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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "notes": "The slide highlights a discrepancy between reported valuation stability and the reliance on internal assessments.",
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      "text": "We think this reversal of valuation declines is notable because the ENMT disclosures also indicate that such valuations were based primarily on the company’s internal assessments.",
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      "text": "We think this reversal of valuation declines is notable because the ENMT disclosures also indicate that such valuations were based primarily on the company’s internal assessments.",
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      "text": "We identified Potsdamer 180-182 and 184 as the subject properties first by identifying the property holding companies. Golden Capital Partners was reported to have become the holding company in 2019.",
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      "text": "In the course of our recent re-assessment of the fair value of our portfolio as of 30 June 2022, we have applied our internal valuation model, while only limited properties were subject to external valuations. This re-assessment resulted in no material fair value adjustment of our properties.",
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      "text": "In the course of our recent re-assessment of the fair value of our portfolio as of 30 June 2022, we have applied our internal valuation model, while only limited properties were subject to external valuations. This re-assessment resulted in no material fair value adjustment of our properties. — Vivion's €1b EMNT Program, Nov. 11, 2022, p. 116",
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      "text": "Above: Golden Capital Partners 2018 FS list of investment properties.",
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      "text": "Vivion’s €1b EMNT Program, Nov. 11, 2022, p. 116, (emphasis added)",
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      "text": "List of investment properties held by Golden Capital Partners SA 2018 FS",
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