23.11.2016
Grand City Properties S.A. LU0775917882
DGAP-News: Grand City Properties S.A. receives rating upgrade to 'BBB+' by Standard & Poor's rating services
DGAP-News: Grand City Properties S.A. / Key word(s): Rating/Real Estate
Grand City Properties S.A. receives rating upgrade to 'BBB+' by Standard &
Poor's rating services
23.11.2016 / 11:33
The issuer is solely responsible for the content of this announcement.
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY
OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF APPLICABLE LAWS OR REGULATIONS
GRAND CITY PROPERTIES S.A. RECEIVES RATING UPGRADE TO 'BBB+' BY STANDARD &
POOR'S RATING SERVICES
Luxembourg, November 23 2016 - Standard and Poor's Rating Services ("S&P")
increased Grand City Properties S.A.'s ("GCP" or the "Company") long term
corporate credit rating to 'BBB+' after assigning the rating of 'BBB' with
a positive outlook in June 2016. The rating of GCP's senior unsecured and
subordinated perpetual instruments increased by one notch as well to 'BBB+'
for the senior unsecured bonds and 'BBB-' for the subordinated perpetual
notes.
The rating upgrade is the result of an improvement in GCP's business
profile to strong which is the result of a further matured property
portfolio reflected through lower vacancy rates to currently 8.1%. Further,
S&P acknowledged GCP's lower leverage with a debt-to-cap ratio of 45% as of
September 2016 combined with GCP's revised financial policy to limit the
leverage at this level. Additionally, S&P mentions that GCP's geographic
presence is well-balanced between growing regions with healthy rental
growth prospects with solid demographic trends and sees the demand
continuing to outpace supply in GCP's core regions, further facilitating
improvements in occupancy rates.
S&P also positively reassessed GCP's management and governance to reflect
the very good track record of GCP's management in executing successfully
its strategy, and the strong expertise and experience within its operating
market and industry.
The Standard & Poor's Ratings Services Research Update on Grand City
Properties S.A. is available on the Company's website:
http://grandcityproperties.com/en/downloads.html
About the Company:
Grand City Properties is a specialist real estate company focused on
investing in and managing value-add opportunities in the real estate
property market in Germany, primarily in densely populated areas. The
Company's strategy is to improve its properties through targeted
modernization and intensive tenant management, and then create value by
subsequently raising occupancy and rental levels. For the 9 months ending
30 September 2016, the Company reported Net Profit of EUR 495 million,
Adjusted EBITDA of EUR165 million and FFO I of EUR 117 million. Total
Equity of EUR 3 billion and LTV of 38% as of 30 September 2016. The
Company's investment grade rating is BBB+ by S&P and Baa2 by Moody's.
Further information: www.grandcityproperties.com
Grand City Properties (ISIN: LU0775917882) is a public limited liability
company (société anonyme) incorporated under the laws of the Grand Duchy of
Luxembourg, having its registered office at 24, Avenue Victor Hugo, L 1750
Luxembourg and being registered with the Luxembourg trade and companies
register (Registre de Commerce et des Sociétés Luxembourg) under number B
165 560. Since May 2012, Grand City Properties is listed on the Frankfurt
Stock Exchange.
Contact:
Grand City Properties S.A. 24, Avenue Victor Hugo
L-1750 Luxemburg T: +352 28 77 87 86
E: [email protected]
www.grandcityproperties.com
Press Contact:
Katrin Petersen
Grand City Properties S.A. T: +49 (30) 374-381 5218
E: [email protected]
Disclaimer:
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED
STATES.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE
UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS
RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL
SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE
"ORDER"), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY
OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER,
AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL
SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS
COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE
NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE
ENGAGED IN ONLY WITH RELEVANT PERSONS.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA"), THIS ANNOUNCEMENT
AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE
"QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE
2003/71/EC, AS AMENDED (THE "PROSPECTUS DIRECTIVE") ("QUALIFIED
INVESTORS"). ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER
(AN "INVESTOR") OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE
DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY
INVESTOR WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY
SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF
PERSONS IN THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES
BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS
WHERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY THE COMPANY OR
ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS
DIRECTIVE.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS
AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES,
FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT
TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF GRAND
CITY PROPERTIES S.A. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A
NUMBER OF FACTORS.
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23.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Grand City Properties S.A.
24, Avenue Victor Hugo
1750 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 28 77 87 86
Fax: +352 28 77 87 84
Internet: http://grandcityproperties.com
ISIN: LU0775917882, XS1036325527, XS1130507053, XS1191320297,
XS1199992196, XS1220083551,
WKN: A1JXCV , A1ZD10, A1ZRRK, A1ZW4K, A1ZYA8, A1ZZ49
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange;
Open Market (Entry Standard) in Frankfurt ; Luxemburg
End of News DGAP News Service
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