Grand City Properties (GYC)

Business description

Grand City Properties is a specialist real estate company focused on investing in and managing value-add opportunities in the German real estate market. The Group's portfolio is located mainly in Berlin, North Rhine Westphalia, Dresden, Leipzig, Halle, Nuremberg, Munich, Mannheim, Frankfurt, Bremen and Hamburg.

Stock data

Market cap.€2768.8m
Last close€18.10
High / Low (52 weeks)€20.4 / €14.9
Stock market listingDB
Forecast net debt (€m)1087.9
Forecast gearing ratio (%)
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual2.40.6(1.7)
Relative *1.2(5.9)(20.5)

* % Relative to local index

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Latest research

Value-add specialist

Initiation | Financials | 25/04/2017

Termination of Coverage

Update | Property | 06/01/2015

Daily comment

Institutional Comment | Property | 01/12/2014

Profitable planned progress

Update | Property | 01/12/2014

Growth continues ahead of forecasts

Update | Property | 20/08/2014

Q114 delivering as promised

Update | Property | 22/05/2014

German residential turnaround specialist

Initiation | Property | 02/05/2014

AKTUELLE VERÖFFENTLICHUNGEN

Grand City Properties

Wertschöpfungsexperte

25/04/2017

Investment summary

Grand City Properties (GCP) is a specialist residential real estate company investing in underperforming assets in major German urban centres. Its €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 €2.5bn in 2016, from just €47m in 2010. Although portfolio growth has slowed, GCP has substantial firepower to make acquisitions, with cash and liquid assets of €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.

Last updated on 25/04/2017

Company address

24 Avenue Victor Hugo
Luxembourg
L 1750
Luxembourg
+352 28 77 87 86
View website