Securing a control and profit agreement with VIB would make an A&E of the Branicks, Sep 2026 SUNs, an easier sell to creditors. Consolidated LTV would

The AGM approved the issuance of €480m of convertible bonds; there are no plans yet to issue these bonds, but it is conceivable that part

Branicks announced, via press release, the full repayment of a €68 million promissory note. Including the

The asset sale will generate about EUR45m in gross proceeds and should generate EUR26m in sales proceeds. We are pleased to

Please note that the Branicks email sent on 10th July was incorrectly labelled as a model update. The analysis remains unchanged.

Apologies for any confusion caused.

Please find our unchanged analysis here.

Branicks is setting the scene for the upcoming Amend and Extend operation by repaying its VIB loan with an asset swap, which increases the security

Neutral overall for creditors, the VIB loan is repaid, and the security is released. The institutional business will see its value grow when the

The repayment of the remaining €111m promissory notes will have consumed most of €123m of on-balance-sheet cash at

The sale should see gross proceeds of around €70m. Assuming 90% ownership and a bank LTV of 20% => additional liquidity of

Branicks will meet the remaining €110m in 2025 Promissory Note maturities from asset sale proceeds. The next catalyst will be an

The value of the logistics building sold will be around €2.5m. We expect the cash

The Bremen asset was not in the €168m of notarised but not closed sales. We estimate the additional liquidity for Branicks will be around