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 14.80 price target.

Abstract
Q1 reporting provided further clean validation of GCP’s core investment case. The landlord continues to pair sturdy internal growth with a markedly de-risked financial profile after recent refinancing work. LFL rental growth held at 3.5% in Q1, vacancy stayed near historic lows at 3.6%, and in-place rent edged up to €9.8/m? underscoring that the operating engine remains in good shape. Meanwhile, the full refinancing of the perpetual stack and the absence of further reset events until 2031 helped pave the way for the proposed dividend restart on 2025 earnings and updated 50% payout policy. Headline Q1 figures were close to FBe. We thus keep estimates aligned near the midpoint of confirmed guidance and remain Buy-rated on GCP with a €14.8 TP (upside: 57%).