Grand City Properties S.A.

EANS-News: Grand City Properties S.A. /


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Annual Reports

Luxembourg (euro adhoc) - Luxembourg, 20 March 2013

Grand City Properties S.A.

Year end 2012 audited financial results exhibit strong operational growth,
conservative capital structure, significantly improved performance and reflect
an adequate platform for future growth:

* EBITDA increased to EUR122.4million
* Net profit increased to EUR92.9million
* Revenues increased to EUR60.4million
* EPRA NAV improved to EUR243.1million
* Loan-to-Value decreased to 46.63%
* High liquidity with EUR81million cash balances

Luxembourg, 18 March 2013 - Grand City Properties S. A. ("GCP" or the "Company")
demonstrated strong and improved performance with reported EBITDA of
EUR122.4million, reflecting an increase of 45% compared to last year.
Net profit increased to EUR92.9million in comparison to EUR58.7million in 2011
(including non-controlling interests), reflecting a 58% increase to 2011.
GCP achieved strong and stable operational growth with revenues of
EUR60.4million, reflecting an increase of 129% compared to the prior year.

The investment portfolio increased to EUR560million (including joint ventures),
a 72% growth compared to 2011.

Net Assets Value (EPRA NAV) amounted to EUR243million in 2012, an increase of
119% from EUR111million in 2011.

GCP maintains a sustainable and conservative capital structure. LTV has
decreased to 46.6% in 2012 from 50.3% in 2011, with long term loan maturities
ranging from 2017 till 2021.

The high cash balances of EUR81million provides GCP sufficiently equipped
liquidity for future growth to perceive attractive opportunities and accomplish
its goals.
GCP's share capital increased by EUR20million from two successful capital
increases.

An additional achievement has been the completed placement of bonds (the
"Bonds"), convertible into ordinary shares of GCP, with an aggregate principal
amount of EUR100million. The Bonds were offered to institutional investors in a
private placement in Europe, managed by Credit Suisse.

Furthermore, GCP received in February 2013 gross proceeds of EUR35.7million from
additional capital increase as part of an international private placement to
institutional investors.

S&P assigned Grand City Properties, a BB- Rating and ilA rating with a stable
Outlook. The rating applies also to the convertible bonds.

GCP's effective growth strategy is set to continue. The Company is in advanced
stages to purchase over 3,500 units in several transactions predominantly in
Berlin, NorthRhineWestphalia and Nürnberg.  The Company believes its platform
has the right skills and systems to continue to perform strongly and to further
expand in the German market.

GRAND CITY PROPERTIES S.A.

Grand City Properties S.A. is a specialist real estate company focused on
investing in and managing turnaround opportunities in the German real estate
property market.

Grand City Properties S.A.'s business model is focused on buying apartment
buildings with strong underlying fundamentals which are not optimally managed or
positioned, and turning them around through targeted modernisation and intensive
tenant management. This enables the Company to create significant value in its
portfolio.



The full financial statements are presented in the company's website.



Contact:
Grand City Properties S.A.
6, boulevard Pierre Dupong
L 1430 Luxemburg
www.grandcityproperties.com


Further inquiry note:
Herr David Netzer
Tel.: 004930887088-168/004930887088-192
E-Mail: david.netzer@grandcity.lu

end of announcement                               euro adhoc 
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company:     Grand City Properties S.A.
             boulevard Pierre Dupong 6
             D-L-1430 Luxembourg
phone:       0035226187379
FAX:         0035226187779
WWW:      http://www.grandcityproperties.com
sector:      Real Estate
ISIN:        LU0775917882
indexes:     Entry Standard Index
stockmarkets: Open Market: Frankfurt 
language:   English
 

 

 



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