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 <50% when Golden is fully consolidated, so the market reaction has been muted. The equity ownership from the GBP50m of C Shares will give us a benchmark for the overall equity value of the business. GBP10m of that cash was used to buy back bonds (in September 2025)
Two portfolio highlights will be raised on tomorrow’s call:
Occupation in Germany was 80% as the company tries to replace a 56ksqm tenant in Essen, 50% has been re-let, but the rest is outstanding. What is the timeline for this?
The UK annualised in-place rent fell from £152m to £147m. Why?