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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCPI Property {CPIPGR: Ba1 neg /BB+ neg): Conf Call Highlights
- European real estate sentiment is improving and financing conditions are better
- Governance & Transparency: Apollo is now a 3rd party with a board seat
- White & Case independent investigation was comprehensive and showed no wrongdoing. All recommendations for improvement will be implemented.
- Corporate Structure: will be simplified by sale of S-IMMO to Immofinanz.
- Liquidity: EUR 1.7b at end 1H24. EUR 370m at CPIPGR, EUR 450m at Immofinanz, EUR 350m at S-IMMO
- Next 2 years sees EUR 2bn debt maturing, half is secured loans. Mainly in 2026, next 18mth is light.
- Liquidity covers 2.6x debt maturities due next 18 months.
- Disposals: EUR980m ytd reduced gross debt by 800m.
- Disposals: 300m-400m in coming months. 2bn is planned overall in current programme.
- Sold EUR250m of stake in Poland to Sona Asset.
- Wants to be BBB again.
- Portfolio valuation EUR18.6b with gross contracted rent EUR939m. Valuation stabilising with -0.8% decline in H1.
- LTV 50% in H1 down from 52% in Q1
- Occupancy 91.3% group-wide
- 46% is offices, Retail next, then hotels
- Moody’s has reclassified Hybrids as 100% debt. Company hopes portfolio valuation stability will keep Moody’s on-side given that Moody’s had been factoring mid-single digit declines.
- Hybrids: exploring options but focus is on Senior debt for now.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.