The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kai Klose - Berenberg Bank - Analyst
: I've got few questions, if I may. The first one, you mentioned that you had in the rental income, some contribution from CPI adjustments. Could
you specify what was the amount in percentage -- percentage terms? Second question is on the sale of -- potential sale of selective assets. Could
you quantify a little bit what kind of volume we are talking about or you're considering to sell?
And last question would be on the debt expiry in this year, the EUR10 million promissory notes and the EUR33 million bank loans, what are your
plans here regarding the extension?
Question: Kai Klose - Berenberg Bank - Analyst
: Maybe just a very quick one, and a quick follow-up regarding sales, of course, can understand that you're currently in negotiations, but could you
indicate to which extent disposals are kind of imperative to get the bond extension negotiated?
Question: Manfred Gridl - Gridl Asset Management. - Analyst
: Can you hear me?
Question: Manfred Gridl - Gridl Asset Management. - Analyst
: So it's a little bit regarding the similar topic you just discussed. Now the two loans that you are renegotiating right now, you are currently paying
approximately 2.1% on average for these loans. It's EUR106 million. So I would say the market price for a loan like this is minimum 8% right now,
interest rate. So that would mean you would need to pay an additional EUR6 million minimum in interest rate.
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Question: Manfred Gridl - Gridl Asset Management. - Analyst
: Is there also a negotiation that the lender might swap from a loan into stocks that they say, well, we would rather like to get equity because the
upside is much higher than when we take another loan. Is that discussed as well?
Question: Manuel Martin - Oddo BHF - Analyst
: Two questions from my side. One question on the P&L on your rental revenues. First quarter rental revenues have been EUR19.9 million. That's
EUR1 million less than in the fourth quarter. Maybe you can elaborate a bit on that, how the retreat in rental revenue comes?
Question: Manuel Martin - Oddo BHF - Analyst
: Okay. Understood. My second question would be a bit on the market, on your assets, mainly supermarkets, plus also DIY. Maybe you can share
your observations of the market with us. So what's your impression on the demand-supply situation in your markets? What does that mean for
prices and yields and rents in the assets that you have in your portfolio?
Question: Manuel Martin - Oddo BHF - Analyst
: Okay. I see. So then maybe you're in a better position than, for example, your colleagues in residential, because the other transaction market is
really dried up. Do you think the market in your assets is a bit more easy or more liquid, let me put it like that.
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