With an asset write-down of €50m - €60m on the way leading to a breach of the Indebtedness covenant, a delay in publishing FY23 results is

Friday’s announcement of a €50m - €60m devaluation in properties is likely to be on the rental portfolio in eastern Germany. We have been sceptical about the valuation and why

Shareholders were never likely to object to an agreement that gave them more time for asset prices to improve, especially when largely paid

Today’s offer of fresh equity comes with strings attached that would shift risk back onto bondholders, in return for an underwhelming amount of fresh cash. The trickiest bit in

Vonovia’s Q3 results this morning highlights that there remains at least minimal liquidity in the residential market in Germany, with €1.7bn of sales in Q3.  Reassuring

The profit warning from Accentro is no surprise to us. We have been sceptical about the ability to execute condo sales in the current environment. At the very least, we think whole building sales are needed. We expect that Accentro will need further

The much-awaited simplification of Accentro’s holding structure is unfolding as Shinhan AIM, the original lender to Brookline, and Nox Capital

The same shareholders are still in control at Accentro, so the governance issues we have highlighted previously have not disappeared. KPMG

The departure of Lars Schriewer as CEO should change little at Accentro. Company strategy is a product of Cevdet Caner, so nothing will change

We were critical when Accentro chose not to have a Q1 call, so we need to give credit for the Q123 presentation published today