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On 27 February 2025, Edison issued a report on Phoenix Spree Deutschland Limited (PSDL). The report stated that PSDL shareholders will hold a continuation vote on 12 March. Edison's analysis in the report also noted PSDL's share price is at a c. 45% discount to its current EPRA NTA.
| Date | 27 Feb 2025 |
| Time | 14:25:41 |
| Category | Miscellaneous |
| ID | 7604Y |
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.
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