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PSDL
Phoenix Spree Deutschland Limited
230/1000 Overall fit
AI beneficiary 35% 5
Operating leverage 25% 40
Valuation 25% 28
Downside protection 15% 28
First-pass take
Pure-play Berlin residential real estate with zero AI exposure; €112m pretax loss driven by property revaluation decline (11.9% LTL); Sept 2026 debt maturity with rising leverage (46.3% LTV) in higher-rate environment poses material refinancing risk.
Flags
no-ai-exposureloss-makingproperty-valuation-declinerefinancing-riskdividend-suspendedcyclical