The company has reiterated its FY guidance of €500m - €600m of asset sales from the commercial portfolio. This would require
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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
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The Q2 numbers were broadly in line with our forecast. Regarding disposals, full-year guidance from the Commercial portfolio was maintained at
Read MoreThe AGM approved the issuance of €480m of convertible bonds; there are no plans yet to issue these bonds, but it is conceivable that part
Read MoreBranicks announced, via press release, the full repayment of a €68 million promissory note. Including the
Read MoreThe asset sale will generate about EUR45m in gross proceeds and should generate EUR26m in sales proceeds. We are pleased to
Read MorePlease 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.
Read MoreNeutral overall for creditors, the VIB loan is repaid, and the security is released. The institutional business will see its value grow when the
Read MoreThe repayment of the remaining €111m promissory notes will have consumed most of €123m of on-balance-sheet cash at
Read MoreThe sale should see gross proceeds of around €70m. Assuming 90% ownership and a bank LTV of 20% => additional liquidity of
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The Q1 results were a little below our expectations, but that was due to the level of rent disposed being higher than our estimates. The lack of completed asset
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Branicks will meet the remaining €110m in 2025 Promissory Note maturities from asset sale proceeds. The next catalyst will be an
Read MoreThe head of the institutional business is leaving, and the CEO will take over his role in a slimmed-down management board. We are relaxed about
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The FY 24 results were broadly aligned with our expectations. We expect an A&E for the bonds in H2. Devaluation of property is slowing (-6%) in 2024, but there should be
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Branicks Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Branicks page.
Read MoreThe value of the logistics building sold will be around €2.5m. We expect the cash
Read MoreThe Bremen asset was not in the €168m of notarised but not closed sales. We estimate the additional liquidity for Branicks will be around
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