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on Branicks Group AG (isin : DE000A1X3XX4)

Branicks Group AG Completes Early Repayment of VIB Bridge Financing

Frankfurt am Main, October 07, 2024 - Branicks Group AG, a prominent player in Germany's real estate sector, has successfully completed the early repayment of its bridge financing for the acquisition of VIB Vermögen AG. The final payment of EUR 40 million was made at the beginning of the fourth quarter, ahead of the planned schedule. This marks a significant milestone in the company’s restructuring plan.

The bridge financing initially amounted to EUR 500 million when it was secured in March 2022. By the 2023 financial year, EUR 300 million had already been repaid. In 2024, the company further managed payments totaling EUR 160 million before making the remaining payment this October. CEO Sonja Wärntges highlighted the operational success and reduced interest expenses as key testimonies to the satisfactory restructuring progress.

As a result of these efforts, the company's average interest rate has decreased to 3.21%, with the net interest income registered at EUR -54.6 million for the first half of the year. Anticipated declines in interest expenses are projected from Q4 onwards.

R. E.

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