Aroundtown SA Expands in German Real Estate Market

Aroundtown SA has significantly increased its presence in the German residential real estate sector. This advancement was made possible through its subsidiary, Grand City Properties S.A. (GCP), acquiring a 20.04% stake in LEG Immobilien SE. The move highlights the company's strategic investment in the German housing market.

Aroundtown supports GCP's financial decision. The company retains the flexibility to increase its stake to 29.9% or decrease it, depending on market conditions. The book value associated with the acquired shares is approximately €1.8 billion. Current trading conditions suggest a potential substantial non-cash profit according to IFRS under certain circumstances.