Aroundtown is one of Europe’s largest real estate conglomerates, with a portfolio of office, residential and hotel properties. It remains investment-grade rated for now, despite the challenges it faces, ordinarily putting it outside the scope of 9fin analysis and coverage. However, with such a large cap stack that is already trading in high-yield territory and elevated interest in the name, it was only a matter of time before we began picking apart this complex and opaque credit.

In a three-part series of reports, we take a deep dive into various aspects of Aroundtown.

Part 1 covers the complex web of HoldCos, OpCos, PropCos, and JVs that makes up the company’s vast corporate structure.

Want to know who’s pulling the strings behind the scenes and why there are links to other embattled real estate companies and controversial figures? Then sign up for your copy on November 29th!

Watch out for parts 2 and 3 in the coming weeks!

9fin clients can see a downloadable version of the company’s cap stack, the largest on site.

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