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Aroundtown eyeing at least €1B of commercial asset purchases in FY'18

Real estate investment company Aroundtown SA aims to acquire at least €1 billion worth of commercial properties in 2018, Bloomberg Markets reported, citing executive director Andrew Wallis.

"We are seeing a clear vacancy squeeze, rents are going up and that re-basing is falling into our hands very nicely," Wallis said in an interview, adding that he sees "tremendous upside potential" for rental growth.

Wallis noted that Aroundtown is generally looking for assets it can convert into "finished, prime core assets."

"The crowdedness is more focused on the deals you see publicly, but in terms of this area where you need capital, time and resources to work on the assets, we see quite an attractive playing field of opportunities in 2018," the report quoted Wallis as saying.

Aroundtown also has exposure to the German residential property market through its interest in Grand City Properties SA.