The value of the logistics building sold will be around €2.5m. We expect the cash
Read MoreThe Bremen asset was not in the €168m of notarised but not closed sales. We estimate the additional liquidity for Branicks will be around
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Management has affirmed its full-year guidance, which is a positive for the bonds. Our thesis is unchanged, and we still expect an amend and extend
Read MoreThe sale of 4 logistics properties from the ViB portfolio will raise around €150m. The rationale for the deal is the diversification of ViB’s portfolio, so ViB may
Read MoreThe repayment of the final tranche of the bridge loan removes one maturity headache for management. We expect Branicks to have
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The asset sale target of €600m - €900m for 2024 has been reaffirmed; this is encouraging, but year-to-date external sales have been dominated by
Read MoreThe latest sale will provide about €7m in liquidity to Branicks and €20m to VIB. Branicks needs to keep on executing on sales and every little
Read MoreAs expected, the VIB AGM refused the request to appoint a Special Auditor, which will relieve Branicks. The special auditor request could
Read MoreAt today’s AGM, the VIB supervisory board will be doing anything it can to avoid the appointment of a special auditor. We expect the minority shareholder proposals to be
Read More€94m in additional liquidity at Branicks is good news for investors.
However, we are surprised at the timing of another sale from Branicks to VIB. VIB has a strategy of diversifying away from Logistics, but we expect
Read MoreAny future transactions between VIB and Branicks will already be under heavy scrutiny, so the cumulative impact of the latest Special Auditor request
Read MoreThe request by a minority shareholder for a special auditor at VIB to investigate the €250m loan (maturing in July 2025) to Branicks is a negative for
Read MoreThe sale to VIB will provide under €15m in fresh liquidity for Branicks. Net proceeds will be >€50m, but much of that will be swallowed by
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Operationally, the results are in line, but €196m of bank debt repayment has reduced current cash on hand to €145m. The company has affirmed its
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Please find our slightly updated analysis here.
The delayed publication of the FY23 results allowed Branicks to present a better liquidity picture. The structure of Branicks pushes creditors towards consensual restructuring of debts rather than an aggressive court process. The proposed disposal
Read MoreExtending the maturity of promissory notes and the bridge loan removes the immediate liquidity crunch for Branicks. Branicks now has the
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