LONDON: Aroundtown’s fully consolidated subsidiary TLG successfully signed the disposal of a retail property portfolio for the amount of approx. €190 million and a further retail property portfolio for approx. €300 million for which the buyer has a discretionary rescission right until August 31, 2020.

The retail properties are located across Germany and were sold above book value at a multiple of 15x. The portion of retail properties in AT’s portfolio thus reduces to 7% from 9% based on March 31, 2020.

Year-to-date, the Company (directly and through fully owned subsidiaries) has signed disposals at an amount of €900 million, following AT’s strategy of disposing non-core properties which lie outside of the focus locations and asset types. The successful disposals above book value during the period of the international lockdown marks the strength of the Company’s management and the resilience of its portfolio also during challenging times.

Furthermore, Aroundtown and its subsidiaries are in negotiations to dispose additional portfolios in a value over half a billion Euros.

Aroundtown SA, 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.