Aareon is an administration platform for the housing industry. The collected deposits serve the mother as deposits, which becomes even more important in times of increasing credit risks. Around a third of Aareal’s € 26 billion loan portfolio is in hotels and the United States.
The hedge fund Teleios (around $ 1 billion under management) demands that Aareon be sold entirely. Merkens does not want that, which is also easy to understand. Even a first sales process led by SocGen and Deutscher Bank simply ended in Q4 despite good offers. The fact that the Swiss, who hold just 6.5% of Aareal, has such an effect is due to the weak operational performance. The stock, still a favorite of investors at the time of Wolf Schumacher’s shirt sleeves, has been dodging ever since the handover of the staff to his then CFO memo. The board and supervisory board under the leadership of the former Metzler phG Marija Korsch (71) are said to have hardly any impulses. An example was the attempt to calm down the shareholders with a record dividend of 2 euros, which was only withdrawn at the last moment after BaFin pressure.
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