Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 12.11.2024 Target price: EUR 1.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Refinancing finalized – Full focus on operations Yesterday, DMRE announced that the company had success [ … ]

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 1.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Rental income decreased due to smaller property portfolio, chg. Q3 rental income declined 20% yoy to € 1 [ … ]

DEMIRE reaches agreement with bondholders Yesterday, DEMIRE released an ad-hoc stating that the company has reached an agreement with a group of bondholders (ad-hoc group), who represent the majority of the outstanding principal amount of the bond (€ 499m). It is aimed to close the agreement as soon as possible. Here are the key components [ … ]

Annual report postponed due to prolonged bond negotiations Yesterday, DEMIRE announced the postponement of the publication of the 2023 annual report due to the ongoing negotiations with the bondholders regarding the restructuring of the company’s corporate bond. The company recently confirmed the restructuring negotiations, which likely i [ … ]

Mgmt confirms negotiations regarding bond restructuring Topic: DEMIRE released an ad-hoc, stating that the company has entered negotiations with a group of bondholders (Ad hoc Group), which is said to hold “well over 50%' of the outstanding nominal amount, regarding the restructuring of its unsecured corporate bond. Mind you, the corporat [ … ]

Annual portfolio revaluation in line with expectations Yesterday, DEMIRE published an ad-hoc following a draft valuation from Savills. The external surveyor is currently performing the annual valuation of DEMIRE’s investment properties as of 31 December ’23. Based on the draft, the company currently expects that the fair value of th [ … ]

LogPark finally sold + letting success to start crucial 2024 After the disposal of the LogPark in Leipzig to CommerzReal initially fell through in July 2023, DEMIRE has now found a new buyer, namely HIH Invest Real Estate. We estimate the purchase price, which was not disclosed, to be in the range of € 100-105m, hence being some 15% below  [ … ]

Another guidance adjustment following lack of disposals; chg. As already anticipated in our recent earnings review, DEMIRE yesterday updated its FY guidance for a second time this year as management now expects a lower number of property disposals than what was planned at the beginning of the year. As this consequently results in a larger asset [ … ]

Solid Q3 but no refinancing solution yet; chg. Yesterday, DEMIRE released a solid set of Q3 results, showing a slightly reduced rental income and FFO. Q3 rental income decreased 7% yoy to € 19m (eNuW: € 19m) as index related rent increases (c. 50% of the portfolio's rents increased since 01/23) could not fully compensate for a decreas [ … ]