AROUNDTOWN WKN: A2DW8Z ISIN: LU1673108939 Forum: Aktien Thema: Hauptdiskussion

Laut diesem Artikel hat der AT Vorstand Recht. Man muss diese einmalige Situation nutzen daß ein Teil der Immobilienhalter mit dem Rücken zur Wand steht und man darum gute Immobilien in besonderen Situationen zu Multiple 13-15 kaufen kann. Wenn AT bis Ende 2026 2 Mrd da investiert sind 800 Mio Sondergewinn möglich. Außerdem steigen die Mietverträge und die Perpetuals machen wieder Sinn. The European real estate market continues to fragment in terms of credit, according to an analysis by Scope Ratings. While terms of financing are improving for the highest-rated companies, weaker players are struggling to cope with rising costs, refinancing requirements, and structural changes in demand. Image Thomas BarnetZonebourse.com Thomas Barnet Published on 09/25/2025 at 04:02 am EDT VONOVIA SE -0.32% AROUNDTOWN SA -0.81% MERLIN PROPERTIES SOCIMI, S.A. -0.51% COLONIAL COAL INTERNATIONAL CORP. -0.72% European real estate: the credit gap widens Scope Ratings' analysis, published by Philipp Wass, highlights an increasingly contrasting dynamic in European real estate. While financing terms have improved overall since the beginning of the year, only the highest-rated companies (with so-called "prime assets") are able to take full advantage of this. At the same time, more indebted players, often with positions in secondary assets,p continue to face increasing difficulties in accessing credit. Stable swap rates and lower bank margins have helped ease borrowing conditions, leading to a rebound in bond issuance in H1 2025, up 17% y-o-y. Investment grade (IG) issuers are benefiting from controlled spreads (around 125 basis points) and financing costs that have become competitive again (3%-4% over 5 years), which is even reviving the attractiveness of unsecured debt. Conversely, non-IG companies remain under pressure, with spreads climbing to 525 basis points and financing costs reaching 7% to 8%. In this context, asset quality is becoming a key credit risk factor. Prime properties in high-demand urban areas continue to attract investors, thanks to stable yields and sustained rental demand, particularly for data centers, which are being driven by the rise of AI. Meanwhile, secondary assets are suffering from declining valuations, reduced liquidity, and a squeeze between rising renovation costs and stricter regulatory requirements. Refinancing risks are now concentrated in the 2025–2026 period, when several companies will haveo to deal with significant debt volumes in a market that is still selective. For the most fragile issuers, particularly those exposed to secondary office or physical retail, it is time for safeguard measures: asset sales, capital injections, or debt restructuring, as envisaged at Deutsche Konsum or Globe Trade Centre. Scope warns that some of these transactions could be considered distressed exchanges. This divergence is becoming a permanent feature of ratings: solid IG and HY issuers (such as Vonovia, Aroundtown, Merlin Properties, and Colonial) are stabilizing their credit profiles, while weaker ones are sliding into a downward spiral. For investors, the message is clear: selectivity remains paramount, both in terms of signatures and the intrinsic quality of assets. European real estate is no longer a homogeneous block, but a two-speed market, where credit clearly separates the winners from the losers.

Für diese Anleihe sollte AT unter 3,5% kommen.

Warburg sagt kaufen und 4€. Das will ich auch.

Die Aktie wird wieder geliebt, wir sind wieder uber 3,30. Jjjjjjuuuuuhu

Barclays hat die deutsche Immobilienbranche als strukturell falsch aufgestellt bezeichnet. AT muss bei seiner Tochter GCP zeigen daß es funktioniert. Viel Erfolg.

Die Zinsen sind es nicht. Schon eher die Ministerin Hubert die mit der EU einen StrafenKatalog verhandelt. Das wird zusätzlich vom Bauen abhalten aber hier geht um den Kampf um den linken Wähler. Marktwirtschaft schlägt den Sozialismus in der Praxis. Die Sozis kennen keine Vernunft sondern sehen alles durch die ideologische Brille. Für At und Kollegen bedeutet das höhere Kosten.