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Aroundtown sells €720M of noncore assets YTD

Aroundtown SA has sold more than €720 million of noncore assets at 12% above book value in 2018.

The assets, which are primarily wholesale, office and retail properties, were sold to a number of international investors and equity funds in separate transactions, the German commercial real estate company said in a release.

The company added that disposal gains of €165 million over total cost will positively impact its funds from operations II in the first half of 2018.

The sales proceeds will be funneled toward asset acquisitions.