Vivion - comment

As part of €750m in debt issuance, Vivion hopes to issue its first £250m hybrid, a positive step for a company where there is

Aengus McMahon20 November 2025VIVION

Vivion - comment

A 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

Aengus McMahon18 September 2025VIVION

Vivion – comment

The 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

Aengus McMahon16 September 2025VIVION

Consolidated Energy and Vivion Idea Pitch Videos Now Available

The 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.

Wolfgang Felix15 July 2025VIVION, CONSOLIDATED

Vivion – Reappraisal - Positioning

Please find our updated analysis here.

Vivion has taken advantage of the rate cuts and a slightly better outlook for real estate and has had a modest upward revaluation of

Buy SideAengus McMahon13 May 2025VIVION

Vivion - comment

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

Aengus McMahon16 December 2024VIVION

Vivion - comment

The 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

Aengus McMahon10 December 2024VIVION

Vivion - comment

The refurbishment of the Femina building is a bigger job than we have seen Vivion execute recently. However, the project is a significant one

Aengus McMahon2 December 2024VIVION

Vivion - comment

If 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

Aengus McMahon1 November 2024VIVION

Vivion - comment

Vivion 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

Aengus McMahon26 June 2024VIVION

Vivion – Rolling On

Please find our unchanged analysis here.

The Vivion call had some interesting information on the refinance of the 2024 bonds and the possible uses for the cash pile at Golden Partners. Our view has

Aengus McMahon20 June 2024VIVION

Vivion - comment

Vivion is trying to raise secured debt to repay the €170m outstanding 2024 notes. Senior secured bank debt is more attractive to Vivion than selling

Aengus McMahon17 June 2024VIVION

Vivion - Micro to Macro

Please Find our updated analysis here.

Vivion’s portfolio valuations are now in line with our model. We expect yields to stabilise through 2024. The German Real Estate market will benefit from the

Aengus McMahon22 May 2024VIVION

Vivion - comment

Vivion 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

Aengus McMahon3 May 2024VIVION

Vivion - Looking again - Positioning

Please find our unchanged analysis here.

Vivion has enough cash and access to liquidity to make the €183m August repayment. With no further bond repayments due until August 2028, Vivion will have the

Aengus McMahon3 April 2024VIVION

Vivion – Waiting for the other shoe.

Please find our updated analysis here.

The amend and extend operation in August resolved much of the pressure on Vivion over the 2024 bonds. The company needs to redeem the remaining €183m outstanding in

Aengus McMahon28 November 2023VIVION

German Real Estate - comment

Vonovia’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

Tomás Mannion3 November 2023ACCENTRO, ADLER, HEIMSTADEN, VIVION, AGGREGATE, REAL ESTATE, GERMAN RE

Vivion - comment

£200m - £250m sale of UK hotels would provide sufficient cash for Vivion to redeem the remaining £183m 2024 notes outstanding. Vivion needs

Aengus McMahon29 September 2023VIVION

Vivion - comment

Our 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

Aengus McMahon14 September 2023VIVION

Vivion - Can Punting

Please find our slightly amended analysis here.
Vivion has punted the bulk of its maturities down the road for a couple of years. Vivion has sufficient unencumbered assets to raise bank debt

Aengus McMahon25 August 2023VIVION