Aroundtown - comment

Management believes they have reached a turning point in the real estate market, with capital markets opening, reducing revaluation losses, and stronger rental income.  Away from the stronger residential market, AroundTown is seeing positive momentum in the hotel segment.  The Office segment is still lagging, mainly due to the slower German economy, but there is relative confidence in for further growth once economic activity picks up.

With the liability management efforts over the summer now behind AroundTown, the focus will solely be on further deleveraging via disposals.  These disposals are mainly small in size, with limited confidence in the market for larger transactions.