Amir Dayan, one of the beneficiaries of the real estate company Vivion, has recruited former Bank of Israel Governor Jacob Frenkel for a non-executive director position in the company. The appointment took place amid a successful debt refinancing for Vivion completed by Amir Dayan.
Frenkel served as the Governor from 1991 to 2000. Prior to that, he was the Chief Economist and Head of Research at the International Monetary Fund and a Professor of Economics at the University of Chicago. After his tenure at the Bank of Israel, he served as the Chairman of Merrill Lynch International until 2004. From 2004 to 2009, Frenkel was the Deputy Chairman of the international AIG Group. From 2009 to early 2020, he served as the Chairman of J.P. Morgan International.
Vivion’s rationale for Frenkel’s appointment, beyond his financial expertise, is to strengthen the company’s position in dealing with institutional bodies, primarily Europeans and Americans. Frenkel’s familiarity with major international financial institutions and his presence could also assist Vivion in future capital raising.
Vivion is a private company, and its shares are not publicly traded, but its bonds are traded on the European Euronext Stock Exchange. The company operates in the real estate sector in Europe, primarily in UK and Germany.
Frenkel’s appointment comes concurrently with a large debt restructuring at Vivion. A few weeks ago, Vivion issued two bond series to institutional investors refinancing totaling 1.4 billion euros, replacing two existing series of the company due for repayment in the next year and in 2025.
The new series will carry an interest rate of 6.5%, and considering the current high global interest rates, a 6.5% interest rate is relatively solid. At the time of the transaction, the European Central Bank interest rate was at 3.75%. Vivion has committed to maintaining a Loan to Value (LTV) ratio of no more than 65%.
Vivion has assets in the United Kingdom and Germany with a total value of 5.2 billion euros (as of the end of 2022). In 2022, total revenues amounted to 233 million euros, an increase of 17% compared to 2021. The FFO amounted to 108 million euros, an increase of 12%. At the end of 2022, the company had 839 million euros cash in its treasury.
Who is Amir Dayan?
Amir Dayan is a global real estate investor; Amir is a beneficiary of the real-estate company Vivion Investments S.à.r.l and the Vice Chairman of the Advisory Board. Born in Tel Aviv in 1974, Amir Dayan is an investor who works primarily in real estate across Europe and has shown a particular interest in the UK, Germany and the Netherlands. Part of the Dayan family, Amir oversees their real estate business in Europe, among other responsibilities.
Amir Dayan has been particularly invested in the European hotel industry, which includes the Africa-Israel hotel chain, as well as other real estate sectors since 2005.