FRANKFURT (dpa-AFX) – Real estate stocks are in demand across Europe on Tuesday. The Stoxx Europe 600 Real Estate industry index reached its highest level since autumn 2024. This is consistent with the fact that interest rates on the German bond market continue to fall significantly. The Bund future has climbed to a one-year high. It shows the development of the prices of German bonds with a ten-year term and is a mirror image of interest rates. This makes it an important signal generator for the refinancing costs of the real estate industry.
At the top of the DAX, the shares of Vonovia (Vanovia SE) rose by 4 percent on Tuesday, approaching their downward trend that has prevailed since October 2024.
TAG Immobilien (TAG Immobilien) and LEG (LEG Immobilien) Immobilien each increased by a good two and a half percent. The papers from Aroundtown (Aroundtown SA), also in the MDAX, were particularly noticeable, with an increase of almost 16 percent at times. Viceroy Research had recommended the commercial real estate specialist’s papers.
In the past, Viceroy had made a name for itself primarily as a short seller who used negative reports to point out prices that were supposedly too high. Grenke was affected in 2020.
Now, however, Aroundtown said: “Viceroy is long while the market is sleeping.” The company was removed from its list of short selling candidates and was purchased instead. “The stock is massively undervalued,” goes the argument. The portfolio value reported by the company is so conservative that its own calculation is around 12 percent higher. Aroundtown should conduct aggressive share buybacks, financed by asset sales, Viceroy continued./ag/mis/jha/
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