The covenant relief from bridge lenders gives Branicks some breathing space to reschedule its 2024 Promissory Note obligations. Timing is tight as the suspension of covenants expires on 27th March 2024. The real estate market remains weak, so we
Read MoreBranicks is currently trying to extend a €200m bridge loan beyond June 24, and has asked holders of €225m of 2024 Promissory notes to lengthen their
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Branicks balance sheet problems have not been resolved, but the operational performance was good. In 2024, Branicks has €580m in maturities. Management has not
Read MoreThe reduction in Goldman Sachs's stake from 5.6% to 4.02% initially caught our eye but is ultimately pretty innocuous. The overal
Read MoreThe new lettings signed are an operational positive, but DIC needs to be making asset sales. The company has promised €300m -
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DIC expects year-end property valuations to be -4% to -7% down, with a book LTV (never mind our estimates) of 55.3% and a maintenance covenant of 60%; meaning that
Read MoreThe extension of the €500m Bridge has come at a price, an additional €200m repayment this month in return for extending the repayment by
Read MoreA new corporate finance and IR head with a wealth of relevant experience (in the Real Estate business) will help strengthen the
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DIC's challenges have not changed in the quarter. There is no clear route to improving the balance sheet to refinance the VIB bridge, which threatens the
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