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  "docSlug": "dd06256eb138",
  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide uses a screenshot of a third-party listing platform as evidence of potential portfolio vacancy, contrasting it with company-reported metrics.",
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      "kind": "callout",
      "text": "Vivion’s high occupancy rates and 7.0 year WAULT indicate that the number of listings should be few and stable. Instead, between August and December, we found a large and rapidly increasing number of listings.",
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      "kind": "image",
      "text": "Screenshot of Lianeo Real Estate GmbH listings on Immobilienscout24",
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      "text": "vacancy rate",
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      "kind": "paragraph",
      "text": "To estimate the vacancy rate based on the data presented, we compared just the largest individual listings for Berlin properties to the recently published data on the Berlin/Brandenburg total net lettable area (NLA) of 133,000 sqm.",
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      "text": "Vivion's high occupancy rates and 7.0 year WAULT indicate that the number of listings should be few and stable. Instead, between August and December, we found a large and rapidly increasing number of listings. For August, September and December, across Germany, the Lianeo listing page showed 90, 94, and 123 individual listings offering space across 20, 20, and 21 different properties with total sqm available to lease of 105,000 sqm, 123,000 sqm, and 175,000 sqm.",
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      "kind": "source-note",
      "text": "15 Vivion €1b EMNT program, Nov. 11, 2022, p. 118",
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