Few industries currently pose more of a challenge for investor relations (IR) than the real estate sector, where many segments are in crisis. „There are certainly easier times to do the IR job,“ acknowledges Oschrie Massatschi, Chief Capital Markets Officer at Aroundtown.

But for him, this also has a positive side: „It is in such crisis phases that investors experience the quality of our IR expertise,“ he says. And Aroundtown, unlike many other companies, has never reduced its communications, but has proactively sought dialogue with investors and rating agencies.

There is also a learning effect: „You learn a lot more than in positive phases,“ says Massatschi. „This enables us to adapt to new challenges even better and more resiliently.“

The executive views the loyalty and trust that investors have shown, especially in recent years, as a sign of success. The fact that he hardly appears in relevant rankings for the best IR does not bother him: „I have never campaigned for votes. Ultimately, I see IR as the result of a strong and reliable corporate strategy. So for me it remains a team success.“

Massatschi, who lives in Berlin, has been responsible for IR at the group, which is listed in the MDax, since August 2020. Shortly before, in February 2020, the share had reached its all-time high of 8.81 euros, and Aroundtown was considered a DAX candidate. The group, which has its legal headquarters in Luxembourg, was already struggling with initial setbacks when he took office, because there were rental defaults in the hotel sector as a result of the coronavirus pandemic.

With the abrupt turnaround in interest rates in 2022, not only stock prices but also bond prices came under severe pressure. The capital markets were practically closed to real estate companies. „There was great concern because it was impossible to predict how long this negative phase would last, and whether Germany might even slide into a deep recession,“ says Massatschi as he looks back. The situation has now eased. Aroundtown has issued two bonds this year, which were many times oversubscribed. The share price has also recovered, but still shows a painfully high discount of two thirds to its intrinsic value, which makes it clear that normality has not yet returned for commercial real estate companies.

The profile of the 43-year-old, who is in a steady relationship and has a two-year-old daughter, is unusual in several respects. Firstly, he is a member of the board, a rarity for an IR manager. Secondly, he is not only responsible for global IR with shareholders and debt investors, but also for contact with rating agencies such as S&P and Moody's. He is involved in the issue or repurchase of bonds and hybrid securities, and speaks to bank executives who have granted secured loans. And thirdly, Massatschi brings a wealth of operational know-how. Before switching to IR, he worked for five years as Chief Operating Officer for Aroundtown. Investors highly value this experience, he believes.

Massatschi believes that placing the IR function at the board level makes a lot of sense. After all, real estate companies need a lot of capital. Consequently, financing costs play a significant role. „The financing structure is an integral part of the profitability of our business model,“ he says.

In addition to shares, unsecured bonds and secured bank loans, Aroundtown's repertoire also includes bonds without maturity, an instrument rarely or not at all used elsewhere. The so-called perpetual requires quite a bit of explanation. This is already evident from the fact that they are equity according to the IFRS accounting standard, and debt for the industry organisation Epra. S&P is somewhere in between, but cancels half of the recognition as equity if perpetuals are not repaid by the first optional termination date.

Massatschi entered the real estate sector in 2013 when he joined the housing group Grand City Properties, in which Aroundtown has built up a controlling stake. At that time, the sector began a long upswing. He sensed the dawn of a new era. „It was the right place and the right time to switch to the real estate industry in Germany in 2013", he says.

Massatschi studied international business in Manchester and Sydney. He gained in-depth financial know-how at the travel group TUI. In 2007, he went to Australia and worked for the strategy consultancy Edgar, Dunn & Company, and then for Macquarie Bank. Back in Europe, his stint at Grand City was followed by his promotion to Chief Operating Officer of Aroundtown in May 2015.