Aroundtown lost billions

Aroundtown lost billions
George Stumpf

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.

My themes

For your saved topics were

new articles found.


info By clicking on the icon you can add the keyword to your topics.

By clicking on the icon you open your “my topics” page. They have of 15 keywords saved and would have to remove keywords.

info By clicking on the icon you can remove the keyword from your topics.

Add the topic to your topics.

Source: Nachrichten

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

Argentines are at 44-month highs

Argentines are at 44-month highs

The economy remains immersed in a recessionary phase of which it is still unknown when it will bottom out, while inflation data, although showing a