Grand City Properties Receives Updated Buy Recommendation

On December 18, 2025, First Berlin Equity Research GmbH updated its research on Grand City Properties S.A. Analyst Ellis Acklin confirmed a BUY recommendation while slightly lowering the target price from €15.00 to €14.80. Recent pressures on property stocks stemmed from fears of potential interest rate hikes. Despite these concerns, the financing market remains positive, enabling Grand City to optimize its capital structure with a perpetual note issuance.

This strategic move, combined with the buybacks of higher coupon notes, positively impacted FFO 1. The anticipated refinancing of €600 million in existing notes in June 2026 at 4.75% should bolster Grand City's financial resilience. Adjustments to forecasts led to the revised target price, maintaining a significant upside potential of 54% for investors.