As part of €750m in debt issuance, Vivion hopes to issue its first £250m hybrid, a positive step for a company where there is
Read MoreA small €50m institutional investment (for 3.1% of the equity) completed in August has placed a nominal €1.6bn valuation on the equity in Vivion, and
Read MoreThe H1 25 operating results were broadly in line with our expectations. The amount of equity raised was less than we hoped for, but LTV is already
Read MoreThe new Idea Pitch videos are now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.
The €250m tap of the 2028’s are likely to have cost around 8% (assuming an issue price of 98c/€. The proceeds will be used to redeem the M&G Loan, which
Read MoreThe Q3 trading update had no surprises, but we will have an opportunity to ask questions on the upcoming call. Vivion has now dealt with the
Read MoreThe refurbishment of the Femina building is a bigger job than we have seen Vivion execute recently. However, the project is a significant one
Read MoreIf the Dayan family execute the 15% sale of Vivion for €375m, it implies an equity valuation of €2.5bn on the business; the impact for creditors will be
Read MoreVivion now has the cash to repay the stub of the August 2024 SUNs. The company has taken a €150m (five-year) loan secured on the nine
Read MoreVivion is trying to raise secured debt to repay the €170m outstanding 2024 notes. Senior secured bank debt is more attractive to Vivion than selling
Read MoreVivion is leaning towards either raising debt or selling UK assets to fund the €180m outstanding 2024 notes. We think a debt raise is increasingly likely
Read MoreVonovia’s Q3 results this morning highlights that there remains at least minimal liquidity in the residential market in Germany, with €1.7bn of sales in Q3. Reassuring
Read More£200m - £250m sale of UK hotels would provide sufficient cash for Vivion to redeem the remaining £183m 2024 notes outstanding. Vivion needs
Read MoreOur analysis suggested a €50m shortfall in cash to fund the recent Amend and Extend operation. We had assumed the Dayan family would plug the gap with a
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