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pta20200226015
Business news for the stock market
KFM Deutsche Mittelstand AG: KFM SME Bond Barometer - The "6.50%-VERIANOS Real Estate AG Bond" (update)
6.50%-VERIANOS Real Estate AG bond still rated as "attractive (positive outlook)"
Düsseldorf (pta015/26.02.2020/11:20) - In its current KFM SME Bond Barometer on the 6.50% VERIANOS Bond (WKN A2G8VP) KFM Deutsche Mittelstand AG concludes that it continues to rate the bond as "attractive (positive outlook)" (4.5 of 5 possible stars). VERIANOS Real Estate AG, founded in 2011 and headquartered in Cologne with offices in Frankfurt/Main, Madrid, Milan and Valencia, is a listed real estate investment and consulting company focusing on real estate assets in the small and mid cap segment (EUR 2 to 30 million per asset). VERIANOS essentially initiates and manages real estate funds with a co-investment of approx. 20%. The funds are distributed by the in-house VERIANOS Capital Partners GmbH as an approved BaFin-regulated "large" alternative investment fund management company (KVG/AIFM). In addition to management and letting, it is also responsible for property selection and investment decisions of the funds. As a value investor, the target is to acquire properties with potential for value creation, to optimise them through repositioning and transformation with its in-house interdisciplinary team of experts, and then to realise the added value through sale, so that an IRR of 15% in the "base scenario" is achieved without speculating on market developments. Most of the real estate funds, which have terms of 7 to 12 years, may reinvest the released funds. Partial distributions of realised profits during the term of the funds are made regularly. With its business model, VERIANOS generates not only ongoing investment management fees but also additional fees in connection with the acquisition, disposal and refurbishment of assets. A particular strength lies in the combination of analysis, structuring, and implementation expertise in complex real estate projects such as district developments (e.g. a residential area in the former fishing district "El Cabanyal" in Valencia). In addition, VERIANOS through one of its subsidiaries also advises family offices and other institutional investors on individual transactions and restructurings. In the near future, VERIANOS will act less as an arranger of club deals. Since being regulated by the BaFin as a "large" KVG/AIFM, the focus is increasingly on the management of larger funds in order to generate increasing profit contributions and steady cash flows due to higher economies of scale. The investor base is planned to further expand internationally. The renowned Swiss private bank Banca del Ceresio SA (Lugano) participated in the recently completed capital increase as a new strategic investor (6% stake). The proceeds will be used to finance future growth of the company. The company is to be converted into the legal form of a Societas Europaea (SE) in 2020 in order to obtain an international management structure to reflect the increased operational requirements as a fully regulated "AIF Manager" with a monistic board of directors.
Unchanged high equity ratio and solid key figures
In addition to investments in Germany, the company is increasingly focusing on the Spanish real estate market, as in the company's opinion this market still has sufficient price potential after years of decline and a much more heterogeneous market development compared to Germany. Here, the portfolio of residential properties in Valencia is being further expanded and investments in residential and commercial real estate are being examined. A capital increase in the final closing of EUR 25 million increased the Valencia Fund's target real estate volume to approximately EUR 120 million. Annual real estate prices rose by more than six percent in Spain in the third quarter of 2019. In particular, properties in major cities such as Madrid, Valencia or in tourism regions such as the Balearic Islands have seen up to double-digit price increases. Following approval by the BaFin, the Rheinland Fund (SMC 3) with a target real estate volume of approx. EUR 70 million is also characterized by residential property and is currently in the investment phase. With BaFin's approval as a so-called "large alternative investment fund management company (KVG/AIFM)" pursuant to § 22 KAGB in October 2018, the company can now offer structured real estate products of any size. The "VERIANOS European Real Estate Opportunities Fund (VEREOF)" with a target real estate volume of up to EUR 200 million is waiting in the wings. With an equity volume of approx. EUR 25 million it is expected to start the first call in the first quarter of 2020. The approval of the company's "VERIANOS Real Estate Mezzanine Fund I (VREMF1)" by the Luxembourg Financial Supervisory Authority (CSSF) with a target volume of EUR 100 million and an expected closing this year have created the conditions for the sale of this "Debt Fund" in which the company hopes to achieve synergies in transaction acquisition with existing funds. A large German insurance group has already been obtained as an anchor investor. After the successful implementation of the strategic development, VERIANOS plans to achieve with existing and new investment products from 2020 onwards a significantly higher transaction volume and thus increasing profits. This would allow the existing tax loss carryforwards from the reverse IPO with Real ^ 2 Immobilien AG to be used to reduce tax liabilities. In addition, existing investment vehicles in the Cologne/Bonn area are scheduled to realise divestments in the coming months which should also lead to increased earnings.
6.50%-VERIANOS Real Estate AG Bond with Security Concept for Bondholders
Conclusion: Attractive valuation with positive outlook
About KFM Deutsche Mittelstand AG
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The KFM SME Bond Barometer is written in the German language and provided with an English language translation. The German version shall be the only legally binding version. The English translation is for convenience only. (Ende)
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