First Berlin Reiterates Buy Rating for Grand City Properties

First Berlin Equity Research GmbH has issued an update on Grand City Properties S.A., affirming a Buy recommendation alongside a target price of €15. Analyst Ellis Acklin highlighted that Q3 results were consistent with forecasts, with the company set to achieve the mid-point of its 2025 guidance for FFOPS of €1.05 to €1.11.

The company's steady operational performance was driven by a like-for-like rental growth of 3.7%, leading to a 1% increase in adjusted EBITDA over the first three quarters, despite the effects of disposals. All major regions played a role in this robust performance.

The sustained strength in the German and London residential markets underpins positive organic growth forecasts. Management continues to explore opportunities for strategic acquisitions. The Buy rating and €15 target price suggest a potential upside of 42%.