Elevated Leverage And Thin EquityVery high leverage and a slim equity buffer leave the company exposed to valuation shocks, rising rates and covenant strain. Over 2–6 months this magnifies refinancing and liquidity risk, limiting strategic options and increasing the probability that asset sales must be prioritized over growth.
Negative Operating And Free Cash FlowPersistent negative OCF and FCF reduce internal funding for capex, debt servicing and development. The structural cash burn raises dependence on asset disposals and external financing, making liquidity and refinancing execution key constraints in the medium term.
Loss‑making Development SegmentA weak, cash‑consuming development arm lowers group profitability and ties up capital. With construction costs elevated and new‑build values flat, development losses and downward revaluations can persist, constraining margin recovery and prolonging the need for disposals to fund operations.