The Q1 results were a little below our expectations, but that was due to the level of rent disposed being higher than our estimates. The lack of completed asset
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Branicks will meet the remaining €110m in 2025 Promissory Note maturities from asset sale proceeds. The next catalyst will be an
Read MoreThe head of the institutional business is leaving, and the CEO will take over his role in a slimmed-down management board. We are relaxed about
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The FY 24 results were broadly aligned with our expectations. We expect an A&E for the bonds in H2. Devaluation of property is slowing (-6%) in 2024, but there should be
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Branicks Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Branicks page.
Read MoreThe 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
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