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SARRIA LIVE MODEL
SARRIA ANALYSIS
CORPORATE FILINGS

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Grand City - 8th Nov 23

Aroundtown Cap and Legal Structure - 8 Nov 23

Aroundtown Assets and Cashflow - 8 Nov 23

Investment Discussion - 8Nov23

SARRIA News - CWT
Adler / all RE names - comment
Wolfgang Felix
Adler / all RE names - comment
Wolfgang Felix

The 3LNs should be softer today. On its Q126 call, Adler confirmed weakness in the German RE market, as institutional investors are holding off on

Wolfgang Felix
Aroundtown - comment
Tomás Mannion
Aroundtown - comment
Tomás Mannion

Strong results from Aroundtown, with management raising guidance for the remainder of FY26. However, given current trading levels and

Tomás Mannion
AroundTown - Macro Opportunity - Model Update - Positioning
Tomás Mannion
AroundTown - Macro Opportunity - Model Update - Positioning
Tomás Mannion

Please find our updated analysis on AroundTown here. 

At first glance, there appears to be limited opportunity in AroundTown and Grand City Properties. AroundTown continues to deliver stable operating

Tomás Mannion
Tomás Mannion
AroundTown - comment
Tomás Mannion

Aroundtown’s FY25 announcements point to operational stabilisation and continued deleveraging; however, the reinstatement of dividends and move to

Tomás Mannion
Tomás Mannion
Aroundtown - comment
Tomás Mannion

The successful issuance of a €750m perpetual bond at a 5.125% coupon highlights strong demand for BB+ rated real estate credit. The coupon

Tomás Mannion
Tomás Mannion
Aroundtown - comment
Tomás Mannion

Aroundtown has announced a multi-currency tender across five outstanding hybrid issues (EUR/GBP/USD, including

Tomás Mannion
Tomás Mannion
AroundTown - comment
Tomás Mannion

Aroundtown’s board has approved a share buy-back programme of up to €250 million, launching on 26 January and running

Tomás Mannion
Tomás Mannion
Aroundtown - comment
Tomás Mannion

AroundTown is in the process of extending its maturity profile through a combination of calls, tender offers and the issuance of

Tomás Mannion
Tomás Mannion
AroundTown - comment
Tomás Mannion

Recent strong investor demand has continued to push new issuance coupons tighter for AroundTown. The most recent issuance reduces

Tomás Mannion
Tomás Mannion
Grand City Properties
Tomás Mannion

Maybe we are expecting too much, but there remains little tangible evidence of the “capturing growth” and “positioned well for future opportunities” narrative previously

Tomás Mannion
Tomás Mannion
Aroundtown - comment
Tomás Mannion

AroundTown has issued a tender document to redeem its 2026 Notes at or close to par and redeem, via a Dutch Auction, some of its

Tomás Mannion
AroundTown - comment
Tomás Mannion
AroundTown - comment
Tomás Mannion

AroundTown management’s comments reflect further confidence in both the property markets and specifically in the real estate funding market. This renewed

Tomás Mannion
Grand City Properties - comment
Tomás Mannion
Grand City Properties - comment
Tomás Mannion

As tends to be the case with residential real estate companies, quarterly movements are smaller than for other corporates. Like-for-like rental growth came in

Tomás Mannion
AroundTown/Grand City Properties - A New Perspective
Tomás Mannion
AroundTown/Grand City Properties - A New Perspective
Tomás Mannion

Please find our updated analysis on AroundTown here and its subsidiary, Grand City Properties, here. 

As part of our process of re-examining the Heimstaden capital structure, we have also updated our analysis of Grand City Properties and AroundTown. 

Tomás Mannion
AroundTown - comment
Tomás Mannion
AroundTown - comment
Tomás Mannion

AroundTown released its Q1 results this morning, reflecting continued positive momentum. While the pace of disposals was slightly below our expectations, the company remains

Tomás Mannion