AroundTown - benefitting from return to the office

Please find our updated analysis on AroundTown here.

We have always viewed AroundTown as a standalone entity, inferring no benefit from its 62% equity stake in Grand City Properties. Operations at the deconsolidated AroundTown entity

Tomás Mannion20 December 2024AROUNDTOWN

Aroundtown - comment

Like other real estate entities, AroundTown’s operational data continues to improve quarter-on-quarter. Asset revaluation is reaching a trough now, coupled with

Tomás Mannion27 November 2024AROUNDTOWN

AroundTown - playing catch up - Positioning

I've included for you our updated analysis on AroundTown here.

AroundTown continues to make progress and post their liability management exercises, investor focus will switch to equity-enhancing

Tomás Mannion27 September 2024AROUNDTOWN

Grand City Properties - Changing Tack - Positioning

Please find our updated analysis of Grand City Properties here.

Real estate investing is supposed to be boring, and the recent results from Grand City Properties fit that bill. Operationally, the business continues to perform

Tomás Mannion27 September 2024GRAND CITY, AROUNDTOWN

AroundTown | Grand City Properties - comment

Both AroundTown and Grand City Properties are offering investors who previously didn’t tender into the “perpetual swap” another option. The terms are

Tomás Mannion11 September 2024AROUNDTOWN, GRAND CITY

Aroundtown - comment

Management believes they have reached a turning point in the real estate market, with capital markets opening, reducing revaluation losses, and

Tomás Mannion28 August 2024AROUNDTOWN

Aroundtown - comment

Having left its Perps in place, Aroundtown’s Sr. financing now benefits from easier market access, allowing the company to continue rolling its

Wolfgang Felix9 July 2024AROUNDTOWN

Grand City Properties - playing the waiting game- Positioning

Please find our updated model for Grand City Properties, post Q1 numbers and hybrid exchange, here.

The results continue to be a non-event. But perhaps that is the point. Real estate investing, especially residential, with very little development

Tomás Mannion19 June 2024AROUNDTOWN, GRAND CITY

AroundTown - With help from a friend - Positioning

Please find our updated model here.

AroundTown continues to make progress with its efforts to make the Company boring again. The results are non-events, with the Company making

Tomás Mannion19 June 2024AROUNDTOWN, GRAND CITY

AroundTown - comment

AroundTown’s Q1 results point to further signs of stability in the European real estate market. AroundTown do not revalue its estate at Q1, but the Company has done some

Tomás Mannion29 May 2024AROUNDTOWN

Aroundtown - comment

Following the successful exchange and tender offer for the Euro perpetual notes, AroundTown this morning has announced a similar tender to the holders of its Sterling and

Tomás Mannion22 April 2024AROUNDTOWN

AroundTown/GCP - comment

AroundTown announced the successful results of their exchange/tender offer for four of their Perpetual Notes and two of

Tomás Mannion11 April 2024AROUNDTOWN

Aroundtown - Grand City Properties- comment

Both Companies are launching an exchange offer with potential for 15% redemption.

Grand City Properties is launching a tender for 2 of its

Tomás Mannion2 April 2024AROUNDTOWN

AroundTown - comment

AroundTown are due to report their FY23 on the 27th March. Its 60% owned subsidiary, Grand City Properties reported its FY23 numbers. GCP announced

Tomás Mannion14 March 2024AROUNDTOWN

Aroundtown - comment

AroundTown are not calling their €400m 2.125% Hybrid bonds, with a first call in January. This is in keeping with previous non-calls of their other

Tomás Mannion14 December 2023AROUNDTOWN

Aroundtown - comment

Still going through the numbers, with the quick takeaways that AroundTown have disposed of c. €175m more assets in the quarter, and boosted liquidity

Tomás Mannion29 November 2023AROUNDTOWN

Grand City Properties - Nothing Changed

Please find our updated model for Grand City Properties Q3 results here. AroundTown are due to report on the 29th of November.

The results in themselves are a non-event. Operationally, GCP are improving the net rent (+3.1% lfl) and lowering vacancy levels to 3.8%. GCP

Tomás Mannion16 November 2023AROUNDTOWN

Grand City Properties - comment

As expected, GCP have continued to bolster their liquidity, with €110m new bank facilities and €20m additional disposals since last reporting. This results in

Tomás Mannion15 November 2023AROUNDTOWN

AroundTown | Grand City Properties - Much ado about nothing.

Please find our research on AroundTown and Grand City Properties (GCP) here.

Although the market was surprised by the non-calling of both AroundTown and GCP’s Hybrids, times have changed. Both sets of management have taken the

Tomás Mannion8 November 2023AROUNDTOWN