The value of the logistics building sold will be around €2.5m. We expect the cash

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The 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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Please find our updated analysis here.

Branicks has pushed its maturities out and shifted liquidity between itself and ViB via asset sales, although that well is running low as the LTVs are

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The 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

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The repayment of the final tranche of the bridge loan removes one maturity headache for management. We expect Branicks to have

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Please find our unchanged analysis here.

Branicks first-half results show it is on track to complete its asset sale programme for 2024. For now, liquidity is adequate, even if further debt rescheduling will be

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The 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

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As expected, the VIB AGM refused the request to appoint a Special Auditor, which will relieve Branicks. The special auditor request could

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At 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

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Any future transactions between VIB and Branicks will already be under heavy scrutiny, so the cumulative impact of the latest Special Auditor request

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The 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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The 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

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Extending the maturity of promissory notes and the bridge loan removes the immediate liquidity crunch for Branicks. Branicks now has the

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Please find our updated analysis here.

Branicks needs its short-term creditors to give it breathing space by pushing out maturities. Issuing secured debt now would be very expensive, and the increase in

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