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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "Includes a photograph of a building directory as evidence of tenant occupancy; references footnotes 44 and 45.",
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      "text": "Vivion has booked €958.4 million of net fair value gains on its properties. Presumably the larger asset base enables Vivion to take on more debt – particularly given that it touts its “Net LTV” of 36.0% as of H1 2022.",
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      "text": "Photograph of a building directory showing various tenants across multiple floors.",
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      "text": "Net LTV: 36.0%",
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      "text": "As shown below, we calculate that Vivion has booked €958.4 million of net fair value gains on its properties. Presumably the larger asset base enables Vivion to take on more debt – particularly given that it touts its “Net LTV” of 36.0% as of H1 2022.",
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      "kind": "paragraph",
      "text": "Because rent24 advertises that it controls all of the building, the second, fourth, and seventh floors could have been subleased to those commercial tenants. (We have since contacted rent24...)",
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      "text": "44 There is also a Chabad House, a religious community organization, on the 1st floor, which we believe is likely provided free or below-market rent. 45 Vivion H1 2022 Results Presentation, Slide 3.",
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      "text": "Vivion Inflates its Asset Base through Fair Value Gains",
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