DJ Grand City Properties announces 2025 results with solid operational performance and guidance achieved. Aroundtown announces exchange offer for GCP shares offering 4 Aroundtown shares per GCP share
Grand City Properties S.A. (IRSH)
Grand City Properties announces 2025 results with solid operational performance and guidance achieved. Aroundtown
announces exchange offer for GCP shares offering 4 Aroundtown shares per GCP share
04-March-2026 / 04:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, 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. ANNOUNCES FY 2025 RESULTS WITH SOLID OPERATIONAL PERFORMANCE AND GUIDANCE ACHIEVED.
AROUNDTOWN ANNOUNCES EXCHANGE OFFER FOR GCP SHARES OFFERING 4 AROUNDTOWN SHARES PER GCP SHARE TENDERED
-- Net rental income in FY 2025 amounted to EUR429 million, increasing by 1% compared to EUR423 million in FY 2024.
-- Strong like-for-like rental growth continued at 3.5%, supported by in-place rental growth.
-- In 2025 GCP completed disposals totalling ca. EUR340 million around book value, reinvesting proceeds into ca. EUR300
million of high-quality acquisitions.
-- Adjusted EBITDA of EUR340 million in FY 2025, higher by 1% from EUR335 million in FY 2024.
-- FFO I of EUR188 million in 2025, stable compared to EUR188 million in 2024.
-- FFO I per share amounted to EUR1.06 per share in 2025, lower by 2% compared to 2024, reflecting a yield of ca. 10%.
-- Full year positive property revaluation of +3.2% on a like-for-like basis, driven by operational growth, while the
rental yield remained stable.
-- Profit for the year amounted to EUR588 million, with basic earnings per share of EUR2.67, compared to a profit of EUR242
million and basic earnings per share of EUR1.14 in 2024, supported by positive revaluations, one-off deferred tax
income, and robust operating income partially offset by higher finance expenses.
-- Strong liquidity position with EUR1.6 billion in cash and liquid assets as of December 2025, representing 37% of
total debt.
-- Conservative financial profile maintained, with a low LTV ratio of 31%, lower compared to 33% at the end of
December 2024, high coverage ratios with an ICR ratio of 5.2x, and EUR6.4 billion in unencumbered assets (71% of
total portfolio value)
-- EPRA NTA amounted to EUR4.5 billion, or EUR25.6 per share, as of December 2025, higher by 5% compared to December 2024.
-- 2025 guidance achieved. 2026 FFO I guidance in the range of EUR175 million to EUR185 million.
-- The Board of Directors of GCP welcomes the Offer announced by Aroundtown and appreciates the continued trust and
long-term commitment demonstrated by Aroundtown as GCP's majority shareholder.
Luxembourg, March 4, 2026 - Grand City Properties S.A. ("GCP" or the "Company") announces its results for the 2025
financial year. GCP reported net rental income of EUR429 million, a 1% increase compared with EUR423 million in 2024,
primarily driven by strong operational performance, reflected in solid like-for-like rental growth of 3.5%, which more
than offset the impact of net disposals. Adjusted EBITDA increased by 1% to EUR340 million, from EUR335 million in 2024,
reflecting the operational growth. FFO I remained stable at EUR188 million, impacted by higher finance expenses, with FFO
I per share at EUR1.06, slightly lower due to a higher average number of outstanding shares. The Company achieved its FY
2025 FFO I guidance and published guidance for 2026 in the range of EUR175 million to EUR185 million in total and EUR0.99 to
EUR1.05 per share, mainly impacted by higher expected perpetual note coupons.
As of part of the 2025 Annual Report, the Company conducted a full revaluation of its portfolio, which is independently
assessed by external valuers. The Company recorded a positive property revaluation of EUR277 million. The rental yield
remained stable at 4.9%, and GCP recorded a like-for-like portfolio increase of +3.2%. Profit for the year amounted to
EUR588 million, driven by the positive revaluation, one-off deferred tax income, partially offset by higher finance
expenses. Basic and diluted earnings per share amounted to EUR2.67, compared to basic and diluted earnings per share of
EUR1.14 in 2024.
In 2025, GCP continued to execute on its disciplined capital recycling strategy. The Company completed ca. EUR340 million
of disposals around book value, supporting deleveraging and enhancing returns. The Company reinvested proceeds into ca.
EUR300 million of highly accretive acquisitions, ca. EUR190 million of which closed during 2025. Additional acquisitions
worth over EUR100 million are expected to be completed in mid-2026. After the reporting period, GCP signed additional
acquisitions amounting to EUR75 million in Germany.
During 2025, GCP repaid its Series E and Series U bonds of approximately EUR260 million aggregate nominal amount. In
December 2025, GCP took further proactive measures to strengthen the balance sheet and manage upcoming refinancing. The
Company tapped its Series H senior bond for EUR250 million and issued a EUR600 million perpetual note at a coupon of 4.75%,
while buying back ca. EUR600 million of perpetual notes, of which ca. EUR500 million carried higher coupon. This will
result in annualized perpetual coupon savings of ca. EUR7 million. The Company also repurchased EUR100 million of its 1.5%
perpetual notes in 2025, and expects to refinance the remaining EUR600 million ahead of their first call date in 2026.
As of December 2025, the Company's liquidity position stood at EUR1.6 billion, representing 37% of total debt. The
Company's conservative financial profile was further supported by a low LTV of 31%, an interest coverage ratio of 5.2x,
and EUR6.4 billion in unencumbered assets, representing 71% of the total portfolio, positioning the Company well to
capitalise on potential growth opportunities. The average cost of debt was 2.1%, with an average debt maturity of 4.3
years as of 2025.
GCP's decision whether to recommend a dividend for the year 2025 has not been made yet and will be given prior to the
invitation to its AGM in May 2026.
Aroundtown announces Exchange Offer for GCP Shares
Aroundtown SA ("Aroundtown") announces today a voluntary exchange offer (the "Offer") for shares in GCP to increase its
ownership in GCP to up to 89.5%.
The Offer will provide for an exchange of each GCP share into 4 shares of Aroundtown for shareholders accepting the
offer. Based on the announced exchange ratio, the Offer implies a premium of 6.6% to GCP's last closing share price as
of March 3^rd 2026 and a premium of 13.1% to the 6 month VWAP.
The consideration will be settled using treasury shares carrying full dividend rights as from January 1, 2025. The
Offer has no minimum acceptance threshold and is not subject to closing conditions. Shareholders accepting the Offer
will receive their Aroundtown shares immediately following the end of the acceptance period expected for beginning of
April. In case tendered shares together with the existing shareholding exceed the maximum offer volume, all tendered
shares will be scaled back on a pro rata basis.
GCP Shareholders to Benefit from the Transaction
The Board of Directors and Management of GCP welcomes the Offer announced by Aroundtown and appreciates the continued
trust and long-term commitment demonstrated by Aroundtown as GCP's majority shareholder.
The Board believes that the Offer represents an attractive value proposition for GCP shareholders. The exchange implies
a premium to GCP's share price and enables shareholders to become investors in a company with a higher net asset value
and strong growth prospects through a share for share exchange structure, thereby retaining participation in future
value creation. By tendering their shares, shareholders would transform into a larger and more diversified listed real
estate company with materially higher share liquidity and a meaningfully increased free float market capitalisation.
GCP notes that Aroundtown has announced its intention to recommend a dividend to its AGM of EUR0.08 per share. GCP
shareholders who will exchange their shares into Aroundtown shares will be entitled for this dividend.
Subject to review of the offer document in accordance with its legal obligations, GCP's Board of Directors intends to
recommend acceptance of the Offer to shareholders and will tender its own shares.
Barclays Bank Ireland PLC, is acting through its Investment Bank as Financial Adviser to Grand City Properties S.A. in
connection with the Offer.
Refael Zamir, CEO of Grand City Properties: "Aroundtown has been a highly supportive shareholder to the Company for
many years, and we welcome the offer announced today. We are also proud to present our results for 2025, which
highlight the strength of GCP's operational platform and the resilience of our portfolio. Through disciplined capital
recycling into highly accretive opportunities, we are crystallizing value created in our assets."
Consolidated Financial Statements for FY 2025 are available on the Company's website: https://
www.grandcityproperties.com/investor-relations/publications/financial-reports/
GCP will publish its solo Annual Accounts as planned on March 11, 2026
For definitions of the alternative performance measures please see the relevant section in the pages 176-182 of the
financial statements for FY 2025, which you can find on the website under investor relations > publications > financial
reports or follow this link: https://www.grandcityproperties.com/grandcityproperties.com/Data_Objects/Downloads/
Financial_Reports/FY_2025_Financials/GCP_FY_2025.pdf
About the Company
The Company is a specialist in residential real estate, value-add opportunities in densely populated areas primarily in
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