Vivion - comment

The response from Vivion to the recent short-seller report rebuts the claims about the shareholder loans and the occupancy rates. We are currently going through both of the documents in detail. In essence, 1; Vivion’s argument that the shareholder loans are real and outstanding is in line with our analysis and 2; The occupancy rates are something we need to understand better. The report focuses on a number of Berlin-based properties and extrapolates to the rest of the portfolio with occupancy rates at 70% rather than the 90% reported. We do not believe that this paints an accurate picture. Vivion’s strategy is to buy tired assets and do them up, there will be assets that are less occupied. Our position in the Vivion SUNs has not changed since the original report was published.