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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide uses a forensic accounting approach to challenge the legitimacy of fair value gains reported by Vivion.",
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      "text": "Two of the three portfolio fair value gains are from portfolios managed by related parties, and are suspicious.",
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      "text": "Fair Value change: €229.4m",
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      "text": "Hallmark Portfolio Fair Value Gains... There was no significant YoY positive change in revenue or profits in the Hallmark portfolio in 2019.",
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      "text": "Vivion has booked €229.4m in valuation gains on its UK hotel portfolio... Two of the three portfolio fair value gains are from portfolios managed by related parties, and are suspicious.",
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      "text": "To calculate the cap rate, we divided Hallmark's pre-separation NOI by its PP&E... Together these yield a 4.88% cap rate.",
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      "text": "49 £10.4 million / £213.4 million = 4.88%",
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      "text": "Investment Property FV Changes 2019 - 2020 table showing Ribbon, Zinc, and Hallmark portfolios.",
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      "text": "Playing the Gains Game",
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