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)
© 2016 Dow Jones News
