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(+3)

halfsweat

I thought I had the same issue, but on investigation, I found that "Prince of Suburbia Part 2" downloads into Steam as a DLC of "Prince of Suburbia Part 1". That's where I found it. So look under Part 1 and you should see it in the DLC section.

I hope this solves your problem.

(+1)

Yep, you've got it!

This. You get a "Please First Activate the Original Game" message if you try to activate your Part 2 key and didn't add Part 1 to your Steam library beforehand.