Grand City Properties S.A., / Schlagwort(e): Sonstiges
21.11.2014 14:36
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GRAND CITY PROPERTIES S.A.
Luxembourg, 21 November, 2014.
Grand City Properties rating increased to investment grade ‚BBB-‚ by S&P
Standard & Poor’s Ratings Services („S&P“) raised Grand City Properties
S.A. („GCP“ or the „Company“) rating from ‚BB+‘ to investment grade rating
‚BBB-‚ on its long-term corporate credit rating and on the Company’s
convertible and straight bonds.
The upgrade reflects S&P’s view that GCP’s business profile has improved
due to its increased focus on managing a stabilized portfolio of
income-producing properties, its increased portfolio size of about EUR2.2
billion, and its greater geographical spread across densely populated
regions in Germany. S&P mentioned that GCP increased its geographic
presence across Germany and mostly operates in favourable regions with good
rental growth prospects and where demand continues to outpace supply from
new property developments.
S&P revised upward GCP’s business profile due to the Company’s property
portfolio growth to 43,000 units and due to the good asset and tenant
diversity. S&P acknowledged GCP’s good track record in acquiring affordable
housing blocks that have below-market rents and high vacancies, and
successfully lifting occupancy and rent levels.
S&P revised upward their financial projections for 2014-2015, taking into
account GCP’s recent acquisitions, refinancing activities, and its lower
average cost of debt.
S&P has maintained the stable outlook based on the steady tenant demand in
GCP’s locations which effect rental income growth.
The Standard & Poor’s Ratings Services Research Update on Grand City
Properties S.A. is available on the Company’s website:
http://www.grandcityproperties.com/en/downloads
About the Company
Grand City Properties is a specialist real estate company focused on
investing in and managing turnaround opportunities in the real estate
property market in Germany, primarily in densely populated areas. The
Company’s strategy is to improve its properties through targeted
modernisation and intensive tenant management, and then create value by
subsequently raising occupancy and rental levels. For the nine months
ending 30 September 2014, the Company reported an EBITDA of EUR219 million
(YOY increase of 39%), and a net profit of EUR174 million (YOY increase of
27%). EPRA NAV amounts to EUR1,342 million. FFO I run rate for Nov 2014
(Nov*12) is EUR91 million. Further information:
www.grandcityproperties.com.
Grand City Properties (ISIN: LU0775917882) is a public limited liability
company (société anonyme) incorporated under the laws of the Grand Duchy of
Luxembourg, having its registered office at 24, Avenue Victor Hugo , L 1750
Luxembourg and being registered with the Luxembourg trade and companies
register (Registre de Commerce et des Sociétés Luxembourg) under number B
165560. Since May 2012, Grand City Properties is listed on the Frankfurt
Stock Exchange.
Contact:
Grand City Properties S.A.
24, Avenue Victor Hugo
L 1750 Luxemburg
T: +352 28 77 87 86
www.grandcityproperties.com
Press Contact:
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 887088-1128
E: katrin.petersen@grandcity.lu
www.grandcityproperties.com
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