on Grand City Properties S.A., (isin : LU0775917882)
Grand City Properties S.A. Reveals 2024 Preliminary Financial Results
Grand City Properties S.A. has announced its unaudited preliminary financial results for 2024, noting strong operational performance. Net rental income increased by 3% to €423 million, compared to €411 million in 2023, driven by a like-for-like rental growth of 3.8%. The adjusted EBITDA rose by 5% to €335 million, supported by solid operational growth, despite higher finance expenses.
The company's proactive approach to liquidity and balance sheet management led to €270 million in asset disposals, aiding leverage reduction. As of December 2024, the loan-to-value (LTV) ratio decreased to 33% from 37% in 2023, strengthening the financial position. Additionally, Grand City achieved a profit of €242 million, fueled by strong operational results and positive property revaluation.
The company issued a €500 million bond, oversubscribed seven times, to improve debt maturity profiles. The financial year saw an increase in unencumbered assets, with a portfolio totaling €6.4 billion. Moving forward, the 2025 FFO guidance is set between €185 million and €195 million.
R. E.
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