Grand City Properties S.A., / Key word(s): 9-month figures
GRAND CITY PROPERTIES S.A.
Grand City Properties S.A. (the 'Company') reports on the successful results for the first nine months of 2013. To strengthen reporting and listing standards, the Board of Directors decided to start publishing quarterly financial statements beginning with third quarter 2013 financials.
The Company's profitability is reflected in a EUR 137 million net profit for 1-9/2013 which is 105 % higher in comparison to EUR 67 million for 1-9/2012.
The Company's portfolio currently comprises over 22,000 units. The Company intends to continue the successful implementation of its growth strategy and is in an advanced process of signing a string of new acquisitions and options over various under-performing property portfolios with a total volume of more than EUR 200 million.
Furthermore, the Board of Directors appointed Mr Christian Windfuhr as Chief Executive Officer with immediate effect. Mr Windfuhr is envisaged to be elected in the upcoming OGM as fourth member of the Board of Directors. In addition, Mr Yakir Gabay was appointed as the Chairman of the Company's Advisory Board.
The Q3 report 2013 of Grand City Properties S.A. is available on the Company's website: http://www.grandcityproperties.com/en/node/205
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