Branicks - comment

We had already highlighted that Branicks would need a very strong Q4, with €250m of sales needed to reach €500m for the year. Branicks delivered a little under €200m, so it missed the low end of disposal guidance by €60m (€438m vs €500m-€600m guided). This is not a disaster, but as the company had affirmed its guidance in early November, it is a negative. Our assessment is that the reduced disposal guidance suggests delays in closing, rather than an inability to find buyers. However, even with the delayed closing, we expect the final disposal figure to be at the low end of the guidance. German Office properties have seen moderate price growth in 2025. Our expectation remains that Branicks will launch an A&E operation (for the Sep-2026 SUNs) once it has completed the control agreement with VIB, which is expected to close in February 2026.

https://branicks.com/en/branicks-group-ag-adjustment-of-the-forecast-for-the-2025-financial-year/

https://www.pfandbrief.de/en/increase-in-property-prices-persists/