First Berlin Equity Research has published a research update on Grand City Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 14.20 price target.

Abstract
Q1 reporting showcased a good operating performance led by 3.8% LFL rental growth, matching the pace set in 2024. This provided the basis for a solid uptick in earnings with FFO up 6% Y/Y to €48m. The landlord also booked a positive revaluation result for the January-to-March period confirming the positive developments seen in late 2024. The company has decided not to pay a dividend on 2024 results but management sounded noticeably upbeat on restarting the payout for 2025. We trace the conservative posture strictly to the macro-uncertainty that continues to swirl worldwide, because operations and resi market dynamics look decidedly positive. We remain Buy-rated on GCP with a €14.2 TP (upside: 38%).