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Aroundtown, one of Germany's largest listed landlords, posted a first-half profit of €578 million (USD 677 million), a sharp turnaround from a €330 million loss a year earlier, aided by a rebound in residential and commercial property prices. Profit had already tripled in the prior quarter, reinforcing recovery momentum, while like-for-like rental income grew 3% across its German and Dutch portfolio. Despite reaffirming its full-year guidance, shares slipped on investor profit-taking. The company also announced CFO Ben David will step down after 17 years, with deputy Jonas Tintelnot set to succeed him. Analysts called the results solid, reflecting resilience and stability.
Aroundtown, one of Germany's largest listed landlords, declared a first-half profit of 578 million EUR (USD 677 million), a marked improvement from the 330 million EUR loss recorded during the same period last year. The turnaround reflected an upswing in both residential and commercial property prices after a prolonged downturn. Advertisement
The company highlighted that profit had already tripled in the preceding quarter compared with the same quarter of the previous year, reinforcing its recovery momentum. It reaffirmed its full-year guidance, while funds from operations (FFO I)-a key benchmark for real estate firms-remained largely in line with last year's performance.
Across its portfolio of hotels, offices and residential properties in Germany and the Netherlands, Aroundtown registered a like-for-like rental income increase of 3 percent. Despite the improved earnings, its share price slipped in trading, with analysts attributing the decline to investor profit-taking amid a cautiously optimistic real estate environment.
The company further disclosed a forthcoming leadership change. Chief financial officer Ben David, who has been with Aroundtown for 17 years, will step down, while his deputy Jonas Tintelnot will assume the role by year-end. Analysts described the results as a solid update, underlining confidence in the company's operational direction.
Although market sentiment weighed on its share price, the reaffirmed outlook and continued portfolio stability indicate resilience. With a leadership transition on the horizon, the company appears positioned to consolidate its recovery and maintain momentum in the coming months, reflecting a more balanced landscape for European real estate investors.
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