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  "documentTitle": "Vivion Investments",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2023-03-28 00:00:00",
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  "notes": "Research note format; includes specific allegations of property overvaluation and related-party transaction obfuscation.",
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      "kind": "callout",
      "text": "Vivion is egregiously misleading in its rebuttal to our revelation of rent24’s outsized occupancy at Fürst.",
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      "text": "The initial group of 33 German properties contained two sets of development rights. Vivion overstated the fair values of those development rights by at least 99%.",
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      "text": "One year before Vivion was formed, a company controlled by Amir Dayan took a highly suspect 78.6% fair value gain on its property portfolio. We suspect that these properties were subsequently contributed to Vivion.",
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      "text": "Vivion owns three assets on Potsdamer Str. made up of five addresses. Our fieldwork shows that two addresses are largely vacant and partly dilapidated. We have since discovered that Vivion purchased these three properties in 2013 for only €25 million. It presently carries them at €288.1 million, implying an IRR of ~31%.",
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      "text": "Vivion misleadingly stated that rent24 constitutes only 2.5% of its German rental income. In reality, rent24's share of Vivion's Germany occupancy was seemingly between 7% to 11% in 2020, and has likely continued at that level.",
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      "text": "Vivion's responses regarding our revelations of major German tenant rent24 are significantly misleading. Vivion claims that Mr. Dayan disposed of his interest in rent24 in 2017, and that rent24 is therefore not a related party. There is no evidence of this disposal.",
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      "kind": "paragraph",
      "text": "Muddy Waters remains short bonds of Vivion Investments S.à r.l. Vivion's December 22, 2022 response to our report contained numerous inaccuracies and misleading statements.",
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      "text": "cannot verify the accuracy or completeness of the information of subject tenancies provided to Savills. — Savills",
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      "text": "See Appendix: Overvaluation in Germany: Figure 1-2 Lianeo is Dayan's property management company.",
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      "kind": "title",
      "text": "You Don't Mess With The Dayan (How a Young Man Learned to Give Haircuts to Bondholders)",
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