--- title: "Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): Kaufen" type: "News" locale: "en" url: "https://longbridge.com/en/news/280310772.md" description: "First Berlin Equity Research has issued a research update on Aroundtown SA, maintaining a BUY rating and a target price of €4.10, indicating a potential upside of 79%. The report highlights strong operational performance with a 3.0% increase in LFL rental income in 2025, reflecting robust demand across various asset classes. Despite higher financing costs impacting FFO I, a new share buyback program could enhance FFOPS by up to 7% in 2026. The proposed exchange offer for Grand City Properties may further strengthen Aroundtown's market position and simplify its corporate structure." datetime: "2026-03-24T11:53:07.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280310772.md) - [en](https://longbridge.com/en/news/280310772.md) - [zh-HK](https://longbridge.com/zh-HK/news/280310772.md) --- # Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): Kaufen Original-Research: Aroundtown SA - from First Berlin Equity Research GmbH 24.03.2026 / 12:53 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of First Berlin Equity Research GmbH to Aroundtown SA **Company Name:** **Aroundtown SA** **ISIN:**   Reason for the research: Jahresbericht 2025 Recommendation: Kaufen from: 24.03.2026 Target price: €4,10 Target price on sight of: 12 Monate Last rating change: \- Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: ) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 4,10.**Zusammenfassung:** Der Jahresbericht unterstreicht die anhaltende Stärke des operativen Geschäfts von Aroundtown mit einem soliden Wachstum in allen wichtigen Anlageklassen. Die LFL-Mieteinnahmen stiegen 2025 um 3,0%, was die robuste Mieternachfrage in den Hotel-, Wohn- und Büroportfolios widerspiegelt, während die LFL-Neubewertungen von +3,1% auf eine weitere Stabilisierung der Immobilienmärkte nach der Abwertungsphase der letzten zwei Jahre hindeuten. Obwohl höhere Finanzierungskosten weiterhin auf den FFO I drückten, bietet der kürzlich gestartete Aktienrückkauf eine Steigerung des FFOPS um bis zu 7% im Jahr 2026 (bei einem Aktienkurs von €3). Der Vermieter verlagert sich nun allmählich von einer eher defensiven Optimierung der Kapitalstruktur hin zu einer ausgewogeneren Kapitalallokation, die internes Wachstum, Kapitalrecycling und selektive externe Chancen kombiniert. Vor diesem Hintergrund könnte das vorgeschlagene Aktienumtauschangebot für Grand City Properties die Plattform und die Geschäftstätigkeit von AT weiter stärken, indem es die wirtschaftliche Beteiligung an den Cashflows von GCP im Wohnimmobilienbereich erhöht (geringere Minderheitsverluste) und gleichzeitig die Konzernstruktur vereinfacht. Wir behalten unsere Kaufempfehlung und unser Kursziel von €4,10 bei (Aufwärtspotenzial: 79%). First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: ). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.10 price target.**Abstract:** Full year reporting highlighted the continued strength of Aroundtown's operating business with solid growth seen across all major asset classes. LFL rental income increased 3.0% in 2025 reflecting resilient tenant demand across the office, residential and hotel portfolios, while LFL revaluations of +3.1% signalled further stabilisation in property markets following the devaluation phase of the past two years. Although higher financing costs continued to weigh on FFO I, the recently launched share buyback offers up to 7% FFOPS accretion in 2026. Now the landlord is gradually shifting from more defensive capital structure optimisation towards a more balanced capital allocation combining internal growth, capital recycling and selective external opportunities. Against this backdrop, the proposed exchange offer for Grand City Properties could further strengthen AT's platform and operations by increasing economic participation in GCP's residential cash flows (lower minority leakage), while simplifying the group structure. We maintain our Buy rating and €4.1 TP (upside: 79%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: AT1\_GR-2026-03-24\_EN Contact for questions: First Berlin Equity Research GmbHHerr Gaurav TiwariTel.: +49 (0) 30 809 39 686web: www.firstberlin.comE-Mail: g.tiwari@firstberlin.com The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 2296850 24.03.2026 CET/CEST **Disclaimer** Saving the news in databases or any forwarding of the news to third parties in a commercial context or for commercial purposes is only permitted with the prior written consent of EQS Group AG. ### Related Stocks - [AT1.DE](https://longbridge.com/en/quote/AT1.DE.md) ## Related News & Research - [Aroundtown SA: Release of a capital market information](https://longbridge.com/en/news/282538480.md) - [Aroundtown Repurchases 8.9 Million Shares in Latest Buyback Tranche](https://longbridge.com/en/news/280140203.md) - [Cushman & Wakefield says Berlin Q2 office take-up hits record 229,000 sq m](https://longbridge.com/en/news/295632245.md) - [01:11 ETFinaliza la empresa conjunta entre Kingstone Capital AG Switzerland y Versorgungswerk der Zahnärzte Berlin](https://longbridge.com/en/news/295614787.md) - [06:48 ETJoint Venture Between Kingstone Capital AG Switzerland and Versorgungswerk der Zahnärzte Berlin (VZB) Comes to an End](https://longbridge.com/en/news/295523818.md)