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Equity Bottom-Up

Phoenix Spree Deutschland / Equity Bottom-Up

<p>Phoenix Spree Deutschland (PSD) has completed the refinancing of its debt facilities, a significant step forward in its orderly wind-down and managed realisation strategy and paving the way for capital to be returned to shareholders. With condominium sales continuing to run ahead of plan, the company expects to launch a programme of compulsory pro rata share redemptions, settled in cash, starting in 2026.</p>

Phoenix Spree Deutschland (PSD) has completed the refinancing of its debt facilities, a significant step forward in its orderly wind-down and managed realisation strategy and paving the way for capital to be returned to shareholders. With condominium sales continuing to run ahead of plan, the company expects to launch a programme of compulsory pro rata share redemptions, settled in cash, starting in 2026.

Phoenix Spree Deutschland — Further progress with releasing value

<p>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.</p>

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.

Phoenix Spree Deutschland — The path to releasing value

United Kingdom

Phoenix Spree Deutschland Ltd offers investors exposure to the German real estate market, particularly residential property in Berlin. The Company invests predominantly in multi-apartment rental properties with exposure to commercial real estate as well.

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Phoenix Spree Deutschland (PSDL LN)

Phoenix Spree Deutschland — Further progress with releasing value

Phoenix Spree Deutschland (PSD) has completed the refinancing of its debt facilities, a significant step forward in its orderly wind-down and...

Edison Investment Research

Phoenix Spree Deutschland — The path to releasing value

The completion of amendments to its financing arrangements allows Phoenix Spree Deutschland (PSD) to increase condominium sales materially,...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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