Aroundtown lost billions

The Luxembourg commercial real estate specialist Aroundtown is deep in the red after nine months. Due to the devaluation of the real estate portfolio, the net loss amounted to around 1.4 billion euros. In the same period last year there was a profit of around 578 million euros. Aroundtown announced yesterday, Wednesday, that the group had already recorded the majority of the deficit in the first half of the year.

Real estate developer and billionaire Georg Stumpf acquired a ten percent stake in Aroundtown in September.

Like many other real estate groups, the Luxembourgers are struggling with increased interest rates and are countering these with sales, among other things. Overall, deals worth around 710 million euros have been made so far this year, it is said. Because of the sales, net rental income fell by two percent to 885 million euros.

For the half-year balance sheet, the board raised the forecast for the operating result to 310 to 340 million euros. This goal has now been confirmed.

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