The Q3 trading update had no surprises, but we will have an opportunity to ask questions on the upcoming call. Vivion has now dealt with the

Please find our unchanged analysis here.

The Vivion call had some interesting information on the refinance of the 2024 bonds and the possible uses for the cash pile at Golden Partners. Our view has

Please Find our updated analysis here.

Vivion’s portfolio valuations are now in line with our model. We expect yields to stabilise through 2024. The German Real Estate market will benefit from the

Vivion is leaning towards either raising debt or selling UK assets to fund the €180m outstanding 2024 notes. We think a debt raise is increasingly likely

Please find our unchanged analysis here.

Vivion has enough cash and access to liquidity to make the €183m August repayment. With no further bond repayments due until August 2028, Vivion will have the

Please find our updated analysis here.

The amend and extend operation in August resolved much of the pressure on Vivion over the 2024 bonds. The company needs to redeem the remaining €183m outstanding in

Our analysis suggested a €50m shortfall in cash to fund the recent Amend and Extend operation. We had assumed the Dayan family would plug the gap with a

Please find our slightly amended analysis here.
Vivion has punted the bulk of its maturities down the road for a couple of years. Vivion has sufficient unencumbered assets to raise bank debt