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Aroundtown SA, one of Germany's largest listed landlords, reported ‌lower earnings and funds from operations on Wednesday, as a lack of property revaluations and higher finance costs impacted its first-quarter ​performance. The Luxembourg-based company said its quarterly net profit fell ​by more than a half from a year ago ⁠to €118.9 million ($138.4 million). https://www.wiwo.de/finanzen/boerse/aroundtown-eine-gute-lage-reicht-bei-immobilien-laengst-nicht-mehr-aus/100196009.html - But buy says the short seller.

Aroundtown SA is down 12.78% since Viceroy Research published their long report “Aroundtown – Viceroy is Long While the Market Sleeps” on February 17, 2026.

$SFER (12th Jan 2022 → now): Clear loss for anyone who followed the long call at the time. The stock never approached the touted €31 target.

Analyst consensus (mid-2026): Hold rating overall, with average price targets around €3.1–3.26 (implying ~20–30% upside from ~€2.5), though ranges are wide (€2.3 low to €4.5–5 high) and share price consistently remaining low. Some see further pressure on 2026 earnings. Persistent high vacancies, refinancing at elevated costs, or economic slowdown → further de-rating, with prices testing lows or lower (e.g., sub-€2.20). Losses of 20–40%+ possible in a downturn.

Persistent high debt costs, office sector softness, and any execution issues on disposals/refinancing could pressure metrics. Heavy reliance on buybacks/perpetuals signals capital allocation focus amid limited organic growth options.

Return to investors if bought at Feb 17 close: Approximately -16% to -17.5%

Buying at buyback start: Negative (~7–8% down)

This is not investment advice just the facts

MDAX-listed Aroundtown SA stock: This is how much investors would have lost with an investment in Aroundtown SA from 10 years ago: An investment of €100 ten years ago would now have resulted in 24,040 Aroundtown SA shares in the investor's portfolio. Since the value of one share on April 1, 2026, was €2.46 (closing price), the original investment would now be worth €59.09. This represents a decrease of 40.91 percent. (https://www.finanzen.ch/nachrichten/aktien/mdax-titel-aroundtown-sa-aktie-so-viel-haetten-anleger-mit-einem-investment-in-aroundtown-sa-von-vor-10-jahren-verloren-1035989727)

If you do NOT tender: After April 9 (if the offer succeeds, which is likely given no conditions and Aroundtown’s control), GCP’s free float drops sharply. This could lead to lower liquidity, possible SDAX/index exclusion, downlisting, and further price pressure on remaining shares. Many minority holders tender in these scenarios to avoid becoming “trapped” in an illiquid stock.

J&T Investiční společnost (J&T IS) employs several specialized portfolio managers focusing on maximizing assets through private and retail investment funds, including bond funds and hedge funds. When asked if J&T is going to switch Grand City Properties to Aroundtown SA in the fund or would you rather buy something else they opted to hold the AT1 shares. Protest in Maastrict at Aroundtown ownership (FSE, Paul-Henri Spaaklaan 1, 6229 GS Maastricht Thursday, 2nd of April, 2026) today, Curious to see if the assets and Yakir Gabays shadow directing keep getting the attention before the GCP/AT merger.

Https://www.marketscreener.com/news/aroundtown-gets-a-neutral-rating-from-goldman-sachs-ce7e51d8d18cf42c - Goldman Sachs Buy rating Sep 2025 moves to a Hold with concerns regarding AT1 debt maintenance.

Https://www.investing.com/equities/grand-city-properties-sa-technical Strong sell reporting

Https://www.investing.com/equities/aroundtown-property-holdings-plc-technical - Strong sell

Is it Getting Worse? Yes. The company is paying higher rates to refinance, and interest expenses are consuming a larger portion of operating income (nearly 40% in 2026 vs 25% in 2021). The objectivity of the Grand City Properties S.A. (GCP) Board is a central point of debate for minority shareholders. Under Luxembourg law, directors are legally bound to act in the best interest of the company as a whole, not just the majority shareholder. However what happens when the boards appointed by the majority shareholder?

Views on AT1:

JEFFERIES: Underperform (maintaining)

BERENBERG: Hold (maintaining)

SRC RESEARCH: Buy (maintaining)

SRC Research has maintained their buy signals (https://src-research.de/en/about-us) 4 times since August 2025, losing its followers 31.4%. They also jumped on the WIWO report which physically checked offices to undermine at haste (https://src-research.de/fileadmin/Aroundtown_16Feb2026.pdf) but do state AROUNDTOWN SA mandated SRC Research for covering the share. Less than 24hrs later Viceroy produced their long report (clearly not paid for by Aroundtown SA). Also Viceroy unlike the paid for SRC omit the WIWO report (https://www.wiwo.de/finanzen/boerse/aroundtown-eine-gute-lage-reicht-bei-immobilien-laengst-nicht-mehr-aus/100196009.html) proving it wasn't a kneejerk long report to the physical checks by journalists. Shortsellers often write long reports.

@AIMhonesty (Fraser Perring of Viceroy Research) posted a detailed "long idea" thread on Salvatore Ferragamo ($SFER.MI, the Italian luxury goods company) on January 12, 2022. This was contrary to a UBS research note at the time. He followed up briefly on January 14, 2022. "A long idea - currently buying Salvatore Ferragamo Research ($SFER) in Italy, contrary to the @UBS research note. My short-term price target is c.€31. For the following reasons after checks with stores & online:" . Cited takeover speculation without evidence and family exit interest (rumored interest from luxury brands like #LVMH; management changes suggested an exit). "Salvatore Ferragamo - Takeover speculation - I remain a buyer of $SFER at these levels. The company is a buy imo.". At first tweet (Jan 12, 2022): ~€20.59, Current price (as of late March 2026): Approximately €6.50–€6.65. Down ~68% (from ~€20.59 to ~€6.60). The stock lost roughly two-thirds of its value from early 2022 levels (consistent with later reports noting the decline under the new CEO who joined around the same time). Annual performance in 2022 was -30.82%, with further weakness in subsequent years and only modest recovery attempts since. No major takeover materialized. The last long idea has significantly underperformed over 4+ years, turning what was positioned as a recovery/M&A play into a notable loss for anyone who followed into the long.

Is Aroundtown SA the next $SFER. Was there a method to the madness knowing a promo may weaken them as with $SFER.

Aroundtown SA stock faces renewed pressure amid European real estate woes and rising refinancing risks. Recent ECB policy signals of limited rate cuts have amplified concerns, as Aroundtown relies heavily on unsecured markets debt. Management has proactively extended maturities where possible, pushing out over 70% of near-term obligations, according to IR disclosures confirmed across multiple financial wires. However, the €4 billion cliff remains a focal point, with potential equity raises or asset sales on the table if spreads widen further (https://www.ad-hoc-news.de/boerse/news/ueberblick/aroundtown-sa-stock-faces-renewed-pressure-amid-european-real-estate-woes/68980719)

Reports indicate Aroundtown SA’s (1AT1) cash-flow health score is extremely low at 0.14/5.00. This reflects ongoing liquidity strains from higher interest costs and debt,

AROUNDTOWN : Goldman Sachs rating Published on 03/24/2026 at 08:35 am EDT

Stock Aroundtown SA

Goldman Sachs analyst Jonathan Kownator has maintained his recommendation on the stock with a Neutral rating. The target price is lowered from EUR 3.00 to EUR 2.30.

2.293 today looking like a top end valuation. What does Goldman and Kownator know?

Grand City Properties S.A. (GYC) stock is trading near its 52-week low of €8.85. The continued decline is primarily driven by a voluntary exchange offer from its majority shareholder, Aroundtown SA, alongside cautious financial guidance for 2026. While the GYC Board recommends the offer, such deals often lead to selling pressure as investors arbitrage the price difference between the two companies or exit. Funds From Operations (FFO I) is projected to drop to €175 million – €185 million (compared to €188 million in 2025). FFO per share is expected to decline to €0.99 – €1.05 (down from €1.06 in 2025), largely due to higher expected costs from perpetual note coupons. Sector headwinds: European real-estate stocks (including GCP and Aroundtown) remain under pressure from higher interest rates, and some banks (e.g. BofA) recently cut ratings on the sector.

If you like the Yakir Gabay Gaza story → tender your shares in the offer (deadline 9 April 2026). His board calls this the “compelling” choice. Selling on the open market now while the offer is keeping the price supported may help but the 52 week low and daily drop of 16.57% since 17th Feb 2026. Someone pumped the stock at the behest of another and at the cost of the minority investors and benefit of the Advisory board members.

The GCP exchange follows a very similar playbook to AT's 2019–2020 merger with TLG Immobilien (a commercial real estate peer). In the TLG case:

AT launched a voluntary all-share exchange offer (3.6 AT shares per TLG share, ~3.2% premium).

~78–80% acceptance gave AT majority control (~80%).

Post-merger, TLG's free float dropped sharply (to ~4–20%), trading volume collapsed, and liquidity evaporated — exactly the risk highlighted for GCP now March 2026. Investors view the overall process as value-destructive for minorities: small initial premium, then loss of listing/independence, with the parent controller Yakir Gabay capturing full synergies and control while minorities faced forced monetization or ongoing illiquidity.

Aroundtown SA stock faces renewed scrutiny (https://www.ad-hoc-news.de/boerse/news/ueberblick/aroundtown-sa-stock-faces-renewed-scrutiny-amid-european-real-estate/68965054).

Aroundtown SA's latest cash flow health score stands at a low 0.14 on a 5.00 scale, signaling ongoing liquidity strains.

Cash flow health at 0.14 flags disposition needs if leasing slows.

Aroundtown trades at 40-50% below NAV, baking in pessimism.

Shareholder Dissatisfaction: In mid-2024, reports highlighted that GCP's earnings per share (EPS) had declined by 89% and total shareholder value by 50% over a three-year period. Analysts suggested that Zamir's total compensation (approximately €1.9 million as of 2023) was not aligned with this under performance. Investors have questioned his €1.9 million compensation in light of a significant 3-year decline in Earnings Per Share (EPS) and total shareholder value. Most recently at the behest of Aroundtowns shadow director, in March 2026, GCP's Board of Directors recommended that shareholders accept a voluntary public exchange offer from Aroundtown SA, a major shareholder, which may lead to significant structural changes for the company. Everyone doing as they are told. Self enrichment has its benefits.