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 increased the price target from EUR 14.20 to EUR 15.00.

Abstract
Q2 reporting featured another steady operating performance spearheaded by 3.7% LFL rental growth, and the landlord also booked a positive revaluation result for the June quarter confirming the encouraging developments seen in Q1 and late 2024. German and London resi dynamics should fuel internal growth for the foreseeable future, but during its Q2 conference call and presentation the company was more vocal than it has been in years about external opportunities. With a number of refinancings looming throughout the sector, GCP may finally become a more active buyer. We remain Buy-rated on GCP with an increased €15.0 TP (old: €14.2) after factoring in Q2 developments into our model (upside: 36%).