Property outfit Vivion Investments has refinanced more than 90% of its outstanding net debt, as it faces lower valuations on key assets.

This move provides Vivion with the financial leeway to pursue real estate opportunities, particularly in its core markets of the United Kingdom and Germany, said the company in a on Tuesday 5 September 2023.

The total of €1.54bn in refinanced debt includes €700m in 3.00% notes due 2024, €640m in 3.50% notes due 2025, and €200m in 2.25% convertible bonds due 2025.

Ella (Raychman) Zuker, chief financial officer of Vivion Investments, said the refinancing was carried out promptly despite the difficult market environment.

Zuker further elaborated that the widespread support for the refinancing--91% of bondholders across the three debt series--indicates strong investor confidence in Vivion’s strategy and future prospects.

“The significant majority of our debt by more than five years is testament to their confidence in our strategy, portfolio, team and growth trajectory,” Zuker said. She added that a comprehensive financial update, including results for the first half of this year, will be forthcoming next week.

In its 2022 annual report, Vivion Investments recorded a 17% increase in revenues, totalling €233m, compared to the previous year. However, the company also recognised a revaluation loss of €317m, equivalent to a 7.4% decline across its asset portfolio, which Zuker attributed mainly to market conditions.

As of the end of last year, the company’s net debt stood at €1.64bn.