GRAND CITY Properties S.A. : Strong real estate fundamentals compensate for new and old risks; we prefer dated straight bonds over perpetuals
GCP is performing like a clockwork in 2018 YTD so far and we expect a solid 2019. - The affordable housing sector in Germany enjoys a still exceptional setting with substantial undersupply, making further fair value appreciation as a combination of rental income upside modernisation and yield compression likely. GCP's gross rental income multiple of 19.5 times at end-Sept 2018 is about 1/3 above the historical German average. By comparison, the average multiple in the "Top 7" and "...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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