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  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide uses a combination of a custom occupancy table and screenshots of Vivion's official tenant lists to highlight a discrepancy in disclosure.",
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      "kind": "callout",
      "text": "Vivion seemingly should disclose rent24 as a major tenant, but it has never done so.",
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      "text": "occupancy: 11,000 sqm",
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      "kind": "paragraph",
      "text": "We suspect that Vivion fails to disclose rent24 because rent24 is likely a related party. A June 2016 news story drawing from a rent24 press release reported that rent24 was founded by Amir Dayan and Robert Bukvic in 2015.",
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      "text": "We estimate that rent24 presently occupies ~11,000 sqm of Vivion’s Berlin office space. This appears down from a peak of ~20,500 sqm as of FY 2020. rent24 has leased office space from Vivion in at least seven different buildings since 2016.",
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      "kind": "paragraph",
      "text": "Vivion seemingly should disclose rent24 as a major tenant, but it has never done so. Vivion routinely reports its largest Germany office tenants. The below snapshots of the Top Seven, taken from the H1 2022 and FY 2020 results presentations, do not show rent24.",
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      "text": "A June 2016 news story drawing from a rent24 press release reported that rent24 was founded by Amir Dayan and Robert Bukvic in 2015.",
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      "kind": "source-note",
      "text": "22 https://www.newswire.com/news/share-economy-entrepreneur-and-real-estate-investor-join-forces-to-11730669",
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      "text": "Rent24 locations in Vivion's Properties",
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      "text": "H1 2022 (rent24 estimated #5 tenant) and FY 2020 (rent24 estimated #3 tenant) tenant lists",
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