Edison Investment Research - Phoenix Spree Deutschland Fund (PSDL) Phoenix Spree Deutschland - Enhanced realisation strategy to unlock value

Report

Edison Investment Research

Martyn King

Phoenix Spree Deutschland - Enhanced realisation strategy to unlock value

Phoenix Spree Deutschland (PSD) has completed the strategic sale of a 16-building portfolio of rental properties. Under its amended financing terms, PSD can now significantly accelerate condominium (condo) sales, exploiting the wide sales premium over investment property valuations. This is central to an orderly realisation strategy aimed at maximising shareholder value, which we believe is materially ahead of that implied by the share price. Disposal proceeds will first be used to repay existing debt ahead of the 2026 maturity, although refinancing options to accelerate shareholder distributions are possible.

17/12/2024 1 EN

Underlying

Phoenix Spree Deutschland Fund

Phoenix Spree Deutschland is an investment company engaged in acquiring and managing residential property, as well as commercial property in Berlin and other German secondary cities. The majority of commercial property within the portfolio is located within residential and mixed-use properties. Co.'s portfolio mainly consists of classic ‘alt-bau' properties which are buildings built before 1914.

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JE00B248KJ21 London Stock Exchange Jersey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Phoenix Spree Deutschland - Enhanced realisation strategy to unlock value

Phoenix Spree Deutschland - Accelerating the unlocking of value

Phoenix Spree Deutschland - One city but two tales

Recce Pharmaceuticals - BPOM clearance to start Phase III R327G study

Newron Pharmaceuticals - Evenamide licence agreement in Japan

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