First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.10 price target.

Abstract
Aroundtown launched a share buyback program on 26 January. The landlord will repurchase up to €250m of stock throughout 2026 as part of its cash recycling program. AT continued to successfully dispose of properties at book value in H2/25, and the company will deploy disposal proceeds to repurchase shares that persistently trade at a sizable discount to NTAPS (Q3/25: €7.8). The buyback program should be immediately value- and FFO-accretive. AT also issued new perpetual notes for €750m and will use the proceeds to refinance outstanding notes through a simultaneous tender offer. We maintain our Buy rating and €4.1 target price (upside: 52%).