THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS

AROUNDTOWN ANNOUNCES Q1 2020 RESULTS
FOLLOWING CONSOLIDATION OF TLG.

- Net rental income increased by 33% to €236 million in Q1 2020, from €178 million in Q1 2019

- Adjusted EBITDA increased to €237 million in Q1 2020, an increase of 32% from €180 million in Q1 2019

- FFO I increased by 25% to €147 million compared to €118 million in Q1 2019

- FFO I per share increased by 9% to €0.114 from €0.105 in Q1 2019, reflecting an FFO yield of 9.5% based on annualized FFO I per share and a share price of €4.84

- FFO I per share after perpetual notes attribution amounted to €0.098 compared to €0.095 in Q1 2019

- FFO II amounted to €170 million including disposals at a high margin of 68% over total costs

- Net Profit for Q1 2020 amounted to €246 million and EPS (basic) resulted in €0.14, compared to €437 million and €0.36 in Q1 2019

- EPRA NAV increased to €12.1 billion and EPRA NAV per share increased to €8.8, compared to €10.6 billion and €8.7 in Dec 2019

- Total Equity increased to €16.2 billion and amounted to an equity ratio of 50%

- Investment property increased to €23.2 billion, from €18.1 billion as of Dec 2019

- Strong liquidity provided by significant cash and liquid assets of over €3 billion and substantial amount of unencumbered assets at the amount of €16.6 billion (ratio of 74%)

- Low leverage maintained with LTV at 36%, well below the 45% Board of Directors' limit and well below the EMTN bond covenants of 60%

- Strong ICR at 4.7x, long average debt maturity of 6.4 years, low average cost of debt of 1.6%

- Strong operational performance with a total net rent LFL growth of 3.7%, with 3.2% from in-place rent increases and 0.5% as a result of occupancy increases.

- Insignificant impact from Covid-19 on Q1 2020 operational results and Q1 2020 collection rates have been in line with previous periods.

- Q1 2020 includes full consolidation of TLG starting from February 19^th, 2020 as of the final the takeover date

27 May 2020.

STRONG GROWTH DRIVEN BY OPERATIONAL IMPROVEMENT AND INCREASED SIZE THROUGH TLG MERGER
Aroundtown ("the Company" or "AT") recorded significant growth in the first quarter of 2020, supported by the operational improvements and the increased size after the takeover of TLG, which has been fully consolidated as of February 19^th, 2020. The FFO I increased by 25% as compared to the first quarter of 2019, to €147 million, resulting in an FFO I per share of €0.114, which increased by 9% compared to Q1 2019 and reflecting an FFO yield of 9.5% on annualized FFO I per share. EPRA NAV grew substantially in the quarter to €12.1 billion as of March 2020 as compared to €10.6 billion as at year-end 2019. EPRA NAV per share grew to €8.8, from €8.7 as at year-end 2019.
STRONG LIQUIDTY AS A FINANCIAL CUSHION AND FIREPOWER FOR OPPORTUNISTIC ACQUISITIONS
The Company's conservative financial structure, with cash and liquid assets amounting to over €3 billion as of March 2020, which together with €16.6 billion of unencumbered assets (74% ratio) and a low LTV of 36% provide Aroundtown with ample liquidity and flexibility to take advantage of opportunities that may arise in the current environment. Aroundtown meets all financial covenants with a high headroom.

LARGE PORTFOLIO IN TOP TIER LOCATIONS
AT's well diversified portfolio, including its share in GCP, amounts to €26.2 billion as of March 2020. The portfolio covers strong asset classes, with Office, Logistics/Wholesale, and Residential making up 68% of the Group's portfolio. 87% of the portfolio is located in Germany and the Netherlands, Europe's strongest economies (AAA rated). The portfolio is focused on central locations in top tier cities, which benefit from strong fundamentals and diverse economic drivers, with Berlin, Munich and Frankfurt making up the three largest cities in the portfolio. The portfolio is further diversified through its granular tenant base, with over 4,000 tenants from diverse industries and with a long WALT of 8.1 years, with the top 10 tenants representing 20% of the rental income. Within the office portfolio, the largest tenant segment is the public sector, combined with a resilient German residential exposure, provides highly secured cash flows, even in the negative economic environment.

UPDATE ON COVID-19
The Q1 2020 operational results have been insignificantly impacted from Covid-19 and Q1 2020 collection rates have been in line with previous periods.
Despite the economic lockdown resulting in an increased uncertainty, Aroundtown entered the crisis in a strong position on the back of its conservative financial approach with high liquidity position and strong portfolio diversification. In April, the collection rate, excluding hotels, stood at 90%, with the collection in May expected to be in line with April. Aroundtown has one of the strongest asset type diversifications in the European real estate market and the hotel properties make up 23% of the total portfolio. Aroundtown's hotel portfolio benefits from its fixed long-term leases with a diverse tenant structure with no dependency on any single hotel tenant. There has been a limited impact from Covid-19 on the Q1 2020 collection rates of the hotel rental income. However, the second quarter is challenging for the hotel industry due to the lockdown and travel ban and thus the vast majority of rent was deferred in April and May 2020, with payments being delayed but not reduced. As the lockdowns have started to be lifted across the portfolio's locations, half of AT's hotel tenants are re-opening as of the end of May 2020. Currently announced hotel opening in June 2020 amount to 66% of the hotel properties by rent, with potentially more re-openings in June 2020. The recovery potential is expected to be strong in AT's three largest locations in Germany, the UK and the Netherlands due to a high domestic demand.

Shmuel Mayo, CEO of Aroundtown: "The past weeks have further highlighted the strength of our Company. The dedication of our teams and their ability to swiftly change their processes and work remotely, supported by our flexible IT infrastructure, have allowed us to continue operations efficiently and without significant interruptions. We are working closely with our tenants and other stakeholders to minimize the impact of lockdowns."

The financial statements for Q1 2020 are available on the Company's website:
https://www.aroundtown.de/investor-relations/publications/financial-reports

For definitions and reconciliations of the Alternative Performance Measures, please see the relevant sections in the pages 42-44 of the Q1 2020 financial statements. You can find the financial statements in AT's website under Investor Relations > Publications > Financial Reports or under this link:
https://www.aroundtown.de/fileadmin/user_upload/04_investor_relations/downloads/2020/AT_Q1_2020.pdf

About the Company

Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German commercial real estate company. Aroundtown invests in income generating quality properties with value-add potential in central locations in top tier European cities mainly in Germany/NL.

Aroundtown SA (ISIN: LU1673108939) is a public limited liability company (société anonyme) established under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B217868, having its registered office at 40, Rue du Curé, L-1368 Luxembourg, Grand Duchy of Luxembourg.

Contact

Timothy Wright

T: +352 285 7741

E: [email protected]

www.aroundtown.de

DISCLAIMER

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.

THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES.

THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE ORDER), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS RELEVANT PERSONS). THIS COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA) AND THE UNITED KINGDOM, THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF REGULATION (EU) 2017/1129, AS AMENDED (THE PROSPECTUS REGULATION) (QUALIFIED INVESTORS). ANY PERSON IN THE EEA OR THE UNITED KINGDOM WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN INVESTOR) OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA OR THE UNITED KINGDOM OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA OR THE UNITED KINGDOM TO PERSONS WHERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY AROUNDTOWN OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS REGULATION.

THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.