix Spree Deutschland (PSD) to increase condominium sales materially, exploiting the wide valuation gap between investment valuations and condominium sales values. This is core to the orderly asset realisation strategy, which the board has identified as the best way to unlock the value embedded in PSD’s portfolio and maximise shareholder returns. Shareholders will be able to consider the merits of this approach in a continuation vote to be held on 12 March. Our updated analysis indicates that a managed portfolio realisation can be achieved in line with the current EPRA NTA, to which the share price is at a c 45% discount. Click here to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: +44 (0)20 3077 5700 Connect with Edison on:
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2092767 27-Feb-2025
