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Equity Bottom-Up

Grand City Properties Sa / Equity Bottom-Up

<p>Grand City Properties (GCP) is a specialist residential real estate company investing in underperforming assets in major German urban centres. Its &#8364;4.9bn portfolio has grown at a compound rate of 85% in the past four years and its revenues have increased more than tenfold. This growth, combined with asset management and modernisation, has seen EPRA NAV reach &#8364;2.5bn in 2016, from just &#8364;47m in 2010. Although portfolio growth has slowed, GCP has substantial firepower to make acquisitions, with cash and liquid assets of &#8364;632m and an LTV of just 35%. Despite this track record, the growth potential and a dividend yield above the sector average, it trades on a discount to both forecast NAV and its sector peers.</p>

Grand City Properties (GCP) is a specialist residential real estate company investing in underperforming assets in major German urban centres. Its &#8364;4.9bn portfolio has grown at a compound rate of 85% in the past four years and its revenues have increased more than tenfold. This growth, combined with asset management and modernisation, has seen EPRA NAV reach &#8364;2.5bn in 2016, from just &#8364;47m in 2010. Although portfolio growth has slowed, GCP has substantial firepower to make acquisitions, with cash and liquid assets of &#8364;632m and an LTV of just 35%. Despite this track record, the growth potential and a dividend yield above the sector average, it trades on a discount to both forecast NAV and its sector peers.

Luxembourg

Grand City Properties S.A. specializes in buying, re-developing, optimizing and repositioning real estate properties in Germany. The Company owns and , manages units located mainly in Berlin, North Rhine, Westphalia, Dresden, Leipzig, Halle, Bremen, Nuremberg and Mannheim. Grand City Property was incorporated in 2011 and is based in Luxembourg.

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Grand City Properties Sa (GYC GR)

Value-add specialist

Grand City Properties (GCP) is a specialist residential real estate company investing in underperforming assets in major German urban centres. Its...

Edison Investment Research

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