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 decreased the price target from EUR 15.00 to EUR 14.80.

Abstract
Property stocks have been under pressure of late with fears of a potential rate hike in the coming year stirring in some circles. However, the financing market remains a positive and has allowed Grand City to further optimise its capital structure with a perpetual note issuance. This was combined with buybacks of notes with higher coupons, and the net effect was FFO 1-accretive. We now assume the remaining €600m in outstanding 1.5% notes, due to reset in June 2026, will be refinanced at the same level (4.75%) as the latest issuance. In our view, the latest perpetual actions further strengthen GCP’s ability to withstand potential financing market headwinds in 2026. Our TP moves down to €14.8 (old: €15.0) after adjusting our estimates for the refinancing measures. We stick to our rating Buy (upside: 54%).