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Aug 22, 2024 | 
9fin.com | Will Macadam |Hazik Siddiqui |Chris Osborne |Fatima Kane
News and AnalysisWill Macadam+Hazik Siddiqui+ 2 more22 August 2024•4 min readBrookfield and the Grifols family’s potential take-private of Grifols has caused the group’s debt stack to rally towards their prices for either a change of control put offer, or redemption. All of the bonds define a change of control as occurring if the Grifols family acquires an equity stake greater than 50% in the blood plasma-related products producer, or if anyone else acquires a stake greater than 35%.
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Oct 31, 2023 | 
9fin.com | Hazik Siddiqui
News and AnalysisHazik Siddiqui1 November 2023•3 min readSIGNA Development (finally!) published Q2 23 earnings yesterday evening (31 October), potentially steering clear from a breach of reporting requirements.
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Aug 3, 2023 | 
9fin.com | Hazik Siddiqui
DIC Asset AG (DIC), which operates a yielding real estate portfolio alongside mutual funds in Germany, is in a precarious situation. It has €806m of upcoming debt maturities compared to €486.7m of pro forma liquidity. LTV and interest coverage covenants are likely to be challenged later this year amid property devaluation and coupon step-ups on its VIB bridge financing — after its terms were recently renegotiated with bridge lenders.
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Jul 17, 2023 | 
9fin.com | Hazik Siddiqui |Emmet Mc Nally
German Real Estate (German RE) has become a closely watched and a much debated sector. A string of short-seller attacks, that began with Muddy Waters taking a short position in Corestate stock in 2019, has put a spotlight on everything from questionable governance to dubious transactions and asset valuations.
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May 18, 2023 | 
9fin.com | Emmet Mc Nally |Toby Udofia |Hazik Siddiqui |Arturo Alaimo |Josh Latham |Yusuf Sule | +3 more
Despite a busy earnings schedule, 9fin aims to bring you up to date with results you may have missed during the week. Below you will find a TLDR earnings summary for selected companies in the European HY market. The summary aims to capture earnings performance, recent updates and any guidance mentioned in the call. In this week’s edition we cover Ceconomy, BioGroup LCD, SIGNA Development, Upfield, Schoeller Allibert, Ideal Standard, Maxeda, Verisure, McLaren, KCA Deutag, and Lowen Play.
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May 16, 2023 | 
9fin.com | Hazik Siddiqui
Deep DiveHazik Siddiqui16 May 2023•5 min readSIGNA Development, which operates a development and yielding portfolio in Germany and Austria has been hit by the powerful macro headwinds impacting real estate in recent months. Cap rate expansion in SIGNA’s operating markets saw its property portfolio valuation in FY 22 falling to €2.97bn from €3.30bn in FY 21 (on like-for-like basis). This led to the LTV ratio rising sharply during the final quarter to 51.5% from 44.1% in Q3 22.
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May 11, 2023 | 
9fin.com | Hazik Siddiqui
While sentiment in the German real estate market remains somewhat pessimistic — valuations are declining, hurting LTV calculations and diminishing equity cushions — Demire, the Germany-based commercial real estate operator, saw an 8.8% like-for-like rental growth in Q1 23. This was driven by indexations, a common theme for real estate lessors in recent weeks. Demire has sold two of its largest three assets in the past five months to bolster liquidity and fund bond buy-backs.
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Apr 25, 2023 | 
9fin.com | Hazik Siddiqui
Schoeller Allibert has said there is material uncertainty around the refinancing of their November 2024 notes and that this may cast ‘significant doubt’ on the company’s ability to continue as a going concern. 9fin clients can access the full going concern warning on page 21-22 of the Q4 2022 financial report. The Netherlands-based packaging manufacturer has prepared a long term business plan (2023-2027), and is in the process of selecting a financial advisor(s).
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Mar 28, 2023 | 
9fin.com | Hazik Siddiqui
Thanks to a strong forward orderbook in the third quarter of 2022, Miller Homes achieved record house completions and EBITDA in the fourth quarter. The UK-based homebuilder delivered impressive Q4 22 results on Tuesday (28 March), at a time when mortgage offers were being replaced overnight and chaos reigned in the housing market amid fallout from the mini-Budget.
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Mar 15, 2023 | 
9fin.com | Hazik Siddiqui
Demire, the Germany-based commercial real estate operator, reported FY 22 results today (16 March) which came in largely in line with ’s estimates. Defying the tough real estate environment in Germany, Demire’s operating performance remained solid with both Rental Income and Funds From Operations (FFO) surpassing the upper end of prior guidance.
