Takko - comment

Takko are to publish a Capital Markets update next week. Following unconfirmed rumours that Takko had been trying to seek refinancing back in November, we received news from

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Wolfgang FelixTAKKO
Vivion - rotating

- With its large cash balance, Vivion should be able to capitalise on any German RE crisis, should it unfold. Meanwhile, its own assets should remain stable as the UK and German covid measures receede.

- The name carries downside from a potential unwinding of the Fürst transaction, even if Vivion might have bidders waiting to step in. Should management choose to be as aggressive as Vonovia have been, then Aggregate should have trouble and Vivion might

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Wolfgang FelixVIVION