Edison Investment Research - Grand City Properties SA (GYC) Update: Growth continues ahead of forecasts

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Edison Investment Research

Update: Growth continues ahead of forecasts

Grand City Properties (GCP) continues to grow its portfolio ahead of expectations. At end July it owned c 35k units, up from 30k at end March and 26k at end 2013. Its core strategy of buying undermanaged properties, and with financial and human investment improving occupancy and rental levels, continues to deliver good revaluation gains. We have raised estimates to reflect the above-expected growth in H114.

20/08/2014 7 EN

Underlying

Grand City Properties SA

Grand City Properties is a specialist real estate company based in Luxembourg. Co. is focused on investing in and managing turnaround opportunities in the German real estate property market. Co. is active in all relevant asset and property management activities along the real estate value chain from buying to redeveloping, managing and selling real estate properties. Co. also maintains a centralized 24/7 Service Center to coordinate and assure tenant satisfaction. Co.'s portfolio is located mainly in Berlin, North Rhine Westphalia, Dresden, Leipzig, Halle, Nuremberg, Munich, Mannheim, Frankfurt, Bremen and Hamburg.

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LU0775917882 Luxembourg

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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