I created a proof of concept to see how far I could go in recreating Edenspiekermann’s Utrecht City Theatre logo's blending effects.
It makes use of a proposed new feature: photoshop like blending modes. It's not exactly the same as the original work (as that uses a custom made typeface) but the idea behind it works. Alignment of the characters (with their flipped versions) is rather tricky. It also depends on what font is used.
The effect consists of 3 layers:
This proof of concept currently only works in a special Chromium build by Adobe. Download it here.
In case you can't or won't install Chromium here's a screenshot of what it looks like.