on Grand City Properties S.A., (ETR:GYC)
Grand City Properties Acquires Stake in LEG Immobilien AG
Grand City Properties S.A. has acquired a 20.04% stake in LEG Immobilien AG, investing a significant portion of its liquidity in this German residential real estate company. This strategic move, highlighted in a recent research update by First Berlin Equity Research, offers Grand City notably better financial metrics, including a forecasted 30% increase in funds from operations (FFO). LEG's attractive FFO yield of over 13% underpins the investment's appeal.
The research, conducted by analyst Ellis Acklin, maintains a "Buy" recommendation for Grand City but reduces the price target to €12.80 from €14.80. This adjustment considers the impact of rising German 10-year bond yields. Despite reduced liquidity due to high bond yields affecting property stocks, the acquisition's earnings potential supports the continued buy recommendation.
R. P.
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