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      "text": "We contend that Vivion serially and significantly overstates the values of its properties where and when it’s convenient to do so.",
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      "text": "We reviewed images of the property records from the Berlin, Schoneberg District Court for Potsdamer Str. 180-182, 184, and 188-192 which contain their 2013 recorded purchase prices. Dayan's companies bought the three Potsdamer Straße property assets in 2013 for only €25 million. They are now valued at over €280 million.",
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      "text": "We contend that Vivion serially and significantly overstates the values of its properties where and when it's convenient to do so. These asset overvaluations cause the values of Vivion's shareholder loans to be materially overstated.",
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      "text": "We believe that Vivion overstated by at least 99% the value of two sets of development rights its controlling shareholders contributed. The Savills valuation report included in the October 2019 bond prospectus shows two newly-added assets without any lettable area, rental income, or occupancy reporting a joint valuation of €85.6 million.",
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      "text": "13-16 Footnotes detailing specific financial reports and court records.",
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      "text": "Overvaluation of German Properties",
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      "text": "Venture Returns on Potsdamer Straße Properties",
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