Edison Investment Research - Grand City Properties SA (GYC) Value-add specialist

Report

Edison Investment Research

Value-add specialist

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.

25/04/2017 11 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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