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 the history of the giant’s emergence and who pulls the strings in the background, get your free copy of the report here.

Part 2 covers the company’s vast cap stack (9fin clients can see this) and the various layers of structural and effective subordination that exist. It also breaks down the company’s maturity wall and looks at how much liquidity runway there is likely to be.

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

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