{"id":5973,"date":"2025-08-27T18:15:49","date_gmt":"2025-08-27T16:15:49","guid":{"rendered":"https:\/\/www.realestate.it\/?p=5973"},"modified":"2025-08-27T19:03:28","modified_gmt":"2025-08-27T17:03:28","slug":"aroundtown-h1-2025-balance-sheet-data-centres","status":"publish","type":"post","link":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/","title":{"rendered":"Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality"},"content":{"rendered":"\n<p><em>The MDAX landlord prints stable cash earnings, lowers leverage, and opens a new pathway for value creation via selective data\u2011centre conversions.<\/em><\/p>\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Executive_Summary\" >Executive Summary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Key_H1_2025_Highlights\" >Key H1 2025 Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Balance_Sheet_Funding\" >Balance Sheet &amp; Funding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Why_the_Shares_Fell_on_%E2%80%9CGood%E2%80%9D_News\" >Why the Shares Fell on \u201cGood\u201d News<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Strategy_From_Deleveraging_to_Opportunistic_Growth\" >Strategy: From Deleveraging to Opportunistic Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Data%E2%80%91Centre_Optionality_Berlin_Frankfurt\" >Data\u2011Centre Optionality (Berlin &amp; Frankfurt)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Valuation_Context\" >Valuation Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Key_Risks_to_Monitor\" >Key Risks to Monitor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#Our_Take\" >Our Take<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Executive_Summary\"><\/span>Executive Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<p>Aroundtown SA (AT1) reported a steady first half of 2025: recurring cash metrics were broadly stable, leverage improved, and the company refinanced at meaningfully lower coupons. On the same day, management flagged initial grid capacity allocations for several planned data centres in Berlin\u2014an early but notable step in repurposing parts of the office portfolio. The combination of balance\u2011sheet progress and asset\u2011repositioning optionality supports a constructive medium\u2011term outlook, even as near\u2011term equity volatility persists.  <\/p>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_H1_2025_Highlights\"><\/span>Key H1 2025 Highlights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<figure class=\"gb-block-image gb-block-image-1cd1beca\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" class=\"gb-image gb-image-1cd1beca\" src=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_h1_2025_kpis.png\" alt=\"Principali indicatori H1 2025: ricavi da locazione, EBITDA rett., FFO I, utile netto (mln EUR).\" srcset=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_h1_2025_kpis.png 1600w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_h1_2025_kpis-300x188.png 300w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_h1_2025_kpis-1024x640.png 1024w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_h1_2025_kpis-768x480.png 768w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_h1_2025_kpis-1536x960.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>\n<figcaption class=\"gb-headline gb-headline-3fcce26b gb-headline-text\"><em>H1 2025 KPIs (EUR m). Source: Aroundtown Interim Report H1 2025. <\/em><\/figcaption>\n<\/figure>\n\n<ul class=\"wp-block-list\">\n<li><strong>Net rental income:<\/strong> \u20ac591m, essentially flat year\u2011over\u2011year on a like\u2011for\u2011like rent increase of ~3% offset by disposals.<\/li>\n\n\n\n<li><strong>Adjusted EBITDA:<\/strong> \u20ac501m, stable versus last year.<\/li>\n\n\n\n<li><strong>FFO I:<\/strong> \u20ac150m (c. \u20ac0.14 per share).<\/li>\n\n\n\n<li><strong>Portfolio revaluation:<\/strong> +1.4% like\u2011for\u2011like uplift following a full external appraisal; net profit \u20ac578m driven largely by the revaluation.<\/li>\n\n\n\n<li><strong>EPRA NTA:<\/strong> \u20ac8.6bn (c. \u20ac7.8 per share), up ~5% vs. year\u2011end 2024.<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Balance_Sheet_Funding\"><\/span>Balance Sheet &amp; Funding<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<ul class=\"wp-block-list\">\n<li><strong>Leverage:<\/strong> Loan\u2011to\u2011Value (LTV) reduced to ~40% (from 42% at YE\u201924) with a robust interest cover (~4.2x).<\/li>\n<\/ul>\n\n<figure class=\"gb-block-image gb-block-image-3abeb8c1\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"900\" class=\"gb-image gb-image-3abeb8c1\" src=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_ltv_trend.png\" alt=\"Trend LTV dal 45% (giu 2024) al 40% (giu 2025).\" srcset=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_ltv_trend.png 1400w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_ltv_trend-300x193.png 300w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_ltv_trend-1024x658.png 1024w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_ltv_trend-768x494.png 768w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/>\n<figcaption class=\"gb-headline gb-headline-6a967d6e gb-headline-text\"><em>Leverage down to ~40% by June 2025.<\/em><\/figcaption>\n<\/figure>\n\n<ul class=\"wp-block-list\">\n<li><strong>Unencumbered pool:<\/strong> ~70% by rent; management cites ~\u20ac17bn of unencumbered assets, enhancing secured financing flexibility.<\/li>\n\n\n\n<li><strong>Capital markets activity:<\/strong> New \u20ac750m senior unsecured bond (5\u2011yr) at a 3.5% coupon, plus a \u20ac150m tap post\u2011period; ~\u20ac1.9bn of debt repaid year\u2011to\u2011date, extending the maturity profile.<\/li>\n<\/ul>\n\n<figure class=\"gb-block-image gb-block-image-231e5da5\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" class=\"gb-image gb-image-231e5da5\" src=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_2025_capital_actions.png\" alt=\"2025 YTD: \u20ac900 mln nuove obbligazioni, \u20ac1,9 mld debito rimborsato, \u20ac400 mln dismissioni chiuse, \u20ac170 mln firmate.\" srcset=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_2025_capital_actions.png 1600w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_2025_capital_actions-300x188.png 300w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_2025_capital_actions-1024x640.png 1024w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_2025_capital_actions-768x480.png 768w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_2025_capital_actions-1536x960.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>\n<figcaption class=\"gb-headline gb-headline-cd0cef87 gb-headline-text\"><em>2025 YTD capital actions &amp; disposals.<\/em><\/figcaption>\n<\/figure>\n\n<ul class=\"wp-block-list\">\n<li><strong>Disposals:<\/strong> ~\u20ac400m closed in H1 at ~book value; ~\u20ac170m signed.<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_the_Shares_Fell_on_%E2%80%9CGood%E2%80%9D_News\"><\/span>Why the Shares Fell on \u201cGood\u201d News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<p>Despite positive optics (revaluation gains, lower LTV, cheaper refinancing), the equity market often discounts non\u2011cash valuation effects and focuses on <strong>recurring cash<\/strong>. FFO I edged down year\u2011over\u2011year due to <strong>perpetual note<\/strong> attribution, and investors remain sensitive to the <strong>refinancing cadence<\/strong> and <strong>office leasing risk<\/strong>. A long\u2011tenured CFO\u2019s planned step\u2011down, while orderly, adds a layer of transition risk.  <\/p>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategy_From_Deleveraging_to_Opportunistic_Growth\"><\/span>Strategy: From Deleveraging to Opportunistic Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<p>Aroundtown signals a shift from pure balance\u2011sheet defense toward selective growth. Internally, this includes repositioning (e.g., hotels, office conversions) and targeted capex with attractive yields. Externally, lower leverage and ample liquidity create room for <strong>accretive acquisitions<\/strong> and <strong>capital recycling<\/strong>\u2014provided pricing discipline holds.  <\/p>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Data%E2%80%91Centre_Optionality_Berlin_Frankfurt\"><\/span>Data\u2011Centre Optionality (Berlin &amp; Frankfurt)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<p>Initial grid allocations for several Berlin projects mark progress toward <strong>converting portions of office assets into data\u2011centre or edge\/co\u2011location uses<\/strong>. Timelines will remain multi\u2011year given permitting and power constraints, and allocations may be below requested capacity. Management\u2019s near\u2011term approach favors <strong>partial conversions<\/strong> that can proceed on incremental approvals while larger, full\u2011building conversions are pursued in parallel. This pathway can improve occupancy and NOI over time and underpins the asset\u2011repositioning story.   <\/p>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Valuation_Context\"><\/span>Valuation Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<p>Even after the bounce in EPRA NTA, the shares have recently traded at a <strong>material discount to NAV<\/strong>. On company\u2011reported figures (market capitalization excluding treasury shares vs. EPRA NTA), the implied multiple remains well below parity. As refinancing continues at lower marginal coupons and disposals clear near book, there is scope for <strong>multiple normalization<\/strong>.  <\/p>\n\n<figure class=\"gb-block-image gb-block-image-d250f068\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"900\" class=\"gb-image gb-image-d250f068\" src=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_epra_nta_per_share.png\" alt=\"EPRA NTA per azione da \u20ac7,4 (dic 2024) a \u20ac7,8 (giu 2025).\" srcset=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_epra_nta_per_share.png 1400w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_epra_nta_per_share-300x193.png 300w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_epra_nta_per_share-1024x658.png 1024w, https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/at_epra_nta_per_share-768x494.png 768w\" sizes=\"auto, (max-width: 1400px) 100vw, 1400px\" \/>\n<figcaption class=\"gb-headline gb-headline-2e00fccc gb-headline-text\"><em>EPRA NTA per share: Dec 2024 vs. Jun 2025.<\/em><\/figcaption>\n<\/figure>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Risks_to_Monitor\"><\/span>Key Risks to Monitor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<ul class=\"wp-block-list\">\n<li><strong>Refinancing &amp; spread risk:<\/strong> sizeable maturities every year; perpetual coupons reduce FFO attribution.<\/li>\n\n\n\n<li><strong>Office demand &amp; vacancy:<\/strong> leasing progress is essential to sustain like\u2011for\u2011like growth.<\/li>\n\n\n\n<li><strong>Execution risk on disposals:<\/strong> maintaining book\u2011value exits at scale is crucial to keep LTV trending lower.<\/li>\n\n\n\n<li><strong>Project execution:<\/strong> data\u2011centre conversions require specialist partners, capex, and dependable power allocations.<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Our_Take\"><\/span>Our Take<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n<p>Aroundtown\u2019s H1 2025 shows a landlord that has stabilized its core cash flow, improved leverage, and regained unsecured market access at attractive terms. The data\u2011centre angle adds a credible, if gradual, route to value creation. For investors focused on European listed real estate, the setup looks <strong>option\u2011rich<\/strong>: downside cushioned by a conservative balance sheet, upside linked to execution on disposals, refinancing, and selective conversions.  <\/p>\n\n<p><em>Disclosure: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The MDAX landlord prints stable cash earnings, lowers leverage, and opens a new pathway for value creation via selective data\u2011centre conversions. Executive Summary Aroundtown SA (AT1) reported a steady first half of 2025: recurring cash metrics were broadly stable, leverage improved, and the company refinanced at meaningfully lower coupons. On the same day, management flagged &#8230; <a title=\"Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality\" class=\"read-more\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/\" aria-label=\"Read more about Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality\">Read more&#8230;<\/a><\/p>\n","protected":false},"author":4,"featured_media":5992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_import_markdown_pro_load_document_selector":0,"_import_markdown_pro_submit_text_textarea":"","footnotes":""},"categories":[67],"tags":[159,236,171,239,237,238,177],"class_list":["post-5973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","tag-appartments","tag-aroundtown-en","tag-ebitda-en","tag-germany","tag-landlord-en","tag-mdax-en","tag-residential","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aroundtown H1 2025: Leverage Down, Data\u2011Centre Optionality | RealEstate.IT<\/title>\n<meta name=\"description\" content=\"Aroundtown lowers LTV to ~40%, keeps cash flow stable and opens value\u2011creation paths via selective data\u2011centre conversions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aroundtown H1 2025: Leverage Down, Data\u2011Centre Optionality | RealEstate.IT\" \/>\n<meta property=\"og:description\" content=\"Aroundtown lowers LTV to ~40%, keeps cash flow stable and opens value\u2011creation paths via selective data\u2011centre conversions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/realestatecrowd\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-27T16:15:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-27T17:03:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.realestate.it\/wp-content\/uploads\/2019\/10\/patrick-tomasso-gMes5dNykus-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1922\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Thomas Moroder\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/x.com\/thomasmoroder\" \/>\n<meta name=\"twitter:site\" content=\"@realestateit\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Thomas Moroder\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/\"},\"author\":{\"name\":\"Thomas Moroder\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#\\\/schema\\\/person\\\/c7810d50f154e0413c121654501b56f5\"},\"headline\":\"Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality\",\"datePublished\":\"2025-08-27T16:15:49+00:00\",\"dateModified\":\"2025-08-27T17:03:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/\"},\"wordCount\":688,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.realestate.it\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/aroundtown_logo.svg\",\"keywords\":[\"appartments\",\"aroundtown\",\"ebitda\",\"Germany\",\"landlord\",\"mdax\",\"residential\"],\"articleSection\":[\"Investments\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/\",\"url\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/\",\"name\":\"Aroundtown H1 2025: Leverage Down, Data\u2011Centre Optionality | RealEstate.IT\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.realestate.it\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/aroundtown_logo.svg\",\"datePublished\":\"2025-08-27T16:15:49+00:00\",\"dateModified\":\"2025-08-27T17:03:28+00:00\",\"description\":\"Aroundtown lowers LTV to ~40%, keeps cash flow stable and opens value\u2011creation paths via selective data\u2011centre conversions.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.realestate.it\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/aroundtown_logo.svg\",\"contentUrl\":\"https:\\\/\\\/www.realestate.it\\\/wp-content\\\/uploads\\\/2025\\\/08\\\/aroundtown_logo.svg\",\"width\":764,\"height\":165,\"caption\":\"Aroundtown Logo\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/aroundtown-h1-2025-balance-sheet-data-centres\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/\",\"name\":\"Real Estate\",\"description\":\"Investire nell&#039;immobiliare\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#organization\"},\"alternateName\":\"RealEstate.IT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#organization\",\"name\":\"Real Estate Information Technologies Srl\",\"alternateName\":\"RealEstate.IT Srl\",\"url\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.realestate.it\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cropped-reit-jewel-big-darkgrey_BG_inverted.png\",\"contentUrl\":\"https:\\\/\\\/www.realestate.it\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cropped-reit-jewel-big-darkgrey_BG_inverted.png\",\"width\":512,\"height\":512,\"caption\":\"Real Estate Information Technologies Srl\"},\"image\":{\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/realestatecrowd\",\"https:\\\/\\\/x.com\\\/realestateit\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/#\\\/schema\\\/person\\\/c7810d50f154e0413c121654501b56f5\",\"name\":\"Thomas Moroder\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/700d339290ca37108d75aca3b85dec4cbabc0be28eb87eea44f81a907bda4c09?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/700d339290ca37108d75aca3b85dec4cbabc0be28eb87eea44f81a907bda4c09?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/700d339290ca37108d75aca3b85dec4cbabc0be28eb87eea44f81a907bda4c09?s=96&d=mm&r=g\",\"caption\":\"Thomas Moroder\"},\"description\":\"Nel 2019, Thomas Moroder ha fondato la RealEstate.it Srl, con l'obiettivo di offrire servizi completi di ricerca e investimento immobiliare.\",\"sameAs\":[\"https:\\\/\\\/www.realestate.it\\\/\",\"https:\\\/\\\/www.instagram.com\\\/thomasmoroder\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/thomasmoroder\\\/\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/x.com\\\/thomasmoroder\"],\"url\":\"https:\\\/\\\/www.realestate.it\\\/en\\\/author\\\/thomasmoroder\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Aroundtown H1 2025: Leverage Down, Data\u2011Centre Optionality | RealEstate.IT","description":"Aroundtown lowers LTV to ~40%, keeps cash flow stable and opens value\u2011creation paths via selective data\u2011centre conversions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/","og_locale":"en_US","og_type":"article","og_title":"Aroundtown H1 2025: Leverage Down, Data\u2011Centre Optionality | RealEstate.IT","og_description":"Aroundtown lowers LTV to ~40%, keeps cash flow stable and opens value\u2011creation paths via selective data\u2011centre conversions.","og_url":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/","og_site_name":"Real Estate","article_publisher":"https:\/\/www.facebook.com\/realestatecrowd","article_published_time":"2025-08-27T16:15:49+00:00","article_modified_time":"2025-08-27T17:03:28+00:00","og_image":[{"width":2560,"height":1922,"url":"https:\/\/www.realestate.it\/wp-content\/uploads\/2019\/10\/patrick-tomasso-gMes5dNykus-unsplash-scaled.jpg","type":"image\/jpeg"}],"author":"Thomas Moroder","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/x.com\/thomasmoroder","twitter_site":"@realestateit","twitter_misc":{"Written by":"Thomas Moroder","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#article","isPartOf":{"@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/"},"author":{"name":"Thomas Moroder","@id":"https:\/\/www.realestate.it\/en\/#\/schema\/person\/c7810d50f154e0413c121654501b56f5"},"headline":"Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality","datePublished":"2025-08-27T16:15:49+00:00","dateModified":"2025-08-27T17:03:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/"},"wordCount":688,"commentCount":0,"publisher":{"@id":"https:\/\/www.realestate.it\/en\/#organization"},"image":{"@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#primaryimage"},"thumbnailUrl":"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/aroundtown_logo.svg","keywords":["appartments","aroundtown","ebitda","Germany","landlord","mdax","residential"],"articleSection":["Investments"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/","url":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/","name":"Aroundtown H1 2025: Leverage Down, Data\u2011Centre Optionality | RealEstate.IT","isPartOf":{"@id":"https:\/\/www.realestate.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#primaryimage"},"image":{"@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#primaryimage"},"thumbnailUrl":"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/aroundtown_logo.svg","datePublished":"2025-08-27T16:15:49+00:00","dateModified":"2025-08-27T17:03:28+00:00","description":"Aroundtown lowers LTV to ~40%, keeps cash flow stable and opens value\u2011creation paths via selective data\u2011centre conversions.","breadcrumb":{"@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#primaryimage","url":"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/aroundtown_logo.svg","contentUrl":"https:\/\/www.realestate.it\/wp-content\/uploads\/2025\/08\/aroundtown_logo.svg","width":764,"height":165,"caption":"Aroundtown Logo"},{"@type":"BreadcrumbList","@id":"https:\/\/www.realestate.it\/en\/aroundtown-h1-2025-balance-sheet-data-centres\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.realestate.it\/en\/"},{"@type":"ListItem","position":2,"name":"Aroundtown\u2019s H1 2025: Balance\u2011Sheet Strength Meets Data\u2011Centre Optionality"}]},{"@type":"WebSite","@id":"https:\/\/www.realestate.it\/en\/#website","url":"https:\/\/www.realestate.it\/en\/","name":"Real Estate","description":"Investire nell&#039;immobiliare","publisher":{"@id":"https:\/\/www.realestate.it\/en\/#organization"},"alternateName":"RealEstate.IT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.realestate.it\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.realestate.it\/en\/#organization","name":"Real Estate Information Technologies Srl","alternateName":"RealEstate.IT Srl","url":"https:\/\/www.realestate.it\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.realestate.it\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.realestate.it\/wp-content\/uploads\/2024\/05\/cropped-reit-jewel-big-darkgrey_BG_inverted.png","contentUrl":"https:\/\/www.realestate.it\/wp-content\/uploads\/2024\/05\/cropped-reit-jewel-big-darkgrey_BG_inverted.png","width":512,"height":512,"caption":"Real Estate Information Technologies Srl"},"image":{"@id":"https:\/\/www.realestate.it\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/realestatecrowd","https:\/\/x.com\/realestateit"]},{"@type":"Person","@id":"https:\/\/www.realestate.it\/en\/#\/schema\/person\/c7810d50f154e0413c121654501b56f5","name":"Thomas Moroder","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/700d339290ca37108d75aca3b85dec4cbabc0be28eb87eea44f81a907bda4c09?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/700d339290ca37108d75aca3b85dec4cbabc0be28eb87eea44f81a907bda4c09?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/700d339290ca37108d75aca3b85dec4cbabc0be28eb87eea44f81a907bda4c09?s=96&d=mm&r=g","caption":"Thomas Moroder"},"description":"Nel 2019, Thomas Moroder ha fondato la RealEstate.it Srl, con l'obiettivo di offrire servizi completi di ricerca e investimento immobiliare.","sameAs":["https:\/\/www.realestate.it\/","https:\/\/www.instagram.com\/thomasmoroder\/","https:\/\/www.linkedin.com\/in\/thomasmoroder\/","https:\/\/x.com\/https:\/\/x.com\/thomasmoroder"],"url":"https:\/\/www.realestate.it\/en\/author\/thomasmoroder\/"}]}},"_links":{"self":[{"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/posts\/5973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/comments?post=5973"}],"version-history":[{"count":10,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/posts\/5973\/revisions"}],"predecessor-version":[{"id":6015,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/posts\/5973\/revisions\/6015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/media\/5992"}],"wp:attachment":[{"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/media?parent=5973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/categories?post=5973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realestate.it\/en\/wp-json\/wp\/v2\/tags?post=5973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}