Edison's Analysis on Phoenix Spree Deutschland's Strategic Shift

On February 27, 2025, Edison Investment Research Limited released a report on Phoenix Spree Deutschland (LSE: PSDL). The report highlights recent amendments in Phoenix Spree's financing arrangements, which are expected to significantly boost its condominium sales. This move is a pivotal part of the company's asset realization strategy aimed at maximizing shareholder returns by bridging the gap between investment valuations and sales values.

The board believes this strategy is the optimal approach to unlock the potential value within PSD's portfolio. Shareholders will have the opportunity to vote on this continuation strategy on March 12. Edison's analysis suggests that a managed realization of the portfolio is achievable, aligned with the current EPRA NTA, despite the share price reflecting a considerable discount of approximately 45%.