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  "documentTitle": "Eurofins Scientific SE (ERF)",
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      "text": "We believe that mortgages obtained well in excess of the purchase price indicate a combination of a bargain purchase and elevated rents.",
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      "text": "Eurofins MI facility integrates with Lancaster Labs",
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      "text": "We estimate the property could be worth ~$7 million today, based on per square foot rental revenue comps, and which seem relatively in-line with the €355,000 dividend Dr. Martin received from the direct holding company in 2021.",
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      "text": "In 2005, Eurofins acquired AvTech, which owned real estate in Kalamazoo, Michigan. At the time, Eurofins seems to have taken pains to conceal that Dr. Martin (rather than Eurofins) was ultimately acquiring the real estate.",
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      "text": "On October 31, 2005, a few days before Eurofins' press release boasted of the property it had acquired, AvTech conveyed the property to Dr. Martin for ~$1.7 million. By July 2006, Dr. Martin had obtained two mortgages on the property totaling ~$2.8 million.",
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      "text": "Appendix B: AvTech – The Earliest Known Instance of Real Estate Abuse (2005)",
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