Aroundtown growing considerably
The commercial property portfolio of Aroundtown has grown substantially during the first three quarters from €9.8bn to €13.2bn. Acquisitions by the largest listed commercial property investor in Germany added up to €2.4bn; sales came to €740mn at an average markup of 30 % over cost. Net gains for the first nine months, which increased by 28 % to €1.4bn, include valuation gains of €1.17bn. Operatively as well, the growth phase continues: FFO increased by 46 % to €297mn, like-for-like rental income rose by 4.5 %, with 1.7 percentage points being due to lower vacancy rates. Of the €6.9bn office portfolio, 10.7 % are vacant.
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