Victoria - comment

Victoria PLC completed a sale and leaseback of its Belgian distribution centre for c.€34m, crystallising an uplift versus the €5.6m book value. The transaction improves near-term liquidity, with proceeds used to fund exceptional relocation and capex costs associated with the production shift to Turkey.

The deal is credit supportive, but the transaction is small and does not change the overall credit story. Further restructuring remains required ahead of the March 2028 maturity of the now-subordinated original 2028 bonds.