Edition:
India

Aroundtown SA completes 1.2 bln eur in property acquisitions


Monday, 1 Jul 2019 

July 1 (Reuters) - Aroundtown SA ::AROUNDTOWN SA ANNOUNCES COMPLETION OF ACQUISITIONS OF CONTROLLING INTEREST IN EUR1.2 BILLION PROPERTIES IN H1 2019 MAINLY LOCATED IN MUNICH, BERLIN, COLOGNE, HAMBURG, AND FRANKFURT AND IN ADDITION SIGNED FURTHER EUR400 MILLION PROPERTIES WHICH YEAR-TO-DATE AMOUNTS TO A TOTAL OF EUR1.6 BILLION.EUR1.6 BILLION PROPERTIES HAVE AN ACQUISITION-MULTIPLE OF 25X WITH 10% VACANCY AND HAVE A SIGNIFICANT UPSIDE POTENTIAL WHICH WILL BRING LONG TERM NOI YIELD (UNLEVERED) TO OVER 7%..IN ADDITION, AROUNDTOWN HAS A PIPELINE OF HOTELS AND OFFICES FOR APPROX. EUR1.5 BILLION PRIMARILY IN GERMANY AND NETHERLANDS, OF WHICH EUR1 BILLION IS HIGHLY LIKELY TO BE SIGNED IN Q3 2019 AND CLOSED IN Q4 2019.. 

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