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Dow Jones News
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DGAP-Regulatory: Grand City Properties S.A. receives rating upgrade to 'BBB+' by Standard & Poor's rating services

Dow Jones received a payment from EQS/DGAP to publish this press release.

Grand City Properties S.A. / Miscellaneous - Medium Priority 
Grand City Properties S.A. receives rating upgrade to 'BBB+' by Standard & 
Poor's rating services 
 
23-Nov-2016 / 11:35 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
*THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY 
OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH 
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION 
OF APPLICABLE LAWS OR REGULATIONS* 
 
*GRAND CITY PROPERTIES S.A. RECEIVES RATING UPGRADE TO 'BBB+' BY STANDARD & 
POOR'S RATING SERVICES* 
 
*Luxembourg, November 23 2016 *- Standard and Poor's Rating Services ('S&P') 
increased Grand City Properties S.A.'s ('GCP' or the 'Company') long term 
corporate credit rating to 'BBB+' after assigning the rating of 'BBB' with a 
positive outlook in June 2016. The rating of GCP's senior unsecured and 
subordinated perpetual instruments increased by one notch as well to 'BBB+' 
for the senior unsecured bonds and 'BBB-' for the subordinated perpetual 
notes. 
 
The rating upgrade is the result of an improvement in GCP's business profile 
to strong which is the result of a further matured property portfolio 
reflected through lower vacancy rates to currently 8.1%. Further, S&P 
acknowledged GCP's lower leverage with a debt-to-cap ratio of 45% as of 
September 2016 combined with GCP's revised financial policy to limit the 
leverage at this level. Additionally, S&P mentions that GCP's geographic 
presence is well-balanced between growing regions with healthy rental growth 
prospects with solid demographic trends and sees the demand continuing to 
outpace supply in GCP's core regions, further facilitating improvements in 
occupancy rates. 
 
S&P also positively reassessed GCP's management and governance to reflect 
the very good track record of GCP's management in executing successfully its 
strategy, and the strong expertise and experience within its operating 
market and industry. 
 
The Standard & Poor's Ratings Services Research Update on Grand City 
Properties S.A. is available on the Company's website: 
http://grandcityproperties.com/en/downloads.html [1] 
 
*About the Company:* 
 
Grand City Properties is a specialist real estate company focused on 
investing in and managing value-add opportunities in the real estate 
property market in Germany, primarily in densely populated areas. The 
Company's strategy is to improve its properties through targeted 
modernization and intensive tenant management, and then create value by 
subsequently raising occupancy and rental levels. For the 9 months ending 30 
September 2016, the Company reported Net Profit of EUR 495 million, Adjusted 
EBITDA of EUR165 million and FFO I of EUR 117 million. Total Equity of EUR 3 
billion and LTV of 38% as of 30 September 2016. The Company's investment 
grade rating is BBB+ by S&P and Baa2 by Moody's. 
 
Further information: www.grandcityproperties.com 
 
Grand City Properties (ISIN: LU0775917882) is a public limited liability 
company (société anonyme) incorporated under the laws of the Grand Duchy of 
Luxembourg, having its registered office at 24, Avenue Victor Hugo, L 1750 
Luxembourg and being registered with the Luxembourg trade and companies 
register (Registre de Commerce et des Sociétés Luxembourg) under number B 
165 560. Since May 2012, Grand City Properties is listed on the Frankfurt 
Stock Exchange. 
 
*Contact:* 
 
Grand City Properties S.A. 24, Avenue Victor Hugo 
 
L-1750 Luxemburg T: +352 28 77 87 86 
E: info@grandcity.lu 
 
www.grandcityproperties.com [2] 
 
*Press Contact:* 
 
Katrin Petersen 
 
Grand City Properties S.A. T: +49 (30) 374-381 5218 
E: katrin.petersen@grandcity.lu 
 
*Disclaimer:* 
 
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION 
OF AN OFFER TO BUY ANY SECURITIES. 
 
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT 
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED 
(THE 'SECURITIES ACT'), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES 
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES 
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED 
STATES. 
 
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED 
KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING 
TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND 
MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE 'ORDER'), (II) HIGH 
NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE 
COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO 
WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER 
BEING REFERRED TO AS 'RELEVANT PERSONS'). THIS COMMUNICATION MUST NOT BE 
READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY 
INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS 
AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT 
PERSONS. 
 
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ('EEA'), THIS ANNOUNCEMENT 
AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE 
'QUALIFIED INVESTORS' WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE 
2003/71/EC, AS AMENDED (THE 'PROSPECTUS DIRECTIVE') ('QUALIFIED INVESTORS'). 
ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN 
'INVESTOR') OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO 
HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR 
WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES 
ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN 
THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN 
ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS WHERE 
THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY THE COMPANY OR ANY OF 
THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS 
DIRECTIVE. 
 
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND 
OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE 
FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH 
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO 
RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF GRAND CITY 
PROPERTIES S.A. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A 
NUMBER OF FACTORS. 
 
The EQS Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Archive at www.dgap.de/ukreg 
Language:        English 
Company:         Grand City Properties S.A. 
                 24, Avenue Victor Hugo 
                 1750 Luxembourg 
                 Grand Duchy of Luxembourg 
Phone:           +352 28 77 87 86 
Fax:             +352 28 77 87 84 
Internet:        http://grandcityproperties.com 
ISIN:            LU0775917882, XS1036325527, XS1130507053, 
                 XS1191320297, XS1199992196, XS1220083551, 
WKN:             A1JXCV , A1ZD10, A1ZRRK, A1ZW4K, A1ZYA8, A1ZZ49 
Listed:          Regulated Unofficial Market in Berlin, Dusseldorf, 
                 Hamburg, Hanover, Munich, Stuttgart, Tradegate 
                 Exchange; Open Market (Entry Standard) in 
                 Frankfurt; Luxemburg 
Category Code:   MSCM 
TIDM:            IRSH 
Sequence Number: 3627 
Time of Receipt: 23-Nov-2016 / 11:33 CET/CEST 
 
End of Announcement EQS News Service 
523559 23-Nov-2016 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3433a8e0f277b6286b784825b75d188b&application_id=523559&site_id=vwd&application_name=news 
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=97bd9465c8f6aeca29e2d52479188b9c&application_id=523559&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

November 23, 2016 05:35 ET (10:35 GMT)

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