Grand City Properties Shows Stability with Robust Q1 Performance

First Berlin Equity Research has reaffirmed its buy recommendation for Grand City Properties S.A. with a target price of €14.80. Analyst Ellis Acklin emphasized the company's ongoing solid internal growth alongside a de-risked financial profile post-refinancing. For Q1, like-for-like rental growth remained steady at 3.5%, while the vacancy rate stayed at a historic low of 3.6%. The average rent increased to €9.8/m², demonstrating the firm's operational strength.

Grand City Properties has also completed the refinancing of its perpetual stack, setting the stage for a planned dividend resumption based on 2025 earnings with a 50% payout policy. These strategic moves are seen as a strong foundation for future growth, with an upside potential of 57% for investors.