Demire Deutsche Mittelstand Real Estate AG Q3 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Philipp Sennewald - NuWays AG - Analyst : Yeah, can you hear me well?

Question: Philipp Sennewald - NuWays AG - Analyst : Okay. Philipp from NuWays. So you're obviously question not going to be about the operating results, rather about the refinancing. Just stating that you are in discussions with the bondholders on to observe options. What kind of options are we talking there, like prolonging a tranche of the bond for a higher coupon or, and how big would that tranche be? And can you can you give us a bit more color on that? And a second one, you were stating that you are also in discussions with banks for prolongations of the bank that you have out there, which is expiring next year. And to be honest, I'm struggling to believe that a single bank would be willing at the current stage to on prolong such a loan, you know, kind of like a prisoner's dilemma, you know, what the risk of the bond also maturing in November next year. So please elaborate a bit further on those issues. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 09, 2023 / 9:00AM, DMRE.DE - Q3 2023 Demire Deutsche Mittelstand Real Estate AG Earnings Call

Question: Philipp Sennewald - NuWays AG - Analyst : Yeah, that wasn't what I meant. It's just about how confident are you about the prolongation of the bank financing. I didn't mean that you refinanced the bond fully via bank debt. It's just on how confident are you that the banks are going to refinance or prolong the debt that is out there.

Question: Philipp Sennewald - NuWays AG - Analyst : Alright, understood. Thank you very much, that's from my side.

Question: Neill Morgan - BlueBay Asset Management - Analyst : Good morning, and thanks very much for the call. Can I just ask about disposals. I suppose particularly LogPark, there's obviously some very decently positive commentary in the presentation, about how far advanced you are with that. Could you do -- can you give us any color on that? You expect to have that sale agreed by the end of 2023, for example. And then secondly, away from LogPark, could you give us some color on the other assets which are held for disposal on your balance sheet, and how those processes are going? Thanks very much.

Question: Neill Morgan - BlueBay Asset Management - Analyst : Okay, thank you very much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 09, 2023 / 9:00AM, DMRE.DE - Q3 2023 Demire Deutsche Mittelstand Real Estate AG Earnings Call

Question: Simon Latimer - DiVA Capital - Analyst : Hi, just a follow-up to the previous question. Again, thanks for the presentations, very helpful. But just a quick follow-up to the previous question. Can you give us any kind of color in terms of maybe the number of assets that are being sold, what type of assets are being sold?

Question: Simon Latimer - DiVA Capital - Analyst : Okay, understood. Thank you.

Question: Farooq Baloch - Reorg Research - Analyst : Hi, sir, thank you for your presentation. I just wonder why that two major department store tenants leaving, can you provide us some details on that?

Question: Farooq Baloch - Reorg Research - Analyst : We understand that two major department store tenants are leaving actually if I got that right, would you provide us more color on that what's the reason?

Question: Farooq Baloch - Reorg Research - Analyst : Thank you.

Question: Sanford Ngai - BlueBay Asset Management - Analyst : Hi, guys. Thanks for taking my call and question. I'm just sort of related questions, our previous investor. Can you give some context on the Barmer in the Dusseldorf asset? Unidentified Company Representative Barmer was a major tenant in Dusseldorf, and the lease run out, expired, and they decided to move into a new building. But this was already since sometimes clear, they wanted to have a new one. And now we are looking for new tenants. We have developed a new marketing concept for this, and we are confident that we will find within the next months here, new tenants for this.

Question: Sanford Ngai - BlueBay Asset Management - Analyst : Okay, understood. That's helpful. And sorry, just as a follow-up question on the Galeria cash-out, as that has been vacated, do you have any immediate plans in terms of the re-development, or do you just expect it to stay empty for now? I mean, I understand it, department stores that might be quite expensive to renovate, but any color on that, that would be helpful.

Question: Sanford Ngai - BlueBay Asset Management - Analyst : Okay. Thank you. That's all my questions.

Question: Stuart Turner - Danske Bank - Analyst : Hi, thank you for taking question, it was actually a follow up on a previous question. Would I relate to LogPark, and I appreciate you can't give much comment on it, but you, yeah, I think you can't answer the question related to the stage because we already written the advanced stage in the presentation, but yeah probably no comment, but any color?

Question: Stuart Turner - Danske Bank - Analyst : Okay. (technical difficulty) Thank you very much.