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Company Profile

Milestones of corporate history

2004:

The Founders of Grand City Properties S.A (hereinafter "GCP")  buy and turnaround residential buildings in Berlin

2006:

Foundation of  Grandcity Property Ltd. (Former: Adminond Trading & Investments Ltd.)

2007:

Acquisition of 770 units in North Rhine-Westphalia (NRW)

2009:

Acquisition of 1,330 units mainly in Berlin

2010:

Acquisition of 2,900 units primarliy located in Berlin and NRW

2011:

Acquisition of 5,100 units in NRW and Berlin

Sale of approx. 1,400 units in Berlin and NRW

Incorporation of Grand City Properties S.A  in the Grand Duchy of Luxemburg

2012:

Purchase of 94.80% of the shares in Grandcity Property Ltd. by the Company and formation of the GCP Group in its current structure

Listing of the shares of Grand City Properties S.A. on the Frankfurt Stock Exchange in the Entry Standard segment

Acquisitions of approx. 3,200 units (in total) in NRW, Berlin and Bremen

Sale of 50% of the shares in a property company holding 430 units in Cologne and 230 units in Berlin

Capital increase of 15 million EUR gross proceeds for approx. 10% of the existing share capital

Issue of Convertible Bond 2012-2017 with a principal amount of 100 million EUR

2013:

Capital increase of approx. 15% of the then existing share capital against cash contributions with 35.7 million EUR gross proceeds

Assignment of a rating at BB by S&P rating agency

Issuance of Series B Bonds at the amount of 200 million EUR, due 2020

As of October 99.7% of the convertible bond was fully converted and the rest was redeemed

Disposal of 900 units for 70 million EUR in Q4 2013

The Company has raised 27,000,000 shares through a private placement, resulting in EUR 175.5m gross proceeds.

Further portfolio growth of approx. 14,000 units primarily in Berlin, NRW, Mannheim, Nuremberg and Dresden

2014:

S&P raised the credit rating for Grand City Properties and its bonds to 'BBB-'

Acquisition of a management company, providing property management to units in Germany with a focus on similar locations of GCP

The 5 year convertible bond Series C is in the money since August 2014. Series C was tapped-up in June 2014 with gross proceeds of Euro 140 million, at 111.25% of their principle amount reflecting an effective yield-to- maturity of below 0.5%. Bookrunners were J.P. Morgan, Berenberg and Deutsche Bank

In October 2014, GCP completed a redemption of 95% of its 350 million EUR, 6.25% coupon Series B bonds. The remaining amount was redeemed on January 5th, 2015

In connection with redeeming the Series B bonds, GCP placed a fixed-rate Series D bonds at a principal amount of Euro 500 million, due 2021 with a coupon of 2% and a price of 95.6% of their principal amount

2015:

Assignment of a first-time issuer rating of Baa2 by Moody's Investor Service, S&P rating upgraded to BBB with a stable outlook

GCP completed a private placement of €500 million in aggregate principal amount of perpetual hybrid notes, with a coupon of 3.75% in three issuances in February, March and July 2015

GCP placed a fixed-rate Series E bond at a principal amount of €550 million, due 2025 with a coupon of 1.5% in two issuances in April and September 2015

In March 2015, GCP was added to major FTSE EPRA/NAREIT indices including the FTSE EPRA/NAREIT Global, Developed and Developed Europe. In December 2015 GCP was included in GPR 250 index.

Dividend policy to distribute 30% of FFO I resolved resulting in the payment of a cash dividend of €0.2 per share.

2016:

GCP successfully placed €450 million Series F convertible bonds, bearing a coupon of 0.25%. The initial conversion price of the bonds is set at €26.97.

The Board of Directors upgraded the dividend policy to 50% of FFO I per share.

Successful placement of €200 million perpetual notes bearing a coupon of 2.75%.

GCP’s credit rating was raised by S&P to BBB+ with a stable outlook and by Moody’s to Baa2 with a positive outlook.

GCP ends financial year 2016 profitable with an increased portfolio quality
FY 2016 audiocast:
 

2017:

The Board of Directors upgraded the dividend policy to 65% of FFO I per share.

Portfolio growth to 84k units in February 2017