EFTA Document EFTA01385509

> Financials Deutsche Bank Aroundtown Properties - Markus Scheufler, BUY, close €6.5, €7.50 tgt, 15% upside ■ We like Aroundtown as a play on a stronger German economy. Its portfolio is primarily based in German cities (88% of portfolio) and is mostly geared towards commercial property (76% of assets). • Key driver #1: Acquisitions keep beating expectations. Aroundtown has closed €3bn of acquisitions YTD at a 6.3% yield. ■ We believe that Aroundtown should be able to continue making acqu