The 3LNs should be softer today. On its Q126 call, Adler confirmed weakness in the German RE market, as institutional investors are holding off on

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

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

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.

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

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

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