DGAP-News Aroundtown SA continues strong disposal activity and announces final composition of management body following merger with TLG

Nachrichtenquelle: EQS Group AG
29.10.2020, 07:03  |  212   |   |   

DGAP-News: Aroundtown SA / Key word(s): Real Estate/Disposal
Aroundtown SA continues strong disposal activity and announces final composition of management body following merger with TLG

29.10.2020 / 07:03
The issuer is solely responsible for the content of this announcement.


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS

AROUNDTOWN CONTINUES STRONG DISPOSAL ACTIVITY AND ANNOUNCES FINAL COMPOSITION OF MANAGEMENT BODY FOLLOWING MERGER WITH TLG

29 October 2020.

Following the successful execution of its disposal pipeline, Aroundtown (the "Company" or "AT") increased the year-to-date signed disposal volume to ca. €1.9 billion ("Disposals"). In addition, the Company is in advanced negotiations for additional disposals in the amount of half a billion Euro.

The Disposals have been sold through numerous transactions and at a profit above book value and a net rent multiple of 18x. The Disposals are mainly retail and wholesale properties which are mainly located in various locations across Germany. Disposals of non-core properties above book value increase the overall portfolio's quality through the increased focus on top tier cities. The proceeds of the disposals are increasing the Company's liquidity, support debt repayments and the highly accretive share buyback which is being executed at a significant discount to the Company's net asset value and is thus creating accretive shareholder value.

Further, it is hereby announced that following the merger with TLG, the nomination of Mr. Barak Bar-Hen as Aroundtown's Co-CEO and COO and Mr. Klaus Krägel as CDO (Chief Development Officer) became effective.

About the Company

Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German commercial real estate company. Aroundtown invests in income generating quality properties with value-add potential in central locations in top tier European cities mainly in Germany/NL.

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DGAP-News Aroundtown SA continues strong disposal activity and announces final composition of management body following merger with TLG DGAP-News: Aroundtown SA / Key word(s): Real Estate/Disposal Aroundtown SA continues strong disposal activity and announces final composition of management body following merger with TLG 29.10.2020 / 07:03 The issuer is solely responsible for the …

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