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 (check it out on 9fin.com) and the various layers of structural and effective subordination that exist. Want to see a breakdown of the company’s large maturity wall and gauge the health of liquidity? Get your free copy of the report here!

Part 3 breaks down the composition and quality of the company’s portfolio. Credit metrics per covenant definitions may look good on the surface, but 9fin’s definition of LTV paints a different picture, particularly when factoring in a further devaluation of the portfolio.

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