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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
Aroundtown’s FY25 announcements point to operational stabilisation and continued deleveraging; however, the reinstatement of dividends and move to
The successful issuance of a €750m perpetual bond at a 5.125% coupon highlights strong demand for BB+ rated real estate credit. The coupon
Aroundtown has announced a multi-currency tender across five outstanding hybrid issues (EUR/GBP/USD, including
Aroundtown’s board has approved a share buy-back programme of up to €250 million, launching on 26 January and running
AroundTown is in the process of extending its maturity profile through a combination of calls, tender offers and the issuance of
Recent strong investor demand has continued to push new issuance coupons tighter for AroundTown. The most recent issuance reduces
Maybe we are expecting too much, but there remains little tangible evidence of the “capturing growth” and “positioned well for future opportunities” narrative previously
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
AroundTown management’s comments reflect further confidence in both the property markets and specifically in the real estate funding market. This renewed
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
AroundTown released its Q1 results this morning, reflecting continued positive momentum. While the pace of disposals was slightly below our expectations, the company remains
Grand City Properties continues to benefit from robust fundamentals in the German residential market, where supply shortages and broader
AroundTown are extending its debt maturities and has launched a new 5-year fixed at c.215bps over, the proceeds of which wil